INDEPENDENCE TOPCO LIMITED
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Cash
£5.8m
+27.4% highest in 4 filed years
Net assets
-£17m
-51% lowest in 4 filed years
Employees
117
+34.5% highest in 4 filed years
Profit before tax
-£5.6m
+3.5% highest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Negative shareholders' funds
Net assets
4-year trend · vs Industrials median
Accounts
4-year trend · Δ = latest vs prior filed period · latest reflected 2026-03-31
| Metric | Trend | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 | Δ vs prior |
|---|---|---|---|---|---|---|
| Turnover | — | £8,562,674 | £11,264,020 | £16,987,283 | +50.8% | |
| Operating profit | — | -£1,916,341 | -£1,053,370 | £381,421 | +136.2% | |
| Profit before tax | — | -£6,033,201 | -£5,805,809 | -£5,601,951 | +3.5% | |
| Net profit | — | -£6,033,201 | -£5,829,448 | -£5,851,722 | -0.4% | |
| Cash | £0 | £1,422,267 | £4,515,314 | £5,751,510 | +27.4% | |
| Total assets less current liabilities | £20,529,000 | £31,263,039 | £36,594,659 | £34,847,687 | -4.8% | |
| Net assets | £20,529,000 | -£5,589,037 | -£11,415,090 | -£17,241,973 | -51% | |
| Equity | £20,529,000 | -£5,589,037 | -£11,415,090 | -£17,241,973 | -51% | |
| Average employees | 0 | 65 | 87 | 117 | +34.5% | |
| Wages | — | £3,731,984 | £4,728,137 | £7,114,084 | +50.5% | |
| Directors' remuneration | — | — | £224,377 | £255,126 | +13.7% | |
| Directors' pension contributions | — | — | £11,917 | £13,062 | +9.6% | |
| Highest paid director | — | £184,122 | £224,377 | £255,126 | +13.7% |
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 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|
| Operating margin | — | -22.4% | -9.4% | 2.2% | |
| Net margin | — | -70.5% | -51.8% | -34.4% | |
| Return on capital employed | — | -6.1% | -2.9% | 1.1% | |
| Gearing (liabilities / total assets) | 0.1% | 115.4% | 124.9% | 140.1% | |
| Current ratio | — | 0.89x | 1.05x | 1.35x | |
| Interest cover | — | -0.47x | -0.22x | 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
- MHA
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The directors have prepared cash flow forecasts and have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements.”
Group structure
- INDEPENDENCE TOPCO LIMITED · parent
- Independence HoldCo Limited 100%
- Independence MidCo Limited 100%
- Independence BidCo Limited 100%
- Boston Group NewCo Limited 100%
Significant events
- “In July 2025, the group refinanced its existing loan facility. On 21 July 2025, a new facility of £23,800,000 was agreed with HSBC.”
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 50 total filings
Material constitutional events — rename, articles re-file, resolution
- 2026-07-15 RESOLUTIONS Resolution
- 2026-03-21 RESOLUTIONS Resolution
- 2025-03-12 MA Memorandum articles
- 2025-03-12 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-09-29 | AA | accounts | Accounts with accounts type group | |
| 2026-07-30 | RP01SH01 | miscellaneous | Legacy | |
| 2026-07-16 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2026-07-15 | RESOLUTIONS | resolution | Resolution | |
| 2026-07-10 | SH01 | capital | Capital allotment shares | |
| 2026-06-18 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 2026-06-17 | CH01 | officers | Change person director company with change date | |
| 2026-06-17 | CH01 | officers | Change person director company with change date | |
| 2026-06-17 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 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 |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 15
- Capital events
- 4
- 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.