AA FIRST LIMITED

💤Zombieactive
02820728 · ltd · incorporated 1993-05-24
Investment thesis
Zombie company — trading but stalled; unlikely mover.
Why interesting: Quiet, steady; could be a succession or carve-out candidate with the right conversation.
Why risky: No growth signal; thin margin for error on price.
🔒Estimated value
—
Upgrade to see
Turnover
—
year to Mar 2025
Net worth
£78.8k
book net assets
Opportunity
77/100
Strong
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What this business does
Primary activity: Other business support service activities n.e.c.
Sector: Administrative & support services
Investor take
Pursue
Strong opportunity: active trading company with strong profile and acceptable with review structure.

Opportunity 77/100 (strong), bankability 67/100. High owner-dependency — earn-out structure likely required for clean transition. Share purchase looks the cleaner deal structure. Biggest value-creation lever: Consolidate lender relationships. 3 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (58/100).

🏦

Refinance opportunity

3 live charges · 3 lenders · oldest 29.9y

15/100
under pressure

Refinance would be pressure-driven, not opportunity-driven. Expect tighter margins and covenant scrutiny.

  • · Oldest live charge is 29.9 years old — likely at or near maturity.
  • · 3 lenders named — inter-creditor friction likely.
  • · Distress signals active — lender appetite narrows.

Data confidence

Overall: medium (79/100)

Adequate coverage. AI outputs are reliable for the sections scored high; verify the rest in diligence.

Company profile
address, 1 SIC codes, incorporation date
100
Financials
2 years of iXBRL accounts extracted (YoY deltas available) + narrative notes parsed
75
Lenders & charges
3 charges (3/3 with lender, 3/3 with type)
90
Directors & officers
9 officers (1 active, 9 linked, 5 with DOB)
81
Ownership & PSC
1 active PSC(s) of 1 total, 1 with control declared
90
Director network
2 connected companies via shared directors
51
Filing history
104 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
77/100Strong
PassWatchWorth a lookStrongExceptional 

Solid opportunity signal. Worth a dedicated memo and management meeting.

Business quality
70
Active, clean filings, stable charge profile.
Acquirability
60
Some acquirability indicators.
Risk profile
85
Few red flags.
Signal strength
100
Good data coverage for analysis.

Signals from accounts

Derived from iXBRL accounts · accounting standard not declared
Positive net assets
Net assets £78,760

Key financials

2 years extracted from filed iXBRL accounts
Cash
—
Net Worth
£79k
~ YoY
Current Assets
£79k
~ YoY
Current Liabilities
—
£0£16k£32k£47k£63k£79kMar 2024Mar 2025

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · accounting standard unknown
Metric2025-03-312024-03-31
Total assets£78.8k£78.8k
Current assets£78.8k£78.8k
Net assets£78.8k£78.8k

Amounts extracted automatically from iXBRL. Fields left blank were not reported or not mapped. Values in GBP unless stated.

Recent activity

Last 30 days
2
filings
  • • 1 confirmation-statement
  • • 1 officers
Last 90 days
2
filings
  • • 1 confirmation-statement
  • • 1 officers
Last 180 days
2
filings
  • • 1 confirmation-statement
  • • 1 officers
Counts from Companies House filing history.
Corporate timeline (37 events)Click to expand
  1. 2026-05-21
    ➖
    KROHN, Hans resigned
    director
  2. 2026-05-21
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  3. 2025-10-03
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  4. 2024-10-03
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  5. 2023-10-06
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  6. 2023-01-12
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  7. 2021-11-30
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  8. 2020-11-26
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  9. 2019-12-24
    📄
    accounts-with-accounts-type-dormant
    accounts · AA
  10. 2018-12-19
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  11. 2017-05-17
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  12. 2016-06-03
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  13. 2016-05-16
    📄
    annual-return-company-with-made-up-date-full-list-shareholders
    annual-return · AR01
  14. 2015-07-16
    ➖
    MCDIARMID, Duncan James resigned
    secretary
  15. 2015-07-16
    📄
    termination-secretary-company-with-name-termination-date
    officers · TM02
  16. 2015-06-29
    📄
    accounts-with-accounts-type-dormant
    accounts · AA
  17. 2015-05-13
    📄
    annual-return-company-with-made-up-date-full-list-shareholders
    annual-return · AR01
  18. 2007-03-23
    ➖
    BOURNE, Roger Henry resigned
    director
  19. 2006-12-11
    ➖
    KROHN, George resigned
    secretary
  20. 2006-12-11
    ➕
    MCDIARMID, Duncan James appointed
    secretary
  21. 2006-12-11
    ➖
    KROHN, George resigned
    director
  22. 2004-04-26
    🔒
    Charge registered #3
    Lender: The Royal Bank of Scotland Commercial Services Limited
  23. 2004-04-05
    🔓
    Charge satisfied #1
  24. 2000-06-12
    🔒
    Charge registered #2
    Lender: National Westminster Bank PLC
  25. 1996-07-06
    🔒
    Charge registered #1
    Lender: Lloyds Bank PLC
  26. 1995-01-03
    ➕
    FIENNES COX, Daniela appointed
    director
  27. 1995-01-03
    ➕
    BOURNE, Roger Henry appointed
    director
  28. 1993-10-05
    ➕
    KROHN, George appointed
    secretary
  29. 1993-10-05
    ➖
    ZWANENBERG, Guy Christopher Van resigned
    secretary
  30. 1993-10-05
    ➕
    KROHN, Hans appointed
    director
  31. 1993-10-05
    ➖
    THOMSON, Shaun William resigned
    director
  32. 1993-05-24
    🏢
    Company incorporated
    As AA FIRST LIMITED
  33. 1993-05-24
    ➕
    ZWANENBERG, Guy Christopher Van appointed
    secretary
  34. 1993-05-24
    ➕
    SWIFT INCORPORATIONS LIMITED appointed
    corporate-nominee-secretary
  35. 1993-05-24
    ➖
    SWIFT INCORPORATIONS LIMITED resigned
    corporate-nominee-secretary
  36. 1993-05-24
    ➕
    KROHN, George appointed
    director
  37. 1993-05-24
    ➕
    THOMSON, Shaun William appointed
    director

Owner dependency

85/100
Critical — business is the founder

The business appears inseparable from the founder. Acquisition without a serious earn-out or meaningful transition period would likely destroy value.

FACTORS
  • +Sole director: Only one active director — all governance concentrated on one person.
  • +Long-tenure founder: Senior director has been in place 31 years — deep operational knowledge concentrated in one person.

Succession & seller-readiness

75/100
Likely off-market candidate

Strong acquirability signals converging. Worth approaching directly — this is how off-market deals start.

SIGNALS
  • primarySole active director: Only one director in control. No visible successor — buyers solve the succession problem.
  • primary20+ year tenure: Director in role 31 years. Very long tenure is a classic succession signal.
  • secondaryStable-but-static management: Company is 33 years old and no new directors in the last 3 years — succession not yet being planned internally.
  • supportingClean filings + long tenure: Disciplined long-tenure operator — classic lifestyle-business pattern that often sells quietly.

Red flags

clean
No red flags detected from available public data. (This is not a clean bill of health — detailed accounts review still recommended.)

Group structure

Circon Limited is the ultimate parent — holding 75%+ shares. This company sits inside their group.

🏛️
Circon Limited
Corporate parent · holds 75-100% shares
ultimate parent
⬇
AA FIRST LIMITED
This company · 02820728

Parent relationships inferred from Persons with Significant Control filings. Full subsidiary tree requires reverse-lookup (coming).

Shareholders & ownership

1 active beneficial owner · dominant holder ≥75%
NameSharesVoting rightsNature of controlNotified
Circon Limited
Corporate entity
75–100%
—75-100% shares06/04/2016

From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.

🔒Co-director network graph

Radial SVG graph showing every company connected via shared directors, colour-coded by status.

Available from the Pro tier upwards.

See pricing →

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Peers ranked by estimated value, then turnover, then opportunity score.See all →
🔒Tailored diligence questions

7 specific questions generated from this company's actual signals — liquidity, leverage, director age, charge count, red flags, age-of-company.

Available from the Pro tier upwards.

See pricing →
🔒Advanced scoring suite

Exit-route ranking, improvement thesis, quiet-distress detector, covenant-pressure proxy, extraction monitor, approaching triggers, ownership drift, local cluster, value trap, debt capacity, archetype classification — 48+ scoring modules.

Available from the Pro tier upwards.

See pricing →

Company details

Statusactive
Typeltd
Incorporated1993-05-24
Jurisdictionengland-wales
Primary SIC82990 — Other business support service activities n.e.c.

Registered office

Cedar House, Grange Farm
Long Lane, Shaw
Newbury
Berkshire
RG14 2TF

Filing status

Accounts
Next due: 2026-12-31
Last made up to: 2025-03-31
Confirmation statement
Next due: 2027-05-24
Last: 2026-05-10

Officers (1 active · 8 resigned)

FIENNES COX, Daniela→
director · ~57y · appointed 1995-01-03
View their other companies + combined net worth →
Active
KROHN, George→
secretary · appointed 1993-10-05 · resigned 2006-12-11
Resigned
MCDIARMID, Duncan James→
secretary · appointed 2006-12-11 · resigned 2015-07-16
Resigned
ZWANENBERG, Guy Christopher Van→
secretary · appointed 1993-05-24 · resigned 1993-10-05
Resigned
SWIFT INCORPORATIONS LIMITED→
corporate-nominee-secretary · appointed 1993-05-24 · resigned 1993-05-24
Resigned
BOURNE, Roger Henry→
director · ~83y · appointed 1995-01-03 · resigned 2007-03-23
Resigned
KROHN, George→
director · ~82y · appointed 1993-05-24 · resigned 2006-12-11
Resigned
KROHN, Hans→
director · ~83y · appointed 1993-10-05 · resigned 2026-05-21
Resigned
THOMSON, Shaun William→
director · ~70y · appointed 1993-05-24 · resigned 1993-10-05
Resigned

Click a director name to see their full track record across all companies.

Mortgages & charges

3
Total charges
2
Outstanding
2
Active lenders
Status:Lender:3 of 3 shown
TypeProperties
outstanding
Lloyds Banking Group
The Royal Bank of Scotland Commercial Services Limited
Fixed and floating charge1 property26/04/2004—
outstanding
National Westminster Bank
National Westminster Bank PLC
Mortgage debenture1 property12/06/2000—
satisfied
Lloyds Banking Group
Lloyds Bank PLC
Debenture1 property06/07/199605/04/2004
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (104 total)

confirmation-statement-with-no-updates
confirmation-statement · CS01
2026-05-26
termination-director-company-with-name-termination-date
officers · TM01
2026-05-21
accounts-with-accounts-type-micro-entity
accounts · AA
2025-10-03
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-05-22
accounts-with-accounts-type-micro-entity
accounts · AA
2024-10-03
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-05-21
accounts-with-accounts-type-micro-entity
accounts · AA
2023-10-06
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-05-11
accounts-with-accounts-type-micro-entity
accounts · AA
2023-01-12
confirmation-statement-with-no-updates
confirmation-statement · CS01
2022-05-17
accounts-with-accounts-type-micro-entity
accounts · AA
2021-11-30
confirmation-statement-with-no-updates
confirmation-statement · CS01
2021-05-10
accounts-with-accounts-type-micro-entity
accounts · AA
2020-11-26
confirmation-statement-with-no-updates
confirmation-statement · CS01
2020-06-20
accounts-with-accounts-type-dormant
accounts · AA
2019-12-24