HIGH SPEED TWO (HS2) LIMITED
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Cash
£56m
-62.2% vs 2025
Net assets
£40bn
+19.2% highest in 3 filed years
Employees
1,863
-8.8% lowest in 3 filed years
Profit before tax
-£49m
+30.5% highest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
4 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 |
|---|---|---|---|---|---|
| Total income | — | — | — | — | |
| Operating profit | — | — | — | — | |
| Profit before tax | -£1,145,599,000 | -£70,275,000 | -£48,861,000 | +30.5% | |
| Net profit | -£1,145,599,000 | -£70,275,000 | -£48,861,000 | +30.5% | |
| Cash | £54,755,000 | £148,974,000 | £56,309,000 | -62.2% | |
| Total assets less current liabilities | — | — | — | — | |
| Net assets | £26,599,487,000 | £33,640,109,000 | £40,087,069,000 | +19.2% | |
| Equity | £26,599,487,000 | £33,640,109,000 | £40,087,069,000 | +19.2% | |
| Average employees | 2,086 | 2,043 | 1,863 | -8.8% | |
| Wages | £160,420,000 | £150,708,000 | £138,350,000 | -8.2% | |
| Directors' remuneration | — | £1,127,125 | £1,811,756 | +60.7% | |
| Directors' pension contributions | — | £82,903 | £122,979 | +48.3% | |
| Highest paid director | £530,993,000 | £212,403 | £660,000 | +210.7% |
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 |
|---|---|---|---|---|
| Gearing (liabilities / total assets) | 3.7% | 2.5% | 2.7% | |
| Current ratio | — | 0.46x | 0.27x |
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.
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Standalone (parent only)
- Auditor
- Gareth Davies, Comptroller and Auditor General
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“No material uncertainties were identified in the going concern assessment. In line with Notice to Proceed, confirmed on 15 April 2020, and the new instructions from the Secretary of State in July 2025 and March 2026 on resetting the programme and reducing the time and cost alongside the existing delivery work underway, it is considered appropriate to adopt a going concern basis to prepare these financial statements.”
Significant events
- “April 2025: The UK’s heaviest bridge slide took place in Warwickshire as the 14,500-tonne Kenilworth box was moved into position.”
- “September 2025: Britain’s largest rail bridge – the 2.1-mile-long Colne Valley viaduct, north-west of London – is finished.”
- “October 2025: All deep bore tunnelling between London and the West Midlands is completed with TBM Elizabeth’s Bromford tunnel breakthrough near Birmingham.”
- “March 2026: TBM Karen – the last of 11 to be used on the project – starts digging the final bore of the Euston tunnel.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
14 active · 50 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| BROWN, Michael William Tuke | Director | 2025-07-14 | Apr 1964 | British |
| GOLDSTONE, David Lionel Alexander | Director | 2024-06-01 | Jul 1962 | British |
| HEAD, Emma Louise | Director | 2024-07-01 | Jun 1981 | British |
| HOLT, Elaine Karen | Director | 2020-07-01 | Jun 1966 | British |
| KING, Ian Graham | Director | 2020-07-01 | Apr 1956 | British |
| MCINTOSH, Robert Davis | Director | 2026-01-01 | Dec 1972 | British |
| MCMEEL, Anne Marie | Director | 2026-01-01 | Dec 1954 | British |
| MURPHY, Stephen John | Director | 2026-01-01 | Dec 1969 | British |
| OGUNSHAKIN, Olawale Nelson, Dr | Director | 2023-10-01 | Nov 1960 | British |
| REYNOLDS, Neil Martin | Director | 2025-12-03 | May 1961 | British |
| SMITHSON, Keith Victor | Director | 2023-06-01 | Mar 1962 | Irish |
| VIALA DE LISLE, Fabienne Paule | Director | 2025-12-03 | Aug 1962 | British,French |
| WILD, Mark | Director | 2024-12-02 | May 1965 | British |
| WILLS, Simon Marc | Director | 2025-12-03 | Aug 1967 | British |
Show 50 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| GEOGHEGAN, Nicole Ann | Secretary | 2016-02-15 | 2019-06-09 |
| HAMMOND, Mairi Fiona | Secretary | 2015-11-05 | 2016-02-15 |
| MORGAN, Bridget Catherine (Betty) | Secretary | 2013-01-02 | 2015-02-27 |
| OWEN, Non | Secretary | 2019-06-10 | 2025-03-31 |
| QAYYUM, Rubeela Naveed | Secretary | 2011-04-19 | 2012-04-20 |
| RODDIE, Suzanne | Secretary | 2009-02-13 | 2011-03-18 |
| ROSKILL, Victoria Mary Wilson | Secretary | 2012-05-08 | 2013-01-02 |
| TARPLEE, Suzanne Catherine | Secretary | 2015-02-28 | 2015-11-04 |
| WELLBURN, Timothy John | Secretary | 2009-01-14 | 2009-02-13 |
| WHITTINGHAM, Anna | Secretary | 2025-04-01 | 2025-11-27 |
| ADONIS, Andrew, Lord | Director | 2015-07-01 | 2017-04-21 |
| ALLEN, Stephen David | Director | 2015-10-29 | 2018-03-31 |
| BOWLES, Simon Alan | Director | 2012-02-27 | 2012-06-30 |
| BRADLEY, Michael Paul | Director | 2018-11-05 | 2022-08-29 |
| BRISCOE, Brian Anthony | Director | 2009-02-13 | 2014-03-31 |
| BROWN, Richard Howard | Director | 2012-07-01 | 2019-06-30 |
| CAPSTICK, Martin Harold | Director | 2011-01-01 | 2012-12-19 |
| COOK, Allan Edward | Director | 2018-12-05 | 2021-07-31 |
| DAVINSON, Joanna Maeve | Director | 2023-06-01 | 2025-12-03 |
| EMMETT, Christine | Director | 2014-09-15 | 2018-09-14 |
| EWELL, Melvyn | Director | 2016-09-01 | 2023-03-31 |
| FOSTER, Alan Peter | Director | 2023-05-01 | 2026-04-06 |
| FRIEND, Andrew Erskine | Director | 2009-03-17 | 2012-06-30 |
| GOLDSTONE, David Lionel Alexander | Director | 2012-02-27 | 2012-06-30 |
| HACKITT, Judith Elizabeth, Dame | Director | 2019-04-01 | 2024-01-31 |
| HARRIS, Tom | Director | 2020-07-01 | 2024-06-30 |
| HIGGINS, David Hartmann, Sir | Director | 2014-01-01 | 2018-07-31 |
| HILL, Roy Francis | Director | 2016-12-09 | 2017-03-02 |
| HUGHES, Stephen Edward | Director | 2019-04-01 | 2025-12-03 |
| KIRBY, Simon Neil | Director | 2014-09-01 | 2016-12-08 |
| LINNARD, Robert Wynne | Director | 2009-01-14 | 2009-02-18 |
| MASOM, Neil Andrew | Director | 2014-09-15 | 2018-09-14 |
| MCNAUGHTON, Andrew George, Professor | Director | 2012-12-21 | 2014-09-18 |
| MORGAN, Terence Keith, Sir | Director | 2018-08-01 | 2018-12-04 |
| MOUNTFORD, Roger Philip | Director | 2015-02-19 | 2023-05-18 |
| MUNRO, Alison Mary | Director | 2009-01-28 | 2017-08-31 |
| OAKERVEE, Douglas Edwin, Sir | Director | 2012-04-01 | 2013-12-31 |
| ROBINSON, Richard Leslie | Director | 2018-09-24 | 2019-09-25 |
| ROWLANDS, David, Sir | Director | 2009-01-19 | 2010-02-19 |
| SMITH, Godric William Naylor | Director | 2012-07-01 | 2012-12-19 |
| SMITH, John Edward Kitson | Director | 2018-08-01 | 2021-10-31 |
| SUTHERLAND, Duncan William | Director | 2012-07-01 | 2018-06-29 |
| THOMPSON, Jonathan Michael, Sir | Director | 2021-04-01 | 2025-03-31 |
| THURSTON, Mark John | Director | 2017-03-03 | 2023-09-30 |
| TODD, Ruth Anne Llewellin | Director | 2021-07-20 | 2023-12-21 |
| VALENTINE, Josephine Clare, Baroness | Director | 2014-09-15 | 2018-09-14 |
| WELLBURN, Timothy John | Director | 2009-01-14 | 2010-12-31 |
| WELTON, Michael William | Director | 2009-04-15 | 2015-01-11 |
| WEST, Beth Anne | Director | 2012-12-21 | 2014-09-18 |
| WOLSTENHOLME, Andrew William Lewis | Director | 2018-06-01 | 2019-04-01 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| The Secretary Of State For Transport | Legal person | Significant influence | 2016-04-06 | Active |
Filing timeline
Last 20 of 180 total filings
Material constitutional events — rename, articles re-file, resolution
- 2026-08-20 RESOLUTIONS Resolution
- 2026-08-19 MA Memorandum articles
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-08-20 | RESOLUTIONS | resolution | Resolution | |
| 2026-08-19 | MA | incorporation | Memorandum articles | |
| 2026-08-14 | AA | accounts | Accounts with accounts type full | |
| 2026-08-13 | AP01 | officers | Appoint person director company with name date | |
| 2026-08-05 | TM01 | officers | Termination director company with name termination date | |
| 2026-07-15 | AP03 | officers | Appoint person secretary company with name date | |
| 2026-06-01 | TM01 | officers | Termination director company with name termination date | |
| 2026-04-22 | TM01 | officers | Termination director company with name termination date | |
| 2026-01-15 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-01-14 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-13 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-13 | AP01 | officers | Appoint person director company with name date | |
| 2025-12-15 | AP01 | officers | Appoint person director company with name date | |
| 2025-12-15 | AP01 | officers | Appoint person director company with name date | |
| 2025-12-11 | AP01 | officers | Appoint person director company with name date | |
| 2025-12-04 | TM01 | officers | Termination director company with name termination date | |
| 2025-12-04 | TM01 | officers | Termination director company with name termination date | |
| 2025-12-03 | AA | accounts | Accounts with accounts type full | |
| 2025-11-27 | TM02 | officers | Termination secretary company with name termination date | |
| 2025-07-22 | AP01 | officers | Appoint person director company with name date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 19
- Capital events
- 0
- Officers appointed
- 6
- Officers resigned
- 4
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.