SPENCE & GRANT LIMITED

🌳Matureactive
SC083508 · ltd · incorporated 1983-06-14
Investment thesis
Established operating company — standard diligence applies, no dominant angle.
Why interesting: Live, filing, normal profile.
Why risky: No standout signals in either direction.
Opportunity decay
approaching window · 12-months
Approaching a transaction window — refinance or sale event plausible in the next 12 months.
  • · Oldest live charge 41.4y old — refinance window within 12 months
🔒Estimated value
—
Upgrade to see
Turnover
—
year to Aug 2025
Net worth
£385.2k
book net assets
Opportunity
82/100
Exceptional
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What this business does
Primary activity: Joinery installation
Sector: Construction
Investor take
Pursue
Active trading company with a 69-year-old founder — textbook succession opportunity.

Opportunity 82/100 (exceptional), bankability 70/100. Strong seller-intent signal (83/100, director aged 69). Share purchase looks the cleaner deal structure. Biggest value-creation lever: Discharge stale live charges. 4 live charge(s) created 15+ years ago — likely paid but undischarged. Clean register. Most likely exit: share sale to pe / searcher (73/100).

🏦

Refinance opportunity

5 live charges · oldest 41.4y

65/100
clean up first

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

  • · Oldest live charge is 41.4 years old — likely at or near maturity.
  • · Single lender — cleanest path to refinance.
  • · Legal-friction score 25/100 — workable, but lender will want more DD.

Data confidence

Overall: medium (77/100)

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
5 charges (5/5 with lender, 5/5 with type)
90
Directors & officers
12 officers (2 active, 12 linked, 8 with DOB)
83
Ownership & PSC
2 active PSC(s) of 2 total, 2 with control declared
90
Director network
Network not yet resolved
30
Filing history
121 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
82/100Exceptional
PassWatchWorth a lookStrongExceptional 

Strong composite across quality, acquirability, and risk. High-priority target — progress to serious diligence.

Business quality
70
Active, clean filings, stable charge profile.
Acquirability
80
Strong succession / seller-readiness signals.
Risk profile
85
Few red flags.
Signal strength
100
Good data coverage for analysis.

Signals from accounts

Derived from iXBRL accounts · accounting standard not declared
Positive net assets
Net assets £385,185
Net assets shrinking
Down £15,612 YoY
Cash YoY
-9%
Year on year

Key financials

2 years extracted from filed iXBRL accounts
Cash
£319k
↓ 9.4% YoY
Net Worth
£385k
↓ 3.9% YoY
Current Assets
—
Current Liabilities
—
£0£80k£160k£240k£321k£401kAug 2024Aug 2025

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · accounting standard unknown
Metric2025-08-312024-08-31
Cash£319.3k£352.5k
Net assets£385.2k£400.8k

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

🔒Filing-note intelligence

3 signals 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
2
filings
  • • 1 confirmation-statement
  • • 1 accounts
Last 180 days
2
filings
  • • 1 confirmation-statement
  • • 1 accounts
Counts from Companies House filing history.
Corporate timeline (43 events)Click to expand
  1. 2026-04-02
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  2. 2024-12-19
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  3. 2023-11-17
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  4. 2022-12-08
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  5. 2022-11-21
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC04
  6. 2022-11-21
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC04
  7. 2022-02-17
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  8. 2021-03-04
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  9. 2020-09-17
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  10. 2020-09-17
    🔓
    Charge satisfied #1
  11. 2020-01-10
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  12. 2020-01-10
    📄
    change-person-director-company-with-change-date
    officers · CH01
  13. 2020-01-10
    📄
    change-person-director-company-with-change-date
    officers · CH01
  14. 2020-01-10
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC04
  15. 2020-01-10
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC04
  16. 2020-01-10
    📄
    termination-secretary-company-with-name-termination-date
    officers · TM02
  17. 2019-12-17
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  18. 2019-12-12
    ➖
    CAMPBELL, Lesley resigned
    secretary
  19. 2019-12-12
    ➖
    CAMPBELL, Lesley resigned
    director
  20. 2018-11-26
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  21. 2015-05-01
    ➖
    MORRISON, Graeme Catto resigned
    director
  22. 2014-10-30
    ➕
    MORRISON, Steven George appointed
    director
  23. 2014-10-30
    ➕
    CAMPBELL, Lesley appointed
    secretary
  24. 2014-10-30
    ➕
    CAMPBELL, Lesley appointed
    director
  25. 2014-09-29
    ➖
    MORRISON, Shona resigned
    secretary
  26. 2002-10-30
    🔒
    Charge registered #5
    Lender: The Royal Bank of Scotland PLC
  27. 2002-10-18
    ➕
    MORRISON, Shona appointed
    director
  28. 2002-10-18
    ➖
    GRANT, Edward resigned
    director
  29. 2002-10-18
    ➖
    GRANT, Moira resigned
    director
  30. 2002-10-18
    ➖
    SPENCE, Ian Grant resigned
    director
  31. 2002-10-18
    ➖
    SPENCE, Rosemary resigned
    director
  32. 2002-09-12
    ➖
    GRANT, Edward resigned
    secretary
  33. 2002-09-12
    ➕
    MORRISON, Shona appointed
    secretary
  34. 1999-10-31
    ➕
    MORRISON, Graeme Catto appointed
    director
  35. 1995-12-11
    🔒
    Charge registered #4
    Lender: The Royal Bank of Scotland PLC
  36. 1992-02-04
    🔒
    Charge registered #3
    Lender: The Royal Bank of Scotland PLC
  37. 1991-02-01
    ➕
    GRANT, Edward appointed
    secretary
  38. 1991-02-01
    ➖
    ALLAN BLACK & MCCASKIE resigned
    corporate-secretary
  39. 1990-09-13
    🔒
    Charge registered #2
    Lender: The Royal Bank of Scotland PLC
  40. 1990-05-24
    ➕
    GRANT, Moira appointed
    director
  41. 1990-05-24
    ➕
    SPENCE, Rosemary appointed
    director
  42. 1984-12-04
    🔒
    Charge registered #1
    Lender: The Royal Bank of Scotland PLC
  43. 1983-06-14
    🏢
    Company incorporated
    As SPENCE & GRANT LIMITED

Owner dependency

91/100
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
  • +Two-director setup: Only two active directors — typical of owner-managed SMEs but limits succession.
  • +Long-tenure founder: Senior director has been in place 24 years — deep operational knowledge concentrated in one person.
  • +Founder age: Director aged approximately 69 — succession pressure is live.
  • +Family involvement: Multiple officers share a surname — likely family business, which concentrates governance.

Succession & seller-readiness

86/100
Likely off-market candidate

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

SIGNALS
  • primaryFounder aged 63+: Senior director is approximately 69. Approaching typical UK retirement age — succession thinking likely.
  • secondaryTwo-director governance: Small-team governance. Succession depth is thin but not absent.
  • primary20+ year tenure: Director in role 24 years. Very long tenure is a classic succession signal.
  • secondaryStable-but-static management: Company is 43 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

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

Shareholders & ownership

2 active beneficial owners
NameSharesVoting rightsNature of controlNotified
Mr Steven George Morrison
Individual · Scottish · DOB 08/1978 · age 48
50–75%
50–75%50-75% shares · 50-75% voting08/11/2016
Mrs Shona Morrison
Individual · British · DOB 07/1957 · age 69
25–50%
25–50%25-50% shares · 25-50% voting08/11/2016

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

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————18y——
Peers ranked by estimated value, then turnover, then opportunity score.See all →
🔒Tailored diligence questions

8 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
Incorporated1983-06-14
Jurisdictionscotland
Primary SIC43320 — Joinery installation

Registered office

New Elgin Road
Elgin
Morayshire
IV30 6BA

Filing status

Accounts
Next due: 2027-05-31
Last made up to: 2025-08-31
Confirmation statement
Next due: 2027-04-14
Last: 2026-03-31

Officers (2 active · 10 resigned)

MORRISON, Shona→
director · ~69y · appointed 2002-10-18
View their other companies + combined net worth →
Active
MORRISON, Steven George→
director · ~48y · appointed 2014-10-30
View their other companies + combined net worth →
Active
CAMPBELL, Lesley→
secretary · appointed 2014-10-30 · resigned 2019-12-12
Resigned
GRANT, Edward→
secretary · appointed 1991-02-01 · resigned 2002-09-12
Resigned
MORRISON, Shona→
secretary · appointed 2002-09-12 · resigned 2014-09-29
Resigned
ALLAN BLACK & MCCASKIE→
corporate-secretary · resigned 1991-02-01
Resigned
CAMPBELL, Lesley→
director · ~59y · appointed 2014-10-30 · resigned 2019-12-12
Resigned
GRANT, Edward→
director · ~77y · resigned 2002-10-18
Resigned
GRANT, Moira→
director · ~76y · appointed 1990-05-24 · resigned 2002-10-18
Resigned
MORRISON, Graeme Catto→
director · ~68y · appointed 1999-10-31 · resigned 2015-05-01
Resigned
SPENCE, Ian Grant→
director · ~74y · resigned 2002-10-18
Resigned
SPENCE, Rosemary→
director · ~74y · appointed 1990-05-24 · resigned 2002-10-18
Resigned

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

Mortgages & charges

5
Total charges
4
Outstanding
1
Active lenders
Status:Lender:5 of 5 shown
TypeProperties
outstanding
Lloyds Banking Group
The Royal Bank of Scotland PLC
Standard security1 property30/10/2002—
outstanding
Lloyds Banking Group
The Royal Bank of Scotland PLC
Standard security2 properties11/12/1995—
outstanding
Lloyds Banking Group
The Royal Bank of Scotland PLC
Standard security1 property04/02/1992—
outstanding
Lloyds Banking Group
The Royal Bank of Scotland PLC
Standard security1 property13/09/1990—
satisfied
Lloyds Banking Group
The Royal Bank of Scotland PLC
Bond & floating charge1 property04/12/198417/09/2020
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (121 total)

confirmation-statement-with-updates
confirmation-statement · CS01
2026-04-05
accounts-with-accounts-type-total-exemption-full
accounts · AA
2026-04-02
confirmation-statement-with-updates
confirmation-statement · CS01
2025-04-09
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-12-19
confirmation-statement-with-updates
confirmation-statement · CS01
2024-04-08
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-11-17
confirmation-statement-with-updates
confirmation-statement · CS01
2023-04-04
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-12-08
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2022-11-21
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2022-11-21
confirmation-statement-with-updates
confirmation-statement · CS01
2022-11-21
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-02-17
confirmation-statement-with-updates
confirmation-statement · CS01
2021-11-11
accounts-with-accounts-type-total-exemption-full
accounts · AA
2021-03-04
confirmation-statement-with-no-updates
confirmation-statement · CS01
2021-01-08