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
McLaren
McLaren's title year: share-based pay of £57m came to more than the profit
Where £100 of turnover 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
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.