FORSYTH LETTINGS LTD

🏛️Establishedactive
SC664449 · ltd · incorporated 2020-06-17
Investment thesis
Property vehicle with leveraged stack — refinance / partial-release angle.
Why interesting: Asset-backed; value largely in underlying property; lender engagement likely possible.
Why risky: Multiple lenders to manage; inter-creditor friction and partial-release cost possible.
Why now
Window steady · medium confidence
Mixed signals — 1 changes over 30 days, no clear direction yet.
  • · Filings: 19 → 20
Opportunity decay
approaching window · 12-months
Approaching a transaction window — refinance or sale event plausible in the next 12 months.
  • · Oldest live charge 5.5y old — refinance window within 12 months
What changed my view
Last 30 days

Picture improved over the last 30 days — 1 positive signal vs 0 negative.

  • ↑Filings: 19 → 20
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 Jun 2025
Net worth
£182.1k
book net assets
Opportunity
69/100
Strong
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What this business does
Primary activity: Buying and selling of own real estate
Sector: Real estate
ALSO REGISTERED FOR
  • 68209Other letting and operating of own or leased real estate
Investor take
Pursue
Property-backed borrower. Reasonable fundamentals — worth a memo before deciding.

Opportunity 69/100 (strong), bankability 65/100. High owner-dependency — earn-out structure likely required for clean transition. Share purchase looks the cleaner deal structure. Most likely exit: share sale to pe / searcher (58/100).

🏦

Refinance opportunity

6 live charges · 2 lenders · oldest 5.5y

70/100
ready

Refinance conversation should be productive — structure clean and timing right.

  • · Oldest live charge is 5.5 years old — likely at or near maturity.
  • · Two lenders — manageable, but coordination required.
  • · Legal-friction score 15/100 — clean.

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, 2 SIC codes, incorporation date
100
Financials
2 years of iXBRL accounts extracted (YoY deltas available) + narrative notes parsed
75
Lenders & charges
6 charges (6/6 with lender, 6/6 with type)
90
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
20 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
69/100Strong
PassWatchWorth a lookStrongExceptional 

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

Business quality
55
Adequate — check latest filings for context.
Acquirability
50
Some acquirability indicators.
Risk profile
82
Few red flags.
Signal strength
100
Good data coverage for analysis.

Signals from accounts

Derived from iXBRL accounts · accounting standard not declared
Positive net assets
Net assets £182,132
Cash YoY
+137%
Year on year

Key financials

2 years extracted from filed iXBRL accounts
Cash
£106k
↑ 137% YoY
Net Worth
£182k
↑ 55% YoY
Current Assets
£109k
↑ 131% YoY
Current Liabilities
—
£0£36k£73k£109k£146k£182kJun 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
Total assets£622.0k£429.5k
Current assets£109.3k£47.3k
Cash£106.0k£44.8k
Debtors£3.4k£2.5k
Net assets£182.1k£117.5k

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
1
filing
  • • 1 confirmation-statement
Last 90 days
1
filing
  • • 1 confirmation-statement
Last 180 days
1
filing
  • • 1 confirmation-statement
Counts from Companies House filing history.
Corporate timeline (23 events)Click to expand
  1. 2025-11-13
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  2. 2025-07-10
    📍
    change-registered-office-address-company-with-date-old-address-new-address
    address · AD01
  3. 2024-12-09
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  4. 2024-09-02
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  5. 2024-08-16
    🔒
    Charge registered #6
    Lender: The Mortgage Works (UK) PLC
  6. 2024-04-04
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  7. 2023-03-09
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  8. 2023-02-09
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  9. 2023-02-09
    🔒
    Charge registered #5
    Lender: The Mortgage Lender Limited
  10. 2022-04-14
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  11. 2022-04-07
    🔒
    Charge registered #4
    Lender: The Mortgage Works (UK) PLC
  12. 2022-01-28
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  13. 2022-01-12
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  14. 2021-12-25
    🔒
    Charge registered #3
    Lender: The Mortgage Works (UK) PLC
  15. 2021-01-22
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  16. 2021-01-21
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  17. 2021-01-20
    🔒
    Charge registered #2
    Lender: The Mortgage Works (UK) PLC
  18. 2021-01-06
    🔒
    Charge registered #1
    Lender: The Mortgage Works (UK) PLC
  19. 2020-08-07
    ➕
    FORSYTH, Ashley Elizabeth Alexandrina appointed
    director
  20. 2020-08-07
    📄
    appoint-person-director-company-with-name-date
    officers · AP01
  21. 2020-06-17
    🏢
    Company incorporated
    As FORSYTH LETTINGS LTD
  22. 2020-06-17
    ➕
    FORSYTH, Roy appointed
    director
  23. 2020-06-17
    📄
    incorporation-company
    incorporation · NEWINC

Owner dependency

86/100
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
  • +Two-director setup: Only two active directors — typical of owner-managed SMEs but limits succession.
  • +Founder name in company name: Company name contains director surname "FORSYTH" — strong identity link between founder and business.
  • +Family involvement: Multiple officers share a surname — likely family business, which concentrates governance.
  • +No director turnover: Company is 6 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

1 low
6 live charges
low

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

Shareholders & ownership

2 active beneficial owners
NameSharesVoting rightsNature of controlNotified
Mr Roy Forsyth
Individual · British · DOB 08/1982 · age 44
25–50%
—25-50% shares17/06/2020
Mrs Ashley Elizabeth Alexandrina Forsyth
Individual · British · DOB 04/1988 · age 38
25–50%
—25-50% shares17/06/2020

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

7 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
Incorporated2020-06-17
Jurisdictionscotland
Primary SIC68100 — Buying and selling of own real estate

Registered office

15 Station Wynd
Doune
FK16 6DT
Scotland

Filing status

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

Officers (2 active · 0 resigned)

FORSYTH, Ashley Elizabeth Alexandrina→
director · ~38y · appointed 2020-08-07
View their other companies + combined net worth →
Active
FORSYTH, Roy→
director · ~44y · appointed 2020-06-17
View their other companies + combined net worth →
Active

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

Mortgages & charges

6
Total charges
6
Outstanding
2
Active lenders
Status:Lender:6 of 6 shown
TypeProperties
outstanding
The Mortgage Works (UK)
The Mortgage Works (UK) PLC
A registered charge1 property16/08/2024—
outstanding
The Mortgage Lender
The Mortgage Lender Limited
A registered charge1 property09/02/2023—
outstanding
The Mortgage Works (UK)
The Mortgage Works (UK) PLC
A registered charge1 property07/04/2022—
outstanding
The Mortgage Works (UK)
The Mortgage Works (UK) PLC
A registered charge1 property25/12/2021—
outstanding
The Mortgage Works (UK)
The Mortgage Works (UK) PLC
A registered charge1 property20/01/2021—
outstanding
The Mortgage Works (UK)
The Mortgage Works (UK) PLC
A registered charge1 property06/01/2021—
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (20 total)

confirmation-statement-with-no-updates
confirmation-statement · CS01
2026-06-22
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-11-13
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2025-07-10
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-06-19
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-12-09
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2024-09-02
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-06-25
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-04-04
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-06-20
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-03-09
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2023-02-09
confirmation-statement-with-no-updates
confirmation-statement · CS01
2022-06-16
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2022-04-14
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-01-28
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2022-01-12