Company registration number 11241200 (England and Wales)
STERIS DOVER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
STERIS DOVER LIMITED
COMPANY INFORMATION
Directors
Mr M J Tokich
Mr J A Zangerle
Company number
11241200
Registered office
2200 Renaissance
Basing View
Basingstoke
Hampshire
RG21 4EQ
Auditor
Ernst & Young LLP
No.1 Colmore Square
Birmingham
B4 6HQ
STERIS DOVER LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Notes to the financial statements
14 - 25
STERIS DOVER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
Introduction:
We help our customers create a healthier and safer world by providing innovative healthcare and life science products and services around the globe. Inspired by our Customers’ efforts to create a healthier and safer world, and guided by our legacy of leadership and innovation, we strive to be a great Company. This means we will make a difference by providing world-class products and services for our Customers, safe and rewarding work for our People, and superior returns for our Shareholders. Sustainability is built into the fabric of our organization in our efforts to fulfill our Mission.
STERIS Dover Limited is a wholly-owned subsidiary within the STERIS plc group of companies. STERIS plc is a public limited company formed under the laws of Ireland (Company Number: 595593). STERIS plc is listed on the New York Stock Exchange under the ticker symbol “STE” and is a registrant with the United States Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended. STERIS plc indirectly owns many subsidiaries, including STERIS Limited. As a result, STERIS Limited leverages STERIS plc’s existing frameworks, policies and processes with respect to corporate governance and risk management, including with respect to climate-related issues and compliance with local laws and governmental regulations.
Review of the business
The principal activity of the company continued to be that of an intermediate holding company.
Principal risks and uncertainties
The company is financed by group companies and has no third party debt. It therefore has little interest rate and liquidity exposure. Group risks are discussed in the group's Annual Report, which does not form part of this report.
The result of the referendum for the UK to leave the European Union, continues to present a potential risk to the company due to the unpredictable impact. This risk is being monitored by the directors.
The Covid-19 pandemic has impacted the sub-group throughout the financial year, and continues to have an impact on the economy post year end. The directors continue to monitor the impact and react as necessary.
Key performance indicators
The company made a profit after tax of $18,812,688 (2023: $24,999,606). At the year end the company has net assets totalling $42,492,867 (2023: $42,492,714).
Section 172(1) statement
Section 172 states a director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
(a) the likely consequences of any decision in the long term,
(b) the interests of the company's employees,
(c) the need to foster the company's business relationships with suppliers, customers and others,
(d) the impact of the company's operations on the community and the environment,
(e) the desirability of the company maintaining a reputation for high standards of business conduct, and
(f) the need to act fairly between members of the company.
STERIS Dover Limited is a 100% owned subsidiary within the STERIS plc group, and as with many international groups, the directors delegate the day to day management of the company to local teams. The directors of STERIS Dover Limited are U.S. based and are executive officers of STERIS plc. The company’s management is structured to align the company’s objectives with that of the group, and to ensure the company follows group policies. Further details on these can be found in STERIS plc’s financial statements, which are available online or from 70 Sir John Rogerson’s Quay, Dublin 2, D02 R296, Ireland.
STERIS DOVER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
The directors of the company receive regular reporting from their delegated management team and have regular updates to ensure the company continues to meet the directors’ expectations. Details of the KPIs monitored by the directors and the results for the year are detailed above.
The company is an intermediate holding company within the STERIS group, that does not employ any personnel and does not trade. As such its stakeholders are limited and the company identifies these as its shareholder and regulators. The directors acknowledge that the views of, and effects on, these people in regard to key business objectives and decisions are of critical importance to the continued success of the company. Each of these stakeholders will have different expectations of the company and these are as follows:
Shareholder – the shareholder expects the company to continue to provide a return on its capital and to continue to provide opportunities for future returns.
Regulators –The key regulator for the company is HMRC. HMRC expects the company to meet all compliance requirements and submit returns and payments as required, accurately and on time.
There have been no strategic or key changes to the operating structure or objectives of the business in the year. The directors would consider a key business decision to be one which has a material impact on the operations, objectives or financial position of the business.
Key business decisions
During the year the company received dividends of $18,812,535 and subsequently paid dividends of $18,812,535 as part of a group wide cash repatriation scheme. The impact on stakeholders was reviewed and deemed to be minimal.
The directors feel that the above actions continue to promote the success of the company as a whole.
Sustainability information statement
We help our customers create a healthier and safer world by providing innovative healthcare and life science products and services around the globe. Inspired by our Customers’ efforts to create a healthier and safer world, and guided by our legacy of leadership and innovation, we strive to be a great Company. This means we will make a difference by providing world-class products and services for our Customers, safe and rewarding work for our People, and superior returns for our Shareholders. Sustainability is built into the fabric of our organization in our efforts to fulfil our Mission.
STERIS Dover Limited is a wholly-owned subsidiary within the STERIS plc group of companies. STERIS plc is a public limited company formed under the laws of Ireland (Company Number: 595593). STERIS plc is listed on the New York Stock Exchange under the ticker symbol “STE” and is a registrant with the United States Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended. STERIS plc indirectly owns many subsidiaries, including STERIS Dover Limited. As a result, STERIS Limited leverages STERIS plc’s existing frameworks, policies and processes with respect to corporate governance and risk management, including with respect to climate-related issues and compliance with local laws and governmental regulations.
The Corporate Responsibility function is led by the Vice President of Environmental, Social, and Governance (ESG). With support from the Chief Executive Officer, General Counsel and other senior executives, the Corporate Responsibility function works to actively develop and refine ESG strategies, programs, and policies with the Global Sustainability Steering Committee.
The Global Sustainability Steering Committee is a cross-functional team of senior leadership, subcommittee chairs, and subject matter experts from the commercial business teams and Legal, Investor Relations, Human Resources, Continuous Improvement, Compliance, Facilities, and Health, Safety & Environment functions.
Oversight of the enterprise risk management process, which is the integrated, process-oriented approach to managing key business risks and policies, practices, and programs, including those related to ESG matters, is the responsibility of the Board of Directors of STERIS plc and led by our Chief Compliance Officer. The Nominating and Governance Committee of the Board of Directors of STERIS plc has the responsibility of assisting the Board of Directors of STERIS plc in its oversight of ESG matters. The Vice President of ESG provides reports to the Nominating and Governance Committee concerning ESG efforts, including evaluating carbon emissions, reporting ESG metrics, and preparing for regulatory requirements, including climate related disclosures.
STERIS DOVER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
STERIS plc may be adversely affected by global climate change or by existing and future legal, regulatory or market responses to such change. The long-term effects of climate change are difficult to assess and predict. The impacts may include physical risks (such as rising sea levels or frequency and severity of extreme weather conditions), social and human effects (such as population dislocations or harm to health and well-being), compliance costs and transition risks (such as regulatory or technology changes) and other adverse effects. The effects could impair, for example, the availability and cost of certain products, commodities and energy (including utilities), which in turn may impact our ability to procure goods or services required for the operation of our business at the quantities and levels we require. We may bear losses as a result of, for example, physical damage to or destruction of our facilities (such as distribution or fulfillment centers), loss or spoilage of inventory, and business interruption due to weather events that may be attributable to climate change, which could materially and adversely affect our business operations, financial position or results of operation. There has also been an increased focus from regulators and stakeholders on greenhouse gas emissions and climate-related risks. Both the standard setting and regulatory landscapes are extremely complex and present significant compliance challenges. Many different organizations are promulgating reporting standards and rules that focus on addressing greenhouse gas emissions and climate-related topics.
STERIS plc is in the process of conducting a CSRD-aligned double materiality assessment. The CSRD requires companies to consider both the impacts of our business on people and the environment (impact materiality), and on how sustainability matters, including climate change related matters, affect our business (financial materiality). This assessment is the first step towards CSRD compliance and will be used to determine which topical standards in the ESRS we will need to report on.
STERIS plc has an Enterprise Risk Management process ("ERM") to manage risk, which is led by our Chief Compliance Officer. Identifying and managing key risks to our business operations are essential to our future growth, profitability, and successful execution of strategic plans.
Key management sponsors are responsible for participating in the risk assessment process, including a periodic review with the Board of Directors. The objective of ERM is to identify key risks, the potential impacts of compliance failure, identify key mitigating activities, develop potential improvements for managing the risks, and to ensure execution of oversight activities on a monthly, annual or as needed basis.
STERIS plc’s ERM process identifies risks on an annual basis which includes climate risks as applicable to specific areas of the business.
In fiscal 2024, STERIS plc initiated a climate scenario analysis. The climate scenario analysis will further evaluate physical risks, transitional risks, and opportunities under three climate scenarios over short-, medium-, and long-term time horizons.
STERIS plc has not established sustainability or carbon reduction targets. Companywide, we address climate risks and opportunities by improving the efficiency of our global operations. Additionally, STERIS plc purchases renewable energy and has facilities with solar panel installations.
To demonstrate awareness of climate change impacts, STERIS plc tracks greenhouse gas (GHG) emissions and we publicly report our direct (Scope 1), indirect (Scope 2) energy use and emissions. We recognize that a significant portion of our carbon impact is as a result of our value chain, outside of electricity and energy consumption at our global sites. In fiscal 2024, STERIS plc completed a comprehensive review to establish the baseline for our upstream and downstream emissions (Scope 3) and publicly report aggregate Scope 3 emissions.
Certain STERIS entities within the United Kingdom perform Streamlined Energy & Carbon Reporting (SECR), which includes entity level emission reporting and other climate related improvements undertaken during the year. Subsidiaries that are critical suppliers to the UK NHS have established carbon reduction plans to achieve Net Zero emissions by 2050 (as aligned with the UK net zero target adopted pursuant to the United Kingdom Climate Change Act 2008, as amended).
STERIS DOVER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Mr M J Tokich
Director
21 February 2025
STERIS DOVER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of an intermediate holding company.
Results and dividends
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to $18,812,535 (2023: $24,950,000). The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M J Tokich
Mr J A Zangerle
Qualifying third party indemnity provisions
During the period STERIS group maintained insurance cover for directors' and officers' liability as permitted under the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the directors report.
Auditor
In accordance with the company's articles, a resolution proposing that Ernst & Young LLP be reappointed as auditor of the company will be put at a General Meeting.
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report certain information required to be in the Directors Report.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going concern
The Company’s business activities, together with a review of the business and the impact of the principal risks and uncertainties have been described in the strategic report. For the year to 31 March 2024 the company made a profit amounting to $18,812,688 and had net assets of $42,492,867. Although the company is expected to be profitable, the company has also received confirmation from its intermediate parent undertaking, STERIS Limited, of its intention to provide support, where needed, for a period of 12 months from the date of approval of the accounts. The directors have assessed the ability of STERIS Limited to provide support, and therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
STERIS DOVER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
On behalf of the board
Mr M J Tokich
Director
21 February 2025
STERIS DOVER LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
STERIS DOVER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF STERIS DOVER LIMITED
- 8 -
Opinion
We have audited the financial statements of STERIS Dover Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
STERIS DOVER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF STERIS DOVER LIMITED (CONTINUED)
- 9 -
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 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, 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 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
STERIS DOVER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF STERIS DOVER LIMITED (CONTINUED)
- 10 -
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006) and compliance with the relevant direct tax regulation in the United Kingdom.
We understood how the Company is complying with those frameworks by making enquiries of management and those charged with governance to understand how the company maintains and communicates its policies and procedures in these areas and corroborated this by reviewing minutes of the board meetings and the financial statements.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where they considered there was susceptibility to fraud. We considered the processes and controls that the Company had established to address identified risks, or that otherwise prevent or detect fraud; and how management monitors those processes and controls. Due to the nature of the Company and its limited level of transaction activities, we have not identified any risk of material misstatement due to fraud.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved understanding management’s internal controls over compliance with laws and regulations, enquiries of management, vouching transactions to source documentation and verifying that they are recorded in compliance with FRS 102 and in conformity with the requirements of the Companies Act 2006.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Adam Gittens
Senior Statutory Auditor
For and on behalf of Ernst & Young LLP
21 February 2025
Chartered Accountants
Statutory Auditor
No.1 Colmore Square
Birmingham
B4 6HQ
STERIS DOVER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
$
$
Turnover
-
-
Administrative income/(expenses)
204
(586)
Operating profit/(loss)
3
204
(586)
Interest receivable and similar income
5
18,812,535
25,000,000
Profit before taxation
18,812,739
24,999,414
Tax on profit
6
(51)
192
Profit for the financial year
18,812,688
24,999,606
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
There is no other comprehensive income (2023: $Nil).
STERIS DOVER LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 12 -
2024
2023
Notes
$
$
$
$
Fixed assets
Investments
8
42,452,012
42,452,012
Current assets
Debtors
10
59,598
59,445
Creditors: amounts falling due within one year
11
(18,743)
(18,743)
Net current assets
40,855
40,702
Net assets
42,492,867
42,492,714
Capital and reserves
Called up share capital
13
3
3
Share premium account
14
42,452,009
42,452,009
Profit and loss reserves
14
40,855
40,702
Total equity
42,492,867
42,492,714
The financial statements were approved by the board of directors and authorised for issue on 21 February 2025 and are signed on its behalf by:
Mr M J Tokich
Director
Company registration number 11241200 (England and Wales)
STERIS DOVER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
$
$
$
$
Balance at 1 April 2022
3
42,452,009
(8,904)
42,443,108
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
24,999,606
24,999,606
Dividends
7
-
-
(24,950,000)
(24,950,000)
Balance at 31 March 2023
3
42,452,009
40,702
42,492,714
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
18,812,688
18,812,688
Dividends
7
-
-
(18,812,535)
(18,812,535)
Balance at 31 March 2024
3
42,452,009
40,855
42,492,867
STERIS DOVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information
STERIS Dover Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2200 Renaissance, Basing View, Basingstoke, Hampshire, RG21 4EQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in US Dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of STERIS plc. These consolidated financial statements are available from its registered office, 70 Sir John Rogerson's Quay, Dublin 2, D02 R296, Ireland.
The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The Company’s business activities, together with a review of the business and the impact of the principal risks and uncertainties have been described in the strategic report. For the year to 31 March 2024 the company made a profit amounting to $18,812,true688 and had net assets of $42,492,867. Although the company is expected to be profitable, the company has also received confirmation from its intermediate parent undertaking, STERIS Limited, of its intention to provide support, where needed, for a period of 12 months from the date of approval of the accounts. The directors have assessed the ability of STERIS Limited to provide support, and therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
STERIS DOVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include amounts owed from group undertakings, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
STERIS DOVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Foreign exchange
Transactions in currencies other than US dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.
STERIS DOVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The directors do not consider there are any significant estimates or judgements to note.
3
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging/(crediting):
$
$
Exchange (gains)/losses
(204)
586
The auditors remuneration of $11,062 (2023: $10,271) was borne by another group company.
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
The company does not have any employees.
The directors’ remuneration has been borne by another group company. The directors are also directors or officers of a number of group companies. The directors’ services to the company do not occupy a significant amount of their time. As such, the directors do not consider that they have received any remuneration for their incidental services.
5
Interest receivable and similar income
2024
2023
$
$
Income from fixed asset investments
Income from shares in group undertakings
18,812,535
25,000,000
6
Taxation
2024
2023
$
$
Current tax
UK corporation tax on profits for the current period
(192)
STERIS DOVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Taxation
2024
2023
$
$
(Continued)
- 18 -
Deferred tax
Origination and reversal of timing differences
51
Total tax charge/(credit)
51
(192)
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
$
$
Profit before taxation
18,812,739
24,999,414
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
4,703,185
4,749,889
Tax effect of income not taxable in determining taxable profit
(4,703,134)
(4,750,000)
Effect of change in corporation tax rate
(35)
Effect of group reliefs/other reliefs
(46)
Taxation charge/(credit) for the year
51
(192)
7
Dividends
2024
2023
$
$
Interim paid
18,812,535
24,950,000
8
Fixed asset investments
2024
2023
Notes
$
$
Investments in subsidiaries
9
42,452,012
42,452,012
STERIS DOVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Fixed asset investments
(Continued)
- 19 -
Movements in fixed asset investments
Shares in subsidiaries
$
Cost or valuation
At 1 April 2023 & 31 March 2024
42,452,012
Carrying amount
At 31 March 2024
42,452,012
At 31 March 2023
42,452,012
9
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Albert Browne Limited
Chancery House, Rayns Way, Watermead Business Park, Syston, Leicester, LE7 1PF, United Kingdom
Ordinary
-
100.00
American Sterilizer Company
CT Corporation System, 600 North 2nd Street, Suite 401, Harrisburg, Pennsylvania17101, United States
Ordinary
-
100.00
Birkova Products, LLC
CT Corporation Systems Inc., 150W. Market Street, Suite 800, Indianapolis, IN46204, United States
Ordinary
-
100.00
Black Diamond Video, Inc.
CT Corporation System Inc., 818W. 7th Street, Suite 930, L.A., California90017, United States
Ordinary
-
100.00
CLBV Limited
2200 Renaissance, Basing View, Basingstoke, RG21 4EQ
Ordinary
-
100.00
Controlled Environment Certification Services, Inc.
CT Corporation System Inc., 4400 Easton Commons Way, Suite 125, Columbus, Ohio43219
Ordinary
-
100.00
Dover UK I Limited
2200 Renaissance, Basing View, Basingstoke, RG21 4EQ
Ordinary
-
100.00
Dover UK II Limited
2200 Renaissance, Basing View, Basingstoke, RG21 4EQ
Ordinary
-
100.00
Dover UK III Limited
2200 Renaissance, Basing View, Basingstoke, RG21 4EQ
Ordinary
-
100.00
Eschmann Holdings Limited
Chancery House, Rayns Way, Watermead Business Park, Syston, Leicester, LE7 1PF, United Kingdom
Ordinary
-
100.00
Genii, Inc.
1010 Dale Street North, St. Paul, MN55117, United States
Ordinary
-
100.00
Isomedix Inc.
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware19801
Ordinary
-
100.00
Isomedix Operations Inc.
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware19801
Ordinary
-
100.00
Massaro (Victory Road) LP
120 Delta Drive, Pittsburgh, Pennsylvania15238, United States
Partner
-
65.00
PeriOptimum, Inc.
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware19801
Ordinary
-
100.00
STERIS SOLUTIONS DO BRASIL IMPORTACAO E COMERCIALCAO DE PRODUTOS DE SAUDE LTDA
1201S. 12 Q. 077, Un. 011 Villa Industrial, Mogi das Cruzes, State of Sao Paulo, Brazil
Ordinary
-
100.00
Solar New US Holding Co, LLC
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware19801
Ordinary
90.87
9.13
STERIS DOVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Subsidiaries
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
(Continued)
- 20 -
Solar New US Parent Co, LLC
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware19801
Ordinary
-
100.00
Solar US Acquisition Co, LLC
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware19801
Ordinary
-
100.00
STE No. Two Corporation
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware19801
Ordinary
-
100.00
STE UK HoldCo Limited
2200 Renaissance, Basing View, Basingstoke, RG21 4EQ
Ordinary
-
100.00
STE UK Sub HoldCo Limited
2200 Renaissance, Basing View, Basingstoke, RG21 4EQ
Ordinary
-
100.00
STERIS (BVI) I Limited
Trident Chambers, PO Box 146, Road Town, Tortola, British Virgin Islands
Ordinary
-
100.00
STERIS (India) Private Limited
302, Ace Business Center, L.B.S. Marg, Near Navneet Motor Showroom, Gokul Nagar, Thane (W), India
Ordinary
-
100.00
STERIS SA
De Keyserlei 58-60, Box 19, Antwerp, Belgium 2018, Belgium
Ordinary
-
100.00
STERIS AB
c/o John Goldie Advokatbyra AB, Box 5265, Stockholm, Sweden10246, Sweden
Ordinary
-
100.00
STERIS Applied Sterilization Technologies ULC
400-725 Granville Street, P.O. Box 10325, Vancouver, BC V7Y 1G5, Canada
Ordinary
-
100.00
STERIS Asia Pacific, Inc
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware19801
Ordinary
-
100.00
STERIS Barrier Products Solutions, Inc.
CT Corporation System, 600 North 2nd Street, Suite 401, Harrisburg, Pennsylvania17101, United States
Ordinary
-
100.00
STERIS Brazil Holdings, LLC
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware19801
Ordinary
-
100.00
STERIS Canada Sales ULC
400-725 Granville Street, P.O. Box 10325, Vancouver, BC V7Y 1G5, Canada
Ordinary
-
100.00
STERIS Canada ULC
400-725 Granville Street, P.O. Box 10325, Vancouver, BC V7Y 1G5, Canada
Ordinary
-
100.00
STERIS CH Limited
2200 Renaissance, Basing View, Basingstoke, RG21 4EQ
Ordinary
-
100.00
STERIS Corporation
5960 Heisley Road, Mentor, Ohio44060, United States
Ordinary
-
100.00
STERIS Corporation de Costa Rica, S.A.
Avenida 11, calles5 y7, Numero517, San Jose, Costa Rica
Ordinary
-
100.00
STERIS Deutschland GmbH
Eupener Str. 70,Koln, Germany50933, Germany
Ordinary
-
100.00
STERIS Dover AST Holdings Limited
2200 Renaissance, Basing View, Basingstoke, RG21 4EQ
Ordinary
100.00
-
STERIS Dover Canada Holdings Limited
2200 Renaissance, Basing View, Basingstoke, RG21 4EQ
Ordinary
100.00
-
STERIS Enterprises LLC
4, 4th Lesnoy Pereulok, Moscow, Russia125047, Russian Federation
Ordinary
-
100.00
STERIS Europe, Inc.
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware19801
Ordinary
-
100.00
STERIS GmbH
Längfeldweg 116A, 2504 Biel/Bienne, Switzerland2504, Switzerland
Ordinary
-
100.00
STERIS Holdings B.V.
Naritaweg165, Telestone8, Amsterdam, The
Netherlands1043 BW, Netherlands
Ordinary
-
100.00
STERIS Iberia, S.A.
Jones Day, Paseo de Recolectos 37-41, Planta 5, 28004 Madrid, Spain
Ordinary
-
100.00
STERIS Inc.
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware19801
Ordinary
-
100.00
STERIS Instrument Management Services, Inc.
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware19801
Ordinary
-
100.00
STERIS DOVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Subsidiaries
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
(Continued)
- 21 -
STERIS Isomedix Puerto Rico LLC
CT Corporation Systems, 361 San Francisco Street, Old San Juan, Puerto Rico00901, United States
Ordinary
100.00
-
STERIS Latin America, Inc.
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware19801
Ordinary
-
100.00
STERIS LLC
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware19801
Ordinary
-
100.00
STERIS Luxembourg Finance S.à r.l.
25A, Boulevard Royal, Luxembourg L-2449, Luxembourg
Ordinary
-
100.00
STERIS Luxembourg Holding S.à r.l.
25A, Boulevard Royal, Luxembourg L-2449, Luxembourg
Ordinary
-
100.00
STERIS Mauritius Limited
5th Floor Barkly Wharf, Le Caudan Waterfront, Port Louis, Port Louis, Mauritius
Ordinary
-
100.00
STERIS Mexico, S. de R.L. de C.V.
Av. Avante #790 Parque Industrial Guadalupe, Cd. Guadalupe, N.L.67190, Mexico
Ordinary
-
100.00
STERIS Personnel Services Mexico, S. de R.L. de C.V.
Av. Avante #790 Parque Industrial Guadalupe, Cd. Guadalupe, N.L.67190, Mexico
Ordinary
-
100.00
STERIS Personnel Services, Inc.
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware19801
Ordinary
-
100.00
STERIS S.r.l.
Strada Cassanese, 224, Centro Direzionale Milano Oltre, Palazzo Caravaggio, Segrate, Italy20090
Ordinary
-
100.00
STERIS SAS
116 Avenue Magudas, 33185 Le Haillan, Bordeaux, France
Ordinary
-
100.00
STERIS SEA SDN. BHD.
140, Ground Floor, Jalan Kelab Cinta Sayang, Taman Ria Jaya, Sungai Petani, Kedah, Malaysia08000
Ordinary
-
100.00
STERIS Solutions Limited
Chancery House, Rayns Way, Watermead Business Park, Syston, Leicester, LE7 1PF, United Kingdom
Ordinary
-
100.00
STERIS Solutions Pte. Limited
2 Shenton Way #18-01, SGX Centre 1, Singapore068804, Singapore
Ordinary
-
100.00
STERIS Solutions S. de R.L. de C.V.
Av. Avante #790 Parque Industrial Guadalupe, Cd. Guadalupe, N.L.67190, Mexico
Ordinary
-
100.00
STERIS UK Holding Limited
2200 Renaissance, Basing View, Basingstoke, RG21 4EQ
Ordinary
-
100.00
STERIS-Austar Pharmaceutical Systems (Shanghai) Limited
No. 366 Yonghang Road, Songjiang District, Shanghai, China
Ordinary
-
51.00
STERIS-Austar Pharmaceutical Systems Hong Kong Limited
Unit 6.1/F Block B, New Trade Plaza, 6 on Ping Street, Shatin, Hong Kong
Ordinary
-
51.00
STERIS-SHINVA Healthcare Systems Co., Ltd
SHINVA Medical Scientific Zone, Zibo New & Hi-Tech Zone, Zibo City, Shandong Province, China
Ordinary
-
51.00
Strategic Technology Enterprises, Inc.
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware19801
Ordinary
-
100.00
Synergy Health AST, LLC
251 Little Falls Drive, Wilmington, Delaware19808, USA
Ordinary
-
100.00
Synergy Health US Holdings, Inc.
251 Little Falls Drive, Wilmington, Delaware19808, USA
Ordinary
-
100.00
United States Endoscopy Group
CT Corporation System Inc., 4400 Easton Commons Way, Suite125, Columbus, Ohio43219
Ordinary
-
100.00
Crystal Merger Sub 1, LLC
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801
Ordinary
-
100.00
Mevex Corporation
108 Willowlea Road, Ottawa, Ontario K0A 1L0
Ordinary
-
100.00
Konnexis Incorporated
B-1260 Teron Road, Kanata, Ontario K2K 0A1
Ordinary
-
100.00
STERIS Laboratories, Inc.
CT Corporation System Inc., 100 South 5th Street, Suite 1075, Minneapolis, Minnesota 55402
Ordinary
-
100.00
STERIS Japan Inc.
NK Shinwa Building, 5-1 Kojimachi, Chiyoda-ku, Tokyo, Japan
Ordinary
-
100.00
STERIS DOVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Subsidiaries
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
(Continued)
- 22 -
STERIS China Holdings Limited
31st Floor, Edinburgh Tower, The Landmark, 15 Queen's Road Central, Hong Kong
Ordinary
-
100.00
STERIS (Shanghai) Trading Co., Ltd.
Suite 1504 Hong Kong New World Tower, Huai Hai Zhong Lu #300, Shanghai PRC, China
Ordinary
-
100.00
KS Apollo Holdings Inc.
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801
Ordinary
-
100.00
KS Apollo LLC
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801
Ordinary
-
100.00
Key Surgical LLC
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801
Ordinary
-
100.00
KVI LLC dba Mectra Labs
CT Corporation, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801
Ordinary
-
100.00
Key Surgical Europe S.a.r.l
ZA La Piece 4 B4, 1180 Rolle, Vaud, Switzerland
Ordinary
-
100.00
SVS Holding GmbH
Zum Windpark 1, Germany 23738
Ordinary
-
100.00
Key Surgical GmbH
Zum Windpark 1, Germany 23738
Ordinary
-
100.00
HMM HoldCo Limited
2200 Renaissance, Basing View, Basingstoke, Hampshire, England, RG21 4EQ
Ordinary
-
100.00
Key Surgical Limited
2200 Renaissance, Basing View, Basingstoke, Hampshire, England RG21 4EQ
Ordinary
-
100.00
Cantel Medical LLC
Overlook at Great Notch, 150 Clove Road, Little Falls NJ 07424
Ordinary
-
100.00
Cantel (Canada) Inc.
88B East Beaver Creek Road, Richmond Hill, ON L4B 4W2
Ordinary
-
100.00
Medivators Inc.
14605 28th Avenue, N Minneapolis, MN 55447-4822
Ordinary
-
100.00
Cantel Medical Asia/Pacific Pte. Limited
1A International Business Park, #05-01 Singapore, 609933
Ordinary
-
100.00
Cantel Medical Devices (China) Co., Limited
Unit 804-805, Innov Tower Block A, 1801 Hongmei Road, Xuhui, Shanghai 200233 China
Ordinary
-
100.00
Cantel Medical (Hong Kong) Limited
Unit 919-922, 41 Heung Yip Road, Wong Chuk Hang, Hong Kong
Ordinary
-
100.00
Cantel Medical (Malaysia) SDN.BHD.
No. 2A, Jalan Tandang 51/205A, Seksyen 51, 46050 Petaling Jaya, Selangor Durul Ehsan, Malaysia
Ordinary
-
100.00
Cantel Middle East FZ-LLC
Executive Office No. 11, 3rd Floor DSP Laboratory Complex, Dubai
Ordinary
-
100.00
Accelera Technologies, LLC
CT Corporation Systems, 1010 Dale St N Saint Paul, Minnesota 55117-5603
Ordinary
-
100.00
Cantel Medical International B.V.
Sourethweg 11, 6422 PC Heerlen, The Netherlands
Ordinary
-
100.00
Cantel Medical (UK) Limited
2200 Renaissance, Basing View, Basingstoke, Hampshire, RG21 4EQ
Ordinary
-
100.00
Medical Innovations Group Holdings Limited
2200 Renaissance, Basing View, Basingstoke, Hampshire, RG21 4EQ
Ordinary
-
100.00
Medical Innovations Group Limited
2200 Renaissance, Basing View, Basingstoke, Hampshire, RG21 4EQ
Ordinary
-
100.00
Cantel (UK) Limited
2200 Renaissance, Basing View, Basingstoke, Hampshire, RG21 4EQ
Ordinary
-
100.00
Medi-Cart International Limited
2200 Renaissance, Basing View, Basingstoke, Hampshire, RG21 4EQ
Ordinary
-
100.00
Cantel Medical (Italy) S.r.l.
Via Laurentina, 169, 00071, Italy
Ordinary
-
100.00
Omnia S.r.l.
Via Francesco Delnevo, 190, Fidenza, Parma, 43036, Italy
Ordinary
-
100.00
Omnia LLC
301 Pleasant Street, Abbottstown, PA 17301
Ordinary
-
100.00
Camark S.A.
Industrial Park, Axioupoli 61400, Greece
Ordinary
-
100.00
Cantel (Belgium) BV
Avenue des Arts 56, 1000 Bruxelles, Belgium
Ordinary
-
100.00
STERIS Netherlands B.V.
Sourethweg 11 Heerlen, 6422PC Netherlands
Ordinary
-
100.00
STERIS DOVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Subsidiaries
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
(Continued)
- 23 -
Jet Prep Limited
71 Ha'Nadiv Street, Herzliya 46485, Israel
Ordinary
-
100.00
Mar Cor Purification, Inc.
4450 Township, Line Road, Skippack, PA 19474
Ordinary
-
100.00
Crosstex International, Inc.
10 Ranick Road, Hauppauge, NY 11788-4209
Ordinary
-
100.00
Accutron, Inc.
1733 W. Parkside Lane, Phoenix, Arizona 85027
Ordinary
-
100.00
SPS Medical Supply Corp.
6789 West Henrietta Road, Rush, NY 14543
Ordinary
-
100.00
Hu-Friedy Mfg. Co., LLC
3232 North Rockwell Street, Chicago, Illinois, 60618-5935
Ordinary
-
100.00
Hu-Friedy Japan GK
ProsTech Akihabara 6F, 6-13-10 Soto Kanda, Chiyoda-ku, Tokyo 101-0021 Japan
Ordinary
-
100.00
J&J Instruments, LLC
120 Goodwin Place, Stratford, CT 06615
Ordinary
-
100.00
Karl Schumacher Dental LLC
3232 North Rockwell Street, Chicago, Illinois 60618-5935
Ordinary
-
100.00
1666 E Touhy LLC
3232 North Rockwell Street, Chicago, Illinois 60618-5935
Ordinary
-
100.00
Hu Friedy Medical Instrument (Shanghai) China Co., Limited
Building 29, 1365 Kangqiao Road (E), Shanghai 201319
Ordinary
-
100.00
Julius Wirth LLC
Elsa-Brandstroem-Weg 27, 78532 Tuttlingen, Germany
Ordinary
-
100.00
Hu-Friedy Italy SRL
Via Mauro Macchi, 27, 20124 Milano MI
Ordinary
-
100.00
CHIPS Manufacturing LLC
741 Winston Street, West Chicago, Illinois, 60185-5121
Ordinary
-
100.00
HF German Land Holding LLC
3232 North Rockwell Street, Chicago, Illinois 60618-5935
Ordinary
-
100.00
Palmero Healthcare LLC
120 Goodwin Place, Stratford, CT 06615
Ordinary
-
100.00
STERIS Columbia S.A.S.
Race 11 79 35 P 9, Bogota, Columbia
Ordinary
-
100.00
TekGo Inc.
3316 2nd Avenue, Birmingham, Alabama
Ordinary
-
100.00
STERIS Portugal Unipessoal, Lda.
Rua do Alecrim, No. 26E 1200-018 Lisbon, Portugal
Ordinary
-
100.00
STERIS New Zealand Limited
4th Floor, Smith & Caughey Building, 253 Queen Street, Auckland, 1010, New Zealand
Ordinary
-
100.00
STERIS Australia Pty Ltd
9 Arco Lane, Heatherton, Victoria, 3202 Australia
Ordinary
-
100.00
10
Debtors
2024
2023
Amounts falling due within one year:
$
$
Corporation tax recoverable
5
5
Amounts owed by group undertakings
59,498
59,294
59,503
59,299
Deferred tax asset (note 12)
95
146
59,598
59,445
Amounts owed by group undertakings are trading balances repayable on demand.
STERIS DOVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
11
Creditors: amounts falling due within one year
2024
2023
$
$
Amounts owed to group undertakings
18,743
18,743
Amounts owed to group undertakings are trading balances repayable on demand.
12
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
$
$
Tax losses
95
146
2024
Movements in the year:
$
Asset at 1 April 2023
(146)
Charge to profit or loss
51
Asset at 31 March 2024
(95)
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits.
13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of 10p each
20
20
3
3
14
Reserves
Share premium
The share premium reserve represents the amount, above the nominal value, received for shares sold, less transaction costs.
Profit and loss reserves
Retained earnings represents the cumulative earnings of the business, net of distributions to owners.
STERIS DOVER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
15
Related party transactions
Advantage has been taken of the exemption conferred by Section 33 Related Party Disclosures not to disclose transactions with subsidiary undertakings 100% of whose voting rights are controlled within the STERIS plc group.
16
Ultimate controlling party
The company's immediate parent undertaking is STERIS Limited. The registered office of STERIS Limited is 2200 Renaissance, Basing View, Basingstoke, RG21 4EQ.
The ultimate parent undertaking and controlling party is STERIS plc, a company incorporated and domiciled in Ireland.
The largest and smallest group for which consolidated financial statements are prepared is STERIS plc. Copies of the consolidated financial statements are available from its registered office at 70 Sir John Rogerson's Quay, Dublin 2, D02 R296, Ireland.
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