PROJECT MERCURY TOPCO LIMITED
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Cash
£6.6m
-55.9% lowest in 3 filed years
Net assets
£14m
-33.8% lowest in 3 filed years
Employees
367
+3.7% vs 2024
Profit before tax
£9.1m
+14.8% highest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
7 officer resignations in last 12 months
Multiple officers have left the board recently — see the People section for who.
-
1 PSC ceased in last 24 months
Significant control changed hands — see the Ownership section.
Net assets
3-year trend · vs Industrials 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 | £74,892,000 | £73,512,000 | £71,989,000 | -2.1% | |
| Operating profit | £4,897,000 | £7,724,000 | £8,961,000 | +16% | |
| Profit before tax | £2,196,000 | £7,935,000 | £9,107,000 | +14.8% | |
| Net profit | £2,424,000 | — | £6,417,000 | — | |
| Cash | £10,727,000 | £15,010,000 | £6,612,000 | -55.9% | |
| Total assets less current liabilities | £19,540,000 | £22,308,000 | £14,769,000 | -33.8% | |
| Net assets | £18,807,000 | £21,727,000 | £14,376,000 | -33.8% | |
| Equity | £18,807,000 | £21,727,000 | £14,376,000 | -33.8% | |
| Average employees | 388 | 354 | 367 | +3.7% | |
| Wages | £22,366,000 | £22,105,000 | £24,333,000 | +10.1% | |
| Directors' remuneration | £1,958,000 | £1,437,000 | £2,268,000 | +57.8% | |
| Directors' pension contributions | £0 | £0 | — | — | |
| Highest paid director | £453,000 | £441,000 | £710,000 | +61% |
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 | 6.5% | 10.5% | 12.4% | |
| Net margin | 3.2% | — | 8.9% | |
| Return on capital employed | 25.1% | 34.6% | 60.7% | |
| Gearing (liabilities / total assets) | 48.5% | 41.2% | 46.3% | |
| Current ratio | 1.46x | 1.84x | 1.53x |
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
- Ernst & Young LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The financial statements have been prepared on a going concern basis. The Directors have assessed the Group's ability to continue as a going concern, considering forecasts and projections covering the period to 31 May 2027, being at least 12 months from the date of approval of these financial statements.”
Group structure
- PROJECT MERCURY TOPCO LIMITED · parent
- Project Mercury Bidco Limited 100%
- Correla Limited 100%
- Cloud KB Limited 100%
- Meter Asset Tracking Services Limited 100%
- Climanet Ltd 100%
Significant events
- “The Group underwent a change in ownership, whereby Project Mercury Topco Limited was acquired by Project Corvalis Bidco Limited. Project Corvalis Topco Limited became the ultimate parent company.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
3 active · 11 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| CHANDRAPPA GOWDA BIPIN, Chandra, Dr | Director | 2026-09-03 | Apr 1980 | Indian |
| DWARKANATH, Vijay | Director | 2026-09-03 | Mar 1970 | British |
| SHARMA, Ankit | Director | 2026-09-03 | Aug 1982 | British |
Show 11 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| CRAVEN, Michael Eliot | Director | 2022-06-20 | 2024-11-13 |
| JENNINGS, Steven Martin | Director | 2022-12-08 | 2026-09-03 |
| JESSUP, Alexander Robert | Director | 2022-10-17 | 2026-09-03 |
| JONES, Sian Julia | Director | 2021-03-31 | 2026-09-03 |
| KELLY, Ian Francis | Director | 2021-03-31 | 2023-03-31 |
| NAYLOR, Mark Mckenzie | Director | 2021-11-08 | 2022-10-16 |
| PICKERING, Jon | Director | 2021-03-26 | 2026-09-03 |
| SIMPSON, Sandra Louise | Director | 2023-11-06 | 2026-09-03 |
| SKINNER, Andrew | Director | 2021-03-26 | 2022-06-20 |
| SZABO, Andrew Frank | Director | 2023-11-06 | 2026-09-03 |
| TROMANS, Sarah Barbara | Director | 2023-11-06 | 2026-09-03 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Project Corvalis Bidco Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2025-11-25 | Active |
| Northedge Capital Iii Gp Llp | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2021-03-26 | Ceased 2025-11-25 |
Filing timeline
Last 20 of 99 total filings
Material constitutional events — rename, articles re-file, resolution
- 2025-12-18 MA Memorandum articles
- 2025-12-18 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-09-25 | AP01 | officers | Appoint person director company with name date | |
| 2026-09-25 | AP01 | officers | Appoint person director company with name date | |
| 2026-09-25 | AP01 | officers | Appoint person director company with name date | |
| 2026-09-25 | TM01 | officers | Termination director company with name termination date | |
| 2026-09-25 | TM01 | officers | Termination director company with name termination date | |
| 2026-09-25 | TM01 | officers | Termination director company with name termination date | |
| 2026-09-25 | TM01 | officers | Termination director company with name termination date | |
| 2026-09-25 | TM01 | officers | Termination director company with name termination date | |
| 2026-09-25 | TM01 | officers | Termination director company with name termination date | |
| 2026-09-25 | TM01 | officers | Termination director company with name termination date | |
| 2026-09-24 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 2026-09-24 | AD01 | address | Change registered office address company with date old address new address | |
| 2026-09-15 | AA | accounts | Accounts with accounts type group | |
| 2026-03-27 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2026-02-26 | SH08 | capital | Capital name of class of shares | |
| 2026-02-26 | SH10 | capital | Capital variation of rights attached to shares | |
| 2026-02-19 | PSC02 | persons-with-significant-control | Notification of a person with significant control | |
| 2026-02-19 | PSC07 | persons-with-significant-control | Cessation of a person with significant control | |
| 2025-12-18 | MA | incorporation | Memorandum articles | |
| 2025-12-18 | RESOLUTIONS | resolution | Resolution |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 20
- Capital events
- 2
- Officers appointed
- 3
- Officers resigned
- 7
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.