DENFIND STONE LIMITED

🌳Matureactive
SC268906 · ltd · incorporated 2004-06-08
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 Oct 2024
Net worth
£897.0k
book net assets
Opportunity
82/100
Exceptional
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What this business does
Primary activity: SIC 38320
Sector: Water supply & waste
Investor take
Pursue
Strong opportunity: active trading company with exceptional profile and bankable structure.

Opportunity 82/100 (exceptional), bankability 80/100. Strong seller-intent signal (70/100, director aged 58). Share purchase looks the cleaner deal structure. Biggest value-creation lever: Cash flow review and working-capital discipline. Cash down -90% YoY — forensic review of receivables, stock turns, and creditor days. Most likely exit: share sale to pe / searcher (65/100).

🏦

Refinance opportunity

2 live charges · oldest 13.1y

45/100
under pressure

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

  • · Oldest live charge is 13.1 years old — likely at or near maturity.
  • · Single lender — cleanest path to refinance.
  • · Cashflow trend is negative — lender view likely cautious.

Data confidence

Overall: high (80/100)

Strong data coverage across all sections. AI outputs should be trusted with minimal caveats.

Company profile
address, 1 SIC codes, incorporation date
100
Financials
2 years of iXBRL accounts extracted (YoY deltas available) + narrative notes parsed
75
Lenders & charges
2 charges (2/2 with lender, 2/2 with type)
90
Directors & officers
9 officers (3 active, 9 linked, 6 with DOB)
83
Ownership & PSC
2 active PSC(s) of 2 total, 2 with control declared
90
Director network
3 connected companies via shared directors
54
Filing history
80 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
Positive net assets
Net assets £897,043
Net assets shrinking
Down £64,386 YoY
Cash draining
Cash down 90% YoY
Cash YoY
-90%
Year on year

Key financials

2 years extracted from filed iXBRL accounts
Cash
£101
↓ 90% YoY
Net Worth
£897k
↓ 6.7% YoY
Current Assets
—
Current Liabilities
—
£0£192k£385k£577k£769k£961kOct 2023Oct 2024

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · accounting standard unknown
Metric2024-10-312023-10-31
Cash£101£1.0k
Net assets£897.0k£961.4k

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 (36 events)Click to expand
  1. 2025-04-11
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  2. 2025-02-03
    📍
    change-registered-office-address-company-with-date-old-address-new-address
    address · AD01
  3. 2024-09-04
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  4. 2024-09-02
    🔒
    Charge registered #2
    Lender: Clydesdale Bank PLC
  5. 2024-06-07
    📄
    change-person-director-company-with-change-date
    officers · CH01
  6. 2024-06-07
    📄
    change-person-director-company-with-change-date
    officers · CH01
  7. 2024-06-07
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC04
  8. 2024-05-27
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  9. 2023-08-09
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  10. 2023-08-04
    ➖
    LEIPER, Brian Robert resigned
    director
  11. 2023-06-13
    📄
    appoint-person-director-company-with-name-date
    officers · AP01
  12. 2023-06-01
    ➕
    LEIPER, Brian Robert appointed
    director
  13. 2023-05-29
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  14. 2022-07-27
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  15. 2021-06-18
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  16. 2020-03-16
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  17. 2019-11-22
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC04
  18. 2019-11-22
    📄
    change-person-secretary-company-with-change-date
    officers · CH03
  19. 2019-01-31
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  20. 2018-11-13
    📍
    change-registered-office-address-company-with-date-old-address-new-address
    address · AD01
  21. 2018-07-30
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  22. 2017-05-05
    ➖
    RODGER, Alastair Alan resigned
    director
  23. 2014-10-08
    ➕
    BINNIE, Alison Margaret appointed
    director
  24. 2014-10-08
    ➕
    RODGER, Alastair Alan appointed
    director
  25. 2013-03-22
    🔒
    Charge registered #1
    Lender: Clydesdale Bank PLC
  26. 2012-09-29
    ➖
    HOVELL, David Alexander resigned
    director
  27. 2004-12-01
    ➕
    THORNTONS LAW LLP appointed
    corporate-secretary
  28. 2004-12-01
    ➖
    THORNTONS LAW LLP resigned
    corporate-secretary
  29. 2004-10-31
    ➕
    BINNIE, Alison Margaret appointed
    secretary
  30. 2004-10-31
    ➕
    BINNIE, Brian George Kinnear appointed
    director
  31. 2004-10-31
    ➖
    THORNTONS WS resigned
    corporate-secretary
  32. 2004-10-31
    ➕
    HOVELL, David Alexander appointed
    director
  33. 2004-10-31
    ➖
    HUTCHESON, Iain Henderson resigned
    director
  34. 2004-06-08
    🏢
    Company incorporated
    As DENFIND STONE LIMITED
  35. 2004-06-08
    ➕
    THORNTONS WS appointed
    corporate-secretary
  36. 2004-06-08
    ➕
    HUTCHESON, Iain Henderson appointed
    director

Owner dependency

84/100
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.
  • +Long-tenure founder: Senior director has been in place 21 years — deep operational knowledge concentrated in one person.
  • +Senior director age: Director aged approximately 58 — approaching natural succession window.
  • +Family involvement: Multiple officers share a surname — likely family business, which concentrates governance.

Succession & seller-readiness

76/100
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 58. Early succession window.
  • secondaryTwo-director governance: Small-team governance. Succession depth is thin but not absent.
  • primary20+ year tenure: Director in role 21 years. Very long tenure is a classic succession signal.
  • secondaryStable-but-static management: Company is 22 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

2 active beneficial owners
NameSharesVoting rightsNature of controlNotified
Mrs Alison Margaret Binnie
Individual · British · DOB 02/1970 · age 56
25–50%
25–50%25-50% shares · 25-50% voting06/04/2016
Mr Brian George Kinnear Binnie
Individual · British · DOB 04/1968 · age 58
25–50%
25–50%25-50% shares · 25-50% voting06/04/2016

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

6 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
Incorporated2004-06-08
Jurisdictionscotland
Primary SIC38320 — SIC 38320

Registered office

C/O Johnston Carmichael
15 Academy Street
Forfar
Angus
DD8 2HA
Scotland

Filing status

Accounts
Next due: 2026-07-31
Last made up to: 2024-10-31
Confirmation statement
Next due: 2026-06-21
Last: 2025-06-07

Officers (3 active · 6 resigned)

BINNIE, Alison Margaret→
secretary · appointed 2004-10-31
View their other companies + combined net worth →
Active
BINNIE, Alison Margaret→
director · ~56y · appointed 2014-10-08
View their other companies + combined net worth →
Active
BINNIE, Brian George Kinnear→
director · ~58y · appointed 2004-10-31
View their other companies + combined net worth →
Active
THORNTONS LAW LLP→
corporate-secretary · appointed 2004-12-01 · resigned 2004-12-01
Resigned
THORNTONS WS→
corporate-secretary · appointed 2004-06-08 · resigned 2004-10-31
Resigned
HOVELL, David Alexander→
director · ~72y · appointed 2004-10-31 · resigned 2012-09-29
Resigned
HUTCHESON, Iain Henderson→
director · ~64y · appointed 2004-06-08 · resigned 2004-10-31
Resigned
LEIPER, Brian Robert→
director · ~60y · appointed 2023-06-01 · resigned 2023-08-04
Resigned
RODGER, Alastair Alan→
director · ~62y · appointed 2014-10-08 · resigned 2017-05-05
Resigned

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

Mortgages & charges

2
Total charges
2
Outstanding
1
Active lenders
Status:Lender:2 of 2 shown
TypeProperties
outstanding
Virgin Money
Clydesdale Bank PLC
A registered charge1 property02/09/2024—
outstanding
Virgin Money
Clydesdale Bank PLC
Floating charge1 property22/03/2013—
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (80 total)

confirmation-statement-with-updates
confirmation-statement · CS01
2025-06-20
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-04-11
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2025-02-03
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2024-09-04
confirmation-statement-with-updates
confirmation-statement · CS01
2024-06-07
change-person-director-company-with-change-date
officers · CH01
2024-06-07
change-person-director-company-with-change-date
officers · CH01
2024-06-07
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2024-06-07
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-05-27
termination-director-company-with-name-termination-date
officers · TM01
2023-08-09
appoint-person-director-company-with-name-date
officers · AP01
2023-06-13
confirmation-statement-with-updates
confirmation-statement · CS01
2023-06-08
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-05-29
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-07-27
confirmation-statement-with-updates
confirmation-statement · CS01
2022-06-14