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.
🔒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 13.2y

45/100
under pressure

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

  • · Oldest live charge is 13.2 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 →

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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
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