THURSO RIVER LIMITED

💤Zombieactive
SC286337 · ltd · incorporated 2005-06-17
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 Apr 2025
Net worth
—
book net assets
Opportunity
79/100
Strong
🔔
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What this business does
Primary activity: SIC 03120
Sector: Agriculture, forestry & fishing
Investor take
Pursue
Active trading company with a 60-year-old founder — textbook succession opportunity.

Opportunity 79/100 (strong), bankability 67/100. Strong seller-intent signal (70/100, director aged 60). 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

6 live charges · 3 lenders · oldest 19.1y

15/100
under pressure

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

  • · Oldest live charge is 19.1 years old — likely at or near maturity.
  • · 3 lenders named — inter-creditor friction likely.
  • · Distress signals active — lender appetite narrows.

Data confidence

Overall: high (81/100)

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
6 charges (6/6 with lender, 6/6 with type)
90
Directors & officers
6 officers (2 active, 6 linked, 3 with DOB)
80
Ownership & PSC
1 active PSC(s) of 2 total, 2 with control declared
90
Director network
10 connected companies via shared directors
75
Filing history
78 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
79/100Strong
PassWatchWorth a lookStrongExceptional 

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

Business quality
70
Active, clean filings, stable charge profile.
Acquirability
80
Strong succession / seller-readiness signals.
Risk profile
77
Few red flags.
Signal strength
100
Good data coverage for analysis.

Key financials

2 years extracted from filed iXBRL accounts
Cash
—
Net Worth
—
Current Assets
—
Current Liabilities
—
£0£0£0£0£0£0Apr 2024Apr 2025

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · FRS 102
Metric2025-04-302024-04-30
Average employees900900

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
1
filing
  • • 1 accounts
Last 180 days
1
filing
  • • 1 accounts
Counts from Companies House filing history.
Corporate timeline (37 events)Click to expand
  1. 2026-01-29
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  2. 2025-05-12
    📍
    change-registered-office-address-company-with-date-old-address-new-address
    address · AD01
  3. 2025-01-28
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  4. 2024-01-30
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  5. 2023-05-03
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC05
  6. 2023-02-16
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  7. 2022-11-03
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  8. 2022-05-10
    📄
    cessation-of-a-person-with-significant-control
    persons-with-significant-control · PSC07
  9. 2022-05-10
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC05
  10. 2022-04-11
    ➖
    BURGE, Oliver Aylesford resigned
    director
  11. 2021-12-21
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  12. 2021-02-10
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  13. 2020-01-28
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  14. 2019-04-25
    📄
    capital-allotment-shares
    capital · SH01
  15. 2019-04-25
    📄
    capital-allotment-shares
    capital · SH01
  16. 2019-01-31
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  17. 2018-10-08
    📄
    change-person-director-company-with-change-date
    officers · CH01
  18. 2018-10-08
    📄
    change-person-director-company-with-change-date
    officers · CH01
  19. 2017-03-15
    🔓
    Charge satisfied #1
  20. 2017-02-13
    🔓
    Charge satisfied #2
  21. 2015-04-01
    🔓
    Charge satisfied #6
  22. 2012-12-20
    🔒
    Charge registered #6
    Lender: John Patrick Logue and Another
  23. 2012-06-28
    🔒
    Charge registered #5
    Lender: Weatherbys Bank Limited
  24. 2012-05-31
    🔒
    Charge registered #4
    Lender: Weatherbys Bank Limited
  25. 2011-07-26
    ➕
    LAIRD, Simon William David appointed
    secretary
  26. 2011-07-26
    ➖
    1924 NOMINEES LTD resigned
    corporate-secretary
  27. 2011-03-08
    🔒
    Charge registered #3
    Lender: Weatherbys Bank Limited
  28. 2007-11-06
    ➖
    MANCLARK, James William Mckinnon resigned
    director
  29. 2007-07-20
    ➕
    BURGE, Oliver Aylesford appointed
    director
  30. 2007-03-23
    🔒
    Charge registered #2
    Lender: The Governor and Company of the Bank of Scotland
  31. 2007-03-19
    🔒
    Charge registered #1
    Lender: The Governor and Company of the Bank of Scotland
  32. 2006-01-26
    ➕
    LAIRD, Simon William David appointed
    director
  33. 2006-01-26
    ➕
    MANCLARK, James William Mckinnon appointed
    director
  34. 2006-01-26
    ➖
    1924 DIRECTORS LIMITED resigned
    corporate-director
  35. 2005-06-17
    🏢
    Company incorporated
    As THURSO RIVER LIMITED
  36. 2005-06-17
    ➕
    1924 NOMINEES LTD appointed
    corporate-secretary
  37. 2005-06-17
    ➕
    1924 DIRECTORS LIMITED appointed
    corporate-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 20 years — deep operational knowledge concentrated in one person.
  • +Senior director age: Director aged approximately 60 — 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 60. 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 20 years. Very long tenure is a classic succession signal.
  • secondaryStable-but-static management: Company is 21 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

1 med ·
Charge satisfaction-then-recreation pattern
medium

Multiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.

Group structure

Angus Estates Limited is the ultimate parent — holding 75%+ shares. This company sits inside their group.

🏛️
Angus Estates Limited
Corporate parent · holds 75-100% shares · board control
ultimate parent
⬇
THURSO RIVER LIMITED
This company · SC286337

Parent relationships inferred from Persons with Significant Control filings. Full subsidiary tree requires reverse-lookup (coming).

Shareholders & ownership

1 active beneficial owner · dominant holder ≥75%
NameSharesVoting rightsNature of controlNotified
Angus Estates Limited
Corporate entity
75–100%
75–100%board control75-100% shares · 75-100% voting · board control06/04/2016
1 historic (ceased) PSC
  • Marchmont Farms Limitedceased 13/04/2022· 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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————28y——
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———————
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————11y——
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————24y——
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————2y——
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————7y——
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————1y——
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————32y——
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————28y——
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————13y——
BONNIE LASS FISHING CO. LTD.→
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————18y——
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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
Incorporated2005-06-17
Jurisdictionscotland
Primary SIC03120 — SIC 03120

Registered office

East Memus
By Forfar
Forfar
Angus
DD8 3TY
Scotland

Filing status

Accounts
Next due: 2027-01-31
Last made up to: 2025-04-30
Confirmation statement
Next due: 2026-05-14
Last: 2025-04-30

Officers (2 active · 4 resigned)

LAIRD, Simon William David→
secretary · appointed 2011-07-26
View their other companies + combined net worth →
Active
LAIRD, Simon William David→
director · ~60y · appointed 2006-01-26
View their other companies + combined net worth →
Active
1924 NOMINEES LTD→
corporate-secretary · appointed 2005-06-17 · resigned 2011-07-26
Resigned
BURGE, Oliver Aylesford→
director · ~85y · appointed 2007-07-20 · resigned 2022-04-11
Resigned
MANCLARK, James William Mckinnon→
director · ~87y · appointed 2006-01-26 · resigned 2007-11-06
Resigned
1924 DIRECTORS LIMITED→
corporate-director · appointed 2005-06-17 · resigned 2006-01-26
Resigned

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

Mortgages & charges

6
Total charges
3
Outstanding
1
Active lenders
Status:Lender:6 of 6 shown
TypeProperties
satisfied
John Patrick Logue and Another
Standard security1 property20/12/201201/04/2015
outstanding
Weatherbys Bank
Weatherbys Bank Limited
Standard security1 property28/06/2012—
outstanding
Weatherbys Bank
Weatherbys Bank Limited
Standard security1 property31/05/2012—
outstanding
Weatherbys Bank
Weatherbys Bank Limited
Bond & floating charge1 property08/03/2011—
satisfied
Lloyds Banking Group
The Governor and Company of the Bank of Scotland
Standard security1 property23/03/200713/02/2017
satisfied
Lloyds Banking Group
The Governor and Company of the Bank of Scotland
Floating charge1 property19/03/200715/03/2017
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (78 total)

accounts-with-accounts-type-total-exemption-full
accounts · AA
2026-01-29
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-06-05
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2025-05-12
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-01-28
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-04-30
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-01-30
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-05-04
change-to-a-person-with-significant-control
persons-with-significant-control · PSC05
2023-05-03
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-02-16
termination-director-company-with-name-termination-date
officers · TM01
2022-11-03
confirmation-statement-with-updates
confirmation-statement · CS01
2022-05-11
cessation-of-a-person-with-significant-control
persons-with-significant-control · PSC07
2022-05-10
change-to-a-person-with-significant-control
persons-with-significant-control · PSC05
2022-05-10
accounts-with-accounts-type-total-exemption-full
accounts · AA
2021-12-21
confirmation-statement-with-updates
confirmation-statement · CS01
2021-05-06