PROJECT STEEL TOPCO LIMITED
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Next accounts due
2027-03-31 (in 10mo)
Last filed for 2024-12-31
Confirmation statement due
2026-12-26 (in 7mo)
Last made up 2025-12-12
Watchouts
None on the register
Cash
£4M
+20% vs 2023
Net assets
-£16M
-16.7% lowest in 5 filed years
Employees
138
+1.5% highest in 5 filed years
Profit before tax
-£2M
+49.2% vs 2023
Net assets
9-year trend · vs Consumer Discretionary median
Accounts
9-year trend · latest reflected 2024-12-31
| Metric | Trend | 2020-01-01 | 2020-12-31 | 2021-01-01 | 2021-12-31 | 2022-01-01 | 2022-12-31 | 2023-01-01 | 2023-12-31 | 2024-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Turnover | — | — | — | — | — | — | — | £19,683,184 | £22,707,719 | |
| Operating profit | — | — | — | — | — | — | — | -£1,912,076 | -£123,395 | |
| Profit before tax | — | — | — | — | — | — | — | -£4,090,290 | -£2,079,270 | |
| Net profit | — | — | — | — | — | — | — | -£3,997,720 | -£2,239,552 | |
| Cash | — | — | — | — | — | — | — | £3,300,902 | £3,959,451 | |
| Total assets less current liabilities | — | £9,662 | — | £9,818 | — | £9,947 | — | £13,391,290 | £12,866,940 | |
| Net assets | — | £9,662 | — | £9,818 | — | £9,947 | — | -£13,418,922 | -£15,658,474 | |
| Equity | £9,500 | £9,662 | £9,662 | £9,818 | £9,818 | £9,947 | £9,947 | -£13,418,922 | -£15,658,474 | |
| Average employees | — | 4 | — | 4 | — | 4 | — | 136 | 138 | |
| Wages | — | — | — | — | — | — | — | £6,715,186 | £7,725,544 | |
| Directors' remuneration | — | — | — | — | — | — | — | £715,492 | £806,703 |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers
Year-on-year
FY2023 → FY2024 · period ending 2024-12-31 vs 2023-12-31
-
Turnover
+15.4%
£19,683,184 £22,707,719
-
Cash
+20%
£3,300,902 £3,959,451
-
Net assets
-16.7%
-£13,418,922 -£15,658,474
lowest in 5 filed years
-
Employees
+1.5%
136 138
highest in 5 filed years
-
Operating profit
+93.5%
-£1,912,076 -£123,395
-
Profit before tax
+49.2%
-£4,090,290 -£2,079,270
-
Wages
+15%
£6,715,186 £7,725,544
Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2020-01-01 | 2020-12-31 | 2021-01-01 | 2021-12-31 | 2022-01-01 | 2022-12-31 | 2023-01-01 | 2023-12-31 | 2024-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | — | — | — | — | — | — | — | -9.7% | -0.5% | |
| Net margin | — | — | — | — | — | — | — | -20.3% | -9.9% | |
| Return on capital employed | — | — | — | — | — | — | — | -14.3% | -1.0% | |
| Gearing (liabilities / total assets) | — | — | — | — | — | — | — | 177.4% | 190.0% | |
| Current ratio | — | — | — | — | — | — | — | 3.13x | 3.02x | |
| Interest cover | — | — | — | — | — | — | — | -0.87x | -0.06x |
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
- Consolidated group
- Auditor
- Forvis Mazars LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“These forecasts show that the Group can continue to operate and after making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern in preparing its' financial statements. As outlined within the Strategic Report the Group continues to have positive adjusted EBITDA and has generated cash from operations leading to significant cash balances being held at year end.”
Group structure
- PROJECT STEEL TOPCO LIMITED · parent
- Project Steel Midco 1 Limited 100%
- Project Steel Midco 2 Limited 100%
- Project Steel Bidco Limited 88%
- Utility Bidder Holdings Limited 88%
- Utility Bidder Limited 88%
Significant events
- “The ongoing geopolitical uncertainties created by the war in Ukraine and the subsequent energy supply crisis, have impacted the markets in which the Group and our suppliers, competitors and customers operate. In addition, the economic situation in the UK, including high cost and wage inflation, have put financial pressures on the SME sector and its ability to absorb additional costs.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
6 active · 3 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| BAKER, Nigel Alan | Director | 2020-10-13 | Sep 1968 | British |
| DRAKEFORD, Simon Scott | Director | 2025-11-24 | Oct 1972 | British |
| JONES, Lisa Leanne | Director | 2026-03-20 | May 1973 | British |
| NAYLOR, Alexander Nelson Russell | Director | 2025-03-31 | May 1975 | British |
| ROBSON, William Henry Mark | Director | 2019-07-24 | Jan 1963 | British |
| WOOD, Gregory Mark | Director | 2018-12-22 | Jul 1953 | British |
Show 3 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| KING, Robert Douglas | Director | 2018-12-13 | 2018-12-22 |
| MORGAN, Jeremy Alexander | Director | 2018-12-13 | 2018-12-22 |
| SHAW, Christopher Neville | Director | 2018-12-22 | 2025-07-27 |
Ownership
Persons with significant control
Filing timeline
Last 20 of 38 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-05-06 | AA01 | accounts | Change account reference date company current extended | |
| 2026-05-06 | AD01 | address | Change registered office address company with date old address new address | |
| 2026-03-22 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-11 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-01-06 | AP01 | officers | Appoint person director company with name date | |
| 2025-12-24 | CH01 | officers | Change person director company with change date | |
| 2025-09-23 | AA | accounts | Accounts with accounts type group | |
| 2025-08-12 | TM01 | officers | Termination director company with name termination date | |
| 2025-04-29 | AP01 | officers | Appoint person director company with name date | |
| 2024-12-19 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-09-26 | AA | accounts | Accounts with accounts type group | |
| 2023-12-19 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-09-28 | AA | accounts | Accounts with accounts type group | |
| 2022-12-20 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2022-09-23 | AA | accounts | Accounts with accounts type group | |
| 2022-08-19 | SH08 | capital | Capital name of class of shares | |
| 2022-08-17 | SH01 | capital | Capital allotment shares | |
| 2021-12-21 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2021-12-14 | AA | accounts | Accounts with accounts type group | |
| 2021-07-09 | SH01 | capital | Capital allotment shares |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 8
- Capital events
- 0
- Officers appointed
- 2
- 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.