STEEL MIDCO 1 LIMITED
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Cash
£4.6m
+9.7% vs 2024
Net assets
-£74m
-48.5% lowest in 3 filed years
Employees
246
+9.8% highest in 3 filed years
Profit before tax
-£21m
-12.9% lowest in 3 filed years
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 | £19,044,402 | £23,403,762 | £26,606,872 | +13.7% | |
| Operating profit | -£6,430,820 | -£4,985,183 | -£6,255,312 | -25.5% | |
| Profit before tax | -£17,953,781 | -£18,855,991 | -£21,294,118 | -12.9% | |
| Net profit | -£19,174,834 | -£19,218,304 | -£22,912,272 | -19.2% | |
| Cash | £6,109,163 | £4,154,612 | £4,557,118 | +9.7% | |
| Total assets less current liabilities | £90,087,206 | £81,725,279 | £71,195,067 | -12.9% | |
| Net assets | -£30,166,806 | -£49,640,365 | -£73,697,561 | -48.5% | |
| Equity | -£30,166,806 | -£49,640,365 | -£73,697,561 | -48.5% | |
| Average employees | 144 | 224 | 246 | +9.8% | |
| Wages | £8,575,721 | £10,470,240 | £10,965,450 | +4.7% | |
| Directors' remuneration | £395,863 | £401,878 | £412,628 | +2.7% | |
| Highest paid director | £205,013 | £201,878 | £208,641 | +3.4% |
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 | -33.8% | -21.3% | -23.5% | |
| Net margin | -100.7% | -82.1% | -86.1% | |
| Return on capital employed | -7.1% | -6.1% | -8.8% | |
| Gearing (liabilities / total assets) | 130.5% | 154.7% | 190.7% | |
| Current ratio | 1.85x | 1.79x | 1.46x | |
| Interest cover | -0.56x | -0.36x | -0.42x |
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
- BDO LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“On the basis of this review, and after making due enquiries, the Directors have a reasonable expectation that the group has adequate resources and support to continue in operational existence for the foreseeable future and for the year to 31 December 2027”
Group structure
- STEEL MIDCO 1 LIMITED · parent
- Steel Bidco Limited 100%
- Wallstreetdocs Limited 100%
- Regxchange Limited 100%
Significant events
- “In 2022 the group borrowed funds from its bankers under a term loan of £16,000,000 repayable in December 2028.”
- “In 2023 the group borrowed funds from its bankers under another term loan of EUR 10,000,000 also repayable in December 2028.”
- “In 2023, the company issued unsecured loan notes amounting to £25,250,290 to borrow funds from existing shareholders and senior management.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
5 active · 2 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| HOLLOWOOD, Ben James | Director | 2022-09-02 | Aug 1980 | British |
| ISMAIL, Munther | Director | 2026-01-05 | Feb 1988 | British |
| SHELFORD, Thomas | Director | 2022-04-12 | May 1980 | British |
| STRASSER, Mathias | Director | 2022-04-15 | Apr 1974 | Austrian |
| WISE, Kevin | Director | 2026-01-05 | May 1973 | British |
Show 2 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| JAGAIT, Sukhdeep Singh | Director | 2022-04-12 | 2024-01-31 |
| PEARCE, David Robert | Director | 2022-09-02 | 2025-12-31 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Bowmark Investment Partnership Vi, Nominees Limited | Corporate entity | Shares 25–50%, Voting 25–50% | 2022-04-13 | Ceased 2022-04-15 |
| Bowmark Capital Partners Vi, Nominees Limited | Corporate entity | Shares 75–100%, Voting 75–100% | 2022-04-12 | Active |
Filing timeline
Last 20 of 23 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-09-17 | AA | accounts | Accounts with accounts type group | |
| 2026-04-14 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-02-02 | AP01 | officers | Appoint person director company with name date | |
| 2026-02-02 | AP01 | officers | Appoint person director company with name date | |
| 2026-02-02 | TM01 | officers | Termination director company with name termination date | |
| 2025-09-26 | AA | accounts | Accounts with accounts type group | |
| 2025-04-16 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-09-03 | AA | accounts | Accounts with accounts type group | |
| 2024-05-15 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-02-15 | TM01 | officers | Termination director company with name termination date | |
| 2023-09-29 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 2023-07-26 | AA | accounts | Accounts with accounts type group | |
| 2023-05-23 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2022-09-26 | AP01 | officers | Appoint person director company with name date | |
| 2022-09-15 | AP01 | officers | Appoint person director company with name date | |
| 2022-04-27 | AD01 | address | Change registered office address company with date old address new address | |
| 2022-04-27 | AP01 | officers | Appoint person director company with name date | |
| 2022-04-27 | PSC07 | persons-with-significant-control | Cessation of a person with significant control | |
| 2022-04-27 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 2022-04-13 | PSC05 | persons-with-significant-control | Change to a person with significant control |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 5
- Capital events
- 0
- Officers appointed
- 2
- 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.