How much does Project Pisces Topco Limited make?

Project Pisces Topco Limited reported revenue of £24.1m and a loss of £1.6m in the year to 31 Jul 2025, according to its accounts filed at Companies House.

How many employees does Project Pisces Topco Limited have?

Project Pisces Topco Limited reported an average of 213 employees in the year to 31 Jul 2025.

Is Project Pisces Topco Limited profitable?

No — Project Pisces Topco Limited reported a loss of £1.6m in the year to 31 Jul 2025.

Company No. 13344156 · Incorporated 19 Apr 2021

Project Pisces Topco Limited

Registered name: PROJECT PISCES TOPCO LIMITED

Part of Sovereign Capital Partners LLP group

Project Pisces Topco Limited made £24.1m revenue and a £1.6m loss in the year to 31 Jul 2025.

Project Pisces Topco Limited’s revenue grew 4% to £24.1m in the year to 31 Jul 2025, with a loss of £1.6m and 213 employees. The company is classified under “information technology consultancy activities” and is based in London; we hold 3 years of its filed accounts.

Full P&L filedSection J · Information and communicationSIC 62020Information technology consultancy activities

Status: Active
Location: London, London
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.

Latest accounts · year to 31 Jul 2025

Key figures

Doing more with less

Revenue

£24.1m

Growth ▲4.1%

Profit

−£1.6m

Growth —

Profit margin

−6.5%

Gross 34.7%

Employees

213

Change ▼9%

Profit / employee

−£7.3k

Revenue/employee £113k

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.

3 filed years

Financial history

Multi-year financials, oldest to newest
Year to	31 Jul 2023	31 Jul 2024	31 Jul 2025
Disclosure	Full P&L	Full P&L	Full P&L
Profit & loss
Revenue (turnover)	£21.3m	£23.1m	£24.1m
Cost of sales	−£13.5m	−£15.1m	−£15.7m
Gross profit	£7.8m	£8m	£8.4m
Operating profit	−£1.8m	£145k	£431k
Profit before tax	−£9.3m	−£8.9m	−£818k
Profit after tax	−£10.1m	−£9.2m	−£1.6m
Profit (best available)	−£10.1m	−£9.2m	−£1.6m
Employees (average)	237	234	213
Ratios
Profit margin	−47.3%	−40%	−6.5%
Gross margin	36.5%	34.7%	34.7%
Revenue per employee	£89.7k	£98.9k	£113k
Profit per employee	−£42.4k	−£39.5k	−£7.3k
Growth (year on year)
Revenue growth	—	▲8.8%	▲4.1%
Headcount growth	—	▼1.3%	▼9%
Balance sheet — indirect signals, not revenue
Net assets	—	—	—
Source	Accounts · bulk data Apr 2025	Accounts · bulk data Apr 2025	Accounts · bulk data Mar 2026

Derived from the latest filing

How the business works

Profit margin: −6.5%; Profit ÷ revenue.
Gross margin: 34.7%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £113k; Revenue ÷ average employees.
Profit per employee: −£7.3k; 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.

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 —
Cash at bank: —; Now —
Headcount: ▼9%; Now 213
Deferred income: —; Now —
Fixed assets: —; Now —

Corporate ownership

Group structure

Ownership chain

Sovereign Capital Partners LLPultimate parent50–75%
Project Pisces Topco Limitedthis company

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

Subsidiaries (1)

Project Pisces Midco 1 LimitedFigures not disclosed

Sister companies (5)

BB Shelf 4 LLPFigures not disclosed
BB Shelf 5 LLPFigures not disclosed
Exmoor Farm LimitedFigures not disclosed
Exmoor LimitedFigures not disclosed
Sovereign Capital Management Services LimitedFigures not disclosed

Minority corporate shareholders

BB Shelf 4 LLP 25–50%

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 accounts for the year to 31 Jul 2025 (profit −£1.6m), from the Companies House accounts bulk data published Mar 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.