FENCE TOPCO LIMITED
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Cash
£8.2m
+1.7% highest in 3 filed years
Net assets
-£189m
-13.9% lowest in 3 filed years
Employees
452
-4% lowest in 3 filed years
Profit before tax
-£21m
-8.2% vs 2024
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Negative shareholders' funds
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 | £83,516,000 | £82,016,000 | £80,243,000 | -2.2% | |
| Operating profit | -£11,662,000 | £3,974,000 | £3,610,000 | -9.2% | |
| Profit before tax | -£34,071,000 | -£19,214,000 | -£20,788,000 | -8.2% | |
| Net profit | -£33,253,000 | -£18,377,000 | -£23,134,000 | -25.9% | |
| Cash | £1,474,000 | £8,074,000 | £8,211,000 | +1.7% | |
| Total assets less current liabilities | £77,824,000 | £71,188,000 | £65,672,000 | -7.7% | |
| Net assets | -£147,617,000 | -£165,994,000 | -£189,128,000 | -13.9% | |
| Equity | — | — | — | — | |
| Average employees | 525 | 471 | 452 | -4% | |
| Wages | £21,981,000 | £21,270,000 | £20,726,000 | -2.6% | |
| Directors' remuneration | £751,000 | £861,000 | £689,000 | -20% |
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 | -14.0% | 4.8% | 4.5% | |
| Net margin | -39.8% | -22.4% | -28.8% | |
| Return on capital employed | -15.0% | 5.6% | 5.5% | |
| Gearing (liabilities / total assets) | 243.8% | 266.7% | 328.4% | |
| Current ratio | 0.80x | — | — | |
| Interest cover | -0.55x | 0.17x | 0.15x |
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.
Name history
Renamed 1 time since incorporation
- FENCE TOPCO LIMITED 2016-04-22 → present
- DE FACTO 2214 LIMITED 2015-10-26 → 2016-04-22
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Consolidated group
- Auditor
- Deloitte LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The directors have a reasonable expectation that the group have adequate resources to continue in operational existence for a period of at least 12 months after the date of signing the financial statements.”
Group structure
- FENCE TOPCO LIMITED · parent
- Fence Bidco Limited 100%
- Fence Midco Limited 100%
- Fence Holdco Limited 100%
- Stradbrook Acquisitions (Holdings) Limited 100%
- Stradbrook Acquisitions Limited 100%
- Stradbrook Holdings Limited 100%
- Spotlight Sports Group Limited 100%
- Raceform Limited 100%
- Bloodstock Media Limited 100%
- Apsley Group International Ltd 100%
- 90 Ltd 100%
- ICS-Digital Limited Liability Partnership 100%
- Guess What Limited 100%
- Independent Content Services Limited 100%
- Before The Off Ltd 100%
- Intellr Inc 100%
- Bloodstock Media Pty Ltd 100%
Significant events
- “On 30 May 2025, the Group increased its term loan borrowings by £20m. The repayment of said loan notes was completed on 9 June 2025.”
- “On 31 March 2026, the Group disposed of the assets related to its ANZ Bloodstock business to local management for consideration of £1.”
- “On 9 June 2025 a total of £26m was repaid comprising £14m of Shareholder loan notes and £12m of accrued interest.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
5 active · 12 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| PETTY, Mark Jonathan | Secretary | 2024-10-07 | — | — |
| DWYER, John | Director | 2019-01-02 | Nov 1963 | Irish |
| FARRAGHER, Shane Patrick | Director | 2023-11-01 | Jun 1987 | Irish |
| LENANE, James Richard St John | Director | 2016-04-22 | Jun 1972 | British |
| RENSHAW, Mark John | Director | 2016-09-15 | Mar 1975 | British |
Show 12 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| FRANCIS, Mark Louis | Secretary | 2016-09-15 | 2023-02-01 |
| WINDER, Simon Paul | Secretary | 2023-02-01 | 2024-10-07 |
| TRAVERS SMITH SECRETARIES LIMITED | Corporate Secretary | 2015-10-26 | 2016-04-22 |
| ABU-HAIDAR, Jacqueline Lauren | Director | 2020-06-25 | 2023-11-01 |
| BOWER, Oliver Bradley | Director | 2016-04-22 | 2019-11-21 |
| BYRNE, Alan John | Director | 2016-09-15 | 2023-02-01 |
| FRANCIS, Mark Louis | Director | 2016-09-15 | 2023-02-01 |
| SEGAL, Richard Lawrence | Director | 2016-09-15 | 2020-09-30 |
| WINDER, Simon Paul | Director | 2023-02-01 | 2024-10-07 |
| YATES, William John | Director | 2015-10-26 | 2016-04-22 |
| TRAVERS SMITH LIMITED | Corporate Director | 2015-10-26 | 2016-04-22 |
| TRAVERS SMITH SECRETARIES LIMITED | Corporate Director | 2015-10-26 | 2016-04-22 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Exponent Private Equity Llp | Corporate entity | Significant influence | 2016-09-15 | Active |
| Exponent Private Equity Partners Gp Iii Lp | Corporate entity | Shares 25–50%, Voting 75–100%, Appoints directors | 2016-09-15 | Active |
| Travers Smith Limited | Corporate entity | Shares 25–50%, Voting 25–50% | 2016-04-06 | Ceased 2016-11-17 |
| Travers Smith Secretaries Limited | Corporate entity | Shares 25–50%, Voting 25–50% | 2016-04-06 | Ceased 2016-11-17 |
Filing timeline
Last 20 of 89 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-07-27 | AA | accounts | Accounts with accounts type group | |
| 2025-10-27 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-06-24 | AA | accounts | Accounts with accounts type group | |
| 2024-11-14 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-11-14 | CH01 | officers | Change person director company with change date | |
| 2024-11-13 | CH01 | officers | Change person director company with change date | |
| 2024-11-06 | CH01 | officers | Change person director company with change date | |
| 2024-10-07 | TM02 | officers | Termination secretary company with name termination date | |
| 2024-10-07 | AP03 | officers | Appoint person secretary company with name date | |
| 2024-10-07 | TM01 | officers | Termination director company with name termination date | |
| 2024-06-04 | AA | accounts | Accounts with accounts type group | |
| 2023-11-15 | TM01 | officers | Termination director company with name termination date | |
| 2023-11-15 | AP01 | officers | Appoint person director company with name date | |
| 2023-11-03 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2023-08-03 | CH01 | officers | Change person director company with change date | |
| 2023-06-29 | AA | accounts | Accounts with accounts type group | |
| 2023-04-20 | CH01 | officers | Change person director company with change date | |
| 2023-04-19 | CH01 | officers | Change person director company with change date | |
| 2023-04-18 | AD01 | address | Change registered office address company with date old address new address | |
| 2023-04-18 | CH01 | officers | Change person director company with change date |
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.