CADENT GAS LIMITED
Formerly part of National Grid, Cadent is a consortium-owned private company that operates the largest natural gas distribution network in the UK and manages the national gas emergency service.
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Cash
£569m
Latest balance sheet
Net assets
£2.3bn
Equity attributable
Employees
6,215
Average over period
Profit before tax
£697m
Period ending 2024-03-31
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
1-year trend · vs Utilities median
Accounts
1-year trend · Δ = latest vs prior filed period · latest reflected 2026-03-31
| Metric | Trend | 2024-03-31 | Δ vs prior |
|---|---|---|---|
| Turnover | £2,277,000,000 | — | |
| Operating profit | £893,000,000 | — | |
| Profit before tax | £697,000,000 | — | |
| Net profit | — | — | |
| Cash | £569,000,000 | — | |
| Total assets less current liabilities | £12,008,000,000 | — | |
| Net assets | £2,348,000,000 | — | |
| Equity | £2,348,000,000 | — | |
| Average employees | 6,215 | — | |
| Wages | £318,000,000 | — | |
| Directors' remuneration | £3,358,000 | — |
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 —. Year-on-year comparison hidden: this filing's period length differs materially from the prior year. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-03-31 |
|---|---|---|
| Operating margin | 39.2% | |
| Return on capital employed | 7.4% | |
| Gearing (liabilities / total assets) | 82.0% | |
| Current ratio | 0.78x | |
| Interest cover | 3.10x |
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
- CADENT GAS LIMITED 2017-05-02 → present
- NATIONAL GRID GAS DISTRIBUTION LIMITED 2016-05-05 → 2017-05-02
- NATIONAL GRID THIRTY SEVEN LIMITED 2016-03-23 → 2016-05-05
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Consolidated group
- Auditor
- Deloitte LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The Directors consider that the Group is able to demonstrate reasonable expectations that it has adequate resources to continue in operational existence for at least 12 months from the date of the signing of these consolidated financial statements. The Directors, therefore, consider that there are no material uncertainties that would cast significant doubt over the ability to adopt going concern basis of accounting in preparing the financial statements.”
Group structure
- CADENT GAS LIMITED · parent
- Cadent Finance Plc 100%
- Cadent Gas Pension Trustee Limited 100%
- Cadent Gas Pension Property Company 1 Limited 100%
- Cadent Gas Pension Property Company 2 Limited 100%
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
22 active · 41 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| BENNETT, Diane Mary | Secretary | 2020-01-23 | — | — |
| BARON, Gary Lee | Director | 2025-04-01 | Jun 1981 | British |
| BELL, Catherine Elisabeth Dorcas, Dr | Director | 2016-09-08 | Apr 1951 | British |
| BRAITHWAITE, Mark William | Director | 2017-03-31 | Nov 1965 | British |
| CARTA, Arturo | Director | 2025-05-22 | Nov 1973 | Italian |
| COOLEY, Graham Edward, Dr | Director | 2024-01-17 | Mar 1964 | British |
| CORRIGALL, Neil Robert Vint | Director | 2022-05-24 | Oct 1976 | British |
| FANG, Bo | Director | 2026-03-11 | Jul 1987 | Chinese |
| FENNELL, Simon | Director | 2019-05-15 | Feb 1980 | British |
| FIDLER, Eduard Benjamin | Director | 2018-11-29 | Feb 1977 | Canadian |
| FORSTER, Howard Neil | Director | 2021-07-14 | Jan 1969 | British |
| FRASER, Steven Richard | Director | 2019-09-02 | Nov 1975 | Scottish |
| HOLLAND-KAYE, William John | Director | 2025-09-01 | Mar 1965 | British |
| HOWELL, Emma | Director | 2024-03-29 | Jul 1979 | British |
| KARNIK, Deven Arvind | Director | 2017-03-31 | Aug 1967 | British |
| MATHIESON, Mark William | Director | 2018-11-28 | Sep 1966 | British |
| RAY, Alistair Graham | Director | 2023-07-19 | Nov 1974 | British |
| SMITH, Paul Richard | Director | 2021-02-08 | Jan 1963 | British |
| SU, Hua | Director | 2018-08-23 | Dec 1990 | Chinese |
| SULAIMAN, Sara Murtadha Jaffar | Director | 2025-10-31 | Dec 1977 | Omani |
| SUN, Xiaotian | Director | 2026-03-11 | Aug 1990 | Chinese |
| WILKINS, Desmond Luis | Director | 2021-08-31 | Jul 1984 | British |
Show 41 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| BARNES, Megan | Secretary | 2016-03-23 | 2016-09-08 |
| COOPER, Mark Stuart | Secretary | 2016-11-23 | 2020-01-15 |
| DAVIDSON, Rachael Jennifer | Secretary | 2016-09-08 | 2017-03-31 |
| HOWITT, David Andrew | Secretary | 2017-03-31 | 2020-01-17 |
| MORGAN, Alice Parker | Secretary | 2016-03-23 | 2017-03-31 |
| AGG, Andrew Jonathan | Director | 2016-06-02 | 2018-07-20 |
| AL-ANSARI, Abdulla Mohamed | Director | 2018-05-17 | 2025-05-22 |
| AL-THANI, Ahmed Bin Fahad, Sheikh | Director | 2017-05-22 | 2018-05-17 |
| AXAM, Nicholas John | Director | 2018-05-17 | 2022-01-28 |
| BAO, Jianmin | Director | 2019-06-28 | 2021-05-26 |
| BAO, Jianmin | Director | 2017-03-31 | 2018-08-23 |
| BENNETT, Christopher Paul | Director | 2017-03-31 | 2018-10-29 |
| BICKERSTAFF, Anthony Oliver | Director | 2022-02-07 | 2024-09-30 |
| BRADLEY, Martin | Director | 2017-03-31 | 2018-11-28 |
| BURNS, Clive | Director | 2016-03-23 | 2016-09-08 |
| COOPER, Malcolm Charles | Director | 2016-06-02 | 2017-03-31 |
| COUCHER, Iain Michael | Director | 2018-01-26 | 2020-03-24 |
| DE RUN, Hamish Nihal Malcom | Director | 2020-04-06 | 2021-08-31 |
| ELPHICK, Clive Harry, Dr | Director | 2016-09-08 | 2017-07-24 |
| GREENLEAF, Richard | Director | 2018-11-28 | 2023-11-23 |
| GREENLEAF, Richard | Director | 2017-05-22 | 2017-08-10 |
| GREGORY, Michael John | Director | 2017-05-22 | 2019-05-15 |
| HIGGINS, Howard Charles | Director | 2017-03-31 | 2022-05-24 |
| HOFBAUER, Peter Francis | Director | 2017-03-31 | 2018-01-26 |
| HUMPHREYS, Stuart Calvin | Director | 2018-07-20 | 2018-10-29 |
| HURRELL, Stephen Glynn | Director | 2017-03-31 | 2021-12-23 |
| KORPANCOVA, Jaroslava | Director | 2017-03-31 | 2022-08-31 |
| MARSDEN, Andrew | Director | 2022-01-28 | 2023-07-19 |
| MCMENAMIN, Aoife | Director | 2017-05-22 | 2018-11-29 |
| MONTAGUE, Adrian Alastair, Sir | Director | 2017-07-24 | 2026-01-31 |
| MORGAN, Alice Parker | Director | 2016-03-23 | 2016-09-08 |
| NOBLE, Mark David | Director | 2016-09-08 | 2016-09-08 |
| NOBLE, Perry Denis | Director | 2017-04-24 | 2024-03-29 |
| PRICE, William David George | Director | 2023-11-23 | 2024-10-23 |
| RAY, Alistair Graham | Director | 2017-03-31 | 2018-05-16 |
| SHAW, Lucy Nicola | Director | 2016-09-08 | 2018-10-29 |
| TRAIN, Christopher | Director | 2016-09-08 | 2019-02-15 |
| WANG, Minzhen | Director | 2021-05-26 | 2026-03-11 |
| WATERS, Christopher John | Director | 2017-03-31 | 2018-10-29 |
| WHITEMAN, Kevin Ian | Director | 2018-01-01 | 2021-01-01 |
| XIE, David Jinlin | Director | 2017-05-22 | 2026-03-11 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Quadgas Midco Limited | Corporate entity | Shares 75–100%, Voting 75–100% | 2017-05-11 | Active |
| National Grid Holdings One Plc | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2016-04-06 | Ceased 2017-05-11 |
Filing timeline
Last 20 of 168 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-08-03 | AP01 | officers | Appoint person director company with name date | |
| 2026-08-03 | TM01 | officers | Termination director company with name termination date | |
| 2026-07-13 | AA | accounts | Accounts with accounts type group | |
| 2026-07-02 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-05-06 | AP01 | officers | Appoint person director company with name date | |
| 2026-05-01 | AP01 | officers | Appoint person director company with name date | |
| 2026-03-16 | TM01 | officers | Termination director company with name termination date | |
| 2026-03-16 | TM01 | officers | Termination director company with name termination date | |
| 2026-02-02 | TM01 | officers | Termination director company with name termination date | |
| 2025-12-23 | CH01 | officers | Change person director company with change date | |
| 2025-11-26 | AAMD | accounts | Accounts amended with accounts type group | |
| 2025-11-05 | AP01 | officers | Appoint person director company with name date | |
| 2025-09-05 | AP01 | officers | Appoint person director company with name date | |
| 2025-07-07 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-07-02 | AA | accounts | Accounts with accounts type group | |
| 2025-06-11 | AP01 | officers | Appoint person director company with name date | |
| 2025-05-22 | TM01 | officers | Termination director company with name termination date | |
| 2025-04-01 | AP01 | officers | Appoint person director company with name date | |
| 2025-03-06 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 2024-11-11 | TM01 | officers | Termination director company with name termination date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 13
- Capital events
- 0
- Officers appointed
- 4
- 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.