Project Hermes Topco Limited
Registered name: PROJECT HERMES TOPCO LIMITED
Project Hermes Topco Limited made £4.3m revenue and a £2.2m loss in the year to 31 Dec 2025.
Project Hermes Topco Limited’s revenue fell 13% to £4.3m in the year to 31 Dec 2025, with a loss of £2.2m and 31 employees. The company is classified under “activities of other holding companies” and is based in London; we hold 2 years of its filed accounts.
- Status
- Active
- Location
- London, London
- 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.
Key figures
Badges are automated estimates derived from the filed figures — not statements of fact about the company.
Financial history
| Year to | 31 Dec 2024 | 31 Dec 2025 |
|---|---|---|
| Disclosure | Full P&L | Full P&L |
| Profit & loss | ||
| Revenue (turnover) | £4.9m | £4.3m |
| Cost of sales | −£3.2m | −£2.5m |
| Gross profit | £1.7m | £1.8m |
| Operating profit | −£1.4m | −£727k |
| Profit before tax | −£2.7m | −£2.2m |
| Profit after tax | −£2.8m | −£2.2m |
| Profit (best available) | −£2.8m | −£2.2m |
| Employees (average) | 38 | 31 |
| Ratios | ||
| Profit margin | −56.9% | −52.4% |
| Gross margin | 35.5% | 41.9% |
| Revenue per employee | £129k | £138k |
| Profit per employee | −£73.4k | −£72.3k |
| Growth (year on year) | ||
| Revenue growth | — | ▼12.8% |
| Headcount growth | — | ▼18.4% |
| Balance sheet — indirect signals, not revenue | ||
| Net assets | — | — |
| Source | Accounts · bulk data Jul 2025 | Accounts · bulk data Sep 2026 |
How the business works
- Profit margin
- −52.4%
- Profit ÷ revenue.
- Gross margin
- 41.9%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £138k
- Revenue ÷ average employees.
- Profit per employee
- −£72.3k
- 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
- ▼18%
- Now 31
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now —
Group structure
Subsidiaries (1)
- Project Hermes Midco 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 2025 (profit −£2.2m), 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.