XC TRAINS LIMITED
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Next accounts due
2026-12-31 (in 7mo)
Last filed for 2025-03-31
Confirmation statement due
2027-03-18 (in 10mo)
Last made up 2026-03-04
Watchouts
Cash
£90M
Latest balance sheet
Net assets
£19M
Equity attributable
Employees
2,042
Average over period
Profit before tax
£5M
Period ending 2025-03-31
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 Industrials median
Accounts
2-year trend · latest reflected 2025-03-31
| Metric | Trend | 2024-03-31 | 2025-03-31 |
|---|---|---|---|
| Turnover | £589,619,000 | £521,864,000 | |
| Operating profit | £15,076,000 | -£370,000 | |
| Profit before tax | £17,796,000 | £4,538,000 | |
| Net profit | £13,532,000 | £3,206,000 | |
| Cash | £114,500,000 | £90,163,000 | |
| Total assets less current liabilities | £277,114,000 | £255,827,000 | |
| Net assets | £28,098,000 | £18,661,000 | |
| Equity | £28,098,000 | £18,661,000 | |
| Average employees | 1,866 | 2,042 | |
| Wages | £128,779,000 | £125,032,000 | |
| Directors' remuneration | £688,000 | £415,000 |
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
Year-on-year
FY2024 → FY2025 · period ending 2025-03-31 vs 2024-03-31
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-03-31 | 2025-03-31 |
|---|---|---|---|
| Operating margin | 2.6% | -0.1% | |
| Net margin | 2.3% | 0.6% | |
| Return on capital employed | 5.4% | -0.1% | |
| Gearing (liabilities / total assets) | 94.1% | 95.5% | |
| Current ratio | 2.34x | 2.55x | |
| Interest cover | 1.91x | -0.02x |
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 2 times since incorporation
- XC TRAINS LIMITED 2007-10-08 → present
- ARRIVA TRAINS CROSS COUNTRY LIMITED 2006-02-08 → 2007-10-08
- ARRIVA TRAINS (TRANS-PENNINE) LIMITED 2002-03-22 → 2006-02-08
Audit & accounting basis
- Accounting basis
- FRS 101
- Reporting scope
- Standalone (parent only)
- Auditor
- PricewaterhouseCoopers LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The directors have prepared the financial statements on a going concern basis as they expect that the company will continue to operate for the foreseeable future. Due to the payment and funding mechanism in place under the NRC the company remains confident that it will trade in line expectations for the remainder of the franchise contract term.”
Significant events
- “From 18 October 2020 XC Trains Limited operated under an Operating Contract Franchise Agreement (OCFA) with the Department for Transport. During 2023 it secured the right to continue operating the CrossCountry passenger rail franchise under a National Rail Contract (NRC), effective from 15 October 2023, with a four year core term and a maximum possible term of eight years.”
- “On 19 October 2023, Deutsche Bahn AG (DB) announced an agreement had been signed under which Arriva Limited, the intermediate parent company, would be sold to I Squared Capital. The transaction completed on 31 May 2024.”
- “Industry wide industrial action in relation to pay settlements dating back to 2022 was resolved during the year.”
- “The UK Government's 'Passenger Railway Services (Public Ownership) Bill received Royal Assent on 28 November 2024.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
4 active · 42 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| ANDERSON, Mark James | Director | 2025-07-23 | Dec 1976 | British |
| KENNEDY, Zoe | Director | 2025-08-07 | Jan 1979 | British |
| ROLFE, Shiona Louise | Director | 2025-03-20 | Jul 1969 | British |
| WILLIS, Kate | Director | 2026-04-28 | Dec 1978 | British |
Show 42 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| DAVIES, Elizabeth Anne | Secretary | 2007-01-12 | 2013-12-16 |
| EDWARDS, Lorna | Secretary | 2013-12-16 | 2020-06-12 |
| THORPE, Elizabeth Anne | Secretary | 2005-01-18 | 2006-05-12 |
| TURNER, David Paul | Secretary | 2002-03-22 | 2005-01-18 |
| VIRTUE, John | Secretary | 2006-05-12 | 2007-01-12 |
| BICCOR LTD | Corporate Nominee Secretary | 2002-03-22 | 2002-03-22 |
| APPLEGARTH, David Christopher John | Director | 2006-02-08 | 2013-01-01 |
| BAKER, Dennis Henry | Director | 2008-04-17 | 2013-10-01 |
| BALDWIN, Rachel Helen | Director | 2014-04-25 | 2015-02-03 |
| BOOTH, Christopher Paul | Director | 2024-02-22 | 2025-07-31 |
| BURCHELL, Christopher Derek Dyne | Director | 2016-08-10 | 2020-10-09 |
| CAMERON, Euan Alexander Robert | Director | 2002-03-22 | 2003-12-31 |
| CNOSSEN, Anne | Director | 2018-08-09 | 2019-10-01 |
| COBBE, Roger Brian | Director | 2003-12-31 | 2013-10-01 |
| COOPER, Andrew John | Director | 2007-11-01 | 2019-05-31 |
| EARL, Maria Francesca | Director | 2010-09-13 | 2016-11-04 |
| FENN, Jon | Director | 2021-08-13 | 2022-04-07 |
| FURLONG, Amanda | Director | 2013-10-01 | 2020-12-03 |
| GOODALL, Mark Francis | Director | 2023-04-28 | 2024-02-20 |
| HARRISON, Richard Charles Vyvyan | Director | 2008-04-17 | 2010-08-27 |
| HEWITT, Mary Elisabeth Courtney | Director | 2017-10-17 | 2020-01-01 |
| HIGGINS, Jeremy Richard Charles | Director | 2008-04-17 | 2017-07-07 |
| HOLLAND, Robert William | Director | 2007-10-01 | 2013-01-01 |
| HOPKINSON, Stephen Lee | Director | 2024-08-29 | 2025-05-23 |
| INGHAM, Gillian | Director | 2020-10-09 | 2023-02-03 |
| JOYNER, Thomas Guy | Director | 2019-06-03 | 2024-02-15 |
| KENDALL, Sarah Louise | Director | 2008-04-17 | 2010-07-01 |
| LOWE, Desmond Peter | Director | 2017-04-20 | 2020-07-10 |
| LUGAR-MAWSON, Colette | Director | 2021-12-13 | 2024-08-12 |
| MACPHAIL, Joanne | Director | 2017-05-31 | 2019-11-29 |
| MCDONALD, Duncan | Nominee Director | 2002-03-22 | 2002-03-22 |
| MURPHY, Stephen John | Director | 2013-01-01 | 2014-03-24 |
| PAXTON, Lee Garreth | Director | 2018-06-12 | 2022-07-12 |
| ROBERTS, Jonathan Luke | Director | 2010-10-01 | 2020-07-03 |
| ROGERS, William | Director | 2013-09-01 | 2016-05-02 |
| RULE, Benjamin James Taylor | Director | 2016-10-17 | 2017-10-13 |
| SIMKIN, Benjamin | Director | 2019-05-31 | 2021-02-01 |
| SINGH, Harjinder Nagra | Director | 2023-10-06 | 2025-08-29 |
| TELFORD, Peter Thomas | Director | 2002-03-22 | 2008-09-01 |
| WALKER, Helen Jayne | Director | 2010-09-13 | 2013-08-31 |
| WATKIN, David Andrew | Director | 2009-04-01 | 2017-05-26 |
| WATKIN, David Andrew | Director | 2008-04-14 | 2008-04-14 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Arriva Uk Trains Limited | Corporate entity | Voting 75–100% | 2016-04-06 | Active |
Filing timeline
Last 20 of 189 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-05-05 | AP01 | officers | Appoint person director company with name date | |
| 2026-03-17 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-12-21 | AA | accounts | Accounts with accounts type full | |
| 2025-09-24 | TM01 | officers | Termination director company with name termination date | |
| 2025-08-11 | AP01 | officers | Appoint person director company with name date | |
| 2025-07-31 | TM01 | officers | Termination director company with name termination date | |
| 2025-07-23 | AP01 | officers | Appoint person director company with name date | |
| 2025-05-23 | TM01 | officers | Termination director company with name termination date | |
| 2025-03-21 | AP01 | officers | Appoint person director company with name date | |
| 2025-03-04 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-12-23 | AA | accounts | Accounts with accounts type full | |
| 2024-08-29 | AP01 | officers | Appoint person director company with name date | |
| 2024-08-20 | TM01 | officers | Termination director company with name termination date | |
| 2024-04-26 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2024-04-26 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2024-04-26 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2024-03-14 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-02-22 | AP01 | officers | Appoint person director company with name date | |
| 2024-02-22 | TM01 | officers | Termination director company with name termination date | |
| 2024-02-22 | TM01 | officers | Termination director company with name termination 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.