MHL Topco Limited
Registered name: MHL TOPCO LIMITED
Part of G Square Healthcare Private Equity LLP groupMHL Topco Limited made a £5.2m loss in the year to 31 Mar 2025 (revenue not disclosed).
MHL Topco Limited reported a loss of £5.2m in the year to 31 Mar 2025; its revenue was not disclosed. It had 0 employees. The company is classified under “activities of other holding companies” and is based in Bath; we hold 2 years of its filed accounts.
- Status
- Active
- Location
- Bath, South West
- Age
- 3 yrs · since 2023
- 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.
Key figures
This company published its profit but not its turnover, so revenue and margins are not disclosed. We never estimate them.
Badges are automated estimates derived from the filed figures — not statements of fact about the company.
Financial history
| Year to | 5 Oct 2023 | 31 Mar 2025 |
|---|---|---|
| Disclosure | No P&L | Profit only |
| Profit & loss | ||
| Revenue (turnover) | — | — |
| Profit after tax | — | −£5.2m |
| Profit (best available) | — | −£5.2m |
| Employees (average) | 0 | 0 |
| Ratios | ||
| Profit margin | — | — |
| Balance sheet — indirect signals, not revenue | ||
| Net assets | — | −£4.4m |
| Fixed assets | — | £63.7m |
| Current assets | — | £174k |
| Debtors | — | £0 |
| Source | FullAccounts · bulk data Jul 2025 | FullAccounts · bulk data Jul 2025 |
How the business works
- Profit margin
- —
- Profit ÷ revenue.
- Gross margin
- —
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- —
- Revenue ÷ average employees.
- Profit per employee
- —
- 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 −£4.4m
- Cash at bank
- —
- Now —
- Headcount
- —
- Now 0
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now £63.7m
Group structure
Ownership chain
- G Square Healthcare Private Equity LLPultimate parent75–100%
- G Square Managing Member Limited75–100%
- G Square Capital (GP) IV LLP50–75%
- MHL Topco Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (1)
- MHL Midco LimitedFigures not disclosed
Sister companies (1)
- Echo Healthcare LtdFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from FullAccounts for the year to 31 Mar 2025 (profit −£5.2m), from the Companies House accounts bulk data published Jul 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.