REGISTERED NUMBER: 10409072 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2026

for

BLS International Services (UK) Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

G Aggarwal

J Sahu

REGISTERED OFFICE:

Ground Floor St Andrews House

20 St Andrew Street

London

EC4A 3AG

REGISTERED NUMBER:

10409072 (England and Wales)

AUDITORS:

TC Group

Statutory Auditor

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

The directors present their strategic report for the year ended 31 March 2026.

Principal Activities

The principal activity of the Company is the provision of outsourced administrative, processing and support services, including visa and consular-related services within the United Kingdom.

REVIEW OF BUSINESS

Financial Performance

Turnover increased to £15.6m (2025: £13.7m), reflecting continued growth. Gross profit increased to £8.5m (2025: £8.2m), though margins were impacted by increased cost of sales of £7.1m (2025: £5.5m). Administrative expenses rose to £6.5m (2025: £5.8m).

Operating profit reduced to £2.0m (2025: £2.4m), and profit after tax decreased to £1.33m (2025: £1.93m).

Financial Position

Net assets were £171,722 (2025: £240,902), reflecting dividends voted of £1.4m.

Cash Flow and Liquidity

The company has adequate cash flow and liquidity as at the year end.

PRINCIPAL RISKS AND UNCERTAINTIES

Liquidity Risk

The company has net current liabilities of £2.95m as at the year end with over £4m owed to group companies, hence this may impact liquidity. Mitigation includes cash flow monitoring and group support.

Group Dependency Risk

Material balances with group entities create dependency risk. Managed through oversight and treasury controls.

Cost Inflation Risk

Rising costs may reduce margins. Mitigation includes cost control and efficiency measures.

Regulatory Risk

Highly regulated environment requires strict compliance. Managed through controls and governance.

Operational Risk

Service delivery depends on workforce and systems. Managed through planning and continuity processes.

KEY PERFORMANCE INDICATORS

The Key Performance Indicators are:-

- Revenue growth of approximately 14% on previous year

-Operating margin decreased to 12.8%, mainly impacted by cost increases

-Net operating margin decreased to 8.50%, mainly due to cost increases and finance charges

ON BEHALF OF THE BOARD:

J Sahu - Director

23 April 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

DIVIDENDS

An interim dividend of £14000 per share was paid on 31 March 2026. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2026 will be £ 1,400,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

G Aggarwal

J Sahu

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company 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;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J Sahu - Director

23 April 2026

Opinion

We have audited the financial statements of BLS International Services (UK) Limited (the 'company') for the year ended 31 March 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 company's affairs as at 31 March 2026 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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.

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.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

-	the 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the 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 company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sadikali Premji (FCCA) (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

23 April 2026

TURNOVER

15,582,801

13,655,096

Cost of sales

7,060,369

5,464,415

GROSS PROFIT

8,522,432

8,190,681

Administrative expenses

6,533,922

5,787,475

OPERATING PROFIT

4

1,988,510

2,403,206

Interest receivable and similar income

10,460

9,325

1,998,970

2,412,531

Interest payable and similar expenses

6

101,423

60,805

PROFIT BEFORE TAXATION

1,897,547

2,351,726

Tax on profit

7

566,727

422,568

PROFIT FOR THE FINANCIAL YEAR

1,330,820

1,929,158

PROFIT FOR THE YEAR

1,330,820

1,929,158

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,330,820

1,929,158

FIXED ASSETS

Intangible assets

9

191

2,500

Tangible assets

10

3,883,911

4,203,469

Investments

11

8,592

8,592

3,892,694

4,214,561

CURRENT ASSETS

Debtors

12

1,508,546

1,514,813

Cash at bank and in hand

637,988

457,457

2,146,534

1,972,270

CREDITORS

Amounts falling due within one year

13

5,090,915

5,073,718

NET CURRENT LIABILITIES

(2,944,381

)

(3,101,448

)

TOTAL ASSETS LESS CURRENT LIABILITIES

948,313

1,113,113

CREDITORS

Amounts falling due after more than one year

14

776,591

872,211

NET ASSETS

171,722

240,902

CAPITAL AND RESERVES

Called up share capital

15

100

100

Retained earnings

16

171,622

240,802

SHAREHOLDERS' FUNDS

171,722

240,902

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2026 and were signed on its behalf by:

J Sahu - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

100

(1,688,356

)

(1,688,256

)

Changes in equity

Total comprehensive income

-

1,929,158

1,929,158

Balance at 31 March 2025

100

240,802

240,902

Changes in equity

Dividends

-

(1,400,000

)

(1,400,000

)

Total comprehensive income

-

1,330,820

1,330,820

Balance at 31 March 2026

100

171,622

171,722

Cash flows from operating activities

Cash generated from operations

1

2,630,577

(60,943

)

Interest paid

(101,423

)

(60,805

)

Tax paid

(947,313

)

-

Net cash from operating activities

1,581,841

(121,748

)

Cash flows from investing activities

Purchase of tangible fixed assets

-

(188,542

)

Purchase of fixed asset investments

-

(8,592

)

Sale of tangible fixed assets

-

8,952

Interest received

10,460

9,325

Net cash from investing activities

10,460

(178,857

)

Cash flows from financing activities

Amount withdrawn by directors

(11,770

)

(15,761

)

Equity dividends paid

(1,400,000

)

-

Net cash from financing activities

(1,411,770

)

(15,761

)

Increase/(decrease) in cash and cash equivalents

180,531

(316,366

)

Cash and cash equivalents at beginning of year

2

457,457

773,823

Cash and cash equivalents at end of year

2

637,988

457,457

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.26

31.3.25

£

£

Profit before taxation

1,897,547

2,351,726

Depreciation charges

321,868

313,669

Finance costs

101,423

60,805

Finance income

(10,460

)

(9,325

)

2,310,378

2,716,875

Decrease/(increase) in trade and other debtors

647,447

(755,471

)

Decrease in trade and other creditors

(327,248

)

(2,022,347

)

Cash generated from operations

2,630,577

(60,943

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

637,988

457,457

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

457,457

773,823

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank and in hand

457,457

180,531

637,988

457,457

180,531

637,988

Total

457,457

180,531

637,988

1.	STATUTORY INFORMATION

BLS International Services (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of 3 years.

Tangible fixed assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balancesheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss.If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:-

Plant and machinery- 33.33% straight line

Furniture, fittings and equipment - 10% straight line

Freehold Land and buildings- Over 30 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 method 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.

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 company 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 payments 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.

Equity instruments

Equity instruments issued by the company 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 company.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31.3.26

31.3.25

£

£

Wages and salaries

495,241

506,841

Social security costs

65,173

50,130

Other pension costs

10,919

10,741

571,333

567,712

The average number of employees during the year was as follows:

31.3.26

31.3.25

Administration

14

14

31.3.26

31.3.25

£

£

Directors' remuneration

80,000

80,000

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.26

31.3.25

£

£

Depreciation - owned assets

319,558

311,360

Patents and licences amortisation

2,309

2,309

Auditors' remuneration

8,500

8,500

Foreign exchange differences

8,582

9,828

5.	EXCEPTIONAL ITEMS

31.3.26

31.3.25

£

£

Loan written off

(831

)

(154,890

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.26

31.3.25

£

£

Finance Cost- Right of Use

82,807

60,805

Interest on Overdue Taxation

18,616

-

101,423

60,805

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.3.26

31.3.25

£

£

Current tax:

UK corporation tax

513,995

422,568

No description

52,732

-

Tax on profit

566,727

422,568

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.26

31.3.25

£

£

Profit before tax

1,897,547

2,351,726

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

474,387

587,932

Effects of:

Utilisation of tax losses

-

(165,370

)

Tax effect of expenses not deductible for tax purposes

48,621

38,723

Capital allowances

(9,013

)

14,016

Over/(under) provision of tax in current or previous period

52,732

(52,733

)

Total tax charge

566,727

422,568

8.

DIVIDENDS

31.3.26

31.3.25

£

£

Ordinary shares of £1 each

Interim

1,400,000

-

9.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 April 2025

and 31 March 2026

6,929

AMORTISATION

At 1 April 2025

4,429

Amortisation for year

2,309

At 31 March 2026

6,738

NET BOOK VALUE

At 31 March 2026

191

At 31 March 2025

2,500

10.	TANGIBLE FIXED ASSETS

Right of

Fixtures

Freehold

use

Plant and

and

property

assets

machinery

fittings

Totals

£

£

£

£

£

COST

At 1 April 2025

and 31 March 2026

3,102,682

1,163,372

230,676

381,798

4,878,528

DEPRECIATION

At 1 April 2025

306,749

155,048

111,222

102,040

675,059

Charge for year

103,422

125,076

52,880

38,180

319,558

At 31 March 2026

410,171

280,124

164,102

140,220

994,617

NET BOOK VALUE

At 31 March 2026

2,692,511

883,248

66,574

241,578

3,883,911

At 31 March 2025

2,795,933

1,008,324

119,454

279,758

4,203,469

11.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2025

and 31 March 2026

8,592

NET BOOK VALUE

At 31 March 2026

8,592

At 31 March 2025

8,592