TRANSPORT TRADING LIMITED
Transport Trading Limited serves as the principal commercial and holding subsidiary of Transport for London, overseeing the capital's urban passenger railway, underground, and metro transportation networks.
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Cash
£140m
+2.3% vs 2025
Net assets
£13bn
-3.8% lowest in 3 filed years
Employees
18,614
+0.2% vs 2025
Profit before tax
-£549m
-8.5% vs 2025
Watch the reel
Our short-form breakdown of TRANSPORT TRADING LIMITED's latest filing
Inside the latest accounts for Transport Trading Limited, the principal holding company for Transport for London. Fares are up, but so are the costs of running the capital's network. 🚆
Net assets
3-year trend · vs Industrials median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2026-03-31
| Metric | Trend | 2024-03-31 | 2025-03-31 | 2026-03-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £5,533,200,000 | £5,795,600,000 | £6,009,100,000 | +3.7% | |
| Operating profit | -£1,347,300,000 | -£1,383,200,000 | -£1,398,600,000 | -1.1% | |
| Profit before tax | -£1,005,300,000 | -£505,600,000 | -£548,700,000 | -8.5% | |
| Net profit | -£1,054,800,000 | -£473,200,000 | -£525,600,000 | -11.1% | |
| Cash | £155,000,000 | £136,500,000 | £139,600,000 | +2.3% | |
| Total assets less current liabilities | £43,374,200,000 | £43,067,900,000 | £43,300,700,000 | +0.5% | |
| Net assets | £13,489,400,000 | £13,072,000,000 | £12,570,100,000 | -3.8% | |
| Equity | £13,489,400,000 | £13,072,000,000 | £12,570,100,000 | -3.8% | |
| Average employees | 18,348 | 18,582 | 18,614 | +0.2% | |
| Wages | £1,200,000,000 | £1,237,500,000 | £1,296,800,000 | +4.8% | |
| Directors' remuneration | £1,719,468 | £2,375,788 | £2,457,358 | +3.4% | |
| Directors' pension contributions | — | £186,892 | £49,275 | -73.6% | |
| Highest paid director | — | £639,164 | £635,533 | -0.6% |
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 —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|
| Operating margin | -24.3% | -23.9% | -23.3% | |
| Net margin | -19.1% | -8.2% | -8.7% | |
| Return on capital employed | -3.1% | -3.2% | -3.2% | |
| Gearing (liabilities / total assets) | 69.9% | 71.4% | 72.8% | |
| Current ratio | 0.37x | 0.28x | 0.23x | |
| Interest cover | -2.45x | -2.50x | -2.43x |
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
- Consolidated group
- Auditor
- Ernst & Young LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“Management has a reasonable expectation that TfL will have adequate resources to continue in operational existence throughout the going concern period ending 31 March 2028 maintaining the provision of its services and the level of funding provided to the TTL Group without significant amendment or reductions.”
Group structure
- TRANSPORT TRADING LIMITED · parent
- City Airport Rail Enterprises Limited 100%
- Crossrail Limited 100%
- Crossrail 2 Limited 100%
- Docklands Light Railway Limited 100%
- London Bus Services Limited 100%
- London Buses Limited 100%
- London Dial-a-Ride Limited 100%
- London River Services Limited 100%
- London Transport Museum Limited 100%
- London Transport Museum (Trading) Limited 100%
- London Underground Limited 100%
- LUL Nominee BCV Limited 100%
- LUL Nominee SSL Limited 100%
- Places for London Limited 100%
- Rail for London Limited 100%
- Rail for London (Infrastructure) Limited 100%
- Tramtrack Croydon Limited 100%
- Transport for London Finance Limited 100%
- TTL Blackhorse Road Properties Limited 100%
- TTL Build to Rent Limited 100%
- TTL Cockfosters Properties Limited 100%
- TTL Earls Court Properties Limited 100%
- TTL Electric Vehicle Charging Limited 100%
- TTL High Barnet Properties Limited 100%
- TTL Ickenham Properties Limited 100%
- TTL Kidbrooke Properties Limited 100%
- TTL Landmark Court Properties Limited 100%
- TTL Limmo Properties Limited 100%
- TTL Office Properties Limited 100%
- TTL South Kensington Properties Limited 100%
- TTL Southwark Properties Limited 100%
- TTL Student Properties Limited 100%
- TTL Wembley Park Properties Limited 100%
- TTL West London Properties Limited 100%
- Tube Lines Limited 100%
- Tube Lines Pension Scheme Trustees Limited 100%
- Victoria Coach Station Limited 100%
- Woolwich Arsenal Rail Enterprises Limited 100%
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
8 active · 43 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| CLARKE, Andrea | Secretary | 2023-09-29 | — | — |
| BRUNSKILL, Fiona Jane | Director | 2026-03-06 | Feb 1975 | British |
| CLARKE, Andrea | Director | 2023-09-22 | Dec 1972 | British |
| DOIG, Patrick | Director | 2026-03-06 | Feb 1982 | British |
| LORD, Andrew Peter Stanton | Director | 2020-06-29 | Sep 1970 | British |
| MANN, Claire | Director | 2024-05-17 | Jul 1973 | British |
| MATSON, Lilli Sabrina | Director | 2022-12-15 | Apr 1965 | British |
| WILLIAMS, Alex | Director | 2022-12-20 | Oct 1966 | British |
Show 43 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| CARTER, Howard Ernest | Secretary | 2006-09-04 | 2023-09-29 |
| CHANCE, Joanne Marie | Secretary | 2004-06-14 | 2007-09-30 |
| CURRY, Justine Anne | Secretary | 2023-09-29 | 2026-05-15 |
| DAVIES, Gareth John | Secretary | 2002-10-14 | 2003-09-03 |
| GREGORY, Jacqueline Anne | Secretary | 2003-09-03 | 2004-06-04 |
| HOWARD, Ellen | Secretary | 2008-02-06 | 2011-07-15 |
| LOW, Frances | Secretary | 2000-01-24 | 2000-06-28 |
| MCGUIRK, Peter William | Secretary | 2005-12-24 | 2006-09-29 |
| NOLAN, Maureen Patricia | Secretary | 2000-07-03 | 2002-10-14 |
| PIPE, Jeffrey Henderson | Secretary | 2006-09-04 | 2010-07-09 |
| SHERRY, Louise Dianne | Secretary | 2004-06-14 | 2005-04-01 |
| SMITH, Fiona Brown | Secretary | 2005-04-01 | 2005-12-23 |
| SWIGGS, Michael Leonard | Secretary | 2000-06-28 | 2000-07-30 |
| ALLEN, Stephen David | Director | 2007-05-30 | 2015-09-30 |
| BARTON, Glynn Edward | Director | 2022-12-19 | 2024-05-17 |
| BROWN, David Allen | Director | 2007-03-05 | 2011-03-31 |
| BROWN, Ian Arthur | Director | 2001-07-17 | 2010-11-05 |
| BROWN, Michael William Tuke | Director | 2010-03-24 | 2020-07-10 |
| BYFORD, Andrew Robert | Director | 2020-06-29 | 2022-10-28 |
| CARTER, Howard Ernest | Director | 2007-03-05 | 2023-09-22 |
| DANIELS, Leon Alistair | Director | 2011-04-20 | 2017-12-20 |
| DOIG, Patrick | Director | 2022-05-18 | 2022-12-15 |
| DOUGLAS, Colin Antony | Director | 2001-07-17 | 2001-12-31 |
| HALLE, Richard William | Director | 2000-07-27 | 2001-01-23 |
| HENDY, Peter Gerard, Sir | Director | 2001-01-23 | 2015-07-16 |
| HODSON, Clive | Director | 2000-01-24 | 2000-07-21 |
| HUGHES, John James | Director | 2000-01-24 | 2000-07-03 |
| KILEY, Robert Raymond | Director | 2001-01-23 | 2006-01-31 |
| KILONBACK, Simon David | Director | 2018-11-02 | 2022-04-29 |
| MAMODE, Joyce | Director | 2000-07-03 | 2001-06-08 |
| MAYER, Ralph Anthony Jeffrey | Director | 2000-07-03 | 2000-10-13 |
| MCLEAN, Rachel | Director | 2022-12-19 | 2026-02-13 |
| NUNN, Ian Alan | Director | 2015-09-21 | 2017-07-24 |
| O'TOOLE, Timothy Terrence | Director | 2003-07-15 | 2009-04-30 |
| POWELL, Gareth William | Director | 2017-12-20 | 2022-09-15 |
| SMITH, Derek Vincent | Director | 2000-01-24 | 2000-07-03 |
| SMITH, Richard Stephen | Director | 2000-01-24 | 2001-10-05 |
| SWIGGS, Michael Leonard | Director | 2000-03-09 | 2002-05-22 |
| TUNNICLIFFE, Denis | Director | 2000-01-24 | 2000-07-03 |
| TURNER, Derek | Director | 2001-06-08 | 2003-07-08 |
| WALDER, Jay Herbert | Director | 2001-06-08 | 2007-02-28 |
| WETZEL, David Christopher | Director | 2000-07-03 | 2001-06-08 |
| WILD, Mark | Director | 2016-09-01 | 2018-11-02 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Transport For London | Legal person | Shares 75–100%, Voting 75–100%, Appoints directors | 2016-04-06 | Active |
Filing timeline
Last 20 of 212 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-10-07 | AA | accounts | Accounts with accounts type group | |
| 2026-06-19 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-05-20 | TM02 | officers | Termination secretary company with name termination date | |
| 2026-03-21 | AA | accounts | Accounts with accounts type group | |
| 2026-03-11 | AP01 | officers | Appoint person director company with name date | |
| 2026-03-11 | AP01 | officers | Appoint person director company with name date | |
| 2026-02-16 | TM01 | officers | Termination director company with name termination date | |
| 2025-06-20 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-12-28 | AA | accounts | Accounts with accounts type group | |
| 2024-08-14 | RP04CS01 | confirmation-statement | Second filing of confirmation statement with made up date | |
| 2024-08-01 | RP04CS01 | confirmation-statement | Second filing of confirmation statement with made up date | |
| 2024-06-06 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-05-23 | TM01 | officers | Termination director company with name termination date | |
| 2024-05-23 | AP01 | officers | Appoint person director company with name date | |
| 2023-11-22 | AA | accounts | Accounts with accounts type group | |
| 2023-10-06 | AP03 | officers | Appoint person secretary company with name date | |
| 2023-10-06 | AP03 | officers | Appoint person secretary company with name date | |
| 2023-10-06 | TM02 | officers | Termination secretary company with name termination date | |
| 2023-10-06 | AP01 | officers | Appoint person director company with name date | |
| 2023-10-06 | TM01 | officers | Termination director company with name termination date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 7
- Capital events
- 0
- Officers appointed
- 2
- Officers resigned
- 2
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.