Project Vision Topco Limited
Registered name: PROJECT VISION TOPCO LIMITED
Part of BDC III GP LLP groupProject Vision Topco Limited made £52m revenue and a £8.6m loss in the year to 31 Dec 2024.
Project Vision Topco Limited’s revenue fell 9% to £52m in the year to 31 Dec 2024, with a loss of £8.6m and 403 employees. The company is classified under “activities of head offices” and is based in London; we hold 2 years of its filed accounts.
- Status
- Active
- Location
- London, London
- Age
- 5 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 Dec 2023 | 31 Dec 2024 |
|---|---|---|
| Disclosure | Full P&L | Full P&L |
| Profit & loss | ||
| Revenue (turnover) | £57.3m | £52m |
| Cost of sales | −£7.2m | −£6.7m |
| Gross profit | £50m | £45.3m |
| Operating profit | £8.1m | £6.9m |
| Profit before tax | −£371k | −£7.4m |
| Profit after tax | −£3.3m | −£8.6m |
| Profit (best available) | −£3.3m | −£8.6m |
| Employees (average) | 422 | 403 |
| Ratios | ||
| Profit margin | −5.8% | −16.5% |
| Gross margin | 87.4% | 87.1% |
| Revenue per employee | £136k | £129k |
| Profit per employee | −£7.8k | −£21.3k |
| Growth (year on year) | ||
| Revenue growth | — | ▼9.2% |
| Headcount growth | — | ▼4.5% |
| Balance sheet — indirect signals, not revenue | ||
| Net assets | — | — |
| Source | Accounts · bulk data May 2025 | Accounts · bulk data May 2025 |
How the business works
- Profit margin
- −16.5%
- Profit ÷ revenue.
- Gross margin
- 87.1%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £129k
- Revenue ÷ average employees.
- Profit per employee
- −£21.3k
- Profit ÷ average employees.
- Cash conversion
- —
- Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
- Fixed assets ÷ revenue
- —
- Capital intensity. Low = capital-light, cheaper to start.
- Deferred income ÷ revenue
- —
- Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
- Debtors ÷ revenue
- —
- 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
- —
- Now —
- Cash at bank
- —
- Now —
- Headcount
- ▼5%
- Now 403
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now —
Group structure
Ownership chain
- BDC III GP LLPultimate parent75–100%
- Project Vision Topco Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (1)
- Project Vision Midco 1 LimitedFigures not disclosed
Sister companies (2)
- Aramis Topco LimitedFigures not disclosed
- Azure Topco LimitedFigures not disclosed
Minority corporate shareholders
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from accounts for the year to 31 Dec 2024 (profit −£8.6m), from the Companies House accounts bulk data published May 2025. 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.