AJM SPRAYING SERVICES LTD

🌳Matureactive
SC249637 · ltd · incorporated 2003-05-20
Investment thesis
Well-run mature business — low negotiation leverage; premium likely.
Why interesting: Textbook target; clean filings, stable trading.
Why risky: No pressure on seller; any deal likely at full price.
Opportunity decay
hardening · 12-months
Already tight — no obvious softening catalysts on the horizon.
  • · Thesis: well-run, low negotiation leverage
🔒Estimated value
—
Upgrade to see
Turnover
—
year to May 2025
Net worth
£623.2k
book net assets
Opportunity
83/100
Exceptional
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What this business does
Primary activity: SIC 45200
Sector: Wholesale & retail
ALSO REGISTERED FOR
  • 49410Freight transport by road
Investor take
Pursue
Strong opportunity: active trading company with exceptional profile and acceptable with review structure.

Opportunity 83/100 (exceptional), bankability 67/100. High owner-dependency — earn-out structure likely required for clean transition. 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 (65/100).

🏦

Refinance opportunity

3 live charges · 3 lenders · oldest 22.7y

35/100
too messy

Refinance path is blocked by complexity. Rethink structure or expect bespoke, expensive terms.

  • · Oldest live charge is 22.7 years old — likely at or near maturity.
  • · 3 lenders named — inter-creditor friction likely.
  • · Legal-friction score 35/100 — workable, but lender will want more DD.

Data confidence

Overall: medium (79/100)

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
3 charges (3/3 with lender, 3/3 with type)
90
Directors & officers
7 officers (5 active, 7 linked, 4 with DOB)
81
Ownership & PSC
3 active PSC(s) of 3 total, 3 with control declared
90
Director network
3 connected companies via shared directors
54
Filing history
72 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
83/100Exceptional
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
85
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
Positive net assets
Net assets £623,176
Cash YoY
+324%
Year on year

Key financials

2 years extracted from filed iXBRL accounts
Cash
£73k
↑ 324% YoY
Net Worth
£623k
↑ 15% YoY
Current Assets
£918k
↑ 13% YoY
Current Liabilities
—
£0£184k£367k£551k£735k£918kMay 2024May 2025

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · accounting standard unknown
Metric2025-05-312024-05-31
Total assets£1.26M£967.4k
Current assets£918.2k£816.0k
Cash£73.3k£17.3k
Debtors£836.0k£792.4k
Net assets£623.2k£540.9k

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

🔒Filing-note intelligence

1 signal 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
1
filing
  • • 1 confirmation-statement
Last 180 days
2
filings
  • • 1 confirmation-statement
  • • 1 accounts
Counts from Companies House filing history.
Corporate timeline (27 events)Click to expand
  1. 2025-11-06
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  2. 2025-04-16
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  3. 2025-04-11
    🔒
    Charge registered #3
    Lender: Barclays Security Trustee Limited
  4. 2025-01-24
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  5. 2024-02-28
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  6. 2022-12-20
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  7. 2022-06-15
    📄
    notification-of-a-person-with-significant-control
    persons-with-significant-control · PSC01
  8. 2022-02-28
    📄
    accounts-with-accounts-type-unaudited-abridged
    accounts · AA
  9. 2021-10-04
    📄
    appoint-person-director-company-with-name-date
    officers · AP01
  10. 2021-10-01
    ➕
    FRULLANI, Gemma appointed
    director
  11. 2021-09-23
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC04
  12. 2021-09-23
    📄
    notification-of-a-person-with-significant-control
    persons-with-significant-control · PSC01
  13. 2020-09-15
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  14. 2020-01-31
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  15. 2018-11-12
    📄
    accounts-with-accounts-type-unaudited-abridged
    accounts · AA
  16. 2017-10-30
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  17. 2017-01-10
    🔒
    Charge registered #2
    Lender: Clydesdale Bank PLC (Trading as Both Clydesdale and Yorkshire Bank) (Company Number SC001111)
  18. 2011-08-01
    ➕
    MCMILLAN, Hugh appointed
    director
  19. 2003-08-20
    🔒
    Charge registered #1
    Lender: Clydesdale Bank Public Limited Company
  20. 2003-05-22
    ➕
    MCMILLAN, Sandra Jane appointed
    secretary
  21. 2003-05-22
    ➕
    MCMILLAN, Albert John appointed
    director
  22. 2003-05-22
    ➕
    MCMILLAN, Sandra Jane appointed
    director
  23. 2003-05-22
    ➖
    BRIGHTON SECRETARY LTD resigned
    corporate-nominee-secretary
  24. 2003-05-22
    ➖
    BRIGHTON DIRECTOR LTD resigned
    corporate-nominee-director
  25. 2003-05-20
    🏢
    Company incorporated
    As AJM SPRAYING SERVICES LTD
  26. 2003-05-20
    ➕
    BRIGHTON SECRETARY LTD appointed
    corporate-nominee-secretary
  27. 2003-05-20
    ➕
    BRIGHTON DIRECTOR LTD appointed
    corporate-nominee-director

Owner dependency

66/100
High — earn-out structure required

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

FACTORS
  • -4 active directors: Broader management team in place — suggests transferable governance.
  • +Long-tenure founder: Senior director has been in place 23 years — deep operational knowledge concentrated in one person.
  • +Senior director age: Director aged approximately 64 — approaching natural succession window.
  • +Family involvement: Multiple officers share a surname — likely family business, which concentrates governance.

Succession & seller-readiness

80/100
Likely off-market candidate

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

SIGNALS
  • primaryFounder aged 63+: Senior director is approximately 64. Approaching typical UK retirement age — succession thinking likely.
  • primary20+ year tenure: Director in role 23 years. Very long tenure is a classic succession signal.
  • secondaryStable-but-static management: Company is 23 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

3 active beneficial owners
NameSharesVoting rightsNature of controlNotified
Mrs Sandra Mcmillan
Individual · British · DOB 01/1966 · age 60
25–50%
—board control25-50% shares · board control21/05/2021
Mr Hugh Mcmillan
Individual · British · DOB 08/1962 · age 64
25–50%
—25-50% shares21/05/2021
Mr Albert John Mcmillan
Individual · British · DOB 12/1966 · age 60
25–50%
—board control25-50% shares · board control06/04/2016

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

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
Incorporated2003-05-20
Jurisdictionscotland
Primary SIC45200 — SIC 45200

Registered office

12 Inchmuir Road
Whitehill Industrial Estate
Bathgate
West Lothian
EH48 2EP

Filing status

Accounts
Next due: 2027-02-28
Last made up to: 2025-05-31
Confirmation statement
Next due: 2027-01-31
Last: 2026-01-17

Officers (5 active · 2 resigned)

MCMILLAN, Sandra Jane→
secretary · appointed 2003-05-22
View their other companies + combined net worth →
Active
FRULLANI, Gemma→
director · ~42y · appointed 2021-10-01
View their other companies + combined net worth →
Active
MCMILLAN, Albert John→
director · ~60y · appointed 2003-05-22
View their other companies + combined net worth →
Active
MCMILLAN, Hugh→
director · ~64y · appointed 2011-08-01
View their other companies + combined net worth →
Active
MCMILLAN, Sandra Jane→
director · ~60y · appointed 2003-05-22
View their other companies + combined net worth →
Active
BRIGHTON SECRETARY LTD→
corporate-nominee-secretary · appointed 2003-05-20 · resigned 2003-05-22
Resigned
BRIGHTON DIRECTOR LTD→
corporate-nominee-director · appointed 2003-05-20 · resigned 2003-05-22
Resigned

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

Mortgages & charges

3
Total charges
3
Outstanding
2
Active lenders
Status:Lender:3 of 3 shown
TypeProperties
outstanding
Barclays
Barclays Security Trustee Limited
A registered charge—11/04/2025—
outstanding
Virgin Money
Clydesdale Bank PLC (Trading as Both Clydesdale and Yorkshire Bank) (Company Number SC001111)
A registered charge—10/01/2017—
outstanding
Virgin Money
Clydesdale Bank Public Limited Company
Floating charge1 property20/08/2003—
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (72 total)

confirmation-statement-with-no-updates
confirmation-statement · CS01
2026-02-04
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-11-06
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2025-04-16
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-01-24
confirmation-statement-with-updates
confirmation-statement · CS01
2025-01-17
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-05-29
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-02-28
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-05-24
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-12-20
notification-of-a-person-with-significant-control
persons-with-significant-control · PSC01
2022-06-15
confirmation-statement-with-updates
confirmation-statement · CS01
2022-05-24
accounts-with-accounts-type-unaudited-abridged
accounts · AA
2022-02-28
appoint-person-director-company-with-name-date
officers · AP01
2021-10-04
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2021-09-23
notification-of-a-person-with-significant-control
persons-with-significant-control · PSC01
2021-09-23