Devon and Cornwall Railways Limited
Registered name: DEVON AND CORNWALL RAILWAYS LIMITED
Part of Cappagh Group Holdings Limited groupDevon and Cornwall Railways Limited made £11m revenue and a £356k loss in the year to 31 Mar 2025.
Devon and Cornwall Railways Limited’s revenue grew 20% to £11m in the year to 31 Mar 2025, with a loss of £356k and 62 employees. The company is classified under “freight rail transport” and is based in London; we hold 2 years of its filed accounts.
- Status
- Active
- Location
- London
- Age
- 22 yrs · since 2003
- Type
- Private Limited Company
Key figures
Financial history
| Year to | 31 Mar 2024 | 31 Mar 2025 |
|---|---|---|
| Disclosure | Full P&L | Full P&L |
| Profit & loss | ||
| Revenue (turnover) | £9.2m | £11m |
| Cost of sales | −£6.4m | −£9.2m |
| Gross profit | £2.8m | £1.9m |
| Operating profit | −£47.1k | −£356k |
| Profit before tax | −£47.1k | −£356k |
| Profit after tax | −£347k | −£356k |
| Profit (best available) | −£347k | −£356k |
| Employees (average) | 43 | 62 |
| Ratios | ||
| Profit margin | −3.8% | −3.2% |
| Gross margin | 30.3% | 16.8% |
| Revenue per employee | £214k | £178k |
| Profit per employee | −£8.1k | −£5.7k |
| Growth (year on year) | ||
| Revenue growth | — | ▲19.8% |
| Headcount growth | — | ▲44.2% |
| Balance sheet — indirect signals, not revenue | ||
| Net assets | — | — |
| Source | Accounts · bulk data Dec 2025 | Accounts · bulk data Dec 2025 |
How the business works
- Profit margin
- −3.2%
- Profit ÷ revenue.
- Gross margin
- 16.8%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £178k
- Revenue ÷ average employees.
- Profit per employee
- −£5.7k
- Profit ÷ average employees.
- Cash conversion
- —
- Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
- Fixed assets ÷ revenue
- —
- Capital intensity. Low = capital-light, cheaper to start.
- Deferred income ÷ revenue
- —
- Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
- Debtors ÷ revenue
- —
- Money owed by customers. Low = customers pay quickly.
Balance-sheet signals
Year-on-year changes in filed balance-sheet items. They can hint at momentum (or investment) but are not revenue or profit and must not be read as such.
- Net assets
- —
- Now —
- Cash at bank
- —
- Now —
- Headcount
- ▲44%
- Now 62
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now —
Group structure
Ownership chain
- Cappagh Group Holdings Limitedultimate parent75–100%
- TM Property Holdings Limited75–100%
- Devon and Cornwall Railways Limitedthis company
Bands show the share of ownership each company holds in the one below it.
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from accounts for the year to 31 Mar 2025 (profit −£356k), from the Companies House accounts bulk data published Dec 2025. Spotted an error? Request a correction.
Updated from Companies House on 15 Oct 2026
Contains public sector information from Companies House licensed under the Open Government Licence v3.0. Data from Companies House, © Crown copyright. View the licence.