THISTLE WINDOWS & CONSERVATORIES LIMITED

📈Growthactive
SC159622 · ltd · incorporated 1995-08-09
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 Aug 2025
Net worth
—
book net assets
Opportunity
79/100
Strong
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What this business does
Primary activity: Construction of domestic buildings
Sector: Construction
ALSO REGISTERED FOR
  • 43320Joinery installation
  • 43342Glazing
  • 43390Other building completion and finishing
Investor take
Pursue
Active trading company with a 65-year-old founder — textbook succession opportunity.

Opportunity 79/100 (strong), bankability 67/100. Strong seller-intent signal (83/100, director aged 65). 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 (85/100).

🏦

Refinance opportunity

7 live charges · 4 lenders · oldest 30.6y

45/100
clean up first

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

  • · Oldest live charge is 30.6 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.
  • · Profitable and stable/growing — lender coverage supportable.

Data confidence

Overall: medium (79/100)

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

Company profile
address, 4 SIC codes, incorporation date
100
Financials
2 years of iXBRL accounts extracted (YoY deltas available) + narrative notes parsed
75
Lenders & charges
7 charges (7/7 with lender, 7/7 with type)
90
Directors & officers
8 officers (2 active, 8 linked, 4 with DOB)
80
Ownership & PSC
2 active PSC(s) of 2 total, 2 with control declared
90
Director network
2 connected companies via shared directors
51
Filing history
102 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
🔒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
79/100Strong
PassWatchWorth a lookStrongExceptional 

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

Business quality
70
Active, clean filings, stable charge profile.
Acquirability
80
Strong succession / seller-readiness signals.
Risk profile
77
Few red flags.
Signal strength
100
Good data coverage for analysis.

Signals from accounts

Derived from iXBRL accounts · FRS 102
Profitable
Profit before tax £493,450

Key financials

2 years extracted from filed iXBRL accounts
Cash
—
Net Worth
—
Current Assets
—
Current Liabilities
—
£0£0£0£0£0£0Aug 2024Aug 2025

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · FRS 102
Metric2025-08-312024-08-31
Profit before tax£493.4k£364.3k
Average employees11914200

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

🔒Filing-note intelligence

2 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
1
filing
  • • 1 accounts
Last 180 days
3
filings
  • • 1 accounts
  • • 1 resolution
  • • 1 incorporation
Counts from Companies House filing history.
Corporate timeline (43 events)Click to expand
  1. 2026-02-23
    📄
    accounts-with-accounts-type-full
    accounts · AA
  2. 2026-01-12
    📄
    resolution
    resolution · RESOLUTIONS
  3. 2025-12-08
    📄
    memorandum-articles
    incorporation · MA
  4. 2025-05-01
    📄
    accounts-with-accounts-type-full
    accounts · AA
  5. 2024-11-08
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  6. 2024-11-08
    🔓
    Charge satisfied #10
  7. 2024-01-18
    📄
    accounts-with-accounts-type-full
    accounts · AA
  8. 2023-01-12
    📄
    accounts-with-accounts-type-full
    accounts · AA
  9. 2022-04-13
    📄
    accounts-with-accounts-type-full
    accounts · AA
  10. 2021-08-16
    📄
    accounts-with-accounts-type-full
    accounts · AA
  11. 2020-08-27
    📄
    accounts-with-accounts-type-full
    accounts · AA
  12. 2019-06-13
    📄
    change-person-director-company-with-change-date
    officers · CH01
  13. 2019-06-13
    📄
    change-person-director-company-with-change-date
    officers · CH01
  14. 2019-05-27
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  15. 2019-01-15
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  16. 2019-01-15
    📄
    mortgage-alter-floating-charge-with-number
    mortgage · 466(Scot)
  17. 2019-01-10
    🔒
    Charge registered #10
    Lender: Claire Jamieson
  18. 2018-05-23
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  19. 2016-09-23
    🔓
    Charge satisfied #8
  20. 2016-09-07
    🔒
    Charge registered #9
    Lender: Clydesdale Bank PLC
  21. 2012-03-24
    🔓
    Charge satisfied #6
  22. 2011-09-10
    🔓
    Charge satisfied #5
  23. 2011-09-01
    🔒
    Charge registered #8
    Lender: Clydesdale Bank PLC
  24. 2011-07-29
    🔒
    Charge registered #7
    Lender: Clydesdale Bank PLC
  25. 2011-03-09
    ➖
    MORRISON, Gary resigned
    director
  26. 2009-01-22
    ➖
    SOLICITORS DIRECT resigned
    corporate-secretary
  27. 2005-09-01
    ➕
    BRUCE, Ian James appointed
    director
  28. 2002-11-11
    🔒
    Charge registered #6
    Lender: The Royal Bank of Scotland PLC
  29. 2002-10-17
    🔓
    Charge satisfied #2
  30. 2002-10-04
    🔒
    Charge registered #5
    Lender: The Royal Bank of Scotland PLC
  31. 2000-09-01
    ➖
    GRAY & GRAY resigned
    corporate-secretary
  32. 2000-09-01
    ➕
    SOLICITORS DIRECT appointed
    corporate-secretary
  33. 1996-01-31
    ➖
    SMITH, Alistair Andrew resigned
    director
  34. 1995-10-03
    🔒
    Charge registered #2
    Lender: The Governor and Company of the Bank of Scotland
  35. 1995-08-09
    🏢
    Company incorporated
    As THISTLE WINDOWS & CONSERVATORIES LIMITED
  36. 1995-08-09
    ➕
    ROBSON, Edward Nicol appointed
    director
  37. 1995-08-09
    ➕
    FIRSTSCOTTISH SECRETARIES LIMITED appointed
    corporate-secretary
  38. 1995-08-09
    ➖
    FIRSTSCOTTISH SECRETARIES LIMITED resigned
    corporate-secretary
  39. 1995-08-09
    ➕
    GRAY & GRAY appointed
    corporate-secretary
  40. 1995-08-09
    ➕
    MORRISON, Gary appointed
    director
  41. 1995-08-09
    ➕
    SMITH, Alistair Andrew appointed
    director
  42. 1995-08-09
    ➕
    FIRST SCOTTISH INTERNATIONAL SERVICES LIMITED appointed
    corporate-nominee-director
  43. 1995-08-09
    ➖
    FIRST SCOTTISH INTERNATIONAL SERVICES LIMITED resigned
    corporate-nominee-director

Owner dependency

83/100
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 31 years — deep operational knowledge concentrated in one person.
  • +Founder age: Director aged approximately 65 — succession pressure is live.

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 65. 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 31 years. Very long tenure is a classic succession signal.
  • secondaryStable-but-static management: Company is 31 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

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 Edward Nicol Robson
Individual · British · DOB 12/1961 · age 65
50–75%
50–75%sig. influence50-75% shares · 50-75% voting · significant influence09/08/2016
Mr Ian James Bruce
Individual · British · DOB 03/1968 · age 58
25–50%
25–50%sig. influence25-50% shares · 25-50% voting · significant influence09/08/2016

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

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
Incorporated1995-08-09
Jurisdictionscotland
Primary SIC41202 — Construction of domestic buildings

Registered office

Thistle House Woodside Road
Bridge Of Don Industrial Estate
Aberdeen
AB23 8EF
Scotland

Filing status

Accounts
Next due: 2027-05-31
Last made up to: 2025-08-31
Confirmation statement
Next due: 2026-08-23
Last: 2025-08-09

Officers (2 active · 6 resigned)

BRUCE, Ian James→
director · ~58y · appointed 2005-09-01
View their other companies + combined net worth →
Active
ROBSON, Edward Nicol→
director · ~65y · appointed 1995-08-09
View their other companies + combined net worth →
Active
FIRSTSCOTTISH SECRETARIES LIMITED→
corporate-secretary · appointed 1995-08-09 · resigned 1995-08-09
Resigned
GRAY & GRAY→
corporate-secretary · appointed 1995-08-09 · resigned 2000-09-01
Resigned
SOLICITORS DIRECT→
corporate-secretary · appointed 2000-09-01 · resigned 2009-01-22
Resigned
MORRISON, Gary→
director · ~64y · appointed 1995-08-09 · resigned 2011-03-09
Resigned
SMITH, Alistair Andrew→
director · ~70y · appointed 1995-08-09 · resigned 1996-01-31
Resigned
FIRST SCOTTISH INTERNATIONAL SERVICES LIMITED→
corporate-nominee-director · appointed 1995-08-09 · resigned 1995-08-09
Resigned

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

Mortgages & charges

7
Total charges
2
Outstanding
1
Active lenders
Status:Lender:7 of 7 shown
TypeProperties
satisfied
Claire Jamieson
A registered charge1 property10/01/201908/11/2024
outstanding
Virgin Money
Clydesdale Bank PLC
A registered charge2 properties07/09/2016—
satisfied
Virgin Money
Clydesdale Bank PLC
Standard security1 property01/09/201123/09/2016
outstanding
Virgin Money
Clydesdale Bank PLC
Floating charge1 property29/07/2011—
satisfied
Lloyds Banking Group
The Royal Bank of Scotland PLC
Standard security1 property11/11/200224/03/2012
satisfied
Lloyds Banking Group
The Royal Bank of Scotland PLC
Bond & floating charge1 property04/10/200210/09/2011
satisfied
Lloyds Banking Group
The Governor and Company of the Bank of Scotland
Bond & floating charge1 property03/10/199517/10/2002
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (102 total)

accounts-with-accounts-type-full
accounts · AA
2026-02-23
resolution
resolution · RESOLUTIONS
2026-01-12
memorandum-articles
incorporation · MA
2025-12-08
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-09-03
accounts-with-accounts-type-full
accounts · AA
2025-05-01
mortgage-satisfy-charge-full
mortgage · MR04
2024-11-08
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-09-12
accounts-with-accounts-type-full
accounts · AA
2024-01-18
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-09-08
accounts-with-accounts-type-full
accounts · AA
2023-01-12
confirmation-statement-with-no-updates
confirmation-statement · CS01
2022-09-15
accounts-with-accounts-type-full
accounts · AA
2022-04-13
confirmation-statement-with-no-updates
confirmation-statement · CS01
2021-09-09
accounts-with-accounts-type-full
accounts · AA
2021-08-16
confirmation-statement-with-no-updates
confirmation-statement · CS01
2020-09-11