AF SOUTHERN LIMITED

💤Zombieactive
08531344 · ltd · incorporated 2013-05-16
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 May 2025
Net worth
—
book net assets
Opportunity
74/100
Strong
🔔
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What this business does
Primary activity: Other retail sale of new goods in specialised stores (other than commercial art galleries and opticians)
Sector: Wholesale & retail
Investor take
Pursue
Strong opportunity: active trading company with strong profile and bankable structure.

Opportunity 74/100 (strong), bankability 75/100. High owner-dependency — earn-out structure likely required for clean transition. Share purchase looks the cleaner deal structure. Biggest value-creation lever: Broaden director team. Sole director creates succession risk and reduces buyer comfort. Appoint a second director or strong #2. Most likely exit: share sale to pe / searcher (58/100).

Data confidence

Overall: medium (76/100)

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
Confirmed no charges registered
85
Directors & officers
3 officers (1 active, 3 linked, 2 with DOB)
83
Ownership & PSC
1 active PSC(s) of 3 total, 3 with control declared
90
Director network
Network not yet resolved
30
Filing history
40 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
74/100Strong
PassWatchWorth a lookStrongExceptional 

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

Business quality
70
Active, clean filings, stable charge profile.
Acquirability
55
Some acquirability indicators.
Risk profile
85
Few red flags.
Signal strength
90
Good data coverage for analysis.

Key financials

2 years extracted from filed iXBRL accounts
Cash
—
Net Worth
—
Current Assets
—
Current Liabilities
—
£0£0£0£0£0£0May 2024May 2025

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · FRS 102
Metric2025-05-312024-05-31
Average employees600700

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
1
filing
  • • 1 accounts
Last 90 days
1
filing
  • • 1 accounts
Last 180 days
3
filings
  • • 1 accounts
  • • 1 confirmation-statement
  • • 1 persons-with-significant-control
Counts from Companies House filing history.
Corporate timeline (23 events)Click to expand
  1. 2026-05-21
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  2. 2025-12-16
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC04
  3. 2025-05-30
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  4. 2025-02-12
    📄
    withdrawal-of-the-directors-register-information-from-the-public-register
    officers · EW01
  5. 2024-02-28
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  6. 2023-02-28
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  7. 2022-02-28
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  8. 2021-05-14
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  9. 2019-11-07
    ➖
    SPENCER, Jonathan Neil resigned
    secretary
  10. 2019-11-07
    📄
    termination-secretary-company-with-name-termination-date
    officers · TM02
  11. 2019-10-30
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  12. 2019-02-04
    📄
    notification-of-a-person-with-significant-control
    persons-with-significant-control · PSC01
  13. 2019-01-30
    📄
    cessation-of-a-person-with-significant-control
    persons-with-significant-control · PSC07
  14. 2019-01-30
    📍
    change-registered-office-address-company-with-date-old-address-new-address
    address · AD01
  15. 2018-12-05
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  16. 2018-09-11
    ➕
    HONEYBUN, Nicky appointed
    director
  17. 2018-09-11
    ➕
    SPENCER, Jonathan Neil appointed
    secretary
  18. 2018-09-11
    ➖
    SPENCER, Joan Kathleen resigned
    director
  19. 2018-09-11
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  20. 2018-09-11
    📄
    cessation-of-a-person-with-significant-control
    persons-with-significant-control · PSC07
  21. 2018-09-11
    📄
    appoint-person-secretary-company-with-name-date
    officers · AP03
  22. 2013-05-16
    🏢
    Company incorporated
    As AF SOUTHERN LIMITED
  23. 2013-05-16
    ➕
    SPENCER, Joan Kathleen appointed
    director

Owner dependency

75/100
High — earn-out structure required

Material founder dependency. Consider a 2-3 year earn-out and build in a handover plan before completion.

FACTORS
  • +Sole director: Only one active director — all governance concentrated on one person.

Succession & seller-readiness

45/100
Moderate signal

Some succession indicators present. Worth watching; approach if sector/strategy fits.

SIGNALS
  • primarySole active director: Only one director in control. No visible successor — buyers solve the succession problem.

Red flags

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

Shareholders & ownership

1 active beneficial owner · dominant holder ≥75%
NameSharesVoting rightsNature of controlNotified
Mr Nicky Honeybun
Individual · British · DOB 06/1981 · age 45
75–100%
—75-100% shares01/01/2019
2 historic (ceased) PSCs
  • Miss Rachel Victoria Alexanderceased 01/01/2019· significant influence
  • Ms Joan Spencerceased 09/09/2018· 25-50% shares

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

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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
Incorporated2013-05-16
Jurisdictionengland-wales
Primary SIC47789 — Other retail sale of new goods in specialised stores (other than commercial art galleries and opticians)

Registered office

105 Fisherton Street
Salisbury
SP2 7SP
England

Filing status

Accounts
Next due: 2027-02-28
Last made up to: 2025-05-31
Confirmation statement
Next due: 2026-12-10
Last: 2025-11-26

Officers (1 active · 2 resigned)

HONEYBUN, Nicky→
director · ~45y · appointed 2018-09-11
View their other companies + combined net worth →
Active
SPENCER, Jonathan Neil→
secretary · appointed 2018-09-11 · resigned 2019-11-07
Resigned
SPENCER, Joan Kathleen→
director · ~72y · appointed 2013-05-16 · resigned 2018-09-11
Resigned

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

Recent filings (40 total)

accounts-with-accounts-type-total-exemption-full
accounts · AA
2026-05-21
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-12-16
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2025-12-16
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-05-30
withdrawal-of-the-directors-register-information-from-the-public-register
officers · EW01
2025-02-12
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-12-13
accounts-with-accounts-type-micro-entity
accounts · AA
2024-02-28
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-12-12
accounts-with-accounts-type-micro-entity
accounts · AA
2023-02-28
confirmation-statement-with-no-updates
confirmation-statement · CS01
2022-12-02
accounts-with-accounts-type-micro-entity
accounts · AA
2022-02-28
confirmation-statement-with-no-updates
confirmation-statement · CS01
2021-12-24
accounts-with-accounts-type-micro-entity
accounts · AA
2021-05-14
confirmation-statement-with-no-updates
confirmation-statement · CS01
2020-12-04
confirmation-statement-with-updates
confirmation-statement · CS01
2019-11-26