BELTED WORKS LIMITED

💤Zombieactive
SC706190 · ltd · incorporated 2021-08-09
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 Aug 2024
Net worth
£-5.1k
book net assets
Opportunity
75/100
Strong
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What this business does
Primary activity: Book publishing
Sector: Information & communication
ALSO REGISTERED FOR
  • 59111Motion picture production activities
  • 59113Television programme production activities
  • 90010Performing arts
Investor take
Pass (distressed without resilience)
Distressed active trading company — structural issues outweigh the discount.

Opportunity 75/100 (strong), bankability 70/100. Strong seller-intent signal (60/100, director aged 65). 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).

Data confidence

Overall: medium (69/100)

Adequate coverage. AI outputs are reliable for the sections scored high; verify the rest in diligence.

Company profile
address, 4 SIC codes, incorporation date
100
Financials
1 year of iXBRL accounts extracted (no YoY comparison) + narrative notes parsed
50
Lenders & charges
Confirmed no charges registered
85
Directors & officers
2 officers (1 active, 2 linked, 1 with DOB)
80
Ownership & PSC
1 active PSC(s) of 1 total, 1 with control declared
90
Director network
Network not yet resolved
30
Filing history
14 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
75/100Strong
PassWatchWorth a lookStrongExceptional 

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

Business quality
60
Adequate — check latest filings for context.
Acquirability
70
Strong succession / seller-readiness signals.
Risk profile
85
Few red flags.
Signal strength
90
Good data coverage for analysis.

Signals from accounts

Derived from iXBRL accounts · FRS 105 (micro)
Negative net assets
Liabilities exceed assets by £5,125

Key financials

1 year extracted from filed iXBRL accounts
Cash
Net Worth
-£5k
Current Assets
£58
Current Liabilities

Financials

Extracted from Companies House accounts · FRS 105 (micro)
Metric2024-08-31
Total assets£-4.7k
Current assets£58
Net assets£-5.1k

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
0
filings
Counts from Companies House filing history.
Corporate timeline (14 events)Click to expand
  1. 2025-04-26
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  2. 2024-08-20
    📍
    change-registered-office-address-company-with-date-old-address-new-address
    address · AD01
  3. 2024-08-20
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC04
  4. 2024-08-20
    📄
    change-person-director-company-with-change-date
    officers · CH01
  5. 2024-03-15
    📄
    termination-secretary-company-with-name-termination-date
    officers · TM02
  6. 2024-03-01
    RF SECRETARIES LIMITED resigned
    corporate-secretary
  7. 2024-02-21
    📄
    accounts-amended-with-accounts-type-micro-entity
    accounts · AAMD
  8. 2023-12-18
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  9. 2023-05-09
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  10. 2021-08-12
    📄
    appoint-corporate-secretary-company-with-name-date
    officers · AP04
  11. 2021-08-11
    RF SECRETARIES LIMITED appointed
    corporate-secretary
  12. 2021-08-09
    🏢
    Company incorporated
    As BELTED WORKS LIMITED
  13. 2021-08-09
    MCELVOGUE, Gregor appointed
    director
  14. 2021-08-09
    📄
    incorporation-company
    incorporation · NEWINC

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 65 — succession pressure is live.

Succession & seller-readiness

65/100
Strong succession signal

Multiple signals suggest succession is on the horizon. Candidate for proactive outreach.

SIGNALS
  • primaryFounder aged 63+: Senior director is approximately 65. Approaching typical UK retirement age — succession thinking likely.
  • primarySole active director: Only one director in control. No visible successor — buyers solve the succession problem.

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 · dominant holder ≥75%
NameSharesVoting rightsNature of controlNotified
Mr Gregor Mcelvogue
Individual · British · DOB 08/1961 · age 65
75100%
75–100%board control75-100% shares · 75-100% voting · board control09/08/2021

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

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
Incorporated2021-08-09
Jurisdictionscotland
Primary SIC58110 — Book publishing

Registered office

C/O Relax Accounting
20 Woodside Place
Glasgow
G3 7QL
Scotland

Filing status

Accounts
Next due: 2026-05-31
Last made up to: 2024-08-31
Confirmation statement
Next due: 2026-08-22
Last: 2025-08-08

Officers (1 active · 1 resigned)

MCELVOGUE, Gregor
director · ~65y · appointed 2021-08-09
View their other companies + combined net worth →
Active
RF SECRETARIES LIMITED
corporate-secretary · appointed 2021-08-11 · resigned 2024-03-01
Resigned

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

Recent filings (14 total)

confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-09-18
accounts-with-accounts-type-micro-entity
accounts · AA
2025-04-26
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-08-20
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2024-08-20
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2024-08-20
change-person-director-company-with-change-date
officers · CH01
2024-08-20
termination-secretary-company-with-name-termination-date
officers · TM02
2024-03-15
accounts-amended-with-accounts-type-micro-entity
accounts · AAMD
2024-02-21
accounts-with-accounts-type-micro-entity
accounts · AA
2023-12-18
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-08-14
accounts-with-accounts-type-micro-entity
accounts · AA
2023-05-09
confirmation-statement-with-no-updates
confirmation-statement · CS01
2022-09-08
appoint-corporate-secretary-company-with-name-date
officers · AP04
2021-08-12
incorporation-company
incorporation · NEWINC
2021-08-09