MAPINO LIMITED

💤Zombieactive
05801587 · ltd · incorporated 2006-05-02
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.
Why now
Window opening · high confidence
More negotiable than before — 4 signals weakening over the last 30 days.
  • · Opportunity score: 79 → 61
  • · Hygiene score: 90 → 30
  • · Bankability: 57 → 27
  • · Deal-killer verdict: workable → complicated
Opportunity decay
softening · 6-months
Softening — cumulative signals suggest this becomes more negotiable over the next 3–6 months.
  • · 4 recent signals weakening vs 0 strengthening
What changed my view
Last 30 days

Picture worsened over the last 30 days — 4 negative signals vs 0 positive.

  • ↓Deal-killer verdict: workable → complicated
  • ↓Opportunity score: 79 → 61
  • ↓Hygiene score: 90 → 30
  • ↓Bankability: 57 → 27
  • ·Distress / opportunity: avoid → speculative
Last 90 days

No snapshot from 90 days ago — start tracking from today.

Last 180 days

No snapshot from 180 days ago — start tracking from today.

🔒Estimated value
—
Upgrade to see
Turnover
—
year to May 2024
Net worth
£2.85M
book net assets
Opportunity
61/100
Worth a look
🔔
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What this business does
Primary activity: Retail sale of leather goods in specialised stores
Sector: Wholesale & retail
ALSO REGISTERED FOR
  • 68209Other letting and operating of own or leased real estate
Investor take
Pass (distressed without resilience)
Distressed admin-neglect survivor — structural issues outweigh the discount.

Opportunity 61/100 (worth a look), bankability 27/100. Strong seller-intent signal (65/100, director aged 61). Asset purchase likely safer than share purchase given structural signals. Biggest value-creation lever: File overdue accounts. Clears statutory overdue flag — immediate bankability uplift for refinance conversations. Most likely exit: share sale to pe / searcher (53/100). Current lenders should be on monthly review.

🏦

Refinance opportunity

15 live charges · 5 lenders · oldest 20.0y

15/100
under pressure

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

  • · Oldest live charge is 20.0 years old — likely at or near maturity.
  • · 5 lenders named — inter-creditor friction likely.
  • · Distress signals active — lender appetite narrows.

Data confidence

Overall: high (80/100)

Strong data coverage across all sections. AI outputs should be trusted with minimal caveats.

Company profile
address, 2 SIC codes, incorporation date
100
Financials
2 years of iXBRL accounts extracted (YoY deltas available) + narrative notes parsed
75
Lenders & charges
15 charges (15/15 with lender, 15/15 with type)
90
Directors & officers
5 officers (1 active, 5 linked, 2 with DOB)
78
Ownership & PSC
1 active PSC(s) of 1 total, 1 with control declared
90
Director network
8 connected companies via shared directors
69
Filing history
87 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
61/100Worth a look
PassWatchWorth a lookStrongExceptional 

Mixed signal. Worth opening the full target workup before deciding to pursue.

Business quality
45
Concerning — overdue filings or status flags present.
Acquirability
80
Strong succession / seller-readiness signals.
Risk profile
41
Multiple red flags — proceed with caution.
Signal strength
100
Good data coverage for analysis.

Signals from accounts

Derived from iXBRL accounts · accounting standard not declared
Positive net assets
Net assets £2,847,619
Cash YoY
+0%
Year on year

Key financials

2 years extracted from filed iXBRL accounts
Cash
£20k
~ YoY
Net Worth
£2.8m
↑ 4503% YoY
Current Assets
£406k
↓ 24% YoY
Current Liabilities
—
£0£570k£1.1m£1.7m£2.3m£2.8mMay 2023May 2024

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · accounting standard unknown
Metric2024-05-312023-05-31
Total assets£5.44M£1.71M
Current assets£406.0k£536.2k
Cash£20.3k£20.3k
Debtors£295.6k£356.9k
Net assets£2.85M£61.9k

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

🔒Filing-note intelligence

1 signal detected in this company's narrative notes — going-concern language, audit opinion, contingent liabilities, related-party transactions.

Available from the Pro tier upwards.

See pricing →

Recent activity

Last 30 days
0
filings
Last 90 days
0
filings
Last 180 days
0
filings
Counts from Companies House filing history.
Corporate timeline (55 events)Click to expand
  1. 2025-05-31
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  2. 2025-02-08
    📄
    legacy
    miscellaneous · ANNOTATION
  3. 2024-12-23
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  4. 2024-12-20
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  5. 2024-12-20
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  6. 2024-12-20
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  7. 2024-12-20
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  8. 2024-12-20
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  9. 2024-12-20
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  10. 2024-12-20
    🔓
    Charge satisfied #10
  11. 2024-12-20
    🔓
    Charge satisfied #11
  12. 2024-12-20
    🔓
    Charge satisfied #9
  13. 2024-12-19
    🔒
    Charge registered #16
    Lender: Together Commercial Finance Limited
  14. 2024-12-19
    🔒
    Charge registered #14
    Lender: Together Commercial Finance Limited
  15. 2024-12-19
    🔒
    Charge registered #13
    Lender: Together Commercial Finance Limited
  16. 2024-12-19
    🔒
    Charge registered #12
    Lender: Together Commercial Finance Limited
  17. 2024-05-31
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  18. 2023-05-29
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  19. 2022-02-28
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  20. 2021-10-28
    📄
    mortgage-create-with-deed-with-charles-court-order-extend-with-charge-number-charge-creation-date
    mortgage · MR01
  21. 2021-08-28
    📄
    mortgage-create-with-deed-with-charles-court-order-extend-with-charge-number-charge-creation-date
    mortgage · MR01
  22. 2021-05-31
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  23. 2020-10-13
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  24. 2020-10-13
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  25. 2020-10-13
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  26. 2020-10-13
    🔓
    Charge satisfied #6
  27. 2020-10-13
    🔓
    Charge satisfied #5
  28. 2020-10-13
    🔓
    Charge satisfied #4
  29. 2020-05-14
    📄
    accounts-amended-with-accounts-type-total-exemption-full
    accounts · AAMD
  30. 2019-05-31
    🔓
    Charge satisfied #8
  31. 2019-05-31
    🔓
    Charge satisfied #7
  32. 2018-12-24
    🔒
    Charge registered #10
    Lender: National Westminster Bank PLC
  33. 2018-11-13
    🔒
    Charge registered #11
    Lender: National Westminster Bank PLC
  34. 2018-11-13
    🔒
    Charge registered #9
    Lender: National Westminster Bank PLC
  35. 2018-02-14
    🔒
    Charge registered #8
    Lender: Funding 365 Capital Limited
  36. 2018-02-14
    🔒
    Charge registered #7
    Lender: Funding 365 Capital Limited
  37. 2017-06-18
    ➖
    AHMAD, Fawzia resigned
    director
  38. 2016-09-06
    ➕
    AHMAD, Fawzia appointed
    director
  39. 2015-01-25
    🔓
    Charge satisfied #1
  40. 2015-01-08
    🔓
    Charge satisfied #3
  41. 2015-01-08
    🔓
    Charge satisfied #2
  42. 2013-12-11
    🔒
    Charge registered #6
    Lender: Habib Bank Ag Zurich
  43. 2013-12-11
    🔒
    Charge registered #5
    Lender: Habib Bank Ag Zurich
  44. 2013-12-11
    🔒
    Charge registered #4
    Lender: Habib Bank Ag Zurich
  45. 2012-03-01
    ➖
    ABDULLAH, Malik Mohyuddin Muhammad resigned
    secretary
  46. 2009-02-25
    🔒
    Charge registered #3
    Lender: Hsbc Bank PLC
  47. 2007-05-02
    ➖
    SAME-DAY COMPANY SERVICES LIMITED resigned
    corporate-nominee-secretary
  48. 2007-05-02
    ➖
    WILDMAN & BATTELL LIMITED resigned
    corporate-nominee-director
  49. 2007-03-06
    🔒
    Charge registered #2
    Lender: Hsbc Bank PLC
  50. 2006-07-25
    🔒
    Charge registered #1
    Lender: Hsbc Bank PLC
Showing most recent 50 of 55 events

Owner dependency

93/100
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 20 years — deep operational knowledge concentrated in one person.
  • +Senior director age: Director aged approximately 61 — approaching natural succession window.

Succession & seller-readiness

80/100
Likely off-market candidate

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

SIGNALS
  • secondaryFounder aged 58+: Senior director is approximately 61. Early succession window.
  • primarySole active director: Only one director in control. No visible successor — buyers solve the succession problem.
  • primary20+ year tenure: Director in role 20 years. Very long tenure is a classic succession signal.
  • secondaryStable-but-static management: Company is 20 years old and no new directors in the last 3 years — succession not yet being planned internally.

Red flags

2 high · 1 med ·
Accounts overdue
high

Statutory accounts have not been filed by their due date. Can indicate admin breakdown, cash preservation, or deliberate delay.

Evidence: Next due: 2026-05-31

Confirmation statement overdue
high

Annual confirmation statement not filed on time. Required statutory filing — overdue is a strong discipline signal.

Evidence: Next due: 2026-06-26

Charge satisfaction-then-recreation pattern
medium

Multiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.

Shareholders & ownership

1 active beneficial owner · dominant holder ≥75%
NameSharesVoting rightsNature of controlNotified
Mr Muzaffar Ahmad
Individual · British · DOB 05/1965 · age 61
—75–100%75-100% voting06/04/2017

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

12 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
Incorporated2006-05-02
Jurisdictionengland-wales
Primary SIC47722 — Retail sale of leather goods in specialised stores

Registered office

Unit 5 4a
Manorgate Road
Kingston
KT2 7EL
England

Filing status

Accounts
Next due: 2026-05-31OVERDUE
Last made up to: 2024-05-31
Confirmation statement
Next due: 2026-06-26OVERDUE
Last: 2025-06-12

Officers (1 active · 4 resigned)

AHMAD, Muzaffar→
director · ~61y · appointed 2006-05-02
View their other companies + combined net worth →
Active
ABDULLAH, Malik Mohyuddin Muhammad→
secretary · appointed 2006-05-02 · resigned 2012-03-01
Resigned
SAME-DAY COMPANY SERVICES LIMITED→
corporate-nominee-secretary · appointed 2006-05-02 · resigned 2007-05-02
Resigned
AHMAD, Fawzia→
director · ~52y · appointed 2016-09-06 · resigned 2017-06-18
Resigned
WILDMAN & BATTELL LIMITED→
corporate-nominee-director · appointed 2006-05-02 · resigned 2007-05-02
Resigned

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

Mortgages & charges

15
Total charges
4
Outstanding
1
Active lenders
Status:Lender:15 of 15 shown
TypeProperties
outstanding
Together Money
Together Commercial Finance Limited
A registered charge1 property19/12/2024—
outstanding
Together Money
Together Commercial Finance Limited
A registered charge1 property19/12/2024—
outstanding
Together Money
Together Commercial Finance Limited
A registered charge1 property19/12/2024—
outstanding
Together Money
Together Commercial Finance Limited
A registered charge1 property19/12/2024—
satisfied
National Westminster Bank
National Westminster Bank PLC
A registered charge1 property24/12/201820/12/2024
satisfied
National Westminster Bank
National Westminster Bank PLC
A registered charge1 property13/11/201820/12/2024
satisfied
National Westminster Bank
National Westminster Bank PLC
A registered charge—13/11/201820/12/2024
satisfied
Funding 365 Capital
Funding 365 Capital Limited
A registered charge2 properties14/02/201831/05/2019
satisfied
Funding 365 Capital
Funding 365 Capital Limited
A registered charge2 properties14/02/201831/05/2019
satisfied
Habib Bank Ag Zurich
A registered charge1 property11/12/201313/10/2020
satisfied
Habib Bank Ag Zurich
A registered charge1 property11/12/201313/10/2020
satisfied
Habib Bank Ag Zurich
A registered charge1 property11/12/201313/10/2020
satisfied
HSBC
Hsbc Bank PLC
Legal mortgage2 properties25/02/200908/01/2015
satisfied
HSBC
Hsbc Bank PLC
Debenture1 property06/03/200708/01/2015
satisfied
HSBC
Hsbc Bank PLC
Legal mortgage1 property25/07/200625/01/2015
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (87 total)

confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-08-15
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-05-31
legacy
miscellaneous · ANNOTATION
2025-02-08
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2024-12-23
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2024-12-20
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2024-12-20
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2024-12-20
mortgage-satisfy-charge-full
mortgage · MR04
2024-12-20
mortgage-satisfy-charge-full
mortgage · MR04
2024-12-20
mortgage-satisfy-charge-full
mortgage · MR04
2024-12-20
confirmation-statement-with-updates
confirmation-statement · CS01
2024-06-12
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-05-31
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-06-15
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-05-29
confirmation-statement-with-updates
confirmation-statement · CS01
2022-05-16