PROGRESS RAIL LEASING UK LIMITED

Company number

03681421

Status

Active

Incorporation

1998-12-10

Last accounts made up

2024-12-31

Account category

FULL

Primary SIC

52290

Hubs

UK Logistics & Mobility

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In assessing the appropriateness of the going concern basis of preparation the directors have reviewed detailed cash flow forecasts over the going concern period of review which runs to 31 December 2026, considering reasonably anticipated scenarios in relation to revenue and costs, including a severe but plausible scenario. Based on these cash flow forecasts the company can meet its liabilities as they become due. ... The company has obtained a letter of support from Caterpillar Inc. that confirms the availability of funding necessary to enable Progress Rail Leasing UK Limited to continue in existence as a going concern, to meet its liabilities as they fall due and to carry on its business for at least 12 months from the date of the approval of these financial statements. ... From a liquidity perspective Caterpillar Inc. ended the first quarter of 2025 with $3.5 billion of cash and available global credit facilities of $10.5 billion. Having considered the liquidity forecasts of Caterpillar Inc., the directors are satisfied that it has sufficient ability to honour the support confirmed to the company should it be called upon.”

Significant events

• “The increase in interest expense for the year was primarily driven by the drawdown of a new loan agreement with Caterpiller International Finance Luxembourg totalling £7,000,000.”
• “In 2025, the company will report higher turnover due to expansion of assets under leasing.”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers