How much does Steel Midco 1 Limited make?

Steel Midco 1 Limited reported revenue of £26.6m and a loss of £22.9m in the year to 31 Dec 2025, according to its accounts filed at Companies House.

How many employees does Steel Midco 1 Limited have?

Steel Midco 1 Limited reported an average of 246 employees in the year to 31 Dec 2025.

Is Steel Midco 1 Limited profitable?

No — Steel Midco 1 Limited reported a loss of £22.9m in the year to 31 Dec 2025.

Company No. 14042658 · Incorporated 12 Apr 2022

Steel Midco 1 Limited

Registered name: STEEL MIDCO 1 LIMITED

Part of Bowmark Capital LLP group

Steel Midco 1 Limited made £26.6m revenue and a £22.9m loss in the year to 31 Dec 2025.

Steel Midco 1 Limited’s revenue grew 14% to £26.6m in the year to 31 Dec 2025, with a loss of £22.9m and 246 employees. The company is classified under “other business support service activities” and is based in London; we hold 3 years of its filed accounts.

Full P&L filedSection N · Administrative and support servicesSIC 82990Other business support service activities n.e.c.

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.

Latest accounts · year to 31 Dec 2025

Key figures

Revenue

£26.6m

Growth ▲13.7%

Profit

−£22.9m

Growth —

Profit margin

−86.1%

Gross 82.5%

Employees

246

Change ▲6050%

Profit / employee

−£93.1k

Revenue/employee £108k

Profitable streak

0yrs

Consecutive profitable years in our data

Badges are automated estimates derived from the filed figures — not statements of fact about the company.

3 filed years

Financial history

Multi-year financials, oldest to newest
Year to	31 Dec 2023	31 Dec 2024	31 Dec 2025
Disclosure	Full P&L	Full P&L	Full P&L
Profit & loss
Revenue (turnover)	£19m	£23.4m	£26.6m
Cost of sales	−£1.8m	−£4.9m	−£4.6m
Gross profit	£17.2m	£18.5m	£22m
Operating profit	−£6.4m	−£5m	−£6.3m
Profit before tax	−£18m	−£18.9m	−£21.3m
Profit after tax	−£19.2m	−£19.2m	−£22.9m
Profit (best available)	−£19.2m	−£19.2m	−£22.9m
Employees (average)	5	4	246
Ratios
Profit margin	−100.7%	−82.1%	−86.1%
Gross margin	90.6%	79.2%	82.5%
Revenue per employee	£3.8m	£5.9m	£108k
Profit per employee	−£3.8m	−£4.8m	−£93.1k
Growth (year on year)
Revenue growth	—	▲22.9%	▲13.7%
Headcount growth	—	▼20%	▲6050%
Balance sheet — indirect signals, not revenue
Net assets	—	—	—
Source	Accounts · bulk data Sep 2025	Accounts · bulk data Sep 2025	Accounts · bulk data Sep 2026

Derived from the latest filing

How the business works

Profit margin: −86.1%; Profit ÷ revenue.
Gross margin: 82.5%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £108k; Revenue ÷ average employees.
Profit per employee: −£93.1k; 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.

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: —; Now —
Cash at bank: —; Now —
Headcount: ▲6050%; Now 246
Deferred income: —; Now —
Fixed assets: —; Now —

Corporate ownership

Group structure

Ownership chain

Bowmark Capital LLPultimate parent75–100%
Bowmark Capital (Holdings) Limited75–100%
Bowmark Capital Partners GP Limited75–100%
Bowmark GP VI LLP75–100%
Bowmark Capital Partners VI, Nominees Limited75–100%
Steel Midco 1 Limitedthis company

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

Subsidiaries (1)

Steel Midco 2 LimitedFigures not disclosed

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

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Sources

Companies House profile Filing history & original accounts

Latest figures from accounts for the year to 31 Dec 2025 (profit −£22.9m), 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.