GLENSHEE LIMITED

🌳Matureactive

SC269348 · ltd · incorporated 2004-06-15

Investment thesis

Looks cheap but ownership + security both unclear — probable value trap.

Why interesting: Headline metrics may be attractive.

Why risky: No PSC visibility combined with multiple live charges; transacting likely slow and expensive.

Why now

Window steady · low confidence

Stable recent picture — watch for any upcoming trigger event.

What changed my view

Last 30 days

No material changes in the last 30 days.

Last 90 days

No material changes in the last 90 days.

Last 180 days

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

🔒Estimated value

—

Upgrade to see

Turnover

—

year to Nov 2025

Net worth

£339.9k

book net assets

Opportunity

83/100

Exceptional

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What this business does

Primary activity: Activities of sport clubs

Sector: Arts, entertainment & recreation

Investor take

Pursue

Active trading company with a 71-year-old founder — textbook succession opportunity.

Opportunity 83/100 (exceptional), bankability 75/100. Strong seller-intent signal (63/100, director aged 71). Share purchase looks the cleaner deal structure. Biggest value-creation lever: Cash flow review and working-capital discipline. Cash down -53% YoY — forensic review of receivables, stock turns, and creditor days. Most likely exit: share sale to pe / searcher (65/100).

🏦

Refinance opportunity

2 live charges · 2 lenders · oldest 21.6y

30/100

under pressure

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

· Oldest live charge is 21.6 years old — likely at or near maturity.
· Two lenders — manageable, but coordination required.
· Cashflow trend is negative — lender view likely cautious.

Data confidence

Overall: medium (75/100)

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

3 years of iXBRL accounts extracted + narrative notes parsed

Lenders & charges

2 charges (2/2 with lender, 2/2 with type)

Directors & officers

17 officers (5 active, 17 linked, 14 with DOB)

Ownership & PSC

No PSCs filed (unusual — worth investigating)

Director network

Network not yet resolved

Filing history

107 filings on record

Gazette notices

No matching gazette notices (standard for active companies)

Opportunity Score

83/100Exceptional

PassWatchWorth a lookStrongExceptional

Strong composite across quality, acquirability, and risk. High-priority target — progress to serious diligence.

Business quality

Active, clean filings, stable charge profile.

Acquirability

Strong succession / seller-readiness signals.

Risk profile

Few red flags.

Signal strength

100

Good data coverage for analysis.

Signals from accounts

Derived from iXBRL accounts · FRS 102

Positive net assets

Net assets £339,877

Net assets shrinking

Down £285,459 YoY

Cash draining

Cash down 53% YoY

Cash YoY

-53%

Year on year

Key financials

3 years extracted from filed iXBRL accounts

Cash

£184k

↓ 53% YoY

Net Worth

£340k

↓ 46% YoY

Current Assets

£282k

↓ 42% YoY

Current Liabilities

—

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · FRS 102

Metric	2025-11-30	2024-11-30	2023-11-30
Total assets	£394.7k	£705.8k	£156.1k
Current assets	£281.8k	£483.0k	£662.8k
Cash	£183.6k	£394.8k	£558.5k
Debtors	£53.3k	£53.3k	£65.0k
Net assets	£339.9k	£625.3k	£58.0k

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

filings

Last 90 days

filings

• 1 confirmation-statement
• 1 accounts

Last 180 days

filings

• 1 confirmation-statement
• 1 accounts

Counts from Companies House filing history.

Corporate timeline (49 events)Click to expand

2026-06-17
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-08-26
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-02-05
📄
resolution
resolution · RESOLUTIONS
2025-02-03
📄
second-filing-of-confirmation-statement-with-made-up-date
confirmation-statement · RP04CS01
2025-02-03
📄
second-filing-of-confirmation-statement-with-made-up-date
confirmation-statement · RP04CS01
2025-02-03
📄
appoint-person-director-company-with-name-date
officers · AP01
2025-02-03
📄
termination-director-company-with-name-termination-date
officers · TM01
2024-12-31
➖
LAWRENCE, Aileen resigned
director
2024-11-05
➕
PEARSON, Robert John appointed
director
2024-08-07
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-07-05
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-07-26
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2021-05-18
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2020-05-26
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2020-01-09
📄
capital-sale-or-transfer-treasury-shares-with-date-currency-capital-figure
capital · SH04
2019-08-08
📄
mortgage-satisfy-charge-full
mortgage · MR04
2019-08-08
🔓
Charge satisfied #2
2019-04-23
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2018-06-08
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2017-04-19
➕
FARQUHARSON, David Duncan appointed
director
2017-04-19
➖
DAVIDSON, Charles Stewart resigned
director
2017-01-13
➖
MCCABE, Arthur Graham resigned
director
2017-01-13
➖
MESTON, William Anderson resigned
director
2016-10-24
➖
GRAY, Steven Christie resigned
director
2016-10-24
➖
RATTRAY, Gordon resigned
director
2016-04-27
➕
GRAY, Steven Christie appointed
director
2015-12-15
➖
JONES, Raymond John resigned
director
2015-04-29
➕
JONES, Raymond John appointed
director
2015-04-29
➖
KINSELLA, John resigned
director
2015-04-29
➕
RATTRAY, Gordon appointed
director
2013-04-25
➖
FARQUHARSON, David Duncan resigned
director
2013-04-25
➕
KINSELLA, John appointed
director
2010-03-01
➖
COLES, Roy Walter Mcintosh resigned
secretary
2008-12-11
➕
FARQUHARSON, David Duncan appointed
director
2005-04-20
🔒
Charge registered #2
Lender: The Aberdeenshire Council
2005-01-12
🔒
Charge registered #1
Lender: Clydesdale Bank Public Limited Company
2004-09-24
➕
MALLOCH, William Wilson appointed
director
2004-09-24
➕
PATTERSON, David George appointed
director
2004-09-24
➕
LAWRENCE, Aileen appointed
director
2004-09-24
➕
MESTON, William Anderson appointed
director
2004-07-16
➕
HUNTER, Katherine Mary Holt appointed
director
2004-07-16
➕
COLES, Roy Walter Mcintosh appointed
secretary
2004-07-16
➖
MORTON FRASER SECRETARIES LIMITED resigned
corporate-nominee-secretary
2004-07-16
➕
DAVIDSON, Charles Stewart appointed
director
2004-07-16
➕
MCCABE, Arthur Graham appointed
director
2004-07-16
➖
MORTON FRASER DIRECTORS LIMITED resigned
corporate-nominee-director
2004-06-15
🏢
Company incorporated
As GLENSHEE LIMITED
2004-06-15
➕
MORTON FRASER SECRETARIES LIMITED appointed
corporate-nominee-secretary
2004-06-15
➕
MORTON FRASER DIRECTORS LIMITED appointed
corporate-nominee-director

Owner dependency

65/100

High — earn-out structure required

Material founder dependency. Consider a 2-3 year earn-out and build in a handover plan before completion.

FACTORS

-5 active directors: Broader management team in place — suggests transferable governance.
+Long-tenure founder: Senior director has been in place 22 years — deep operational knowledge concentrated in one person.
+Founder age: Director aged approximately 71 — succession pressure is live.

Succession & seller-readiness

80/100

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 71 years old. Natural succession window is now.
primary20+ year tenure: Director in role 22 years. Very long tenure is a classic succession signal.
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.)

Similar companies

Active · Leisure & entertainment · AB postcode area

Company	Est. value	Turnover	Net worth	Staff	Age	Opp	Director
JOHN CODONA'S PLEASURE FAIRS LIMITED→ SC022655 · est 1944	£172.2k £133.9k–£210.4k	£7.30M	—	20400	82y	87	80y
BANKS O'DEE SPORTS CLUB LIMITED→ SC175110 · est 1997 · no financials extracted	—	—	—	—	29y	83	79y
CLATT AULD KIRK→ SC161856 · est 1995 · no financials extracted	—	—	—	—	30y	83	71y
DEESIDE GLIDING CLUB (ABERDEENSHIRE) LIMITED→ SC034867 · est 1960	—	—	£755.2k	—	66y	83	77y
KEITH FOOTBALL CLUB LTD.→ SC271946 · est 2004	—	—	—	0	21y	83	71y
PEACOCK VISUAL ARTS LIMITED→ SC056235 · est 1974 · no financials extracted	—	—	—	—	51y	83	80y
PETERHEAD FOOTBALL CLUB LIMITED→ SC146014 · est 1993 · no financials extracted	—	—	—	—	32y	83	78y
THE KEITH & DISTRICT SPORTS TRUST→ SC141101 · est 1992 · no financials extracted	—	—	—	—	33y	83	81y
ARDOYNE PERFORMANCE LIMITED→ SC308365 · est 2006	—	—	—	0	19y	82	63y
GRAMPIAN GOLF & LEISURE ASSOCIATES LIMITED→ SC093558 · est 1985 · no financials extracted	—	—	—	—	41y	82	77y
HL JONES & SONS LIMITED→ SC254132 · est 2003	—	—	£31.1k	—	22y	82	66y
HOWIE IRVINE LIMITED→ SC224909 · est 2001	—	—	£513.9k	—	24y	82	63y

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

Incorporated2004-06-15

Jurisdictionscotland

Primary SIC93120 — Activities of sport clubs

Registered office

Glenshee Ltd

Cairnwell

Braemar

AB35 5XU

Scotland

Filing status

Accounts

Next due: 2027-08-31

Last made up to: 2025-11-30

Confirmation statement

Next due: 2027-06-29

Last: 2026-06-15