BELMAR HOLDINGS LIMITED

💤Zombieactive
SC164261 · ltd · incorporated 1996-03-19
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 Mar 2025
Net worth
£-1.96M
book net assets
Opportunity
82/100
Exceptional
🔔
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What this business does
Primary activity: Machining
Sector: Manufacturing
Investor take
Pass (distressed without resilience)
Distressed active trading company — structural issues outweigh the discount.

Opportunity 82/100 (exceptional), bankability 67/100. Strong seller-intent signal (70/100, director aged 62). Share purchase looks the cleaner deal structure. Biggest value-creation lever: Consolidate lender relationships. 3 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (73/100).

🏦

Refinance opportunity

3 live charges · 3 lenders · oldest 29.9y

15/100
under pressure

Refinance would be pressure-driven, not opportunity-driven. Expect tighter margins and covenant scrutiny.

  • · Oldest live charge is 29.9 years old — likely at or near maturity.
  • · 3 lenders named — inter-creditor friction likely.
  • · Distress signals active — lender appetite narrows.

Data confidence

Overall: medium (72/100)

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
1 year of iXBRL accounts extracted (no YoY comparison) + narrative notes parsed
50
Lenders & charges
3 charges (3/3 with lender, 3/3 with type)
90
Directors & officers
9 officers (1 active, 9 linked, 5 with DOB)
81
Ownership & PSC
1 active PSC(s) of 2 total, 2 with control declared
90
Director network
2 connected companies via shared directors
51
Filing history
123 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
82/100Exceptional
PassWatchWorth a lookStrongExceptional 

Strong composite across quality, acquirability, and risk. High-priority target — progress to serious diligence.

Business quality
70
Active, clean filings, stable charge profile.
Acquirability
80
Strong succession / seller-readiness signals.
Risk profile
85
Few red flags.
Signal strength
100
Good data coverage for analysis.

Signals from accounts

Derived from iXBRL accounts · accounting standard not declared
Negative net assets
Liabilities exceed assets by £1,958,161

Key financials

1 year extracted from filed iXBRL accounts
Cash
—
Net Worth
-£2.0m
Current Assets
£498k
Current Liabilities
—

Financials

Extracted from Companies House accounts · accounting standard unknown
Metric2025-03-30
Total assets£-1.96M
Current assets£498.1k
Debtors£298.1k
Net assets£-1.96M

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
5
filings
  • • 2 persons-with-significant-control
  • • 1 confirmation-statement
  • • 1 officers
Last 90 days
8
filings
  • • 2 persons-with-significant-control
  • • 2 gazette
  • • 1 confirmation-statement
Last 180 days
8
filings
  • • 2 persons-with-significant-control
  • • 2 gazette
  • • 1 confirmation-statement
Counts from Companies House filing history.
Corporate timeline (39 events)Click to expand
  1. 2026-04-07
    📄
    notification-of-a-person-with-significant-control
    persons-with-significant-control · PSC01
  2. 2026-04-07
    📄
    termination-secretary-company-with-name-termination-date
    officers · TM02
  3. 2026-04-07
    📄
    cessation-of-a-person-with-significant-control
    persons-with-significant-control · PSC07
  4. 2026-04-06
    📍
    change-registered-office-address-company-with-date-old-address-new-address
    address · AD01
  5. 2026-03-17
    ➖
    RITCHIE, Marlyn resigned
    secretary
  6. 2026-03-07
    📄
    gazette-filings-brought-up-to-date
    gazette · DISS40
  7. 2026-03-05
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  8. 2026-03-03
    📄
    gazette-notice-compulsory
    gazette · GAZ1
  9. 2025-09-19
    📄
    change-account-reference-date-company-previous-extended
    accounts · AA01
  10. 2025-03-27
    ➖
    RITCHIE, Andrew resigned
    director
  11. 2025-03-27
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  12. 2025-02-25
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  13. 2025-02-25
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  14. 2025-02-21
    🔒
    Charge registered #3
    Lender: Sean Ritchie
  15. 2025-02-21
    🔒
    Charge registered #2
    Lender: Andrew Ritchie and Marlyn Ritchie
  16. 2024-12-11
    📄
    accounts-with-accounts-type-group
    accounts · AA
  17. 2023-10-03
    📄
    accounts-with-accounts-type-group
    accounts · AA
  18. 2022-06-09
    📄
    accounts-with-accounts-type-group
    accounts · AA
  19. 2021-06-23
    📄
    accounts-with-accounts-type-group
    accounts · AA
  20. 2020-06-23
    📄
    accounts-with-accounts-type-group
    accounts · AA
  21. 2019-05-07
    📄
    accounts-with-accounts-type-group
    accounts · AA
  22. 2014-08-12
    ➖
    RITCHIE, Andrew resigned
    secretary
  23. 2014-08-11
    ➕
    RITCHIE, Marlyn appointed
    secretary
  24. 2014-08-11
    ➕
    RITCHIE, Andrew appointed
    director
  25. 2014-03-25
    🔓
    Charge satisfied #1
  26. 2013-08-01
    ➖
    REID, David Laing resigned
    secretary
  27. 2013-08-01
    ➕
    RITCHIE, Andrew appointed
    secretary
  28. 2013-08-01
    ➖
    REID, David Laing resigned
    director
  29. 2002-12-16
    ➕
    RITCHIE, Sean Milne appointed
    director
  30. 2002-12-16
    ➕
    REID, David Laing appointed
    director
  31. 2002-12-16
    ➖
    RITCHIE, Andrew resigned
    director
  32. 1996-06-06
    🔒
    Charge registered #1
    Lender: The Governor and Company of the Bank of Scotland
  33. 1996-03-21
    ➖
    MIDDLETON, Sandra Elizabeth resigned
    nominee-secretary
  34. 1996-03-21
    ➕
    REID, David Laing appointed
    secretary
  35. 1996-03-21
    ➖
    MCNIVEN, Alan Ross resigned
    director
  36. 1996-03-21
    ➕
    RITCHIE, Andrew appointed
    director
  37. 1996-03-19
    🏢
    Company incorporated
    As BELMAR HOLDINGS LIMITED
  38. 1996-03-19
    ➕
    MIDDLETON, Sandra Elizabeth appointed
    nominee-secretary
  39. 1996-03-19
    ➕
    MCNIVEN, Alan Ross appointed
    director

Owner dependency

93/100
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.
  • +Long-tenure founder: Senior director has been in place 23 years — deep operational knowledge concentrated in one person.
  • +Senior director age: Director aged approximately 62 — approaching natural succession window.

Succession & seller-readiness

85/100
Likely off-market candidate

Strong acquirability signals converging. Worth approaching directly — this is how off-market deals start.

SIGNALS
  • secondaryFounder aged 58+: Senior director is approximately 62. Early succession window.
  • primarySole active director: Only one director in control. No visible successor — buyers solve the succession problem.
  • primary20+ year tenure: Director in role 23 years. Very long tenure is a classic succession signal.
  • secondaryStable-but-static management: Company is 30 years old and no new directors in the last 3 years — succession not yet being planned internally.
  • supportingClean filings + long tenure: Disciplined long-tenure operator — classic lifestyle-business pattern that often sells quietly.

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 Sean Milne Ritchie
Individual · British · DOB 11/1964 · age 62
75–100%
75–100%board control75-100% shares · 75-100% voting · board control17/03/2026
1 historic (ceased) PSC
  • Mr Andrew Ritchieceased 17/03/2026· 25-50% shares · 25-50% voting · board control

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

🔒Co-director network graph

Radial SVG graph showing every company connected via shared directors, colour-coded by status.

Available from the Pro tier upwards.

See pricing →

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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
Incorporated1996-03-19
Jurisdictionscotland
Primary SIC25620 — Machining

Registered office

5 Carden Place
Aberdeen
AB10 1UT
Scotland

Filing status

Accounts
Next due: 2026-12-30
Last made up to: 2025-03-30
Confirmation statement
Next due: 2027-03-18
Last: 2026-03-04

Officers (1 active · 8 resigned)

RITCHIE, Sean Milne→
director · ~62y · appointed 2002-12-16
View their other companies + combined net worth →
Active
MIDDLETON, Sandra Elizabeth→
nominee-secretary · appointed 1996-03-19 · resigned 1996-03-21
Resigned
REID, David Laing→
secretary · appointed 1996-03-21 · resigned 2013-08-01
Resigned
RITCHIE, Andrew→
secretary · appointed 2013-08-01 · resigned 2014-08-12
Resigned
RITCHIE, Marlyn→
secretary · appointed 2014-08-11 · resigned 2026-03-17
Resigned
MCNIVEN, Alan Ross→
director · ~76y · appointed 1996-03-19 · resigned 1996-03-21
Resigned
REID, David Laing→
director · ~77y · appointed 2002-12-16 · resigned 2013-08-01
Resigned
RITCHIE, Andrew→
director · ~86y · appointed 2014-08-11 · resigned 2025-03-27
Resigned
RITCHIE, Andrew→
director · ~86y · appointed 1996-03-21 · resigned 2002-12-16
Resigned

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

Mortgages & charges

3
Total charges
2
Outstanding
2
Active lenders
Status:Lender:3 of 3 shown
TypeProperties
outstanding
Sean Ritchie
A registered charge—21/02/2025—
outstanding
Andrew Ritchie and Marlyn Ritchie
A registered charge—21/02/2025—
satisfied
Lloyds Banking Group
The Governor and Company of the Bank of Scotland
Bond & floating charge1 property06/06/199625/03/2014
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (123 total)

confirmation-statement-with-updates
confirmation-statement · CS01
2026-04-07
notification-of-a-person-with-significant-control
persons-with-significant-control · PSC01
2026-04-07
termination-secretary-company-with-name-termination-date
officers · TM02
2026-04-07
cessation-of-a-person-with-significant-control
persons-with-significant-control · PSC07
2026-04-07
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2026-04-06
gazette-filings-brought-up-to-date
gazette · DISS40
2026-03-07
accounts-with-accounts-type-total-exemption-full
accounts · AA
2026-03-05
gazette-notice-compulsory
gazette · GAZ1
2026-03-03
change-account-reference-date-company-previous-extended
accounts · AA01
2025-09-19
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-03-27
termination-director-company-with-name-termination-date
officers · TM01
2025-03-27
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2025-02-25
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2025-02-25
accounts-with-accounts-type-group
accounts · AA
2024-12-11
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-05-08