TOPSOURCE WORLDWIDE TOPCO LIMITED

• ⚠

  Annual accounts overdue

  Due 2026-03-30.

1. TOPSOURCE WORLDWIDE TOPCO LIMITED 2021-10-22 → present
2. GOLF TOPCO LIMITED 2020-10-29 → 2021-10-22

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

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.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

RSM UK Audit LLP

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. Having carried out a detailed review of the group's position and its forecasts prepared to 31 March 2031, the directors are satisfied that the group has sufficient cash resources based on its current facilities to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. The directors have reset their covenants with HSBC as explained in the strategic report and this is effective from the 30 June 2025 covenant test and the directors are satisfied that there is adequate levels of headroom in the revised financial covenants through to 31 March 2027 that are linked to current facilities. Thus, the directors have prepared the accounts on a going concern basis.”

Group structure

1. TOPSOURCE WORLDWIDE TOPCO LIMITED · parent
   1. TopSource Worldwide Holdco Limited 100% · UK · Holding company
   2. TopSource Worldwide Midco Limited 100% · UK · Holding company
   3. TopSource Worldwide Group Limited 100% · UK · Holding company
   4. TopSource Worldwide (PEO) Ltd 100% · UK · Human resources provision and management of human resources functions
   5. Blueback Global-Services El Salvador, S.A. de C.V. 100% · El Salvador · Dormant
   6. Blueback Global-Services Chile SpA 100% · Chile · Human resources provision and management of human resources functions

Significant events

• “TSW has also enhanced the proposition by acquiring businesses with deep expertise in areas like EOR, entity management and global payroll, enabling TSW to supports clients across the complete range of human capital related considerations of global expansion. Management has completed the integration of multiple acquisitions including the Compandben and Select Payroll businesses, acquired in 2021, along with Bradford Jacobs, Capital Payroll, eSlip and Blueback Global, which were acquired during the 2022-23 financial year.”
• “TSW has also bolstered the executive leadership team through the appointment of Nima Abrishamchian as CFO and a main Board Director and Tom Green as Chief Commercial Officer, as well as the recruitment into multiple senior positions across the wider business.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

9

last 12 months

Capital events

6

last 24 months

Officers appointed

1

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -4.1%

  £21,406,020 → £20,518,445

• Cash

  -44.1%

  £22,232,268 → £12,435,284

• Net assets

  -106.9%

  -£17,053,769 → -£35,279,247

• Employees

  +15.6%

  404 → 467

• Operating profit

  -66.6%

  -£7,735,327 → -£12,885,815

• Profit before tax

  -50.4%

  -£12,786,245 → -£19,228,217

• Wages

  +40.3%

  £7,138,967 → £10,013,184

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