Company registration number 02917906 (England and Wales)
HARWELL DOSIMETERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
HARWELL DOSIMETERS LIMITED
COMPANY INFORMATION
Directors
Mr M J Eaton
Mr M J Tokich
Company number
02917906
Registered office
2200 Renaissance
Basing View
Basingstoke
Hampshire
RG21 4EQ
Auditor
WSM Advisors Limited
Connect House
133-137 Alexandra Road
Wimbledon
London
SW19 7JY
HARWELL DOSIMETERS LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 22
HARWELL DOSIMETERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company continued to be that of the manufacture of dosimeters for use in radiation quality control systems.

Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M J Eaton
Mr M J Tokich
Post reporting date events

On 8 December 2023, the board of directors approved dividends of £2,500,000 to its immediate parent company.

Auditor

The auditors, WSM Advisors Limited, have been reappointed in accordance with section 485 of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr M J Tokich
Director
8 February 2024
HARWELL DOSIMETERS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The directors are responsible for preparing the annual report 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:

 

 

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.

HARWELL DOSIMETERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HARWELL DOSIMETERS LIMITED
- 3 -
Opinion

We have audited the financial statements of Harwell Dosimeters Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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 our audit:

HARWELL DOSIMETERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF HARWELL DOSIMETERS LIMITED
- 4 -
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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor’s report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our tests included agreeing the financial statement disclosures to underlying supporting documentation where relevant, enquiries with management as to the risks of non-compliance and any instances thereof, challenging assumptions and judgements made by management, and identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. Our audit procedures also focussed on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006.

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

HARWELL DOSIMETERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF HARWELL DOSIMETERS LIMITED
- 5 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report 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 member, for our audit work, for this report, or for the opinions we have formed.

Wendy Patterson
Senior Statutory Auditor
For and on behalf of WSM Advisors Limited
8 February 2024
Chartered Accountants
Statutory Auditor
Connect House
133-137 Alexandra Road
Wimbledon
London
SW19 7JY
HARWELL DOSIMETERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
2023
2022
as restated
Notes
£
£
Revenue
3,848,375
2,659,671
Cost of sales
(1,239,850)
(1,454,794)
Gross profit
2,608,525
1,204,877
Administrative expenses
(1,153,479)
(1,048,202)
Operating profit
3
1,455,046
156,675
Investment income
7,948
152
Profit before taxation
1,462,994
156,827
Tax on profit
5
(272,974)
(4,961)
Profit for the financial year
1,190,020
151,866

The income statement has been prepared on the basis that all operations are continuing operations.

HARWELL DOSIMETERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 7 -
2023
2022
as restated
Notes
£
£
£
£
Non-current assets
Intangible assets
7
-
0
-
0
Property, plant and equipment
8
938,890
1,027,737
938,890
1,027,737
Current assets
Inventories
9
539,975
390,428
Trade and other receivables
10
1,720,976
1,041,038
Cash and cash equivalents
2,320,403
1,553,578
4,581,354
2,985,044
Current liabilities
11
(1,090,033)
(754,107)
Net current assets
3,491,321
2,230,937
Total assets less current liabilities
4,430,211
3,258,674
Provisions for liabilities
Deferred tax liability
12
62,241
80,724
Defined benefit pension liability
14
103,400
103,400
(165,641)
(184,124)
Net assets
4,264,570
3,074,550
Equity
Called up share capital
13
100
100
Other reserves
68,369
68,369
Retained earnings
4,196,101
3,006,081
Total equity
4,264,570
3,074,550
The financial statements were approved by the board of directors and authorised for issue on 8 February 2024 and are signed on its behalf by:
Mr M J Tokich
Director
Company Registration No. 02917906
HARWELL DOSIMETERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
Share capital
Other reserves
Retained earnings
Total
£
£
£
£
As restated for the period ended 31 March 2022:
Balance at 1 April 2021
100
58,965
2,555,295
2,614,360
Effect of correction of material prior period errors
-
-
298,920
298,920
As restated
100
58,965
2,854,215
2,913,280
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
151,866
151,866
Share based payments
-
9,404
-
9,404
Balance at 31 March 2022
100
68,369
3,006,081
3,074,550
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
1,190,020
1,190,020
Balance at 31 March 2023
100
68,369
4,196,101
4,264,570
HARWELL DOSIMETERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
1
Accounting policies
Company information

Harwell Dosimeters Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2200 Renaissance, Basing View, Basingstoke, Hampshire, RG21 4EQ.

1.1
Accounting convention

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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

Section 33 ‘Related Party Disclosures’: Compensation for key management personnel and transactions with wholly owned group companies.

 

The financial statements of the company are consolidated in the financial statements of STERIS plc. These consolidated financial statements are available from 70 Sir John Rogerson's Quay, Dublin 2, DO2 R296, Ireland.

1.2
Going concern

For the year to 31 March 2023 the company made a profit amounting to £1,190,020 and had net assets of £4,264,570. Although the company is expected to be profitable, the company has also received confirmation from its intermediate parent undertaking, STERIS Limited, of its intention to provide support, where needed, for a period of at least 12 months from the date of approval of the accounts. Ttruehe directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

HARWELL DOSIMETERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 10 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill
Intangible Fixed Assets
10-25 years

Intellectual property rights, patents and know-how are amortised over a period of 10-25 years, being the directors estimate of their useful economic life. The director considers it appropriate to amortise the intellectual property right over 25 years due to the market in which the company is operating and its market share. The directors carry out an annual impairment review.

1.6
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold Property
Over term of lease
Plant and machinery
Over 3 to 15 years
Fixtures, fittings & equipment
Over 2 to 12 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

HARWELL DOSIMETERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 11 -
1.8
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.10
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 statement of financial position 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 trade and other receivables 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

HARWELL DOSIMETERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 12 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 trade and other payables and loans from fellow group companies, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

HARWELL DOSIMETERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 13 -
1.11
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.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The defined benefit pension plan has been accounted for on the basis of the directors’ intention to wind up the scheme in the foreseeable future.

A liability is recognised in respect of the defined benefit pension plan, measured by estimating the funding position as if the scheme had commenced wind up and immediate annuities had been purchased with an insurance company on the valuation date to secure the accrued benefits for members.

On this basis the Trustees are required to adopt a prudent basis for valuing the cost of buying out members’ benefits at the balance sheet date. The solvency level is normally lower than it would be were the scheme to be continuing, as the insurance company requires a high degree of certainty that the figure calculated will not be exceeded in the future. The Trustees reassess the funding position on a regular basis.

1.15
Share-based payments
HARWELL DOSIMETERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -

Equity-settled group share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted.

The company recognises an expense and a corresponding increase in the capital reserves relating to these payments.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock Provision

Inventories are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.

HARWELL DOSIMETERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
3
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(6,455)
524
Research and development costs
44,599
42,797
Fees payable to the company's auditor for the audit of the company's financial statements
17,820
16,700
Depreciation of owned property, plant and equipment
257,878
204,319
Profit on disposal of property, plant and equipment
-
(8,030)
Impairment of inventories recognised or reversed
12,840
(10,168)
Share-based payments
-
9,404
Operating lease charges
223,279
199,282
4
Employees

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

2023
2022
Number
Number
21
16

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
698,249
581,187
Social security costs
91,580
96,717
Pension costs
107,936
112,077
897,765
789,981
5
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
293,961
15,402
Adjustments in respect of prior periods
15
(100)
Total current tax
293,976
15,302
HARWELL DOSIMETERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Taxation
2023
2022
£
£
(Continued)
- 16 -
Deferred tax
Origination and reversal of timing differences
(15,743)
969
Changes in tax rates
(5,259)
(11,309)
Adjustment in respect of prior periods
-
0
(1)
Total deferred tax
(21,002)
(10,341)
Total tax charge
272,974
4,961

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,462,994
156,827
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
277,969
29,797
Tax effect of expenses that are not deductible in determining taxable profit
3,139
3,238
Tax effect of income not taxable in determining taxable profit
(2,889)
-
0
Adjustments in respect of prior years
14
(101)
Effect of change in corporation tax rate
(5,259)
(11,309)
Share Options
-
0
(16,664)
Taxation charge for the year
272,974
4,961
6
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
Notes
£
£
In respect of:
Inventories
9
12,840
(10,168)
Recognised in:
Cost of sales
12,840
(10,168)
HARWELL DOSIMETERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 17 -
7
Intangible fixed assets
Intangible Fixed Assets
£
Cost
At 1 April 2022 and 31 March 2023
1,136,553
Amortisation and impairment
At 1 April 2022 and 31 March 2023
1,136,553
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
8
Property, plant and equipment
Leasehold Property
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 April 2022
923,406
1,393,402
268,369
2,585,177
Additions
7,053
146,884
15,094
169,031
At 31 March 2023
930,459
1,540,286
283,463
2,754,208
Depreciation and impairment
At 1 April 2022
497,614
841,613
218,213
1,557,440
Depreciation charged in the year
111,017
118,925
27,936
257,878
At 31 March 2023
608,631
960,538
246,149
1,815,318
Carrying amount
At 31 March 2023
321,828
579,748
37,314
938,890
At 31 March 2022
425,792
551,789
50,156
1,027,737
9
Inventories
2023
2022
£
£
Finished goods and goods for resale
539,975
390,428
HARWELL DOSIMETERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
10
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
370,151
264,029
Amounts owed by group undertakings
999,550
540,834
Other receivables
64,170
59,953
Prepayments and accrued income
255,470
147,106
1,689,341
1,011,922
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 12)
31,635
29,116
Total debtors
1,720,976
1,041,038
11
Current liabilities
2023
2022
£
£
Trade payables
153,364
109,165
Amounts owed to group undertakings
498,994
392,133
Corporation tax
309,378
97,755
Other taxation and social security
27,542
19,510
Accruals and deferred income
100,755
135,544
1,090,033
754,107
12
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
62,241
80,724
-
-
Short term timing differences - trading
-
-
31,635
29,116
62,241
80,724
31,635
29,116
HARWELL DOSIMETERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
12
Deferred taxation
(Continued)
- 19 -
2023
Movements in the year:
£
Liability at 1 April 2022
51,608
Credit to profit or loss
(21,002)
Liability at 31 March 2023
30,606

The deferred tax asset set out above is expected to reverse within 12 months and mainly relates to future tax deductions available on settlement of the retirement benefit obligations. The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

13
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 50p each
200
200
100
100
14
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
55,050
59,191

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Defined benefit schemes

The company operates a defined benefit scheme for qualifying employees. The directors intend to wind up the scheme in the foreseeable future and to purchase annuities to fund the obligations to members. The directors believe the net liability of £103,400 reflects future costs over and above the value of scheme assets as a consequence of the transfer. In the current year the company considers the service cost of the scheme to be equal to the contributions made of £52,886. The net liability of £103,400 has been derived using the Solvency Basis actuarial valuation method during the Triennial Review as at 31 May 2020.

 

 

 

 

HARWELL DOSIMETERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
14
Retirement benefit schemes
(Continued)
- 20 -

The amounts included in the statement of financial position arising from the company's obligations in respect of defined benefit plans are as follows:

2023
2022
£
£
Present value of defined benefit obligations
3,641,400
3,641,400
Fair value of plan assets
(3,651,000)
(3,651,000)
Surplus in scheme
(9,600)
(9,600)
Liabilities for expenses to winding up
113,000
113,000
Total liability recognised
103,400
103,400

The actual return on plan assets was £nil (2022: £nil)

15
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
82,376
187,577
Between two and five years
185,346
267,722
267,722
455,299
16
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of property, plant and equipment
122,485
71,431
17
Events after the reporting date

On 8 December 2023 the board of directors approved dividends of £2,500,000 to its immediate parent company.

HARWELL DOSIMETERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
18
Ultimate controlling party

The parent company of Harwell Dosimeters Limited is Synergy Health Holdings Limited. Its registered office is 2200 Renaissance, Basing View, Basingstoke, RG21 4EQ.

The ultimate parent undertaking and controlling party is STERIS plc, a company incorporated and domiciled in Ireland.

 

At 31 March 2023 the largest and smallest group in which the results of the company are consolidated is that of STERIS plc. The consolidated financial statements of the group are available to the public and may be obtained from 70 Sir John Rogerson's Quay, Dublin 2, DO2 R296, Ireland.

19
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2021
2022
Notes
£
£
Adjustments to prior year
Adjustment to the defined benefit pension valuation as at May 2020
1
-
398,560
Deferred taxation
2
-
(99,640)
Total adjustments
-
298,920
Equity as previously reported
2,614,360
2,775,630
Equity as adjusted
2,614,360
3,074,550
Analysis of the effect upon equity
Retained earnings
-
298,920
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustment to the defined benefit pension valuation as at May 2020
1
-
Deferred taxation
2
-
Total adjustments
-
Profit as previously reported
151,866
Profit as adjusted
151,866
Notes to reconciliation
1 - Adjustment to the defined benefit pension valuation as at May 2020

The prior period error arose in the period to 31 March 2021 and relates to Other Comprehensive Income arising from a change in actuarial valuation of the pension scheme.

HARWELL DOSIMETERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
19
Prior period adjustment
(Continued)
- 22 -
2 - Deferred Taxation

The deferred taxation asset included an amount representing 25% of the pension liability which needed correcting due to the adjustment to the defined benefit pension valuation.

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