Company registration number SC600746 (Scotland)
BLK GLOBAL PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
BLK GLOBAL PLC
COMPANY INFORMATION
DIRECTORS
Dr G. Dado
Mrs A. Dado
SECRETARY
Dr G. Dado
COMPANY NUMBER
SC600746
REGISTERED OFFICE
272 Bath Street
GLASGOW
United Kingdom
G2 4JR
AUDITOR
Kilsby & Williams LLP
Cedar House
Hazell Drive
Newport
South Wales
NP10 8FY
BLK GLOBAL PLC
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Directors' declaration
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
BLK GLOBAL PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

REVIEW OF THE BUSINESS

During the year, the business continued to scale strongly, driven primarily by organic customer acquisition, increased platform adoption, and higher demand for fulfilment and logistics operations. Operational performance benefited from enhanced execution capability and strengthened risk management discipline.

PRINCIPAL RISKS AND UNCERTAINTIES

During the year, the Company prioritised voyage charter activity over the more profitable but higher risk time charter trip model. This approach reflected prudent risk management during India’s monsoon season, when weather delays can materially extend voyage durations and give rise to significant unrecoverable losses under time charter arrangements.

Although time charter trips can generate higher margins in favourable market conditions, the Company’s strategy during the period was to prioritise asset protection and risk control over margin maximisation, particularly in the context of preparing for a public listing.

KEY PERFORMANCE INDICATORS

- Number of buyers: 841

- Number of sellers: 390

- Number of shippers: 26

- Churn rate: 0%

- Value of stock for sale: $11,712,844,695 USD (gross inventory value listed on platform)

- Average transaction value: $6,056,196 USD

- Total transaction value: $186.6m USD

- Rolling 12-month visits: 158,912

- Page visits: 767,537 (4.82 pages per visit)

The 'value of stock for sale' represents the estimated aggregate listing value of commodities displayed on the platform at the relevant time, based on supplier listings and/or soft corporate offers received, the quantity indicated and prevailing average market prices of the specified commodities. It does not represent committed, contracted or guaranteed supply, nor inventory owned, controlled or financed by the Group. 'Active buyers' and 'active sellers' refer to users who have registered accounts on the platform. Registration does not necessarily imply completed transactions or ongoing commercial activity.

By order of the board

Dr G. Dado
Secretary
19 March 2026
BLK GLOBAL PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

PRINCIPAL ACTIVITIES

The principal activity of the company and group continued to be the operation of an integrated digital marketplace for the procurement and fulfilment of raw materials and commodities. The platform digitises the end to end workflow, enabling buyers and sellers to source, contract, and settle transactions efficiently. In addition, the Group acts as principal in providing shipping and fulfilment services for commodities traded on the platform, coordinating vessel chartering and logistics execution to ensure secure delivery.

RESULTS AND DIVIDENDS

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

DIRECTORS

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Dr G. Dado
Mrs A. Dado
Mr L. John
(Appointed 14 December 2024 and resigned 2 February 2026)
Mr L. Rinaldi
(Resigned 10 July 2025)
Mr L John
(Appointed 14 December 2024 and resigned 2 February 2026)
STATEMENT OF DISCLOSURE TO AUDITOR

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

MEDIUM-SIZED COMPANIES EXEMPTION

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

By order of the board
Dr G. Dado
Secretary
19 March 2026
BLK GLOBAL PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BLK GLOBAL PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BLK GLOBAL PLC
- 4 -
Opinion

We have audited the financial statements of BLK Global Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2025 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

BLK GLOBAL PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLK GLOBAL PLC
- 5 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

The prior year comparatives have not been audited.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

BLK GLOBAL PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLK GLOBAL PLC
- 6 -
Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the group and parent company and the industry in which it operates, and considered the risk of acts by the group and parent company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
BLK GLOBAL PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLK GLOBAL PLC
- 7 -
•
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
•
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
•
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

BLK GLOBAL PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLK GLOBAL PLC
- 8 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Ataf Salim
Senior Statutory Auditor
For and on behalf of
Kilsby & Williams LLP
Chartered accountants & statutory auditor
Cedar House
Hazell Drive
Newport
South Wales
NP10 8FY
19 March 2026
BLK GLOBAL PLC
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
2025
2024
as restated
Notes
£
£
TURNOVER
3
20,725,947
5,532,888
Cost of sales
(19,292,984)
(5,103,903)
GROSS PROFIT
1,432,963
428,985
Administrative expenses
(690,447)
(324,094)
OPERATING PROFIT
4
742,516
104,891
Interest payable and similar expenses
7
(334,000)
-
0
PROFIT BEFORE TAXATION
408,516
104,891
Tax on profit
8
(222,882)
326,807
PROFIT FOR THE FINANCIAL YEAR
185,634
431,698
Profit for the financial year is all attributable to the owners of the parent company.
BLK GLOBAL PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
2025
2024
as restated
£
£
PROFIT FOR THE YEAR
185,634
431,698
OTHER COMPREHENSIVE INCOME
-
-
Cash flow hedges gain arising in the year
-
0
-
0
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
185,634
431,698
Total comprehensive income for the year is all attributable to the owners of the parent company.
BLK GLOBAL PLC
GROUP BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 11 -
2025
2024
as restated
Notes
£
£
FIXED ASSETS
Intangible assets
9
9
60,398
72,477
Tangible assets
10
10
466
933
60,864
73,410
CURRENT ASSETS
Debtors
11
11
969,699
1,039,977
Cash at bank and in hand
382,759
402,507
1,352,458
1,442,484
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
12
12
(453,315)
(941,521)
NET CURRENT ASSETS
899,143
500,963
NET ASSETS
960,007
574,373
CAPITAL AND RESERVES
Called up share capital
14
14
129
129
Share premium account
400,000
200,000
Profit and loss reserves
559,878
374,244
TOTAL EQUITY
960,007
574,373

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 19 March 2026 and are signed on its behalf by:
19 March 2026
Dr G. Dado
Director
Company registration number SC600746 (Scotland)
BLK GLOBAL PLC
COMPANY BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 12 -
2025
2024
as restated
Notes
£
£
FIXED ASSETS
Other intangible assets
9
60,398
72,477
Tangible assets
10
466
933
60,864
73,410
CURRENT ASSETS
Debtors
11
1,415,175
550,272
Cash at bank and in hand
121
1,965
1,415,296
552,237
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
12
(453,315)
(111,866)
NET CURRENT ASSETS
961,981
440,371
NET ASSETS
1,022,845
513,781
CAPITAL AND RESERVES
Called up share capital
14
129
129
Share premium account
400,000
200,000
Profit and loss reserves
622,716
313,652
TOTAL EQUITY
1,022,845
513,781

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £309,064 (2024 - £371,106 profit).

The financial statements were approved by the board of directors and authorised for issue on 19 March 2026 and are signed on its behalf by:
19 March 2026
Dr G. Dado
Director
Company registration number SC600746 (Scotland)
BLK GLOBAL PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
AS RESTATED FOR THE PERIOD ENDED 30 JUNE 2024:
BALANCE AT 1 JULY 2023
129
-
0
(57,454)
(57,325)
YEAR ENDED 30 JUNE 2024:
Profit and total comprehensive income
-
-
431,698
431,698
Issue of share capital
14
-
0
200,000
-
200,000
BALANCE AT 30 JUNE 2024
129
200,000
374,244
574,373
YEAR ENDED 30 JUNE 2025:
Profit and total comprehensive income
-
-
185,634
185,634
Issue of share capital
14
-
0
200,000
-
200,000
BALANCE AT 30 JUNE 2025
129
400,000
559,878
960,007
BLK GLOBAL PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
AS RESTATED FOR THE PERIOD ENDED 30 JUNE 2024:
BALANCE AT 1 JULY 2023
129
-
0
(57,454)
(57,325)
YEAR ENDED 30 JUNE 2024:
Profit and total comprehensive income for the year
-
-
371,106
371,106
Issue of share capital
14
-
0
200,000
-
200,000
BALANCE AT 30 JUNE 2024
129
200,000
313,652
513,781
YEAR ENDED 30 JUNE 2025:
Profit and total comprehensive income
-
-
309,064
309,064
Issue of share capital
14
-
0
200,000
-
200,000
BALANCE AT 30 JUNE 2025
129
400,000
622,716
1,022,845
BLK GLOBAL PLC
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 15 -
2025
2024
as restated
Notes
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the year after tax
185,634
431,698
Adjustments for:
Taxation charged/(credited)
222,882
(326,807)
Commitment fee paid in shares
334,000
-
0
Remuneration paid in shares
200,000
200,000
Amortisation and impairment of intangible assets
12,079
12,079
Depreciation and impairment of tangible fixed assets
467
467
Movements in working capital:
Increase in debtors
(152,605)
(713,170)
(Decrease)/increase in creditors
(822,205)
797,611
Cash (absorbed by)/generated from operations
(19,748)
401,878
FINANCING ACTIVITIES
Net cash generated from financing activities
-
-
NET INCREASE IN CASH AND CASH EQUIVALENTS
(19,748)
401,878
Cash and cash equivalents at beginning of year
402,507
629
CASH AND CASH EQUIVALENTS AT END OF YEAR
382,759
402,507
BLK GLOBAL PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 16 -
1
ACCOUNTING POLICIES
Company information

BLK Global PLC (“the company”) is a p ublic limited company incorporated in Scotland. The registered office is 272 Bath Street, GLASGOW, United Kingdom, G2 4JR.

The group consists of BLK Global PLC and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

BLK GLOBAL PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
ACCOUNTING POLICIES
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company BLK Global PLC together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 June 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

BLK GLOBAL PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
ACCOUNTING POLICIES
(Continued)
- 18 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
10% straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

BLK GLOBAL PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
ACCOUNTING POLICIES
(Continued)
- 19 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

BLK GLOBAL PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
ACCOUNTING POLICIES
(Continued)
- 20 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

BLK GLOBAL PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
ACCOUNTING POLICIES
(Continued)
- 21 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

BLK GLOBAL PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
ACCOUNTING POLICIES
(Continued)
- 22 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BLK GLOBAL PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
ACCOUNTING POLICIES
(Continued)
- 23 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

BLK GLOBAL PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 24 -
3
TURNOVER
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
19,636,244
5,466,541
Fee income
1,089,703
66,347
20,725,947
5,532,888
4
OPERATING PROFIT
2025
2024
£
£
Operating profit for the year is stated after charging:
Exchange losses
270,093
82,299
Fees payable to the group's auditor for the audit of the group's financial statements
10,000
-
Depreciation of owned tangible fixed assets
467
467
Amortisation of intangible assets
12,079
12,079
5
EMPLOYEES

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
4
3
4
3

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
200,000
200,000
200,000
200,000
BLK GLOBAL PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 25 -
6
DIRECTORS' REMUNERATION
2025
2024
£
£
Remuneration for qualifying services
200,000
200,000
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
200,000
200,000

The remuneration disclosed above relates to remuneration paid by the parent company. Certain directors and employees are remunerated through subsidiary entities within the Group, and such amounts are included within operating costs in the consolidated financial statements.

7
INTEREST PAYABLE AND SIMILAR EXPENSES
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
334,000
-

The Group entered into a £50m equity line facility with Nimbus Capital, under which a quarterly commitment fee is payable. The fee is contractually settled through the issue of equity rather than cash. For the year ended 30 June 2025, £334 k has been recognised as a finance cost in the profit and loss account, with the remaining fees to be recognised as they accrue. Operating profit of £803,108 is stated before this financing cost. Ordinary shares were issued after the reporting date in settlement of amounts due under this arrangement.

8
TAXATION
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
222,882
(326,807)
BLK GLOBAL PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
8
TAXATION
(Continued)
- 26 -

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
408,516
104,891
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
102,129
26,223
PY DT asset not provided
-
0
(370,966)
Disallowed expenses
120,753
17,936
Taxation charge/(credit)
222,882
(326,807)
9
INTANGIBLE FIXED ASSETS
Group
Software
£
Cost
At 1 July 2024 and 30 June 2025
120,794
Amortisation and impairment
At 1 July 2024
48,317
Amortisation charged for the year
12,079
At 30 June 2025
60,396
Carrying amount
At 30 June 2025
60,398
At 30 June 2024
72,477
BLK GLOBAL PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
9
INTANGIBLE FIXED ASSETS
(Continued)
- 27 -
Company
Software
£
Cost
At 1 July 2024 and 30 June 2025
120,794
Amortisation and impairment
At 1 July 2024
48,317
Amortisation charged for the year
12,079
At 30 June 2025
60,396
Carrying amount
At 30 June 2025
60,398
At 30 June 2024
72,477
10
TANGIBLE FIXED ASSETS
Group
Plant and equipment
£
Cost
At 1 July 2024 and 30 June 2025
2,334
Depreciation and impairment
At 1 July 2024
1,401
Depreciation charged in the year
467
At 30 June 2025
1,868
Carrying amount
At 30 June 2025
466
At 30 June 2024
933
BLK GLOBAL PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
10
TANGIBLE FIXED ASSETS
(Continued)
- 28 -
Company
Plant and equipment
£
Cost
At 1 July 2024 and 30 June 2025
2,334
Depreciation and impairment
At 1 July 2024
1,401
Depreciation charged in the year
467
At 30 June 2025
1,868
Carrying amount
At 30 June 2025
466
At 30 June 2024
933
11
DEBTORS
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Amounts owed by group undertakings
-
-
1,311,250
223,465
Other debtors
865,774
713,170
-
0
-
0
865,774
713,170
1,311,250
223,465
Amounts falling due after more than one year:
Deferred tax asset (note 13)
103,925
326,807
103,925
326,807
Total debtors
969,699
1,039,977
1,415,175
550,272
BLK GLOBAL PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 29 -
12
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
-
0
829,655
-
0
-
0
Other creditors
101,947
111,866
101,947
111,866
Accruals and deferred income
351,368
-
0
351,368
-
0
453,315
941,521
453,315
111,866

Included within creditors due within one year is an amount of £101,947 (2024: £111,866) owed t he director(s). The balance is unsecured, interest free, and repayable on demand.

13
DEFERRED TAXATION

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2025
2024
Group
£
£
Accelerated capital allowances
(117)
(117)
Tax losses
4,042
276,924
Share based payments
100,000
50,000
103,925
326,807
Assets
Assets
2025
2024
Company
£
£
Accelerated capital allowances
(117)
(117)
Tax losses
4,042
276,924
Share based payments
100,000
50,000
103,925
326,807
BLK GLOBAL PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
13
DEFERRED TAXATION
(Continued)
- 30 -
Group
Company
2025
2025
Movements in the year:
£
£
Asset at 1 July 2024
(326,807)
(326,807)
Charge to profit or loss
222,882
222,882
Asset at 30 June 2025
(103,925)
(103,925)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. T he deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

14
SHARE CAPITAL
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1076p each
119,927
119,927
129
129
15
RELATED PARTY TRANSACTIONS

The group has taken advantage of the exemption u n der FRS 102 not to disclose transactions with wholly owned members of the group.

16
COMMITMENTS AND CONTINGENCIES

Capital commitments as disclosed in the interest payable note in relation to share based payment and line of credit.

17
PRIOR YEAR ADJUSTMENTS

During the year, the Group identified that foreign exchange losses relating to the year ended 30 June 2024 intercompany, debtors and cash balances had not been recognised in the prior year accounts. These losses arose from the retranslation of foreign currency monetary balances at the reporting date.

Accordingly, a prior year adjustment has been made to recognise additional exchange loss of £134,846. This has decreased the profit for the year ended 30 June 2024 by £134,846 and decreased retained earnings at 1 July 2024 by the same amount. Comparative figures have been restated to reflect this adjustment.

BLK GLOBAL PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 31 -
18
POST BALANCE SHEET EVENTS

The directors consider these events to be non-adjusting post-balance sheet events, and therefore no adjustments have been made to these financial statements.

1. Fundraising

In January 2026, the Company completed a private placement of equity instruments with a number of investors, including shares issued at €1,400 per share pursuant to the agreed terms. Gross proceeds raised were €237,000.

2. Nimbus Facility and Corporate Reorganisation

During the financial year, the company obtained a £50 million equity line facility from Nimbus Capital. This facility is contingent on the company obtaining a listing on a recognised investment exchange. In connection with this, the company was re-registered as a public limited company (plc) in November 2025.

Ordinary shares were issued subsequent to year end in accordance with the agreed equity settlement mechanism, without reference to share pricing or valuation.

3. Re-registration as a Public Limited Company

Subsequent to 30 June 2025, the company was re-registered as a public limited company in November 2025. In January 2026, the group completed a private placement of equity instruments with independent third-party investors. The transaction was conducted at agreed subscription prices determined between the company and the investors.

19
ANALYSIS OF CHANGES IN NET FUNDS - GROUP
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
402,507
(19,748)
382,759
20
ANALYSIS OF CHANGES IN NET FUNDS - COMPANY
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
1,965
(1,844)
121
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