REGISTERED NUMBER: 08312821 (England and Wales)

MBI HEALTH LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr B Mulholland

Mr E Evangeli

Mr J Bull

Mr R Coveney

Mr S N McAdam

Mr R T Stebbings

REGISTERED OFFICE:

5th Floor Vivo Building

30 Stamford Street

London

SE1 9LQ

REGISTERED NUMBER:

08312821 (England and Wales)

AUDITORS:

WP Audit Services LLP

Chartered Accountant & Statutory Auditor

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

FIXED ASSETS

Intangible assets

5

2,826,406

2,052,185

Tangible assets

6

8,888

2,742

Investments

7

50

50

2,835,344

2,054,977

CURRENT ASSETS

Debtors

8

4,453,868

3,455,500

Cash at bank

347,986

595,112

4,801,854

4,050,612

CREDITORS

Amounts falling due within one year

9

1,732,559

692,393

NET CURRENT ASSETS

3,069,295

3,358,219

TOTAL ASSETS LESS CURRENT LIABILITIES

5,904,639

5,413,196

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

5,904,638

5,413,195

SHAREHOLDERS' FUNDS

5,904,639

5,413,196

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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

Mr R T Stebbings - Director

1.	STATUTORY INFORMATION

MBI Health 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.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Group structure

The Company's ultimate parent company, Stiftelsen Det Norske Veritas, includes the Company in its consolidated financial statements. The consolidated financial statements of Stiftelsen Det Norske Veritas are prepared in accordance with Norwegian Accounting Act 3-9 and Regulations on Simplified IFRS as enacted by the Ministry of Finance 3 November 2014. In all material aspects, Norwegian Simplified IFRS required that the IFRS recognition and measurement criteria (as adopted by the European Union) are complied with, but disclosure and presentation requirements (the notes) follow the Norwegian Accounting Act and Norwegian Generally Accepted Accounting Standards. These are available to the public and may be obtained from the address given in the final note of these accounts.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for the assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The estimates and assumptions made by management in the course of preparing the financial statements are set out below:

(i) Capitalised development costs

Costs incurred in the process of creating intangible assets, in the form of software, are reviewed monthly, quantified and capitalised on the balance sheet. Management apply judgement as to what costs are contributing to the enhancement of an enduring asset, and what should be expensed in the profit & loss account as part of maintenance of the asset. These judgements are made by quantifying the relevant costs through the use of timesheets.

(ii) Useful economic life of intangible assets

The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and economic utilisation of the assets. The estimate of an asset's useful economic life is derived from the length of its anticipated future income generating capability, as forecasted in the company's projections. Any changes in the estimated useful economic life of an asset are disclosed in the relevant intangible and tangible asset notes below.

(iii) Accrued and deferred income

Inevitably, contracts in place may span two or more accounting periods. Where this is the case, a review of agreed milestones per the contract takes place and an estimate of income is accrued (if the work is not yet invoiced) or deferred (if invoiced in advance) to reflect the company's entitlement to income, as per the turnover accounting policy and contract in place.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

Turnover is recognised when the service has been completed and the right to consideration has been earned. This may be agreed on a contract by contract basis with agreed milestones triggering the right to consideration.

The value of services completed at agreed milestones but not yet invoiced is recognised in the relevant period as accrued income. The value of services invoiced but not yet complete is held on the balance sheet in the financial statements as deferred income to be recognised in the relevant future period.

Intangible assets

Intangible assets relate to capitalised development costs relating to software. These costs are capitalised due to the future economic benefit that the software will yield.

Up until 31st December 2022, development costs were amortised on a straight line basis, based on the estimate that the software would be redundant in 2030. From 1st January 2023, the Directors reassessed the useful economic life of the software and determined that it is more appropriate that the development costs are amortised as stated below.

From 1st January 2023, development costs are being amortised over their useful economic life of 10 years.

Computer software is being amortised over its useful economic life of 3 years.

This is deemed to more accurately reflect the continuous evolution and reinvestment in software development assets, as opposed to the asset becoming obsolete in 2030.

As this was a change in accounting estimate, rather than a change in policy, it has been adjusted for prospectively.

Tangible fixed assets

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

Fixtures and Fittings - straight line over 4 years

Computer equipment - straight line over 3 years

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investments are reviewed annually for indicators of impairment and any impairment identified is recognised immediately in the Income Statement.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Research and development (R&D) tax credits are recognised to the extent that there is reasonable assurance that the claim will be received and that the entity will comply with all attached conditions. R&D tax credits are recognised as part of the tax expense in profit or loss in the period in which the qualifying expenditure is incurred. Where the credit gives rise to a cash repayment or is otherwise recoverable, it is recognised as a current tax asset. Where the credit exceeds the current tax liability, the excess is recognised as a tax income (credit) within the tax charge.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Provisions for liabilities

Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Research and development

Qualifying research and development expenditure that creates an enduring asset that will generate measurable future economic benefits is capitalised on the balance sheet and amortised over the related asset's useful economic life.

Research and development expenditure that does not contribute to the creation of an enduring asset that will generate measurable future economic benefits is expensed in the profit ad loss account in the year it is incurred.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2024 - 14 ) .

5.	INTANGIBLE FIXED ASSETS

Development

Computer

costs

software

Totals

£

£

£

COST

At 1 January 2025

3,015,765

27,295

3,043,060

Additions

1,148,994

-

1,148,994

Disposals

-

(27,295

)

(27,295

)

At 31 December 2025

4,164,759

-

4,164,759

AMORTISATION

At 1 January 2025

963,580

27,295

990,875

Amortisation for year

374,773

-

374,773

Eliminated on disposal

-

(27,295

)

(27,295

)

At 31 December 2025

1,338,353

-

1,338,353

NET BOOK VALUE

At 31 December 2025

2,826,406

-

2,826,406

At 31 December 2024

2,052,185

-

2,052,185

6.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2025

4,984

36,018

41,002

Additions

-

11,045

11,045

Disposals

(4,984

)

(36,017

)

(41,001

)

At 31 December 2025

-

11,046

11,046

DEPRECIATION

At 1 January 2025

4,984

33,276

38,260

Charge for year

-

3,468

3,468

Eliminated on disposal

(4,984

)

(34,586

)

(39,570

)

At 31 December 2025

-

2,158

2,158

NET BOOK VALUE

At 31 December 2025

-

8,888

8,888

At 31 December 2024

-

2,742

2,742

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2025

and 31 December 2025

50

NET BOOK VALUE

At 31 December 2025

50

At 31 December 2024

50

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,117,475

502,018

Amounts owed by group undertakings

1,370,456

1,508,641

Other debtors

1,965,937

1,444,841

4,453,868

3,455,500

Amounts owed by group undertakings are interest free and have no set terms of repayment.

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

399,535

271,382

Amounts owed to group undertakings

340,114

-

Taxation and social security

322,632

136,271

Other creditors

670,278

284,740

1,732,559

692,393

Amounts owed to group undertakings have no set terms of repayment.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephanie Williams (Senior Statutory Auditor)

for and on behalf of WP Audit Services LLP

11.	UNPROVIDED DEFERRED TAX ASSET

The company has not provided for a deferred tax asset arising from carrying tax losses which would result in an asset of £78,700 (2024: £21,300) due to the uncertainty of the timing this will be realised. This is because research and development claims are made each year, rather than no profit anticipated.

12.	RELATED PARTY DISCLOSURES

There have been professional charges from another company within the group totalling £13,022 in the year (net) with £1,952 outstanding within trade creditors at the year end.

Income has been recognised totalling £37,487 (2024: £56,604) in relation to a subsidiary. This amount has been recorded in other income and £nil was outstanding as at the year end.

In addition, there were amounts owed by group companies brought forward totalling £1,508,641. During the year, amounts have been received amounting to £285,671, and further amounts have been loaned of £66,061. Interest has been charged to MBI Health Ltd totalling £3,739. At the year end there are amounts owed by group companies of £1,370,456 and amounts owed to group companies of £85,164.

The company participates in a group cash pooling arrangement with one of its parent undertakings. At the year end, the company had a credit balance of £254,390 (2024: £nil) owed to group undertakings in respect of this arrangement. The balances are repayable on demand and interest is charged at market rate.

13.	ULTIMATE PARENT HOLDING COMPANY

The Company's immediate parent company is MBI Holdings Limited (UK Reg. No. 11794077) and the next company above this is MBI Group Holdings Limited (UK Reg. No. 13030494). Neither of these UK companies are required to prepare consolidated financial statements.

The most junior parent entity producing publicly available consolidated financial statements is DNV Group AS. The financial statements are available on request from DNV (Corporate Communications,) 1322 Høvik, Norway and are published online at https://annualreport.dnv.com/.

The ultimate parent company is Stiftelsen Det Norske Veritas incorporated in Norway (registered address: 1 Veritasveien, Høvik, 1363, Norway) who are the most senior parent entity producing publicly available consolidated financial statements. The financial statements are published online at www.detnorskeveritas.com.