BADENOCH HOMES LTD

🏛️Establishedactive
SC614366 · ltd · incorporated 2018-11-22
Investment thesis
Property vehicle with leveraged stack — refinance / partial-release angle.
Why interesting: Asset-backed; value largely in underlying property; lender engagement likely possible.
Why risky: Multiple lenders to manage; inter-creditor friction and partial-release cost possible.
Why now
Window opening · medium confidence
Window opening — thesis has shifted to "property refinance" in the last 30 days.
  • · Lifecycle stage: zombie → established
  • · Investment thesis: zombie_hold → property_refinance
What changed my view
Last 30 days

Picture improved over the last 30 days — 1 positive signal vs 0 negative.

  • ↑Lifecycle stage: zombie → established
  • ·Investment thesis: zombie_hold → property_refinance
Last 90 days

No snapshot from 90 days ago — start tracking from today.

Last 180 days

No snapshot from 180 days ago — start tracking from today.

🔒Estimated value
—
Upgrade to see
Turnover
—
year to Nov 2024
Net worth
£149.5k
book net assets
Opportunity
73/100
Strong
🔔
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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
Pursue
Active trading company. Family succession underway — not a classic acquisition target.

Opportunity 73/100 (strong), bankability 67/100. Same-surname younger director in place — likely family handover, not open to sale. 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

9 live charges · 3 lenders · oldest 6.3y

15/100
under pressure

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

  • · Oldest live charge is 6.3 years old — likely at or near maturity.
  • · 3 lenders named — inter-creditor friction likely.
  • · 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, 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
7 officers (2 active, 7 linked, 7 with DOB)
90
Ownership & PSC
1 active PSC(s) of 11 total, 11 with control declared
90
Director network
2 connected companies via shared directors
51
Filing history
73 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
73/100Strong
PassWatchWorth a lookStrongExceptional 

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

Business quality
65
Adequate — check latest filings for context.
Acquirability
70
Strong succession / seller-readiness signals.
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 declared
Positive 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 accounts
Cash
£193
↓ 100% YoY
Net Worth
£150k
↑ 238% YoY
Current Assets
£858k
↓ 47% YoY
Current Liabilities
—
£0£324k£647k£971k£1.3m£1.6mNov 2023Nov 2024

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · accounting standard unknown
Metric2024-11-302023-11-30
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
2
filings
  • • 2 officers
Counts from Companies House filing history.
Corporate timeline (49 events)Click to expand
  1. 2026-04-22
    📄
    appoint-person-director-company-with-name-date
    officers · AP01
  2. 2026-04-20
    ➕
    THOMSON, Gordon Coutts appointed
    director
  3. 2026-02-05
    📄
    termination-director-company
    officers · TM01
  4. 2025-09-03
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  5. 2025-08-15
    ➕
    THOMSON, Keanu appointed
    director
  6. 2025-08-15
    ➖
    THOMSON, Gordon Coutts resigned
    director
  7. 2025-08-15
    ➖
    THOMSON, Maria resigned
    director
  8. 2025-08-15
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  9. 2025-08-15
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  10. 2025-08-15
    📄
    cessation-of-a-person-with-significant-control
    persons-with-significant-control · PSC07
  11. 2025-08-15
    📄
    cessation-of-a-person-with-significant-control
    persons-with-significant-control · PSC07
  12. 2025-08-15
    📄
    appoint-person-director-company-with-name-date
    officers · AP01
  13. 2025-08-12
    📄
    notification-of-a-person-with-significant-control
    persons-with-significant-control · PSC02
  14. 2025-08-01
    📄
    cessation-of-a-person-with-significant-control
    persons-with-significant-control · PSC07
  15. 2025-08-01
    📄
    notification-of-a-person-with-significant-control
    persons-with-significant-control · PSC01
  16. 2025-08-01
    📄
    notification-of-a-person-with-significant-control
    persons-with-significant-control · PSC01
  17. 2025-02-08
    📄
    gazette-filings-brought-up-to-date
    gazette · DISS40
  18. 2025-02-07
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  19. 2025-02-04
    📄
    gazette-notice-compulsory
    gazette · GAZ1
  20. 2024-09-25
    ➕
    THOMSON, Gordon Coutts appointed
    director
  21. 2024-09-25
    ➖
    THOMSON, Keanu James resigned
    director
  22. 2024-09-25
    ➕
    THOMSON, Maria appointed
    director
  23. 2024-09-25
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  24. 2024-09-25
    📄
    appoint-person-director-company-with-name-date
    officers · AP01
  25. 2024-09-25
    📄
    appoint-person-director-company-with-name-date
    officers · AP01
  26. 2024-09-10
    📄
    notification-of-a-person-with-significant-control
    persons-with-significant-control · PSC02
  27. 2024-09-10
    📄
    cessation-of-a-person-with-significant-control
    persons-with-significant-control · PSC07
  28. 2024-08-13
    ➖
    THOMSON, Gordon Coutts resigned
    director
  29. 2024-08-13
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC04
  30. 2024-07-03
    ➕
    THOMSON, Keanu James appointed
    director
  31. 2024-07-03
    ➖
    THOMSON, Maria Teresa resigned
    director
  32. 2023-09-25
    🔒
    Charge registered #9
    Lender: Lendinvest Security Trustees Limited
  33. 2023-09-25
    🔒
    Charge registered #8
    Lender: Lendinvest Security Trustees Limited
  34. 2023-09-12
    🔓
    Charge satisfied #6
  35. 2023-09-12
    🔓
    Charge satisfied #5
  36. 2023-09-12
    🔓
    Charge satisfied #3
  37. 2023-09-12
    🔓
    Charge satisfied #4
  38. 2023-09-12
    🔓
    Charge satisfied #2
  39. 2023-09-12
    🔓
    Charge satisfied #1
  40. 2023-09-11
    🔒
    Charge registered #7
    Lender: Lendinvest Security Trustees Limited
  41. 2023-04-27
    🔒
    Charge registered #6
    Lender: Relendex Security Trustee Limited
  42. 2023-04-27
    🔒
    Charge registered #5
    Lender: Relendex Security Trustees Limited
  43. 2020-11-24
    🔒
    Charge registered #3
    Lender: Relendex Security Trustees Limited
  44. 2020-11-17
    🔒
    Charge registered #4
    Lender: Relendex Security Trustee Limited
  45. 2020-03-11
    🔒
    Charge registered #2
    Lender: Relendex Security Trustee Limited
  46. 2020-02-21
    🔒
    Charge registered #1
    Lender: Relendex Security Trustee Limited
  47. 2018-11-22
    🏢
    Company incorporated
    As BADENOCH HOMES LTD
  48. 2018-11-22
    ➕
    THOMSON, Gordon Coutts appointed
    director
  49. 2018-11-22
    ➕
    THOMSON, Maria Teresa appointed
    director

Owner dependency

81/100
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.
  • +Founder age: Director aged approximately 68 — succession pressure is live.
  • +Family involvement: Multiple officers share a surname — likely family business, which concentrates governance.

Succession & seller-readiness

16/100
No succession signal

No meaningful acquirability indicators from public data.

SIGNALS
  • primaryFamily succession underway: Not a takeover target — THOMSON, Keanu (same surname) appointed 2025-08-15. Pattern consistent with intra-family handover.
  • primaryFounder aged 63+: Senior director is approximately 68. Approaching typical UK retirement age — succession thinking likely.
  • secondaryTwo-director governance: Small-team governance. Succession depth is thin but not absent.

Red flags

2 med ·
2 director resignations in last 12 months
medium

Multiple 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
medium

Multiple 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.

🏛️
Gordonhall Holdings Ltd
Corporate parent · holds 75-100% shares · board control
ultimate parent
⬇
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%
NameSharesVoting rightsNature of controlNotified
Gordonhall Holdings Ltd
Corporate entity
75–100%
75–100%board control75-100% shares · 75-100% voting · board control11/08/2025
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.

🔒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

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 (2 active · 5 resigned)

THOMSON, Gordon Coutts→
director · ~68y · appointed 2026-04-20
View their other companies + combined net worth →
Active
THOMSON, Keanu→
director · ~30y · appointed 2025-08-15
View their other companies + combined net worth →
Active
THOMSON, Gordon Coutts→
director · ~68y · appointed 2024-09-25 · resigned 2025-08-15
Resigned
THOMSON, Gordon Coutts→
director · ~68y · appointed 2018-11-22 · resigned 2024-08-13
Resigned
THOMSON, Keanu James→
director · ~30y · appointed 2024-07-03 · resigned 2024-09-25
Resigned
THOMSON, Maria→
director · ~66y · appointed 2024-09-25 · resigned 2025-08-15
Resigned
THOMSON, Maria Teresa→
director · ~66y · appointed 2018-11-22 · resigned 2024-07-03
Resigned

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
TypeProperties
part-satisfied
LendInvest
Lendinvest Security Trustees Limited
A registered charge1 property25/09/2023—
outstanding
LendInvest
Lendinvest Security Trustees Limited
A registered charge1 property25/09/2023—
outstanding
LendInvest
Lendinvest Security Trustees Limited
A registered charge—11/09/2023—
satisfied
Relendex Security Trustee
Relendex Security Trustee Limited
A registered charge1 property27/04/202312/09/2023
satisfied
Relendex Security Trustees
Relendex Security Trustees Limited
A registered charge—27/04/202312/09/2023
satisfied
Relendex Security Trustees
Relendex Security Trustees Limited
A registered charge2 properties24/11/202012/09/2023
satisfied
Relendex Security Trustee
Relendex Security Trustee Limited
A registered charge—17/11/202012/09/2023
satisfied
Relendex Security Trustee
Relendex Security Trustee Limited
A registered charge2 properties11/03/202012/09/2023
satisfied
Relendex Security Trustee
Relendex Security Trustee Limited
A registered charge—21/02/202012/09/2023
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (73 total)

appoint-person-director-company-with-name-date
officers · AP01
2026-04-22
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