CARGO ASSOCIATES LIMITED
🌳Matureactive
07053965 · ltd · incorporated 2009-10-22
Investment thesis
Property vehicle with leveraged stack — refinance / partial-release angle.
Why interesting: Asset-backed; value largely in underlying property; lender engagement likely possible.
Why risky: Multiple lenders to manage; inter-creditor friction and partial-release cost possible.
🔒Estimated value
—
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Turnover
—
year to Oct 2025
Net worth
£4.15M
book net assets
Opportunity
79/100
Strong
What this business does
Primary activity: Activities of open-ended investment companies
Sector: Financial & insurance
ALSO REGISTERED FOR
- 68100Buying and selling of own real estate
- 68209Other letting and operating of own or leased real estate
Investor take
PursueAsset-holding vehicle with a 73-year-old founder — textbook succession opportunity.
Opportunity 79/100 (strong), bankability 85/100. Strong seller-intent signal (93/100, director aged 73). Share purchase looks the cleaner deal structure. Biggest value-creation lever: Cash flow review and working-capital discipline. Cash down -41% YoY — forensic review of receivables, stock turns, and creditor days. Most likely exit: strategic trade sale (73/100).
🏦
Refinance opportunity
3 live charges · oldest 11.3y
45/100
under pressure
Refinance would be pressure-driven, not opportunity-driven. Expect tighter margins and covenant scrutiny.
- · Oldest live charge is 11.3 years old — likely at or near maturity.
- · Single lender — cleanest path to refinance.
- · Cashflow trend is negative — lender view likely cautious.
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, 3 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
3 officers (3 active, 3 linked, 2 with DOB)
83
Ownership & PSC
1 active PSC(s) of 2 total, 2 with control declared
90
Director network
2 connected companies via shared directors
51
Filing history
58 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
79/100Strong
PassWatchWorth a lookStrongExceptional
Solid opportunity signal. Worth a dedicated memo and management meeting.
Business quality
70
Active, clean filings, stable charge profile.
Acquirability
80
Strong succession / seller-readiness signals.
Risk profile
77
Few red flags.
Signal strength
100
Good data coverage for analysis.
Signals from accounts
Derived from iXBRL accounts · accounting standard not declaredPositive net assets
Net assets £4,148,005
Net assets shrinking
Down £4,278,467 YoY
Cash draining
Cash down 41% YoY
Cash YoY
-41%
Year on year
Key financials
2 years extracted from filed iXBRL accountsCash
£280k
↓ 41% YoY
Net Worth
£4.1m
↓ 51% YoY
Current Assets
£619k
↓ 69% YoY
Current Liabilities
—
Hover to see exact values · click legend to toggle series
Financials
Extracted from Companies House accounts · accounting standard unknown| Metric | 2025-10-31 | 2024-10-31 |
|---|---|---|
| Current assets | £619.3k | £2.01M |
| Cash | £279.8k | £473.1k |
| Debtors | £339.5k | £1.53M |
| Net assets | £4.15M | £8.43M |
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
1
filing
- • 1 accounts
Last 180 days
1
filing
- • 1 accounts
Counts from Companies House filing history.
Corporate timeline (29 events)Click to expand
- 2026-06-19📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2025-06-11📄legacymiscellaneous · ANNOTATION
- 2025-06-11📄legacymiscellaneous · ANNOTATION
- 2025-04-29📄capital-alter-shares-redemption-statement-of-capitalcapital · SH02
- 2025-03-31📄resolutionresolution · RESOLUTIONS
- 2025-03-31📄resolutionresolution · RESOLUTIONS
- 2025-03-17📄accounts-with-accounts-type-smallaccounts · AA
- 2025-02-24📄mortgage-satisfy-charge-fullmortgage · MR04
- 2025-02-24📄mortgage-satisfy-charge-fullmortgage · MR04
- 2025-02-24📄mortgage-satisfy-charge-fullmortgage · MR04
- 2025-02-24🔓Charge satisfied #3
- 2025-02-24🔓Charge satisfied #2
- 2025-02-24🔓Charge satisfied #1
- 2024-07-03📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2023-07-07📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2022-03-04📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2021-09-27📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2020-06-16📄change-account-reference-date-company-current-extendedaccounts · AA01
- 2020-06-16📄capital-allotment-sharescapital · SH01
- 2020-05-06📄change-account-reference-date-company-previous-shortenedaccounts · AA01
- 2020-04-20📄resolutionresolution · RESOLUTIONS
- 2020-04-16📄change-to-a-person-with-significant-controlpersons-with-significant-control · PSC04
- 2015-04-22🔒Charge registered #3Lender: National Westminster Bank PLC
- 2015-03-19🔒Charge registered #2Lender: National Westminster Bank PLC
- 2015-03-19🔒Charge registered #1Lender: National Westminster Bank PLC
- 2014-03-01➕SPREADBURY, Joanna Louise appointedsecretary
- 2009-10-22🏢Company incorporatedAs CARGO ASSOCIATES LIMITED
- 2009-10-22➕SPREADBURY, Catherine appointeddirector
- 2009-10-22➕SPREADBURY, Ian Francis appointeddirector
Owner dependency
91/100
Critical — business is the founderThe business appears inseparable from the founder. Acquisition without a serious earn-out or meaningful transition period would likely destroy value.
FACTORS
- +Two-director setup: Only two active directors — typical of owner-managed SMEs but limits succession.
- +Long-tenure founder: Senior director has been in place 17 years — deep operational knowledge concentrated in one person.
- +Founder age: Director aged approximately 73 — succession pressure is live.
- +Family involvement: Multiple officers share a surname — likely family business, which concentrates governance.
Succession & seller-readiness
89/100
Likely off-market candidateStrong acquirability signals converging. Worth approaching directly — this is how off-market deals start.
SIGNALS
- primaryFounder aged 70+: Senior director is approximately 73 years old. Natural succession window is now.
- secondaryTwo-director governance: Small-team governance. Succession depth is thin but not absent.
- secondary12+ year tenure: Director in role 17 years.
- secondaryStable-but-static management: Company is 17 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
1 med ·Charge satisfaction-then-recreation pattern
mediumMultiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.
Shareholders & ownership
1 active beneficial owner| Name | Shares | Voting rights | Nature of control | Notified |
|---|---|---|---|---|
Mr Ian Francis Spreadbury Individual · British · DOB 12/1954 · age 72 | — | — | board controlboard control | 06/04/2016 |
1 historic (ceased) PSC
- Mrs Catherine Spreadburyceased 09/03/2020· 25-50% shares · 25-50% voting
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 →Similar companies
Active · Financial services · RH postcode area| Company | Est. value | Turnover | Net worth | Staff | Age | Opp | Director |
|---|---|---|---|---|---|---|---|
| ANTHRACITES PROPERTIES LIMITED→ 15404045 · est 2024 · no financials extracted | — | — | — | — | 2y | — | — |
| APEX-INS CONSULTANTS LIMITED→ 16051146 · est 2024 · no financials extracted | — | — | — | — | 1y | — | — |
| BP WEALTH MANAGEMENT LIMITED→ 09381701 · est 2015 · no financials extracted | — | — | — | — | 11y | — | — |
| BRELLTEG TRADING LTD→ 10516267 · est 2016 · no financials extracted | — | — | — | — | 9y | — | — |
| BROKES LODGE ESTATE GARDENS INVESTMENT LIMITED→ 13307769 · est 2021 · no financials extracted | — | — | — | — | 5y | — | — |
| BROOKLANDS ADVICE SERVICES LTD→ 10671035 · est 2017 · no financials extracted | — | — | — | — | 9y | — | — |
| CAMPTON UNDERWRITING AGENTS LIMITED→ 00786687 · est 1964 · no financials extracted | — | — | — | — | 62y | — | — |
| CANMI PROJECTS LIMITED→ 13720366 · est 2021 · no financials extracted | — | — | — | — | 4y | — | — |
| CAPELLA CONSULTANCY LIMITED→ 10287666 · est 2016 · no financials extracted | — | — | — | — | 9y | — | — |
| CARRIE MILLIN LTD→ 13127893 · est 2021 · no financials extracted | — | — | — | — | 5y | — | — |
| CASARTE LIMITED→ 06160889 · est 2007 · no financials extracted | — | — | — | — | 19y | — | — |
| CASTRAFELD MANAGEMENT LIMITED→ 15307105 · est 2023 · no financials extracted | — | — | — | — | 2y | — | — |
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
Incorporated2009-10-22
Jurisdictionengland-wales
Primary SIC64304 — Activities of open-ended investment companies
Registered office
Hazelwood
Copperfields
Horsham
West Sussex
RH13 6PZ
United Kingdom
Filing status
Accounts
Next due: 2027-07-31
Last made up to: 2025-10-31
Confirmation statement
Next due: 2026-11-05
Last: 2025-10-22
Officers (3 active · 0 resigned)
SPREADBURY, Joanna Louise→
Activesecretary · appointed 2014-03-01
View their other companies + combined net worth →
SPREADBURY, Catherine→
Activedirector · ~73y · appointed 2009-10-22
View their other companies + combined net worth →
SPREADBURY, Ian Francis→
Activedirector · ~72y · appointed 2009-10-22
View their other companies + combined net worth →
Click a director name to see their full track record across all companies.
Mortgages & charges
3
Total charges
0
Outstanding
0
Active lenders
Status:Lender:3 of 3 shown
| Type | Properties | |||||
|---|---|---|---|---|---|---|
| satisfied | National Westminster Bank National Westminster Bank PLC | A registered charge | 1 property | 22/04/2015 | 24/02/2025 | |
| satisfied | National Westminster Bank National Westminster Bank PLC | A registered charge | 1 property | 19/03/2015 | 24/02/2025 | |
| satisfied | National Westminster Bank National Westminster Bank PLC | A registered charge | 1 property | 19/03/2015 | 24/02/2025 |
Recent filings (58 total)
accounts-with-accounts-type-total-exemption-full
accounts · AA
2026-06-19
confirmation-statement-with-updates
confirmation-statement · CS01
2025-11-05
legacy
miscellaneous · ANNOTATION
2025-06-11
legacy
miscellaneous · ANNOTATION
2025-06-11
capital-alter-shares-redemption-statement-of-capital
capital · SH02
2025-04-29
resolution
resolution · RESOLUTIONS
2025-03-31
resolution
resolution · RESOLUTIONS
2025-03-31
accounts-with-accounts-type-small
accounts · AA
2025-03-17
mortgage-satisfy-charge-full
mortgage · MR04
2025-02-24
mortgage-satisfy-charge-full
mortgage · MR04
2025-02-24
mortgage-satisfy-charge-full
mortgage · MR04
2025-02-24
confirmation-statement-with-updates
confirmation-statement · CS01
2024-10-30
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-07-03
confirmation-statement-with-updates
confirmation-statement · CS01
2023-11-07
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-07-07