Project Thunder Bidco Limited
Registered name: PROJECT THUNDER BIDCO LIMITED
Part of Palatine GP IV LLP groupProject Thunder Bidco Limited made a £4.1m loss in the year to 31 Dec 2025 (revenue not disclosed).
Project Thunder Bidco Limited reported a loss of £4.1m in the year to 31 Dec 2025; its revenue was not disclosed. It had 2 employees. The company is classified under “non-trading company” and is based in London; we hold 4 years of its filed accounts.
- Status
- Active
- Location
- London, London
- Age
- 4 yrs · since 2022
- 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: “Project Thunder”
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 | 31 Dec 2022 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2025 |
|---|---|---|---|---|
| Disclosure | Profit only | Profit only | Profit only | Profit only |
| Profit & loss | ||||
| Revenue (turnover) | — | — | — | — |
| Cost of sales | £11.1m | £27.6m | £29.8m | £28.6m |
| Profit after tax | −£1.1m | −£3.4m | −£3.4m | −£4.1m |
| Profit (best available) | −£1.1m | −£3.4m | −£3.4m | −£4.1m |
| Staff costs | £184k | £479k | £434k | £414k |
| Employees (average) | 2 | 2 | 2 | 2 |
| Ratios | ||||
| Profit margin | — | — | — | — |
| Profit per employee | −£544k | −£1.7m | −£1.7m | −£2m |
| Growth (year on year) | ||||
| Headcount growth | — | — | 0% | 0% |
| Balance sheet — indirect signals, not revenue | ||||
| Cash at bank | £0 | £387 | £100 | £100 |
| Net assets | −£61.4k | −£3.5m | −£6.9m | −£11m |
| Fixed assets | £93.1k | £63.5k | £36k | £65k |
| Current assets | £395k | £735 | £2.1k | £448 |
| Debtors | £0 | £0 | £0 | £0 |
| Deferred income | £960k | £3.1m | £5.1m | £7.8m |
| Cash from operations | −£1.2m | — | — | — |
| Source | FullAccounts · bulk data Jul 2024 | FullAccounts · bulk data Jul 2024 | FullAccounts · bulk data Jul 2025 | FullAccounts · bulk data Sep 2026 |
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
- −£2m
- 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 −£11m
- Cash at bank
- 0%
- Now £100
- Headcount
- 0%
- Now 2
- Deferred income
- ▲54%
- Now £7.8m
- Fixed assets
- ▲81%
- Now £65k
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
- Palatine GP IV LLPultimate parent50–75%
- Project Thunder Topco Limited75–100%
- Project Thunder Bidco Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (1)
- Skills Alliance (Pharma) LimitedRev. — · Profit −£405k
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from FullAccounts for the year to 31 Dec 2025 (profit −£4.1m), from the Companies House accounts bulk data published Sep 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.