HEAT SPARES LIMITED
🌳Matureactive
SC100318 · ltd · incorporated 1986-07-30
Investment thesis
Well-run mature business — low negotiation leverage; premium likely.
Why interesting: Textbook target; clean filings, stable trading.
Why risky: No pressure on seller; any deal likely at full price.
Opportunity decay
approaching window · 12-months
Approaching a transaction window — refinance or sale event plausible in the next 12 months.
- · Oldest live charge 32.9y old — refinance window within 12 months
🔒Estimated value
—
Upgrade to see
Turnover
—
year to Sept 2024
Net worth
£434.4k
book net assets
Opportunity
83/100
Exceptional
What this business does
Primary activity: SIC 46760
Sector: Wholesale & retail
Investor take
PursueActive trading company with a 61-year-old founder — textbook succession opportunity.
Opportunity 83/100 (exceptional), bankability 80/100. Strong seller-intent signal (70/100, director aged 61). Share purchase looks the cleaner deal structure. Biggest value-creation lever: Discharge stale live charges. 1 live charge(s) created 15+ years ago — likely paid but undischarged. Clean register. Most likely exit: share sale to pe / searcher (65/100).
🏦
Refinance opportunity
1 live charge · oldest 32.9y
65/100
clean up first
Refinance viable after a tidy-up — address the highlighted items first.
- · Oldest live charge is 32.9 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
1 charges (1/1 with lender, 1/1 with type)
90
Directors & officers
5 officers (3 active, 5 linked, 3 with DOB)
82
Ownership & PSC
2 active PSC(s) of 2 total, 2 with control declared
90
Director network
Network not yet resolved
30
Filing history
98 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
83/100Exceptional
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
85
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 declaredPositive net assets
Net assets £434,405
Net assets shrinking
Down £22,532 YoY
Cash YoY
+2%
Year on year
Key financials
2 years extracted from filed iXBRL accountsCash
£126k
↑ 1.6% YoY
Net Worth
£434k
↓ 4.9% YoY
Current Assets
£656k
↓ 4.0% YoY
Current Liabilities
—
Hover to see exact values · click legend to toggle series
Financials
Extracted from Companies House accounts · accounting standard unknown| Metric | 2024-09-30 | 2023-09-30 |
|---|---|---|
| Total assets | £444.7k | £476.7k |
| Current assets | £655.6k | £682.9k |
| Cash | £126.2k | £124.3k |
| Debtors | £168.7k | £182.9k |
| Net assets | £434.4k | £456.9k |
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 confirmation-statement
Counts from Companies House filing history.
Corporate timeline (21 events)Click to expand
- 2025-06-24📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2024-06-20📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2023-06-27📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2022-06-30📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2021-06-16📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2020-06-28📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2019-06-20📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2018-06-15📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2017-06-13📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2016-05-31📄accounts-with-accounts-type-total-exemption-smallaccounts · AA
- 2016-01-18📄annual-return-company-with-made-up-date-full-list-shareholdersannual-return · AR01
- 2015-06-05📄accounts-with-accounts-type-total-exemption-smallaccounts · AA
- 2015-01-22📄annual-return-company-with-made-up-date-full-list-shareholdersannual-return · AR01
- 2015-01-22📄change-person-director-company-with-change-dateofficers · CH01
- 2015-01-22📄change-person-secretary-company-with-change-dateofficers · CH03
- 2007-12-31➖KELLY, Brian resignedsecretary
- 2005-08-31➕MAZS, Caroline appointedsecretary
- 2005-08-31➖KELLY, Brian resigneddirector
- 1997-04-06➕KELLY, Martin appointeddirector
- 1993-06-25🔒Charge registered #1Lender: The Royal Bank of Scotland PLC
- 1986-07-30🏢Company incorporatedAs HEAT SPARES LIMITED
Owner dependency
76/100
High — earn-out structure requiredMaterial 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.
- +Long-tenure founder: Senior director has been in place 29 years — deep operational knowledge concentrated in one person.
- +Senior director age: Director aged approximately 61 — approaching natural succession window.
Succession & seller-readiness
76/100
Likely off-market candidateStrong acquirability signals converging. Worth approaching directly — this is how off-market deals start.
SIGNALS
- secondaryFounder aged 58+: Senior director is approximately 61. Early succession window.
- secondaryTwo-director governance: Small-team governance. Succession depth is thin but not absent.
- primary20+ year tenure: Director in role 29 years. Very long tenure is a classic succession signal.
- secondaryStable-but-static management: Company is 40 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
cleanNo 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| Name | Shares | Voting rights | Nature of control | Notified |
|---|---|---|---|---|
Mr Martin Kelly Individual · British · DOB 01/1967 · age 59 | 25–50% | 25–50% | board controlsig. influence25-50% shares · 25-50% voting · board control · significant influence · firm interest | 06/04/2016 |
Mrs Caroline Mazs Individual · British · DOB 06/1965 · age 61 | 25–50% | 25–50% | board controlsig. influence25-50% shares · 25-50% voting · board control · significant influence · firm interest | 06/04/2016 |
From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.
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|---|---|---|---|---|---|---|---|
| KORBAN DISTRIBUTION LTD→ SC762657 · est 2023 · no financials extracted | — | — | — | — | 3y | — | — |
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| LUMIX PRODUCTS LTD→ SC852844 · est 2025 · no financials extracted | — | — | — | — | — | — | — |
| M N D UNITED LTD→ SC744344 · est 2022 · no financials extracted | — | — | — | — | 3y | — | — |
| M&M INTERNATIONAL DISTRIBUTION LTD→ SC549479 · est 2016 · no financials extracted | — | — | — | — | 9y | — | — |
| MARINICO LIMITED→ SC737144 · est 2022 · no financials extracted | — | — | — | — | 3y | — | — |
| MARNOCH MERCHANDISING LIMITED→ SC732020 · est 2022 · no financials extracted | — | — | — | — | 3y | — | — |
| MD GLOBAL TRADE LIMITED→ SC836969 · est 2025 · no financials extracted | — | — | — | — | 1y | — | — |
| MEDLAUBRI LTD→ SC816253 · est 2024 · no financials extracted | — | — | — | — | 1y | — | — |
| MERMAIDS SCOTLAND LIMITED→ SC575300 · est 2017 · no financials extracted | — | — | — | — | 8y | — | — |
| MIDDLEHOUSE FARMS LTD→ SC710034 · est 2021 · no financials extracted | — | — | — | — | 4y | — | — |
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
Incorporated1986-07-30
Jurisdictionscotland
Primary SIC46760 — SIC 46760
Registered office
Williams & Company Ca
191 Station Road
Shotts
ML7 4BA
Filing status
Accounts
Next due: 2026-06-30
Last made up to: 2024-09-30
Confirmation statement
Next due: 2027-01-12
Last: 2025-12-29
Officers (3 active · 2 resigned)
Active
KELLY, Martin→
Activedirector · ~59y · appointed 1997-04-06
View their other companies + combined net worth →
Active
KELLY, Brian→
Resignedsecretary · resigned 2007-12-31
KELLY, Brian→
Resigneddirector · ~85y · resigned 2005-08-31
Click a director name to see their full track record across all companies.
Mortgages & charges
1
Total charges
1
Outstanding
1
Active lenders
Status:Lender:1 of 1 shown
| Type | Properties | |||||
|---|---|---|---|---|---|---|
| outstanding | Lloyds Banking Group The Royal Bank of Scotland PLC | Floating charge | 1 property | 25/06/1993 | — |
Click column headers to sort. Use filters above to narrow by status and lender.
Recent filings (98 total)
confirmation-statement-with-no-updates
confirmation-statement · CS01
2026-01-12
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-06-24
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-01-12
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-06-20
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-01-12
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-06-27
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-01-12
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-06-30
confirmation-statement-with-no-updates
confirmation-statement · CS01
2022-01-11
accounts-with-accounts-type-total-exemption-full
accounts · AA
2021-06-16
confirmation-statement-with-no-updates
confirmation-statement · CS01
2021-01-11
accounts-with-accounts-type-total-exemption-full
accounts · AA
2020-06-28
confirmation-statement-with-no-updates
confirmation-statement · CS01
2020-01-08
accounts-with-accounts-type-total-exemption-full
accounts · AA
2019-06-20
confirmation-statement-with-no-updates
confirmation-statement · CS01
2019-01-04