DSF REFRACTORIES & MINERALS LIMITED

🌳Matureactive

SC144005 · ltd · incorporated 1993-04-22

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.

🔒Estimated value

—

Upgrade to see

Turnover

—

year to May 2025

Net worth

—

book net assets

Opportunity

75/100

Strong

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What this business does

Primary activity: SIC 23200

Sector: Manufacturing

Investor take

Pursue

Strong opportunity: leverage-led grower with strong profile and acceptable with review structure.

Opportunity 75/100 (strong), bankability 57/100. Biggest value-creation lever: Consolidate lender relationships. 5 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (77/100).

🏦

Refinance opportunity

13 live charges · 5 lenders · oldest 32.9y

25/100

too messy

Structure is too messy for a clean refinance right now — clean up first or expect bespoke terms.

· Oldest live charge is 32.9 years old — likely at or near maturity.
· 5 lenders named — inter-creditor friction likely.
· Legal-friction score 45/100 (high).

Data confidence

Overall: medium (73/100)

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

1 year of iXBRL accounts extracted (no YoY comparison) + narrative notes parsed

Lenders & charges

13 charges (13/13 with lender, 13/13 with type)

Directors & officers

20 officers (9 active, 20 linked, 14 with DOB)

Ownership & PSC

1 active PSC(s) of 1 total, 1 with control declared

Director network

6 connected companies via shared directors

Filing history

152 filings on record

Gazette notices

No matching gazette notices (standard for active companies)

🔒Estimated company valuation

Sector-multiple EBITDA, turnover, and NAV-proxy valuation range with confidence tier — derived from extracted iXBRL financials.

Available from the Pro tier upwards.

See pricing →

Opportunity Score

75/100Strong

PassWatchWorth a lookStrongExceptional

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

Business quality

Adequate — check latest filings for context.

Acquirability

Strong succession / seller-readiness signals.

Risk profile

Few red flags.

Signal strength

100

Good data coverage for analysis.

Signals from accounts

Derived from iXBRL accounts · FRS 102

Profitable

Profit before tax £2,250,746

Key financials

1 year extracted from filed iXBRL accounts

Cash

—

Net Worth

—

Current Assets

—

Current Liabilities

—

Financials

Extracted from Companies House accounts · FRS 102

Metric	2025-05-31
Profit before tax	£2.25M
Average employees	137

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

🔒Filing-note intelligence

4 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

filing

• 1 confirmation-statement

Last 90 days

filing

• 1 confirmation-statement

Last 180 days

filings

• 1 confirmation-statement
• 1 accounts

Counts from Companies House filing history.

Corporate timeline (70 events)Click to expand

2025-11-03
📄
accounts-with-accounts-type-full
accounts · AA
2025-04-15
📄
change-person-director-company-with-change-date
officers · CH01
2024-11-04
📄
accounts-with-accounts-type-medium
accounts · AA
2024-06-27
📄
appoint-person-director-company-with-name-date
officers · AP01
2024-06-03
➕
WILSON, Trevor Robert appointed
director
2024-04-24
📄
change-person-director-company-with-change-date
officers · CH01
2024-04-24
📄
change-person-secretary-company-with-change-date
officers · CH03
2024-01-03
📄
termination-director-company-with-name-termination-date
officers · TM01
2024-01-03
📄
termination-director-company-with-name-termination-date
officers · TM01
2023-12-18
➖
BELL, Geoffrey Malcolm resigned
director
2023-12-18
➖
PARKIN, Neale Andrew resigned
director
2023-10-16
📄
accounts-with-accounts-type-medium
accounts · AA
2022-10-17
📄
accounts-with-accounts-type-full
accounts · AA
2021-11-02
📄
accounts-with-accounts-type-full
accounts · AA
2021-03-02
📄
change-corporate-secretary-company-with-change-date
officers · CH04
2021-01-05
📄
appoint-person-director-company-with-name-date
officers · AP01
2021-01-05
📄
appoint-person-director-company-with-name-date
officers · AP01
2021-01-01
➕
FLOWER, Janette Rachel appointed
director
2021-01-01
➕
HANDLEY, Matthew Robert appointed
director
2020-11-09
📄
accounts-with-accounts-type-full
accounts · AA
2019-09-25
📄
accounts-with-accounts-type-full
accounts · AA
2019-02-21
📄
accounts-with-accounts-type-full
accounts · AA
2018-12-31
➖
WHITEHURST, Russell resigned
director
2017-12-22
🔒
Charge registered #15
Lender: Clydesdale Bank PLC (Trading as Both Clydesdale and Yorkshire Bank) (Company Number SC001111)
2017-07-18
➕
WINDLE, Christopher James appointed
director
2014-08-01
🔒
Charge registered #14
Lender: Nottingham City Council
2014-08-01
🔒
Charge registered #13
Lender: Nottingham City Council
2012-05-08
🔓
Charge satisfied #10
2012-05-01
🔓
Charge satisfied #8
2012-04-27
🔓
Charge satisfied #9
2012-04-27
🔓
Charge satisfied #7
2012-04-27
🔓
Charge satisfied #2
2012-04-27
🔓
Charge satisfied #1
2011-11-29
🔒
Charge registered #12
Lender: Clydesdale Bank PLC
2011-11-16
🔒
Charge registered #11
Lender: Clydesdale Bank PLC
2009-05-15
🔒
Charge registered #10
Lender: Bank of Scotland PLC
2009-04-07
➕
BEARN, Philip Arthur appointed
secretary
2008-11-28
🔒
Charge registered #9
Lender: Bank of Scotland PLC
2005-06-01
➕
BEARN, Philip Arthur appointed
director
2005-06-01
➕
WHELPTON, Christopher John appointed
director
2005-03-31
➖
CATTERALL, John resigned
director
2004-08-01
➕
BURNESS PAULL LLP appointed
corporate-secretary
2004-08-01
➖
BURNESS SOLICITORS resigned
corporate-nominee-secretary
2003-09-09
🔓
Charge satisfied #6
2003-09-09
🔓
Charge satisfied #3
2003-08-07
➕
HUTCHINSON, Paul Malcolm appointed
director
2003-08-07
➖
CATTERALL, John resigned
secretary
2003-08-07
➕
BURNESS SOLICITORS appointed
corporate-nominee-secretary
2003-08-07
➕
BELL, Geoffrey Malcolm appointed
director
2003-08-07
➖
RITCHIE, Alastair James resigned
director

Showing most recent 50 of 70 events

Owner dependency

58/100

Moderate — manageable with handover

Some founder dependency, but not acute. A structured handover period should cover most risk.

FACTORS

-7 active directors: Broader management team in place — suggests transferable governance.
+Long-tenure founder: Senior director has been in place 23 years — deep operational knowledge concentrated in one person.
+Senior director age: Director aged approximately 61 — approaching natural succession window.

Succession & seller-readiness

60/100

Strong succession signal

Multiple signals suggest succession is on the horizon. Candidate for proactive outreach.

SIGNALS

secondaryFounder aged 58+: Senior director is approximately 61. Early succession window.
primary20+ year tenure: Director in role 23 years. Very long tenure is a classic succession signal.
supportingClean filings + long tenure: Disciplined long-tenure operator — classic lifestyle-business pattern that often sells quietly.

Red flags

1 med · 1 low

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.

5 live charges

low

Heavily leveraged with multiple live security positions — understand the capital structure before proceeding.

Group structure

Dsf (2003) Limited is the ultimate parent — holding 75%+ shares. This company sits inside their group.

🏛️

Dsf (2003) Limited

Corporate parent · holds 75-100% shares · board control

ultimate parent

⬇

DSF REFRACTORIES & MINERALS LIMITED

This company · SC144005

Parent relationships inferred from Persons with Significant Control filings. Full subsidiary tree requires reverse-lookup (coming).

Shareholders & ownership

1 active beneficial owner · dominant holder ≥75%

Name	Shares	Voting rights	Nature of control	Notified
Dsf (2003) Limited Corporate entity	75–100%	75–100%	board control75-100% shares · 75-100% voting · board control	06/04/2016

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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EERIE IDOL GAMES LTD→ SC728811 · est 2022 · no financials extracted	—	—	—	—	4y	—	—
ELA'S PAINTING DECORATION AND WELDING LTD→ SC716206 · est 2021 · no financials extracted	—	—	—	—	4y	—	—
EMMEN SIDECARS LTD→ SC701270 · est 2021 · no financials extracted	—	—	—	—	4y	—	—
EMPTEEZY LIMITED→ SC100049 · est 1986 · no financials extracted	—	—	—	—	39y	—	—
ENEUS ENERGY LIMITED→ SC739030 · est 2022 · no financials extracted	—	—	—	—	3y	—	—
ENTRANCE SYSTEMS LTD→ SC846469 · est 2025 · no financials extracted	—	—	—	—	—	—	—
ENTRANCE SYSTEMS SOLUTIONS LTD→ SC846468 · est 2025 · no financials extracted	—	—	—	—	—	—	—

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

Incorporated1993-04-22

Jurisdictionscotland

Primary SIC23200 — SIC 23200

Registered office

50 Lothian Road

Edinburgh

Midlothian

EH3 9WJ

Filing status

Accounts

Next due: 2027-02-28

Last made up to: 2025-05-31

Confirmation statement

Next due: 2027-04-24

Last: 2026-04-10