TOPGOLF LIMITED
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Cash
£6.4m
-41.2% vs 2024
Net assets
£127m
-0.1% vs 2024
Employees
710
-1.5% lowest in 3 filed years
Profit before tax
-£5.8m
+32.7% highest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Material uncertainty over going concern
After making due enquiries and considering the forecasts of the company and the support available from the parent company described above, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the going concern assessment period of 12 months from approval of the financial statements. These considerations include the financial strength of Topgolf International, LLC. and their ability to provide the support indicated. Accordingly, the financial statements have been prepared on the going concern basis.
-
Going-concern uncertainty disclosed
Net assets
3-year trend · vs Consumer Discretionary median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £51,323,824 | £50,539,030 | £51,573,974 | +2% | |
| Operating profit | -£7,598,939 | -£8,450,391 | -£5,631,203 | +33.4% | |
| Profit before tax | -£6,988,897 | -£8,542,510 | -£5,751,847 | +32.7% | |
| Net profit | -£7,822,324 | -£8,997,142 | -£4,993,197 | +44.5% | |
| Cash | £3,758,942 | £10,893,185 | £6,404,088 | -41.2% | |
| Total assets less current liabilities | £122,524,553 | £133,480,806 | £132,861,472 | -0.5% | |
| Net assets | £121,187,771 | £126,876,535 | £126,709,650 | -0.1% | |
| Equity | £121,187,771 | £126,876,535 | £126,709,650 | -0.1% | |
| Average employees | 828 | 721 | 710 | -1.5% | |
| Wages | £16,866,406 | £14,361,291 | £13,774,819 | -4.1% | |
| Directors' remuneration | £200,000 | £960,000 | £400,000 | -58.3% | |
| Highest paid director | £200,000 | £850,000 | £210,000 | -75.3% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | -14.8% | -16.7% | -10.9% | |
| Net margin | -15.2% | -17.8% | -9.7% | |
| Return on capital employed | -6.2% | -6.3% | -4.2% | |
| Gearing (liabilities / total assets) | 18.1% | 20.0% | 13.1% | |
| Current ratio | 1.15x | 1.30x | 1.63x | |
| Interest cover | -50.03x | -73.42x | -45.05x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Standalone (parent only)
- Auditor
- RSM UK Audit LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Material uncertainty disclosed
“After making due enquiries and considering the forecasts of the company and the support available from the parent company described above, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the going concern assessment period of 12 months from approval of the financial statements. These considerations include the financial strength of Topgolf International, LLC. and their ability to provide the support indicated. Accordingly, the financial statements have been prepared on the going concern basis.”
Group structure
- TOPGOLF LIMITED · parent
- World Golf Systems Group Limited 100%
- Topgolf Sweden AB 100%
- Topgolf Australia Pty Limited 100%
- Topshot Systems Limited 100%
- Topgolf Mexico Holdings Limited 100%
- Topgolf Japan G.K. 100%
- WGDR Investments and Trading Limited 100%
Significant events
- “On 1st January 2026 Callaway completed the sale of a 60% controlling stake in Topgolf and Toptracer to private equity firm Leonard Green & Partners. The deal valued Topgolf at roughly $1.1 billion. Following the transaction, the parent company reverted to the Callaway Golf Company name and retained a 40% minority stake in Topgolf.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
4 active · 30 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| THOMPSON, Robert Matthew | Secretary | 2025-05-01 | — | — |
| AREVALO ACOSTA, Susana Corina, Vice President, Finance - Topg | Director | 2023-05-30 | Dec 1985 | Salvadorean |
| PINDORIA, Sheena | Director | 2024-08-13 | Dec 1974 | British |
| RINGSELL, James Ramon | Director | 2024-09-01 | Apr 1980 | British |
Show 30 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| ALLPORT, Peter Francis | Secretary | 2006-12-19 | 2008-11-20 |
| CHIANG, Alexander Jong-Luan | Secretary | 2004-09-20 | 2006-12-19 |
| EMMERSON, Geoffrey | Secretary | 1999-03-03 | 2001-09-03 |
| JENNINGS, Paul | Secretary | 2002-10-04 | 2004-08-01 |
| JONES, Gail Marion | Secretary | 2019-05-30 | 2025-12-15 |
| MILDWATERS, Kieren Charles | Secretary | 2007-04-16 | 2019-05-29 |
| PINSENT MASONS SECRETARIAL LIMITED | Corporate Secretary | 2001-09-03 | 2002-10-04 |
| TOTAL COMPANY SECRETARIES LIMITED | Corporate Nominee Secretary | 1999-03-02 | 1999-03-03 |
| ALLEN, Neil John | Director | 2007-01-04 | 2013-09-10 |
| ALLPORT, Peter Francis | Director | 2006-12-19 | 2008-11-20 |
| ALLPORT, Peter Francis | Director | 2000-11-01 | 2002-10-04 |
| BURNS, Eldridge Allen | Director | 2017-10-10 | 2020-08-07 |
| CHIANG, Alexander Jong-Luan | Director | 2004-09-20 | 2006-12-19 |
| DAVENPORT, William Barry | Director | 2013-09-10 | 2023-05-31 |
| DEVLIN, Roger William | Director | 2003-07-24 | 2006-12-19 |
| EMMERSON, Geoffrey | Director | 1999-03-03 | 2002-10-04 |
| GOODER, Dominic Richard | Director | 2014-02-25 | 2015-01-05 |
| GROGAN, Richard Henry | Director | 2006-12-19 | 2013-09-10 |
| JENNINGS, Paul | Director | 2002-10-04 | 2004-08-01 |
| JOLLIFFE, David Victor | Director | 1999-03-03 | 2002-10-04 |
| JOLLIFFE, Steven Paul | Director | 1999-08-03 | 2002-10-04 |
| LEVERTON, Thomas Joseph | Director | 2013-09-10 | 2014-07-14 |
| LEWIS, Stephen Geoffrey | Director | 2002-10-04 | 2006-12-19 |
| MAY, Kenneth Austin | Director | 2013-09-10 | 2017-10-10 |
| SHARPE, Benjamin John | Director | 2023-05-30 | 2024-08-31 |
| STARR, Randall Postley | Director | 2011-02-15 | 2013-09-10 |
| TAYLOR, Dominic Paul | Director | 2015-03-10 | 2019-01-23 |
| VRANKIN, Joseph Michael | Director | 2011-02-15 | 2012-01-16 |
| WILKINSON, Eric Richard | Director | 2006-12-19 | 2008-11-20 |
| TOTAL COMPANY FORMATIONS LIMITED | Corporate Director | 1999-03-02 | 1999-03-03 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Topgolf Group Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2016-04-06 | Active |
Filing timeline
Last 20 of 169 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-08-17 | AA | accounts | Accounts with accounts type full | |
| 2026-05-07 | AD02 | address | Change sail address company with old address new address | |
| 2026-05-07 | AD03 | address | Move registers to sail company with new address | |
| 2026-05-07 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-03-09 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2025-12-16 | TM02 | officers | Termination secretary company with name termination date | |
| 2025-08-11 | AA | accounts | Accounts with accounts type full | |
| 2025-05-09 | AP03 | officers | Appoint person secretary company with name date | |
| 2025-04-25 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-09-10 | AA | accounts | Accounts with accounts type full | |
| 2024-09-05 | AP01 | officers | Appoint person director company with name date | |
| 2024-09-05 | TM01 | officers | Termination director company with name termination date | |
| 2024-09-05 | AP01 | officers | Appoint person director company with name date | |
| 2024-04-05 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-10-10 | AA | accounts | Accounts with accounts type full | |
| 2023-07-21 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2023-06-12 | AP01 | officers | Appoint person director company with name date | |
| 2023-06-12 | AP01 | officers | Appoint person director company with name date | |
| 2023-06-09 | TM01 | officers | Termination director company with name termination date | |
| 2023-03-26 | CS01 | confirmation-statement | Confirmation statement with no updates |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 6
- Capital events
- 0
- Officers appointed
- 0
- Officers resigned
- 1
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.