V Topco Limited
Registered name: V TOPCO LIMITED
Part of MML Partnership Capital VIII Holdco 1 Ltd groupV Topco Limited made £116m revenue and a £68m loss in the year to 31 Dec 2025.
V Topco Limited’s revenue was £116m in the year to 31 Dec 2025, with a loss of £68m and 577 employees. The company is classified under “activities of other holding companies” and is based in Cardiff; we hold 2 years of its filed accounts.
- Status
- Active
- Location
- Cardiff, Wales
- Age
- 2 yrs · since 2024
- 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
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) | £25.4m | £116m |
| Cost of sales | −£10.6m | −£47.1m |
| Gross profit | £14.7m | £68.7m |
| Operating profit | −£1.6m | −£23.4m |
| Profit before tax | −£11.2m | −£67.9m |
| Profit after tax | −£11.8m | −£68m |
| Profit (best available) | −£11.8m | −£68m |
| Employees (average) | 629 | 577 |
| Ratios | ||
| Profit margin | −46.5% | −58.8% |
| Gross margin | 58.1% | 59.3% |
| Revenue per employee | £40.3k | £201k |
| Profit per employee | −£18.8k | −£118k |
| Balance sheet — indirect signals, not revenue | ||
| Net assets | — | — |
| Source | Accounts · bulk data Dec 2025 | Accounts · bulk data Jul 2026 |
How the business works
- Profit margin
- −58.8%
- Profit ÷ revenue.
- Gross margin
- 59.3%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £201k
- Revenue ÷ average employees.
- Profit per employee
- −£118k
- 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
- —
- Now 577
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now —
Group structure
Ownership chain
- MML Partnership Capital VIII Holdco 1 Ltdultimate parent50–75%
- MML Cosmos Investco Limited25–50%
- V Topco Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (1)
- V Midco LimitedFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from accounts for the year to 31 Dec 2025 (profit −£68m), from the Companies House accounts bulk data published Jul 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.