How much does Garm Topco Ltd make?

Garm Topco Ltd reported revenue of £51.1m and a loss of £802k in the year to 28 Jun 2025, according to its accounts filed at Companies House.

How many employees does Garm Topco Ltd have?

Garm Topco Ltd reported an average of 74 employees in the year to 28 Jun 2025.

Is Garm Topco Ltd profitable?

No — Garm Topco Ltd reported a loss of £802k in the year to 28 Jun 2025.

Company No. 14967986 · Incorporated 28 Jun 2023

Garm Topco Ltd

Registered name: GARM TOPCO LTD

Part of True Capital III LP group

Garm Topco Ltd made £51.1m revenue and a £802k loss in the year to 28 Jun 2025.

Garm Topco Ltd’s revenue grew 36% to £51.1m in the year to 28 Jun 2025, with a loss of £802k and 74 employees. The company is classified under “other business support service activities” and is based in Manchester; 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: Manchester, North West
Age: 3 yrs · since 2023
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 28 Jun 2025

Key figures

Revenue

£51.1m

Growth ▲35.9%

Profit

−£802k

Growth —

Profit margin

−1.6%

Gross 42.1%

Employees

Change ▲34.5%

Profit / employee

−£10.8k

Revenue/employee £690k

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	28 Jun 2024	29 Jun 2024	28 Jun 2025
Disclosure	Full P&L	Full P&L	Full P&L
Profit & loss
Revenue (turnover)	£37.6m	£37.6m	£51.1m
Cost of sales	−£22.2m	−£22.2m	−£29.6m
Gross profit	£15.3m	£15.3m	£21.5m
Operating profit	£2.8m	£2.8m	£5.2m
Profit before tax	−£455k	−£455k	−£46.7k
Profit after tax	−£1.1m	−£1.1m	−£802k
Profit (best available)	−£1.1m	−£1.1m	−£802k
Employees (average)	55	55	74
Ratios
Profit margin	−2.9%	−2.9%	−1.6%
Gross margin	40.8%	40.8%	42.1%
Revenue per employee	£683k	£683k	£690k
Profit per employee	−£20.1k	−£20.1k	−£10.8k
Growth (year on year)
Revenue growth	—	—	▲35.9%
Headcount growth	—	—	▲34.5%
Balance sheet — indirect signals, not revenue
Net assets	—	—	—
Source	Accounts · bulk data Dec 2025	Accounts · bulk data Nov 2024	Accounts · bulk data Dec 2025

Derived from the latest filing

How the business works

Profit margin: −1.6%; Profit ÷ revenue.
Gross margin: 42.1%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £690k; Revenue ÷ average employees.
Profit per employee: −£10.8k; 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: ▲35%; Now 74
Deferred income: —; Now —
Fixed assets: —; Now —

Corporate ownership

Group structure

Ownership chain

True Capital III LPultimate parent50–75%
Garm Topco Ltdthis company

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

Subsidiaries (1)

Garm Midco 1 LtdFigures not disclosed

Sister companies (3)

Bradley Ultra Topco LimitedRev. £21.6m · Profit −£9.9m
Highrise Topco LtdRev. £13.2m · Profit −£10.3m
Detroit Topco 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 28 Jun 2025 (profit −£802k), from the Companies House accounts bulk data published Dec 2025. 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.