Midgard Ltd
Registered name: MIDGARD LTD
Part of JRL Group Holdings Limited groupMidgard Ltd made £580m revenue and a £11.6m loss in the year to 30 Apr 2025.
Midgard Ltd’s revenue was £580m in the year to 30 Apr 2025, with a loss of £11.6m and 205 employees. The company is classified under “construction of commercial buildings” and is based in Borehamwood; we hold 3 years of its filed accounts.
- Status
- Active
- Location
- Borehamwood, East of England
- Age
- 20 yrs · since 2006
- 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. From the filing: “JRL Group Holdings Limited”
Key figures
Badges are automated estimates derived from the filed figures — not statements of fact about the company.
Financial history
| Year to | 31 Dec 2022 | 31 Dec 2023 | 30 Apr 2025 |
|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L |
| Profit & loss | |||
| Revenue (turnover) | £536m | £612m | £580m |
| Cost of sales | £515m | £605m | £568m |
| Gross profit | £21.5m | £7m | £11.8m |
| Operating profit | £8.6m | −£9.9m | −£15m |
| Profit before tax | £8.6m | −£10m | −£15.4m |
| Profit after tax | £6.3m | −£6.8m | −£11.6m |
| Profit (best available) | £6.3m | −£6.8m | −£11.6m |
| Staff costs | £20m | £21.2m | £27.7m |
| Employees (average) | 210 | 229 | 205 |
| Ratios | |||
| Profit margin | 1.2% | −1.1% | −2% |
| Gross margin | 4% | 1.1% | 2% |
| Revenue per employee | £2.6m | £2.7m | £2.8m |
| Profit per employee | £30k | −£29.9k | −£56.7k |
| Growth (year on year) | |||
| Revenue growth | — | ▲14.2% | — |
| Profit growth | — | ▼208.6% | — |
| Headcount growth | — | ▲9% | — |
| Balance sheet — indirect signals, not revenue | |||
| Cash at bank | £48.7m | £34.6m | £39.3m |
| Net assets | £48m | £41.2m | £29.5m |
| Fixed assets | £1.4m | £2.9m | £2.5m |
| Current assets | £234m | £190m | £136m |
| Debtors | £69m | £65.5m | £48.8m |
| Deferred income | £54.2m | £71.7m | £56.7m |
| Source | FullAccounts · bulk data Dec 2024 | FullAccounts · bulk data Dec 2024 | FullAccounts · bulk data Jan 2026 |
How the business works
- Profit margin
- −2%
- Profit ÷ revenue.
- Gross margin
- 2%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £2.8m
- Revenue ÷ average employees.
- Profit per employee
- −£56.7k
- Profit ÷ average employees.
- Cash conversion
- —
- Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
- Fixed assets ÷ revenue
- 0.4%
- Capital intensity. Low = capital-light, cheaper to start.
- Deferred income ÷ revenue
- 9.8%
- Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
- Debtors ÷ revenue
- 8.4%
- 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 £29.5m
- Cash at bank
- —
- Now £39.3m
- Headcount
- —
- Now 205
- Deferred income
- —
- Now £56.7m
- Fixed assets
- —
- Now £2.5m
Deferred income is reported together with accruals in this filing (“accruals and deferred income”), so it is an approximate signal only.
Group structure
Ownership chain
- JRL Group Holdings Limitedultimate parent75–100%
- JRL Group Limited75–100%
- Midgard Ltdthis company
Bands show the share of ownership each company holds in the one below it.
Sister companies (28)
- J. Reddington LtdRev. £298m · Profit −£5.7m
- Ark Mechanical and Electrical Services LimitedRev. £123m · Profit £4.8m
- McMullen Facades LimitedRev. £121m · Profit −£11.7m
- Thames Reinforcements LimitedRev. £65.5m · Profit £693k
- Midgard City LimitedRev. £62.8m · Profit −£3.3m
- London Tower Crane Hire & Sales LimitedRev. £57.7m · Profit £5.5m
- JRL Modular LtdRev. £20.2m · Profit −£5.2m
- JRL Environmental LimitedRev. £14.3m · Profit −£1.1m
- Anglo Swiss Façade Design LimitedFigures not disclosed
- Elstree Civil Engineering LimitedFigures not disclosed
- JRL Access LimitedFigures not disclosed
- JRL Civil Engineering LimitedFigures not disclosed
- JRL Demolition LimitedFigures not disclosed
- JRL Drylining LimitedFigures not disclosed
- JRL GH Facades LimitedFigures not disclosed
- JRL Plant and Logistics LimitedFigures not disclosed
- JRL Structures LimitedFigures not disclosed
- JRL Trading (3) LtdFigures not disclosed
- London Concrete Pumping LimitedFigures not disclosed
- Midgard Design Services LtdFigures not disclosed
- Midgard Public Sector LimitedFigures not disclosed
- Quantum Gate LimitedFigures not disclosed
- Slipstructures LimitedFigures not disclosed
- Stair Master LtdFigures not disclosed
- Trent Precast Concrete LimitedFigures not disclosed
- Trent Reinforcements LtdFigures not disclosed
- UK Facades LimitedFigures not disclosed
- Woodland Environmental LimitedFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Similar profitable businesses
- RGCM LimitedWest Malling · Construction of commercial buildings
- Revenue
- £289m
- Profit
- £5.5m
- Staff
- 115
- Domis Construction LimitedWigan · Construction of commercial buildings
- Revenue
- £253m
- Profit
- £7.2m
- Staff
- 191
- Gmi Construction Group PLCLeeds · Construction of commercial buildings
- Revenue
- £233m
- Profit
- £1.8m
- Staff
- 232
- E.w. Beard LimitedSwindon · Construction of commercial buildings
- Revenue
- £230m
- Profit
- £3.4m
- Staff
- 370
Sources
Latest figures from FullAccounts for the year to 30 Apr 2025 (profit −£11.6m), from the Companies House accounts bulk data published Jan 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.