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Registered number: 00658133










GRANT INSTRUMENTS (CAMBRIDGE) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

CONTENTS



Page
Company Information
 
 
1
Group Strategic Report
 
 
2 - 4
Directors' Report
 
 
5 - 7
Independent Auditors' Report
 
 
8 - 11
Consolidated Statement of Comprehensive Income
 
 
12
Consolidated Balance Sheet
 
 
13 - 14
Company Balance Sheet
 
 
15 - 16
Consolidated Statement of Changes in Equity
 
 
17 - 18
Company Statement of Changes in Equity
 
 
19 - 20
Consolidated Statement of Cash Flows
 
 
21 - 22
Consolidated Analysis of Net Debt
 
 
23
Notes to the Financial Statements
 
 
24 - 54


 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

COMPANY INFORMATION


Directors
M Davison 
S Endress (resigned 30 June 2024)
L J Chapman 
K V Barnes-Quinn 
L E Aichinger 




Company secretary
L E Aichinger



Registered number
00658133



Registered office
Evolution House Unit 2
Durham Way

Royston Gateway

Royston

SG8 5GX




Independent auditors
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ




Bankers
Barclays Bank Plc
4 Journey Campus

Castle Park

Cambridge

CB3 0AN




Solicitors
Birketts LLP
Providence House

141-145 Princes Street

Ipswich

Suffolk

IP1 1QJ




Page 1

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
During the period, the principal activity of the Group continued to be the design, manufacture, distribution and sale of thermostatic and agitative laboratory equipment and dataloggers, together with associated services, for Grant branded products and customer-specific applications.
The Group's purpose is to provide products and services that enable highly accurate preparation, measurement, heating and cooling in laboratory and industrial applications.

Business review
 
2023 saw Grant continue to hold strong in a globally unstable market. A reduction in turnover of 1% in a market where the Ukraine war continues, the Israel / Palestinian situation made the middle east precarious, the US faced economic uncertainty and the UK was knocking on the door of recession was a success. UK sales actually rose by 33% in the year whilst trade from outside of Europe fell by 57%, not unexpected given the state of the world economy. Gross profit rose to 38%, an improvement of 16% on 2022 and a level not seen since 2020.
The Company entered 2023 with bold plans to move into new premises by June, which it achieved with only a five-day pause in production.
Grant's previous home in Shepreth was an owned building dating back from 1970's. The building sold in November 2023 generating a Profit on Sale of Assets of £665k. The decision to move from Shepreth to a new facility in Royston was based on two areas - the age, rising maintenance costs and unsuitability of the Shepreth building and the production efficiencies that could be gained from a bespoke production facility. The cost of moving to Royston has not been insignificant, but represents an investment in the future of the business that had been overdue.
Costs include:
 
Fit out and plant and machinery
£2.10m
Balance Sheet
Annual site depreciation
£0.21m
P&L - Admin Expenses
Annual rents
£0.19m
P&L - Admin Expenses
One-off moving costs
£0.14m
P&L - Admin Expenses

The directors took further advantage of this year of change to reassess the employee base and right-size the Company putting it in the best position to take advantage when the world economy stabilises. Headcount reduced by 20% through both natural attrition and redundancies – incurring costs of £146k in 2023. However the ongoing positive impact from these redundancies for 2024 will be a reduction in overheads of £410k. 
Administrative expenses increased by £1.8m in the year, in line with budget, reflecting higher headcount going into 2023, increased sales and marketing effort and the addition of the Royston Facility running costs.
The impact on Profit Before Tax was a movement of £1.11m, reducing Profit before tax to £11k.  
The subsidiaries had varied experiences:
• Grant UK's move to Royston has continued to impact positively on the team, coupled with the permanent 
adoption of the four-day week
• Grant US recruited two new heads, but did not manage to generate increased sales due to the economic 
headwinds.
• Grant India performed well in the year, attaining their budget.

The move to Royston was initially funded by a mortgage which was repaid when the Shepreth site was sold for £2.5m. The funds from the sale were also used to settle the bank loan, pay £0.5m into the pension and pay for the remaining £2.1m fit out. 
 



Page 2

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This manoeuvring of assets and liabilities means the Group finishes the year in a state of the art facility, no bank debt, a reduction in the pension liability and a cash balance of just under £1m. The pension deficit reduced to £0.7m from £1m per the FRS 102 valuation. This represented a decrease in deficit from the extra payment, the result of asset and liability management offset by a slight increase in the deficit due to economic influences. The Company continues to work on activities which will minimise the fluctuations caused by these external factors, however cannot fully remove the risk of movement in either direction. 

Net assets held firm at £9.7m (2022: £10.2m).

Significant developments for our other associate companies were as follows:
Biosan SIA (50% owned) in Latvia experienced an 18% decrease in turnover from 2022, reflecting the 
negative impact from the war in Ukraine, with approximately 20% of their usual sales coming from Russia.  All sales are fully sanctions-compliant
Uniqsis Ltd (13% owned) the flow chemistry system business continues to generated profits each year.
Eltek Ltd (50% owned) showed increased sales and generated a small profit in the year.

Principal risks and uncertainties
 
The principal risks and uncertainties facing the Group are as follows:
• Continued recession in fudning of pharma and biotech research - customers are delaying or reducing 
investment in equipment. We are offsetting this by very active engagement with strategic accounts and 
continuing to engage with cost-effective marketing tactics..
• Increased competition - this remains a significant risk to the company and work continues in enhancing 
our competitive edge through improved delivery, best in class functionality and value for money pricing.
• Increased commodity prices and availability of components - this risk has receded with lower inflation but 
we continue to be alert for unforeseen issues.
• Retaining the right number of good quality staff - we focus on developing career pathways for our existing 
staff and providing the best value. The four-day working week has helped to some extent.
• Health and safety issues - these are regularly monitored and independently assessed.
• Economic uncertainty - mitigation is to be improved by expanding the breadth of markets and territories in 
which the company competes and continuing our natural hedging of currency wherever possible.
• Loss of key customers - we continue to monitor our key relationships and this will be further mitigated by
 diversification.
• Investment in product development - project and product management processes are being improved to 
ensure the best possible outcomes from development activities.
War in Ukraine - this is impacting the European economy and general demand for products. Our joint 
venture in Latvia, Biosan, have been greatly impacted, given their proximity to situation and with 
approximately 20% of their sales previously being into Russia.

Financial key performance indicators

2023
2022
Sales growth (%)



(1%)
 
(10%)
 
Sales per employee (£)



164k
 
143k
 
Gross profit percentage



38%
 
32%
 
Cash inflow / (outflow) (£)



(874k)
 
(585k)
 
Group underlying operating profit (before exceptional items) (£)



(505k)
 
731k
 
Company pension deficit as % of net assets before pension deficit



7%
 
9%
 

Page 3

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board on 24 September 2024 and signed on its behalf.







................................................
M Davison
Director

Page 4

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £11k (2022 - profit £1,059k).

The directors did not recommend the payment of a dividend in the year (2022: £Nil).

Directors

The directors who served during the year were:

M Davison 
S Endress (resigned 30 June 2024)
L J Chapman 
K V Barnes-Quinn 
L E Aichinger 

Page 5

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

There are a lot of exciting developments coming for Grant in 2024 and beyond. Projects started during 2022 and 2023 have paved the way for future growth and development of the company.
Our new facility is generating operational efficiencies through improved layouts and facilities. The site also allows room for future growth of the company. We are seeing this pay off in the size and type of projects that we can now attract.
There is still huge market potential in the USA, and stock levels in our US warehouse are tuned to provide shorter lead times for customers. However, the US pharma-bio economy is in recession which has put the brakes on growth plans for now.
Sales demand in the UK and Europe has again been slow for the first few months in 2024, but with strong focus on account management and marketing, we expect an increase in sales levels throughout the year. Projects are also starting to reduce the build costs for some of our core product groups, to maximise margins generated.
Our Controlled Rate Freezer is now launched with additional functionality, and is starting to make headway in the market.  We are working our way through the product portfolio refreshing look, feel and functionality and optimising the bill of materials where possible.  
Over the past three years we have reviewed every corner of the Grant Instruments Group, investing where necessary, optimising products and cost base wherever possible, ensuring that our employees are engaged, happy and healthy and positioning the Company in the most favourable position for the next stage in its life cycle. Whilst there is still more that can be done in this continuous improvement regime, the Company is in a great position to take advantage of whatever opportunities come our way. 

Engagement with employees

The Company has an employee intranet site where company information is shared with all employees. This includes quarterly results and objectives for all departments.

Qualifying third party indemnity provisions

During the year and up to the date of this report, directors' indemnity insurance was in place under a group policy. This covers all directors in the group.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 6

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Auditors

Under section 487(2) of the Companies Act 2006Price Bailey LLP were reappointed during the year and will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 24 September 2024 and signed on its behalf.
 







................................................
M Davison
Director

Page 7

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

Opinion


We have audited the financial statements of Grant Instruments (Cambridge) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 8

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANT INSTRUMENTS (CAMBRIDGE) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANT INSTRUMENTS (CAMBRIDGE) LIMITED (CONTINUED)


Auditors' 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 Auditors' 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 Group financial statements.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks, and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group and company.
Our approach was as follows:
• We considered the nature of the commercial activities undertaken and the business performance for the   year and held discussions with management.
• We obtained an understanding of the legal and regulatory requirements applicable to the group and    company and considered that the most significant are the Companies Act 2006, UK financial reporting    standards as issued by the Financial Reporting Council, UK taxation legislation and Health and Safety.
• We obtained an understanding of how the group and company complies with these requirements by    discussions with management and those charged with governance.
• We assessed the risk of material misstatement of the financial statements, including the risk of material    misstatement due to fraud and how it might occur, by holding discussions with management and those    charged with governance.
• We inquired of management and those charged with governance as to any known instances of non-   compliance or suspected non-compliance with laws and regulations.
• We discussed during the audit engagement team briefing regarding how and where fraud might arise in    the financial statements and any potential indication of fraud. We remained alert to any indication of fraud   or non- compliance with laws and regulations throughout the audit.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non- compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 10

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANT INSTRUMENTS (CAMBRIDGE) LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.







Shaun Jordan ACA (Senior Statutory Auditor)
for and on behalf of
Price Bailey LLP
Chartered Accountants
Statutory Auditors
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ

 
Date: 
24 September 2024
Page 11

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated
2023
2022
Note
£000
£000

  

Turnover
 4 
10,306
10,434

Cost of sales
  
(6,419)
(7,045)

Gross profit
  
3,887
3,389

Administrative expenses
  
(4,508)
(2,742)

Exceptional items
 12 
379
-

Other operating income
  
116
84

Operating (loss)/profit
 5 
(126)
731

Share of profit from associates
  
243
504

Net interest expense
 10 
(106)
(107)

Profit before tax
  
11
1,128

Tax on profit
 11 
(22)
(69)

(Loss)/profit for the financial year
  
(11)
1,059

Other comprehensive income for the year
  

Currency translation differences
  
(11)
163

Actuarial (losses)/gains on defined benefit pension scheme
  
(489)
3,932

Actuarial (losses)/gains on defined benefit pension scheme of associate
  
(19)
145

Other comprehensive income for the year
  
(519)
4,240

Total comprehensive income for the year
  
(530)
5,299

(Loss)/profit for the year attributable to:
  

Owners of the parent company
  
(11)
1,059

The notes on pages 24 to 54 form part of these financial statements.

Page 12

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
REGISTERED NUMBER: 00658133

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£000
£000

Fixed assets
  

Intangible assets
 13 
1,018
1,365

Tangible fixed assets
 14 
2,777
2,796

Investments
 15 
3,728
3,657

  
7,523
7,818

Current assets
  

Stocks
 16 
1,615
1,506

Debtors: amounts falling due within one year
 17 
1,888
2,134

Cash at bank and in hand
 18 
966
1,840

  
4,469
5,480

Creditors: amounts falling due within one year
 19 
(1,121)
(1,642)

Net current assets
  
 
 
3,348
 
 
3,838

Total assets less current liabilities
  
10,871
11,656

Provisions for liabilities
  

Other provisions
 21 
(521)
(492)

Net assets excluding pension liability
  
10,350
11,164

Pension liability
 26 
(682)
(966)

Net assets
  
9,668
10,198

Page 13

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
REGISTERED NUMBER: 00658133

CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£000
£000

Capital and reserves
  

Called up share capital 
 22 
691
691

Share premium account
 23 
1
1

Revaluation reserve
 23 
-
1,625

Capital redemption reserve
 23 
96
96

Foreign exchange reserve
 23 
209
220

Profit and loss account
 23 
8,671
7,565

  
9,668
10,198


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.




................................................
M Davison
Director

The notes on pages 24 to 54 form part of these financial statements.

Page 14

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
REGISTERED NUMBER: 00658133

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Intangible assets
 13 
1,018
1,365

Tangible assets
 14 
2,763
2,781

Investments
 15 
343
343

  
4,124
4,489

Current assets
  

Stocks
 16 
1,371
1,283

Debtors: amounts falling due within one year
 17 
1,960
2,072

Cash at bank and in hand
 18 
835
1,630

  
4,166
4,985

Creditors: amounts falling due within one year
 19 
(1,048)
(1,481)

Net current assets
  
 
 
3,118
 
 
3,504

Total assets less current liabilities
  
7,242
7,993

  

Provisions for liabilities
  

Other provisions
 21 
(522)
(492)

Net assets excluding pension liability
  
6,720
7,501

Pension liability
 26 
(682)
(966)

Net assets
  
6,038
6,535

Page 15

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
REGISTERED NUMBER: 00658133

COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000


Capital and reserves
  

Called up share capital 
 22 
691
691

Share premium account
 23 
1
1

Revaluation reserve
 23 
-
1,625

Capital redemption reserve
 23 
96
96

Profit and loss account
  
5,250
4,122

  
6,038
6,535


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.


................................................
M Davison
Director

The notes on pages 24 to 54 form part of these financial statements.

Page 16

 

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Foreign exchange reserve
Profit and loss account
Total equity


£000
£000
£000
£000
£000
£000
£000


At 1 January 2023
691
1
96
1,625
220
7,565
10,198



Comprehensive income for the year


Loss for the year
-
-
-
-
-
(11)
(11)


Currency translation differences
-
-
-
-
(11)
-
(11)


Remeasurement's of net defined benefit obligation
-
-
-
-
-
(489)
(489)


Remeasurement's of associates net defined benefit obligation
-
-
-
-
-
(19)
(19)

Total comprehensive income for the year
-
-
-
-
(11)
(519)
(530)


Transfers to profit and loss account
-
-
-
(1,625)
-
1,625
-



At 31 December 2023
691
1
96
-
209
8,671
9,668



The notes on pages 24 to 54 form part of these financial statements.

Page 17

 

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (AS RESTATED)
FOR THE YEAR ENDED 31 DECEMBER 2022



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Foreign exchange reserve
Profit and loss account
Total equity


£000
£000
£000
£000
£000
£000
£000


At 1 January 2022
691
1
96
1,670
17
2,424
4,899



Comprehensive income for the year


Profit for the year
-
-
-
-
-
1,059
1,059


Currency translation differences
-
-
-
-
163
-
163


Remeasurement's of net defined benefit obligation
-
-
-
-
-
3,932
3,932


Remeasurement's of associates net defined benefit obligation
-
-
-
-
-
145
145

Total comprehensive income for the year
-
-
-
-
163
5,136
5,299


Transfers to profit and loss account
-
-
-
(5)
-
5
-


Transfer between other reserves
-
-
-
(40)
40
-
-



At 31 December 2022
691
1
96
1,625
220
7,565
10,198



The notes on pages 24 to 54 form part of these financial statements.

Page 18

 

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity


£000
£000
£000
£000
£000
£000


At 1 January 2023
691
1
96
1,625
4,122
6,535



Comprehensive income for the year


Loss for the year
-
-
-
-
(8)
(8)


Remeasurement's of net defined benefit obligation
-
-
-
-
(489)
(489)

Total comprehensive income for the year
-
-
-
-
(497)
(497)


Transfer to profit and loss account
-
-
-
(1,625)
1,625
-



At 31 December 2023
691
1
96
-
5,250
6,038



The notes on pages 24 to 54 form part of these financial statements.

Page 19

 

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity


£000
£000
£000
£000
£000
£000


At 1 January 2022
691
1
96
1,670
(934)
1,524



Comprehensive income for the year


Profit for the year
-
-
-
-
1,079
1,079


Remeasurement's of net defined benefit obligation
-
-
-
-
3,932
3,932

Total comprehensive income for the year
-
-
-
-
5,011
5,011


Transfer to profit and loss account
-
-
-
(45)
45
-



At 31 December 2022
691
1
96
1,625
4,122
6,535



The notes on pages 24 to 54 form part of these financial statements.

Page 20

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated
2023
2022
£000
£000

Cash flows from operating activities

(Loss) / profit for the financial year
(11)
1,059

Adjustments for:

Amortisation of intangible assets
563
395

Depreciation of tangible assets
316
127

Gain on disposal of tangible assets
(665)
-

Interest paid
106
107

Taxation charge
22
69

(Increase) in stocks
(109)
(111)

Decrease/(increase) in debtors
246
(650)

(Decrease)/increase in creditors
(377)
136

Income from participating undertakings
(243)
(504)

Increase in provisions
29
363

Contributions to defined benefit pension scheme
(811)
(301)

Actuarial (losses)/gains on defined benefit pension scheme of associate
19
(145)

Corporation tax (paid)
(22)
(69)

Net exchange differences
(49)
158

Net cash (consumed)/generated from operating activities

(986)
634


Cash flows from investing activities

Purchase of intangible fixed assets
(216)
(811)

Purchase of tangible fixed assets
(2,133)
(905)

Sale of tangible fixed assets
2,500
-

Distributions received from investments in associates
171
646

Net cash from investing activities

322
(1,070)

Cash flows from financing activities

New secured loans
1,194
-

Repayment of loans
(1,336)
(136)

Interest paid
(68)
(13)

Net cash used in financing activities
(210)
(149)

Net (decrease) in cash and cash equivalents
(874)
(585)
Page 21

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated

2023
2022

£000
£000



Cash and cash equivalents at beginning of year
1,840
2,425

Cash and cash equivalents at the end of year
966
1,840


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
966
1,840


The notes on pages 24 to 54 form part of these financial statements.

Page 22

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£000

£000

£000

Cash at bank and in hand

1,840

(874)

966

Debt due within 1 year

(142)

142

-


1,698
(732)
966

The notes on pages 24 to 54 form part of these financial statements.

Page 23

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Grant Instruments (Cambridge) Limited is a private company limited by shares incorporated in England and Wales. The registered office is located at Evolution House Unit 2, Durham Way, Royston Gateway, Royston, Hertfordshire, SG8 5GX.
The principal activity of the company during the year was the manufacture, distribution and sale of thermostatic and agitative laboratory equipment and dataloggers, together with associated services, for Grant branded products and customer specific applications.

2.Accounting policies

  
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The company's loss for the year was £8k (2022 - profit of £1,079k).
The following principal accounting policies have been applied:

  
2.2

Reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing the company's individual financial statements, as permitted by the FRS 102:
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements.
The Company has taken advantage of the exemption contained within section 408 of the Companies
Act 2006 not to present its own profit and loss account.

 
2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 24

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

The group reports a total comprehensive loss for the year of £530k (2022 - profit of £5,299k),  net current assets of £3,348k (2022 - £3,838k) and net assets of £9,668k (2022 - £10,198k). The balance sheet position has deteriorated slightly during the year by £530k (2022 – improvement of £5,299k) made up in part by movements in the pension liability coupled with the results from the underlying trading performance from both the UK and overseas. The pension liability is not expected to crystallise in the foreseeable future. There were no outstanding bank loans at year end (2022 - £142k). 
The group has had a good relationship with Barclays and the bank has been consistently supportive. 
The principal risks and uncertainties facing the business are outlined in the strategic report. The group has continued to be impacted by the instability in the global markets which is expected to have some further impact into 2024. However, costs are being carefully monitored and savings made where possible to preserve cash. The directors have prepared budgets and cash flow forecasts that include reduced sales forecasts and scheduled payments for the defined benefit pension scheme, and are confident the Group will have sufficient cash to continue as a going concern for at least 12 months from the date of approval of these financial statements. 
There is always an uncertainty when preparing business forecasts, and the directors recognise that the current economic conditions potentially increase the level of uncertainty when preparing cashflow and trading forecasts. However, given the current trading results of the business and the previous success of the business in adapting to revised working practices, the directors do not believe that uncertainty to be material or cast significant doubt over the Group's ability to continue to trade or meet its liabilities as they fall due. Accordingly, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.5

Investments in subsidiaries, associates and joint ventures

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less the 50% of the voting powers of an entity but contols the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting. Dividends received and receivable from participating interests are credited to the carrying value of the investment.
In the consolidated accounts, interests in associated undertakings where significant influence is not exerted are held at cost less accumulated impairment losses.
Any other investments are held at cost less accumulated impairment losses.

Page 25

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

In the normal course of business, this is upon shipment of goods to the customer.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
3
years from the date of project completion
Website costs
-
5
years

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 26

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
25 to 40 years
Leasehold property
-
over life of the lease - 10 years
Plant and machinery
-
2 to 5 years
Motor vehicles
-
3 to 6 years
Fixtures and fittings
-
2 to 10 years
Computer equipment
-
2 to 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Research and development

Research costs are charged to the statement of comprehensive income when incurred, Development costs are capitalised as an intangible asset where the Group can demonstrate:
-  the technical feasibility of completing the asset so that it is available for use;
-  its intention to complete the asset and use or sell it;
-  its ability to use or sell the asset;
-  that the developed asset will generate probably future economic benefits;
-  the availability of adequate technical, financial and other resources to complete the      development and to use or sell the asset; and
-  its ability to measure reliably the expenditure attributable to the asset.
Such capitalised costs are amortised over the period the Group expects to benefit from the asset (generally three years). Where these criteria are not met, research and development costs are expensed as incurred.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 27

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.13

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Page 28

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 29

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Finance costs

Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.17

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard to continue to be charged over the period to the first market rent review rather than the term of the lease.

Page 30

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Defined benefit pension plan

The Group operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance Sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Group's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

  
2.19

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.

Page 31

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.20

Interest income

Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.

 
2.21

Borrowing costs

All borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the year in which they are incurred.

 
2.22

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.23

Government grants

Grants are accounted for using the performance model as permitted by FRS 102. Any grants received that impose specified future performance-related conditions are recognised in income only when the performance related conditions are met.

 
2.24

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 32

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.25

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS 102 requires the directors to make significant judgements and estimates.
Critical judgements in applying the group's accounting policies:
- Assessing whether the group controls or has significant influence over Eltek Limited and Biosan SA requires judgement. The group holds 50% voting rights in each company but does not have full control over the operating and financial policies of these entities. The group has directors on each board and has some input in the running of the companies. Accordingly, the directors believe the group has significant influence over these entities, but not control.
Key accounting estimates and assumptions:
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year include:
- The group has an obligation to pay pension benefits to certain employees as well as ex-employees. The cost of these benefits and the present value of the obligation depend on a number of factors including life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the statement of financial position. The assumptions represent historical experience and current trends. For details on the assumptions adopted, see note 26.
- Estimation of provision for warranty claims in respect of products sold which are still under warranty at the end of the reporting period. Management estimates the related provision for future warranty claims based on historical warranty claim information as well as recent trends that might suggest that past cost information might differ from future claims.
- Provision for slow moving and obsolete stock lines. Factors that could impact the estimate of the provision include future demand of the stock lines and changes in regulations that could impact the materials used in production of the stock items.

Page 33

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

The whole of the turnover is attributable to the principal activity of the business.

Analysis of turnover by country of destination:

2023
2022
£000
£000

United Kingdom
5,144
3,876

Europe
4,038
3,911

Rest of the world
1,125
2,647

10,307
10,434



5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
2022
£000
£000

Exchange differences
65
(66)

Other operating lease rentals
8
10

Depreciation of tangible fixed assets
316
125

Amortisation of intangible assets, including goodwill
563
395


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£000
£000

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
36
29

Page 34

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000


Wages and salaries
2,849
2,540
2,552
2,343

Social security costs
279
261
255
246

Cost of defined contribution scheme
259
256
253
254

3,387
3,057
3,060
2,843


Key management personnel compensation amounted to £301k (2022 - £290k).

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Sales
3
13



Production
31
47



Admin & Finance
29
19

63
79


8.


Directors' remuneration

2023
2022
£000
£000

Directors' emoluments
252
238

Group contributions to defined contribution pension schemes
49
53

301
291


During the year retirement benefits were accruing to 4 directors (2022 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £124k (2022 - £120k).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £42k (2022 - £47k).

Page 35

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Income from investments

2023
2022
£000
£000

Share of profit from associates
243
504







10.


Interest payable and similar expenses

2023
2022
£000
£000


Financing charge
-
13

Mortgage interest payable
68
-

Net interest on net defined benefit liability
38
94

106
107

Page 36

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
15
69

Tax on franked investment income
7
-


Total current tax
22
69

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

As restated
2023
2022
£000
£000


Profit on ordinary activities before tax
11
1,128


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
3
214

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
19
9

Capital allowances for the in excess of depreciation
(251)
79

Income not taxable
(2)
(58)

Adjustment in research and development tax credit leading to a decrease in the tax charge
(47)
(315)

Amounts relating to other comprehensive income
(181)
(21)

Deferred tax not recognised on losses
552
192

Exempt AGBH distributions
(56)
(95)

Other differences leading to an increase (decrease) in the tax charge
(15)
64

Total tax charge for the year
22
69

Page 37

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

The unrecognised deferred tax balance at the balance sheet date is made up as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000


Capital allowances in excess of depreciation / amortisation
(230)
261
(230)
261

Other
(171)
(184)
(171)
(184)

Trading losses
(1,079)
(417)
(1,079)
(417)

Chargeable gains
-
65
-
65

(1,480)
(275)
(1,480)
(275)

The deferred tax assets will be realised when sufficient taxable profits have been generated to offset against the losses and allow the timing difference to reverse. The deferred tax asset has not been recognised due to the level of certainty as to when these events will occur.


12.


Exceptional items

2023
2022
£000
£000


Gain on disposal of freehold property
(665)
-

Redundancy costs
146
-

One-off moving costs to new leasehold property
140
-

(379)
-

Page 38

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets

Group





Development expenditure
Computer software
Total

£000
£000
£000



Cost


At 1 January 2023
1,770
222
1,992


Additions
206
10
216



At 31 December 2023

1,976
232
2,208



Amortisation


At 1 January 2023
440
187
627


Charge for the year on owned assets
552
11
563



At 31 December 2023

992
198
1,190



Net book value



At 31 December 2023
984
34
1,018



At 31 December 2022
1,330
35
1,365



Page 39

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
           13.Intangible assets (continued)

Company




Development expenditure
Computer software
Total

£000
£000
£000



Cost


At 1 January 2023
1,770
222
1,992


Additions
206
10
216



At 31 December 2023

1,976
232
2,208



Amortisation


At 1 January 2023
440
187
627


Charge for the year
552
11
563



At 31 December 2023

992
198
1,190



Net book value



At 31 December 2023
984
34
1,018



At 31 December 2022
1,330
35
1,365

Amortisation on intangible assets is charged to admin expenses.

Page 40

 


 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


14.


Tangible fixed assets


Group







Freehold property
Leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£000
£000
£000
£000
£000
£000
£000



Cost or valuation


At 1 January 2023
2,000
857
931
32
235
56
4,111


Additions
-
1,795
107
16
198
17
2,133


Disposals
(2,000)
-
(271)
-
(207)
(4)
(2,482)



At 31 December 2023

-
2,652
767
48
226
69
3,762



Depreciation


At 1 January 2023
134
21
892
23
197
48
1,315


Charge for the year on owned assets
56
167
37
3
44
9
316


Disposals
(190)
-
(269)
-
(183)
(4)
(646)



At 31 December 2023

-
188
660
26
58
53
985



Net book value



At 31 December 2023
-
2,464
107
22
168
16
2,777



At 31 December 2022
1,866
836
39
9
38
8
2,796



Page 41

 


 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


Company







Freehold property
Leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£000
£000
£000
£000
£000
£000
£000

Cost or valuation


At 1 January 2023
2,000
857
931
20
223
49
4,080


Additions
-
1,795
107
16
198
15
2,131


Disposals
(2,000)
-
(271)
-
(207)
(4)
(2,482)



At 31 December 2023

-
2,652
767
36
214
60
3,729



Depreciation


At 1 January 2023
134
21
892
20
191
41
1,299


Charge for the year on owned assets
56
167
37
2
40
11
313


Disposals
(190)
-
(269)
-
(183)
(4)
(646)



At 31 December 2023

-
188
660
22
48
48
966



Net book value



At 31 December 2023
-
2,464
107
14
166
12
2,763



At 31 December 2022
1,866
836
39
-
32
8
2,781






Page 42

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets (continued)

The freehold property was pledged as security for bank loans and pension liability.
Group and company
The freehold land and buildings were revalued on 18 May 2021 by Eddisons (incorporating Barker Storey Matthews), Chartered Surveyors. The basis of valuation used was the existing use value as at 31 December 2020. During the year to 31 December 2023 the company sold the freehold property.
If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£000
£000
Cost

-

1,002
 
Accumulated depreciation

-

(846)
 
Net book value
-

156
 

Page 43

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Fixed asset investments

Group





Investments in associates (As restated)

£000



Valuation


At 1 January 2023
3,662


Distributions received
(171)


Foreign exchange movement
18


Actuarial (losses)/gains on defined benefit pension scheme
(19)


Share of profit/(loss)
243



At 31 December 2023

3,733



Impairment


At 1 January 2023
5



At 31 December 2023

5



Net book value



At 31 December 2023
3,728



At 31 December 2022
3,657

Page 44

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company





Investments in subsidiary companies
Investments in associates
Total

£000
£000
£000



Cost or Valuation


At 1 January 2023
36
312
348



At 31 December 2023

36
312
348



Impairment


At 1 January 2023
-
5
5



At 31 December 2023

-
5
5



Net book value



At 31 December 2023
36
307
343



At 31 December 2022
36
307
343

Page 45

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Grant USA Inc
2750 Constitution Blvd, Beaver Falls, PA 15010, United States
Sale of equipment
Ordinary
100%
Grant Instruments India Private Limited
SG-6, Plot No.9 (D) Aditya Mega Mall Central Business District (East), Karkarooma, Delhi, India
Sale of equipment
Ordinary
100%
Grant DAQ Solutions Limited
Evolution House Unit 2, Durham Way, Royston Gateway, Royston, Hertfordshire, SG8 5GX.
Dormant
Ordinary
100%
Grant Instruments Europe B.V.
Strawinskylaan 411, WTC Tower A, 4th Floor, 1077 XX Amsterdam, Netherlands
Sale of equipment
Ordinary
100%


Associate undertakings


The following were associates of the Company:


Name

Registered office

Principal activity

Class of shares

Holding

Eltek Limited
35 Barton Road, Haslingfield, Cambridge, CB23 1LL
Manufacture of scientific equipment
Ordinary
50%
Biosan SA
Ratsupites iela 7 k-2, Riga, LV-1067
Manufacture of laboratory equipment
Ordinary
50%
Uniqsis Limited
Unit 1, Lime Tree Barn, Foxes Bridge Farm, Royston Lane, Comberton, Cambridge, CB23 7EE
Sales of scientific equipment
Ordinary
13%

Page 46

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Stocks
647
684
785
780

Work in progress
18
15
18
15

Finished goods and goods for resale
950
807
568
488

1,615
1,506
1,371
1,283


The difference between purchase price or production cost of stocks and their replacement cost is not material.


17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Due within one year

Trade debtors
1,674
1,582
1,512
1,346

Amounts owed by group undertakings
-
-
244
241

Other debtors
84
449
74
382

Prepayments and accrued income
130
103
130
103

1,888
2,134
1,960
2,072



18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Cash at bank and in hand
966
1,840
835
1,630


Page 47

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Bank loans
-
142
-
142

Trade creditors
763
1,048
699
962

Amounts owed to associated undertakings
-
-
-
5

Other taxation and social security
65
64
65
64

Other creditors
88
120
87
68

Accruals and deferred income
205
268
197
240

1,121
1,642
1,048
1,481



20.


Borrowings


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Amounts falling due within one year

Bank loans
-
142
-
142




The bank loan was secured by a fixed legal charge over the company's freehold property; it was repayable in monthly instalments over the period until November 2023. The interest on the loan was fixed at 4.41% per annum. All bank loans were repaid as at 31 December 2023.


21.


Provisions


Group



Warranty provision
Dilapidation provision
Total

£000
£000
£000





At 1 January 2023
137
355
492


Charged to profit or loss
9
-
9


Other movements
-
21
21



At 31 December 2023
146
376
522

Page 48

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company


Warranty provision
Dilapidation provision
Total

£000
£000
£000





At 1 January 2023
137
355
492


Charged to profit or loss
9
-
9


Other movements
-
21
21



At 31 December 2023
146
376
522

Warranty provision
Warranty provisions are made up of estimated warranty claims in respect of products sold which are still under warranty at the end of the reporting period. These claims are expected to be utilised in the next three financial years.
Dilapidation provision
Dilapidation provisions relate to unavoidable dilapidation costs expected to be incurred on property.


22.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



691,360 Ordinary shares of £1.00 each
691
691

There is a single class of ordinary shares. There are restrictions on dividends and the repayment of capital while the defined benefit pension scheme remains in a deficit position.


Page 49

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Reserves

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Revaluation reserve

This reserve is used to record increases in the fair value of the freehold property. The property was sold in the year which resulted in a release of the revaluation reserve.

Capital redemption reserve

Capital redemption reserve represents the nominal value of shares repurchased and cancelled by the company.

Foreign exchange reserve

Comprises translation differences arising from the translation of financial statements of the Group's foreign entities into Sterling (£).

Profit and loss account

Includes all current and prior period retained profits and losses.


24.


Prior year adjustment

Following a review by the directors during the year the comparative Consolidated Statement of Comprehensive Income has been restated to correctly show transactions with associates. This change has resulted in profit for the year decreasing from £1,338k to £1,059k and other comprehensive income increasing from £3,961k to £4,240k. The restatement has no impact on the overall net assets of the Group.


25.


Capital commitments

At 31 December 2023 the Group and Company had contracted for, but not provided in these financial statements for capital expenditure totalling £NIL (2022 - £1,462k).

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GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Pension commitments

The Group operates a Defined Benefit Pension Scheme.

The group operates a defined benefit pension scheme. The latest actuarial valuation of the scheme was carried out by a qualified independent actuary and issued on 2 February 2024 for the purpose of performing a valuation for FRS 102 accounting purposes.
The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £811k (2022: £301k).
Scheme assets are stated at their market values at the respective dates. No assets included in the fair value of plan assets are the entity's own financial instruments or are properties occupied or used by the entity.
The Group also operates a defined contribution pension scheme. The assets of this scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £253k (2022: £256k). Contributions totalling £23k (2022: £19k) were payable to the fund at the balance sheet date and are included in creditors.



Reconciliation of present value of plan liabilities:


2023
2022
£000
£000



At the beginning of the year
12,021
17,835

Interest cost
539
331

Actuarial gains/losses
513
(5,479)

Benefits paid
(765)
(666)

At the end of the year
12,308
12,021


Page 51

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
26.Pension commitments (continued)


Reconciliation of present value of plan assets:


2023
2022
£000
£000


At the beginning of the year
11,055
12,730

Interest income
501
237

Return on plan assets excluding interest income
24
(1,547)

Employer Contributions
811
301

Benefits paid
(765)
(666)

At the end of the year
11,626
11,055


Composition of plan assets:


2023
2022
%
%


Equities and property
35
28

Fixed interest bonds
4
3

Corporate bonds
21
13

LDI
30
32

Cash and other
10
24

Total plan assets
100
100

2023
2022
£000
£000


Fair value of plan assets
11,626
11,055

Present value of plan liabilities
(12,308)
(12,021)

Net pension scheme liability
(682)
(966)

Page 52

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
26.Pension commitments (continued)


The amounts recognised in the statement of comprehensive income:

2023
2022
£000
£000


Net interest on net defined benefit liability
38
94



Amounts recognised in other comprehensive income:

2023
2022
£000
£000


Actual return on plan assets less interest income on scheme assets
24
(1,547)

Actuarial (losses) / gains
(513)
5,479

Remeasurement (losses) / gains recognised in Other Comprehensive Income
(489)
3,932





Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023
2022
%
%
Discount rate


4.31

4.63
 
Price inflation (RPI)


3.15

3.18
 
Price inflation (CPI)


2.65

2.68
 
Deferred pension revaluation


2.65

2.68
 
Rate of increase in pensions in payment CPI index-linked up to 3% p.a.


2.19

2.21
 
Rate of increase in pensions in payment CPI index-linked up to 5% p.a.


2.63

2.65
 



 



 
Mortality rates - male


100% of S3PMA

100% of S3PMA
 
Mortality rates - female


100% of SP3FA

100% of SP3FA
 
Cash commutation (% of members)


75

75
 





Page 53

 
GRANT INSTRUMENTS (CAMBRIDGE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Not later than 1 year
297
202
266
181

Later than 1 year and not later than 5 years
1,067
1,036
1,048
1,036

Later than 5 years
884
1,142
884
1,142

2,248
2,380
2,198
2,359


28.


Related party transactions

In respect of Eltek Limited, a company in which Grant Instruments (Cambridge) Limited holds a 50% interest, there were the following transactions, sales of products £971k (2022: £Nil) and purchase of product of £391k (2022: £22k). At the end of the year there were no amounts due to or from Eltek Limited (2022: £Nil).
In respect of Biosan SIA, a company in which Grant Instruments (Cambridge) Limited holds a 50% interest, there were the following transactions, sales of products £119k (2022: £135k) and purchase of product of £2,301k (2022: £2,557k). Dividends of £171k (2022: £646k) were received in the year. At the end of the year there was a net amount due to SIA Biosan of £372k (2022: £414k).
In respect of Uniqsis Limited, a company in which Grant Instruments (Cambridge) Limited holds a 13% participating interest, there were the following transactions: rental, recharges and sales of products and development services of £29k (2022: £112k) and purchase of products of £Nil (2022: £3k). At the year-end there were no amounts due to or from Uniqsis Limited (2022: £4k due from Uniqsis).


29.


Controlling party

In the opinion of the directors, there is no overall controlling party.


Page 54