PORTERBROOK LEASING MID COMPANY LIMITED

Accounting basis

UK-adopted International Accounting Standards

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Company had net current assets at 31 December 2024 of £23.7m (2023: £35.0m) and the Directors observe that the Company has access to sufficient financial resources through both its parent company, Porterbrook Rail Finance Limited and subsidiary company, Porterbrook Leasing Company Limited, together with long term contracts with its subsidiary Group companies. Porterbrook Leasing Company Limited has agreed to provide financial support to the Company. As a consequence, the Directors believe that the Company is well placed to manage its business risks successfully in the current economic environment. The Group, of which the Company is a part, is managed on a consolidated basis and hence the Directors have also considered the forecast cash flows and the ability, as disclosed in its financial statements of the parent company, Porterbrook Rail Finance Limited, in providing financial support. Therefore the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and so they continue to adopt the going concern basis in preparing the financial statements.”

Group structure

1. PORTERBROOK LEASING MID COMPANY LIMITED · parent
   1. Porterbrook Leasing Company Limited 100% · UK · Operating leasing
   2. Porterbrook Maintenance Limited 100% · UK · Operating leasing and heavy maintenance services
   3. Porterbrook March Leasing (4) Limited 100% · UK · Operating leasing
   4. Porterbrook Leasing Asset Company Limited 100% · UK · Finance leasing

Significant events

• “In March, PLMC entered into an agreement to purchase 120 Class 379 vehicles, which completed in June.”
• “In December, PLMC made the second milestone payment on the fleet of ten new tri-mode trains for London North Eastern Railway (LNER).”
• “The fleet modernisation programme of the Electrostar trains operating on the Southern, Gatwick Express and Great Northern networks continued with Govia Thameslink Railway (GTR). The first of 304 trains in the programme returned to passenger service in early 2021, having been upgraded at GTR's Selhurst depot. In 2024, 86 of the trains were upgraded, bringing the total number of units refreshed to 264 with the project expected to conclude in Q3 2025.”
• “PLMC acquired 50 new box wagons and three shunters, all of which are leased to GB Railfreight (GBRf).”
• “PLMC has invested further in the Long Marston Rail Innovation Centre, with a programme of targeted improvements. The infrastructure will be upgraded in 2025, providing an enhanced, fully-electrified test facility for operations.”
• “PLMC was appointed as funder for the multi-million pound transformation of West Midland Trains' Bletchley depot. This transformation is expected to complete in Q3 2025.”

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

Filings

9

last 12 months

Capital events

3

last 24 months

Officers appointed

4

last 12 months

Officers resigned

2

last 12 months

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