PORVAIR FILTRATION LIMITED

Company Registration Number:
03115555 (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

PORVAIR FILTRATION 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

PORVAIR FILTRATION 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 that of an investment holding company. The Company is a private company limited by shares, is incorporated in England and Wales and is domiciled in England. The address of its registered office is 7 Regis Place, Bergen Way, King’s Lynn, PE30 2JN.

Political and charitable donations

Donations made by the Company for either charitable or political purposes were £nil (2022: £nil).

Additional information

Review of business and future developments The financial position of the Company at 30 November 2023 is considered to be satisfactory, and this is forecast to continue. Results and dividends The Company’s results for the year are shown on page 5. The result for the financial year is £4,750,000 profit (2022: £4,000,000 profit). The Company has paid a dividend in the year of £4,750,000 (2022: £4,000,000). The Directors do not recommend payment of a final dividend. Directors The Directors who were in office during the year and up to the date of signing the financial statements were as follows: B D W Stocks J A Mills Going concern The Directors have reviewed the cash flow forecast for the period ending 24 months from the balance sheet date. The forecast represents the Directors’ best estimate of the Company’s future performance, which is subject to inherent uncertainties. However, the forecast demonstrates that the Directors have a reasonable expectation that the Company will be able to meet its liabilities as they fall due, for a period of at least 12 months from the date of approval of these financial statements. Therefore, after due consideration of the risks and uncertainties associated with the business of the Company and, having made appropriate enquiries, the Directors have a reasonable expectation that the Company has adequate resources and has the ability to continue trading on normal terms of the business for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.



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


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

PORVAIR FILTRATION LIMITED

Profit And Loss Account

for the Period Ended 30 November 2023

2023 2022


£

£
Other operating income: 4,750,000 4,000,000
Operating profit(or loss): 4,750,000 4,000,000
Profit(or loss) before tax: 4,750,000 4,000,000
Profit(or loss) for the financial year: 4,750,000 4,000,000

PORVAIR FILTRATION LIMITED

Balance sheet

As at 30 November 2023

Notes 2023 2022


£

£
Fixed assets
Investments: 3 23,997,000 23,997,000
Total fixed assets: 23,997,000 23,997,000
Net current assets (liabilities):  
Total assets less current liabilities: 23,997,000 23,997,000
Creditors: amounts falling due after more than one year: 4 ( 4,008,000 ) ( 4,008,000 )
Total net assets (liabilities): 19,989,000 19,989,000
Capital and reserves
Called up share capital: 37,000 37,000
Other reserves: 14,698,000 14,698,000
Profit and loss account: 5,254,000 5,254,000
Total Shareholders' funds: 19,989,000 19,989,000

The notes form part of these financial statements

PORVAIR FILTRATION 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

PORVAIR FILTRATION 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

    Other accounting policies

    Basis of accounting The financial statements have been prepared in accordance with Financial Reporting Standard (FRS) 101 - Reduced Disclosure Framework. The financial statements have been prepared on a going concern basis and under the historical cost convention, in accordance with the Companies Act 2006. The following exemptions from the requirements of International Financial Reporting Standards (IFRS) have been applied in the preparation of these financial statements, in accordance with FRS 101 - Reduced Disclosure Framework: - paragraphs 45(b) and 46 to 52 of IFRS 2 - Share-based payment (details of the number and weighted-average exercise prices of share options and how the fair value of goods or services received was determined); - paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n) (ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 - Business Combinations; - paragraph 33(c) of IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations; - IFRS 7 - Financial Instruments: Disclosures; - paragraph 38 of IAS 1 - Presentation of Financial Statements to present comparative information in respect of: paragraph 79(a)(iv) of IAS 1 - Presentation of Financial Statements; paragraph 73(e) of IAS 16 - Property, Plant and Equipment; paragraph 118(e) of IAS 38 - Intangible Assets (reconciliations between the carrying amount at the beginning and end of the period); - paragraphs 10(d) (statement of cash flows), 10(f) (statement of financial position as at the beginning of the preceding period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements), 16 (statement of compliance with all IFRSs), 38A (requirement for minimum of two primary statements, including cash flow statements), 38B-D (additional comparative information), 40A-D (requirements for a third statement of financial position), 111 (cash flow statement information) and 134 to 136 (capital management disclosures) of IAS 1 - Presentation of Financial Statements; - IAS 7 - Statement of Cash Flows; - paragraphs 30 and 31 of IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective); - paragraph 17 of IAS 24 - Related Party Disclosures (key management compensation); - IAS 24 - Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member; and - paragraphs 130(f)(ii), 130(f)(iii), 134(d) to 134(f) and 135(c) to 135 (e) of IAS 36 - Impairment of Assets (disclosures when the recoverable amount is fair value less costs of disposal, assumptions involved in estimating recoverable amounts of cash generating units containing goodwill or intangible assets with indefinite useful lives and management’s approach to determining these amounts). Accounting judgements and key sources of estimation uncertainty The preparation of financial statements in conformity with FRS 101 - Reduced Disclosure Framework requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. The Directors consider that there are no critical areas of judgement or complexity, or areas where assumptions and estimates are significant in the financial statements. No new standards, amendments or interpretations, effective for the first time for the financial year beginning on or after 1 December 2022 have had a material impact on the Company. The principal accounting policies applied in the preparation of these financial statements are set out below: Going concern The Company meets its day-to-day working capital requirements through its cash reserves. The Company’s forecasts and projections, taking account of reasonably possible changes in trading performance show that the Company should be able to operate within the level of its current cash reserves for a period not less than 24 months from the date of approval of these financial statements. After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being not less than 24 months from the approval of these financial statements. The Company has the full financial support, including a letter of support, from its ultimate parent, Porvair plc, and the Directors are confident the Company’s group will continue its strategic objectives. The Company therefore continues to adopt the going concern basis in preparing its financial statements. Investments Investments are stated at cost less provision for permanent diminution in value. Consolidation 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. 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. Taxation 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.

PORVAIR FILTRATION LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

PORVAIR FILTRATION LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

3. Fixed assets investments note

Fixed asset investments Shares in subsidiary undertakings: Cost at 30 November 2022 and 30 November 2023 £23,997,000 The Company has the following subsidiary undertakings: Porvair Sciences Limited Design and manufacture of filter based disposables and instrumentation for use in the biotechnology market England and Wales 100% Porvair Filtration Group Limited Sale and manufacture of porous metal and plastic materials, specialist filtration and microfiltration products and filters England and Wales 100% Microfiltrex Limited Dormant England and Wales 100% * * shares owned by Porvair Filtration Group Limited All the companies listed above are registered at 7 Regis Place, Bergen Way, King’s Lynn, PE30 2JN, UK. The Directors believe that the carrying value of the investments is supported by their underlying net assets.

PORVAIR FILTRATION LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

4. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Other creditors 4,008,000 4,008,000
Total 4,008,000 4,008,000

The amounts owed to group undertakings relate to a loan balance with the parent company, Porvair plc, which is unsecured, interest free and has no fixed terms for repayment. The parent undertaking has confirmed that it will not seek repayment of these borrowings for a period of at least 12 months from the date of signing these financial statements.