THE ARDGAY GAME FACTORY LTD.

💤Zombieactive

SC286926 · ltd · incorporated 2005-07-01

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.

🔒Estimated value

—

Upgrade to see

Turnover

—

year to Jun 2025

Net worth

—

book net assets

Opportunity

73/100

Strong

🔒Generate AI memo →🔒Outreach pack →🔒Corporate story →📑 Reports →Sign in to watch

What this business does

Primary activity: SIC 10130

Sector: Manufacturing

Investor take

Pursue

Strong opportunity: active trading company with strong profile and bankable structure.

Opportunity 73/100 (strong), bankability 75/100. High owner-dependency — earn-out structure likely required for clean transition. 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 (58/100).

🏦

Refinance opportunity

5 live charges · 2 lenders · oldest 13.5y

30/100

under pressure

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

· Oldest live charge is 13.5 years old — likely at or near maturity.
· Two lenders — manageable, but coordination required.
· 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

Lenders & charges

5 charges (5/5 with lender, 5/5 with type)

Directors & officers

7 officers (1 active, 7 linked, 4 with DOB)

Ownership & PSC

1 active PSC(s) of 3 total, 3 with control declared

Director network

1 connected companies via shared directors

Filing history

77 filings on record

Gazette notices

No matching gazette notices (standard for active companies)

🔒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

73/100Strong

PassWatchWorth a lookStrongExceptional

Solid opportunity signal. Worth a dedicated memo and management meeting.

Business quality

Active, clean filings, stable charge profile.

Acquirability

Some acquirability indicators.

Risk profile

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

—

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · FRS 102

Metric	2025-06-30	2024-06-30
Total assets	—	£1.11M
Current assets	—	£573.2k
Cash	—	£75.8k
Debtors	—	£367.4k
Net assets	—	£765.7k
Average employees	44	—

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

filing

• 1 accounts

Last 180 days

filing

• 1 accounts

Counts from Companies House filing history.

Corporate timeline (40 events)Click to expand

2026-03-27
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-03-31
📄
accounts-with-accounts-type-unaudited-abridged
accounts · AA
2024-09-27
📄
change-person-director-company-with-change-date
officers · CH01
2024-04-02
📄
accounts-with-accounts-type-unaudited-abridged
accounts · AA
2023-10-05
➖
WAUGH, Lesley resigned
secretary
2023-10-05
📄
change-person-director-company-with-change-date
officers · CH01
2023-10-05
📄
termination-secretary-company-with-name-termination-date
officers · TM02
2023-03-30
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-08-15
📄
termination-director-company-with-name-termination-date
officers · TM01
2022-08-02
➖
WAUGH, Leslie resigned
director
2022-03-31
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2021-10-01
📄
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2021-10-01
📄
cessation-of-a-person-with-significant-control
persons-with-significant-control · PSC07
2021-07-09
📄
appoint-person-director-company-with-name-date
officers · AP01
2021-06-30
➕
WAUGH, Leslie appointed
director
2021-06-16
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2020-10-09
📄
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2020-10-09
📄
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2020-10-09
📄
change-person-director-company-with-change-date
officers · CH01
2020-10-06
📄
cessation-of-a-person-with-significant-control
persons-with-significant-control · PSC07
2020-03-18
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2019-07-17
➖
WAUGH, Leslie resigned
director
2018-11-09
🔒
Charge registered #5
Lender: Santander UK PLC
2018-11-02
🔒
Charge registered #4
Lender: Santander UK PLC
2018-11-02
🔓
Charge satisfied #3
2018-11-02
🔓
Charge satisfied #2
2018-11-02
🔓
Charge satisfied #1
2016-01-01
➕
WAUGH, Ruaridh Charles appointed
director
2012-10-31
🔒
Charge registered #3
Lender: The Royal Bank of Scotland PLC
2012-10-31
🔒
Charge registered #2
Lender: The Royal Bank of Scotland PLC
2012-10-09
🔒
Charge registered #1
Lender: The Royal Bank of Scotland PLC
2007-07-01
➖
CAMPBELL, Peter Colin resigned
director
2007-07-01
➕
WAUGH, Leslie appointed
director
2005-07-01
🏢
Company incorporated
As THE ARDGAY GAME FACTORY LTD.
2005-07-01
➕
WAUGH, Lesley appointed
secretary
2005-07-01
➕
BRIAN REID LTD. appointed
corporate-nominee-secretary
2005-07-01
➖
BRIAN REID LTD. resigned
corporate-nominee-secretary
2005-07-01
➕
CAMPBELL, Peter Colin appointed
director
2005-07-01
➕
STEPHEN MABBOTT LTD. appointed
corporate-nominee-director
2005-07-01
➖
STEPHEN MABBOTT LTD. resigned
corporate-nominee-director

Owner dependency

75/100

High — earn-out structure required

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

FACTORS

+Sole director: Only one active director — all governance concentrated on one person.

Succession & seller-readiness

60/100

Strong succession signal

Multiple signals suggest succession is on the horizon. Candidate for proactive outreach.

SIGNALS

primarySole active director: Only one director in control. No visible successor — buyers solve the succession problem.
secondaryStable-but-static management: Company is 21 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

Name	Shares	Voting rights	Nature of control	Notified
Mr Ruaridh Charles Waugh Individual · British · DOB 08/1985 · age 41	50–75%	—	50-75% shares	17/07/2019

2 historic (ceased) PSCs

Mr Leslie Waughceased 10/09/2021· 50-75% shares
Mr Leslie Waughceased 06/10/2020· 75-100% shares · 75-100% voting

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 →

Similar companies

Active · Food & drink · IV postcode area

Company	Est. value	Turnover	Net worth	Staff	Age	Opp	Director
CULLODEN FOODS LIMITED→ SC063411 · est 1977	£720.8k £531.1k–£910.5k	—	—	215	48y	85	81y
C J MIDDLETON LIMITED→ SC212646 · est 2000	—	—	£558.0k	—	25y	82	66y
CLAYMORE DAIRIES LIMITED→ SC371390 · est 2010 · no financials extracted	—	—	—	—	16y	82	60y
EKOBAY LIMITED→ SC128521 · est 1990	—	—	—	200	35y	82	73y
FIONNAR SPRINGS LTD.→ SC230770 · est 2002	—	—	£235.7k	—	23y	82	92y
SINCLAIR BREWERIES LIMITED→ SC302746 · est 2006	—	—	—	21	19y	82	65y
CLOOTIENESS LTD→ SC808454 · est 2024 · no financials extracted	—	—	—	—	1y	—	—
DOG FALLS BREWING CO. LTD→ SC599919 · est 2018 · no financials extracted	—	—	—	—	7y	—	—
HIGHLAND CIDER LIMITED→ SC486663 · est 2014 · no financials extracted	—	—	—	—	11y	—	—
HIGHLANDER ROASTERY LTD→ SC663005 · est 2020 · no financials extracted	—	—	—	—	5y	—	—
ORD OAK SMOKEHOUSE LTD→ SC700547 · est 2021 · no financials extracted	—	—	—	—	4y	—	—
SGURR UARAN LTD→ SC682633 · est 2020 · no financials extracted	—	—	—	—	5y	—	—

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

Incorporated2005-07-01

Jurisdictionscotland

Primary SIC10130 — SIC 10130

Registered office

Ardgay Game Southside Estate

Bonar Bridge

Highland

IV24 3AQ

Scotland

Filing status

Accounts

Next due: 2027-03-31

Last made up to: 2025-06-30

Confirmation statement

Next due: 2026-10-08

Last: 2025-09-24

Officers (1 active · 6 resigned)

WAUGH, Ruaridh Charles→

director · ~41y · appointed 2016-01-01

View their other companies + combined net worth →

Active

WAUGH, Lesley→

secretary · appointed 2005-07-01 · resigned 2023-10-05

Resigned

BRIAN REID LTD.→

corporate-nominee-secretary · appointed 2005-07-01 · resigned 2005-07-01

Resigned

CAMPBELL, Peter Colin→

director · ~74y · appointed 2005-07-01 · resigned 2007-07-01

Resigned

WAUGH, Leslie→

director · ~74y · appointed 2021-06-30 · resigned 2022-08-02

Resigned

WAUGH, Leslie→

director · ~74y · appointed 2007-07-01 · resigned 2019-07-17

Resigned

STEPHEN MABBOTT LTD.→

corporate-nominee-director · appointed 2005-07-01 · resigned 2005-07-01

Resigned

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

Mortgages & charges

Total charges

Outstanding

Active lenders

Status:Lender:5 of 5 shown

		Type	Properties
outstanding	Santander Santander UK PLC	A registered charge	3 properties	09/11/2018	—
outstanding	Santander Santander UK PLC	A registered charge	—	02/11/2018	—
satisfied	Lloyds Banking Group The Royal Bank of Scotland PLC	Standard security	1 property	31/10/2012	02/11/2018
satisfied	Lloyds Banking Group The Royal Bank of Scotland PLC	Standard security	1 property	31/10/2012	02/11/2018
satisfied	Lloyds Banking Group The Royal Bank of Scotland PLC	Floating charge	1 property	09/10/2012	02/11/2018

Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (77 total)

accounts-with-accounts-type-total-exemption-full

accounts · AA

2026-03-27

confirmation-statement-with-updates

confirmation-statement · CS01

2025-10-08

accounts-with-accounts-type-unaudited-abridged

accounts · AA

2025-03-31

confirmation-statement-with-no-updates

confirmation-statement · CS01

2024-09-27

change-person-director-company-with-change-date

officers · CH01

2024-09-27

accounts-with-accounts-type-unaudited-abridged

accounts · AA

2024-04-02

confirmation-statement-with-updates

confirmation-statement · CS01

2023-10-05

change-person-director-company-with-change-date

officers · CH01

2023-10-05

termination-secretary-company-with-name-termination-date

officers · TM02

2023-10-05

accounts-with-accounts-type-total-exemption-full

accounts · AA

2023-03-30

confirmation-statement-with-no-updates

confirmation-statement · CS01

2022-09-28

termination-director-company-with-name-termination-date

officers · TM01

2022-08-15

accounts-with-accounts-type-total-exemption-full

accounts · AA

2022-03-31

confirmation-statement-with-updates

confirmation-statement · CS01

2021-10-01

change-to-a-person-with-significant-control

persons-with-significant-control · PSC04

2021-10-01