BP INV3 TOPCO LTD
Get an alert when BP INV3 TOPCO LTD files next
Leroy will email you the moment a new filing lands at Companies House — one short note per filing, nothing else.
Cash
£2.2m
USD 2,908,000
-41.4% lowest in 3 filed years
Net assets
£3.6m
USD 4,869,000
-46.2% lowest in 3 filed years
Employees
592
-3.7% vs 2024
Profit before tax
-£4.8m
USD -6,409,000
-134.7% lowest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Material uncertainty over going concern
Notwithstanding the Group's net current liability position, and as described above, the ongoing conflict involving the United States, Israel and Iran gives rise to a material uncertainty related to going concern, due to the potential impact on the Group's operations and trading performance, particularly in the UAE, and the consequent risk to forecast EBITDA and covenant compliance.
-
Going-concern uncertainty disclosed
Net assets
3-year trend · vs Energy 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 | £42,419,987 | £51,285,419 | £50,032,653 | -2.4% | |
| Operating profit | £3,897,866 | £4,722,222 | £5,117,625 | +8.4% | |
| Profit before tax | -£1,485,723 | -£2,026,425 | -£4,756,215 | -134.7% | |
| Net profit | — | -£2,854,982 | -£4,909,833 | -72% | |
| Cash | £2,864,763 | £3,681,948 | £2,158,071 | -41.4% | |
| Total assets less current liabilities | £29,674,459 | £57,142,630 | £53,211,874 | -6.9% | |
| Net assets | £22,810,637 | £6,719,994 | £3,613,358 | -46.2% | |
| Equity | £22,810,637 | £6,719,994 | £3,613,358 | -46.2% | |
| Average employees | 551 | 615 | 592 | -3.7% | |
| Wages | £18,713,524 | £15,591,372 | £13,921,336 | -10.7% | |
| Directors' remuneration | £339,661 | £527,698 | £624,861 | +18.4% | |
| Directors' pension contributions | £25,102 | £27,061 | £11,132 | -58.9% | |
| Highest paid director | £251,804 | £400,350 | £454,174 | +13.4% |
Figures converted to GBP from USD at 0.742 per USD (Frankfurter spot rate) — hover any figure for the original. — 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 | 9.2% | 9.2% | 10.2% | |
| Net margin | — | -5.6% | -9.8% | |
| Return on capital employed | 13.1% | 8.3% | 9.6% | |
| Gearing (liabilities / total assets) | 72.2% | 91.2% | 95.1% | |
| Current ratio | 0.38x | 1.33x | 0.75x | |
| Interest cover | 0.81x | 0.66x | 0.68x |
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
- IFRS
- Reporting scope
- Consolidated group
- Auditor
- RSM UK Audit LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Material uncertainty disclosed
“Notwithstanding the Group's net current liability position, and as described above, the ongoing conflict involving the United States, Israel and Iran gives rise to a material uncertainty related to going concern, due to the potential impact on the Group's operations and trading performance, particularly in the UAE, and the consequent risk to forecast EBITDA and covenant compliance.”
Group structure
- BP INV3 TOPCO LTD · parent
- TWMA Group Ltd 100%
- Total Waste Management Alliance Ltd 100%
- TWMA Middle East Limited 100%
- Total Waste Management International Ltd 100%
- TWMA Egypt for Oil Services S.A.E. 100%
- TWMA Norge AS 100%
- Total Waste Management Alliance Incorporated 100%
- BP Inv3 Holdco Ltd 100%
- BP Inv3 Midco Ltd 100%
- BP Inv3 Bidco Ltd 100%
- BP Inv3 US Bidco LLC 100%
- TWMA Finance AS 100%
- Total Waste Management Nigeria Limited 100%
Significant events
- “The Group sold the Solids Control business to the local management team on 31 January 2025.”
- “Subsequent to the year-end, the Group completed a refinancing of its existing facilities through the issue of a new 3 year $72m Nordic Bond (NB), completed on 10 February 2026.”
- “The Group has successfully agreed and entered into a new Super Senior Revolving Credit Facility (SSRCF) for $12m, available for working capital purposes and guarantee facilities.”
- “On 6 February 2025, the Company purchased 1,512 of its "C" Ordinary shares back from the same related party at a cost of $1.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
7 active · 6 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| WALKER, Mark Johnstone | Secretary | 2019-07-31 | — | — |
| ASLAKSEN, Halle | Director | 2020-03-11 | Dec 1969 | Norwegian |
| CHAICHIAN, Mark Ramin | Director | 2017-04-03 | Sep 1977 | British |
| CONNOLLY, Joseph Adam | Director | 2017-04-03 | Jun 1978 | British |
| FONTANA, Peter Thomas | Director | 2020-03-11 | Dec 1946 | British |
| GEE, Nicholas Wilding | Director | 2017-05-03 | Mar 1963 | British |
| WILLINGS, Robert Alistair | Director | 2018-06-20 | Oct 1970 | British |
Show 6 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| PARK, Graeme | Secretary | 2017-05-03 | 2019-07-31 |
| BRANCH, Antony John | Director | 2017-06-13 | 2019-07-31 |
| GARRICK, David Steven | Director | 2018-04-30 | 2020-10-01 |
| GARRICK, David Steven | Director | 2017-05-03 | 2018-04-30 |
| GARRICK, Ronald Laurance | Director | 2017-05-03 | 2020-05-19 |
| POTTER, Neil Francis | Director | 2017-05-03 | 2020-03-31 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Buckthorn Partners Llp | Corporate entity | Significant influence | 2017-04-03 | Active |
Filing timeline
Last 20 of 112 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-08-26 | AA | accounts | Accounts with accounts type group | |
| 2026-06-18 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-09-10 | AA | accounts | Accounts with accounts type group | |
| 2025-08-20 | CH01 | officers | Change person director company with change date | |
| 2025-08-20 | CH01 | officers | Change person director company with change date | |
| 2025-07-17 | CH01 | officers | Change person director company with change date | |
| 2025-06-16 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-02-17 | SH03 | capital | Capital return purchase own shares treasury capital date | |
| 2024-10-02 | AA | accounts | Accounts with accounts type group | |
| 2024-06-18 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-04-26 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-09-26 | AA | accounts | Accounts with accounts type group | |
| 2023-07-12 | AD01 | address | Change registered office address company with date old address new address | |
| 2023-07-06 | SH04 | capital | Capital sale or transfer treasury shares with date currency capital figure | |
| 2023-04-24 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2023-03-15 | SH01 | capital | Capital allotment shares | |
| 2023-03-07 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 2022-10-05 | CH03 | officers | Change person secretary company with change date | |
| 2022-10-05 | CH01 | officers | Change person director company with change date | |
| 2022-10-05 | CH01 | officers | Change person director company with change date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 2
- Capital events
- 1
- Officers appointed
- 0
- Officers resigned
- 0
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.