How much does Turntide Drives Limited make?

Turntide Drives Limited reported revenue of £10.3m and a loss of £5.1m in the year to 31 Dec 2024, according to its accounts filed at Companies House.

How many employees does Turntide Drives Limited have?

Turntide Drives Limited reported an average of 88 employees in the year to 31 Dec 2024.

Is Turntide Drives Limited profitable?

No — Turntide Drives Limited reported a loss of £5.1m in the year to 31 Dec 2024.

Company No. 13224626 · Incorporated 25 Feb 2021

Turntide Drives Limited

Registered name: TURNTIDE DRIVES LIMITED

Part of Turntide Technologies Inc group

Turntide Drives Limited made £10.3m revenue and a £5.1m loss in the year to 31 Dec 2024. read from filing text

Turntide Drives Limited’s revenue grew 9% to £10.3m in the year to 31 Dec 2024, with a loss of £5.1m and 88 employees. The company is classified under “other service activities” and is based in Gateshead; we hold 4 years of its filed accounts.

Full P&L filedSection S · Other service activitiesSIC 96090Other service activities n.e.c.

Status: Active
Location: Gateshead, North East
Age: 5 yrs · since 2021
Type: Private Limited Company

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. From the filing: “The company's parent undertaking is Collingwood Solutions Limited, a company incorporated in England and Wales.”

Latest accounts · year to 31 Dec 2024

Key figures

Doing more with less

Revenue

£10.3m

Growth ▲8.7%

Profit

−£5.1m

Growth —

Profit margin

−49.6%

Gross 54.1%

Employees

Change ▼9.3%

Profit / employee

−£58k

Revenue/employee £117k

Profitable streak

0yrs

Consecutive profitable years in our data

Badges are automated estimates derived from the filed figures — not statements of fact about the company.

4 filed years

Financial history

Multi-year financials, oldest to newest
Year to	31 Dec 2021	31 Dec 2022	31 Dec 2023	31 Dec 2024
Disclosure	No P&L	Full P&Lread from filing text	Full P&Lread from filing text	Full P&Lread from filing text
Profit & loss
Revenue (turnover)	—	£4.7m	£9.5m	£10.3m
Cost of sales	—	£4.2m	£6.6m	£4.7m
Gross profit	—	£475k	£2.8m	£5.6m
Operating profit	—	−£11.9m	−£7.1m	−£4.8m
Profit before tax	—	−£12.3m	−£8.3m	−£6.6m
Profit after tax	—	−£11.5m	−£7.4m	−£5.1m
Profit (best available)	—	−£11.5m	−£7.4m	−£5.1m
Employees (average)	103	100	97	88
Ratios
Profit margin	—	−247.5%	−78.1%	−49.6%
Gross margin	—	10.2%	30.1%	54.1%
Revenue per employee	—	£46.6k	£97.7k	£117k
Profit per employee	—	−£115k	−£76.3k	−£58k
Growth (year on year)
Revenue growth	—	—	▲103.3%	▲8.7%
Headcount growth	—	—	▼3%	▼9.3%
Balance sheet — indirect signals, not revenue
Cash at bank	£99.9k	£1.2m	£868k	£1.3m
Net assets	−£3.1m	−£14.6m	−£22m	−£27.1m
Fixed assets	£1.8m	£1.8m	£1.5m	£2.1m
Current assets	£2.1m	£3.9m	£5.6m	£6.7m
Debtors	£991k	£1m	£1.5m	£1.9m
Deferred income	—	£706k	£520k	£574k
Source	FullAccounts · bulk data Apr 2024	FullAccounts · bulk data Apr 2024	FullAccounts · bulk data Jan 2025	FullAccounts · bulk data Dec 2025

Derived from the latest filing

How the business works

Profit margin: −49.6%; Profit ÷ revenue.
Gross margin: 54.1%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £117k; Revenue ÷ average employees.
Profit per employee: −£58k; Profit ÷ average employees.
Cash conversion: —; Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
Fixed assets ÷ revenue: 20.7%; Capital intensity. Low = capital-light, cheaper to start.
Deferred income ÷ revenue: 5.6%; Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
Debtors ÷ revenue: 18.8%; Money owed by customers. Low = customers pay quickly.

Indirect — not revenue

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 −£27.1m
Cash at bank: ▲53%; Now £1.3m
Headcount: ▼9%; Now 88
Deferred income: ▲10%; Now £574k
Fixed assets: ▲39%; Now £2.1m

Deferred income is reported together with accruals in this filing (“accruals and deferred income”), so it is an approximate signal only.

Corporate ownership

Group structure

Ownership chain

Turntide Technologies Inc (registered outside the UK register)ultimate parent75–100%
Turntide Transport Limited75–100%
Collingwood Solutions Limited75–100%
Turntide Drives Limitedthis company

Bands show the share of ownership each company holds in the one below it.

From the Persons with Significant Control register (corporate controllers only).

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Sources

Companies House profile Filing history & original accounts

Latest figures from FullAccounts for the year to 31 Dec 2024 (profit −£5.1m), from the Companies House accounts bulk data published Dec 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.