BALTUS LIMITED
💤Zombieactive
SC505940 · ltd · incorporated 2015-05-14
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 May 2025
Net worth
£750.7k
book net assets
Opportunity
77/100
Strong
What this business does
Primary activity: Wholesale of household goods (other than musical instruments) n.e.c.
Sector: Wholesale & retail
Investor take
PursueStrong opportunity: active trading company with strong profile and acceptable with review structure.
Opportunity 77/100 (strong), bankability 67/100. Strong seller-intent signal (65/100, director aged 59). 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 10.8y
15/100
under pressure
Refinance would be pressure-driven, not opportunity-driven. Expect tighter margins and covenant scrutiny.
- · Oldest live charge is 10.8 years old — likely at or near maturity.
- · 3 lenders named — inter-creditor friction likely.
- · Distress signals active — lender appetite narrows.
Data confidence
Overall: medium (78/100)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
75
Lenders & charges
3 charges (3/3 with lender, 3/3 with type)
90
Directors & officers
1 officers (1 active, 1 linked, 1 with DOB)
90
Ownership & PSC
1 active PSC(s) of 1 total, 1 with control declared
90
Director network
Network not yet resolved
30
Filing history
33 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
77/100Strong
PassWatchWorth a lookStrongExceptional
Solid opportunity signal. Worth a dedicated memo and management meeting.
Business quality
70
Active, clean filings, stable charge profile.
Acquirability
70
Strong succession / seller-readiness signals.
Risk profile
77
Few red flags.
Signal strength
100
Good data coverage for analysis.
Signals from accounts
Derived from iXBRL accounts · accounting standard not declaredPositive net assets
Net assets £750,697
Cash YoY
-18%
Year on year
Key financials
2 years extracted from filed iXBRL accountsCash
£273k
↓ 18% YoY
Net Worth
£751k
↑ 70% YoY
Current Assets
£1.5m
↑ 12% YoY
Current Liabilities
—
Hover to see exact values · click legend to toggle series
Financials
Extracted from Companies House accounts · accounting standard unknown| Metric | 2025-05-31 | 2024-05-31 |
|---|---|---|
| Total assets | £751.5k | £453.9k |
| Current assets | £1.51M | £1.34M |
| Cash | £272.6k | £331.3k |
| Debtors | £707.1k | £585.6k |
| Net assets | £750.7k | £442.7k |
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 (25 events)Click to expand
- 2026-02-27📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2025-02-28📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2024-05-09📄change-to-a-person-with-significant-controlpersons-with-significant-control · PSC04
- 2024-02-29📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2023-02-28📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2022-05-17📄change-person-director-company-with-change-dateofficers · CH01
- 2022-05-17📄change-to-a-person-with-significant-controlpersons-with-significant-control · PSC04
- 2022-02-28📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2022-01-12📄mortgage-satisfy-charge-fullmortgage · MR04
- 2022-01-12📄mortgage-satisfy-charge-fullmortgage · MR04
- 2022-01-12🔓Charge satisfied #2
- 2022-01-12🔓Charge satisfied #1
- 2021-04-27📄mortgage-alter-floating-charge-with-numbermortgage · 466(Scot)
- 2021-04-27📄mortgage-alter-floating-charge-with-numbermortgage · 466(Scot)
- 2021-02-18📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2020-02-28📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2020-02-05📄mortgage-create-with-deed-with-charge-number-charge-creation-datemortgage · MR01
- 2020-01-29🔒Charge registered #3Lender: Bibby Factors Yorkshire Limited
- 2019-10-03📄mortgage-alter-floating-charge-with-numbermortgage · 466(Scot)
- 2019-10-02📄mortgage-alter-floating-charge-with-numbermortgage · 466(Scot)
- 2019-02-28📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2017-06-16🔒Charge registered #2Lender: The Royal Bank of Scotland PLC
- 2015-07-20🔒Charge registered #1Lender: Rbs Invoice Finance Limited
- 2015-05-14🏢Company incorporatedAs BALTUS LIMITED
- 2015-05-14➕MORRIN, Stephen William appointeddirector
Owner dependency
88/100
Critical — business is the founderThe 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.
- +Senior director age: Director aged approximately 59 — approaching natural succession window.
- +No director turnover: Company is 11 years old with no director changes — suggests a very tight-knit founder team never broadened.
Succession & seller-readiness
60/100
Strong succession signalMultiple signals suggest succession is on the horizon. Candidate for proactive outreach.
SIGNALS
- secondaryFounder aged 58+: Senior director is approximately 59. Early succession window.
- primarySole active director: Only one director in control. No visible successor — buyers solve the succession problem.
- 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
mediumMultiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.
Shareholders & ownership
1 active beneficial owner · dominant holder ≥75%| Name | Shares | Voting rights | Nature of control | Notified |
|---|---|---|---|---|
Mr Stephen William Morrin Individual · British · DOB 05/1967 · age 59 | 75–100% | 75–100% | board control75-100% shares · 75-100% voting · board control | 06/04/2016 |
From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.
Similar companies
Active · Wholesale & distribution · DG postcode area| Company | Est. value | Turnover | Net worth | Staff | Age | Opp | Director |
|---|---|---|---|---|---|---|---|
| ABSOLUTE VITAMINS LIMITED→ SC787572 · est 2023 · no financials extracted | — | — | — | — | 2y | — | — |
| BORDERS GOURMET LIMITED→ SC407944 · est 2011 · no financials extracted | — | — | — | — | 14y | — | — |
| BRIGSTON & CO WHOLESALE LIMITED→ SC623627 · est 2019 · no financials extracted | — | — | — | — | 7y | — | — |
| DES SAINTS & TRADE LIMITED→ SC871117 · est 2025 · no financials extracted | — | — | — | — | — | — | — |
| GRT MACHINERY LIMITED→ SC482582 · est 2014 · no financials extracted | — | — | — | — | 11y | — | — |
| INCLUSION MAKEUP LTD→ SC684766 · est 2020 · no financials extracted | — | — | — | — | 5y | — | — |
| JUST VAPE IT LTD→ SC775791 · est 2023 · no financials extracted | — | — | — | — | 2y | — | — |
| L C AGRI (SCOTLAND) LIMITED→ SC746422 · est 2022 · no financials extracted | — | — | — | — | 3y | — | — |
| MARKET FRESH PATERSON LIMITED→ SC386346 · est 2010 · no financials extracted | — | — | — | — | 15y | — | — |
| MAUVE FURNITURE LIMITED→ SC284842 · est 2005 · no financials extracted | — | — | — | — | 20y | — | — |
| MCPHERSON AGRI MACHINERY LTD→ SC792607 · est 2023 · no financials extracted | — | — | — | — | 2y | — | — |
| METRIK SOLUTIONS (DUMFRIES) LIMITED→ SC460192 · est 2013 · no financials extracted | — | — | — | — | 12y | — | — |
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
Incorporated2015-05-14
Jurisdictionscotland
Primary SIC46499 — Wholesale of household goods (other than musical instruments) n.e.c.
Registered office
51 Rae Street
Dumfries
Dumfriesshire
DG1 1JD
United Kingdom
Filing status
Accounts
Next due: 2027-02-28
Last made up to: 2025-05-31
Confirmation statement
Next due: 2026-05-28
Last: 2025-05-14
Officers (1 active · 0 resigned)
MORRIN, Stephen William→
Activedirector · ~59y · appointed 2015-05-14
View their other companies + combined net worth →
Click a director name to see their full track record across all companies.
Mortgages & charges
3
Total charges
1
Outstanding
1
Active lenders
Status:Lender:3 of 3 shown
| Type | Properties | |||||
|---|---|---|---|---|---|---|
| outstanding | Bibby Financial Services Bibby Factors Yorkshire Limited | A registered charge | — | 29/01/2020 | — | |
| satisfied | Lloyds Banking Group The Royal Bank of Scotland PLC | A registered charge | — | 16/06/2017 | 12/01/2022 | |
| satisfied | NatWest Group Rbs Invoice Finance Limited | A registered charge | — | 20/07/2015 | 12/01/2022 |
Click column headers to sort. Use filters above to narrow by status and lender.
Recent filings (33 total)
accounts-with-accounts-type-total-exemption-full
accounts · AA
2026-02-27
confirmation-statement-with-updates
confirmation-statement · CS01
2025-05-20
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-02-28
confirmation-statement-with-updates
confirmation-statement · CS01
2024-05-15
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2024-05-09
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-02-29
confirmation-statement-with-updates
confirmation-statement · CS01
2023-05-17
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-02-28
confirmation-statement-with-updates
confirmation-statement · CS01
2022-05-24
change-person-director-company-with-change-date
officers · CH01
2022-05-17
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2022-05-17
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-02-28
mortgage-satisfy-charge-full
mortgage · MR04
2022-01-12
mortgage-satisfy-charge-full
mortgage · MR04
2022-01-12
confirmation-statement-with-updates
confirmation-statement · CS01
2021-05-19