INDEPENDENCE TOPCO LIMITED
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Next accounts due
2026-12-31 (in 7mo)
Last filed for 2025-03-31
Confirmation statement due
2026-07-21 (in 2mo)
Last made up 2025-07-07
Watchouts
None on the register
Cash
£5M
+217.5% highest in 3 filed years
Net assets
-£11M
-104.2% lowest in 3 filed years
Employees
87
+33.8% highest in 3 filed years
Profit before tax
-£6M
+3.8% vs 2024
Net assets
4-year trend · vs Industrials median
Accounts
4-year trend · latest reflected 2025-03-31
| Metric | Trend | 2023-03-31 | 2023-04-01 | 2024-03-31 | 2025-03-31 |
|---|---|---|---|---|---|
| Turnover | — | — | £8,562,674 | £11,264,020 | |
| Operating profit | — | — | -£1,916,341 | -£1,053,370 | |
| Profit before tax | — | — | -£6,033,201 | -£5,805,809 | |
| Net profit | — | — | -£6,033,201 | -£5,829,448 | |
| Cash | £0 | — | £1,422,267 | £4,515,314 | |
| Total assets less current liabilities | £20,529,000 | — | £31,263,039 | £36,594,659 | |
| Net assets | £20,529,000 | — | -£5,589,037 | -£11,415,090 | |
| Equity | £20,529,000 | £921,239 | -£5,589,037 | -£11,415,090 | |
| Average employees | 0 | — | 65 | 87 | |
| Wages | — | — | £3,731,984 | £4,728,137 | |
| Directors' remuneration | — | — | — | — |
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
FY2024 → FY2025 · period ending 2025-03-31 vs 2024-03-31
-
Turnover
+31.5%
£8,562,674 £11,264,020
-
Cash
+217.5%
£1,422,267 £4,515,314
highest in 3 filed years
-
Net assets
-104.2%
-£5,589,037 -£11,415,090
lowest in 3 filed years
-
Employees
+33.8%
65 87
highest in 3 filed years
-
Operating profit
+45%
-£1,916,341 -£1,053,370
-
Profit before tax
+3.8%
-£6,033,201 -£5,805,809
-
Wages
+26.7%
£3,731,984 £4,728,137
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 | 2023-03-31 | 2023-04-01 | 2024-03-31 | 2025-03-31 |
|---|---|---|---|---|---|
| Operating margin | — | — | -22.4% | -9.4% | |
| Net margin | — | — | -70.5% | -51.8% | |
| Return on capital employed | — | — | -6.1% | -2.9% | |
| Current ratio | — | — | 0.89x | 1.05x | |
| Interest cover | — | — | -0.47x | -0.22x |
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
- MHA, Statutory Auditor
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.”
Group structure
- INDEPENDENCE TOPCO LIMITED · parent
- Independence HoldCo Limited 100%
- Independence MidCo Limited 100%
- Independence BidCo Limited 100%
- Boston Group Newco Limited 100%
- Boston Group Newco (IOM) Limited 100%
- Solstice Fed Limited 100%
- Solstice Limited 100%
- Holborn Tax Services Limited 100%
- Boston Advisory (Isle of Man) Limited 100%
- Boston Limited 100%
- Boston Accounting and Tax Ltd 100%
- Boston Group Newco (Malta) Limited 100%
- Boston Malta Advisory Limited 100%
- Boston Trust Limited 100%
- Aqua Trust Group Holdings Limited 100%
- Aqua UK Holdings Limited 100%
- Aqua Trust Company Limited 100%
- Aqua Fund Services Limited 100%
- Aqua Nominees Limited 100%
- Aqua Nominees (No. 1) Limited 100%
- Aqua Secretaries Limited 100%
- Aqua Trust Services Malta Limited 100%
Significant events
- “Subsequent to the year end, the Group refinanced its existing loan facility. On 21 July 2025, a new facility of £23,800,000 was agreed with HSBC. The facility is repayable over a term of 7 years and currently carries a blended interest rate of 5.25% plus SONIA.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
8 active · 1 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| WHEAR, Lisa Jane | Secretary | 2025-09-30 | — | — |
| ELLIS, Katherine Sarah | Director | 2022-10-13 | Sep 1978 | British |
| GILBERT, Nicholas John | Director | 2023-03-23 | Dec 1982 | British |
| GRAINGER, Richard Stuart | Director | 2023-02-23 | Jul 1960 | British |
| LEWIS, Adam Stephen | Director | 2022-06-29 | Jan 1982 | British |
| MCNEE, Alexander Fleming | Director | 2022-10-13 | Oct 1970 | British |
| MORRIS, Matthew David Andrew | Director | 2022-06-29 | Apr 1992 | British |
| WILSON, Stephen Watermeyer | Director | 2023-03-23 | Jun 1979 | British |
Show 1 resigned officer
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| COUPER WOODS, Anne Elizabeth | Secretary | 2023-03-23 | 2025-09-30 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Horizon Capital Ii Gp Llp As Nominee For Horizon Capital Ii Limited Partnership | Corporate entity | Shares 50–75%, Voting 75–100%, Appoints directors | 2022-06-29 | Active |
Filing timeline
Last 20 of 41 total filings
Material constitutional events — rename, articles re-file, resolution
- 2026-03-21 RESOLUTIONS Resolution
- 2025-03-12 MA Memorandum articles
- 2025-03-12 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-03-21 | RESOLUTIONS | resolution | Resolution | |
| 2026-03-12 | SH01 | capital | Capital allotment shares | |
| 2025-11-26 | SH01 | capital | Capital allotment shares | |
| 2025-11-19 | AA | accounts | Accounts with accounts type group | |
| 2025-10-10 | TM02 | officers | Termination secretary company with name termination date | |
| 2025-10-10 | AP03 | officers | Appoint person secretary company with name date | |
| 2025-07-07 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-07-03 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-03-12 | SH01 | capital | Capital allotment shares | |
| 2025-03-12 | MA | incorporation | Memorandum articles | |
| 2025-03-12 | RESOLUTIONS | resolution | Resolution | |
| 2025-02-24 | CH01 | officers | Change person director company with change date | |
| 2024-11-21 | AA | accounts | Accounts with accounts type group | |
| 2024-06-28 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-06-28 | CH01 | officers | Change person director company with change date | |
| 2024-06-28 | CH01 | officers | Change person director company with change date | |
| 2024-01-29 | AAMD | accounts | Accounts amended with accounts type group | |
| 2023-12-15 | AA | accounts | Accounts with accounts type unaudited abridged | |
| 2023-07-13 | AD03 | address | Move registers to sail company with new address | |
| 2023-07-13 | AD02 | address | Change sail address company with new address |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 8
- Capital events
- 3
- Officers appointed
- 1
- 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.