How much does Independence Topco Limited make?

Independence Topco Limited reported revenue of £17m and a loss of £5.9m in the year to 31 Mar 2026, according to its accounts filed at Companies House.

How many employees does Independence Topco Limited have?

Independence Topco Limited reported an average of 117 employees in the year to 31 Mar 2026.

Is Independence Topco Limited profitable?

No — Independence Topco Limited reported a loss of £5.9m in the year to 31 Mar 2026.

Company No. 14203007 · Incorporated 29 Jun 2022

Independence Topco Limited

Registered name: INDEPENDENCE TOPCO LIMITED

Part of Horizon Capital II GP LLP group

Independence Topco Limited made £17m revenue and a £5.9m loss in the year to 31 Mar 2026.

Independence Topco Limited’s revenue was £17m in the year to 31 Mar 2026, with a loss of £5.9m and 117 employees. The company is classified under “other business support service activities” and is based in London; we hold 4 years of its filed accounts.

Full P&L filedSection N · Administrative and support servicesSIC 82990Other business support service activities n.e.c.

Status: Active
Location: London, London
Age: 4 yrs · since 2022
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 Mar 2026

Key figures

Small team

Revenue

£17m

Growth —

Profit

−£5.9m

Growth —

Profit margin

−34.4%

Gross 99.5%

Employees

117

Change —

Profit / employee

−£50k

Revenue/employee £145k

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 Mar 2023	31 Mar 2024	31 Mar 2025	31 Mar 2026
Disclosure	No P&L	Profit only	Profit only	Full P&L
Profit & loss
Revenue (turnover)	—	—	—	£17m
Cost of sales	—	—	—	−£77.6k
Gross profit	—	—	—	£16.9m
Operating profit	—	—	—	£381k
Profit before tax	—	—	—	−£5.6m
Profit after tax	—	−£85.5k	−£151k	−£5.9m
Profit (best available)	—	−£85.5k	−£151k	−£5.9m
Employees (average)	0	0	0	117
Ratios
Profit margin	—	—	—	−34.4%
Gross margin	—	—	—	99.5%
Revenue per employee	—	—	—	£145k
Profit per employee	—	—	—	−£50k
Balance sheet — indirect signals, not revenue
Cash at bank	£0	—	—	—
Net assets	£20.5m	£836k	£684k	—
Fixed assets	£1	—	—	—
Current assets	£20.5m	—	—	—
Debtors	£20.5m	£0	£0	—
Deferred income	—	£38k	£15k	—
Source	AbridgedAccounts · bulk data Dec 2023	FullAccounts · bulk data Nov 2025	FullAccounts · bulk data Nov 2025	Accounts · bulk data Sep 2026

Derived from the latest filing

How the business works

Profit margin: −34.4%; Profit ÷ revenue.
Gross margin: 99.5%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £145k; Revenue ÷ average employees.
Profit per employee: −£50k; 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: —; Now 117
Deferred income: —; Now —
Fixed assets: —; Now —

Corporate ownership

Group structure

Ownership chain

Horizon Capital II GP LLPultimate parent50–75%
Independence Topco Limitedthis company

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

Subsidiaries (1)

Independence Holdco LimitedFigures not disclosed

Sister companies (4)

Rise Topco LimitedRev. £181m · Profit −£7.5m
Alamo Topco LimitedLiquidationFigures not disclosed
Elixir Topco LimitedRev. — · Profit −£2.4m
Turnmill Topco LimitedRev. — · Profit −£90.4k

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 Mar 2026 (profit −£5.9m), from the Companies House accounts bulk data published Sep 2026. Spotted an error? Request a correction.

Updated from Companies House on 13 Oct 2026

Contains public sector information from Companies House licensed under the Open Government Licence v3.0. Data from Companies House, © Crown copyright. View the licence.