ANGEL TRAINS LIMITED
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Next accounts due
2026-09-30 (in 4mo)
Last filed for 2024-12-31
Confirmation statement due
2027-03-31 (in 10mo)
Last made up 2026-03-17
Watchouts
Cash
£27M
-26.4% vs 2023
Net assets
£201M
-20.4% vs 2023
Employees
147
+8.9% vs 2023
Profit before tax
£57M
-21.4% vs 2023
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
1 PSC ceased in last 24 months
Significant control changed hands — see the Ownership section.
Name history
Renamed 1 time since incorporation
- ANGEL TRAINS LIMITED 2000-05-16 → present
- ANGEL TRAIN CONTRACTS LIMITED 1994-03-21 → 2000-05-16
Net assets
2-year trend · vs Industrials median
Accounts
2-year trend · latest reflected 2024-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 |
|---|---|---|---|
| Turnover | £338,900,000 | £328,200,000 | |
| Operating profit | £136,900,000 | £121,200,000 | |
| Profit before tax | £72,000,000 | £56,600,000 | |
| Net profit | £55,800,000 | £43,800,000 | |
| Cash | £36,300,000 | £26,700,000 | |
| Total assets less current liabilities | £1,540,800,000 | £1,488,300,000 | |
| Net assets | £252,400,000 | £200,800,000 | |
| Equity | £252,400,000 | £200,800,000 | |
| Average employees | 135 | 147 | |
| Wages | £17,600,000 | £20,500,000 |
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
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 |
|---|---|---|---|
| Operating margin | 40.4% | 36.9% | |
| Net margin | 16.5% | 13.3% | |
| Return on capital employed | 8.9% | 8.1% | |
| Gearing (liabilities / total assets) | 85.3% | 87.8% | |
| Current ratio | 0.68x | 0.57x | |
| Interest cover | 2.02x | 1.76x |
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.
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Standalone (parent only)
- Auditor
- PricewaterhouseCoopers LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“These financial statements are prepared on a going concern basis. The Company's continues to comply with the requirements of the Group's debt covenants, with performance underpinned by positive cash flows from the Company's's operations despite a negative net current liabilities position. The Directors having made appropriate enquiries, have a reasonable expectation the Company's has adequate resources to continue in operational existence for the foreseeable future.”
Group structure
- ANGEL TRAINS LIMITED · parent
- Angel Locomotive Leasing Limited 100%
- Angel Trains Rolling Stock Limited 100%
- Readypower Group Limited 100%
- Readypower Rail Services Limited 100%
- Readypower Terrawise Limited 100%
- Readypower Complete Drain Clearance Limited 100%
- Force One limited 100%
- Jamie-Lee Cooper Limited 100%
- Readypower Canada Limited 100%
- Total Rail Solutions Limited 100%
Significant events
- “In December 2024 Angel Trains announced the procurement of 14 new 5-car Hitachi Class 80x trainsets, which will be leased by FirstGroup for use on its newly secured London to Carmathen and other Open Access routes.”
- “Following the general election in July 2024 and the resulting change in government, the new Labour government gained royal assent for the Passenger Railway Services (Public Ownership) Act 2024 in November 2024. The Act makes provision for passenger railway services to be provided by public sector companies instead of by means of franchises awarded to private operators, a key Labour policy during its election campaign.”
- “The timetable for the transfer of the first three private train operators to be taken into public ownership was published in December 2024.”
- “The initial three operators to be nationalised are South Western Railway in May 2025, c2c in July 2025 and Greater Anglia in the autumn 2025.”
- “In November 2024, the Company's ultimate parent company, Willow Topco Limited, was acquired by Willow Group Holdings Limited (including its subsidiary companies, "the Group").”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
5 active · 45 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| GARCIA, Claire | Secretary | 2023-01-17 | — | — |
| BROWN, Malcolm | Director | 2020-07-13 | Mar 1967 | British |
| JORDAN, David Michael | Director | 2018-08-01 | Mar 1973 | British |
| LOWE, Alan Edward | Director | 2012-05-29 | Jan 1968 | British |
| PROSSER, Matthew James | Director | 2019-07-23 | May 1972 | British |
Show 45 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| DUNSTAN, Jennifer Anne | Secretary | 1996-01-25 | 1997-11-19 |
| HEWETT, Peter Graham | Secretary | 1995-03-10 | 1995-08-14 |
| HOLAS, Nesha | Secretary | 2017-09-26 | 2022-06-21 |
| LOWE, Alan | Secretary | 2022-06-21 | 2023-01-17 |
| LOWE, Alan | Secretary | 2016-10-18 | 2017-09-26 |
| LYNN, George | Secretary | 1995-08-14 | 1996-02-20 |
| ODDY, Louise Margaret | Secretary | 1997-11-19 | 2009-06-23 |
| PORTER, Ralph Anthony | Secretary | 1994-03-21 | 1995-03-10 |
| SMITH, Claire | Secretary | 2009-06-23 | 2016-10-18 |
| ABBOTT, Haydn Turner | Director | 1999-06-30 | 2008-08-05 |
| BAKER, Allan Charles | Director | 1995-04-25 | 2002-07-05 |
| BRODIE, Robert Duncan | Director | 2002-06-17 | 2004-01-19 |
| BROWN, Malcolm | Director | 2008-06-23 | 2018-07-30 |
| DUGHER, Tim Richard | Director | 2002-06-17 | 2011-03-31 |
| DUNSTAN, Jennifer Anne | Director | 1996-01-25 | 1997-12-18 |
| EVANS, Timothy Michael | Director | 1996-01-17 | 1997-12-18 |
| FINLAYSON, David John Mcintosh | Director | 1999-04-19 | 2004-01-19 |
| HANDS, Guy | Director | 1996-01-25 | 1997-12-18 |
| HART, Raymond John | Director | 1997-06-25 | 1997-12-18 |
| HASSELL, Brian Charles | Director | 1994-07-20 | 1996-03-30 |
| HICKS, Mark Andrew | Director | 2011-03-31 | 2019-07-23 |
| HOUSTON, Iain Arthur | Director | 1997-12-18 | 2001-06-18 |
| JEFFERY, Alistair | Director | 1996-01-17 | 1996-08-20 |
| JENNER, Terence Anthony | Director | 1994-03-28 | 1995-08-14 |
| JERRAM, Jeremy James | Director | 1994-07-07 | 1995-08-14 |
| LENT, Stephen John | Director | 2003-03-17 | 2004-01-19 |
| LYNN, George | Director | 1994-10-03 | 2012-07-04 |
| MARTIN, Arthur Bryan | Director | 1996-01-26 | 1999-05-31 |
| MAYNARD, Alan David | Director | 1996-08-20 | 1997-10-15 |
| MCINTOSH, David Ronald | Director | 1996-01-25 | 1997-06-25 |
| MULHALL, Alexander Charles | Director | 1994-10-03 | 1995-12-21 |
| ODDY, Louise Margaret | Director | 1997-11-19 | 2009-06-25 |
| PEARCE, Nigel | Director | 2001-09-17 | 2002-06-17 |
| PERRY, Clifford Edward | Director | 1994-03-21 | 1995-04-25 |
| PRIDEAUX, John Denys Charles Anstice, Dr | Director | 1996-01-17 | 2004-01-19 |
| RIGBY, Peter John | Director | 1998-06-15 | 2007-03-30 |
| RIMINGTON, John David | Director | 1999-05-13 | 2004-01-19 |
| SULLIVAN, Christopher Paul | Director | 2001-06-04 | 2004-01-19 |
| SUNDERLAND, Godfrey Russell | Director | 1995-08-25 | 1996-01-17 |
| SWEETMAN, Jonathan Michael | Director | 1997-12-18 | 2001-08-20 |
| TRIBLEY, Kevin George | Director | 2009-06-23 | 2020-09-01 |
| VALE, John | Director | 1997-03-12 | 2008-09-12 |
| VERRION, Robert Edward | Director | 2008-08-05 | 2009-08-04 |
| WATSON, Peter | Director | 1994-03-21 | 1994-07-06 |
| WILKINSON, Richard James | Director | 1996-01-17 | 1998-04-28 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Amalfi Co 8 Ltd | Corporate entity | Shares 25–50%, Voting 25–50% | 2021-09-17 | Ceased 2024-05-30 |
| Angel Trains Group Ltd | Corporate entity | Shares 75–100% | 2017-06-26 | Ceased 2021-02-18 |
Filing timeline
Last 20 of 465 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-03-17 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-09-08 | AA | accounts | Accounts with accounts type full | |
| 2025-03-18 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-09-09 | AA | accounts | Accounts with accounts type full | |
| 2024-05-30 | PSC08 | persons-with-significant-control | Notification of a person with significant control statement | |
| 2024-05-30 | PSC07 | persons-with-significant-control | Cessation of a person with significant control | |
| 2024-03-22 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-03-19 | CH01 | officers | Change person director company with change date | |
| 2024-03-19 | CH01 | officers | Change person director company with change date | |
| 2024-03-19 | CH01 | officers | Change person director company with change date | |
| 2023-12-13 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2023-08-22 | AA | accounts | Accounts with accounts type full | |
| 2023-03-29 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-03-27 | PSC02 | persons-with-significant-control | Notification of a person with significant control | |
| 2023-03-27 | PSC09 | persons-with-significant-control | Withdrawal of a person with significant control statement | |
| 2023-01-24 | AP03 | officers | Appoint person secretary company with name date | |
| 2023-01-24 | TM02 | officers | Termination secretary company with name termination date | |
| 2022-11-07 | AAMD | accounts | Accounts amended with accounts type full | |
| 2022-09-12 | AA | accounts | Accounts with accounts type full | |
| 2022-06-22 | AP03 | officers | Appoint person secretary company with name date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 2
- Capital events
- 0
- Officers appointed
- 0
- Officers resigned
- 0
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.
Year-on-year
FY2023 → FY2024 · period ending 2024-12-31 vs 2023-12-31
-
Turnover
-3.2%
£338,900,000 £328,200,000
-
Cash
-26.4%
£36,300,000 £26,700,000
-
Net assets
-20.4%
£252,400,000 £200,800,000
-
Employees
+8.9%
135 147
-
Operating profit
-11.5%
£136,900,000 £121,200,000
-
Profit before tax
-21.4%
£72,000,000 £56,600,000
-
Wages
+16.5%
£17,600,000 £20,500,000
Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers