SEAL ANALYTICAL LIMITED

Company Registration Number:
04008521 (England and Wales)

Unaudited statutory accounts for the year ended 30 November 2023

Period of accounts

Start date: 1 December 2022

End date: 30 November 2023

SEAL ANALYTICAL LIMITED

Contents of the Financial Statements

for the Period Ended 30 November 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

SEAL ANALYTICAL LIMITED

Directors' report period ended 30 November 2023

The directors present their report with the financial statements of the company for the period ended 30 November 2023

Principal activities of the company

Throughout the year the principal activity of the Company was the sale and servicing of water analysis equipment and related consumables. The Company is a private company limited by shares and is incorporated and domiciled in England, part of the UK. The address of its registered office is 7 Regis Place, Bergen Way, King’s Lynn, PE30 2JN.

Political and charitable donations

Charitable and political contributions There were no charitable or political donations in the year (2022: £nil).

Company policy on disabled employees

Employment policies The Company’s employment policies encourage the provision of employment opportunities for disabled people, racial minorities and other disadvantaged groups. Also, the Company endeavours to provide continued employment and training of persons who become disabled while in the Company's employment, and training, career development and promotion of disabled people. The Company endeavours to keep its employees well informed about the progress of their company.

Additional information

Review of business and future developments The level of sales of the Company and its investments during the year were consistent with forecasts and an improvement on the prior year, despite supply chain dislocation impacting customer lead times. The financial position at 30 November 2023 is slightly behind expectations. Opportunities for developing the global position of Seal laboratory equipment continue to be explored. Further discussion of the business review and future developments, in the context of the Porvair group as a whole, including the Company, is provided in the Chairman’s statement, Chief Executive’s report and the Finance Director’s review in the Porvair plc 2023 annual report and financial statements, which does not form part of this report.



Directors

The directors shown below have held office during the whole of the period from
1 December 2022 to 30 November 2023

B D W Stocks
J A Mills
M J Osborne


Secretary C P Tyler

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
28 August 2024

And signed on behalf of the board by:
Name: C P Tyler
Status: Secretary

SEAL ANALYTICAL LIMITED

Profit And Loss Account

for the Period Ended 30 November 2023

2023 2022


£

£
Turnover: 660,000 992,000
Cost of sales: ( 539,000 ) ( 791,000 )
Gross profit(or loss): 121,000 201,000
Distribution costs: ( 10,000 ) ( 12,000 )
Administrative expenses: ( 158,000 ) ( 220,000 )
Other operating income: 0 0
Operating profit(or loss): (47,000) (31,000)
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: (47,000) (31,000)
Tax: 12,000 ( 4,000 )
Profit(or loss) for the financial year: (35,000) (35,000)

SEAL ANALYTICAL LIMITED

Balance sheet

As at 30 November 2023

Notes 2023 2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 291,000 295,000
Tangible assets: 4 9,000 4,000
Investments: 5 2,208,000 2,208,000
Total fixed assets: 2,508,000 2,507,000
Current assets
Stocks: 6 54,000 58,000
Debtors: 7 98,000 88,000
Cash at bank and in hand: 422,000 437,000
Investments:   0 0
Total current assets: 574,000 583,000
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 8 ( 223,000 ) ( 196,000 )
Net current assets (liabilities): 351,000 387,000
Total assets less current liabilities: 2,859,000 2,894,000
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 2,859,000 2,894,000
Capital and reserves
Called up share capital: 230,000 230,000
Share premium account: 575,000 575,000
Other reserves: 0 0
Profit and loss account: 2,054,000 2,089,000
Total Shareholders' funds: 2,859,000 2,894,000

The notes form part of these financial statements

SEAL ANALYTICAL LIMITED

Balance sheet statements

For the year ending 30 November 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

This report was approved by the board of directors on 28 August 2024
and signed on behalf of the board by:

Name: J A Mills
Status: Director

The notes form part of these financial statements

SEAL ANALYTICAL LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    Revenue recognition Revenue is measured as the fair value of the consideration received or receivable for goods and services supplied to customers, after deducting sales discounts and value-added taxes, based on the consideration specified in the contract. Revenue is recognised at a point in time for standard revenue transactions when control of the goods provided is transferred to the customer according to the International Commercial Terms of each contract. Separate provision is made for returns and in the few instances where rebates are provided. Under IFRS 15 – Revenue from Contracts with Customers, each customer contract is assessed to identify the performance obligations and for certain service and maintenance contracts, revenue is recognised in relation to these performance obligations as the services are performed in line with the contractual terms. An assessment of the timing of revenue recognition is made for each performance obligation.

    Tangible fixed assets depreciation policy

    Tangible fixed assets and depreciation Tangible fixed assets are stated at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is calculated so as to write down the cost the tangible fixed assets, less estimated residual value, over their estimated economic lives on a straight line basis. Depreciation rates are as follows: Plant, machinery and equipment Motor vehicles 25-33% 25%

    Intangible fixed assets amortisation policy

    Intangible fixed assets Software, know-how and design costs are classified as intangible assets and measured initially at purchase cost. Amortisation is charged on a straight line basis over their estimated useful lives, which are deemed to be between 3 and 10 years. Expenditure on research activities is recognised as an expense in the period in which it is incurred. An internally generated intangible asset arising from the Company’s product development expenditure is recognised only if all of the following criteria are demonstrable: The technical feasibility of completing the intangible asset so that it will be available for use or sale; The intention to complete the intangible asset and use or sell it; The ability to use the intangible asset or to sell it; The way in which the intangible asset will generate probable future economic benefits; The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and The ability to measure reliably the expenditure attributable to the intangible asset during its development. Where no internally generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred. All expenditure on the registration, renewal and maintenance of patents and trademarks is written off to the income statement as incurred.

    Other accounting policies

    Foreign currency translation The Company’s financial statements are presented in Pounds Sterling, which is the Company’s functional and presentation currency. Foreign currency monetary assets and liabilities are translated into Pounds Sterling at the rates of exchange prevailing at the balance sheet date. Transactions in foreign currencies are translated into Pounds Sterling at the rate of exchange prevailing at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. Leases The Company recognises a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost, being the initial amount of the lease liability adjusted for any lease payments made at or before commencement date. Lease liabilities are recorded at the present value of future lease payments. Leases are discounted at the Company’s incremental borrowing rate of 2.8%, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right of use assets are depreciated on a straight line basis over the lease term, or useful life if shorter. Interest is recognised on the lease liability, resulting in a higher finance cost in the earlier years of the lease term. Lease payments relating to low value assets or to short term leases are recognised as an expense on a straight line basis over the lease term. Short term leases are those with 12 months or less duration. Low value assets are those below a cost of £4,000. Taxation Current tax is based on taxable profit for the period. 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 periods and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that are relevant to the period. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Deferred tax is calculated at the tax rates which have been enacted or substantively enacted by the balance sheet date and are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is recognised in the income statement, except when it relates to items recognised directly to other comprehensive income or directly to equity. In this case, the deferred tax is also recognised in other comprehensive income or directly in equity, respectively. Pension contributions The Company operates a defined contribution scheme for its employees. The pension costs charged in the financial statements represent the contributions payable by the Company during the year. Investments Investments are stated at cost less provision for permanent diminution in value. Consolidated financial statements These financial statements present information about the Company as an individual undertaking and not about its Group. The Company is a wholly-owned subsidiary of Porvair plc and is included in the consolidated financial statements of Porvair plc, a company incorporated in England and Wales, which are publicly available. Consequently, the Company has taken advantage of the exemption from preparing consolidated financial statements under the terms of section 400 of the Companies Act 2006. Financial instruments Financial assets and financial liabilities are recognised in the Company’s balance sheet when the Company becomes a party to the contractual provisions of the instrument. (a) Trade and other receivables Trade and other receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade receivables is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. (b) Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less and bank overdrafts. (c) Trade and other payables Trade and other payables are not interest bearing and are initially recognised at fair value and subsequently held at amortised cost. Accounting standards in issue but not yet effective There are no IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Company.

SEAL ANALYTICAL LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 5 5

SEAL ANALYTICAL LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 December 2022 406,000 57,000 463,000
Additions 0 0 0
Disposals 0 0 0
Revaluations 0 0 0
Transfers 0 0 0
At 30 November 2023 406,000 57,000 463,000
Amortisation
At 1 December 2022 122,000 46,000 168,000
Charge for year 0 4,000 4,000
On disposals 0 0 0
Other adjustments 0 0 0
At 30 November 2023 122,000 50,000 172,000
Net book value
At 30 November 2023 284,000 7,000 291,000
At 30 November 2022 284,000 11,000 295,000

SEAL ANALYTICAL LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 December 2022 57,000 0 57,000
Additions 7,000 7,000
Disposals ( 9,000 ) ( 9,000 )
Revaluations
Transfers
At 30 November 2023 48,000 7,000 55,000
Depreciation
At 1 December 2022 53,000 53,000
Charge for year 2,000 2,000
On disposals ( 9,000 ) ( 9,000 )
Other adjustments
At 30 November 2023 46,000 46,000
Net book value
At 30 November 2023 2,000 7,000 9,000
At 30 November 2022 4,000 0 4,000

SEAL ANALYTICAL LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

5. Fixed assets investments note

10 Investments Shares in group undertakings £’000 Cost at 30 November 2022 and 30 November 2023 2,703 Provision for impairment As at 30 November 2022 495 Impairment in the year - At 30 November 2023 495 Net book value at 30 November 2023 2,208 Net book value at 30 November 2022 2,208 The Directors have considered the carrying value of investments and have concluded that it is supported by their underlying net assets. For the year ended 30 November 2023, there was no impairment of the investments and as at 30 November 2023 no further payments are due to be paid. The Company has the following subsidiary undertakings: Subsidiary undertakings Principal activity Country of incorporation % ordinary shares held and voting rights Pulse Instrumentation GmbH Rohasys B.V. Seal Analytical GmbH Sale of water analysis consumables Manufacture and sale of robotic sample handling systems Manufacture and sale of water analysis equipment and related consumables Germany Netherlands Germany 100% 100% 100%

SEAL ANALYTICAL LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

6. Stocks

2023 2022
£ £
Stocks 54,000 58,000
Total 54,000 58,000

SEAL ANALYTICAL LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

7. Debtors

2023 2022
£ £
Trade debtors 63,000 75,000
Other debtors 35,000 13,000
Total 98,000 88,000

SEAL ANALYTICAL LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

8. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 13,000 4,000
Taxation and social security 22,000 20,000
Accruals and deferred income 188,000 172,000
Total 223,000 196,000