Inside the accounts of…
What story does the money tell?
One company per sector, read line by line from its full accounts: where the money comes from, where it goes, and what the notes say that the headline figures don't. Every figure carries its page number.
The deep dives
Avanti West Coast
Avanti West Coast paid the Government a net £141m in 2024/25, almost 15 times its own £9.5m profit
Where £100 of turnover went
bet365
bet365 kept £4bn from punters, then paid out Stoke City as a dividend
Where £100 of gross win went
Glastonbury
Glastonbury paid more to related parties, £4.7m, than to its own 105 staff, £4.1m
Where £100 of turnover went
Google DeepMind
Google DeepMind's UK company doesn't employ its workforce: other Alphabet companies charged it £1.0bn for staff and paid it £1.3bn for research
Where £100 of turnover went
Greggs
Greggs spends more on its people than its food: £756m against £671m
Where £100 of sales went
ITV
ITV's studio now earns more than its channels, £297m against £234m, and Sky wants to buy the channels
Where £100 of revenue went
McLaren
McLaren's back-to-back title year: a £136m share payout turned a 20% rise in turnover into a loss
Where £100 of turnover went
2024 edition: £7 profit per £100
Accounts to December 2025 · 2nd editionRead →a discount retailerPoundland
Poundland kept £31 of every £100 after paying for its goods, and spent £37 running the business
Where £100 of revenue went
TalkTalk
TalkTalk's wholesale arm made £296m; its consumer brand lost £13m, and the group lost £465m before tax
Where £100 of revenue went
Taylor Wimpey
Taylor Wimpey paid £330m in dividends, more than three times its £100m profit, in a year cladding repairs cost it £226m
Where £100 of revenue went
Thames Water
Thames Water's bills brought in £1bn more in 2025/26, and it still borrowed £1.57bn from its creditors
Where £100 of revenue went
The R&A
The company that stages The Open has no employees: a sister company charged it £31.9m for administration
Where £100 of turnover went
Tottenham Hotspur
£23.4m of Tottenham's £72.7m finance bill was its owner's warrant rising in value
Where £100 of revenue and other income went
Virgin Media O2
Virgin Media O2 made £3.9bn before interest and write-downs, paid its owners £378m, and still lost £1.75bn before tax
Where £100 of revenue went
Wimbledon
£42.1m of Wimbledon's £44.8m profit was debenture money paid in advance
Where £100 of turnover went
Profit left from every £100, ranked
Every deep dive on one scale, on the measure chosen above.
How to read a deep dive
- 1The answerThe finding in 60 words, before anything else.
- 2Where £100 goesThe whole business on one chart, then the money in and the money out.
- 3What this meansWhat each figure says about how the business actually runs, and what the accounts don't tell us.