EL28 LIMITED

🌿Early-stageactive

SC770940 · ltd · incorporated 2023-05-30

Investment thesis

Growth-phase business — story-led; valuation sensitive to momentum.

Why interesting: Trading is scaling; acquirers paying for trajectory get disproportionate leverage.

Why risky: Price often leads fundamentals; dependency on founder often high.

Why now

Window opening · high confidence

More negotiable than before — 3 signals weakening over the last 30 days.

· Hygiene score: 90 → 70
· Opportunity score: 70 → 60
· Bankability: 70 → 60
· Distress / opportunity: avoid → speculative

Opportunity decay

softening · 6-months

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

· 3 recent signals weakening vs 0 strengthening

What changed my view

Last 30 days

Picture worsened over the last 30 days — 3 negative signals vs 0 positive.

↓Opportunity score: 70 → 60
↓Hygiene score: 90 → 70
↓Bankability: 70 → 60
·Distress / opportunity: avoid → speculative

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 May 2025

Net worth

—

book net assets

Opportunity

60/100

Worth a look

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

What this business does

Primary activity: Other business support service activities n.e.c.

Sector: Administrative & support services

Investor take

Pass (distressed without resilience)

Distressed active trading company — structural issues outweigh the discount.

Opportunity 60/100 (worth a look), bankability 60/100. Share purchase looks the cleaner deal structure. Biggest value-creation lever: Resolve: Confirmation statement overdue. Annual confirmation statement not filed on time. Required statutory filing — overdue is a strong discipline signal. Most likely exit: share sale to pe / searcher (58/100).

Data confidence

Overall: medium (76/100)

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

3 officers (2 active, 3 linked, 2 with DOB)

Ownership & PSC

2 active PSC(s) of 2 total, 2 with control declared

Director network

Network not yet resolved

Filing history

12 filings on record

Gazette notices

No matching gazette notices (standard for active companies)

Opportunity Score

60/100Worth a look

PassWatchWorth a lookStrongExceptional

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

Business quality

Adequate — check latest filings for context.

Acquirability

Some acquirability indicators.

Risk profile

Some moderate concerns — review flags.

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	2025-05-31	2024-05-31

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

Recent activity

Last 30 days

filings

Last 90 days

filings

Last 180 days

filings

Counts from Companies House filing history.

Corporate timeline (15 events)Click to expand

2025-09-08
📍
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2025-07-15
📍
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2025-06-27
📍
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2025-06-25
📍
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2025-06-11
📄
accounts-with-accounts-type-dormant
accounts · AA
2025-01-14
➕
TSETOURAS., :Ioannis: appointed
director
2025-01-14
📄
appoint-person-director-company-with-name-date
officers · AP01
2024-06-27
➕
IOANNIS TSETOURAS LTD appointed
corporate-director
2024-06-27
➖
TSETOURAS., :Ioannis: resigned
director
2024-06-27
📄
appoint-corporate-director-company-with-name-date
officers · AP02
2024-06-27
📄
termination-director-company-with-name-termination-date
officers · TM01
2024-06-11
📄
accounts-with-accounts-type-dormant
accounts · AA
2023-05-30
🏢
Company incorporated
As EL28 LIMITED
2023-05-30
➕
TSETOURAS., :Ioannis: appointed
director
2023-05-30
📄
incorporation-company
incorporation · NEWINC

Owner dependency

58/100

Moderate — manageable with handover

Some founder dependency, but not acute. A structured handover period should cover most risk.

FACTORS

+Two-director setup: Only two active directors — typical of owner-managed SMEs but limits succession.

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 high · 1 low

Confirmation statement overdue

high

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

Evidence: Next due: 2026-06-11

Multiple registered office changes

low

Multiple address changes in a short period can indicate operational instability or admin disorder.

Shareholders & ownership

2 active beneficial owners · dominant holder ≥75%

Name	Shares	Voting rights	Nature of control	Notified
:Ioannis: Tsetouras. Individual · Greek · DOB 08/1970 · age 56	75–100%	50–75%	board control75-100% shares · 75-100% voting · board control	30/05/2023
Afroditi Tsetoura Individual · Greek · DOB 11/1996 · age 30	25–50%	25–50%	25-50% shares · 25-50% voting	30/05/2023

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

Similar companies

Active · Trade services · AB postcode area

Company	Est. value	Turnover	Net worth	Staff	Age	Opp	Director
UNIQUE SYSTEM (UK) LIMITED→ SC356252 · est 2009	£28.64M £21.48M–£35.80M	£23.27M	—	3800	17y	95	65y
UNITY WELL INTEGRITY UK LIMITED→ SC273906 · est 2004	£5.70M £4.27M–£7.12M	—	—	8200	21y	84	62y
JAMES JAMIESON CONSTRUCTION LIMITED→ SC386496 · est 2010	£2.69M £2.02M–£3.36M	£13.65M	—	3800	15y	84	68y
CASTLETON FRUIT LTD.→ SC369372 · est 2009	£2.18M £1.63M–£2.72M	£15.34M	—	30100	16y	83	52y
MINTRA LTD→ SC362194 · est 2009	£1.21M £909.4k–£1.52M	£11.76M	—	7500	16y	85	62y
ACUMEN FINANCIAL PLANNING LIMITED→ SC215343 · est 2001	—	—	£1.05M	—	25y	83	74y
ANIRAC LIMITED→ SC280789 · est 2005	—	—	£1.67M	—	21y	83	85y
ASHLEY PROPERTIES ABERDEEN LIMITED→ SC315836 · est 2007 · no financials extracted	—	—	—	—	19y	83	78y
BUILDTALL LIMITED→ SC235986 · est 2002	—	—	£4.39M	—	23y	83	59y
DRUMMUIR & BOTRIPHNIE COMMUNITY TRUST→ SC273043 · est 2004 · no financials extracted	—	—	—	—	21y	83	67y
EIJ DEVELOPMENTS LIMITED→ SC226210 · est 2001	—	—	£1.38M	—	24y	83	69y
ERT CAMELOT LIMITED→ SC301741 · est 2006 · no financials extracted	—	—	—	—	20y	83	72y

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

🔒Tailored diligence questions

8 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

Incorporated2023-05-30

Jurisdictionscotland

Primary SIC82990 — Other business support service activities n.e.c.

Registered office

Braeside Cottage

Banchory Devenick

Aberdeen

AB12 5XP

Scotland

Filing status

Accounts

Next due: 2027-02-28

Last made up to: 2025-05-31

Confirmation statement

Next due: 2026-06-11OVERDUE

Last: 2025-05-28

Officers (2 active · 1 resigned)

TSETOURAS., :Ioannis:→

director · ~56y · appointed 2025-01-14

View their other companies + combined net worth →

Active

IOANNIS TSETOURAS LTD→

corporate-director · appointed 2024-06-27

View their other companies + combined net worth →

Active

TSETOURAS., :Ioannis:→

director · ~56y · appointed 2023-05-30 · resigned 2024-06-27

Resigned

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

Recent filings (12 total)

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

address · AD01

2025-09-08

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

address · AD01

2025-07-15

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

address · AD01

2025-06-27

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

address · AD01

2025-06-25

accounts-with-accounts-type-dormant

accounts · AA

2025-06-11

confirmation-statement-with-no-updates

confirmation-statement · CS01

2025-05-28

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

officers · AP01

2025-01-14

appoint-corporate-director-company-with-name-date

officers · AP02

2024-06-27

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

officers · TM01

2024-06-27

accounts-with-accounts-type-dormant

accounts · AA

2024-06-11

confirmation-statement-with-no-updates

confirmation-statement · CS01

2024-06-11

incorporation-company

incorporation · NEWINC

2023-05-30