Topsmiths Limited
Registered name: TOPSMITHS LIMITED
Topsmiths Limited made £38.4m revenue and a £626k loss in the year to 31 Dec 2025.
Topsmiths Limited’s revenue grew 30% to £38.4m in the year to 31 Dec 2025, with a loss of £626k and 201 employees. The company is classified under “activities of other holding companies” and is based in Bristol; we hold 4 years of its filed accounts.
- Status
- Active
- Location
- Bristol, South West
- Age
- 4 yrs · since 2022
- 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. From the filing: “Boncolac SAS”
Key figures
Badges are automated estimates derived from the filed figures — not statements of fact about the company.
Financial history
| Year to | 29 Jan 2023 | 28 Jan 2024 | 31 Dec 2024 | 31 Dec 2025 |
|---|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L | Full P&L |
| Profit & loss | ||||
| Revenue (turnover) | £14m | £22.9m | £29.6m | £38.4m |
| Cost of sales | £8.8m | £13.5m | £17.8m | £22.8m |
| Gross profit | £5.2m | £9.3m | £11.8m | £15.5m |
| Operating profit | £765k | £2m | £4m | £6.8m |
| Profit before tax | −£855k | −£81k | £3.4m | £6.2m |
| Profit after tax | −£1.8m | −£2.8m | −£1m | −£626k |
| Profit (best available) | −£1.8m | −£2.8m | −£1m | −£626k |
| Staff costs | £3.5m | £5.1m | £6m | £7.1m |
| Employees (average) | 173 | 167 | 191 | 201 |
| Ratios | ||||
| Profit margin | −12.8% | −12.3% | −3.5% | −1.6% |
| Gross margin | 37.4% | 40.8% | 39.9% | 40.5% |
| Revenue per employee | £81.1k | £137k | £155k | £191k |
| Profit per employee | −£10.3k | −£16.9k | −£5.3k | −£3.1k |
| Cash conversion | 206.3% | 296.4% | 64% | 26.1% |
| Growth (year on year) | ||||
| Revenue growth | — | ▲63% | ▲29.4% | ▲29.8% |
| Headcount growth | — | ▼3.5% | ▲14.4% | ▲5.2% |
| Balance sheet — indirect signals, not revenue | ||||
| Cash at bank | £3k | £153k | £35k | £18k |
| Net assets | −£265k | −£3.1m | −£4.1m | −£4.7m |
| Fixed assets | £16.2m | £15.2m | £14.3m | £12.7m |
| Current assets | £83k | £292k | £307k | £18k |
| Debtors | £80k | £139k | £272k | — |
| Cash from operations | £1.6m | £5.9m | £2.6m | £1.8m |
| Source | FullAccounts · bulk data Oct 2024 | FullAccounts · bulk data Oct 2024 | FullAccounts · bulk data Sep 2025 | FullAccounts · bulk data Sep 2026 |
How the business works
- Profit margin
- −1.6%
- Profit ÷ revenue.
- Gross margin
- 40.5%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £191k
- Revenue ÷ average employees.
- Profit per employee
- −£3.1k
- Profit ÷ average employees.
- Cash conversion
- 26.1%
- Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
- Fixed assets ÷ revenue
- 33%
- 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 −£4.7m
- Cash at bank
- ▼49%
- Now £18k
- Headcount
- ▲5%
- Now 201
- Deferred income
- —
- Now —
- Fixed assets
- ▼11%
- Now £12.7m
Group structure
Subsidiaries (1)
- Cakesmiths Group LimitedRev. £38.4m · Profit £6.5m
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from FullAccounts for the year to 31 Dec 2025 (profit −£626k), from the Companies House accounts bulk data published Sep 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.