BISL LIMITED

Risk Rating: MEDIUM While the company demonstrates a long operational history and strong regulatory compliance, the rating is elevated due to a significant anomaly in the Persons with Significant Control (PSC) register and the absence of available financial figures to assess solvency and liquidity. The conflicting ownership data requires immediate clarification before an investor can accurately gauge structural risk.

Key Concerns: * PSC Data Anomaly: The PSC register lists two distinct corporate entities (Markerstudy Group Limited and BGL Group Limited) as holding more than 75% of shares and voting rights, with BGL Group Limited listed twice. Mathematically, two separate entities cannot both hold >75% of the same ordinary share capital. This suggests either a severe data entry error, an unreflective joint venture/complex share class structure, or a recent change in ownership that has been improperly recorded. * Lack of Financial Visibility: The provided data lacks current financial metrics (Current Assets, Liabilities, Net Assets, P&L Reserve). Without these figures, it is impossible to validate the company's working capital position, liquidity, or underlying solvency, despite the substantial £18 million share capital indicating a historically well-capitalized entity. * Oversized Board Complexity: The company has an unusually large board for a private limited company, comprising 18 directors and 2 secretaries. While common in major group subsidiaries, large boards can lead to slower decision-making and potential governance complexities regarding director oversight and fiduciary responsibilities.

Positive Indicators: * Corporate Longevity: Incorporated in 1996, the company has operated for nearly three decades, suggesting a sustainable and adaptable business model. * Regulatory Compliance: The company is up to date with its filing requirements. Accounts are filed up to December 2025 and are not overdue, nor is the confirmation statement overdue. The company files "Full" accounts rather than abbreviated ones, which provides greater transparency to institutional investors. * Substantial Capital Base: An issued share capital of £18 million provides a significant equity cushion, assuming it has not been eroded by accumulated historical losses.

Due Diligence Notes: * Ownership Verification: Urgently clarify the PSC register with Companies House and the company's legal counsel. Determine if BISL Limited is a joint venture between Markerstudy and BGL, if there are different share classes with separate voting rights, or if one entity has recently divested its majority stake. * Financial Statement Analysis: Obtain the latest full filed accounts to review the profit and loss reserve. Given the £18m share capital, it is critical to determine if net assets adequately cover this capital or if historical losses have eroded the equity base. * Group Structure Investigation: Map the exact relationship between BISL Limited, BGL Group Limited, and Markerstudy Group Limited. Understand if BISL operates as a captive service provider or insurance intermediary within a broader group structure (as suggested by its previous name, "Budget Insurance Services Limited").