NORTHERN TRAINS LIMITED
Trading as Northern, the business is a state-owned train operating company held by the Department for Transport that provides local and inter-city passenger rail services across the North of England.
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Cash
£59m
-0.3% vs 2025
Net assets
£41m
-17.8% lowest in 3 filed years
Employees
7,694
+5.9% highest in 3 filed years
Profit before tax
£10m
-3.8% vs 2025
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
3-year trend · vs Industrials median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2026-03-31
| Metric | Trend | 2024-03-31 | 2025-03-31 | 2026-03-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £1,075,699,000 | £1,138,715,000 | £1,205,979,000 | +5.9% | |
| Operating profit | £9,100,000 | £10,592,000 | £17,060,000 | +61.1% | |
| Profit before tax | £8,757,000 | £10,814,000 | £10,403,000 | -3.8% | |
| Net profit | £6,894,000 | £7,572,000 | £7,084,000 | -6.4% | |
| Cash | £33,035,000 | £59,142,000 | £58,974,000 | -0.3% | |
| Total assets less current liabilities | £57,698,000 | £148,050,000 | £217,337,000 | +46.8% | |
| Net assets | £42,524,000 | £50,187,000 | £41,255,000 | -17.8% | |
| Equity | £42,524,000 | £50,187,000 | £41,255,000 | -17.8% | |
| Average employees | 6,920 | 7,267 | 7,694 | +5.9% | |
| Wages | £346,223,000 | £372,058,000 | £411,062,000 | +10.5% | |
| Directors' remuneration | £920,000 | £980,000 | £879,000 | -10.3% | |
| Directors' pension contributions | £32,000 | £59,000 | £56,000 | -5.1% | |
| Highest paid director | £318,886 | £290,000 | £306,000 | +5.5% |
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 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|
| Operating margin | 0.8% | 0.9% | 1.4% | |
| Net margin | 0.6% | 0.7% | 0.6% | |
| Return on capital employed | 15.8% | 7.2% | 7.8% | |
| Gearing (liabilities / total assets) | 87.7% | 87.7% | 91.4% | |
| Current ratio | 0.48x | 0.57x | 0.59x | |
| Interest cover | 4.33x | 4.75x | 1.89x |
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.
Name history
Renamed 4 times since incorporation
- NORTHERN TRAINS LIMITED 2020-01-29 → present
- DFT OLR3 LIMITED 2019-03-20 → 2020-01-29
- EM TRAINS LIMITED 2014-05-09 → 2019-03-20
- OQS RAIL LIMITED 1996-12-03 → 2014-05-09
- OQS BRANDS LIMITED 1995-06-30 → 1996-12-03
Audit & accounting basis
- Accounting basis
- FRS 101
- Reporting scope
- Standalone (parent only)
- Auditor
- National Audit Office
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason... they consider it appropriate to adopt the going concern basis.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
9 active · 34 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| PRICE, Anusha | Secretary | 2024-01-23 | — | — |
| BENNETT, Kate Suzanne | Director | 2026-05-19 | Apr 1978 | British |
| BUTLER, Karen Elizabeth | Director | 2025-08-04 | Jun 1976 | British |
| DENT, Warrick | Director | 2026-05-19 | Jun 1967 | British |
| HARRISON, Richard Charles Vyvyan | Director | 2020-03-01 | Aug 1967 | British |
| HORNBY, Alexander Lloyd | Director | 2024-11-27 | Dec 1981 | British |
| HYNES, Alexander John | Director | 2026-01-07 | Mar 1977 | British |
| LINDSAY, David Stuart | Director | 2025-08-04 | Dec 1973 | British |
| WILLIAMS, Patricia Anne | Director | 2020-12-02 | Mar 1970 | British |
Show 34 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| BRAYBROOK, Sonia Anita | Secretary | 2005-07-29 | 2013-11-21 |
| CUNNINGHAM, Stephanie Jade | Secretary | 2019-03-05 | 2020-04-22 |
| DAWSON, Trevor | Secretary | 2015-12-31 | 2016-09-23 |
| HENDERSON, Jenny | Secretary | 2022-03-23 | 2024-01-23 |
| HYLAND, Matthew William Edward | Secretary | 1997-08-18 | 2005-01-28 |
| SINCLAIR, Janet Elizabeth | Secretary | 2005-01-28 | 2005-07-24 |
| HACKWOOD SECRETARIES LIMITED | Corporate Nominee Secretary | 1995-06-30 | 1997-08-18 |
| AUSTIN, Peter Kenneth | Director | 2023-03-21 | 2024-06-11 |
| BACKLER, Gary George | Director | 2003-01-13 | 2010-12-17 |
| BENNETT, David Clive | Director | 2015-12-31 | 2020-03-01 |
| BROXTON, Teresa Maria | Director | 2020-03-20 | 2020-07-31 |
| CANTWELL, Richard Charles | Director | 2015-12-31 | 2019-03-05 |
| DONOVAN, Nicholas Charles | Director | 2020-03-01 | 2024-05-05 |
| FOSTER, Jonathan Marshall | Director | 1995-06-30 | 1996-09-13 |
| GISBY, Robin William, Mr. | Director | 2020-03-01 | 2025-12-23 |
| HINDS, Richard John | Director | 2023-11-28 | 2026-05-01 |
| HOLDEN, Michael Peter, Sir | Director | 2003-11-21 | 2015-12-31 |
| MORRIS, Richard John | Director | 1999-10-20 | 2001-09-13 |
| MURRAY, Andrew Bernard | Director | 2010-12-17 | 2013-11-21 |
| NEWTON, Nicholas George | Director | 1996-12-13 | 2005-07-24 |
| PATTINGTON, Helen Jane | Director | 2019-03-05 | 2020-03-01 |
| POWLES, Mark Andrew | Director | 2020-07-31 | 2024-12-31 |
| REA, David Ian | Director | 2003-01-13 | 2011-03-21 |
| REVOLTA, David Charles Wishart | Director | 1995-06-30 | 1996-12-13 |
| RICE, Matthew Eric John | Director | 2024-04-16 | 2026-05-06 |
| RODGERS, Paul David | Director | 2011-03-21 | 2013-11-21 |
| SMITH, Simon Alexander | Director | 2019-03-05 | 2020-03-01 |
| SUTHERLAND, George William Douglas | Director | 2013-11-21 | 2015-12-31 |
| TALBOT, Liam Charles | Director | 2020-01-06 | 2020-03-01 |
| TERLECKY, Iryna | Director | 1999-10-20 | 2005-07-24 |
| WALKER, David Eric | Director | 2013-11-21 | 2015-12-31 |
| WARE, Julian Robert | Director | 1996-12-13 | 1999-10-12 |
| WILKINSON, Peter William | Director | 2015-12-31 | 2019-01-11 |
| WILLIAMS, Matthew Alexander | Director | 2020-12-02 | 2023-09-05 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Dft Operator Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2019-03-05 | Active |
| Directly Operated Railways Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors, Significant influence (as firm) | 2016-06-01 | Ceased 2019-03-05 |
Filing timeline
Last 20 of 181 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-09-04 | AA | accounts | Accounts with accounts type full | |
| 2026-06-24 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-06-03 | AP01 | officers | Appoint person director company with name date | |
| 2026-06-02 | AP01 | officers | Appoint person director company with name date | |
| 2026-05-18 | TM01 | officers | Termination director company with name termination date | |
| 2026-05-18 | TM01 | officers | Termination director company with name termination date | |
| 2026-01-22 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-06 | TM01 | officers | Termination director company with name termination date | |
| 2025-08-14 | AP01 | officers | Appoint person director company with name date | |
| 2025-08-14 | AP01 | officers | Appoint person director company with name date | |
| 2025-07-25 | AA | accounts | Accounts with accounts type full | |
| 2025-06-09 | AD02 | address | Change sail address company with old address new address | |
| 2025-06-09 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 2025-06-09 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-01-14 | TM01 | officers | Termination director company with name termination date | |
| 2024-12-02 | AP01 | officers | Appoint person director company with name date | |
| 2024-10-01 | AA | accounts | Accounts with accounts type full | |
| 2024-08-19 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-06-27 | TM01 | officers | Termination director company with name termination date | |
| 2024-05-09 | CH01 | officers | Change person director company with change date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 8
- Capital events
- 0
- Officers appointed
- 3
- 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.