How much does Merchant Warehouse (Ni) Ltd make?

Merchant Warehouse (Ni) Ltd reported revenue of £7.5m and £332k profit in the year to 31 Dec 2025, according to its accounts filed at Companies House.

How many employees does Merchant Warehouse (Ni) Ltd have?

Merchant Warehouse (Ni) Ltd reported an average of 89 employees in the year to 31 Dec 2025.

Is Merchant Warehouse (Ni) Ltd profitable?

Yes — Merchant Warehouse (Ni) Ltd reported a profit of £332k in the year to 31 Dec 2025.

Company No. NI618032 · Incorporated 23 Apr 2013

Merchant Warehouse (Ni) Ltd

Registered name: MERCHANT WAREHOUSE (NI) LTD

Part of Tsys Merchant Solutions, Llc group

Merchant Warehouse (Ni) Ltd made £7.5m revenue and £332k profit in the year to 31 Dec 2025.

Merchant Warehouse (Ni) Ltd’s revenue fell 19% to £7.5m in the year to 31 Dec 2025, with £332k profit and 89 employees. The company is classified under “ready-made interactive leisure and entertainment software development” and is based in Belfast; we hold 4 years of its filed accounts.

Full P&L filedSection J · Information and communicationSIC 62011Ready-made interactive leisure and entertainment software development

Status: Active
Location: Belfast, Northern Ireland
Age: 13 yrs · since 2013
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 Dec 2025

Key figures

Capital-light

Revenue

£7.5m

Growth ▼19.3%

Profit

£332k

Growth ▼80.1%

Profit margin

4.5%

Gross 100%

Employees

Change ▼1.1%

Profit / employee

£3.7k

Revenue/employee £83.9k

Profitable streak

4yrs

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 Dec 2022	31 Dec 2023	31 Dec 2024	31 Dec 2025
Disclosure	Full P&L	Full P&L	Full P&L	Full P&L
Profit & loss
Revenue (turnover)	£9.9m	£9.3m	£9.3m	£7.5m
Gross profit	£9.9m	£9.3m	£9.3m	£7.5m
Operating profit	£1.7m	£1.5m	£1.8m	£357k
Profit before tax	£1.7m	£1.5m	£1.8m	£450k
Profit after tax	£1.4m	£1.4m	£1.7m	£332k
Profit (best available)	£1.4m	£1.4m	£1.7m	£332k
Employees (average)	119	110	90	89
Ratios
Profit margin	13.7%	14.6%	18%	4.5%
Gross margin	100%	100%	100%	100%
Revenue per employee	£83k	£84.2k	£103k	£83.9k
Profit per employee	£11.3k	£12.3k	£18.5k	£3.7k
Growth (year on year)
Revenue growth	—	▼6.2%	▼0.1%	▼19.3%
Profit growth	—	▲0%	▲23.5%	▼80.1%
Headcount growth	—	▼7.6%	▼18.2%	▼1.1%
Balance sheet — indirect signals, not revenue
Cash at bank	£2.9m	£2m	£3.1m	£4.4m
Net assets	£6.1m	£4.9m	£6.6m	£6.9m
Fixed assets	£391k	£231k	£127k	£109k
Current assets	£6.4m	£5.1m	£7.1m	£7.4m
Debtors	£0	£2.2k	£546	£0
Deferred income	£308k	£157k	£190k	£272k
Source	FullAccounts · bulk data Dec 2024	FullAccounts · bulk data Dec 2024	FullAccounts · bulk data Dec 2025	FullAccounts · bulk data Sep 2026

Derived from the latest filing

How the business works

Profit margin: 4.5%; Profit ÷ revenue.
Gross margin: 100%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £83.9k; Revenue ÷ average employees.
Profit per employee: £3.7k; Profit ÷ average employees.
Cash conversion: —; Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
Fixed assets ÷ revenue: 1.5%; Capital intensity. Low = capital-light, cheaper to start.
Deferred income ÷ revenue: 3.6%; Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
Debtors ÷ revenue: 0%; 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: ▲5%; Now £6.9m
Cash at bank: ▲41%; Now £4.4m
Headcount: ▼1%; Now 89
Deferred income: ▲43%; Now £272k
Fixed assets: ▼14%; Now £109k

Deferred income is reported together with accruals in this filing (“accruals and deferred income”), so it is an approximate signal only.

Corporate ownership

Group structure

Ownership chain

Tsys Merchant Solutions, Llc (registered outside the UK register)ultimate parent75–100%
Merchant Warehouse (Ni) Ltdthis company

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

From the Persons with Significant Control register (corporate controllers only).

Same industry, similar size

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Industry benchmarks →

Sources

Companies House profile Filing history & original accounts

Latest figures from FullAccounts for the year to 31 Dec 2025 (profit £332k), from the Companies House accounts bulk data published Sep 2026. Spotted an error? Request a correction.

Updated from Companies House on 22 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.