BADENOCH HOMES LTD
💤Zombieactive
SC614366 · ltd · incorporated 2018-11-22
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 Nov 2024
Net worth
£149.5k
book net assets
Opportunity
69/100
Strong
What this business does
Primary activity: Development of building projects
Sector: Construction
ALSO REGISTERED FOR
- 68209Other letting and operating of own or leased real estate
Investor take
PursueActive trading company. Reasonable fundamentals — worth a memo before deciding.
Opportunity 69/100 (strong), 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 (58/100).
🏦
Refinance opportunity
9 live charges · 3 lenders · oldest 6.2y
15/100
under pressure
Refinance would be pressure-driven, not opportunity-driven. Expect tighter margins and covenant scrutiny.
- · Oldest live charge is 6.2 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, 2 SIC codes, incorporation date
100
Financials
2 years of iXBRL accounts extracted (YoY deltas available) + narrative notes parsed
75
Lenders & charges
9 charges (9/9 with lender, 9/9 with type)
90
Directors & officers
6 officers (1 active, 6 linked, 6 with DOB)
90
Ownership & PSC
1 active PSC(s) of 11 total, 11 with control declared
90
Director network
Network not yet resolved
30
Filing history
72 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
69/100Strong
PassWatchWorth a lookStrongExceptional
Solid opportunity signal. Worth a dedicated memo and management meeting.
Business quality
65
Adequate — check latest filings for context.
Acquirability
55
Some acquirability indicators.
Risk profile
69
Some moderate concerns — review flags.
Signal strength
100
Good data coverage for analysis.
Signals from accounts
Derived from iXBRL accounts · accounting standard not declaredPositive net assets
Net assets £149,516
Cash draining
Cash down 100% YoY
Cash YoY
-100%
Year on year
Key financials
2 years extracted from filed iXBRL accountsCash
£193
↓ 100% YoY
Net Worth
£150k
↑ 238% YoY
Current Assets
£858k
↓ 47% YoY
Current Liabilities
—
Hover to see exact values · click legend to toggle series
Financials
Extracted from Companies House accounts · accounting standard unknown| Metric | 2024-11-30 | 2023-11-30 |
|---|---|---|
| Total assets | £855.3k | £1.59M |
| Current assets | £857.6k | £1.62M |
| Cash | £193 | £45.9k |
| Debtors | £132.4k | £127.6k |
| Net assets | £149.5k | £44.2k |
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 officers
Last 180 days
1
filing
- • 1 officers
Counts from Companies House filing history.
Corporate timeline (48 events)Click to expand
- 2026-02-05📄termination-director-companyofficers · TM01
- 2025-09-03📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2025-08-15➕THOMSON, Keanu appointeddirector
- 2025-08-15➖THOMSON, Gordon Coutts resigneddirector
- 2025-08-15➖THOMSON, Maria resigneddirector
- 2025-08-15📄termination-director-company-with-name-termination-dateofficers · TM01
- 2025-08-15📄termination-director-company-with-name-termination-dateofficers · TM01
- 2025-08-15📄cessation-of-a-person-with-significant-controlpersons-with-significant-control · PSC07
- 2025-08-15📄cessation-of-a-person-with-significant-controlpersons-with-significant-control · PSC07
- 2025-08-15📄appoint-person-director-company-with-name-dateofficers · AP01
- 2025-08-12📄notification-of-a-person-with-significant-controlpersons-with-significant-control · PSC02
- 2025-08-01📄cessation-of-a-person-with-significant-controlpersons-with-significant-control · PSC07
- 2025-08-01📄notification-of-a-person-with-significant-controlpersons-with-significant-control · PSC01
- 2025-08-01📄notification-of-a-person-with-significant-controlpersons-with-significant-control · PSC01
- 2025-02-08📄gazette-filings-brought-up-to-dategazette · DISS40
- 2025-02-07📄accounts-with-accounts-type-total-exemption-fullaccounts · AA
- 2025-02-04📄gazette-notice-compulsorygazette · GAZ1
- 2024-09-25➕THOMSON, Gordon Coutts appointeddirector
- 2024-09-25➖THOMSON, Keanu James resigneddirector
- 2024-09-25➕THOMSON, Maria appointeddirector
- 2024-09-25📄termination-director-company-with-name-termination-dateofficers · TM01
- 2024-09-25📄appoint-person-director-company-with-name-dateofficers · AP01
- 2024-09-25📄appoint-person-director-company-with-name-dateofficers · AP01
- 2024-09-10📄notification-of-a-person-with-significant-controlpersons-with-significant-control · PSC02
- 2024-09-10📄cessation-of-a-person-with-significant-controlpersons-with-significant-control · PSC07
- 2024-08-13➖THOMSON, Gordon Coutts resigneddirector
- 2024-08-13📄change-to-a-person-with-significant-controlpersons-with-significant-control · PSC04
- 2024-08-13📄cessation-of-a-person-with-significant-controlpersons-with-significant-control · PSC07
- 2024-07-03➕THOMSON, Keanu James appointeddirector
- 2024-07-03➖THOMSON, Maria Teresa resigneddirector
- 2023-09-25🔒Charge registered #9Lender: Lendinvest Security Trustees Limited
- 2023-09-25🔒Charge registered #8Lender: Lendinvest Security Trustees Limited
- 2023-09-12🔓Charge satisfied #6
- 2023-09-12🔓Charge satisfied #5
- 2023-09-12🔓Charge satisfied #3
- 2023-09-12🔓Charge satisfied #4
- 2023-09-12🔓Charge satisfied #2
- 2023-09-12🔓Charge satisfied #1
- 2023-09-11🔒Charge registered #7Lender: Lendinvest Security Trustees Limited
- 2023-04-27🔒Charge registered #6Lender: Relendex Security Trustee Limited
- 2023-04-27🔒Charge registered #5Lender: Relendex Security Trustees Limited
- 2020-11-24🔒Charge registered #3Lender: Relendex Security Trustees Limited
- 2020-11-17🔒Charge registered #4Lender: Relendex Security Trustee Limited
- 2020-03-11🔒Charge registered #2Lender: Relendex Security Trustee Limited
- 2020-02-21🔒Charge registered #1Lender: Relendex Security Trustee Limited
- 2018-11-22🏢Company incorporatedAs BADENOCH HOMES LTD
- 2018-11-22➕THOMSON, Gordon Coutts appointeddirector
- 2018-11-22➕THOMSON, Maria Teresa appointeddirector
Owner dependency
75/100
High — earn-out structure requiredMaterial founder dependency. Consider a 2-3 year earn-out and build in a handover plan before completion.
FACTORS
- +Sole director: Only one active director — all governance concentrated on one person.
Succession & seller-readiness
45/100
Moderate signalSome succession indicators present. Worth watching; approach if sector/strategy fits.
SIGNALS
- primarySole active director: Only one director in control. No visible successor — buyers solve the succession problem.
Red flags
2 med ·2 director resignations in last 12 months
mediumMultiple recent departures can indicate governance disagreement, succession event, or preparation for sale/stress.
Evidence: THOMSON, Gordon Coutts resigned 2025-08-15; THOMSON, Maria resigned 2025-08-15
Charge satisfaction-then-recreation pattern
mediumMultiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.
Group structure
Gordonhall Holdings Ltd is the ultimate parent — holding 75%+ shares. This company sits inside their group.
🏛️ultimate parent
Gordonhall Holdings Ltd
Corporate parent · holds 75-100% shares · board control
⬇
BADENOCH HOMES LTD
This company · SC614366
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%| Name | Shares | Voting rights | Nature of control | Notified |
|---|---|---|---|---|
Gordonhall Holdings Ltd Corporate entity | 75–100% | 75–100% | board control75-100% shares · 75-100% voting · board control | 11/08/2025 |
10 historic (ceased) PSCs
- Mr Gordon Coutts Thomsonceased 15/08/2025· 25-50% shares · 25-50% voting · board control
- Mrs Maria Thomsonceased 15/08/2025· 25-50% shares · 25-50% voting · board control
- Gordonhall Holdings Ltdceased 01/08/2025· 75-100% shares · 75-100% voting · board control
- Mr Keanu James Thomsonceased 09/09/2024· 75-100% shares · 75-100% voting · board control
- Mr Gordon Coutts Thomsonceased 13/08/2024· 25-50% shares · 25-50% voting · board control
- London Edinburgh Holdings Ltdceased 15/07/2024· 25-50% shares · 25-50% voting · board control
- London Edinburgh Luxe Ltdceased 05/07/2023· 25-50% shares · 25-50% voting · firm interest
- London Edinburgh Holding Ltdceased 05/07/2023· 25-50% shares · 25-50% voting · firm interest
- Mrs Maria Teresa Thomsonceased 01/12/2021· 25-50% shares
- Mr Gordon Coutts Thomsonceased 01/12/2021· 25-50% shares
From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.
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|---|---|---|---|---|---|---|---|
| A W LAING LTD.→ SC104477 · est 1987 · no financials extracted | — | — | — | — | 38y | — | — |
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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
Incorporated2018-11-22
Jurisdictionscotland
Primary SIC41100 — Development of building projects
Registered office
Gordonhall Farmhouse
Kingussie
Inverness-Shire
PH21 1NR
Scotland
Filing status
Accounts
Next due: 2026-08-31
Last made up to: 2024-11-30
Confirmation statement
Next due: 2026-08-27
Last: 2025-08-13
Officers (1 active · 5 resigned)
THOMSON, Keanu→
Activedirector · ~30y · appointed 2025-08-15
View their other companies + combined net worth →
THOMSON, Gordon Coutts→
Resigneddirector · ~68y · appointed 2024-09-25 · resigned 2025-08-15
THOMSON, Gordon Coutts→
Resigneddirector · ~68y · appointed 2018-11-22 · resigned 2024-08-13
THOMSON, Keanu James→
Resigneddirector · ~30y · appointed 2024-07-03 · resigned 2024-09-25
THOMSON, Maria→
Resigneddirector · ~66y · appointed 2024-09-25 · resigned 2025-08-15
THOMSON, Maria Teresa→
Resigneddirector · ~66y · appointed 2018-11-22 · resigned 2024-07-03
Click a director name to see their full track record across all companies.
Mortgages & charges
9
Total charges
3
Outstanding
1
Active lenders
Status:Lender:9 of 9 shown
| Type | Properties | |||||
|---|---|---|---|---|---|---|
| part-satisfied | LendInvest Lendinvest Security Trustees Limited | A registered charge | 1 property | 25/09/2023 | — | |
| outstanding | LendInvest Lendinvest Security Trustees Limited | A registered charge | 1 property | 25/09/2023 | — | |
| outstanding | LendInvest Lendinvest Security Trustees Limited | A registered charge | — | 11/09/2023 | — | |
| satisfied | Relendex Security Trustee Relendex Security Trustee Limited | A registered charge | 1 property | 27/04/2023 | 12/09/2023 | |
| satisfied | Relendex Security Trustees Relendex Security Trustees Limited | A registered charge | — | 27/04/2023 | 12/09/2023 | |
| satisfied | Relendex Security Trustees Relendex Security Trustees Limited | A registered charge | 2 properties | 24/11/2020 | 12/09/2023 | |
| satisfied | Relendex Security Trustee Relendex Security Trustee Limited | A registered charge | — | 17/11/2020 | 12/09/2023 | |
| satisfied | Relendex Security Trustee Relendex Security Trustee Limited | A registered charge | 2 properties | 11/03/2020 | 12/09/2023 | |
| satisfied | Relendex Security Trustee Relendex Security Trustee Limited | A registered charge | — | 21/02/2020 | 12/09/2023 |
Click column headers to sort. Use filters above to narrow by status and lender.
Recent filings (72 total)
termination-director-company
officers · TM01
2026-02-05
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-09-03
termination-director-company-with-name-termination-date
officers · TM01
2025-08-15
termination-director-company-with-name-termination-date
officers · TM01
2025-08-15
cessation-of-a-person-with-significant-control
persons-with-significant-control · PSC07
2025-08-15
cessation-of-a-person-with-significant-control
persons-with-significant-control · PSC07
2025-08-15
appoint-person-director-company-with-name-date
officers · AP01
2025-08-15
confirmation-statement-with-updates
confirmation-statement · CS01
2025-08-14
notification-of-a-person-with-significant-control
persons-with-significant-control · PSC02
2025-08-12
cessation-of-a-person-with-significant-control
persons-with-significant-control · PSC07
2025-08-01
notification-of-a-person-with-significant-control
persons-with-significant-control · PSC01
2025-08-01
notification-of-a-person-with-significant-control
persons-with-significant-control · PSC01
2025-08-01
gazette-filings-brought-up-to-date
gazette · DISS40
2025-02-08
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-02-07
gazette-notice-compulsory
gazette · GAZ1
2025-02-04