NORLOG LIMITED

🌳Matureactive
SC168686 · ltd · incorporated 1996-10-01
Investment thesis
Unencumbered property vehicle — clean asset-backed target with refinance headroom.
Why interesting: Property-holding entity with no live charges; straightforward asset-backed case.
Why risky: Values depend on title and valuation; property-specific market exposure.
🔒Estimated value
—
Upgrade to see
Turnover
—
year to Mar 2025
Net worth
£-38.1k
book net assets
Opportunity
80/100
Exceptional
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What this business does
Primary activity: Construction of domestic buildings
Sector: Construction
Investor take
Pass (distressed without resilience)
Distressed active trading company — structural issues outweigh the discount.

Opportunity 80/100 (exceptional), bankability 75/100. Strong seller-intent signal (83/100, director aged 80). Share purchase looks the cleaner deal structure. Biggest value-creation lever: Cash flow review and working-capital discipline. Cash down -50% YoY — forensic review of receivables, stock turns, and creditor days. Most likely exit: share sale to pe / searcher (65/100).

Data confidence

Overall: medium (78/100)

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
Confirmed no charges registered
85
Directors & officers
8 officers (3 active, 8 linked, 4 with DOB)
80
Ownership & PSC
1 active PSC(s) of 1 total, 1 with control declared
90
Director network
2 connected companies via shared directors
51
Filing history
77 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
80/100Exceptional
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
90
Good data coverage for analysis.

Signals from accounts

Derived from iXBRL accounts · FRS 102
Negative net assets
Liabilities exceed assets by £38,053
Cash draining
Cash down 50% YoY
Cash YoY
-50%
Year on year

Key financials

2 years extracted from filed iXBRL accounts
Cash
£7k
↓ 50% YoY
Net Worth
-£38k
↓ 72% YoY
Current Assets
£8k
↓ 48% YoY
Current Liabilities
—
-£38k-£27k-£17k-£6k£4k£15kMar 2024Mar 2025

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · FRS 102
Metric2025-03-312024-03-31
Total assets£-38.1k£-22.2k
Current assets£7.7k£14.7k
Cash£6.8k£13.8k
Debtors£861£929
Net assets£-38.1k£-22.2k

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
0
filings
Last 180 days
0
filings
Counts from Companies House filing history.
Corporate timeline (29 events)Click to expand
  1. 2025-11-03
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  2. 2024-09-13
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  3. 2023-10-02
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  4. 2022-10-26
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  5. 2021-08-12
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  6. 2020-08-18
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  7. 2019-09-27
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  8. 2018-12-20
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  9. 2017-10-19
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  10. 2016-09-21
    📄
    accounts-with-accounts-type-total-exemption-small
    accounts · AA
  11. 2016-07-06
    📄
    appoint-person-director-company-with-name-date
    officers · AP01
  12. 2016-07-06
    📄
    appoint-person-secretary-company-with-name-date
    officers · AP03
  13. 2016-07-06
    📄
    termination-secretary-company-with-name-termination-date
    officers · TM02
  14. 2016-07-06
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  15. 2016-07-02
    ➕
    RATTRAY, Alec James appointed
    secretary
  16. 2016-07-01
    ➕
    RATTRAY, Alec James appointed
    director
  17. 2016-07-01
    ➖
    RATTRAY, Gwendoline Mary resigned
    secretary
  18. 2016-07-01
    ➖
    RATTRAY, Gwendoline Mary resigned
    director
  19. 2015-10-28
    📄
    annual-return-company-with-made-up-date-full-list-shareholders
    annual-return · AR01
  20. 1999-06-09
    ➕
    RATTRAY, Gwendoline Mary appointed
    secretary
  21. 1999-06-09
    ➖
    HALL & COMPANY WRITERS TO THE SIGNET resigned
    corporate-secretary
  22. 1998-05-05
    ➖
    A & R ROBERTSON & BLACK resigned
    corporate-secretary
  23. 1998-05-05
    ➕
    HALL & COMPANY WRITERS TO THE SIGNET appointed
    corporate-secretary
  24. 1996-10-01
    🏢
    Company incorporated
    As NORLOG LIMITED
  25. 1996-10-01
    ➕
    RATTRAY, James appointed
    director
  26. 1996-10-01
    ➕
    A & R ROBERTSON & BLACK appointed
    corporate-secretary
  27. 1996-10-01
    ➕
    HALL, Alastair David Armstrong Shepherd appointed
    director
  28. 1996-10-01
    ➖
    HALL, Alastair David Armstrong Shepherd resigned
    director
  29. 1996-10-01
    ➕
    RATTRAY, Gwendoline Mary appointed
    director

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 30 years — deep operational knowledge concentrated in one person.
  • +Founder age: Director aged approximately 80 — succession pressure is live.
  • +Family involvement: Multiple officers share a surname — likely family business, which concentrates governance.

Succession & seller-readiness

96/100
Likely off-market candidate

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

SIGNALS
  • primaryFounder aged 70+: Senior director is approximately 80 years old. Natural succession window is now.
  • secondaryTwo-director governance: Small-team governance. Succession depth is thin but not absent.
  • primary20+ year tenure: Director in role 30 years. Very long tenure is a classic succession signal.
  • secondaryStable-but-static management: Company is 30 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

1 active beneficial owner
NameSharesVoting rightsNature of controlNotified
Mr James Rattray
Individual · British · DOB 04/1946 · age 80
25–50%
—board controlsig. influence25-50% shares · board control · significant influence01/10/2016

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
Incorporated1996-10-01
Jurisdictionscotland
Primary SIC41202 — Construction of domestic buildings

Registered office

Tigh-Na-Bruaich
Kirkmichael
Blairgowrie
Perthshire
PH10 7NY

Filing status

Accounts
Next due: 2026-12-31
Last made up to: 2025-03-31
Confirmation statement
Next due: 2026-10-15
Last: 2025-10-01

Officers (3 active · 5 resigned)

RATTRAY, Alec James→
secretary · appointed 2016-07-02
View their other companies + combined net worth →
Active
RATTRAY, Alec James→
director · ~38y · appointed 2016-07-01
View their other companies + combined net worth →
Active
RATTRAY, James→
director · ~80y · appointed 1996-10-01
View their other companies + combined net worth →
Active
RATTRAY, Gwendoline Mary→
secretary · appointed 1999-06-09 · resigned 2016-07-01
Resigned
A & R ROBERTSON & BLACK→
corporate-secretary · appointed 1996-10-01 · resigned 1998-05-05
Resigned
HALL & COMPANY WRITERS TO THE SIGNET→
corporate-secretary · appointed 1998-05-05 · resigned 1999-06-09
Resigned
HALL, Alastair David Armstrong Shepherd→
director · ~70y · appointed 1996-10-01 · resigned 1996-10-01
Resigned
RATTRAY, Gwendoline Mary→
director · ~77y · appointed 1996-10-01 · resigned 2016-07-01
Resigned

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

Recent filings (77 total)

accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-11-03
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-10-17
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-10-12
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-09-13
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-10-13
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-10-02
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-10-26
confirmation-statement-with-no-updates
confirmation-statement · CS01
2022-10-16
confirmation-statement-with-no-updates
confirmation-statement · CS01
2021-10-14
accounts-with-accounts-type-total-exemption-full
accounts · AA
2021-08-12
confirmation-statement-with-no-updates
confirmation-statement · CS01
2020-10-01
accounts-with-accounts-type-total-exemption-full
accounts · AA
2020-08-18
confirmation-statement-with-no-updates
confirmation-statement · CS01
2019-10-13
accounts-with-accounts-type-total-exemption-full
accounts · AA
2019-09-27
accounts-with-accounts-type-total-exemption-full
accounts · AA
2018-12-20