BULLAIR LTD

🌳Matureactive
SC268780 · ltd · incorporated 2004-06-04
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.
Opportunity decay
approaching window · 12-months
Approaching a transaction window — refinance or sale event plausible in the next 12 months.
  • · Oldest live charge 21.0y old — refinance window within 12 months
🔒Estimated value
—
Upgrade to see
Turnover
—
year to Nov 2024
Net worth
£265.0k
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
Asset-holding vehicle with a 74-year-old founder — textbook succession opportunity.

Opportunity 79/100 (strong), bankability 85/100. Strong seller-intent signal (93/100, director aged 74). Share purchase looks the cleaner deal structure. Most likely exit: share sale to pe / searcher (65/100).

🏦

Refinance opportunity

3 live charges · 2 lenders · oldest 21.0y

70/100
ready

Refinance conversation should be productive — structure clean and timing right.

  • · Oldest live charge is 21.0 years old — likely at or near maturity.
  • · Two lenders — manageable, but coordination required.
  • · Legal-friction score 15/100 — clean.

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
3 charges (3/3 with lender, 3/3 with type)
90
Directors & officers
7 officers (3 active, 7 linked, 3 with DOB)
79
Ownership & PSC
2 active PSC(s) of 2 total, 2 with control declared
90
Director network
4 connected companies via shared directors
57
Filing history
72 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 105 (micro)
Positive net assets
Net assets £265,013

Key financials

2 years extracted from filed iXBRL accounts
Cash
—
Net Worth
£265k
↑ 2.2% YoY
Current Assets
£4k
↑ 38% YoY
Current Liabilities
—
£0£53k£106k£159k£212k£265kNov 2023Nov 2024

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · FRS 105 (micro)
Metric2024-11-302023-11-30
Total assets£265.0k£259.4k
Current assets£4.4k£3.2k
Net assets£265.0k£259.4k

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 (34 events)Click to expand
  1. 2025-09-19
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  2. 2024-10-01
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  3. 2023-08-31
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  4. 2023-06-28
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  5. 2023-06-28
    🔓
    Charge satisfied #3
  6. 2022-10-28
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  7. 2021-08-31
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  8. 2021-06-24
    📄
    change-person-director-company-with-change-date
    officers · CH01
  9. 2021-06-24
    📄
    change-person-director-company-with-change-date
    officers · CH01
  10. 2021-06-24
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC04
  11. 2021-06-24
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC04
  12. 2020-04-28
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  13. 2019-09-06
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  14. 2019-09-06
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  15. 2019-09-06
    🔓
    Charge satisfied #2
  16. 2019-09-06
    🔓
    Charge satisfied #1
  17. 2019-04-10
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  18. 2018-08-27
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  19. 2017-07-12
    📄
    accounts-with-accounts-type-total-exemption-small
    accounts · AA
  20. 2010-05-01
    ➕
    TURNBULL, John Connell appointed
    director
  21. 2009-03-06
    ➕
    BURGOYNE CAREY appointed
    corporate-secretary
  22. 2009-03-06
    ➖
    GILLILAND & COMPANY resigned
    corporate-secretary
  23. 2006-11-11
    ➕
    GILLILAND & COMPANY appointed
    corporate-secretary
  24. 2006-10-11
    ➖
    STRAIN, Robert resigned
    secretary
  25. 2005-04-26
    🔒
    Charge registered #3
    Lender: Glasgow City Council
  26. 2005-04-26
    🔒
    Charge registered #2
    Lender: The Royal Bank of Scotland PLC
  27. 2005-04-21
    🔒
    Charge registered #1
    Lender: The Royal Bank of Scotland PLC
  28. 2004-07-09
    ➕
    STRAIN, Robert appointed
    secretary
  29. 2004-07-09
    ➖
    TURNBULL, Marie resigned
    secretary
  30. 2004-06-14
    ➖
    TURNBULL, John Connell resigned
    director
  31. 2004-06-04
    🏢
    Company incorporated
    As BULLAIR LTD
  32. 2004-06-04
    ➕
    TURNBULL, Marie appointed
    director
  33. 2004-06-04
    ➕
    TURNBULL, Marie appointed
    secretary
  34. 2004-06-04
    ➕
    TURNBULL, John Connell 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 22 years — deep operational knowledge concentrated in one person.
  • +Founder age: Director aged approximately 74 — 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 74 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 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

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 John Connell Turnbull
Individual · British · DOB 01/1952 · age 74
25–50%
—25-50% shares04/06/2017
Mrs Marie Turnbull
Individual · British · DOB 11/1952 · age 74
25–50%
—25-50% shares04/06/2017

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
Incorporated2004-06-04
Jurisdictionscotland
Primary SIC68209 — Other letting and operating of own or leased real estate

Registered office

C/O Burgoyne Carey Pavilion 2
3 Dava Street
Glasgow
G51 2JA

Filing status

Accounts
Next due: 2026-08-31
Last made up to: 2024-11-30
Confirmation statement
Next due: 2026-06-18
Last: 2025-06-04

Officers (3 active · 4 resigned)

BURGOYNE CAREY→
corporate-secretary · appointed 2009-03-06
View their other companies + combined net worth →
Active
TURNBULL, John Connell→
director · ~74y · appointed 2010-05-01
View their other companies + combined net worth →
Active
TURNBULL, Marie→
director · ~74y · appointed 2004-06-04
View their other companies + combined net worth →
Active
STRAIN, Robert→
secretary · appointed 2004-07-09 · resigned 2006-10-11
Resigned
TURNBULL, Marie→
secretary · appointed 2004-06-04 · resigned 2004-07-09
Resigned
GILLILAND & COMPANY→
corporate-secretary · appointed 2006-11-11 · resigned 2009-03-06
Resigned
TURNBULL, John Connell→
director · ~74y · appointed 2004-06-04 · resigned 2004-06-14
Resigned

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

Mortgages & charges

3
Total charges
0
Outstanding
0
Active lenders
Status:Lender:3 of 3 shown
TypeProperties
satisfied
Glasgow City Council
Standard security1 property26/04/200528/06/2023
satisfied
Lloyds Banking Group
The Royal Bank of Scotland PLC
Standard security1 property26/04/200506/09/2019
satisfied
Lloyds Banking Group
The Royal Bank of Scotland PLC
Floating charge1 property21/04/200506/09/2019

Recent filings (72 total)

accounts-with-accounts-type-micro-entity
accounts · AA
2025-09-19
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-07-29
accounts-with-accounts-type-micro-entity
accounts · AA
2024-10-01
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-06-06
accounts-with-accounts-type-micro-entity
accounts · AA
2023-08-31
mortgage-satisfy-charge-full
mortgage · MR04
2023-06-28
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-06-15
accounts-with-accounts-type-micro-entity
accounts · AA
2022-10-28
confirmation-statement-with-no-updates
confirmation-statement · CS01
2022-06-23
accounts-with-accounts-type-micro-entity
accounts · AA
2021-08-31
confirmation-statement-with-no-updates
confirmation-statement · CS01
2021-06-24
change-person-director-company-with-change-date
officers · CH01
2021-06-24
change-person-director-company-with-change-date
officers · CH01
2021-06-24
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2021-06-24
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2021-06-24