A £21.5bn dividend, an adverse audit, and TK Maxx margins

The takeaways

SDH Holdco filed on a break-up basis with an adverse audit opinion ahead of a planned dissolution
BP Exploration paid a £21.5bn dividend, bridging a £5.3bn operating loss via exceptional items
TJX UK pushed turnover past £4.1bn, but operating profit slipped 7% as staff costs climbed to £709.7m

Hiring signals · who grew, who shrank

Hiring

Lapland Live Limited 336 → 688 staff ▲ +105% staff cost +83%
The Palfreymans Limited 142 → 225 staff ▲ +58% staff cost +64%

Cutting

Roche Diabetes Care Limited 70 → 34 staff ▼ −51% staff cost −21% accounts on a break-up basis
Dancing Ledge Productions Limited 73 → 37 staff ▼ −49% staff cost −28%

Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.

Filing of note

Sdh Holdco Limited

07930769 · Parent-only

Operating from SecureData House, the company serves as a UK holding entity for the cybersecurity firm SecureData, which is now part of Orange Cyberdefense, the specialist security arm of the French telecommunications group Orange.

Auditor issued an adverse opinion.

Line	FY24	FY23	YoY
Profit & loss
Admin expenses	£68,374	£109k	▼ −37%
Operating profit	−£68,374	−£109k	▲ +37%
Finance costs	£2.3m	£1.7m	▲ +31%
Profit before tax	−£2.3m	−£1.8m	▼ −26%
Net profit	−£1.7m	−£1.4m	▼ −24%
Cash & balance sheet
Cash	£173	£173	▲ −0%
Net assets	−£15.5m	−£13.8m	▼ −13%
People & pay
Director pay	£0	£0

A notable filing from the set carries an adverse audit opinion and is prepared on a break-up basis. The holding company, part of Orange Cyberdefense, generates no turnover and sits on £15.5m of net liabilities. The directors state they are departing from the going-concern assumption as the wider group restructures to transfer investments and dissolve this entity entirely.

Tjx Uk [1]

03094828 · Parent-only

Formerly registered as TK Maxx, TJX UK serves as the principal British operating entity for the off-price retail banner TK Maxx, functioning as a subsidiary of the NYSE-listed American retail group The TJX Companies, Inc. (tkmaxx.com).

Wage squeeze

Line	FY25	FY24	YoY
Profit & loss
Turnover	£4.2bn	£4.0bn	▲ +3%
Gross profit	£766m	£758.5m	▲ +1%
Admin expenses	£668m	£649.3m	▲ +3%
Operating profit	£103m	£110.8m	▼ −7%
Finance costs	£5.5m	£10.2m	▼ −46%
Profit before tax	£117.6m	£120.7m	▼ −3%
Net profit	£97.7m	£102.9m	▼ −5%
Cash & balance sheet
Cash	£239.7m	£165.6m	▲ +45%
Net assets	£808m	£757.6m	▲ +7%
People & pay
Avg. headcount	25,463	25,935	▼ −2%
Staff cost	£709.7m	£670.6m	▲ +6%

The British arm of TK Maxx recorded increased sales volume this year, pushing turnover up 3.3% to £4.15bn. However, the top-line growth did not translate to the bottom line, with operating profit slipping 7% to £103m. The margin contraction coincided with rising payroll expenses; despite average headcount ticking down slightly, total staff costs rose 5.8% to £709.7m.

Bp Exploration Operating Company Limited [2]

00305943 · Parent-only

Operating as a private subsidiary of the globally listed energy group BP p.l.c., the company functions as a holding and operating entity focused on crude petroleum extraction and pipeline infrastructure.

Massive dividend

Line	FY24	FY23	YoY
Profit & loss
Turnover	£1.6bn	£1.7bn	▼ −10%
Gross profit	£186.3m	£722m	▼ −74%
Admin expenses	£182.4m	£156.6m	▲ +16%
Operating profit	−£5.3bn	−£1.9bn	▼ −185%
Finance costs	£799.4m	£1.0bn	▼ −21%
Profit before tax	£2.3bn	£8.3bn	▼ −72%
Net profit	£2.6bn	£7.5bn	▼ −66%
Cash & balance sheet
Cash	£1.3m	£2.4m	▼ −46%
Net assets	£31.6bn	£50.5bn	▼ −38%
Dividends paid	−£21.5bn	−£3.2bn	▼ −581%
People & pay
Avg. headcount	2,924	2,782	▲ +5%
Staff cost	£645.5m	£628.5m	▲ +3%
Director pay	—	£532.1m
Highest-paid director	£690.9m	£302.6m	▲ +128%

A complex set of numbers from BP's crude extraction holding entity. Core trading deepened into a £5.33bn operating loss, but £5.71bn in exceptional items and £1.43bn of finance income bridged the gap to a £2.34bn pre-tax profit. That structural shift preceded a £21.5bn dividend payout to the parent group. In the midst of this restructuring and capital reduction, remuneration for the highest-paid director reached £690.9m.

Tng Topco Limited [3]

12886674 · Group

This Manchester-based holding company serves as the ultimate parent entity for a corporate group controlled by John Simmonds.

Director loans

Line	FY24	FY23	YoY
Profit & loss
Turnover	£676.6m	£625.8m	▲ +8%
Gross profit	£13.9m	£11.6m	▲ +20%
Admin expenses	£11.7m	£8.5m	▲ +38%
Operating profit	£2.7m	£3.1m	▼ −13%
Finance costs	£190k	—
Profit before tax	£2.6m	£3.2m	▼ −18%
Net profit	£1.6m	£2.2m	▼ −29%
Cash & balance sheet
Cash	£9.8m	£19.9m	▼ −51%
Net assets	£9.7m	£10m	▼ −3%
Dividends paid	−£1.9m	−£2.4m	▲ +22%
People & pay
Avg. headcount	128	116	▲ +10%
Staff cost	£6.5m	£5.7m	▲ +14%
Director pay	£2,275	£9,100	▼ −75%

This Manchester-based holding group grew turnover 8.1% to £676.6m, though it operates on thin margins that left £2.7m in operating profit. The balance sheet details significant related-party transactions with the ultimate controlling party, director John Simmonds. Alongside a £1.85m dividend payout, the accounts show an outstanding interest-free loan to Simmonds repayable on demand, which more than doubled in the year to £5.54m.

Tjx Europe Buying Limited [4]

07503662 · Parent-only

Operating as a central purchasing entity for the European retail operations of TK Maxx, the company is a subsidiary of the US-listed off-price apparel and home fashions retailer The TJX Companies, Inc. (tjx.com).

Passthrough vehicle

Line	FY25	FY24	YoY
Profit & loss
Turnover	£396.4m	£353.1m	▲ +12%
Gross profit	£50,000	£50,000	▲ −0%
Operating profit	£50,000	£50,000	▲ −0%
Profit before tax	£50,000	£50,000	▲ −0%
Net profit	£50,000	£50,000	▲ −0%
Cash & balance sheet
Net assets	£608k	£558k	▲ +9%
People & pay
Avg. headcount	0	0
Director pay	£0	£0

The second TK Maxx entity of the day is a standard passthrough vehicle. It routed £396.3m of turnover through its books to procure stock for the European retail operations without employing a single member of staff. As is typical for a central purchasing entity, it recorded a perfectly flat £50k in operating profit.

Nokia Uk Limited [5]

02650571 · Parent-only

Operating as the British telecommunications arm of the publicly listed Finnish multinational Nokia Oyj, the company provides telecommunications infrastructure and services, having previously traded as Alcatel-Lucent Telecom Limited prior to its 2017 renaming.

Managed decline

Line	FY24	FY23	YoY
Profit & loss
Turnover	£384.3m	£449m	▼ −14%
Gross profit	£14.7m	£17.1m	▼ −14%
Admin expenses	£62,000	£59,000	▲ +5%
Operating profit	£14.7m	£17.1m	▼ −14%
Finance costs	£90,000	£129k	▼ −30%
Profit before tax	£18.5m	£18.5m	▼ −0%
Net profit	£12.3m	£10.9m	▲ +13%
Cash & balance sheet
Cash	£652k	£1.4m	▼ −55%
Net assets	£331.2m	£300.8m	▲ +10%
People & pay
Avg. headcount	879	940	▼ −6%
Staff cost	£125.3m	£123.7m	▲ +1%
Director pay	£554k	£618k	▼ −10%
Highest-paid director	£232k	£341k	▼ −32%

The British arm of the Finnish telecoms giant saw a top-line contraction, with turnover shrinking 14.4% to £384.2m. Operating profit remained relatively insulated at £14.6m, during a period where average headcount was reduced by 6.5% down to 879 staff. The directors note the business continues to rely on a letter of support from the ultimate parent to affirm its going-concern status.

A reminder that an operating profit is not strictly required to pay a £21 billion dividend, provided you have support from exceptional items.

Sources

Tjx Uk (03094828)
Bp Exploration Operating Company Limited (00305943)
Tng Topco Limited (12886674)
Tjx Europe Buying Limited (07503662)
Nokia Uk Limited (02650571)