Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-312024-03-312023-04-01falseNo description of principal activity00truefalsefalse 9432751 2023-04-01 2024-03-31 9432751 2022-04-01 2023-03-31 9432751 2024-03-31 9432751 2023-03-31 9432751 2022-04-01 9432751 c:CompanySecretary1 2023-04-01 2024-03-31 9432751 c:Director1 2023-04-01 2024-03-31 9432751 c:Director1 2024-03-31 9432751 c:Director2 2023-04-01 2024-03-31 9432751 c:Director2 2024-03-31 9432751 c:Director3 2023-04-01 2024-03-31 9432751 c:Director3 2024-03-31 9432751 c:Director4 2023-04-01 2024-03-31 9432751 c:Director4 2024-03-31 9432751 c:Director5 2023-04-01 2024-03-31 9432751 c:Director5 2024-03-31 9432751 c:Director6 2023-04-01 2024-03-31 9432751 c:Director6 2024-03-31 9432751 c:Director7 2023-04-01 2024-03-31 9432751 c:Director7 2024-03-31 9432751 c:Director8 2023-04-01 2024-03-31 9432751 c:Director8 2024-03-31 9432751 c:Director9 2023-04-01 2024-03-31 9432751 c:Director9 2024-03-31 9432751 c:Director10 2023-04-01 2024-03-31 9432751 c:Director10 2024-03-31 9432751 c:RegisteredOffice 2023-04-01 2024-03-31 9432751 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 9432751 d:PlantMachinery 2023-04-01 2024-03-31 9432751 d:FurnitureFittings 2023-04-01 2024-03-31 9432751 d:Goodwill 2023-04-01 2024-03-31 9432751 d:CurrentFinancialInstruments 2024-03-31 9432751 d:CurrentFinancialInstruments 2023-03-31 9432751 d:Non-currentFinancialInstruments 2024-03-31 9432751 d:Non-currentFinancialInstruments 2023-03-31 9432751 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 9432751 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 9432751 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 9432751 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 9432751 d:ShareCapital 2023-04-01 2024-03-31 9432751 d:ShareCapital 2024-03-31 9432751 d:ShareCapital 2023-03-31 9432751 d:ShareCapital 2022-04-01 9432751 d:SharePremium 2023-04-01 2024-03-31 9432751 d:SharePremium 2024-03-31 9432751 d:SharePremium 2023-03-31 9432751 d:SharePremium 2022-04-01 9432751 d:CapitalRedemptionReserve 2023-04-01 2024-03-31 9432751 d:CapitalRedemptionReserve 2024-03-31 9432751 d:CapitalRedemptionReserve 2023-03-31 9432751 d:CapitalRedemptionReserve 2022-04-01 9432751 d:ForeignCurrencyTranslationReserve 2023-04-01 2024-03-31 9432751 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 9432751 d:RetainedEarningsAccumulatedLosses 2024-03-31 9432751 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 9432751 d:RetainedEarningsAccumulatedLosses 2023-03-31 9432751 d:RetainedEarningsAccumulatedLosses 2022-04-01 9432751 c:OrdinaryShareClass1 2023-04-01 2024-03-31 9432751 c:OrdinaryShareClass1 2024-03-31 9432751 c:OrdinaryShareClass1 2023-03-31 9432751 c:OrdinaryShareClass2 2023-04-01 2024-03-31 9432751 c:OrdinaryShareClass2 2024-03-31 9432751 c:OrdinaryShareClass2 2023-03-31 9432751 c:FRS102 2023-04-01 2024-03-31 9432751 c:Audited 2023-04-01 2024-03-31 9432751 c:FullAccounts 2023-04-01 2024-03-31 9432751 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 9432751 d:Subsidiary1 2023-04-01 2024-03-31 9432751 d:Subsidiary1 1 2023-04-01 2024-03-31 9432751 d:Subsidiary2 2023-04-01 2024-03-31 9432751 d:Subsidiary2 1 2023-04-01 2024-03-31 9432751 c:Consolidated 2024-03-31 9432751 c:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 9432751 6 2023-04-01 2024-03-31 9432751 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 9432751







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


SPECAC INTERNATIONAL LIMITED






































img5537.png                        

 


SPECAC INTERNATIONAL LIMITED
 


 
COMPANY INFORMATION


Directors
H J Dubina (appointed 1 March 2024)
D J Parker (appointed 1 March 2024)
D B Patteson (appointed 1 March 2024)
J Ray (appointed 1 March 2024)
S Allen (appointed 17 October 2024)
M Dearden (appointed 17 October 2024)




Company secretary
J D Jordan



Registered number
9432751



Registered office
Science And Innovation Centre Unit 12
Halo Business Park

Cray Avenue

Orpington

Kent

BR5 3FQ




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

95 Gresham Street

London

EC2V 7AB





 


SPECAC INTERNATIONAL LIMITED
 



CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10
Company Statement of Financial Position
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14
Consolidated Analysis of Net Debt
15
Notes to the Financial Statements
16 - 31


 


SPECAC INTERNATIONAL LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Business review
 
The principal activity of the Group is the manufacture of Spectroscopy accessories, sample preparation, process, and optical products for the scientific instrument sector and various other applications within industry. The Group continued to follow its long-term strategy in 2023/24, supplying market leading products to its global customers, with exports contributing 95.5% to group sales in the year (95.4% FY23).
Sales in FY24 fell slightly by 3.4% (FY23 9% growth), but the business continued to capitalise on-going growth in our core markets coupled with growth accelerating initiatives implemented to further underpin and accelerate growth. Including, enhancing corporate strategy and its implementation to ensure significant organic and accelerated growth (including acquisition) year on year long term.
The business continues a rigorous approach to both Top and Bottom line. Top line is focussing on improving Sales performance and New Product Development. Bottom line is focussing on improved cost control, driving improved ROI, coupled with strong debt management. 
On 1 March 2024, the entirety of the Group’s share capital was acquired by Specac Holdco Limited (“the Parent”). The majority shareholders of the Parent are Ampersand 2023 Limited Partnership. The ultimate parent company of Ampersand 2023 Limited Partnership is Ampersand Management LLC, an entity incorporated in the United States of America. 
In the year to 31 March 2024 the Company continued to invest in existing businesses, new technology and new ventures. On 21 March 2024 Specac Inc. acquired the trade and assets of Harrick Scientific Products Inc.

Principal risks and uncertainties
 
The Group governs and manages various business and operational risks which are typical for a Group of its size and sector. Governance is enhanced through regular Board and Leadership meetings which discuss and manage these risks to minimise their likelihood or impact on the Group as far as is possible. Insurance, Proforma invoices for new customers, Quality audits and Health and Safety reviews amongst other activities play an appropriate role in mitigating these risks. The Group reviews its strategy on a regular basis to maximise its performance potential.

Financial key performance indicators
 
The Directors regard the following measures as key performance indicators of Group performance.  These have been discussed in the Business Review.

2024
2023
Sales growth

(3.4%)

9.0%
 
International % total sales

95.5%

95.4%
 
EBITDA

£2.3m

£3.0m
 
EBITDA as % of sales

15.9%

20.0%
 
Average headcount

80

83
 
Sales per head

£181k

£180k
 

Page 1

 


SPECAC INTERNATIONAL LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Other key performance indicators
 
The Group has continued to perform well in the year with the key performance indicators above expectations. The Directors were satisfied with the performance of the Group in the current year against these key performance indicators.


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



M Dearden
Director

Date: 3 June 2025

Page 2

 


SPECAC INTERNATIONAL LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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


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

make 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 Group will continue in business.

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

Results and dividends

The profit for the year, after taxation, amounted to £1,918,019 (2023 - £1,831,151).

No dividends have been proposed or declared in the year or since the year end (2023: Nil).

Directors

The Directors who served during the year were:

Mr K O'Donovan (resigned 1 March 2024)
Mr C M Wardle (resigned 1 March 2024)
Mr S J Postma (resigned 19 April 2024)
Mr J Melville Jackson (resigned 1 March 2024)
H J Dubina (appointed 1 March 2024)
D J Parker (appointed 1 March 2024)
D B Patteson (appointed 1 March 2024)
J Ray (appointed 1 March 2024)

Future developments

Our success and financial performance are dependent on our ability to serve as a trusted, long-term partner to our many diverse customers. We continue to make targeted investments across high growth areas, and the success of these investments depends on their successful management and execution. 
We will continue to make strategic acquisitions in current and complementary customer market segments to supplement organic growth, solidify our current market presence and expand into new areas. 

Page 3

 


SPECAC INTERNATIONAL LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Research and development activities

Significant research and development was undertaken by the Company, both through part customer funded programmes and in support of the Company’s own projects. The Company continued its strong track record of developing new products and services during the year. 

Matters covered in the Group Strategic Report

The Company has chosen in accordance with Section 414C(II) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Company’s Strategic Report, the information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This include information that would have been included in the business review and details of the principal risks and uncertainties.

Disclosure of information to auditor

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

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

Auditor

The auditor, Menzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





M Dearden
Director

Date: 3 June 2025

Page 4

 


SPECAC INTERNATIONAL LIMITED
 

img612e.png
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPECAC INTERNATIONAL LIMITED

Qualified opinion


We have audited the financial statements of Specac International Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, except for the possible effects of the matters described in the basis for qualified opinion section of our report,  the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's 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.


Basis for qualified opinion


We were unable to observe the counting of physical inventories at the end of the year for the stock relating to the acquired trade and assets in the year (see note 14). We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 March 2024, which are included in the balance sheet at £962,442, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


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


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


Page 5

 


SPECAC INTERNATIONAL LIMITED


img4015.png
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPECAC INTERNATIONAL LIMITED (CONTINUED)

Other information


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 ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

Except for the possible effects of the matters described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:


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


Matters on which we are required to report by exception
 

Except for the matters described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and 
we were unable to determine whether adequate accounting records have been kept.


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:


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



Page 6

 


SPECAC INTERNATIONAL LIMITED


img28ee.png
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPECAC INTERNATIONAL LIMITED (CONTINUED)

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:
 
The Companies Act 2006;
Financial Reporting Standard 102;
UK employment legislation;
General Data Protection Regulations; and,
UK tax legislation

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
 
Identifying and assessing the measures management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.



 
Page 7

 


SPECAC INTERNATIONAL LIMITED


img73e4.png
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPECAC INTERNATIONAL LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements (continued)
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
 
The use of management override of controls to manipulate results, or to cause the Group to enter into transactions not in its best interests; or
Posting of unusual journals and complex transactions.


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


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


Use of our report
 

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





Robin Hopkins FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
95 Gresham Street
London
EC2V 7AB

3 June 2025
Page 8

 


SPECAC INTERNATIONAL LIMITED
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,452,624
14,959,510

Cost of sales
  
(8,008,126)
(7,822,383)

Gross profit
  
6,444,498
7,137,127

Distribution costs
  
(1,563,973)
(1,760,410)

Administrative expenses
  
(2,993,746)
(2,724,388)

Exceptional administrative expenses
  
(192,812)
(339,331)

Other operating income
 5 
134,202
85,384

Operating profit
 6 
1,828,169
2,398,382

Interest receivable and similar income
 10 
77,453
-

Interest payable and similar expenses
 11 
(123,354)
(167,171)

Profit before taxation
  
1,782,268
2,231,211

Tax on profit
 12 
135,751
(400,060)

Profit for the financial year
  
1,918,019
1,831,151

  

Foreign currency retranslation
  
(17,361)
39,867

Other comprehensive income for the year
  
(17,361)
39,867

Total comprehensive income for the year
  
1,900,658
1,871,018

Profit for the year attributable to:
  

Owners of the parent Company
  
1,918,019
1,831,151

  
1,918,019
1,831,151

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,900,658
1,871,018

  
1,900,658
1,871,018

The notes on pages 16 to 31 form part of these financial statements.

Page 9

 


SPECAC INTERNATIONAL LIMITED
REGISTERED NUMBER:9432751



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
2,751,938
-

Tangible assets
 15 
1,293,670
1,413,703

  
4,045,608
1,413,703

Current assets
  

Stocks
 17 
4,554,001
4,323,305

Debtors: amounts falling due within one year
 18 
2,881,466
1,758,497

Cash at bank and in hand
 19 
3,353,855
3,882,514

  
10,789,322
9,964,316

Creditors: amounts falling due within one year
 20 
(2,007,367)
(2,220,128)

Net current assets
  
 
 
8,781,955
 
 
7,744,188

Total assets less current liabilities
  
12,827,563
9,157,891

Creditors: amounts falling due after more than one year
 21 
-
(1,340,000)

Provisions for liabilities
  

Deferred tax
 22 
-
(115,599)

Other provisions
 23 
(141,939)
(141,939)

  
 
 
(141,939)
 
 
(257,538)

Net assets
  
12,685,624
7,560,353


Capital and reserves
  

Called up share capital 
 24 
6,095
2,650

Share premium account
 25 
3,653,393
432,225

Capital redemption reserve
 25 
125
125

Foreign exchange reserve
 25 
58,560
75,921

Profit and loss account
 25 
8,967,451
7,049,432

  
12,685,624
7,560,353


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Dearden
Director
Date: 3 June 2025

The notes on pages 16 to 31 form part of these financial statements.

Page 10

 


SPECAC INTERNATIONAL LIMITED
REGISTERED NUMBER:9432751



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
5,997,915
2,938,934

  
5,997,915
2,938,934

Current assets
  

Debtors: amounts falling due within one year
 18 
19,818
2,300

Cash at bank and in hand
 19 
80,158
9,486

  
99,976
11,786

Creditors: amounts falling due within one year
 20 
(3,144,563)
(1,302,467)

Net current liabilities
  
 
 
(3,044,587)
 
 
(1,290,681)

Total assets less current liabilities
  
2,953,328
1,648,253

  

Creditors: amounts falling due after more than one year
 21 
-
(1,340,000)

  

Net assets
  
2,953,328
308,253


Capital and reserves
  

Called up share capital 
 24 
6,095
2,650

Share premium account
 25 
3,653,393
432,225

Capital redemption reserve
 25 
125
125

Profit and loss account brought forward
  
(126,747)
117,595

Loss for the year
  
(579,538)
(244,342)

Profit and loss account carried forward
  
(706,285)
(126,747)

  
2,953,328
308,253


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



M Dearden
Director
Date: 3 June 2025

The notes on pages 16 to 31 form part of these financial statements.

Page 11

 
SPECAC INTERNATIONAL LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



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


£
£
£
£
£
£



At 1 April 2022
2,650
432,225
125
36,054
5,218,281
5,689,335





Profit for the year
-
-
-
-
1,831,151
1,831,151


Foreign currency retranslation
-
-
-
39,867
-
39,867





At 1 April 2023
2,650
432,225
125
75,921
7,049,432
7,560,353





Profit for the year
-
-
-
-
1,918,019
1,918,019


Foreign currency retranslation
-
-
-
(17,361)
-
(17,361)



Contributions by and distributions to owners


Shares issued during the year
3,445
3,221,168
-
-
-
3,224,613



At 31 March 2024
6,095
3,653,393
125
58,560
8,967,451
12,685,624



The notes on pages 16 to 31 form part of these financial statements.

Page 12
 


SPECAC INTERNATIONAL LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


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

£
£
£
£
£


At 1 April 2022
2,650
432,225
125
117,595
552,595



Loss for the year
-
-
-
(244,342)
(244,342)



At 1 April 2023
2,650
432,225
125
(126,747)
308,253



Loss for the year
-
-
-
(579,538)
(579,538)


Contributions by and distributions to owners

Shares issued during the year
3,445
3,221,168
-
-
3,224,613


At 31 March 2024
6,095
3,653,393
125
(706,285)
2,953,328


The notes on pages 16 to 31 form part of these financial statements.

Page 13

 


SPECAC INTERNATIONAL LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,918,019
1,831,151

Adjustments for:

Depreciation of tangible assets
330,116
306,561

Loss on disposal of tangible assets
-
67,469

Interest payable
123,354
167,171

Interest receivable
(77,453)
-

Taxation charge
(135,751)
400,060

Decrease/(increase) in stocks
744,226
(1,154,782)

(Increase)/decrease in debtors
(72,808)
95,374

(Decrease) in creditors
(228,967)
(254,807)

(Decrease)/increase in provisions
(379,477)
-

Corporation tax (paid)
(479,678)
(402,724)

Net difference on retranslation of overseas subsidiary
(17,361)
39,867

Interest received
77,453
-

Net cash generated from operating activities

1,801,673
1,095,340


Cash flows from investing activities

Purchase of tangible fixed assets
(131,509)
(276,200)

Acquisition of subsidiary net of cash acquired
(3,960,082)
-

Net cash from investing activities

(4,091,591)
(276,200)

Cash flows from financing activities

Issue of ordinary shares
3,224,613
-

Repayment of loans
(1,340,000)
(1,000,000)

Interest paid
(123,354)
(167,171)

Net cash used in financing activities
1,761,259
(1,167,171)

Net (decrease) in cash and cash equivalents
(528,659)
(348,031)

Cash and cash equivalents at beginning of year
3,882,514
4,230,545

Cash and cash equivalents at the end of year
3,353,855
3,882,514


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,353,855
3,882,514

3,353,855
3,882,514


The notes on pages 16 to 31 form part of these financial statements.

Page 14

 


SPECAC INTERNATIONAL LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

3,882,514

(528,659)

3,353,855

Debt due after 1 year

(1,340,000)

1,340,000

-


2,542,514
811,341
3,353,855

The notes on pages 16 to 31 form part of these financial statements.

Page 15

 


SPECAC INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Specac International Limited is a private company limited by shares incorporated in England and Wales and domiciled in the United Kingdom. The address of its registered office and principal place of business are disclosed on the company information page. The principal activity of the Group was the design and manufacture of accessories for the scientific instrumentation industry. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Financial reporting standard 102 - reduced disclosure exemptions for parent entity

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) No cash flow statement has been presented for the company
(b) Disclosures in respect of financial instruments have not been presented
(c) No disclosure has been given for the aggregate remuneration of key management personnel

 
2.3

Basis of consolidation

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

 
2.4

Revenue

Revenue from the sale of goods is recognised in accounting periods in which the risks and rewards of ownership have been transferred to the customer, which is usually when title passes on delivery.
Revenue is measured at the fair value of the consideration received, net of trade discounts and sales taxes.

Page 16

 


SPECAC INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

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

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

 
2.6

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Leasehold improvements
-
Over the remaining lease term
Plant and machinery
-
10% to 50% straight line
Fixtures and fittings
-
33% straight line

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

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

No borrowing costs are capitalised as part of property, plant and equipment. 

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Stocks

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

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

Page 17

 


SPECAC INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

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

Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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.

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

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

 
2.11

Finance costs

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

 
2.12

Operating leases: the Group as lessee

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

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

Page 18

 


SPECAC INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Pensions

Defined contribution pension plan

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

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

 
2.14

Provisions for liabilities

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

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

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

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

 
2.16

Research and development

Research and development expenditure is written off in the period in which it is incurred with the exception of amounts recoverable from third parties.

Page 19

 


SPECAC INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions
that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
Significant judgements
The group uses judgement over the method and rates in which absorption costing on stock is applied.  A rate is determined from specific costs applied over typical hours that have been worked.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the
related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Management use estimation to calculate a provision on stock held by reviewing slower moving stock and providing
for the stock over a certain criteria.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
14,452,624
14,959,510

14,452,624
14,959,510


2024
2023
£
£

United Kingdom
653,153
688,296

Rest of Europe
3,307,068
2,808,290

North America
5,668,396
6,282,787

Other overseas
4,824,007
5,180,137

14,452,624
14,959,510



5.


Other operating income

2024
2023
£
£

Research and development tax credits
134,202
85,238

Sundry income
-
146

134,202
85,384


Page 20

 


SPECAC INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
671,012
655,674

Exchange differences
(9,563)
27,617

Other operating lease rentals
162,825
485,923


7.


Auditor's remuneration


2024
2023
£
£
Fees payable to the Company's auditor for the audit of the Company's financial statements

10,500

10,250
 


8.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
3,620,302
3,604,582

Social security costs
339,558
362,830

Cost of defined contribution scheme
422,472
385,715

4,382,332
4,353,127


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


        2024
        2023
            No.
            No.







Production & operations
40
42



Admin & design
21
22



Sales & marketing
19
19

80
83

The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £NIL)
Page 21

 


SPECAC INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
423,107
359,726

Group contributions to defined contribution pension schemes
59,527
42,400

482,634
402,126


During the year retirement benefits were accruing to 2 Directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £243,273 (2023 - £201,300).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £41,719 (2023 - £25,600).


10.


Interest receivable

2024
2023
£
£


Bank interest receivable
77,453
-

77,453
-


11.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
123,354
167,171

123,354
167,171

The interest payable above is in relation to the loan detailed in note 27.

Page 22

 


SPECAC INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
33,550
399,131

Adjustments in respect of previous periods
(7,088)
(8,797)


26,462
390,334

Foreign tax


Foreign tax on income for the year
76,654
34,505

76,654
34,505

Total current tax
103,116
424,839

Deferred tax


Origination and reversal of timing differences
(238,867)
(24,779)

Total deferred tax
(238,867)
(24,779)


Taxation on (loss)/profit on ordinary activities
(135,751)
400,060

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,782,268
2,231,211


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
445,567
423,930

Effects of:


Expenses not deductible for tax purposes
144,536
1,990

Capital allowances for year in excess of depreciation
28,179
(22,194)

Different rate of taxes on overseas earnings
53,434
11,076

Adjustments to tax charge in respect of prior periods
(7,088)
(8,797)

Change in tax rate on deferred tax
-
(5,945)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
33,550
-

Tax deduction arising from exercise of employee options
(833,929)
-

Total tax charge for the year
(135,751)
400,060

Page 23

 


SPECAC INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
12.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Exceptional items

2024
2023
£
£


Restructuring and severance
(214,584)
231,526

Due diligence costs
407,396
-

One off product costs
-
107,805

192,812
339,331

Exceptional expenses of £(214,584) (2023: £231,526) relate to restructuring and severance during the that period. £407,396 of exceptional expenses (2023: £Nil) relate to one off costs relating to the due diligence costs.  The prior year also included £107,805 for one off costs.

Page 24

 


SPECAC INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 April 2023
61,384


Additions
2,751,938



At 31 March 2024

2,813,322



Amortisation


At 1 April 2023
61,384



At 31 March 2024

61,384



Net book value



At 31 March 2024
2,751,938



At 31 March 2023
-

On 21 March 2024 Specac Inc. acquired the trade and assets of Harrick Scientific Products Inc. for £3,960,082 resulting in £2,751,938 of goodwill.  The assets acquired were £78,574 of tangible fixed assets, £1,464,130 of current assets and (£334,560) of current liabilities.



Page 25

 


SPECAC INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Tangible fixed assets

Group






Short-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2023
1,754,598
609,098
576,171
2,939,867


Additions
1,180
60,249
70,080
131,509


Acquisition of subsidiary
-
-
78,574
78,574



At 31 March 2024

1,755,778
669,347
724,825
3,149,950



Depreciation


At 1 April 2023
642,295
499,389
384,480
1,526,164


Charge for the year on owned assets
161,324
66,258
102,534
330,116



At 31 March 2024

803,619
565,647
487,014
1,856,280



Net book value



At 31 March 2024
952,159
103,700
237,811
1,293,670



At 31 March 2023
1,112,303
109,709
191,691
1,413,703

Page 26

 


SPECAC INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
2,938,934


Additions
3,058,981



At 31 March 2024
5,997,915





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Specac Limited
Science And Innovation Centre, Unit 12, Halo Business Park, Cray Avenue, Orpington, Kent, BR5 3FQ
Ordinary
100%
Specac Inc. (*)
141 Tompkins Avenue, 2nd Floor, PO Box 277, Pleasantville, New York 10570
Ordinary
100%

(*) Indirect holding
During the year further shares were acquired in Specac Limited to the value of £3,058,981.


17.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
1,865,558
2,179,793

Work in progress (goods to be sold)
319,891
397,315

Finished goods and goods for resale
2,368,552
1,746,197

4,554,001
4,323,305


Impairment losses recognised or (reversed) in profit or loss was (£37,742) (2023: (£130,181)).

Page 27

 


SPECAC INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,914,651
1,375,719
-
-

Amounts owed by group undertakings
165,632
-
-
-

Other debtors
134,675
90,044
19,818
2,300

Prepayments and accrued income
248,588
270,135
-
-

Tax recoverable
294,652
22,599
-
-

Deferred taxation
123,268
-
-
-

2,881,466
1,758,497
19,818
2,300



19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
3,353,855
3,882,514
80,158
9,486

3,353,855
3,882,514
80,158
9,486



20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
794,205
501,335
-
13,800

Amounts owed to group undertakings
-
-
3,017,472
1,273,077

Corporation tax
11,577
116,086
-
-

Other taxation and social security
66,738
81,085
-
-

Other creditors
62,192
64,676
27,813
-

Accruals and deferred income
1,072,655
1,456,946
99,278
15,590

2,007,367
2,220,128
3,144,563
1,302,467


Within other creditors are amounts due on defined contribution pension schemes of £32,161 (2023: £60,230).

Page 28

 


SPECAC INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loans
-
1,340,000
-
1,340,000

-
1,340,000
-
1,340,000


The loan above of £1,340,000 was secured by a floating charge over all of the assets held by Specac International Limited and also those held by its subsidiary, Specac Limited.

The loan incured interest at 10% per annum. The loan was repaid during the year.


22.


Deferred taxation


Group



2024


£






At beginning of year
(115,599)


Charged to profit or loss
238,867



At end of year
123,268

Company


2024





At beginning of year
-



At end of year
-
The deferred taxation balance is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(147,062)
(131,588)

Tax losses carried forward
262,290
-

Other timing differences
8,040
15,989

123,268
(115,599)

Page 29

 


SPECAC INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

23.


Provisions


Group



Dilapidations

£





At 1 April 2023
141,939



At 31 March 2024
141,939

The above provisions relate to dilapidations costs which are expected to be incurred in exiting the lease of the premises that it trades in.


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



349,538 (2023 - 5,000) Ordinary shares of £0.01 each
3,495
50
260,000 (2023 - 260,000) A Ordinary shares of £0.01 each
2,600
2,600

6,095

2,650


The Ordinary and A Ordinary shares have equal voting, divided and capital distribution rights.

344,538 further Ordinary shares of £0.01 each were issued in the year ended 31 March 2024. The consideration received by the entity was £3,224,613.


25.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Capital redemption reserve

This reserve records the nominal value of shares re-purchased by the company.

Foreign exchange reserve

This reserve is the result of differences arising on the retranslation of foreign subsidiaries on consolidation.

Profit and loss account

This reserve records retained earnings and accumulated losses.

Page 30

 


SPECAC INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

26.


Commitments under operating leases

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
541,261
561,495

Later than 1 year and not later than 5 years
1,905,711
1,949,240

Later than 5 years
63,459
560,091

2,510,431
3,070,826

27.


Related party transactions

Company:
Included within Creditors: amounts falling due after more than one year is £Nil (2023: £1,340,000) owed to shareholders.
Security has been provided for these loans and is disclosed in note 21 to the accounts.
Interest has been charged at 10% per annum on these balances. Included in interest payable & similar charges is £123,354 (2023: £167,171) of interest on these loans.


28.


Controlling party

The immediate parent comany is Specac Holdco Limited, a company incorporated in the United Kingdom.  The ultimate parent company is Ampersand 2023 Limited Partnership, incorporated in the USA.
There is not considered to be one controlling party.

 
Page 31