FORGE CONSTRUCTION (MULL) LIMITED

📉Decliningactive
SC633403 · ltd · incorporated 2019-06-14
Investment thesis
Unencumbered property vehicle — clean asset-backed target with refinance headroom.
Why interesting: Property-holding entity with no live charges; straightforward asset-backed case.
Why risky: Values depend on title and valuation; property-specific market exposure.
Why now
Window steady · low confidence
Asset base steady — strong defensive profile, no urgency cue.
Opportunity decay
drifting distress · 6-months
Drifting toward distress — expect more negotiability in 3–6 months, but also more friction.
  • · Lifecycle stage drifting downward
  • · Currently "declining"
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
£222.8k
year to Jun 2025
Net worth
—
book net assets
Opportunity
72/100
Strong
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What this business does
Primary activity: Development of building projects
Sector: Construction
Investor take
Pursue
Strong opportunity: conservative operator with strong profile and bankable structure.

Opportunity 72/100 (strong), bankability 75/100. High owner-dependency — earn-out structure likely required for clean transition. Share purchase looks the cleaner deal structure. Most likely exit: strategic trade sale (70/100).

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
75
Lenders & charges
Confirmed no charges registered
85
Directors & officers
2 officers (2 active, 2 linked, 2 with DOB)
90
Ownership & PSC
2 active PSC(s) of 2 total, 2 with control declared
90
Director network
Network not yet resolved
30
Filing history
16 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
72/100Strong
PassWatchWorth a lookStrongExceptional 

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

Business quality
65
Adequate — check latest filings for context.
Acquirability
55
Some acquirability indicators.
Risk profile
85
Few red flags.
Signal strength
90
Good data coverage for analysis.

Signals from accounts

Derived from iXBRL accounts · accounting standard not declared
Profitable
Profit before tax £50,513
Revenue decline
Turnover down 46% YoY
Turnover YoY
-46%
Year on year

Key financials

2 years extracted from filed iXBRL accounts
Cash
—
Net Worth
—
Current Assets
—
Current Liabilities
—
£0£0£0£0£0£0Jun 2024Jun 2025

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · accounting standard unknown
Metric2025-06-302024-06-30
Turnover£222.8k£413.6k
Gross profit£97.8k£116.7k
Profit before tax£50.5k£39.1k
Average employees200300

Amounts extracted automatically from iXBRL. Fields left blank were not reported or not mapped. Values in GBP unless stated.

🔒Filing-note intelligence

2 signals 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
1
filing
  • • 1 accounts
Counts from Companies House filing history.
Corporate timeline (12 events)Click to expand
  1. 2026-01-08
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  2. 2025-03-13
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  3. 2024-02-05
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  4. 2022-12-10
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  5. 2022-03-17
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  6. 2020-10-14
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  7. 2019-06-27
    📄
    change-person-director-company-with-change-date
    officers · CH01
  8. 2019-06-27
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC04
  9. 2019-06-14
    🏢
    Company incorporated
    As FORGE CONSTRUCTION (MULL) LIMITED
  10. 2019-06-14
    ➕
    MACLEAN, Eoghann appointed
    director
  11. 2019-06-14
    ➕
    MARTINEZ, Rebecca Rose appointed
    director
  12. 2019-06-14
    📄
    incorporation-company
    incorporation · NEWINC

Owner dependency

63/100
High — earn-out structure required

Material founder dependency. Consider a 2-3 year earn-out and build in a handover plan before completion.

FACTORS
  • +Two-director setup: Only two active directors — typical of owner-managed SMEs but limits succession.
  • +No director turnover: Company is 7 years old with no director changes — suggests a very tight-knit founder team never broadened.

Succession & seller-readiness

36/100
Weak signal

Limited succession signal. Not a near-term off-market candidate.

SIGNALS
  • secondaryTwo-director governance: Small-team governance. Succession depth is thin but not absent.

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

2 active beneficial owners
NameSharesVoting rightsNature of controlNotified
Mr Eoghann Maclean
Individual · British · DOB 10/1981 · age 45
25–50%
—25-50% shares14/06/2019
Miss Rebecca Rose Martinez
Individual · British · DOB 12/1980 · age 46
25–50%
—25-50% shares14/06/2019

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

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

6 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
Incorporated2019-06-14
Jurisdictionscotland
Primary SIC41100 — Development of building projects

Registered office

Rose Bank Beadoun
Tobermory
Isle Of Mull
Argyll
PA75 6QA
Scotland

Filing status

Accounts
Next due: 2027-03-31
Last made up to: 2025-06-30
Confirmation statement
Next due: 2027-06-16
Last: 2026-06-02

Officers (2 active · 0 resigned)

MACLEAN, Eoghann→
director · ~45y · appointed 2019-06-14
View their other companies + combined net worth →
Active
MARTINEZ, Rebecca Rose→
director · ~46y · appointed 2019-06-14
View their other companies + combined net worth →
Active

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

Recent filings (16 total)

accounts-with-accounts-type-total-exemption-full
accounts · AA
2026-01-08
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-06-08
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-03-13
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-06-02
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-02-05
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-06-02
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-12-10
confirmation-statement-with-no-updates
confirmation-statement · CS01
2022-06-07
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-03-17
confirmation-statement-with-no-updates
confirmation-statement · CS01
2021-06-22
accounts-with-accounts-type-total-exemption-full
accounts · AA
2020-10-14
confirmation-statement-with-no-updates
confirmation-statement · CS01
2020-06-18
confirmation-statement-with-updates
confirmation-statement · CS01
2019-07-03
change-person-director-company-with-change-date
officers · CH01
2019-06-27
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2019-06-27