For the financial year ended 31 January 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

Shine Midco1 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tagus House, 9 Ocean Way, Southampton, Hampshire, United Kingdom, SO14 3TJ.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is exempt from the requirement to prepare group accounts under section 399(2A) of the Companies Act 2006, as it is subject to the small companies regime. These financial statements present information about the company as an individual entity and not about its group.

At 31 January 2026 the company had net current liabilities of £2,087,390. The company is a holding company and is dependent on the continued support of its subsidiary, Veritech Systems Limited.

Veritech Systems Limited has confirmed that it will continue to support the company and will not seek repayment of amounts owed to it for at least twelve months from the date of approval of these financial statements.

On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

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

The company only enters into Basic financial instrument transactions.

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, 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 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, 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.

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.

In the application of the company’s accounting policies, the director is 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.

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

Details of the company's subsidiaries at 31 January 2026 are as follows:

The bank loan is secured by a fixed and floating charge over all the assets and undertaking of the company, including its investment in Veritech Systems Limited, in favour of Shawbrook Bank Limited. A negative pledge also exists.

At 31 January 2025 the bank loan was secured by a fixed and floating charge over all the assets and undertaking of the company in favour of Shawbrook Bank Limited.

The company is party to a cross guarantee as security for the borrowings for the group.

The bank has a fixed and floating charge over the investments, property and assets of SBE Group Holdings Limited, Shine Topco Limited, ShineCo Limited, and Veritech Systems Limited. A negative pledge also exists.

In April 2026 the bank loan due to Shawbrook Bank Limited, which stood at £1,121,961 at 31 January 2026, was repaid in full. The repayment was funded by the company’s subsidiary, Veritech Systems Limited, from a new facility obtained by that company from Barclays Bank UK PLC. The company has provided a cross guarantee in respect of this facility and a fixed and floating charge over its assets in favour of Barclays Bank UK PLC.

As a result, the amount owed by the company to Veritech Systems Limited has increased.

The fixed and floating charge over the company’s assets in favour of Shawbrook Bank Limited was released on 20 May 2026.

Shine Midco1 Limited is a wholly owned subsidiary of ShineCo Limited, a company incorporated in England and Wales. Its registered office is Tagus House, 9 Ocean Way, Southampton, Hampshire, United Kingdom, SO14 3TJ.

The company’s ultimate parent company is SBE Group Holdings Limited, a company incorporated in England and Wales. Its registered office is Tagus House, 9 Ocean Way, Southampton, Hampshire, United Kingdom, SO14 3TJ.

SBE Group Holdings Limited is exempt from preparing consolidated financial statements.

In the opinion of the director, there is no single ultimate controlling party. SBE Group Holdings Limited is owned equally by Ms S Shukla and Mr V Luhana.