REGISTERED NUMBER: 11794077 (England and Wales)

MBI HOLDINGS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

B Mulholland

E Evangeli

J Bull

R Coveney

S N McAdam

R T Stebbings

REGISTERED OFFICE:

5th Floor Vivo Building

30 Stamford Street

London

SE1 9LQ

REGISTERED NUMBER:

11794077 (England and Wales)

AUDITORS:

WP Audit Services LLP

Chartered Accountant & Statutory Auditor

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

FIXED ASSETS

Investments

5

1,148,897

1,148,897

CREDITORS

Amounts falling due within one year

6

1,148,697

1,148,697

NET CURRENT LIABILITIES

(1,148,697

)

(1,148,697

)

TOTAL ASSETS LESS CURRENT LIABILITIES

200

200

CAPITAL AND RESERVES

Called up share capital

200

200

SHAREHOLDERS' FUNDS

200

200

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:

R T Stebbings - Director

1.	STATUTORY INFORMATION

Mbi Holdings 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

The accounts have been prepared on the going concern basis, despite the lack of any profits being generated and the net current liabilities position being reported. The liabilities relate only to amounts owed to group. This company is the parent of a successful trading company, which has adequate retained earnings that could be voted up to this company as dividends in order to clear the liabilities recorded. As a result, the directors consider the use of the going concern basis of accounting to be appropriate.

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.

Investments in subsidiaries

Investments in subsidiary undertakings are shown at coss less impairment. The directors annually review the investment for impairment.

Impairment of assets

At each reporting date 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.

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.

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).

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 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 costs in profit or loss in the period it arises.

4.	EMPLOYEES AND DIRECTORS

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

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2025

and 31 December 2025

1,148,897

NET BOOK VALUE

At 31 December 2025

1,148,897

At 31 December 2024

1,148,897

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

1,148,697

1,148,697

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

7.	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

8.	ULTIMATE PARENT HOLDING COMPANY

The Company's immediate parent company is MBI Group Holdings Limited (UK Reg. No. 13030494). Neither this company, nor its immediate parent, 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.