CAPELLA UK TOPCO LIMITED
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Next accounts due
2027-06-30 (in 1y)
Last filed for 2025-09-30
Confirmation statement due
2027-03-02 (in 10mo)
Last made up 2026-02-16
Watchouts
Cash
£146M
-39.6% vs 2024
Net assets
£2B
-7.9% vs 2024
Employees
749
+3.9% vs 2024
Profit before tax
-£162M
-187.1% vs 2024
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
3 officer resignations in last 12 months
Multiple officers have left the board recently — see the People section for who.
Net assets
2-year trend · vs Real Estate median
Accounts
2-year trend · latest reflected 2025-09-30
| Metric | Trend | 2024-09-30 | 2025-09-30 |
|---|---|---|---|
| Turnover | £356,700,000 | £350,900,000 | |
| Operating profit | £233,900,000 | £225,200,000 | |
| Profit before tax | £185,600,000 | -£161,600,000 | |
| Net profit | £184,200,000 | -£161,800,000 | |
| Cash | £241,300,000 | £145,800,000 | |
| Total assets less current liabilities | £5,695,300,000 | £5,500,600,000 | |
| Net assets | £2,261,300,000 | £2,082,400,000 | |
| Equity | £2,261,300,000 | £2,082,400,000 | |
| Average employees | 721 | 749 | |
| Wages | £27,800,000 | £32,700,000 |
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
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-09-30 | 2025-09-30 |
|---|---|---|---|
| Operating margin | 65.6% | 64.2% | |
| Net margin | 51.6% | -46.1% | |
| Return on capital employed | 4.1% | 4.1% | |
| Gearing (liabilities / total assets) | 64.2% | 66.9% | |
| Current ratio | 0.47x | 0.27x | |
| Interest cover | 0.97x | 1.00x |
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
- IFRS
- Reporting scope
- Consolidated group
- Auditor
- Ernst & Young LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The Directors have at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.”
Group structure
- CAPELLA UK TOPCO LIMITED · parent
- Gemini Greenwich JV Limited 100%
- Gemini Greenwich Limited 100%
- Gemini Greenwich 2 Limited 100%
- Athena Properties 4 Limited 100%
- IQSA Ewer Hammersmith Limited 100%
- iQ Shoreditch Unit Trust 100%
- GSG Athena 2 Holdco S.à r.l. 100%
- IQSA Hume House S.à r.l. 100%
- Arcade Holloway Limited 100%
- IQSA (Brighton) Limited 100%
Significant events
- “In April 2026, the Group refinanced its borrowing facilities of £372.6m, £75.0m and £63.7m, which were replaced by a new facility of £562.4m which has an initial term to May 2028 and extension options to May 2031 exercisable within the Group's discretion.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
3 active · 6 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| KANAKIS, Rebecca Louise | Director | 2022-07-22 | Feb 1980 | British |
| MERRICK, Matthew Graham | Director | 2026-04-30 | Feb 1978 | British |
| SANGAR, Dushyant Singh | Director | 2025-05-16 | Jan 1982 | British |
Show 6 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| DAVIES, Simon David Austin | Director | 2020-02-17 | 2022-07-22 |
| KATAKY, Gemma Nandita | Director | 2020-02-17 | 2023-02-24 |
| MORTIMER, James Neil | Director | 2021-07-30 | 2026-04-30 |
| MORTON, Emma Jane | Director | 2020-02-17 | 2021-07-30 |
| VASHI, Rachana Gautam | Director | 2023-02-24 | 2025-05-16 |
| VRANA, Michael David | Director | 2020-02-17 | 2025-05-16 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Mr Stephen Allen Schwarzman | Individual | Shares 75–100%, Voting 75–100%, Appoints directors | 2020-02-17 | Active |
Filing timeline
Last 20 of 43 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-05-09 | AA | accounts | Accounts with accounts type group | |
| 2026-04-30 | TM01 | officers | Termination director company with name termination date | |
| 2026-04-30 | AP01 | officers | Appoint person director company with name date | |
| 2026-02-23 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-06-02 | RP04AP01 | officers | Second filing of director appointment with name | |
| 2025-06-02 | TM01 | officers | Termination director company with name termination date | |
| 2025-06-02 | TM01 | officers | Termination director company with name termination date | |
| 2025-05-30 | AP01 | officers | Appoint person director company with name date | |
| 2025-05-02 | AA | accounts | Accounts with accounts type group | |
| 2025-02-28 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-12-10 | AD02 | address | Change sail address company with old address new address | |
| 2024-07-19 | AD01 | address | Change registered office address company with date old address new address | |
| 2024-04-11 | AA | accounts | Accounts with accounts type full | |
| 2024-03-01 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-01-26 | RP04SH01 | capital | Second filing capital allotment shares | |
| 2023-12-08 | SH01 | capital | Capital allotment shares | |
| 2023-04-12 | AA | accounts | Accounts with accounts type full | |
| 2023-03-02 | AP01 | officers | Appoint person director company with name date | |
| 2023-03-02 | TM01 | officers | Termination director company with name termination date | |
| 2023-02-28 | CS01 | confirmation-statement | Confirmation statement with no updates |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 9
- Capital events
- 0
- Officers appointed
- 2
- Officers resigned
- 3
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.
Year-on-year
FY2024 → FY2025 · period ending 2025-09-30 vs 2024-09-30
-
Turnover
-1.6%
£356,700,000 £350,900,000
-
Cash
-39.6%
£241,300,000 £145,800,000
-
Net assets
-7.9%
£2,261,300,000 £2,082,400,000
-
Employees
+3.9%
721 749
-
Operating profit
-3.7%
£233,900,000 £225,200,000
-
Profit before tax
-187.1%
£185,600,000 -£161,600,000
-
Wages
+17.6%
£27,800,000 £32,700,000
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