CALEDONIAN PHOTONICS LIMITED

💤Zombieactive

SC594969 · ltd · incorporated 2018-04-20

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 opening · high confidence

More negotiable than before — 4 signals weakening over the last 30 days.

· Opportunity score: 71 → 53
· Hygiene score: 90 → 30
· Bankability: 75 → 45
· Deal-killer verdict: workable → complicated

Opportunity decay

softening · 6-months

Softening — cumulative signals suggest this becomes more negotiable over the next 3–6 months.

· 4 recent signals weakening vs 1 strengthening

What changed my view

Last 30 days

Picture worsened over the last 30 days — 4 negative signals vs 1 positive.

↓Deal-killer verdict: workable → complicated
↓Opportunity score: 71 → 53
↓Hygiene score: 90 → 30
↓Bankability: 75 → 45
↑Filings: 21 → 22
+1 more

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 Apr 2024

Net worth

—

book net assets

Opportunity

53/100

Worth a look

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

What this business does

Primary activity: Other professional, scientific and technical activities n.e.c.

Sector: Professional, scientific & technical

Investor take

Pass (distressed without resilience)

Distressed admin-neglect survivor — structural issues outweigh the discount.

Opportunity 53/100 (worth a look), bankability 45/100. High owner-dependency — earn-out structure likely required for clean transition. Share purchase looks the cleaner deal structure. Biggest value-creation lever: File overdue accounts. Clears statutory overdue flag — immediate bankability uplift for refinance conversations. Most likely exit: share sale to pe / searcher (38/100). Current lenders should be on monthly review.

Data confidence

Overall: medium (78/100)

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

Confirmed no charges registered

Directors & officers

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

Ownership & PSC

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

Director network

Network not yet resolved

Filing history

22 filings on record

Gazette notices

No matching gazette notices (standard for active companies)

Opportunity Score

53/100Worth a look

PassWatchWorth a lookStrongExceptional

Mixed signal. Worth opening the full target workup before deciding to pursue.

Business quality

Concerning — overdue filings or status flags present.

Acquirability

Some acquirability indicators.

Risk profile

Multiple red flags — proceed with caution.

Signal strength

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	2024-04-30	2023-04-30
Total assets	—	£27.8k
Current assets	—	£3
Net assets	—	£118.7k
Average employees	0	—

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

filing

• 1 gazette

Last 90 days

filing

• 1 gazette

Last 180 days

filing

• 1 gazette

Counts from Companies House filing history.

Corporate timeline (17 events)Click to expand

2026-07-07
📄
gazette-notice-compulsory
gazette · GAZ1
2025-02-07
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2024-04-27
📄
gazette-filings-brought-up-to-date
gazette · DISS40
2024-04-26
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2024-04-02
📄
gazette-notice-compulsory
gazette · GAZ1
2023-05-31
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2022-09-24
📄
gazette-filings-brought-up-to-date
gazette · DISS40
2022-08-09
📄
dissolved-compulsory-strike-off-suspended
dissolution · DISS16(SOAS)
2022-07-05
📄
gazette-notice-compulsory
gazette · GAZ1
2022-04-30
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2022-02-15
📄
capital-allotment-shares
capital · SH01
2021-04-30
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2020-03-02
📍
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2020-02-11
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2018-04-20
🏢
Company incorporated
As CALEDONIAN PHOTONICS LIMITED
2018-04-20
➕
LEE, Stephen Thomas appointed
director
2018-04-20
📄
incorporation-company
incorporation · NEWINC

Owner dependency

80/100

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.
+No director turnover: Company is 8 years old with no director changes — suggests a very tight-knit founder team never broadened.

Succession & seller-readiness

45/100

Moderate signal

Some succession indicators present. Worth watching; approach if sector/strategy fits.

SIGNALS

primarySole active director: Only one director in control. No visible successor — buyers solve the succession problem.

Red flags

2 high ·

Accounts overdue

high

Statutory accounts have not been filed by their due date. Can indicate admin breakdown, cash preservation, or deliberate delay.

Evidence: Next due: 2026-04-30

Confirmation statement overdue

high

Annual confirmation statement not filed on time. Required statutory filing — overdue is a strong discipline signal.

Evidence: Next due: 2026-05-03

Shareholders & ownership

1 active beneficial owner · dominant holder ≥75%

Name	Shares	Voting rights	Nature of control	Notified
Mr Stephen Thomas Lee Individual · British · DOB 11/1974 · age 52	75–100%	75–100%	board control75-100% shares · 75-100% voting · board control	20/04/2018

From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.

Similar companies

Active · Professional services · FK postcode area

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J.P. RENTALS LIMITED→ SC215548 · est 2001	£3.56M £2.63M–£4.50M	—	—	31	25y	83	75y
JARVIE PLANT LIMITED→ SC313751 · est 2006	£2.47M £1.82M–£3.12M	—	—	154	19y	87	75y
CONTRACT SCOTLAND LIMITED→ SC190122 · est 1998	£2.22M £1.64M–£2.81M	—	—	60	27y	83	49y
STERLING TRUCKS LIMITED→ SC197651 · est 1999	£1.73M £1.28M–£2.19M	£2.25M	—	500	27y	83	64y
BARCLAY DOUGALL (HOLDINGS) LIMITED→ SC182243 · est 1998	£893.5k £658.3k–£1.13M	—	—	119	28y	82	59y
E & O DIAGNOSTICS LIMITED→ SC216473 · est 2001	—	—	£13.3k	—	25y	83	69y
MTM DEFENCE LAWYERS LIMITED→ SC337728 · est 2008	—	—	£22.0k	—	18y	83	62y
CENTRAL GROUP HOLDINGS LIMITED→ SC205983 · est 2000	—	—	£75.0k	—	26y	82	59y
FBD CONSULTANCY, ACCOUNTS & TAX LTD→ SC309527 · est 2006	—	—	—	—	19y	82	65y
INCINALYSIS LIMITED→ SC185561 · est 1998	—	—	—	100	28y	82	75y
JAMES BAIN & CO. LTD.→ SC202110 · est 1999	—	—	£139.7k	—	26y	82	67y
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Peers ranked by estimated value, then turnover, then opportunity score.See all →

🔒Tailored diligence questions

10 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

Incorporated2018-04-20

Jurisdictionscotland

Primary SIC74909 — Other professional, scientific and technical activities n.e.c.

Registered office

12 Enterprise House

Springkerse Business Park

Stirling

FK7 7UF

Scotland

Filing status

Accounts

Next due: 2026-04-30OVERDUE

Last made up to: 2024-04-30

Confirmation statement

Next due: 2026-05-03OVERDUE

Last: 2025-04-19

Officers (1 active · 0 resigned)

LEE, Stephen Thomas→

director · ~52y · appointed 2018-04-20

View their other companies + combined net worth →

Active

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

Recent filings (22 total)

gazette-notice-compulsory

gazette · GAZ1

2026-07-07

confirmation-statement-with-updates

confirmation-statement · CS01

2025-05-30

accounts-with-accounts-type-micro-entity

accounts · AA

2025-02-07

gazette-filings-brought-up-to-date

gazette · DISS40

2024-04-27

confirmation-statement-with-no-updates

confirmation-statement · CS01

2024-04-26

accounts-with-accounts-type-micro-entity

accounts · AA

2024-04-26

gazette-notice-compulsory

gazette · GAZ1

2024-04-02

accounts-with-accounts-type-micro-entity

accounts · AA

2023-05-31

confirmation-statement-with-no-updates

confirmation-statement · CS01

2023-05-31

gazette-filings-brought-up-to-date

gazette · DISS40

2022-09-24

confirmation-statement-with-updates

confirmation-statement · CS01

2022-09-23

dissolved-compulsory-strike-off-suspended

dissolution · DISS16(SOAS)

2022-08-09

gazette-notice-compulsory

gazette · GAZ1

2022-07-05

accounts-with-accounts-type-micro-entity

accounts · AA

2022-04-30

capital-allotment-shares

capital · SH01

2022-02-15