ADD REAL ESTATE LTD

🏛️Establishedactive
10382079 · ltd · incorporated 2016-09-17
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
—
Upgrade to see
Turnover
—
year to Sept 2025
Net worth
—
book net assets
Opportunity
76/100
Strong
🔔
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What this business does
Primary activity: Other letting and operating of own or leased real estate
Sector: Real estate
Investor take
Pursue
Strong opportunity: property-backed borrower with strong profile and acceptable with review structure.

Opportunity 76/100 (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. 4 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (73/100).

🏦

Refinance opportunity

5 live charges · 4 lenders · oldest 9.3y

35/100
too messy

Refinance path is blocked by complexity. Rethink structure or expect bespoke, expensive terms.

  • · Oldest live charge is 9.3 years old — likely at or near maturity.
  • · 4 lenders named — inter-creditor friction likely.
  • · Legal-friction score 25/100 — workable, but lender will want more DD.

Data confidence

Overall: high (81/100)

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

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
5 charges (5/5 with lender, 5/5 with type)
90
Directors & officers
2 officers (2 active, 2 linked, 2 with DOB)
90
Ownership & PSC
2 active PSC(s) of 2 total, 2 with control declared
90
Director network
3 connected companies via shared directors
54
Filing history
30 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
76/100Strong
PassWatchWorth a lookStrongExceptional 

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

Business quality
65
Adequate — check latest filings for context.
Acquirability
75
Strong succession / seller-readiness signals.
Risk profile
77
Few red flags.
Signal strength
100
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£0Sept 2024Sept 2025

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · FRS 102
Metric2025-09-302024-09-30
Average employees2200

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
1
filing
  • • 1 accounts
Counts from Companies House filing history.
Corporate timeline (27 events)Click to expand
  1. 2026-03-05
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  2. 2025-06-09
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  3. 2024-03-11
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  4. 2023-04-26
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  5. 2023-04-19
    📄
    change-person-director-company-with-change-date
    officers · CH01
  6. 2023-04-19
    📄
    change-person-director-company-with-change-date
    officers · CH01
  7. 2023-02-28
    📍
    change-registered-office-address-company-with-date-old-address-new-address
    address · AD01
  8. 2022-10-19
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  9. 2022-10-19
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  10. 2022-10-19
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  11. 2022-10-19
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  12. 2022-10-19
    🔓
    Charge satisfied #4
  13. 2022-10-19
    🔓
    Charge satisfied #2
  14. 2022-10-19
    🔓
    Charge satisfied #1
  15. 2022-10-12
    🔒
    Charge registered #5
    Lender: Aldermore Bank PLC
  16. 2022-03-31
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  17. 2021-03-15
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  18. 2020-05-05
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  19. 2019-06-27
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  20. 2018-06-04
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  21. 2017-06-13
    🔒
    Charge registered #4
    Lender: Shawbrook Bank Limited
  22. 2017-05-26
    🔒
    Charge registered #3
    Lender: Together Commercial Finance Limited
  23. 2017-05-26
    🔒
    Charge registered #2
    Lender: Together Commercial Finance Limited
  24. 2017-02-24
    🔒
    Charge registered #1
    Lender: Paratus Amc Limited
  25. 2016-09-17
    🏢
    Company incorporated
    As ADD REAL ESTATE LTD
  26. 2016-09-17
    ➕
    SPENCELEY, Ian George appointed
    director
  27. 2016-09-17
    ➕
    SPENCELEY, Joanne Louise appointed
    director

Owner dependency

79/100
High — earn-out structure required

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

FACTORS
  • +Two-director setup: Only two active directors — typical of owner-managed SMEs but limits succession.
  • +Senior director age: Director aged approximately 60 — approaching natural succession window.
  • +Family involvement: Multiple officers share a surname — likely family business, which concentrates governance.
  • +No director turnover: Company is 10 years old with no director changes — suggests a very tight-knit founder team never broadened.

Succession & seller-readiness

46/100
Moderate signal

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

SIGNALS
  • secondaryFounder aged 58+: Senior director is approximately 60. Early succession window.
  • secondaryTwo-director governance: Small-team governance. Succession depth is thin but not absent.

Red flags

1 med ·
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

2 active beneficial owners
NameSharesVoting rightsNature of controlNotified
Mr Ian George Spenceley
Individual · British · DOB 07/1966 · age 60
50–75%
50–75%board control50-75% shares · 50-75% voting · board control17/09/2016
Mrs Joanne Louise Spenceley
Individual · Welsh · DOB 07/1966 · age 60
25–50%
25–50%25-50% shares · 25-50% voting17/09/2016

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

6 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
Incorporated2016-09-17
Jurisdictionengland-wales
Primary SIC68209 — Other letting and operating of own or leased real estate

Registered office

Bradbury House
Mission Court
Newport
Gwent
NP20 2DW
United Kingdom

Filing status

Accounts
Next due: 2027-06-30
Last made up to: 2025-09-30
Confirmation statement
Next due: 2026-09-15
Last: 2025-09-01

Officers (2 active · 0 resigned)

SPENCELEY, Ian George→
director · ~60y · appointed 2016-09-17
View their other companies + combined net worth →
Active
SPENCELEY, Joanne Louise→
director · ~60y · appointed 2016-09-17
View their other companies + combined net worth →
Active

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

Mortgages & charges

5
Total charges
2
Outstanding
2
Active lenders
Status:Lender:5 of 5 shown
TypeProperties
outstanding
Aldermore
Aldermore Bank PLC
A registered charge3 properties12/10/2022—
satisfied
Shawbrook
Shawbrook Bank Limited
A registered charge3 properties13/06/201719/10/2022
outstanding
Together Money
Together Commercial Finance Limited
A registered charge1 property26/05/2017—
satisfied
Together Money
Together Commercial Finance Limited
A registered charge1 property26/05/201719/10/2022
satisfied
Paratus Amc
Paratus Amc Limited
A registered charge1 property24/02/201719/10/2022
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (30 total)

accounts-with-accounts-type-total-exemption-full
accounts · AA
2026-03-05
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-09-01
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-06-09
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-09-09
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-03-11
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-10-17
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-04-26
change-person-director-company-with-change-date
officers · CH01
2023-04-19
change-person-director-company-with-change-date
officers · CH01
2023-04-19
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2023-02-28
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2022-10-19
mortgage-satisfy-charge-full
mortgage · MR04
2022-10-19
mortgage-satisfy-charge-full
mortgage · MR04
2022-10-19
mortgage-satisfy-charge-full
mortgage · MR04
2022-10-19
confirmation-statement-with-no-updates
confirmation-statement · CS01
2022-10-07