INDIGO (SCOTLAND) LIMITED

💤Zombieactive
SC193859 · ltd · incorporated 1999-03-01
Investment thesis
Zombie company — trading but stalled; unlikely mover.
Why interesting: Quiet, steady; could be a succession or carve-out candidate with the right conversation.
Why risky: No growth signal; thin margin for error on price.
Why now
Window steady · low confidence
Steady and stalled — no momentum either way. Needs an approach trigger.
What changed my view
Last 30 days

No material changes in the last 30 days.

Last 90 days

No snapshot from 90 days ago — start tracking from today.

Last 180 days

No snapshot from 180 days ago — start tracking from today.

🔒Estimated value
—
Upgrade to see
Turnover
—
year to Mar 2025
Net worth
—
book net assets
Opportunity
79/100
Strong
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What this business does
Primary activity: Other letting and operating of own or leased real estate
Sector: Real estate
Investor take
Pursue
Strong opportunity: property-backed borrower with strong profile and acceptable with review structure.

Opportunity 79/100 (strong), bankability 67/100. Strong seller-intent signal (80/100, director aged 59). 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 (73/100).

🏦

Refinance opportunity

19 live charges · 4 lenders · oldest 25.8y

15/100
under pressure

Refinance would be pressure-driven, not opportunity-driven. Expect tighter margins and covenant scrutiny.

  • · Oldest live charge is 25.8 years old — likely at or near maturity.
  • · 4 lenders named — inter-creditor friction likely.
  • · Distress signals active — lender appetite narrows.

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, 1 SIC codes, incorporation date
100
Financials
2 years of iXBRL accounts extracted (YoY deltas available) + narrative notes parsed
75
Lenders & charges
19 charges (19/19 with lender, 19/19 with type)
90
Directors & officers
5 officers (1 active, 5 linked, 3 with DOB)
82
Ownership & PSC
1 active PSC(s) of 1 total, 1 with control declared
90
Director network
1 connected companies via shared directors
48
Filing history
100 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
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.

Key financials

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

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · accounting standard unknown
Metric2025-03-312024-03-31
Average employees100100

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
2
filings
  • • 1 confirmation-statement
  • • 1 accounts
Counts from Companies House filing history.
Corporate timeline (67 events)Click to expand
  1. 2025-12-31
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  2. 2024-12-27
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  3. 2023-12-30
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  4. 2022-11-21
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  5. 2022-01-10
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  6. 2022-01-08
    🔒
    Charge registered #19
    Lender: Paragon Bank PLC
  7. 2021-12-10
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  8. 2021-09-14
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  9. 2021-09-14
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  10. 2021-09-14
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  11. 2021-09-14
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  12. 2021-09-14
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  13. 2021-09-14
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  14. 2021-09-14
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  15. 2021-09-14
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  16. 2021-09-14
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  17. 2021-09-14
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  18. 2021-09-14
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  19. 2021-09-14
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  20. 2021-09-14
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  21. 2021-09-14
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  22. 2021-09-14
    🔓
    Charge satisfied #18
  23. 2021-09-14
    🔓
    Charge satisfied #17
  24. 2021-09-14
    🔓
    Charge satisfied #16
  25. 2021-09-14
    🔓
    Charge satisfied #15
  26. 2021-09-14
    🔓
    Charge satisfied #14
  27. 2021-09-14
    🔓
    Charge satisfied #13
  28. 2021-09-14
    🔓
    Charge satisfied #12
  29. 2021-09-14
    🔓
    Charge satisfied #11
  30. 2021-09-14
    🔓
    Charge satisfied #10
  31. 2021-09-14
    🔓
    Charge satisfied #9
  32. 2021-09-14
    🔓
    Charge satisfied #7
  33. 2021-09-14
    🔓
    Charge satisfied #8
  34. 2021-09-14
    🔓
    Charge satisfied #6
  35. 2021-09-14
    🔓
    Charge satisfied #5
  36. 2021-09-14
    🔓
    Charge satisfied #4
  37. 2021-09-14
    🔓
    Charge satisfied #3
  38. 2021-09-14
    🔓
    Charge satisfied #1
  39. 2009-10-08
    ➖
    DUNLOP, Alasdair James Sutherland resigned
    director
  40. 2009-10-01
    ➖
    DUNLOP, Alasdair James Sutherland resigned
    secretary
  41. 2007-04-12
    🔒
    Charge registered #18
    Lender: Paragon Mortgages Limited
  42. 2007-02-19
    🔒
    Charge registered #17
    Lender: Paragon Mortgages Limited
  43. 2007-02-13
    🔒
    Charge registered #16
    Lender: Paragon Mortgages Limited
  44. 2007-02-02
    🔒
    Charge registered #15
    Lender: Paragon Mortgages Limited
  45. 2007-02-02
    🔒
    Charge registered #14
    Lender: Paragon Mortgages Limited
  46. 2007-02-02
    🔒
    Charge registered #13
    Lender: Paragon Mortgages Limited
  47. 2006-03-31
    ➕
    DUNLOP, Alasdair James Sutherland appointed
    director
  48. 2005-11-03
    🔒
    Charge registered #12
    Lender: Mortgage Trust Limited
  49. 2005-09-22
    🔒
    Charge registered #11
    Lender: Mortgage Trust Limited
  50. 2004-11-18
    🔒
    Charge registered #10
    Lender: Paragon Mortgages Limited
Showing most recent 50 of 67 events

Owner dependency

93/100
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
  • +Sole director: Only one active director — all governance concentrated on one person.
  • +Long-tenure founder: Senior director has been in place 27 years — deep operational knowledge concentrated in one person.
  • +Senior director age: Director aged approximately 59 — approaching natural succession window.

Succession & seller-readiness

85/100
Likely off-market candidate

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

SIGNALS
  • secondaryFounder aged 58+: Senior director is approximately 59. Early succession window.
  • primarySole active director: Only one director in control. No visible successor — buyers solve the succession problem.
  • primary20+ year tenure: Director in role 27 years. Very long tenure is a classic succession signal.
  • secondaryStable-but-static management: Company is 27 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

1 active beneficial owner
NameSharesVoting rightsNature of controlNotified
Mr Robert Ian Sutherland Dunlop
Individual · British · DOB 10/1967 · age 59
50–75%
50–75%50-75% shares · 50-75% voting01/05/2016

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
Incorporated1999-03-01
Jurisdictionscotland
Primary SIC68209 — Other letting and operating of own or leased real estate

Registered office

45 Burnbank Meadows
Kinross
Perth & Kinross
KY13 8GE

Filing status

Accounts
Next due: 2026-12-31
Last made up to: 2025-03-31
Confirmation statement
Next due: 2027-02-10
Last: 2026-01-27

Officers (1 active · 4 resigned)

DUNLOP, Robert Ian Sutherland→
director · ~59y · appointed 1999-03-01
View their other companies + combined net worth →
Active
DUNLOP, Alasdair James Sutherland→
secretary · appointed 1999-03-01 · resigned 2009-10-01
Resigned
OSWALDS OF EDINBURGH LIMITED→
corporate-nominee-secretary · appointed 1999-03-01 · resigned 1999-03-01
Resigned
DUNLOP, Alasdair James Sutherland→
director · ~56y · appointed 2006-03-31 · resigned 2009-10-08
Resigned
DUNLOP, Alasdair James Sutherland→
director · ~56y · appointed 1999-03-01 · resigned 2003-08-08
Resigned

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

Mortgages & charges

19
Total charges
1
Outstanding
1
Active lenders
Status:Lender:19 of 19 shown
TypeProperties
outstanding
Paragon
Paragon Bank PLC
A registered charge1 property08/01/2022—
satisfied
Paragon
Paragon Mortgages Limited
Standard security1 property12/04/200714/09/2021
satisfied
Paragon
Paragon Mortgages Limited
Standard security1 property19/02/200714/09/2021
satisfied
Paragon
Paragon Mortgages Limited
Standard security1 property13/02/200714/09/2021
satisfied
Paragon
Paragon Mortgages Limited
Standard security1 property02/02/200714/09/2021
satisfied
Paragon
Paragon Mortgages Limited
Standard security1 property02/02/200714/09/2021
satisfied
Paragon
Paragon Mortgages Limited
Standard security1 property02/02/200714/09/2021
satisfied
Mortgage Trust
Mortgage Trust Limited
Standard security1 property03/11/200514/09/2021
satisfied
Mortgage Trust
Mortgage Trust Limited
Standard security1 property22/09/200514/09/2021
satisfied
Paragon
Paragon Mortgages Limited
Standard security1 property18/11/200414/09/2021
satisfied
Mortgage Trust
Mortgage Trust Limited
Standard security1 property01/10/200414/09/2021
satisfied
Paragon
Paragon Mortgages Limited
Standard security1 property17/06/200414/09/2021
satisfied
Mortgage Trust
Mortgage Trust Limited
Standard security1 property15/06/200414/09/2021
satisfied
Paragon
Paragon Mortgages Limited
Standard security1 property23/03/200414/09/2021
satisfied
Paragon
Paragon Mortgages Limited
Standard security1 property05/01/200414/09/2021
satisfied
Paragon
Paragon Mortgages Limited
Standard security1 property04/12/200314/09/2021
satisfied
Paragon
Paragon Mortgages Limited
Floating charge1 property24/11/200314/09/2021
satisfied
Lloyds Banking Group
The Royal Bank of Scotland PLC
Standard security1 property21/09/200016/12/2003
satisfied
Lloyds Banking Group
The Royal Bank of Scotland PLC
Standard security1 property21/09/200014/09/2021
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (100 total)

confirmation-statement-with-no-updates
confirmation-statement · CS01
2026-01-27
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-12-31
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-04-07
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-12-27
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-04-12
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-12-30
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-04-17
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-11-21
confirmation-statement-with-no-updates
confirmation-statement · CS01
2022-04-29
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2022-01-10
accounts-with-accounts-type-total-exemption-full
accounts · AA
2021-12-10
mortgage-satisfy-charge-full
mortgage · MR04
2021-09-14
mortgage-satisfy-charge-full
mortgage · MR04
2021-09-14
mortgage-satisfy-charge-full
mortgage · MR04
2021-09-14
mortgage-satisfy-charge-full
mortgage · MR04
2021-09-14