Project Alpha Topco Limited
Registered name: PROJECT ALPHA TOPCO LIMITED
Part of Apiary Capital LLP groupProject Alpha Topco Limited made £32.8m revenue and a £8.6m loss in the year to 31 Jul 2025. read from filing text
Project Alpha Topco Limited’s revenue grew 7% to £32.8m in the year to 31 Jul 2025, with a loss of £8.6m and 489 employees. The company is classified under “activities of other holding companies” and is based in Stoke-on-Trent; we hold 4 years of its filed accounts.
- Status
- Active
- Location
- Stoke-on-Trent, West Midlands
- Age
- 6 yrs · since 2020
- Type
- Private Limited Company
Pass-through vehicle. This looks like a holding, staffing or umbrella company. Its revenue and profit may largely pass through to or from other entities, so the figures may not reflect a standalone operating business. It is excluded from our opportunity lists.
Part of a group. The filing indicates this company sits within a group structure, so its results may depend on intra-group trading and it may be hard to replicate independently.
Key figures
Badges are automated estimates derived from the filed figures — not statements of fact about the company.
Financial history
| Year to | 31 Jul 2022 | 31 Jul 2023 | 31 Jul 2024 | 31 Jul 2025 |
|---|---|---|---|---|
| Disclosure | Full P&Lread from filing text | Full P&Lread from filing text | Full P&Lread from filing text | Full P&Lread from filing text |
| Profit & loss | ||||
| Revenue (turnover) | £25.9m | £28.7m | £30.5m | £32.8m |
| Cost of sales | £16.6m | £19.3m | £20.1m | £21.3m |
| Gross profit | £9.3m | £9.4m | £10.5m | £11.5m |
| Operating profit | −£2.6m | −£2.6m | −£3.4m | −£4.1m |
| Profit before tax | −£6m | −£6.4m | −£8.1m | −£9.2m |
| Profit after tax | −£5.9m | −£5.6m | −£7.6m | −£8.6m |
| Profit (best available) | −£5.9m | −£5.6m | −£7.6m | −£8.6m |
| Employees (average) | 439 | 466 | 471 | 489 |
| Ratios | ||||
| Profit margin | −22.6% | −19.6% | −24.8% | −26.3% |
| Gross margin | 35.8% | 32.7% | 34.3% | 35.1% |
| Revenue per employee | £59k | £61.5k | £64.8k | £67k |
| Profit per employee | −£13.4k | −£12k | −£16k | −£17.6k |
| Growth (year on year) | ||||
| Revenue growth | — | ▲10.6% | ▲6.5% | ▲7.4% |
| Headcount growth | — | ▲6.2% | ▲1.1% | ▲3.8% |
| Balance sheet — indirect signals, not revenue | ||||
| Net assets | £523k | £543k | £569k | £595k |
| Fixed assets | £1 | £1 | £1 | £1 |
| Debtors | £0 | £0 | £0 | £0 |
| Deferred income | £0 | £0 | £0 | £0 |
| Source | FullAccounts · bulk data Apr 2024 | FullAccounts · bulk data Apr 2024 | FullAccounts · bulk data Apr 2025 | FullAccounts · bulk data Apr 2026 |
How the business works
- Profit margin
- −26.3%
- Profit ÷ revenue.
- Gross margin
- 35.1%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £67k
- Revenue ÷ average employees.
- Profit per employee
- −£17.6k
- Profit ÷ average employees.
- Cash conversion
- —
- Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
- Fixed assets ÷ revenue
- 0%
- Capital intensity. Low = capital-light, cheaper to start.
- Deferred income ÷ revenue
- 0%
- Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
- Debtors ÷ revenue
- 0%
- Money owed by customers. Low = customers pay quickly.
Balance-sheet signals
Year-on-year changes in filed balance-sheet items. They can hint at momentum (or investment) but are not revenue or profit and must not be read as such.
- Net assets
- ▲5%
- Now £595k
- Cash at bank
- —
- Now —
- Headcount
- ▲4%
- Now 489
- Deferred income
- —
- Now £0
- Fixed assets
- 0%
- Now £1
Deferred income is reported together with accruals in this filing (“accruals and deferred income”), so it is an approximate signal only.
Group structure
Ownership chain
- Apiary Capital LLPultimate parent75–100%
- Apiary Managing Member Ltd75–100%
- Apiary Capital Partners I Investment GP LLP75–100%
- Project Alpha Topco Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (1)
- Project Alpha Midco LimitedRev. £0 · Profit −£5.1m
Sister companies (4)
- Project Phoenix Topco LimitedRev. £68m · Profit −£9m
- Project Primis Topco LimitedRev. £52.6m · Profit −£8.5m
- Thrive Childcare and Education Topco LimitedRev. £37.3m · Profit −£6m
- Roar Techmedia Holding 1 LimitedRev. £12.8m · Profit −£4.2m
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from FullAccounts for the year to 31 Jul 2025 (profit −£8.6m), from the Companies House accounts bulk data published Apr 2026. Spotted an error? Request a correction.
Contains public sector information from Companies House licensed under the Open Government Licence v3.0. Data from Companies House, © Crown copyright. View the licence.