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REGISTERED NUMBER: 07284911 (England and Wales)










STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ADVANCED INSTRUMENTS LTD.

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Strategic Report 1

Report of the Director 3

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 6

Balance Sheet 7

Notes to the Financial Statements 8


ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The director presents her strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
Advanced Instruments Ltd. ("AI") has continued to manufacture and distribute its instruments to customers in the clinical and bio pharma end markets.

The company's performance for the year ended 31 December 2023 showed total revenues of £15.4m, a decrease of 5% on the year ended 31 December 2022. The decrease in sales was driven by a reduction in Solentim portfolio revenues in China and other key markets, partly offset by expanded sales and distribution of the Osmometer portfolio. Demand for capital equipment in the bio pharma end market began to slow down in 2022 following very robust buying in 2021. Those soft markets for capital equipment in bio pharma persisted into 2023.

The company generated losses before interest, taxation, depreciation and amortisation (negative "EBITDA") of £1.5m (2022: £2.8m of positive EBITDA).

In the view of the director, the company's key accomplishments, against the high-level strategic objectives for its group, have been:
- To continue to serve our customers in the important UK clinical and biopharma markets with timely delivery of
high-quality products.
- To prepare the company for increased investment in research and development.

Beginning in July of 2022, AI expanded its distribution of the Osmometer portfolio of products of Advanced Instruments LLC (US), (the sole shareholder of Advanced Instruments Holdings Ltd,) to certain European countries/customers in the clinical and biopharma end markets.

During the year, the company impaired its investment in Advanced Instruments (Shanghai) Technology Co. Ltd by £3.1m. As a result of the impairment of investment in our China subsidiary, the company has reported increased losses in its financial statements. The impairment has been driven by a downturn in the market in China, which has significantly affected the value of this investment, necessitating an adjustment to the carrying amount. Consequently, the company's financial performance has been negatively impacted, reflecting the reduced recoverable amounts of this investment. This adjustment ensures that the financial statements accurately represent the current value of the company's assets and comply with relevant accounting standards. Future projections indicate that, while the performance levels will not return to their previous highs, they are expected to remain stable in the upcoming years. The impairment will be recoverable if market conditions improve, we will continue to monitor the economic landscape moving forward.

PRINCIPAL RISKS AND UNCERTAINTIES
Geopolitical events and security of supply
With the increasing prevalence of supply chain disruptions across the industry, the company has sought to mitigate supply chain risk by increasing both inventory levels and committed purchase orders.

Product and market risk
The company is in a very competitive market. It must continue to innovate its products to maintain a leadership position with customers in the cell line development space.

Regulatory risks
Due to the nature of the industry in which we operate, the company is exposed to traditional regulatory risks (associated with the ongoing compliance of its business operations and products). Internal quality and regulatory issues are a core commitment of the Board, so suitable skills and experience are brought to bear to ensure that associated risks are managed.

Economic risks
Financial risks, which are primarily associated with the collectability of accounts receivable, and recoverability of inventory acquired to support key customers. These risks are appropriately managed through detailed oversight of our expert finance team.


ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

ANALYSIS OF KEY FINANCIAL PERFORMANCE INDICATORS

Performance measure 2023 2022 Movement % Commentary

Revenue £m 15.4 16.1 (5 ) The decrease in revenue was
driven by a reduction in sales of the
Solentim portfolio instruments,
partly offset by increased
Osmometer revenues.

Gross profit £m 5.1 8.3 (39 ) Gross profit decreased due to the
reduction in Solentim portfolio
revenues. Additionally, inventory
provisions were recorded to
address excess and obsolescence
risk.

Gross margin % 33 51 (35 ) A combination of lower instrument
revenues and increasing purchase
costs resulting in a reduced gross
margin.

Operating profit £m (2.9 ) 2.6 (214 ) The reduction in gross profit and
the increase in operating expenses,
drove the reduction in operating
profit. The current year also
includes £1.0m of goodwill
amortisation (2022: £nil).

EBITDA £m (1.5 ) 2.8 (153 ) The reduction in operating profit
drove the reduction in EBITDA.

AREAS DEEMED TO BE OF KEY STRATEGIC IMPORTANCE
Long-range plans
We have a long-range plan for the business that includes continued investment in research and development staff to continuously innovate our products (to meet the needs of our customer base) and to continue to expand our distribution capabilities and reach across Europe.

Employees
To achieve our long range plans we need to attract and retain a talented workforce. We want to provide a challenging and stimulating workplace to both retain, develop and attract new team members.

Business relationships
We are committed to maintain strong relationships with our customers and suppliers. For our customers we seek to understand their unique needs, and to continuously innovate and bring those customers products and services to improve their workflows. Similarly, to serve those customers we need strong relationships with our suppliers to ensure that they are in a position to continue to meet our needs.

Community and environment
We are committed to supporting our community and reducing our CO2 emissions through various means.

FINANCIAL INSTRUMENTS
The company has an interest-free, unsecured loan from its parent company of £11,972,754. The loan is repayable on demand. As described in note 2 to the financial statements, the director has obtained confirmation from the parent company that it will not require repayment of the loan in the foreseeable future. The director considers the exposure to credit, liquidity and cash flow risk to be limited.

SIGNED BY THE DIRECTOR:





S M Hanlon - Director


23 January 2025

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023


The director presents her report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
S M Hanlon has held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

N Pomeroy - appointed 12 June 2023

N Pomeroy ceased to be a director after 31 December 2023 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen, in accordance with the Companies Act 2006 s414C(11), to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

SIGNED BY THE DIRECTOR:





S M Hanlon - Director


23 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ADVANCED INSTRUMENTS LTD.


Opinion
We have audited the financial statements of Advanced Instruments Ltd. (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ADVANCED INSTRUMENTS LTD.


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Based on our understanding of the company and industry, we considered the risk of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed included:

- Enquiring of management whether there were instances of non-compliance with laws and regulation or fraud;
- Review of legal expenses for evidence of fees relating to non-compliance;
- Review of provision estimates to ensure not influenced by management bias;
- Review of journal entries, non-sales bank receipts and non-purchase bank payments for unusual accounting
entries; and
- Cut off procedures to confirm that revenue from goods and services had been recognised as revenue in the
correct period.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by for example, forgery or intentional misrepresentations, or through collusion.

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 Report of the Auditors.

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 2006. Our 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 a Report of the Auditors 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.




Christian Heeger BSc FCA (Senior Statutory Auditor)
for and on behalf of Galloways Accounting
Statutory Auditor
15 West Street
Brighton
East Sussex
BN1 2RL

28 January 2025

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
as restated
Notes £    £    £    £   

TURNOVER 3 15,366,122 16,134,300

Cost of sales 10,300,104 7,858,282
GROSS PROFIT 5,066,018 8,276,018

Distribution costs 258,437 267,903
Administrative expenses 7,764,765 5,455,186
8,023,202 5,723,089
(2,957,184 ) 2,552,929

Other operating income 38,972 -
OPERATING (LOSS)/PROFIT (2,918,212 ) 2,552,929

Interest receivable and similar income 5,001 855
(2,913,211 ) 2,553,784
Amounts written off investments 5 3,067,203 -
(5,980,414 ) 2,553,784

Interest payable and similar expenses 6 8,606 -
(LOSS)/PROFIT BEFORE TAXATION 7 (5,989,020 ) 2,553,784

Tax on (loss)/profit 8 993,887 (1,610,571 )
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (6,982,907 ) 4,164,355

Retained earnings at beginning of year as
previously reported

11,865,207

7,438,412

Prior year adjustment - corrections of
material errors

9

(262,440

)

-

RETAINED EARNINGS AT END OF YEAR 4,619,860 11,602,767

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 4,074,208 5,121,771
Tangible assets 11 1,016,477 543,836
Investments 12 9,197,388 12,203,727
14,288,073 17,869,334

CURRENT ASSETS
Stocks 13 4,268,299 5,684,732
Debtors 14 5,178,556 3,839,572
Cash at bank and in hand 1,796,099 815,265
11,242,954 10,339,569
CREDITORS
Amounts falling due within one year 15 20,742,264 16,504,440
NET CURRENT LIABILITIES (9,499,310 ) (6,164,871 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,788,763

11,704,463

CREDITORS
Amounts falling due after more than one
year

16

(45,597

)

-

PROVISIONS FOR LIABILITIES 18 (123,297 ) (101,687 )
NET ASSETS 4,619,869 11,602,776

CAPITAL AND RESERVES
Called up share capital 19 9 9
Retained earnings 20 4,619,860 11,602,767
SHAREHOLDERS' FUNDS 4,619,869 11,602,776

The financial statements were approved by the director and authorised for issue on 23 January 2025 and were signed by:





S M Hanlon - Director


ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911)

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


1. STATUTORY INFORMATION

Advanced Instruments Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07284911

Registered office: Solent House
Johnson Road
Fernside Business Park
Wimborne
Dorset
BH21 7SE

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company is the manufacture and sale of cell line development instruments and associated services.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The company's balance sheet position of net current liabilities of £9,499,310 represents the impact of the funding terms for the investment made to acquire Advanced (Shanghai) Technology Co., Ltd. The funding for this investment was obtained through the £11,972,754 loan as disclosed in note 15. While the terms of this loan specify it is repayable on demand, a letter of support has been provided by the parent company, confirming repayment of the loan will not be demanded in the near future.

The director's assessment of going concern takes into account the representation provided in the letter of support in conjunction with their assessment of the Advanced Instruments LLC group's ability to provide such support. Group cash flow forecasts have provided the director with confidence the group will have no need for the loan to be repaid up the chain to LLC in the near future.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Advanced Instruments Ltd. as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Advanced Instruments Holdings Ltd, 5th Floor One New Change, London EC4M 9AF.

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911)

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


2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

i. Dilapidation provision
Provision is made for dilapidations. This requires management’s best estimate of the expenditure that will be incurred based on contractual requirements. The provision has been calculated using market data for properties of a similar nature.

ii. Investments valuation
Annually, the company considers whether investments in subsidiaries may be impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating unit (CGU).

This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows. The recoverable amount of the CGUs is a source of significant estimation uncertainty and determining this involved the use of significant assumptions.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of machines and consumables is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from service agreements is recognised on a straight line basis over the service agreement. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Goodwill
Goodwill arising on a hive up of trade and assets from a subsidiary is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 5 years. The reason for choosing this period is to reflect the changing drug development patterns of customers. Provision is made for any impairment.

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.

The estimated useful lives range as follows (pending patents are not amortised):

Patents and licences - 5% on cost

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 20% on cost
Plant and machinery - 33% on cost, 20% on cost and 10% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 50% on cost and 33% on cost

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.

Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Stock is valued on a first in, first out basis. Work in progress and finished goods are valued for direct material only, and do not include labour or 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 is recognised immediately in the profit and loss.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.

Short term debtors and creditors are measured at the transaction price. Other financial instruments, including loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Research and development tax credit
The R&D tax credit is recognised when it is certain that the tax credit in relation to research and development carried out will be received.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911)

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


2. ACCOUNTING POLICIES - continued

Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence are all recognised an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequent amortised on a straight line basis over their useful economic lives.

Foreign currencies translation
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
as restated
£    £   
United Kingdom 5,820,943 3,723,612
Europe 4,370,049 1,412,059
United States of America 2,623,647 6,637,647
Asia 2,518,729 4,238,265
Australasia 32,754 122,717
15,366,122 16,134,300

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911)

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


3. TURNOVER - continued

Turnover is categorised as following:

20232022
££
as restated
Sale of goods13,657,19915,195,670
Rendering of services1,708,923938,630
15,366,12216,134,300

4. EMPLOYEES AND DIRECTORS
2023 2022
as restated
£    £   
Wages and salaries 4,056,985 3,838,271
Social security costs 463,460 439,106
Other pension costs 155,972 139,939
4,676,417 4,417,316

The average number of employees during the year was as follows:
2023 2022
as restated

Production 44 40
Distribution 8 7
Service 8 5
Administration and management 17 17
77 69

2023 2022
as restated
£    £   
Directors' remuneration 86,130 -
Directors' pension contributions to money purchase schemes 3,445 -

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 -

5. AMOUNTS WRITTEN OFF INVESTMENTS
2023 2022
as restated
£    £   
Amounts written off investments 3,067,203 -

The above is the amount written off following the company's impairment review of its investment in a subsidiary.

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911)

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


6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
as restated
£    £   
Bank loan interest 6,923 -
Leasing 1,683 -
8,606 -

7. (LOSS)/PROFIT BEFORE TAXATION

The loss (2022 - profit) is stated after charging/(crediting):

2023 2022
as restated
£    £   
Other operating leases 152,070 113,076
Depreciation - owned assets 546,605 148,705
Profit on disposal of fixed assets (141,950 ) -
Goodwill amortisation 1,008,138 66,289
Patents and licences amortisation 42,287 4,469
Auditors' remuneration 40,500 30,500
Foreign exchange differences (236,020 ) (436,615 )
Research and development 290,029 527,867

8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the loss for the year was as follows:
2023 2022
as restated
£    £   
Current tax:
Prior period (over)/under provision - (557,520 )

Deferred tax 993,887 (1,053,051 )
Tax on (loss)/profit 993,887 (1,610,571 )

UK corporation tax has been charged at 23.50% (2022 - 19%).

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911)

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


8. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
as restated
£    £   
(Loss)/profit before tax (5,989,020 ) 2,553,784
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
23.500% (2022 - 19%)

(1,407,420

)

485,219

Effects of:
Expenses not deductible for tax purposes 1,290,454 5,367
Income not taxable for tax purposes (33,358 ) -
Utilisation of tax losses - (432,228 )
Adjustments to tax charge in respect of previous periods - (557,520 )
Tax at different rates 150,324 45,278
Tax losses carried forward - (1,156,687 )
Unrecognised deferred tax asset 993,887 -
Total tax charge/(credit) 993,887 (1,610,571 )

An increase in the UK corporation rate from 19% to 25% was effective from 1 April 2023.

The company did not recognise a deferred tax asset in 2023, and reversed the asset previously recognised, since it is no longer certain that the company will return to generating taxable profits in the foreseeable future.

9. PRIOR YEAR ADJUSTMENT

The financial statements include a prior year adjustment for an omitted management charge of £196,151. The adjustment has increased prior year administrative costs and reduced intercompany debtors by £196,151.

The financial statements also include a prior year adjustment to recognise the transfer of goodwill from investments on the hive up of the trade and assets of a subsidiary, which occurred in the year ended 31 December 2022.The adjustments has increased goodwill by £4,974,402, decreased investments by £5,040,691, and increased administrative costs by £66,289.

10. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Trademarks Totals
£    £    £    £   
COST
At 1 January 2023 5,040,691 195,130 1,380 5,237,201
Additions - 2,862 - 2,862
At 31 December 2023 5,040,691 197,992 1,380 5,240,063
AMORTISATION
At 1 January 2023 66,289 47,761 1,380 115,430
Amortisation for year 1,008,138 42,287 - 1,050,425
At 31 December 2023 1,074,427 90,048 1,380 1,165,855
NET BOOK VALUE
At 31 December 2023 3,966,264 107,944 - 4,074,208
At 31 December 2022 4,974,402 147,369 - 5,121,771

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911)

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


10. INTANGIBLE FIXED ASSETS - continued

The goodwill opening balance has been restated (see note 9).

11. TANGIBLE FIXED ASSETS
Fixtures
Office Plant and and
equipment machinery fittings
£    £    £   
COST
At 1 January 2023 93,553 1,027,424 157,029
Additions - 912,620 37,595
Disposals (18,352 ) (139,768 ) (10,056 )
At 31 December 2023 75,201 1,800,276 184,568
DEPRECIATION
At 1 January 2023 79,260 585,075 88,582
Charge for year 5,469 489,092 22,692
Eliminated on disposal (18,635 ) (139,768 ) -
At 31 December 2023 66,094 934,399 111,274
NET BOOK VALUE
At 31 December 2023 9,107 865,877 73,294
At 31 December 2022 14,293 442,349 68,447

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 - 74,002 1,352,008
Additions 77,670 1,134 1,029,019
Disposals - - (168,176 )
At 31 December 2023 77,670 75,136 2,212,851
DEPRECIATION
At 1 January 2023 - 55,255 808,172
Charge for year 15,103 14,249 546,605
Eliminated on disposal - - (158,403 )
At 31 December 2023 15,103 69,504 1,196,374
NET BOOK VALUE
At 31 December 2023 62,567 5,632 1,016,477
At 31 December 2022 - 18,747 543,836

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911)

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


12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 12,203,727
Additions 60,864
Impairments (3,067,203 )
At 31 December 2023 9,197,388
NET BOOK VALUE
At 31 December 2023 9,197,388
At 31 December 2022 12,203,727

The company's investments at the Balance Sheet date in the share capital of companies include the following:


Advanced (Shanghai) Technology Co., Ltd
Registered office: Room 721, Building 1, No 22-23, Lane 466, Yindu Road, Minhang District, Shanghai, People's Republic of China
Nature of business: Sale of scientific instruments
%
Class of shares: holding
Ordinary RMB1 100.00

Advanced Instruments Limited
Registered office: 6th Floor, Riverpoint, Lower Mallow Street, Limerick, V94 WC6A, Ireland
Nature of business: Sale of scientific instruments
%
Class of shares: holding
Ordinary €1 100.00

SAL Scientific Limited
Registered office: Solent House, Johnson Road, Fernside Business Park, Wimborne, Dorset BH21 7SE
Nature of business: Cell biology services and solutions
%
Class of shares: holding
Ordinary £1 100.00

Advanced Instruments Life Sciences GmbH
Registered office: c/o Intertrust (Suisse) SA, Zahlerweg 6, 6300 Zug, Switzerland
Nature of business: Sale of scientific instruments
%
Class of shares: holding
Ordinary CHF 1 100.00

Advanced Instruments Korea LLC
Registered office: Seoul, World Trade Center, 27th, 30th, 33rd Fl., Trade Tower, 511 Young Dong St. (159-1 Samsung-dong), Gangnam-gu, Seoul, South Korea 06164
Nature of business: Dormant
%
Class of shares: holding
Ordinary KRW 100,000 100.00

Advanced Instruments Korea, LLC was incorporated on 25 September 2023.

The shares in group undertakings opening balance has been restated (see note 9).

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911)

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


13. STOCKS
2023 2022
as restated
£    £   
Consumables 22,733 37,724
Raw materials 2,987,010 3,227,181
Work-in-progress 84,562 617,705
Finished goods 1,173,994 1,802,122
4,268,299 5,684,732

Stock is stated after provisions for impairment of £550,329 (2022: £275,329).

14. DEBTORS
2023 2022
as restated
£    £   
Amounts falling due within one year:
Trade debtors 1,048,740 1,580,326
Amounts owed by group undertakings 3,662,042 854,944
Other debtors 54,434 56,778
Tax 229,843 94,802
VAT - 104,784
Prepayments and accrued income 183,497 154,051
5,178,556 2,845,685

Amounts falling due after more than one year:
Deferred tax asset - 993,887

Aggregate amounts 5,178,556 3,839,572

Deferred tax asset
2023 2022
as restated
£    £   
Accelerated capital allowances - (135,959 )
Tax losses carried forward - 1,129,846
- 993,887

The deferred tax asset was reversed in the year since it is no longer certain that the company will return to generating taxable profits in the foreseeable future.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Finance leases (see note 17) 15,129 -
Trade creditors 273,396 673,058
Amounts owed to group undertakings 18,741,111 14,172,362
Social security and other taxes 123,169 112,771
VAT 76,702 -
Other creditors 170,413 214,519
Accruals and deferred income 1,342,344 1,331,730
20,742,264 16,504,440

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911)

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


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Amounts due to group undertakings includes £11,972,754 (2022: £10,262,648) which is an amount due to the company's parent undertaking and is interest-free, unsecured and repayable on demand.

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£    £   
Finance leases (see note 17) 45,597 -

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2023 2022
as restated
£    £   
Net obligations repayable:
Within one year 15,129 -
Between one and five years 45,597 -
60,726 -

The finance leases related to motor vehicles. The net carrying amount of the finance leased vehicles is £62,567 (2022: £nil).

Non-cancellable operating leases
2023 2022
as restated
£    £   
Within one year 16,936 83,603
Between one and five years 300 17,236
17,236 100,839

18. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£    £   
Other provisions
Warranty provision 23,297 1,687
Dilapidation provision 100,000 100,000
123,297 101,687

Deferred Other
tax provisions
£    £   
Balance at 1 January 2023 (993,887 ) 101,687
Charge to Statement of Comprehensive Income during year 993,887 21,610
Balance at 31 December 2023 - 123,297

ADVANCED INSTRUMENTS LTD. (REGISTERED NUMBER: 07284911)

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


18. PROVISIONS FOR LIABILITIES - continued

See note 14 for deferred tax asset.

Other provisions include £100,000 for dilapidations (2022: £100,000) and £23,297 for warranties (2022: £1,687).

Dilapidations provision
As part of the company’s property leasing arrangements there is an obligation to repair damages which are incurred during the life of the lease, such as wear and tear. The cost is charged to profit and loss as the obligation arises. The provision is expected to be utilised in 2024 when the lease terminates.

Warranty provision
The company provides warranties for its instruments. The provision is an estimate of the expected costs to be incurred based on historical costs.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£    £   
96,300 Ordinary £0.0001 9 9

The shares have full voting, dividend and capital distribution rights.

20. RESERVES
Retained
earnings
£   

At 1 January 2023 11,865,207
Prior year adjustment (262,440 )
11,602,767
Deficit for the year (6,982,907 )
At 31 December 2023 4,619,860

21. PENSION COMMITMENTS

The company operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £155,972 (2022: £139,938).

22. ULTIMATE PARENT COMPANY

Advanced Instruments Ltd is a subsidiary undertaking of Advanced Instruments Holdings Ltd, which is the immediate parent company. It's registered office is 5th Floor One New Change, London EC4M 9AF.

The ultimate parent company is Investor AB, a company incorporated in Sweden. Its registered office is Arsenalsgatan 8C, 103 32 Stockholm .

Advanced Instruments Holdings Ltd is the smallest group to consolidate these financial statements. The consolidated financial statements for Advanced Instruments Holdings Ltd are publicly available and can be obtained from www.find-and-update.company-information.service.gov.uk. Investor AB is the largest group to consolidate these financial statements. The consolidated financial statements for Investor AB are publicly available and can be obtained from www.investorab.com.

23. CONTINGENT LIABILITIES

There are fixed and floating charges in place over the company's assets as security for loans. At 31 December 2023, the group debt outstanding, subject to these cross guarantees totalled $234.5 million (2022: £219.5 million).