PROJECT POSEIDON TOPCO LIMITED
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Cash
—
Latest balance sheet
Net assets
£37m
0% vs 2024
Employees
—
Average over period
Profit before tax
-£10k
+99.7% vs 2024
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Material uncertainty over going concern
Given that the Company funding is managed on group basis, the Company has received a parental letter of support from the ultimate parent, Star Neptune Topco Limited, to provide additional funding if required to enable the company to meet its liabilities as they fall due to 30 June 2027.
-
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 | £34,082,057 | £47,479,191 | — | — | |
| Operating profit | £10,349,321 | -£453 | -£9,669 | -2,034.4% | |
| Profit before tax | £4,936,823 | -£3,811,802 | -£10,335 | +99.7% | |
| Net profit | £1,966,963 | -£3,811,802 | -£7,136 | +99.8% | |
| Cash | £867,646 | £2,301,470 | — | — | |
| Total assets less current liabilities | £45,278,324 | £37,052,949 | £37,045,812 | 0% | |
| Net assets | -£268,980 | £37,052,949 | £37,045,813 | 0% | |
| Equity | -£268,980 | £37,052,949 | £37,045,813 | 0% | |
| Average employees | 96 | 108 | — | — | |
| Wages | £5,839,374 | £6,911,499 | — | — | |
| Directors' remuneration | £695,075 | £804,850 | — | — | |
| Directors' pension contributions | £26,004 | £28,930 | — | — | |
| Highest paid director | £289,800 | £340,500 | — | — |
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 | 30.4% | -0.0% | — | |
| Net margin | 5.8% | -8.0% | — | |
| Return on capital employed | 22.9% | -0.0% | -0.0% | |
| Gearing (liabilities / total assets) | 100.4% | 0.0% | 0.1% | |
| Current ratio | 0.79x | — | — | |
| Interest cover | 1.91x | -0.00x | -14.52x |
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
- Ernst & Young LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Material uncertainty disclosed
“Given that the Company funding is managed on group basis, the Company has received a parental letter of support from the ultimate parent, Star Neptune Topco Limited, to provide additional funding if required to enable the company to meet its liabilities as they fall due to 30 June 2027.”
Group structure
- PROJECT POSEIDON TOPCO LIMITED · parent
- Project Poseidon Midco Limited 100%
- Project Poseidon Bidco Limited 100%
- Subsea Technology & Rentals Limited 100%
- Subsea Technology & Rentals Australia Pty Ltd 100%
- STR Asia Pacific PTE Ltd 100%
- Subsea Technology & Rentals Inc 100%
- Subsea Technology & Rentals Norway AS 100%
Significant events
- “The Company has granted security in favour of Santander UK plc as security trustee, comprising fixed and floating charges over all assets and undertaking, together with a negative pledge. The charge was created on 4 February 2025 and registered with Companies House on 5 February 2025, securing the group's financing arrangements.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
2 active · 4 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| BANNERMAN, Stuart Charles | Director | 2024-12-06 | Dec 1962 | British |
| STEELE, Stephen Samuel James | Director | 2022-01-14 | Sep 1973 | British |
Show 4 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| BENFIELD, James Oliver | Director | 2021-10-22 | 2024-12-06 |
| DYER, Andy | Director | 2022-01-14 | 2024-03-15 |
| JOHNSTONE, Scott Ewan Lincon | Director | 2022-01-14 | 2023-12-31 |
| MATTHEWS, Charles Lewis | Director | 2022-01-14 | 2024-12-06 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Star Neptune Bidco Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2024-12-06 | Active |
Filing timeline
Last 20 of 32 total filings
Material constitutional events — rename, articles re-file, resolution
- 2025-01-22 MA Memorandum articles
- 2025-01-22 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-08-21 | AA | accounts | Accounts with accounts type full | |
| 2025-11-04 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-07-09 | AA | accounts | Accounts with accounts type group | |
| 2025-02-05 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-01-22 | MA | incorporation | Memorandum articles | |
| 2025-01-22 | RESOLUTIONS | resolution | Resolution | |
| 2025-01-21 | PSC02 | persons-with-significant-control | Notification of a person with significant control | |
| 2025-01-21 | PSC09 | persons-with-significant-control | Withdrawal of a person with significant control statement | |
| 2025-01-09 | TM01 | officers | Termination director company with name termination date | |
| 2025-01-09 | TM01 | officers | Termination director company with name termination date | |
| 2025-01-09 | AP01 | officers | Appoint person director company with name date | |
| 2024-11-11 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-09-30 | AA | accounts | Accounts with accounts type group | |
| 2024-03-25 | TM01 | officers | Termination director company with name termination date | |
| 2024-01-03 | TM01 | officers | Termination director company with name termination date | |
| 2023-11-21 | SH01 | capital | Capital allotment shares | |
| 2023-10-31 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-10-11 | AA | accounts | Accounts with accounts type group | |
| 2022-11-30 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2022-11-07 | AA | accounts | Accounts with accounts type dormant |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 2
- Capital events
- 0
- 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.