37 STEPS LTD

🌱Startupactive
16069991 · ltd · incorporated 2024-11-08
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
not disclosed
Net worth
book net assets
Opportunity
69/100
Strong
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What this business does
Primary activity: Buying and selling of own real estate
Sector: Real estate
ALSO REGISTERED FOR
  • 68209Other letting and operating of own or leased real estate
Investor take
Pursue
Property-backed borrower. Reasonable fundamentals — worth a memo before deciding.

Opportunity 69/100 (strong), bankability 70/100. 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).

🏦

Refinance opportunity

3 live charges · oldest 0.7y

50/100
clean up first

Refinance viable after a tidy-up — address the highlighted items first.

  • · Newest facility, 0.7 years old — likely still in initial term.
  • · Single lender — cleanest path to refinance.
  • · Legal-friction score 15/100 — clean.

Data confidence

Overall: medium (57/100)

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

Company profile
address, 2 SIC codes, incorporation date
100
Financials
No iXBRL financials extracted
0
Lenders & charges
3 charges (3/3 with lender, 3/3 with type)
90
Directors & officers
2 officers (1 active, 2 linked, 2 with DOB)
90
Ownership & PSC
1 active PSC(s) of 2 total, 2 with control declared
90
Director network
3 connected companies via shared directors
54
Filing history
9 filings
60
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
69/100Strong
PassWatchWorth a lookStrongExceptional 

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

Business quality
60
Adequate — check latest filings for context.
Acquirability
50
Some acquirability indicators.
Risk profile
77
Few red flags.
Signal strength
100
Good data coverage for analysis.

Recent activity

Last 30 days
0
filings
Last 90 days
0
filings
Last 180 days
1
filing
  • 1 confirmation-statement
Counts from Companies House filing history.
Corporate timeline (15 events)Click to expand
  1. 2025-08-26
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  2. 2025-08-22
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  3. 2025-08-22
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  4. 2025-08-21
    🔒
    Charge registered #3
    Lender: Onesavings Bank PLC
  5. 2025-08-21
    🔒
    Charge registered #2
    Lender: Onesavings Bank PLC
  6. 2025-08-21
    🔒
    Charge registered #1
    Lender: Onesavings Bank PLC
  7. 2025-08-07
    📄
    memorandum-articles
    incorporation · MA
  8. 2025-08-07
    📄
    resolution
    resolution · RESOLUTIONS
  9. 2025-02-10
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  10. 2025-02-01
    CHRUSCIAK, Cressida Jane resigned
    director
  11. 2025-01-27
    📄
    cessation-of-a-person-with-significant-control
    persons-with-significant-control · PSC07
  12. 2024-11-08
    🏢
    Company incorporated
    As 37 STEPS LTD
  13. 2024-11-08
    CHRUSCIAK, Mark Thomas appointed
    director
  14. 2024-11-08
    CHRUSCIAK, Cressida Jane appointed
    director
  15. 2024-11-08
    📄
    incorporation-company
    incorporation · NEWINC

Owner dependency

80/100
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.
  • +Young company: Only 1.5 years old — management layer unlikely to be developed.

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

1 med ·
3 new charges in last 12 months
medium

Heavy recent charge activity can indicate refinancing pressure, aggressive leverage, or multiple lender rotation.

Evidence: 2025-08-21: A registered charge; 2025-08-21: A registered charge; 2025-08-21: A registered charge

Shareholders & ownership

1 active beneficial owner
NameSharesVoting rightsNature of controlNotified
Mr Mark Thomas Chrusciak
Individual · British · DOB 07/1981 · age 45
2550%
25–50%board control25-50% shares · 25-50% voting · board control08/11/2024
1 historic (ceased) PSC
  • Mrs Cressida Jane Chrusciakceased 20/01/2025· 25-50% shares · 25-50% voting · board control

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.

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

10 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.

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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.

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Company details

Statusactive
Typeltd
Incorporated2024-11-08
Jurisdictionengland-wales
Primary SIC68100 — Buying and selling of own real estate

Registered office

36 Falmouth Road
Truro
TR1 2HX
England

Filing status

Accounts
Next due: 2026-08-08
Last made up to:
Confirmation statement
Next due: 2026-11-21
Last: 2025-11-07

Officers (1 active · 1 resigned)

CHRUSCIAK, Mark Thomas
director · ~45y · appointed 2024-11-08
View their other companies + combined net worth →
Active
CHRUSCIAK, Cressida Jane
director · ~44y · appointed 2024-11-08 · resigned 2025-02-01
Resigned

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

Mortgages & charges

3
Total charges
3
Outstanding
1
Active lenders
Status:Lender:3 of 3 shown
TypeProperties
outstanding
Onesavings Bank
Onesavings Bank PLC
A registered charge1 property21/08/2025
outstanding
Onesavings Bank
Onesavings Bank PLC
A registered charge1 property21/08/2025
outstanding
Onesavings Bank
Onesavings Bank PLC
A registered charge1 property21/08/2025
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (9 total)

confirmation-statement-with-updates
confirmation-statement · CS01
2025-11-19
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2025-08-26
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2025-08-22
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2025-08-22
memorandum-articles
incorporation · MA
2025-08-07
resolution
resolution · RESOLUTIONS
2025-08-07
termination-director-company-with-name-termination-date
officers · TM01
2025-02-10
cessation-of-a-person-with-significant-control
persons-with-significant-control · PSC07
2025-01-27
incorporation-company
incorporation · NEWINC
2024-11-08