REFERENCE ECONOMIC CONSULTANTS LIMITED

💤Zombieactive
SC268510 · ltd · incorporated 2004-05-27
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.
🔒Estimated value
—
Upgrade to see
Turnover
—
year to May 2025
Net worth
—
book net assets
Opportunity
80/100
Exceptional
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What this business does
Primary activity: Other business support service activities n.e.c.
Sector: Administrative & support services
Investor take
Pursue
Active trading company with a 61-year-old founder — textbook succession opportunity.

Opportunity 80/100 (exceptional), bankability 75/100. Strong seller-intent signal (70/100, director aged 61). Share purchase looks the cleaner deal structure. Biggest value-creation lever: Broaden director team. Sole director creates succession risk and reduces buyer comfort. Appoint a second director or strong #2. Most likely exit: share sale to pe / searcher (73/100).

Data confidence

Overall: medium (76/100)

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
5 officers (1 active, 5 linked, 2 with DOB)
78
Ownership & PSC
1 active PSC(s) of 1 total, 1 with control declared
90
Director network
Network not yet resolved
30
Filing history
59 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.

Key financials

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

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · FRS 102
Metric2025-05-312024-05-31
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
0
filings
Counts from Companies House filing history.
Corporate timeline (26 events)Click to expand
  1. 2025-10-14
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  2. 2024-07-12
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  3. 2024-05-14
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC04
  4. 2023-07-03
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  5. 2022-06-17
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  6. 2021-06-17
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  7. 2020-07-24
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  8. 2019-07-30
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  9. 2018-10-02
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  10. 2017-09-28
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  11. 2016-07-21
    📄
    accounts-with-accounts-type-total-exemption-small
    accounts · AA
  12. 2016-05-17
    📄
    annual-return-company-with-made-up-date-full-list-shareholders
    annual-return · AR01
  13. 2015-08-04
    📄
    accounts-with-accounts-type-total-exemption-small
    accounts · AA
  14. 2015-05-28
    📄
    annual-return-company-with-made-up-date-full-list-shareholders
    annual-return · AR01
  15. 2015-05-28
    📍
    change-registered-office-address-company-with-date-old-address-new-address
    address · AD01
  16. 2014-08-28
    📄
    accounts-with-accounts-type-total-exemption-small
    accounts · AA
  17. 2009-10-07
    ➖
    MACKAY, Euan Angus, Dr resigned
    secretary
  18. 2009-10-07
    ➖
    MACKAY, Euan Angus, Dr resigned
    director
  19. 2004-05-27
    🏢
    Company incorporated
    As REFERENCE ECONOMIC CONSULTANTS LIMITED
  20. 2004-05-27
    ➕
    MATTHEW, Thomas John Hunter appointed
    director
  21. 2004-05-27
    ➕
    MACKAY, Euan Angus, Dr appointed
    secretary
  22. 2004-05-27
    ➕
    OSWALDS OF EDINBURGH LIMITED appointed
    corporate-nominee-secretary
  23. 2004-05-27
    ➖
    OSWALDS OF EDINBURGH LIMITED resigned
    corporate-nominee-secretary
  24. 2004-05-27
    ➕
    MACKAY, Euan Angus, Dr appointed
    director
  25. 2004-05-27
    ➕
    JORDANS (SCOTLAND) LIMITED appointed
    corporate-nominee-director
  26. 2004-05-27
    ➖
    JORDANS (SCOTLAND) LIMITED resigned
    corporate-nominee-director

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 22 years — deep operational knowledge concentrated in one person.
  • +Senior director age: Director aged approximately 61 — 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 61. 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 22 years. Very long tenure is a classic succession signal.
  • secondaryStable-but-static management: Company is 22 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 · dominant holder ≥75%
NameSharesVoting rightsNature of controlNotified
Mr Thomas John Hunter Matthew
Individual · British · DOB 10/1965 · age 61
75–100%
75–100%board control75-100% shares · 75-100% voting · board control03/05/2016

From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.

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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
Incorporated2004-05-27
Jurisdictionscotland
Primary SIC82990 — Other business support service activities n.e.c.

Registered office

C/O A9 Accountancy Ltd
Elm House Cradlehall Business Park
Inverness
Highland
IV2 5GH

Filing status

Accounts
Next due: 2027-02-28
Last made up to: 2025-05-31
Confirmation statement
Next due: 2026-05-17
Last: 2025-05-03

Officers (1 active · 4 resigned)

MATTHEW, Thomas John Hunter→
director · ~61y · appointed 2004-05-27
View their other companies + combined net worth →
Active
MACKAY, Euan Angus, Dr→
secretary · appointed 2004-05-27 · resigned 2009-10-07
Resigned
OSWALDS OF EDINBURGH LIMITED→
corporate-nominee-secretary · appointed 2004-05-27 · resigned 2004-05-27
Resigned
MACKAY, Euan Angus, Dr→
director · ~71y · appointed 2004-05-27 · resigned 2009-10-07
Resigned
JORDANS (SCOTLAND) LIMITED→
corporate-nominee-director · appointed 2004-05-27 · resigned 2004-05-27
Resigned

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

Recent filings (59 total)

accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-10-14
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-05-12
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-07-12
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-05-16
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2024-05-14
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-07-03
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-05-05
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-06-17
confirmation-statement-with-no-updates
confirmation-statement · CS01
2022-05-05
accounts-with-accounts-type-total-exemption-full
accounts · AA
2021-06-17
confirmation-statement-with-no-updates
confirmation-statement · CS01
2021-05-17
accounts-with-accounts-type-total-exemption-full
accounts · AA
2020-07-24
confirmation-statement-with-no-updates
confirmation-statement · CS01
2020-05-06
accounts-with-accounts-type-total-exemption-full
accounts · AA
2019-07-30
confirmation-statement-with-no-updates
confirmation-statement · CS01
2019-05-09