THISTLE INVESTMENTS (NORTHERN) LIMITED

🌳Matureactive
SC294158 · ltd · incorporated 2005-12-07
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.
🔒Estimated value
—
Upgrade to see
Turnover
—
year to Jan 2025
Net worth
£485.5k
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
Property-backed borrower with a 84-year-old founder — textbook succession opportunity.

Opportunity 79/100 (strong), bankability 57/100. Strong seller-intent signal (83/100, director aged 84). 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 (65/100).

🏦

Refinance opportunity

9 live charges · 4 lenders · oldest 20.2y

15/100
under pressure

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

  • · Oldest live charge is 20.2 years old — likely at or near maturity.
  • · 4 lenders named — inter-creditor friction likely.
  • · Cashflow trend is negative — lender view likely cautious.

Data confidence

Overall: high (81/100)

Strong data coverage across all sections. AI outputs should be trusted with minimal caveats.

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
9 charges (9/9 with lender, 9/9 with type)
90
Directors & officers
11 officers (3 active, 11 linked, 4 with DOB)
77
Ownership & PSC
3 active PSC(s) of 4 total, 4 with control declared
90
Director network
9 connected companies via shared directors
72
Filing history
91 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 · accounting standard not declared
Positive net assets
Net assets £485,477
Net assets shrinking
Down £63,232 YoY
Cash draining
Cash down 81% YoY
Cash YoY
-81%
Year on year

Key financials

2 years extracted from filed iXBRL accounts
Cash
£12k
↓ 81% YoY
Net Worth
£485k
↓ 12% YoY
Current Assets
£115k
↓ 64% YoY
Current Liabilities
—
£0£110k£219k£329k£439k£549kJan 2024Jan 2025

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · accounting standard unknown
Metric2025-01-312024-01-31
Total assets£875.2k£885.8k
Current assets£115.0k£320.4k
Cash£12.0k£64.1k
Debtors£103.1k£256.3k
Net assets£485.5k£548.7k

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 (53 events)Click to expand
  1. 2025-10-30
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  2. 2024-10-29
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  3. 2024-05-22
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  4. 2024-05-21
    🔒
    Charge registered #9
    Lender: Vivienne Harper
  5. 2023-10-28
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  6. 2022-09-08
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  7. 2022-03-17
    ➕
    CHRISTIE, Laura Campbell appointed
    secretary
  8. 2022-03-17
    ➖
    BRODIES SECRETARIAL SERVICES LIMITED resigned
    corporate-secretary
  9. 2022-03-17
    📄
    appoint-person-secretary-company-with-name-date
    officers · AP03
  10. 2022-03-17
    📄
    termination-secretary-company-with-name-termination-date
    officers · TM02
  11. 2022-03-17
    📍
    change-registered-office-address-company-with-date-old-address-new-address
    address · AD01
  12. 2022-03-09
    📄
    gazette-filings-brought-up-to-date
    gazette · DISS40
  13. 2022-03-01
    📄
    gazette-notice-compulsory
    gazette · GAZ1
  14. 2022-02-24
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  15. 2022-02-23
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  16. 2022-02-17
    🔒
    Charge registered #7
    Lender: Cambridge & Counties Bank Limited
  17. 2022-02-16
    🔒
    Charge registered #8
    Lender: Cambridge & Counties Bank Limited
  18. 2022-01-24
    📄
    change-corporate-secretary-company-with-change-date
    officers · CH04
  19. 2021-12-10
    📄
    notification-of-a-person-with-significant-control
    persons-with-significant-control · PSC02
  20. 2021-12-10
    📄
    cessation-of-a-person-with-significant-control
    persons-with-significant-control · PSC07
  21. 2021-10-26
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  22. 2020-10-30
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  23. 2020-05-21
    📄
    memorandum-articles
    incorporation · MA
  24. 2020-05-21
    📄
    resolution
    resolution · RESOLUTIONS
  25. 2019-10-15
    ➕
    HARPER, Paul Andrew Eden appointed
    director
  26. 2019-10-15
    ➖
    HARPER, Jonathan Barrie Nicholson resigned
    director
  27. 2018-01-09
    🔓
    Charge satisfied #5
  28. 2014-11-20
    ➕
    BRODIES SECRETARIAL SERVICES LIMITED appointed
    corporate-secretary
  29. 2014-11-20
    ➖
    LAURIE & CO resigned
    corporate-secretary
  30. 2014-10-08
    🔒
    Charge registered #6
    Lender: The Royal Bank of Scotland PLC
  31. 2014-10-08
    🔒
    Charge registered #5
    Lender: The Royal Bank of Scotland PLC
  32. 2013-04-11
    🔓
    Charge satisfied #1
  33. 2013-03-23
    🔓
    Charge satisfied #4
  34. 2013-03-23
    🔓
    Charge satisfied #3
  35. 2013-03-23
    🔓
    Charge satisfied #2
  36. 2012-08-08
    ➖
    HARPER, Hugh Alexander Barrie resigned
    director
  37. 2007-07-01
    ➕
    LAURIE & CO appointed
    corporate-secretary
  38. 2007-07-01
    ➖
    LAURIE & CO resigned
    corporate-secretary
  39. 2006-11-30
    ➕
    LAURIE & CO appointed
    corporate-secretary
  40. 2006-11-30
    ➖
    MESSRS HAB HARPER & CO resigned
    corporate-secretary
  41. 2006-10-11
    🔒
    Charge registered #4
    Lender: The Governor and Company of the Bank of Ireland
  42. 2006-05-18
    🔒
    Charge registered #3
    Lender: The Governor and Company of the Bank of Ireland
  43. 2006-03-20
    🔒
    Charge registered #2
    Lender: The Governor and Company of the Bank of Ireland
  44. 2006-03-09
    🔒
    Charge registered #1
    Lender: The Governor and Company of the Bank of Ireland
  45. 2006-02-27
    ➕
    HARPER, Vivienne appointed
    director
  46. 2005-12-07
    🏢
    Company incorporated
    As THISTLE INVESTMENTS (NORTHERN) LIMITED
  47. 2005-12-07
    ➕
    FIRST SCOTTISH SECRETARIES LIMITED appointed
    corporate-secretary
  48. 2005-12-07
    ➖
    FIRST SCOTTISH SECRETARIES LIMITED resigned
    corporate-secretary
  49. 2005-12-07
    ➕
    MESSRS HAB HARPER & CO appointed
    corporate-secretary
  50. 2005-12-07
    ➕
    HARPER, Hugh Alexander Barrie appointed
    director
Showing most recent 50 of 53 events

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 20 years — deep operational knowledge concentrated in one person.
  • +Founder age: Director aged approximately 84 — 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 84 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 20 years. Very long tenure is a classic succession signal.
  • secondaryStable-but-static management: Company is 20 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.

Group structure

Angusfield Property Company Limited holds 25-50% — a significant corporate investor but not a controlling parent.

🏛️
Angusfield Property Company Limited
Corporate parent · holds 25-50% shares
significant stake
⬇
THISTLE INVESTMENTS (NORTHERN) LIMITED
This company · SC294158

Parent relationships inferred from Persons with Significant Control filings. Full subsidiary tree requires reverse-lookup (coming).

Shareholders & ownership

3 active beneficial owners
NameSharesVoting rightsNature of controlNotified
Angusfield Property Company Limited
Corporate entity
25–50%
25–50%25-50% shares · 25-50% voting20/05/2020
Kaye Irene Duncan
Individual · British · DOB 02/1969 · age 57
25–50%
25–50%25-50% shares · 25-50% voting06/04/2016
Mr Paul Andrew Eden Harper
Individual · British · DOB 09/1978 · age 48
25–50%
25–50%25-50% shares · 25-50% voting06/04/2016
1 historic (ceased) PSC
  • Mr Jonathan Barrie Nicholson Harperceased 20/05/2020· 25-50% shares · 25-50% 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 →

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Peers ranked by estimated value, then turnover, then opportunity score.See all →
🔒Tailored diligence questions

8 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
Incorporated2005-12-07
Jurisdictionscotland
Primary SIC68209 — Other letting and operating of own or leased real estate

Registered office

17 North Anderson Drive
Aberdeen
AB15 6DZ
Scotland

Filing status

Accounts
Next due: 2026-10-31
Last made up to: 2025-01-31
Confirmation statement
Next due: 2026-11-24
Last: 2025-11-10

Officers (3 active · 8 resigned)

CHRISTIE, Laura Campbell→
secretary · appointed 2022-03-17
View their other companies + combined net worth →
Active
HARPER, Paul Andrew Eden→
director · ~48y · appointed 2019-10-15
View their other companies + combined net worth →
Active
HARPER, Vivienne→
director · ~84y · appointed 2006-02-27
View their other companies + combined net worth →
Active
BRODIES SECRETARIAL SERVICES LIMITED→
corporate-secretary · appointed 2014-11-20 · resigned 2022-03-17
Resigned
FIRST SCOTTISH SECRETARIES LIMITED→
corporate-secretary · appointed 2005-12-07 · resigned 2005-12-07
Resigned
LAURIE & CO→
corporate-secretary · appointed 2007-07-01 · resigned 2014-11-20
Resigned
LAURIE & CO→
corporate-secretary · appointed 2006-11-30 · resigned 2007-07-01
Resigned
MESSRS HAB HARPER & CO→
corporate-secretary · appointed 2005-12-07 · resigned 2006-11-30
Resigned
HARPER, Hugh Alexander Barrie→
director · ~87y · appointed 2005-12-07 · resigned 2012-08-08
Resigned
HARPER, Jonathan Barrie Nicholson→
director · ~52y · appointed 2005-12-07 · resigned 2019-10-15
Resigned
FIRST SCOTTISH INTERNATIONAL SERVICES LIMITED→
corporate-director · appointed 2005-12-07 · resigned 2005-12-07
Resigned

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

Mortgages & charges

9
Total charges
4
Outstanding
3
Active lenders
Status:Lender:9 of 9 shown
TypeProperties
outstanding
Vivienne Harper
A registered charge1 property21/05/2024—
outstanding
Cambridge & Counties
Cambridge & Counties Bank Limited
A registered charge1 property17/02/2022—
outstanding
Cambridge & Counties
Cambridge & Counties Bank Limited
A registered charge—16/02/2022—
outstanding
Lloyds Banking Group
The Royal Bank of Scotland PLC
A registered charge1 property08/10/2014—
satisfied
Lloyds Banking Group
The Royal Bank of Scotland PLC
A registered charge1 property08/10/201409/01/2018
satisfied
The Governor and Company of the Bank of Ireland
Standard security1 property11/10/200623/03/2013
satisfied
The Governor and Company of the Bank of Ireland
Standard security1 property18/05/200623/03/2013
satisfied
The Governor and Company of the Bank of Ireland
Standard security1 property20/03/200623/03/2013
satisfied
The Governor and Company of the Bank of Ireland
Floating charge1 property09/03/200611/04/2013
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (91 total)

confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-11-10
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-10-30
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-12-03
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-10-29
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2024-05-22
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-01-09
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-10-28
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-02-03
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-09-08
appoint-person-secretary-company-with-name-date
officers · AP03
2022-03-17
termination-secretary-company-with-name-termination-date
officers · TM02
2022-03-17
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2022-03-17
gazette-filings-brought-up-to-date
gazette · DISS40
2022-03-09
confirmation-statement-with-no-updates
confirmation-statement · CS01
2022-03-08
gazette-notice-compulsory
gazette · GAZ1
2022-03-01