Patina Rail LLP
Registered name: PATINA RAIL LLP
Part of Federated Hermes Diversified Infrastructure Fund LP groupPatina Rail LLP made £2.8m revenue and a £6m loss in the year to 31 Dec 2025.
Patina Rail LLP’s revenue grew 928% to £2.8m in the year to 31 Dec 2025, with a loss of £6m and 2 employees. The company is based in London; we hold 2 years of its filed accounts.
- Status
- Active
- Location
- London, London
- Age
- 11 yrs · since 2015
- Type
- Limited Liability Partnership
Partnership. Profit is shown before the partners' own pay, so margins aren't comparable with a limited company. It is excluded from our opportunity lists.
Part of a group. The filing indicates this company sits within a group structure, so its results may depend on intra-group trading and it may be hard to replicate independently.
Key figures
Badges are automated estimates derived from the filed figures — not statements of fact about the company.
Financial history
| Year to | 31 Dec 2024 | 31 Dec 2025 |
|---|---|---|
| Disclosure | Full P&L | Full P&L |
| Profit & loss | ||
| Revenue (turnover) | £275k | £2.8m |
| Operating profit | £158k | £2.6m |
| Profit after tax | £12.1m | −£6m |
| Profit (best available) | £12.1m | −£6m |
| Employees (average) | 2 | 2 |
| Ratios | ||
| Profit margin | 4395% | −213.2% |
| Revenue per employee | £137k | £1.4m |
| Profit per employee | £6m | −£3m |
| Cash conversion | −53% | 100.2% |
| Growth (year on year) | ||
| Revenue growth | — | ▲927.8% |
| Profit growth | — | ▼149.8% |
| Headcount growth | — | 0% |
| Balance sheet — indirect signals, not revenue | ||
| Cash at bank | £384k | £372k |
| Net assets | £151m | £151m |
| Fixed assets | £150m | £150m |
| Cash from operations | −£83.9k | £2.6m |
| Source | FullAccounts · bulk data Sep 2026 | FullAccounts · bulk data Sep 2026 |
How the business works
- Profit margin
- −213.2%
- Profit ÷ revenue.
- Gross margin
- —
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £1.4m
- Revenue ÷ average employees.
- Profit per employee
- −£3m
- Profit ÷ average employees.
- Cash conversion
- 100.2%
- Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
- Fixed assets ÷ revenue
- 5328%
- 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
- ▼0%
- Now £151m
- Cash at bank
- ▼3%
- Now £372k
- Headcount
- 0%
- Now 2
- Deferred income
- —
- Now —
- Fixed assets
- 0%
- Now £150m
Group structure
Ownership chain
- Federated Hermes Diversified Infrastructure Fund LPultimate parent75–100%
- Patina Rail LLPthis company
Bands show the share of ownership each company holds in the one below it.
Sister companies (4)
- Anchorage Ports LLPRev. £44.7m · Profit £38.2m
- Orbit Holdco LLPRev. £6.6m · Profit £10.6m
- Everest Bidco LimitedRev. £2.6m · Profit £3.2m
- Hgpe FRWL Topco LimitedFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from FullAccounts for the year to 31 Dec 2025 (profit −£6m), from the Companies House accounts bulk data published Sep 2026. Spotted an error? Request a correction.
Contains public sector information from Companies House licensed under the Open Government Licence v3.0. Data from Companies House, © Crown copyright. View the licence.