FIRST GREATER WESTERN LIMITED

• ⚠

  Material uncertainty over going concern

  However, the risk of the DfT invoking the rolling option to terminate the NRC with 3 months' notice (which would end FGW's primary business) represents a material uncertainty that may cast significant doubt on FGW's ability to continue as a going concern and should be highlighted to the users of the financial statements.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“However, the risk of the DfT invoking the rolling option to terminate the NRC with 3 months' notice (which would end FGW's primary business) represents a material uncertainty that may cast significant doubt on FGW's ability to continue as a going concern and should be highlighted to the users of the financial statements.”

Significant events

• “In June 2022, FGW was awarded a National Rail Contract (NRC) which runs to 25 June 2028. The contract includes a rolling option for the Department for Transport (DfT) to terminate the contract from 22 June 2025 if three months' notice is given.”
• “On 28 November 2024, the Passenger Railway Services (Public Ownership) Act 2024 received Royal Assent. The Act amends the Railway Act 1993 to shift the provision for passenger railway services to be provided by the public sector instead of private rail franchises.”
• “For FGW, the transfer into public ownership has not been announced, although management is currently expecting a transfer as detailed in Note 4a.”
• “In February 2025, the government consultation on the Railways Bill outlined plans to set up GBR as a new arm's length body, responsible for rail services and infrastructure.”
• “Ashley Down station is located between Filton Abbey Wood and Stapleton Road station in Bristol and was opened on 28 September 2024.”
• “FGW has continued its industry first fast charge battery only train trial during the year, gathering insights to share with the DfT and wider industry.”
• “One of the ways that FGW helps to promote Equality, Diversity and Inclusion (ED&I) within FGW is through employee engagement activities. In addition, FGW received the Rail Business Award for 'Diversity and Inclusion in Rail' for its achievements in gender inclusion.”
• “FGW and Network Rail are partnering with Cornwall Council on the £56.8m Mid Cornwall Metro Initiative. This new coast to coast rail service will create a sustainable transport corridor through central Cornwall.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.