Afa Topco Limited
Registered name: AFA TOPCO LIMITED
Part of Limerston Capital Partners I GP LLP groupAfa Topco Limited made £51m revenue and a £5.6m loss in the year to 31 Mar 2025.
Afa Topco Limited’s revenue grew 19% to £51m in the year to 31 Mar 2025, with a loss of £5.6m and 253 employees. The company is classified under “activities of other holding companies” and is based in London; we hold 3 years of its filed accounts.
- Status
- Active
- Location
- London
- Age
- 6 yrs · since 2020
- Type
- Private Limited Company
Key figures
Financial history
| Year to | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 |
|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L |
| Profit & loss | |||
| Revenue (turnover) | £27.9m | £42.9m | £51m |
| Cost of sales | −£18.6m | −£28.4m | −£34.9m |
| Gross profit | £9.3m | £14.5m | £16.2m |
| Operating profit | −£3.6m | −£1.8m | £156k |
| Profit before tax | −£5.5m | −£5.6m | −£5.4m |
| Profit after tax | −£5.5m | −£5.6m | −£5.6m |
| Profit (best available) | −£5.5m | −£5.6m | −£5.6m |
| Employees (average) | 217 | 201 | 253 |
| Ratios | |||
| Profit margin | −19.7% | −13.1% | −10.9% |
| Gross margin | 33.3% | 33.8% | 31.7% |
| Revenue per employee | £129k | £214k | £202k |
| Profit per employee | −£25.4k | −£28k | −£22.1k |
| Growth (year on year) | |||
| Revenue growth | — | ▲53.8% | ▲18.9% |
| Headcount growth | — | ▼7.4% | ▲25.9% |
| Balance sheet — indirect signals, not revenue | |||
| Net assets | — | — | — |
| Source | Accounts · bulk data Jan 2025 | Accounts · bulk data Jan 2025 | Accounts · bulk data Jan 2026 |
How the business works
- Profit margin
- −10.9%
- Profit ÷ revenue.
- Gross margin
- 31.7%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £202k
- Revenue ÷ average employees.
- Profit per employee
- −£22.1k
- 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
- ▲26%
- Now 253
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now —
Group structure
Ownership chain
- Limerston Capital Partners I GP LLPultimate parent75–100%
- Afa Topco Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (2)
- Afa Midco a LimitedFigures not disclosed
- Afa Midco F LimitedFigures not disclosed
Sister companies (5)
- PWC Newco LimitedRev. £28.2m · Profit £2.2m
- WMP Newco LimitedRev. £7.9m · Profit £127k
- Epg Newco LimitedRev. £600k · Profit £2.3m
- Prism Newco LimitedRev. £0 · Profit £16k
- VB Newco LimitedLiquidationRev. £0 · Profit £31.7m
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from accounts for the year to 31 Mar 2025 (profit −£5.6m), 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.