INICIO-FRESCO LIMITED

💤Zombieactive

SC447307 · ltd · incorporated 2013-04-11

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 closing · high confidence

Getting harder to buy cheaply — 3 signals strengthening over the last 30 days.

· Hygiene score: 70 → 90
· Deal-killer verdict: complicated → high-friction
· Opportunity score: 64 → 73
· Bankability: 60 → 70

What changed my view

Last 30 days

Picture improved over the last 30 days — 3 positive signals vs 1 negative.

↓Deal-killer verdict: complicated → high-friction
↑Opportunity score: 64 → 73
↑Hygiene score: 70 → 90
↑Bankability: 60 → 70

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 Jul 2025

Net worth

£-161.6k

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 01130

Sector: Agriculture, forestry & fishing

ALSO REGISTERED FOR

10310SIC 10310
35110SIC 35110

Investor take

Pass (distressed without resilience)

Distressed active trading company — structural issues outweigh the discount.

Opportunity 73/100 (strong), bankability 70/100. Strong seller-intent signal (68/100, director aged 72). 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

8 live charges · oldest 5.3y

45/100

under pressure

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

· Oldest live charge is 5.3 years old — likely at or near maturity.
· Single lender — cleanest path to refinance.
· Distress signals active — lender appetite narrows.

Data confidence

Overall: high (84/100)

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

Company profile

address, 3 SIC codes, incorporation date

100

Financials

3 years of iXBRL accounts extracted + narrative notes parsed

Lenders & charges

8 charges (8/8 with lender, 8/8 with type)

Directors & officers

7 officers (1 active, 7 linked, 6 with DOB)

Ownership & PSC

0 active PSC(s) of 4 total, 4 with control declared

Director network

Network not yet resolved

Filing history

70 filings on record

Gazette notices

No matching gazette notices (standard for active companies)

Opportunity Score

73/100Strong

PassWatchWorth a lookStrongExceptional

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

Business quality

Adequate — check latest filings for context.

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 105 (micro)

Negative net assets

Liabilities exceed assets by £161,599

Key financials

3 years extracted from filed iXBRL accounts

Cash

—

Net Worth

-£162k

↓ 3.6% YoY

Current Assets

£64k

~ YoY

Current Liabilities

—

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · FRS 105 (micro)

Metric	2025-07-31	2024-07-31	2023-07-31
Total assets	£-130.8k	£-125.2k	£-46.7k
Current assets	£63.8k	£63.8k	£63.8k
Net assets	£-161.6k	£-156.0k	£-77.5k

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 persons-with-significant-control
• 1 accounts

Last 180 days

filings

• 1 confirmation-statement
• 1 persons-with-significant-control
• 1 accounts

Counts from Companies House filing history.

Corporate timeline (46 events)Click to expand

2026-05-07
📄
cessation-of-a-person-with-significant-control
persons-with-significant-control · PSC07
2026-04-29
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2025-11-04
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2024-09-09
📍
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2024-09-09
📄
termination-director-company-with-name-termination-date
officers · TM01
2024-08-30
➖
WOOD, Stanley Leslie resigned
director
2024-08-09
➕
WOOD, Stanley Leslie appointed
director
2024-08-09
📄
appoint-person-director-company-with-name-date
officers · AP01
2024-04-22
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2024-04-05
📄
notification-of-a-person-with-significant-control
persons-with-significant-control · PSC01
2024-04-05
📄
cessation-of-a-person-with-significant-control
persons-with-significant-control · PSC07
2024-04-05
📄
cessation-of-a-person-with-significant-control
persons-with-significant-control · PSC07
2024-02-02
📄
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2024-02-02
📄
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2024-02-02
📄
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2024-02-02
📄
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2024-02-01
📄
mortgage-satisfy-charge-full
mortgage · MR04
2024-02-01
📄
mortgage-satisfy-charge-full
mortgage · MR04
2024-02-01
📄
mortgage-satisfy-charge-full
mortgage · MR04
2024-02-01
🔓
Charge satisfied #4
2024-02-01
🔓
Charge satisfied #3
2024-02-01
🔓
Charge satisfied #2
2024-01-30
🔒
Charge registered #8
Lender: Edmund Ritchie
2024-01-30
🔒
Charge registered #7
Lender: Edmund Ritchie
2024-01-30
🔒
Charge registered #6
Lender: Edmund Ritchie
2024-01-30
🔒
Charge registered #5
Lender: Edmund Ritchie
2023-07-27
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2023-06-28
📄
gazette-filings-brought-up-to-date
gazette · DISS40
2023-06-27
📄
gazette-notice-compulsory
gazette · GAZ1
2023-04-20
📄
termination-director-company-with-name-termination-date
officers · TM01
2023-03-07
➖
RITCHIE, Amy Ellen resigned
director
2023-03-07
➖
RITCHIE, Robert Eric James resigned
director
2023-03-06
➕
RITCHIE, Robert Eric William appointed
director
2021-05-07
🔒
Charge registered #4
Lender: Edmund Ritchie
2021-05-07
🔒
Charge registered #3
Lender: Edmund Ritchie
2021-05-07
🔒
Charge registered #2
Lender: Edmund Ritchie
2021-03-17
🔒
Charge registered #1
Lender: Edmund Ritchie
2020-03-03
➕
RITCHIE, Amy Ellen appointed
director
2020-02-21
➖
RITCHIE, Robert Eric William resigned
director
2017-09-18
➕
RITCHIE, Robert Eric James appointed
director
2017-02-28
➖
LC SECRETARIES LIMITED resigned
corporate-secretary
2013-04-11
🏢
Company incorporated
As INICIO-FRESCO LIMITED
2013-04-11
➕
LC SECRETARIES LIMITED appointed
corporate-secretary
2013-04-11
➕
LEIPER, Pamela Summers appointed
director
2013-04-11
➖
LEIPER, Pamela Summers resigned
director
2013-04-11
➕
RITCHIE, Robert Eric William appointed
director

Owner dependency

90/100

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.
+Founder age: Director aged approximately 72 — succession pressure is live.

Succession & seller-readiness

75/100

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 72 years old. Natural succession window is now.
primarySole active director: Only one director in control. No visible successor — buyers solve the succession problem.

Red flags

1 med · 1 low

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.

5 live charges

low

Heavily leveraged with multiple live security positions — understand the capital structure before proceeding.

Similar companies

Active · Agriculture · AB postcode area

Company	Est. value	Turnover	Net worth	Staff	Age	Opp	Director
EAST COAST VINERS (PEAS AND BEANS) LIMITED→ SC465480 · est 2013	£8.08M £6.21M–£9.94M	£13.37M	—	1800	12y	85	79y
TREETOP FORESTRY LIMITED→ SC292083 · est 2005	£5.00M £3.85M–£6.15M	£12.98M	—	4600	20y	87	72y
ALTNAHARRA ESTATE LIMITED→ SC228455 · est 2002	£634.2k £487.8k–£780.5k	—	—	8	24y	85	71y
CHALLENGE FISHING COMPANY LIMITED→ SC192237 · est 1998	—	—	—	6	27y	83	69y
FORTRIE FARMS LIMITED→ SC158055 · est 1995	—	—	—	10	31y	83	76y
GARDINER ICM LIMITED→ SC197812 · est 1999	—	—	£2.60M	—	26y	83	64y
LORANTHUS FISHING COMPANY LIMITED→ SC312585 · est 2006	—	—	—	0	19y	83	70y
M B AQUARIUS LIMITED→ SC259115 · est 2003	—	—	—	0	22y	83	70y
M.V. QUANTUS LIMITED→ SC150141 · est 1994	—	—	£32.29M	—	32y	83	69y
MEARNS TRACTORS LIMITED→ SC261246 · est 2003	—	—	—	1	22y	83	62y
SHANNON FISHING LIMITED→ SC157000 · est 1995	—	—	£24.40M	—	31y	83	79y
UNITED FISH SELLING LIMITED→ SC077168 · est 1982	—	—	—	200	44y	83	72y

Peers ranked by estimated value, then turnover, then opportunity score.See all →

🔒Tailored diligence questions

9 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

Incorporated2013-04-11

Jurisdictionscotland

Primary SIC01130 — SIC 01130

Registered office

1 St. Swithin Row

Aberdeen

AB10 6DL

Scotland

Filing status

Accounts

Next due: 2027-04-30

Last made up to: 2025-07-31

Confirmation statement

Next due: 2027-04-19

Last: 2026-04-05

Officers (1 active · 6 resigned)

RITCHIE, Robert Eric William→

director · ~72y · appointed 2023-03-06

View their other companies + combined net worth →

Active

LC SECRETARIES LIMITED→

corporate-secretary · appointed 2013-04-11 · resigned 2017-02-28

Resigned

LEIPER, Pamela Summers→

director · ~64y · appointed 2013-04-11 · resigned 2013-04-11

Resigned

RITCHIE, Amy Ellen→

director · ~40y · appointed 2020-03-03 · resigned 2023-03-07

Resigned

RITCHIE, Robert Eric James→

director · ~36y · appointed 2017-09-18 · resigned 2023-03-07

Resigned

RITCHIE, Robert Eric William→

director · ~72y · appointed 2013-04-11 · resigned 2020-02-21

Resigned

WOOD, Stanley Leslie→

director · ~80y · appointed 2024-08-09 · resigned 2024-08-30

Resigned

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

Mortgages & charges

Total charges

Outstanding

Active lenders

Status:Lender:8 of 8 shown

		Type	Properties
outstanding	Edmund Ritchie	A registered charge	2 properties	30/01/2024	—
outstanding	Edmund Ritchie	A registered charge	2 properties	30/01/2024	—
outstanding	Edmund Ritchie	A registered charge	2 properties	30/01/2024	—
outstanding	Edmund Ritchie	A registered charge	2 properties	30/01/2024	—
satisfied	Edmund Ritchie	A registered charge	1 property	07/05/2021	01/02/2024
satisfied	Edmund Ritchie	A registered charge	1 property	07/05/2021	01/02/2024
satisfied	Edmund Ritchie	A registered charge	1 property	07/05/2021	01/02/2024
outstanding	Edmund Ritchie	A registered charge	—	17/03/2021	—

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

Recent filings (70 total)

confirmation-statement-with-no-updates

confirmation-statement · CS01

2026-06-01

cessation-of-a-person-with-significant-control

persons-with-significant-control · PSC07

2026-05-07

accounts-with-accounts-type-micro-entity

accounts · AA

2026-04-29

accounts-with-accounts-type-micro-entity

accounts · AA

2025-11-04

confirmation-statement-with-updates

confirmation-statement · CS01

2025-04-23

change-registered-office-address-company-with-date-old-address-new-address

address · AD01

2024-09-09

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

officers · TM01

2024-09-09

appoint-person-director-company-with-name-date

officers · AP01

2024-08-09

accounts-with-accounts-type-micro-entity

accounts · AA

2024-04-22

confirmation-statement-with-updates

confirmation-statement · CS01

2024-04-05

notification-of-a-person-with-significant-control

persons-with-significant-control · PSC01

2024-04-05

cessation-of-a-person-with-significant-control

persons-with-significant-control · PSC07

2024-04-05

cessation-of-a-person-with-significant-control

persons-with-significant-control · PSC07

2024-04-05

mortgage-create-with-deed-with-charge-number-charge-creation-date

mortgage · MR01

2024-02-02

mortgage-create-with-deed-with-charge-number-charge-creation-date

mortgage · MR01

2024-02-02