THERMONET LIMITED

💤Zombieactive
SC342844 · ltd · incorporated 2008-05-13
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.
Why now
Window steady · low confidence
Steady and stalled — no momentum either way. Needs an approach trigger.
What changed my view
Last 30 days

No material changes in the last 30 days.

Last 90 days

No snapshot from 90 days ago — start tracking from today.

Last 180 days

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

🔒Estimated value
—
Upgrade to see
Turnover
—
year to May 2025
Net worth
—
book net assets
Opportunity
82/100
Exceptional
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What this business does
Primary activity: Freight transport by road
Sector: Transportation & storage
Investor take
Pursue
Active trading company with a 68-year-old founder — textbook succession opportunity.

Opportunity 82/100 (exceptional), bankability 80/100. Strong seller-intent signal (83/100, director aged 68). 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).

🏦

Refinance opportunity

1 live charge · oldest 13.3y

45/100
under pressure

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

  • · Oldest live charge is 13.3 years old — likely at or near maturity.
  • · Single lender — cleanest path to refinance.
  • · Distress signals active — lender appetite narrows.

Data confidence

Overall: medium (71/100)

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
1 year of iXBRL accounts extracted (no YoY comparison) + narrative notes parsed
50
Lenders & charges
1 charges (1/1 with lender, 1/1 with type)
90
Directors & officers
4 officers (1 active, 4 linked, 2 with DOB)
80
Ownership & PSC
1 active PSC(s) of 1 total, 1 with control declared
90
Director network
2 connected companies via shared directors
51
Filing history
47 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
82/100Exceptional
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
100
Good data coverage for analysis.

Key financials

1 year extracted from filed iXBRL accounts
Cash
—
Net Worth
—
Current Assets
—
Current Liabilities
—

Financials

Extracted from Companies House accounts · FRS 102
Metric2025-05-31
Average employees200

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 (25 events)Click to expand
  1. 2025-07-04
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  2. 2025-04-02
    📄
    change-account-reference-date-company-current-extended
    accounts · AA01
  3. 2024-02-20
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  4. 2023-03-09
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  5. 2022-03-08
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  6. 2021-02-11
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  7. 2020-03-05
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  8. 2019-04-26
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  9. 2018-03-14
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  10. 2017-03-06
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  11. 2016-05-13
    📄
    annual-return-company-with-made-up-date-full-list-shareholders
    annual-return · AR01
  12. 2016-03-08
    📄
    accounts-with-accounts-type-total-exemption-small
    accounts · AA
  13. 2015-05-06
    📄
    accounts-with-accounts-type-total-exemption-small
    accounts · AA
  14. 2015-05-04
    📄
    annual-return-company-with-made-up-date-full-list-shareholders
    annual-return · AR01
  15. 2015-04-30
    ➖
    MERCER, Carl Edward resigned
    director
  16. 2015-04-30
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  17. 2015-04-09
    📄
    annual-return-company-with-made-up-date-full-list-shareholders
    annual-return · AR01
  18. 2013-02-21
    🔒
    Charge registered #1
    Lender: Aldermore Invoice Finance
  19. 2012-11-22
    ➕
    MERCER, Carl Edward appointed
    director
  20. 2008-05-13
    🏢
    Company incorporated
    As THERMONET LIMITED
  21. 2008-05-13
    ➕
    MACMILLAN, Robert Riddell appointed
    director
  22. 2008-05-13
    ➕
    BRIAN REID LTD. appointed
    corporate-secretary
  23. 2008-05-13
    ➖
    BRIAN REID LTD. resigned
    corporate-secretary
  24. 2008-05-13
    ➕
    STEPHEN MABBOTT LTD. appointed
    corporate-director
  25. 2008-05-13
    ➖
    STEPHEN MABBOTT LTD. resigned
    corporate-director

Owner dependency

100/100
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 18 years — deep operational knowledge concentrated in one person.
  • +Founder age: Director aged approximately 68 — succession pressure is live.

Succession & seller-readiness

88/100
Likely off-market candidate

Strong acquirability signals converging. Worth approaching directly — this is how off-market deals start.

SIGNALS
  • primaryFounder aged 63+: Senior director is approximately 68. Approaching typical UK retirement age — succession thinking likely.
  • primarySole active director: Only one director in control. No visible successor — buyers solve the succession problem.
  • secondary12+ year tenure: Director in role 18 years.
  • secondaryStable-but-static management: Company is 18 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
NameSharesVoting rightsNature of controlNotified
Mr Robert Riddell Macmillan
Individual · British · DOB 12/1958 · age 68
——sig. influencesignificant influence30/04/2016

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 · Transport & logistics · FK postcode area
CompanyEst. valueTurnoverNet worthStaffAgeOppDirector
MIDLAND BLUEBIRD LIMITED→
SC016923 · est 1932
£7.30M
£5.47M–£9.12M
£25.59M—2880093y9763y
JBP TRANSPORT LIMITED→
SC108240 · est 1987
——£1.41M—38y8384y
A A K HAULAGE LIMITED→
SC237856 · est 2002
———20023y8261y
ARTIC TRAILER SERVICES (FALKIRK) LIMITED→
SC051346 · est 1972 · no financials extracted
————53y8268y
CALEDONIAN FREIGHT LIMITED→
SC084213 · est 1983
——£570.7k—42y8269y
ECOSSE HOLDINGS LIMITED→
SC044163 · est 1966
——£4.61M—59y8291y
HUNTER TRANSPORT LTD.→
SC324530 · est 2007
——£153.1k—19y8261y
IMB TRANSPORT LTD.→
SC375046 · est 2010
———2216y8259y
MCCLENAGHAN OF SLAMANNAN LTD.→
SC223696 · est 2001
——£1.79M—24y8271y
MILLAR INTERNATIONAL FREIGHT TRANSPORT LIMITED→
SC126477 · est 1990
——£390.4k—35y8261y
MORRISON HORNER TRANSPORT LTD.→
SC188481 · est 1998
———5227y8259y
PROFESSIONAL DIRECT LOGISTICS UK LTD→
SC314130 · est 2007 · no financials extracted
————19y8271y
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
Incorporated2008-05-13
Jurisdictionscotland
Primary SIC49410 — Freight transport by road

Registered office

16/18 Weir Street
Falkirk
FK1 1RA

Filing status

Accounts
Next due: 2027-02-28
Last made up to: 2025-05-31
Confirmation statement
Next due: 2026-05-18
Last: 2025-05-04

Officers (1 active · 3 resigned)

MACMILLAN, Robert Riddell→
director · ~68y · appointed 2008-05-13
View their other companies + combined net worth →
Active
BRIAN REID LTD.→
corporate-secretary · appointed 2008-05-13 · resigned 2008-05-13
Resigned
MERCER, Carl Edward→
director · ~62y · appointed 2012-11-22 · resigned 2015-04-30
Resigned
STEPHEN MABBOTT LTD.→
corporate-director · appointed 2008-05-13 · resigned 2008-05-13
Resigned

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

Mortgages & charges

1
Total charges
1
Outstanding
1
Active lenders
Status:Lender:1 of 1 shown
TypeProperties
outstanding
Aldermore
Aldermore Invoice Finance
Floating charge1 property21/02/2013—
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (47 total)

accounts-with-accounts-type-micro-entity
accounts · AA
2025-07-04
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-05-06
change-account-reference-date-company-current-extended
accounts · AA01
2025-04-02
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-05-07
accounts-with-accounts-type-micro-entity
accounts · AA
2024-02-20
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-05-04
accounts-with-accounts-type-micro-entity
accounts · AA
2023-03-09
confirmation-statement-with-no-updates
confirmation-statement · CS01
2022-05-13
accounts-with-accounts-type-micro-entity
accounts · AA
2022-03-08
confirmation-statement-with-no-updates
confirmation-statement · CS01
2021-05-07
accounts-with-accounts-type-micro-entity
accounts · AA
2021-02-11
confirmation-statement-with-no-updates
confirmation-statement · CS01
2020-05-05
accounts-with-accounts-type-micro-entity
accounts · AA
2020-03-05
confirmation-statement-with-no-updates
confirmation-statement · CS01
2019-05-10
accounts-with-accounts-type-micro-entity
accounts · AA
2019-04-26