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REGISTERED NUMBER: 03096272















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2024

for

Miltenyi Biotec Limited

Miltenyi Biotec Limited (Registered number: 03096272)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 5

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 9

Balance Sheet 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Miltenyi Biotec Limited

Company Information
for the Year Ended 31 December 2024







DIRECTOR: S G Miltenyi



REGISTERED OFFICE: Almac House
Church Lane
Bisley
Woking
Surrey
GU24 9DR



REGISTERED NUMBER: 03096272



SENIOR STATUTORY AUDITOR: Andrew Skilton, ACA



AUDITORS: Brewers Chartered Accountants
Unit 3
Birtley Courtyard
Bramley
Surrey
GU5 0LA

Miltenyi Biotec Limited (Registered number: 03096272)

Strategic Report
for the Year Ended 31 December 2024

The director presents his strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The principal activity of the company remains the import, distribution and sale of products that advance biomedical research and cellular therapy. Miltenyi Biotec's innovative tools support research at every level from basic research to translational research to clinical application.

The company has considerable financial resources and as a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.

The directors believe that effective controls have been established and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of these financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

In the accounting year ended 31 December 2024 the company's sales, its key performance indicator, increased by 20.6% (2023 decreased by 14.7%) from £29.2 million to £35.2 million. Gross profit margin reduced to 26% (28% in 2023).

Future Developments:

The Directors are confident that the business will continue to growth in 2025 and beyond. The company will continue to release new products into the market that will be complimentary to our existing product portfolio. The Directors believe that the company has the required resources to continue to meet it customer expectations and to grow its market share.


Miltenyi Biotec Limited (Registered number: 03096272)

Strategic Report
for the Year Ended 31 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The company has identified the principal risks that it faces as:

Market risks
The Company operates in a competitive environment, for 2025 and beyond this risk is limited as the company sells a broad portfolio of products over to a wide spectrum of Customers operating in different sectors of the market.

Pricing
The Company does not have a significant exposure to price risk on either the purchase or sale of products.

Regulatory risks
The company has minimal hazardous goods and complies with the regulatory framework governing the movement of these. Staff are trained on a continual basis in respect of any changes in this regulatory framework.

Credit risks
There is a risk of financial loss to the company arising from the failure of the company's customers to meet their financial obligations for the services provided by the company. The company manages this situation through credit control procedures and management are of the view that the risk is at an acceptable level. A Considerable number of customers are NHS trusts, universities and other public bodies which reduces credit risk exposure.

Liquidity and cashflow risks
The company retains sufficient cash to ensure it has enough funds available for operations. The company can also rely on the financial backing of the Miltenyi Biotec Group. This facility aids the company to manage any cash flow requirements.

Interest rate risk
The company has cash balances which earn interest at a variable rate. The directors consider the interest rate risk in respect of these cash balances is at an acceptable level and that no hedging of interest rates is necessary due to short settlement periods and the predominance of intercompany invoicing in sterling.

Currency risks
The company operates in the United Kingdom and Ireland, and is exposed to Foreign exchange Risk. This risk is reduced as most of its purchases are from group companies and all material transactions are denominated in sterling within the UK. All exchange risk is managed by group Treasury which is controlled and managed by the parent company.

EMPLOYEE INTERESTS
The company is proud of our exceptional customer service which is delivered by attracting, motivating, training and retaining the very best team members.

The company's employees are key to the success of the business; and the health, safety and wellbeing of our employees is one of the principal considerations in the way in which we do business.

The company promotes a culture of working hard to strive for the best possible outcomes, working alongside its employees in order to achieve this. The company ensures that employees receive regular training and coaching in order to ensure they can undertake their roles to the best of their ability and in a way that is consistent to the company's strategy.


Miltenyi Biotec Limited (Registered number: 03096272)

Strategic Report
for the Year Ended 31 December 2024

RELATIONSHIPS WITH CUSTOMERS, SUPPLIERS AND OTHERS
Stakeholder engagement is very important to the company and it is fully committed to maintaining, developing and investing in its relationships with all key stakeholders.

The company's relationships with its key suppliers is seen as being a collaborative partnership in which both parties engage effectively and work constructively on a day-to-day basis in order to deliver success.

The company is a member of various trade associations in order to provide and receive representations of best practice and help formulate future strategy.

The company's strategy is based on sustainable relationships with our customers and ensure it is driving customer loyalty to the Miltenyi brand. This is achieved by focusing on the customer mindset in order to deliver the best possible experience throughout the customer journey.

THE IMPACT OF OPERATIONS ON THE COMMUNITY AND THE ENVIRONMENT
The company understands the importance of ensuring that its operations impact the community in a positive manner.

The company seeks to minimise its carbon footprint by promoting the efficient use of energy through the increased uptake of hybrid and electric vehicles for company activities.

CORPORATE CULTURE
Our culture is characterised by clear responsibility, mutual respect and trust. Lawful conduct and fair competition are integral to our business activities and for maintaining a reputation for high standards of business conduct, securing long term success. We are focused on people, with customers being at the heart of our business. We embrace diversity, flexibility, sustainability and continuous improvement throughout the company. It has a customer centric philosophy with transparent, fair and simple processes. The board and senior management have taken steps to drive cultural change and to ensure corporate strategy and customer orientation principles are embraced across the organisation.

ON BEHALF OF THE BOARD:





S G Miltenyi - Director


30 June 2025

Miltenyi Biotec Limited (Registered number: 03096272)

Report of the Director
for the Year Ended 31 December 2024

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2024 is £3,000,000.

DIRECTOR
S G Miltenyi held office during the whole of the period from 1 January 2024 to the date of this report.

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

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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

ON BEHALF OF THE BOARD:





S G Miltenyi - Director


30 June 2025

Report of the Independent Auditors to the Members of
Miltenyi Biotec Limited

Opinion
We have audited the financial statements of Miltenyi Biotec Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 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.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

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

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

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

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Miltenyi Biotec Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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

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

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Miltenyi Biotec Limited


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

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

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, Health & Safety and distributable profits legislation.

• It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; ; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew Skilton, ACA (Senior Statutory Auditor)
for and on behalf of Brewers Chartered Accountants
Unit 3
Birtley Courtyard
Bramley
Surrey
GU5 0LA

30 June 2025

Miltenyi Biotec Limited (Registered number: 03096272)

Statement of Income and Retained Earnings
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 4 35,152,110 29,158,389

Cost of sales 25,999,298 21,048,156
GROSS PROFIT 9,152,812 8,110,233

Administrative expenses 7,135,498 8,123,137
2,017,314 (12,904 )

Other operating income 1,079,164 1,190,181
OPERATING PROFIT 6 3,096,478 1,177,277

Interest receivable and similar income 64,445 60,060
PROFIT BEFORE TAXATION 3,160,923 1,237,337

Tax on profit 7 792,353 267,299
PROFIT FOR THE FINANCIAL YEAR 2,368,570 970,038

Retained earnings at beginning of year 2,070,839 3,200,801

Dividends 8 (3,000,000 ) (2,100,000 )

RETAINED EARNINGS AT END OF YEAR 1,439,409 2,070,839

Miltenyi Biotec Limited (Registered number: 03096272)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,331,198 1,814,709

CURRENT ASSETS
Stocks 10 44,143 61,551
Debtors 11 6,471,173 4,815,647
Cash at bank and in hand 3,499,297 2,519,421
10,014,613 7,396,619
CREDITORS
Amounts falling due within one year 12 8,523,331 5,917,629
NET CURRENT ASSETS 1,491,282 1,478,990
TOTAL ASSETS LESS CURRENT LIABILITIES 2,822,480 3,293,699

CREDITORS
Amounts falling due after more than one
year

13

(1,068,306

)

(801,980

)

PROVISIONS FOR LIABILITIES 15 (304,765 ) (410,880 )
NET ASSETS 1,449,409 2,080,839

CAPITAL AND RESERVES
Called up share capital 16 10,000 10,000
Retained earnings 17 1,439,409 2,070,839
SHAREHOLDERS' FUNDS 1,449,409 2,080,839

The financial statements were approved by the director and authorised for issue on 30 June 2025 and were signed by:





S G Miltenyi - Director


Miltenyi Biotec Limited (Registered number: 03096272)

Cash Flow Statement
for the Year Ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,307,756 3,570,409
Tax paid (500,000 ) (193,437 )
Net cash from operating activities 3,807,756 3,376,972

Cash flows from investing activities
Purchase of tangible fixed assets (199,416 ) (912,126 )
Sale of tangible fixed assets 307,091 159,405
Interest received 64,445 60,060
Net cash from investing activities 172,120 (692,661 )

Cash flows from financing activities
Equity dividends paid (3,000,000 ) (2,100,000 )
Net cash from financing activities (3,000,000 ) (2,100,000 )

Increase in cash and cash equivalents 979,876 584,311
Cash and cash equivalents at beginning
of year

2

2,519,421

1,935,110

Cash and cash equivalents at end of
year

2

3,499,297

2,519,421

Miltenyi Biotec Limited (Registered number: 03096272)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 3,160,923 1,237,337
Depreciation charges 561,974 533,533
Profit on disposal of fixed assets (186,138 ) (119,524 )
Finance income (64,445 ) (60,060 )
3,472,314 1,591,286
Decrease in stocks 17,408 4,891
(Increase)/decrease in trade and other debtors (1,655,526 ) 2,035,363
Increase/(decrease) in trade and other creditors 2,473,560 (61,131 )
Cash generated from operations 4,307,756 3,570,409

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 3,499,297 2,519,421
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,519,421 1,935,110


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 2,519,421 979,876 3,499,297
2,519,421 979,876 3,499,297
Total 2,519,421 979,876 3,499,297

Miltenyi Biotec Limited (Registered number: 03096272)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Miltenyi Biotec Limited is a private company, limited by shares, registered in England and Wales. The company's' registered number and registered office address can be found on the company information pages.

The presentational currency is the pound sterling (£).

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
At the time of approving the financial statements, management have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and as such the financial statements have been prepared on the going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty
In preparing financial statements its can be necessary to make significant judgements and estimates that affect the amounts recognised in the financial statements. There are no areas of significant judgement that affect the preparation of these financial statements.

Key sources of estimation

The company estimates the useful lives of plant and equipment based on the period over which the assets are expected to be available for use. The estimates are reviewed periodically and updated if expectations differ from previous estimates due to physical wear and tear or technical or commercial obsolescence.

Turnover
Turnover represents sales to external customers at invoiced amounts less Value Added Tax or local taxes on sales. Income is recognised either on despatch of goods or date of contract signature for maintenance and service contracts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - in accordance with the property
Plant and machinery - 20% on cost
Office equipment - at varying rates on cost

Fixed assets costing over £1,000 are capitalised.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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

Miltenyi Biotec Limited (Registered number: 03096272)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Miltenyi Biotec Limited (Registered number: 03096272)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. ACCOUNTING POLICIES - continued

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Research 15,427,145 14,886,626
Clinical 19,724,965 14,271,763
35,152,110 29,158,389

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 34,412,535 28,428,626
Europe 739,575 729,763
35,152,110 29,158,389

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,942,245 4,070,872
Social security costs 472,639 500,252
Other pension costs 382,696 414,748
4,797,580 4,985,872

The average number of employees during the year was as follows:
2024 2023

Administration 6 11
Sales & Marketing 51 56
57 67

Key management personnel compensation was £855,582 (2023: £946,291). Key management includes all persons having authority and responsibility for planning, directing and controlling activities of the company, directly and indirectly, and have been identified as the Country Manager, the European Finance Manager, the UK Finance Manager, the HR Manager, the Macs Clinical Manager and the Marketing Manager.The role of National Sales Manager was included until the role ceased in August 2024. The role of MACS Clinical Manager was included in the comparatives until the role ceased in November 2023.

Miltenyi Biotec Limited (Registered number: 03096272)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Director's remuneration - -

6. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 561,974 533,533
Profit on disposal of fixed assets (186,138 ) (119,524 )
Auditors 38,850 37,000
Foreign exchange differences 11,205 9,567
Operating lease charges 391,082 405,262

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 898,468 193,437

Deferred tax (106,115 ) 73,862
Tax on profit 792,353 267,299

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

2024 2023
£    £   
Profit before tax 3,160,923 1,237,337
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

790,231

309,334

Effects of:
Expenses not deductible for tax purposes 2,160 4,691
Capital allowances in excess of depreciation - (108,579 )
Depreciation in excess of capital allowances 106,077 -
Deferred tax provision (106,115 ) 73,862
Profits taxed at 19% rather than 25% - (12,168 )
Current year tax overprovided - 159
Total tax charge 792,353 267,299

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 3,000,000 2,100,000

Miltenyi Biotec Limited (Registered number: 03096272)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. TANGIBLE FIXED ASSETS
Short Plant and Office
leasehold machinery equipment Totals
£    £    £    £   
COST
At 1 January 2024 323,849 3,006,835 273,619 3,604,303
Additions - 184,474 14,942 199,416
Disposals - (310,955 ) (4,719 ) (315,674 )
At 31 December 2024 323,849 2,880,354 283,842 3,488,045
DEPRECIATION
At 1 January 2024 172,693 1,462,746 154,155 1,789,594
Charge for year 57,850 467,934 36,190 561,974
Eliminated on disposal - (190,279 ) (4,442 ) (194,721 )
At 31 December 2024 230,543 1,740,401 185,903 2,156,847
NET BOOK VALUE
At 31 December 2024 93,306 1,139,953 97,939 1,331,198
At 31 December 2023 151,156 1,544,089 119,464 1,814,709

10. STOCKS
2024 2023
£    £   
Stocks 44,143 61,551

11. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 3,731,452 2,309,695
Other debtors 7,045 10,034
Corporation tax refund - 156,563
Prepayments 1,898,583 1,685,140
5,637,080 4,161,432

Amounts falling due after more than one year:
Prepayments 834,093 654,215

Aggregate amounts 6,471,173 4,815,647

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 283,034 167,401
Tax 398,468 -
Social security and other taxes 120,919 138,368
VAT 937,384 463,912
Miltenyi Biotec B.V. & Co KG 3,655,405 2,085,510
Deferred income 2,674,102 2,846,819
Accrued expenses 454,019 215,619
8,523,331 5,917,629

Miltenyi Biotec Limited (Registered number: 03096272)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Deferred income 1,068,306 801,980

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 379,780 410,300
Between one and five years 245,553 464,779
625,333 875,079

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Capital allowances in excess of
depreciation

304,765

410,880

Deferred
tax
£   
Balance at 1 January 2024 410,880
Accelerated capital allowances (106,115 )
Balance at 31 December 2024 304,765

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary £1 10,000 10,000

17. RESERVES
Retained
earnings
£   

At 1 January 2024 2,070,839
Profit for the year 2,368,570
Dividends (3,000,000 )
At 31 December 2024 1,439,409

18. PARENT COMPANY

The company is a 100% subsidiary of Miltenyi Biotec B.V. & Co. KG, a partnership incorporated in Germany.

Miltenyi Biotec Limited (Registered number: 03096272)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

19. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Miltenyi Biotec GmbH. The results of the company are consolidated in the accounts of Miltenyi GmbH. The registered office is Friedrich-Ebert-StraBe 68, 51429 Bergisch Gladbach, Germany.