FALSE Trading Private Limited Company Ltd Full Accounts TRUE 28/12/2024 English TRUE TRUE 31/12/2023 TRUE Audited Charles River Laboratories International, Inc.Charles River Laboratories Holdings Limited Agreements exist under which the values payable on exercising the options to purchase the remaining 10% shareholding in Hainan New Source Biotech Co. Ltd, are determined. In addition to this, the put and call options are valued at fair values to record net fair values of the options. These fair values rely upon estimates of future performance that are reviewed internally by senior management.Charles River Laboratories Holdings Limited---—In 2017, the Company entered into an agreement that gave rise to a future commitment to purchase the remaining 13% holding in Beijing Vital River Animal Technology Co. Ltd at the call of the founding party within a 3 year period from the date of acquisition, at a premium above the fair value of the assets being acquired at the date the call is exercised. In 2019 the Company exercised part of its rights under the agreement, acquiring a further 5% and in 2023 it acquired the remaining 8%. As a result of this transaction, the agreement expired and the fair value of the option, previously recorded as a derivative asset, was recognised as an addition to investments in these financial statements. On 28 August 2019, the Company entered into an agreement that gave rise to a future commitment to purchase the remaining 20% holding in Hainan New Source Biotech Co. Ltd at the call of the founding party within a 3 year period from the date of acquisition, at the higher of a predetermined floor or fair market of the assets being acquired at the date the call is exercised. In 2022 the Company exercised part of its rights under the agreement and acquired a further 10% with the remaining 10% outstanding. The expenditure required to settle this commitment is $12.0m, based on fair market value of the assets to be acquired (see note 27). As a result, the fair value of the derivative amounts to £nil (2022: £nil).The Workiva Platform 2025-09-02 iso4217:GBP xbrli:pure xbrli:shares iso4217:GBP xbrli:shares 00950184 2023-12-31 2024-12-28 00950184 2024-12-28 00950184 bus:PrivateLimitedCompanyLtd 2023-12-31 2024-12-28 00950184 bus:FullAccounts 2023-12-31 2024-12-28 00950184 bus:Audited 2023-12-31 2024-12-28 00950184 bus:Director1 2023-12-31 2024-12-28 00950184 bus:Director2 2023-12-31 2024-12-28 00950184 bus:Director3 2023-12-31 2024-12-28 00950184 bus:RegisteredOffice 2023-12-31 2024-12-28 00950184 2023-01-01 2023-12-30 00950184 2023-12-30 00950184 bus:Director4 2023-12-31 2024-12-28 00950184 bus:Director4 2024-12-28 00950184 bus:Director3 2024-12-28 00950184 bus:Director2 2024-12-28 00950184 bus:FRS102 2023-12-31 2024-12-28 00950184 core:UKTax 2023-12-31 2024-12-28 00950184 core:UKTax 2023-01-01 2023-12-30 00950184 core:CurrentFinancialInstruments 2024-12-28 00950184 core:CurrentFinancialInstruments 2023-12-30 00950184 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Charles River U.K. Limited
Annual report
for the period ended 28 December 2024
Company Registration No. 00950184
Charles River U.K. Limited
Annual report
For the period ended 28 December 2024

Contents | Page
Directors and advisers | 1
Strategic report | 2
Directors' report | 4
Independent auditors' report to the members of Charles River U.K. Limited | 7
Profit and loss account | 10
Statement of comprehensive income | 10
Balance sheet | 11
Statement of changes in equity | 12
Notes to the financial statements | 13

1
Charles River U.K. Limited
Directors and advisers
Directors
C Dunn
J Galli
S Amini
Company number
00950184
Registered office
Manston Road
Margate
Kent
CT9 4LT
Independent auditors
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Atria One
144 Morrison Street
Edinburgh
EH3 8EX
2
Charles River U.K. Limited
Strategic report
The directors present their strategic report on the Company for the 52 week period ended 28 December 2024.
Principal activities
The principal activity of the Company is the breeding and sale of research animals and services for use in
biomedical and scientific research.
Business performance and future outlook
The turnover for the financial period was £23,430,000 (2023: £21,133,000 ). The profit for the period amounted
to £15,320,000 (2023: £12,430,000). An interim dividend of £2,500,000 was paid during the period (2023:
£5,500,000). The directors do not recommend the payment of a final dividend in respect of the period (2023:
£nil).
During the period the Company increased turnover by 10.9% as the result of general business growth and
increased operations. Gross profit margins increased from 39.3% to 39.5% as explained in the key performance
indicators. Operating profit margins decreased from 8.6% to 4.2% mainly driven by increased overheads,
however, due to income received from group undertakings, net profit margins increased from 58.8% to 65.4%.
Employee numbers increased to 125 (2023: 124) reflecting the Company's ability to manage costs in a growing
market environment.. At the end of the period the Company had net current liabilities of £11,391,000 (2023:
£10,433,000) and a strong net assets position of £90,450,000 (2023: £77,297,000).
The Company commences 2025 with a detailed plan to challenge for growth in its mature market, through
consolidating its strategic partnerships and alliances with the leading commercial and academic customers. The
directors have carefully considered the impact to the business of current market conditions and through a tailored
approach, involving strategic investment, believe the business is best placed to take advantage of its position for
growth when the market strengthens. In reaching this conclusion, the directors have considered all available
information, including extensive analysis of the impact on the business during 2024, latest forecast results for
2025, overall expected impact to the market sector in which the Company operates, and the global economy in
general.
Principal risks and uncertainties
Economic and industry risk
The key economic and industrial risks facing the Company are considered to be the level of research and
development activity undertaken by existing and potential customers, as well as the outsourcing policies of these
customers. These risks are managed by working across the pharmaceutical sectors, as well as active sales
programs, client engagement and monitoring of concentration of turnover.
Financial risk management
The Company’s activities expose it to a number of financial risks including cash flow risk, credit risk, liquidity risk
and price risk. The Company does not currently use derivative financial instruments.
Cash flow risk
The Company’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates,
as the Company make sales in US Dollars and Euros. To manage this risk, the Company makes purchases in US
Dollars and Euros, where possible.
Credit risk
The Company’s principal financial assets are bank balances and cash and trade and other debtors and amounts
owed from group undertakings.
The Company’s credit risk is primarily attributable to its trade debtors. The amounts presented in the balance
sheet are net of provisions for doubtful debts. A provision for impairment is made where there is an identified loss
event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and financial instruments is limited because the counterparties are banks with high
credit-ratings assigned by international credit-rating agencies.
The Company has no significant concentration of credit risk, with exposure spread over a large number of
counterparties and customers.
3
Charles River U.K. Limited
Strategic report (continued)
Liquidity risk
There is a level of uncertainty in the global market as a result of the current macroeconomic climate, which can
give rise to difficulty in accessing liquidity from third parties.
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future
developments, the Company uses a mixture of long-term and short-term inter-company finance.
Price risk
The Company is not exposed to any significant price risk.
Key performance indicators (“KPIs”)
The financial key performance indicators that the directors consider to be important in monitoring the success of
the business are as follows:

|  | 2024 | 2023
|  | £’000 | £’000
Revenue per head |  | 187 | 170

Revenue per head is calculated against total average employees throughout the period. Proportionately, there
has been an increase from the prior period which has been driven by the change in turnover outweighing the
change in staff levels.

|  | 2024 | 2023
|  | % | %
Gross margin |  | 39.5 | 39.3

The gross margin improved from the prior period due to changes in the cost base and revenue mix. This is
calculated by dividing the gross profit by the turnover for the period.

|  | 2024 | 2023
|  | Days | Days
Debtor days |  | 35 | 42

Debtor days are calculated by considering the trade debtors balance at period end against the turnover for the
period. This is actively managed on a day to day basis. Debtor days have decreased compared to the prior
period, and there are no concerns over the recoverability of debtors held at the balance sheet date.
Approved by the Board on 31 March 2025 and signed on its behalf on 3 April 2025 by:
Colin Dunn
C Dunn
Director
4
Charles River U.K. Limited
Directors’ report for the period ended 28 December 2024
The directors present their report and the audited financial statements of the Company for the 52 week period
ended 28 December 2024. The comparative period is the 52 week period ended 30 December 2023. The
registered number of the Company is 00950184.
Directors
The directors who held office during the financial period and up to the date of signing the financial statements are
as follows:
S Price (Resigned 30 June 2024)
C Dunn
J Galli (Appointed 26 July 2024)
S Amini (Appointed 26 July 2024)
Dividends
An interim dividend of £0.23 per ordinary share (2023 - £0.51) amounting to £2,500,000 (2023 - £5,500,000) was
paid during the period. The directors do not recommend the payment of a final dividend in respect of the period
to the shareholder, Charles River Laboratories Holdings Limited (2023 - £nil).
Business performance, future outlook and principal risks and uncertainties
The results for the period are set out in the Profit and loss account on page 10. The results for the period, future
developments and principal risks and uncertainties have been discussed in the Strategic report presented on
pages 2 to 3.
Going concern
The directors have prepared a cash flow forecast which shows that they expect the Company to be able to meet
its operating obligations from available cash resources and the group's European cash pooling system as they
fall due.
The forecast includes a number of assumptions; however, based on the directors’ knowledge of the business,
they consider that the assumptions which underpin the forecast are realistic and achievable. As discussed in the
Strategic report, the business continues to forecast positive performance trends throughout 2025 and beyond.
As at 28 December 2024, the Company had net current liabilities of £11,391,000 (2023 - £10,433,000) and a
net cash balance of £nil (2023 - £1,952,000).
The parent entity's European cash pooling system clears the Company's primary bank account to nil balance on
a daily basis and replaces it with an intercompany receivable or payable. The Directors have received
confirmation from Charles River Laboratories International, Inc., the ultimate parent entity, that it will provide
financial support as required for the Company to meet its financial obligations as they fall due for at least twelve
months from the date of signing these financial statements.
Based on all of the available evidence, the directors have considered the intent and ability of Charles River
Laboratories International, Inc. to provide financial support as required, noting no issues, and consequently have
a reasonable expectation that the Company has adequate financial resources to continue in existence for the
foreseeable future. In conclusion, they continue to adopt the going concern basis in preparing these financial
statements.
Financial risk management
Financial risks and the management of these risks have been discussed in the Strategic report presented on
pages 2 to 3 .
Directors’ indemnities
The Company has made qualifying third-party indemnity provisions for the benefit of its directors which were
made during the period and remain in force at the date of this report.
5
Charles River U.K. Limited
Directors’ report for the period ended 28 December 2024 (continued)
Disabled employees
The Company is committed to employment policies which allow best practice, based on equal opportunities for all
employees, irrespective of sex, race, color, disability or marital status.
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the
applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their
employment with the group continues and that appropriate training is arranged. It is the policy of the group that
the training, career development and promotion of disabled persons should, as far as possible, be identical with
that of other employees.
Employee involvement
The Company remains committed to its quality management programme which involves all staff in seeking to
continuously improve the services offered to sponsors. Staff share in the success of the group through bonus
arrangements. Staff training and development have continued to be emphasised through the availability of
extensive in-house training courses and through performance appraisal systems.
The Company communicates with its employees on all matters relevant to them through a variety of media.
These include all hands meetings, departmental meetings and one to one feedback, as well as a dedicated
intranet site and message boards. The key information provided to staff includes financial performance of the
group and its ultimate parent company, regulatory and quality issues and performance improvement initiatives.
Statement of directors’ responsibilities
The directors are responsible for preparing the Annual report and financial statements in accordance with
applicable law and regulation.
Company law requires the directors to prepare financial statements for each financial period. Under that law the
directors have prepared the financial statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting
Standard 102, “The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)”.
Under company law the directors must not approve the financial statements unless they are satisfied that they
give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that
period. In preparing these financial statements, the directors are required to:
• Select suitable accounting policies and then apply them consistently.
• State whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been
followed, subject to any material departures disclosed and explained in the financial statements.
• Make judgments and accounting estimates that are reasonable and prudent.
• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the company will continue in business.
The directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the
Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company
and enable them to ensure that the financial statements comply with the Companies Act 2006.
Directors’ confirmations
In the case of each director in office at the date the Directors’ report is approved.
• So far as the director is aware, there is no relevant audit information of which the company’s auditors
are unaware.
• They have taken all the steps that they ought to have taken as a director in order to make themselves
aware of any relevant audit information and to establish that the company’s auditors are aware of that
information.
6
Charles River U.K. Limited
Directors’ report for the period ended 28 December 2024 (continued)
Independent auditors
The auditors, PricewaterhouseCoopers LLP have indicated their willingness to continue in office and a resolution
concerning their re-appointment will be proposed at the annual general meeting.
Approved by the Board on 31 March 2025 and signed on its behalf on 3 April 2025 by:
Colin Dunn
C Dunn
Director
7
Charles River U.K. Limited
Independent auditors’ report to the
members of Charles River U.K. Limited
Report on the audit of the financial statements
Opinion
In our opinion, Charles River U.K. Limited’s financial statements:
• give a true and fair view of the state of the company’s affairs as at 28 December 2024 and of its profit for the
52 week period then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
(United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in
the UK and Republic of Ireland”, and applicable law); and
• have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report, which comprise: the Balance sheet
as at 28 December 2024 the Profit and loss account, Statement of comprehensive income and Statement of
changes in equity for the period then ended; and the notes to the financial statements, which include a
description of the significant accounting policies.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable
law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the
financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Independence
We remained independent of the company in accordance with the ethical requirements that are relevant to our
audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our
other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
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.
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.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to
the company's ability to continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the
relevant sections of this report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements
and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the
financial statements does not cover the other information and, accordingly, we do not express an audit opinion or,
except to the extent otherwise explicitly stated in this report, any form of assurance 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
8
Charles River U.K. Limited
knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent
material inconsistency or material misstatement, we are required to perform procedures to conclude whether
there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.
With respect to the Strategic report and Directors' report, we also considered whether the disclosures required by
the UK Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report
certain opinions and matters as described below.
Strategic report and Directors' report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic
report and Directors' report for the period ended 28 December 2024 is consistent with the financial statements
and has been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the company and its environment obtained in the course of the
audit, we did not identify any material misstatements in the Strategic report and Directors' report.
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Statement of directors’ responsibilities, the directors are responsible for the
preparation of the financial statements in accordance with the applicable framework and for being satisfied that
they give a true and fair view. The directors are also responsible for such internal control as they determine is
necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless the directors either intend to liquidate the company or to cease operations, or have no
realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these 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.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance
with laws and regulations related to tax legislation and the Companies Act 2006, and we considered the extent to
which non-compliance might have a material effect on the financial statements. We evaluated management’s
incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override
of controls), and determined that the principal risks were related to the posting of inappropriate journal entries in
order to improve reported performance.
9
Charles River U.K. Limited
Audit procedures performed by the engagement team included:
• Enquiries of management and individuals outside the finance function around known or suspected instances
of non- compliance with laws and regulations, claims and litigation and instances of fraud;
• Identifying and testing journal entries, including those with unexpected accounts combinations impacting
revenue;
• Understanding of managements controls designed to prevent and detect irregularities; and
• Challenged management on assumptions and judgements made in their accounting estimates
There are inherent limitations in the audit procedures described above. We are less likely to become aware of
instances of non-compliance with laws and regulations that are not closely related to events and transactions
reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher
than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for
example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s
website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the company’s members as a body in
accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving
these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report
is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• we have not obtained all the information and explanations we require for our audit; or
• adequate accounting records have not been kept by the company, or returns adequate for our audit have not
been received from branches not visited by us; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• the financial statements are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Other matter
The company has passed a resolution in accordance with section 506 of the Companies Act 2006 that the senior
statutory auditor’s name should not be stated.
PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Edinburgh
3 April 2025
10
Charles River U.K. Limited
Profit and loss account

| Notes | Period ended 28 December 2024 | Period ended 30 December 2023
|  | £'000 | £'000
Turnover | 5 | 23,430 | 21,133
Cost of sales |  | (14,174) | (12,836)
Gross profit |  | 9,256 | 8,297
Administrative expenses |  | (8,792) | (7,289)
Other operating income |  | 527 | 801
Operating profit | 6 | 991 | 1,809
Income from shares in group undertakings | 12 | 15,739 | 10,987
Profit before interest and taxation |  | 16,730 | 12,796
Interest receivable and similar income | 9 | 94 | 416
Interest payable and similar expenses | 9 | (163) | (191)
Profit before taxation |  | 16,661 | 13,021
Tax on profit | 10 | (1,341) | (591)
Profit for the financial period |  | 15,320 | 12,430

Statement of comprehensive income

|  | Period ended 28 December 2024 | Period ended 30 December 2023
|  | £'000 | £'000
Profit for the financial period |  | 15,320 | 12,430
Other comprehensive income |  | - | -
Total comprehensive income for the financial period |  | 15,320 | 12,430

The above results relate entirely to continuing activities.
The notes on pages 13 to 31 form part of these financial statements.
11
Charles River U.K. Limited
Balance sheet

| Notes | As at 28 December 2024 | As at 30 December 2023
|  | £'000 | £'000
Fixed assets |  |  |
Tangible assets | 11 | 3,048 | 2,703
Investments | 12 | 98,793 | 89,212
|  | 101,841 | 91,915
Current assets |  |  |
Inventories | 13 | 2,353 | 2,458
Debtors | 14 | 5,654 | 2,974
Cash at bank and in hand | 15 | - | 1,952
|  | 8,007 | 7,384
Creditors: amounts falling due within one year | 16 | (19,398) | (17,817)
Net current liabilities |  | (11,391) | (10,433)
Total assets less current liabilities |  | 90,450 | 81,482
Creditors: amounts falling due after more than one year | 18 | - | (4,107)
Provisions for liabilities | 19 | - | (78)
Net assets |  | 90,450 | 77,297
Capital and reserves |  |  |
Called-up share capital | 20 | 10,749 | 10,749
Capital contribution |  | 9,600 | 9,600
Retained earnings |  | 70,101 | 56,948
Total equity |  | 90,450 | 77,297

The financial statements on pages 10 to 31 were authorised for issue by the Board of directors on 31 March 2025
and were signed on its behalf on 3 April 2025 by:
Colin Dunn
C Dunn
Director
Charles River U.K. Limited
Registered no. 00950184
12
Charles River U.K. Limited
Statement of changes in equity
For the period ended 28 December 2024

| Called up share capital | Capital contribution | Retained earnings | Total
| £'000 | £'000 | £'000 | £'000
Balance as at 1 January 2023 | 10,749 | 9,600 | 50,236 | 70,585
Profit for the financial period | - | - | 12,430 | 12,430
Total comprehensive income for the period | - | - | 12,430 | 12,430
Charge to equity for share-based payments | - | - | (218) | (218)
Dividends | - | - | (5,500) | (5,500)
Total transactions with owners, recognised directly in equity | - | - | (5,718) | (5,718)
Balance as at 30 December 2023 | 10,749 | 9,600 | 56,948 | 77,297
Profit for the financial period | - | - | 15,320 | 15,320
Total comprehensive income for the period | - | - | 15,320 | 15,320
Charge to equity for share-based payments | - | - | 333 | 333
Dividends | - | - | (2,500) | (2,500)
Total transactions with owners, recognised directly in equity | - | - | (2,167) | (2,167)
Balance as at 28 December 2024 | 10,749 | 9,600 | 70,101 | 90,450

13
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
1. General information
Charles River U.K. Limited (the “Company”) is a private Company limited by shares and is incorporated in the
United Kingdom and registered in England. The address of its registered office is Manston Road, Margate , Kent,
CT9 4LT.
The principal activity of the Company is the breeding and sale of research animals and services for use in
biomedical and scientific research.
2. Statement of compliance
The individual financial statements of Charles River U.K. Limited have been prepared in compliance with United
Kingdom Accounting Standards, including Financial Reporting Standard 102, ‘‘The Financial Reporting Standard
applicable in the United Kingdom and the Republic of Ireland’’ (‘‘FRS 102’’) and the Companies Act 2006.
3. Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These
policies have been consistently applied to all the periods presented, unless otherwise stated. The Company has
adopted FRS 102 in these financial statements.
a. Basis of preparation
These financial statements cover the 52 week period beginning 31 December 2023 and ending 28 December
2024 . The comparative reporting period covered the 52 week period beginning 1 January 2023 and ending
30 December 2023.
These financial statements are prepared on the going concern basis, under the historical cost convention, as
modified by the revaluation of certain financial assets and liabilities measured at fair value throughout the profit
and loss account.
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting
estimates. It also requires management to exercise its judgement in the process of applying the Company’s
accounting policies. The areas involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the financial statements are disclosed in note 4.
b. Going concern
The directors have prepared a cash flow forecast which shows that they expect the Company to be able to meet
its operating obligations from available cash resources and the group's European cash pooling system as they
fall due.
The forecast includes a number of assumptions; however, based on the directors’ knowledge of the business and
the Company’s track record of successfully achieving its targets, they consider that the assumptions which
underpin the forecast are realistic and achievable. As discussed in the Directors' report, the parent entity's
European cash pooling system clears the Company's primary bank account to nil balance on a daily basis and
replaces it with an intercompany receivable or payable. The Directors have received confirmation from Charles
River Laboratories International, Inc. it's ultimate parent entity, that it will provide financial support as required for
the Company to meet its financial obligations as they fall due for at least twelve months from the date of signing
these financial statements
Based on all of the available evidence, the directors have considered the intent and ability of Charles River
Laboratories International, Inc. to provide financial support as required, noting no issues, and consequently have
a reasonable expectation that the Company has adequate financial resources to continue in existence for the
foreseeable future. In conclusion, they continue to adopt the going concern basis in preparing these financial
statements.
14
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
3. Summary of significant accounting policies (continued)
c. Exemptions for qualifying entities under FRS 102
FRS 102 allows a qualifying entity certain disclosure exemptions, if certain conditions, have been complied with,
including notification of and no objection to, the use of exemptions by the Company’s shareholders. A qualifying
entity is defined as a member of a Group that prepares publicly available financial statements, which give a true
and fair view, in which that member is consolidated. The Company is a qualifying entity as its results are
consolidated into the financial statements of Charles River Laboratories International, Inc. which are publicly
available.
As a qualifying entity, the Company has taken advantage of the following exemptions in its separate financial
statements:
i) from the requirement to prepare a statement of cash flows as required by paragraph 3.17(d) of FRS 102;;
ii) from the requirement to present certain financial instrument disclosures, as required by sections 11 and 12 of
FRS 102;
iii) from disclosing share-based payment arrangements, required by paragraphs 26.18(b), 26.19 to 26.21 and
26.23 of FRS 102, concerning its own equity instruments;
iv) from the requirement to present a reconciliation of the number of shares outstanding at the beginning and
end of the period as required by paragraph 4.12(a)(iv) of FRS 102; and
v) from the requirement to disclose the key management personnel compensation in total as required by
paragraph 33.7 of FRS 102.
d. Consolidated financial statements
The Company is a wholly owned (indirect) subsidiary of Charles River Laboratories International, Inc. It is
included in the consolidated financial statements of Charles River Laboratories International, Inc. which are
publicly available. Therefore, the Company is exempt by virtue of section 401 of the Companies Act 2006 from
the requirement to prepare consolidated financial statements.
These financial statements are the Company’s separate financial statements.
e. Foreign currency
i) Functional and presentation currency
The Company’s functional and presentation currency is the pound sterling.
ii) 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
the profit and loss account.
Foreign exchange gains and losses that relate to borrowings are presented in the profit and loss account within
‘finance (expense) / income’. All other foreign exchange gains and losses are presented in the profit and loss
account within ‘other operating (losses) / gains’.
15
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
3. Summary of significant accounting policies (continued)
f. Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount
receivable for services rendered net of discounts and rebates allowed by the company and value added taxes.
The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred
to the buyer, (b) the company retains no continuing involvement or control over the goods, (c) the amount of
revenue can be measured reliably, (d) it is probable that future economic benefits will flow to the entity and (e)
when the specific criteria relating to the each of company’s sales channels have been met, as described below.
i) Sale of services
The Company provides contract breeding and research services to its customers in exchange for a fee. Revenue
on such contracts is recognised as the services are rendered.
ii) Sale of goods
The revenue is generated from the breeding and sale of research animals for the use in biomedical research.
Revenue is recognised when the goods have been accepted by the customer and the right to consideration has
been earned. Delivery occurs when the goods have been accepted by the customer in accordance with the sales
contract.
g. Exceptional items
Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide
further understanding of the financial performance of the company. They are items that are material either
because of their size or their nature, and are considered non-recurring. These items are presented within the line
items to which they best relate and reported separately as exceptional items.
h. Employee benefits
The Company provides a range of benefits to employees, including annual bonus arrangements, paid holiday
arrangements and defined contribution pension plans.
i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense
in the period in which the service is received.
ii) Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension
plan under which the company pays fixed contributions into a separate entity. Once the contributions have been
paid the company has no further payment obligations. The contributions are recognised as an expense when
they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held
separately from the company in independently administered funds.
iii) Annual bonus plan
The Company operates an annual bonus plan for eligible employees. An expense is recognised in the profit and
loss account when the Company has a legal or constructive obligation to make payments under the plan as a
result of past events and a reliable estimate of the obligation can be made.
16
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
3. Summary of significant accounting policies (continued)
h. Employee benefits (continued)
iii) Share-based payments
The Company participates in equity-settled, share-based compensation plans operated by Charles River
Laboratories International, Inc. (Note 8). The equity-settled arrangements are measured at fair value (excluding
the effect of non-market based vesting conditions) at the date of the grant. The fair value is expensed on a
straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual
number of shares or options that will vest.
The intrinsic value of options exercised during the period is invoiced to the Company by Charles River
Laboratories International, Inc. Any differences between the intrinsic value and the expense recognised in the
Profit and loss account for the period, are recognised as a debit or credit to the share-based payment reserve
within shareholders’ funds, and are shown in the statement of changes in equity.
National Insurance Contributions (NIC) payable by the Company on the exercise of share options, are provided
for based on the intrinsic value of these options and the prevailing rate of NIC at the balance sheet date.
i. Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is
recognised in the profit and loss account, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or
directly in equity respectively.
The Government enacted the R&D expenditure credit (“RDEC”) tax relief from 1 April 2013 and the Company
entered the scheme on this date. The Company has treated the RDEC as grant income within the financial
statements.
Current or deferred taxation assets and liabilities are not discounted.
i) Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the period or prior periods. Tax
is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period
end.
ii) Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive
income as stated in the financial statements. These 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 recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved
tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered
against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using tax
rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply
to the reversal of the timing difference.
j. Tangible assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost
includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its
intended use, dismantling and restoration costs and borrowing costs capitalised.
i) Short leasehold improvements
These include industrial premises and offices, and are stated at cost less accumulated depreciation and
accumulated impairment losses.
ii) Office equipment, fixtures and fittings, and laboratory equipment
These are stated at cost less accumulated depreciation and accumulated impairment losses.
ii i ) Depreciation and residual values
Land is not depreciated. Depreciation on other assets is calculated, using the straight-line method, to allocate the
cost to their residual values over their estimated useful lives, as follows:
17
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
3. Summary of significant accounting policies (continued)
j. Tangible assets (continued)

Freehold land and buildings | 10 to 30 years
Motor vehicles | 2 to 5 years
Plant and machinery | 4 to 15 years

The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each
reporting period. The effect of any change is accounted for prospectively.
iv) Subsequent additions and major components
Subsequent costs, including major inspections, are included in the assets carrying amount or recognised as a
separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow
to the company and the cost can be measured reliably.
The carrying amount of any replaced component is derecognised. Major components are treated as a separate
asset where they have significantly different patterns of consumption of economic benefits and are depreciated
separately over its useful life.
Repairs, maintenance and minor inspection costs are expensed as incurred.
v) Assets in the course of construction
Assets in the course of construction are stated at cost. These assets are not depreciated until they are available
for use and are reviewed for impairment at each reporting date.
vi) Derecognition
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal,
the difference between the net disposal proceeds and the carrying amount is recognised in the profit and loss
account.
k. Borrowing costs
General and specific borrowing costs directly attributable to the acquisition, construction or production of
qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their
intended use, are capitalised and added to the cost of those assets until such time as the assets are substantially
ready for their intended use. All other borrowing costs are recognised in the profit and loss account in the period
in which they are incurred.
18
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
3. Summary of significant accounting policies (continued)
l. Leased assets
At inception the Company assesses agreements that transfer the right to use assets. The assessment considers
whether the arrangement is, or contains, a lease based on the substance of the arrangement.
i) Finance leased assets
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as
finance leases.
Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if
lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease.
Where the implicit rate cannot be determined the company’s incremental borrowing rate is used.
Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset.
Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are
assessed for impairment at each reporting date.
The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease
payments are apportioned between capital repayment and finance charge, using the effective interest rate
method, to produce a constant rate of charge on the balance of the capital repayments outstanding.
ii) Operating leased assets
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments
under operating leases are charged to the profit and loss account on a straight-line basis over the period of the
lease.
iii) Lease incentives
Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the
calculation of present value of minimum lease payments.
Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the
lease expense, on a straight line basis over the period of the lease.
m. Impairment of non-financial assets
At each balance sheet date, non-financial assets not carried at fair value are assessed to determine whether
there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the
asset is compared to the carrying amount of the asset.
The recoverable amount of the asset is the higher of the fair value less costs to sell and value in use. Value in
use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the
asset’s continued use. These cash flows are discounted using a pre-tax discount rate that represents the current
market risk-free rate and the risks inherent in the asset.
If the recoverable amount of the asset is estimated to be lower than the carrying amount, the carrying amount is
reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account, unless the
asset has been revalued when the amount is recognised in other comprehensive income to the extent of any
previously recognised revaluation. Thereafter any excess is recognised in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised
estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the
carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised
in prior periods. A reversal of an impairment loss is recognised in the profit and loss account.
19
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
3. Summary of significant accounting policies (continued)
n . Investments
Investments in subsidiary undertakings are held at cost less accumulated impairment losses.
o. Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Inventories
are recognised as an expense in the period in which the related revenue is recognised.
Live-stock inventories are valued at the lower of cost and estimated selling price less costs to complete and sell
by applying an adjustment, relative to the type and age of stocks, to reflect any early deaths or future
obsolescence.
p. Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short term highly liquid
investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
q. Provisions and contingencies
i) Provisions
Provisions are recognised when the Company has a present legal or constructive obligation as a result of past
events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the
obligation can be estimated reliably.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is
determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of
an outflow with respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation
using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to
the obligation. The increase in the provision due to passage of time is recognised as a finance cost.
ii) Contingencies
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not
probable that there will be an outflow of resources or that the amount cannot be reliably measured at the
reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain
future events not wholly within the Company’s control. Contingent liabilities are disclosed in the financial
statements unless the probability of an outflow of resources is remote.
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow
of economic benefits is probable.
20
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
3. Summary of significant accounting policies (continued)
r. Financial instruments
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.
i) Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and investments in
commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing
transaction, where the transaction is measured at the present value of the future receipts discounted at a market
rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective
evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount
and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The
impairment loss is recognised in the profit and loss account.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised,
the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the
carrying amount would have been had the impairment not previously been recognised. The impairment reversal
is recognised in the profit and loss account.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint
ventures, are initially measured at fair value, which is normally the transaction price.
Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss,
except that investments in equity instruments that are not publicly traded and whose fair values cannot be
measured reliably are measured at cost less impairment.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are
settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party
or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the
asset to an unrelated third party without imposing additional restrictions.
ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group
undertakings, 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 receipts discounted at a
market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or
less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction
price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial
instruments.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or
loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is
discharged, cancelled or expires.
iii) Offsetting
Financial assets and liabilities are offset and 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.
21
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
3. Summary of significant accounting policies (continued)
s. Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary
shares or options are shown in equity as a deduction, net of tax, from the proceeds.
t. Distributions to equity holders
Dividends and other distributions to the Company’s shareholders are recognised as a liability in the financial
statements in the period in which the dividends and other distributions are approved by the Company’s
shareholders. These amounts are recognised in the statement of changes in equity.
u. Related party transactions
The Company discloses transactions with related parties which are not wholly owned with the same group. It
does not disclose transactions with its parent or with members of the same group that are wholly owned.
4. Critical accounting judgements and estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the application of the accounting policies and the reported amounts of assets and
liabilities, revenue and expenses. Actual results may differ from these estimates.
Estimates and assumptions are continually evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances.
(a) Critical judgement in applying the entity’s accounting policies
The critical judgements, apart from those involving estimates, made by the directors, that had a significant effect
on the amounts recognised in the entity financial statements, are as set out below:
i) Recoverability of debtors
The Company makes a judgement as to whether trade and other debtor balances are recoverable, based on
available evidence such as the age of the debt, historical experience, and debtor correspondence. Any amounts
judged as not recoverable are written off to the profit and loss account in the period that the judgement is
determined. Any amounts previously provided for the impairment of the debt are released from the provision and
credited to the profit and loss account in the same period.
(b) Key accounting estimates and uncertainties
The directors make estimates and assumptions concerning the future in the process of preparing the entity
financial statements. The resulting accounting estimates will, by definition, seldom equal the related actual
results. The estimates and assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial period are addressed below.
i) Useful economic lives of tangible fixed assets
The annual depreciation on tangible fixed assets is sensitive to changes in the estimated useful economic lives
and residual values of the assets. The useful economic lives and residual values are reviewed annually. They
are amended when necessary to reflect current estimates, based on technological advancement, future
investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of
the tangible fixed assets and note 3 for the useful economic lives for each class of tangible fixed assets.
ii) Carrying value of investments
Investments in subsidiary and associate undertakings are recognised at the historical purchase cost, which
consists of the cash consideration, or equivalent, agreed for acquiring the investment plus any directly attributable
expenses and cost of options to purchase the remaining minority shareholdings. Annually, the directors review
each investment and consider if there are any indicators of impairment present. If the review indicates that an
impairment may be necessary, then an assessment is conducted to determine the value in use and the fair value
less costs to sell. If the acquisition cost exceeds the lower of the value in use or the fair value less costs to sell,
an impairment of the investment value is recognised in the income statement, and the capitalised investment cost
is reduced accordingly. See note 12 for detailed information regarding the investments.
iii) Impairment of inventory
The Company analyses its inventory levels on a quarterly basis and writes down inventory that is determined to
be damaged, obsolete or otherwise unmarketable, with a corresponding charge to cost of products sold.
22
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
5. Turnover
The directors are of the opinion that the Company has two classes of business, namely the breeding and sale of
research animals and services for use in biomedical and scientific research. However, the Company provided its
services to customers in a number of geographical areas and its turnover can be summarised as follows:

| 2024 | 2023
Analysis of turnover by geography | £'000 | £'000
United Kingdom | 20,976 | 18,949
Europe and Rest of the World | 2,454 | 2,184
| 23,430 | 21,133

| 2024 | 2023*
Analysis of turnover by category | £'000 | £'000
Sale of goods | 17,602 | 15,519
Service revenue | 5,828 | 5,614
| 23,430 | 21,133

*2023 turnover has been re-presented to analyse between the different turnover categories. There is no change
to the total turnover presented.
6. Operating profit

|  | 2024 | 2023
Operating profit is stated after charging/(crediting): |  | £'000 | £'000
Depreciation and amortisation for the period: |  |  |
- Tangible fixed assets - owned |  | 471 | 479
Operating lease rentals |  | 373 | 261
(Recovery of impairment)/Impairment of trade debtors |  | (12) | -
Loss/(profit) on disposal of tangible fixed assets |  | 128 | (2)
Expenses recharged to other group companies |  | (527) | (801)
Foreign currency exchange loss |  | - | 2

The analysis of auditors’ remuneration is as follows:

|  | 2024 | 2023
|  | £'000 | £'000
Fees payable to the Company’s auditors for the audit of the Company’s financial statements |  | 82 | 90
Total audit fees |  | 82 | 90

Auditors' remuneration relates solely to fees payable for the audit of the company's financial statements. No non-
audit services were provided to the company by the auditors'.
23
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
7. Employee information

| 2024 | 2023
| No. | No.
The average monthly number of employees was: |  |
Production | 84 | 84
Distribution, sales and administration | 41 | 40
| 125 | 124
| 2024 | 2023
| £'000 | £'000
Staff costs during the period |  |
Wages and salaries | 4,205 | 3,787
Social security costs | 817 | 677
Other pension costs | 388 | 360
Share option costs | 1,260 | 1,391
| 6,670 | 6,215

Directors' remuneration
The directors remuneration costs are recognised in the accounts of another group undertaking. It is not possible
to identify the portion of time that the directors dedicate to the Company. As a result, no recharge of any costs for
directors services are made to the Company.
At the balance sheet date, one director (2023 - two directors) was a member of a defined contribution pension
plan.
One director remunerated by the Company exercised share warrants in the period (2023 - one).
The Company has made arrangements for its staff to join a group personal pension plan should they wish. The
Company’s contribution to the scheme is fixed and the assets of the scheme are held separately in independently
administered funds. There were no outstanding or prepaid contributions at the balance sheet date.
24
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
8. Share-based payments and share options
The ultimate parent company Charles River Laboratories International, Inc. has stock-based compensation plans
under which employees are granted stock-based awards such as stock options, RSUs, and PSUs.
During the financial periods ended 28 December 2024 and 30 December 2023, the primary share-based awards
and their general terms and conditions are as follows:
• Stock options, which entitle the holder to purchase a specified number of shares of common stock at an
exercise price equal to the closing market price of common stock on the date of grant; typically vest over 4
years; and typically expire 5 or 10 years from date of grant.
• RSUs, which represent an unsecured promise to grant at no cost a set number of shares of common stock
upon the completion of the vesting schedule, and principally vest over 4 years. With respect to RSUs,
recipients are not entitled to cash dividends and have no voting rights on the stock during the vesting period.
• PSUs, which entitle the holder to receive at no cost, a specified number of shares of common stock within a
range of shares from zero to a specified maximum and typically vest over 3 years. Payout of this award is
contingent upon achievement of certain performance and market conditions.
The options are equity settled and the exercise price is the share price at the grant date. The Company accounts
for all share option schemes in accordance with Section 26 of FRS 102 (“Share-based payments”). The fair value
is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted
to reflect the actual number of shares or options that will vest.
The volatility is based on a statistical analysis of daily share prices over a period equal to the vesting period of the
schemes ending on the day before the grant date for the schemes.

|  | 2024 | 2023
Volatility |  | 37% | 36%
Risk free interest rates |  | 4.40% | 3.80%
Expected dividend yield |  | Nil | Nil
Weighted average remaining contractual life of options outstanding at end of period |  | 6.0 years | 6.0 years

The Company is unable to directly measure the fair value of employee services received. Instead, the fair value
of the share options granted during the period is determined using the Black-Scholes model. The model is
internationally recognised as being appropriate to value employee share option schemes similar to the Charles
River Laboratories International, Inc. schemes. In the fair value model it has been assumed that the expected
dividend yield for the share option plan is nil and the estimated life of the share options is 6.0 years (period ended
31 December 2023: 6.0 years).
The Company recognised total expenses of £1,260,000 related to Charles River Laboratories International, Inc.
equity-settled share-based payment transactions in the period ended 28 December 2024 (2023 - £1,391,000).
25
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
9. Net interest payable / receivable
(a) Interest receivable and similar income

|  | 2024 | 2023
|  | £'000 | £'000
Gains on derivative financial instruments |  | - | 359
Interest receivable from group undertakings |  | 87 | 57
Bank interest receivable |  | 7 | -
Total interest receivable and similar income |  | 94 | 416

(b) Interest payable and similar expenses

|  | 2024 | 2023
|  | £'000 | £'000
Interest payable to group undertakings |  | 163 | 191
Total interest payable and similar expenses |  | 163 | 191

10. Tax on profit
(a) Analysis of charge for the period

|  | 2024 | 2023
|  | £'000 | £'000
Current tax: |  |  |
UK corporation tax |  | 584 | 11
Adjustment in respect of prior periods |  | 455 | -
Foreign tax relief |  | - | (11)
Foreign tax suffered |  | 799 | 561
|  | 1,838 | 561
Deferred tax: |  |  |
Origination and reversal of timing differences |  | (359) | 31
Adjustment in respect of prior periods |  | (138) | (3)
Effect of rate changes |  | - | 2
|  | (497) | 30
Total tax charge for the period |  | 1,341 | 591

26
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
10. Tax on profit (continued)
(b) Factors affecting tax charge for the period
The tax assessed for the period is different to (2023: lower than) the standard rate of corporation tax in the UK of
25.00% (2023 – 23.52%). The differences are explained below:

|  | 2024 | 2023
|  | £'000 | £'000
Profit before tax |  | 16,661 | 13,021
Profit before tax at the standard rate of UK corporation tax of 25% (2023– 23.52%) |  | 4,165 | 3,063
Expenses not deductible for tax purposes |  | 108 | 1,430
Income not taxable |  | (3,926) | (4,091)
Effects of group relief/other relief surrendered but not yet paid for |  | - | (316)
Effects of overseas tax rates |  | 797 | 549
Adjustment in respect of prior periods |  | 317 | (3)
Tax rate changes |  | - | 2
Share options – permanent deduction |  | (120) | (43)
Total tax charge for the period |  | 1,341 | 591

(c) Factors affecting tax charge for future periods
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would
increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted
on 24 May 2021. There has been no change to corporation tax rates for the financial year ended 31 December
2024. For the financial period ended 28 December 2024, the current weighted average tax rate is 25% (30
December 2023 weighted average tax rate was 23.52%). Deferred taxes at the balance sheet date have been
measured using these enacted tax rates and reflected in these financial statements.
The Charles River Laboratories International, Inc. group falls within the scope of the OECD Pillar Two model
rules. Pillar Two was enacted in the UK via the UK Finance (No 2) Act 2023 on 11 July 2023. The Pillar Two
legislation was effective in the UK for accounting periods beginning on or after 31 December 2023. As the Pillar
Two legislation is effective at the reporting date, the company has estimated its related current tax exposure.
Under legislation, the company is liable to pay a top-up tax in the UK for the difference between the GloBE
effective tax rate for the UK and the 15% minimum rate. In addition, top-up taxes are payable locally where
qualifying domestic minimum top-up taxes have been legislated and are in effect.
The company has an estimated weighted average effective tax rate which falls below 15% in the UK at an entity
level. However at a UK jurisdictional level the Charles River UK Group has an estimated weighted average
effective tax rate that exceeds 15% in the UK, and as such applies the CbCR effective tax rate safe harbour
provisions in calculating this basis. No top-up taxes have therefore been accrued in the current reporting period.
The company applies the exception to recognising and disclosing information about deferred tax assets and
liabilities related to Pillar Two income taxes.
27
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
11. Tangible assets

| Freehold land and buildings | Motor vehicles | Plant and machinery | Total
| £'000 | £'000 | £'000 | £'000
Cost |  |  |  |
At 31 December 2023 | 4,079 | 16 | 9,304 | 13,399
Additions | 373 | - | 571 | 944
Disposals | (1,564) | (12) | (1,536) | (3,112)
At 28 December 2024 | 2,888 | 4 | 8,339 | 11,231
Accumulated depreciation |  |  |  |
At 31 December 2023 | 3,995 | 12 | 6,689 | 10,696
Charge for the period | 244 | 1 | 226 | 471
Disposals | (1,518) | (12) | (1,454) | (2,984)
At 28 December 2024 | 2,721 | 1 | 5,461 | 8,183
Net book value |  |  |  |
At 28 December 2024 | 167 | 3 | 2,878 | 3,048
At 30 December 2023 | 84 | 4 | 2,615 | 2,703

28
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
12. Investments

| Period ending 30 December 2024 | Period ending 31 December 2023
| £'000 | £'000
Opening balance | 89,212 | 64,813
Additions in the period | 9,581 | 24,399
Closing balance | 98,793 | 89,212

In 2013 the Company acquired a 75% stake in Beijing Vital River Animal Technology Co. Ltd for $26.8m
(£16,685,000). A further 12% stake was acquired in 2017 for $10.8m (£8,159,000), 5% in 2019 for $7.9m
(£6,207,000), and 8% in 2023 for $24.4m (£19,156,000) inclusive of the option premium of £1,163,000 previously
recognised, bringing the total investment to 100%. These amounts were translated at the exchange rates at the
dates of purchase.
In 2019 the Company acquired an 80% stake in Hainan New Source Biotech Co. Ltd for $23.1m (£19,332,000).
During 2022 the Company acquired a further 10% stake for $15.0m (£12,028,000), and the remaining 10% was
acquired in 2024 for $12.0m (£9,581,000), bringing the total investment to 100%. These amounts were translated
at the exchange rates at the dates of purchase.
The contract relating to the acquisition of Hainan New Source Biotech Co. Ltd provided both the Company and
the seller rights to exercise options. At the date of acquisition these options were valued as a derivative liability of
£1,240,000. At the balance sheet date the option had been exercised. In the prior year a derivative financial
asset of £nil was recognised in relation to this.

The subsidiary undertakings of the Company at 28 December 2024 are: |  |
Name of company | Country of incorporation and principal operations | Registered address | Principal activities during the period | Description of shares held | %
Beijing Vital River Animal Technology Co. Ltd | People's Republic of China | 1184 Lin, Baishan Village, Changping District, Beijing, 102211, China. | Breeding and sales of laboratory animals and technical consulting services | RMB 1 ordinary shares | 100
Hainan New Source Biotech Co. Ltd | People's Republic of China | Julong, Xianmin Village, Jiazi Town, Qiongshan District, Haikou City, Hainan Province, 570105, China. | Breeding and sales of laboratory animals | RMB 1 ordinary shares | 100

During the period, the Company received dividends of £15,739,000 (2023: £10,987,000) from subsidiary
undertakings, and there were no indicators of impairment present.
13. Inventories

|  | 2024 | 2023
|  | £'000 | £'000
Raw materials and consumables |  | 221 | 223
Livestock |  | 2,132 | 2,235
|  | 2,353 | 2,458

The amount of stocks recognised as an expense during the period was £2,069,000 (2023 : £2,206,000 ).
There is no material difference between the carrying amount of inventory and the replacement cost.
29
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
14. Debtors

|  | 2024 | 2023
|  | £'000 | £'000
Amounts falling due within one year: |  |  |
Trade debtors |  | 2,220 | 2,456
Amounts owed by group undertakings |  | 2,200 | 445
Corporation tax |  | 742 | -
Deferred tax |  | 419 | -
Prepayments and accrued income |  | 73 | 73
|  | 5,654 | 2,974

The amounts owed by group undertakings includes a balance of £1,913,000 (2023: £nil) related to intercompany
cash pooling which bears interest at SONIA less 0.40%. The remainder represents trading balances, which are
unsecured, do not bear interest, and are repayable on demand.
The deferred tax balance falls due after more than one year.
15. Cash at bank and in hand
Cash at bank includes a restricted amount of £80,000 held on guarantee in favour of HMRC. All other cash at
bank and in hand is freely disposable.
16. Creditors: amounts falling due within one year

| 2024 | 2023
| £'000 | £'000
Trade creditors | 609 | 412
Amounts owed to group undertakings | 1,082 | 263
Taxation and social security | 736 | 463
Other creditors | 342 | 491
Accruals and deferred income | 16,629 | 16,188
| 19,398 | 17,817

The amounts owed to group undertakings represents trading balances, which are unsecured, do not bear
interest, and are repayable on demand.
17. Deferred tax liabilities

| 2024 | 2023
| £'000 | £'000
Movement in period: |  |
At 31 December 2023 and 1 January 2023 | 78 | 48
Adjustment in respect of prior years | (138) | -
Deferred tax charge to profit and loss account for the period | (359) | 30
At 28 December 2024 and 30 December 2023 | (419) | 78

At 28 December 2024 and 30 December 2023 the Company had deferred tax assets comprising the following:

| 2024 | 2023
| £'000 | £'000
Fixed asset timing differences | 182 | 467
Short term timing differences (trading) | (601) | (389)
| (419) | 78

30
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
18. Creditors: amounts falling due after more than one year

| 2024 | 2023
| £'000 | £'000
Amounts owed to group undertakings | - | 4,100
Leases | - | 7
| - | 4,107

The amounts owed to group undertakings represented loans from Charles River Laboratories Holdings Limited
which bore interest at Libor +0.25% and were repayable within a period of five years from first utilisation, which
was 29 March and 17 December 2021. The loans were settled in full on 22 July 2024.
19. Provisions for liabilities

| Deferred tax (*note 17) | Total
| £'000 | £'000
At 31 December 2023 | (78) | (78)
Charged to profit and loss account | 359 | 359
Adjustment in respect of prior years | 138 | 138
Asset transferred to debtors | (419) | (419)
At 28 December 2024 | - | -

20. Called up share capital

|  | 2024 | 2023
|  | £'000 | £'000
Issued, called-up and fully paid |  |  |
10,749,268 (2023 - 10,749,268) ordinary shares of £ 1 each |  | 10,749 | 10,749

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the
repayment of capital. During the year, the Company paid dividends of £0.23 per share (2023: £0.51) totalling
£2,500,000 (2023: £5,500,000).
21. Financial commitments
At 28 December 2024 and 30 December 2023, the Company had the following future minimum lease payments
under non-cancellable operating leases for each of the following periods:

| 2024 | 2023
| £'000 | £'000
Operating lease commitments which expire: |  |
Less than a year | 110 | 114
Later than one year and not later than five years | 165 | 165
| 275 | 279

22. Capital commitments
Contracts placed for future capital expenditure not provided in the financial statements are as follows:

|  | 2024 | 2023
|  | £'000 | £'000
Contracted for but not provided for |  | 172 | -

31
Charles River U.K. Limited
Notes to the financial statements
Period ended 28 December 2024
23. Related party transactions
The Company has taken advantage of the exemption contained in paragraph 33.1A of FRS 102 “Related party
transactions” not to disclose transactions with other group companies (or investees of the group qualifying as
related parties) on the basis that it is a wholly-owned subsidiary of Charles River Laboratories International, Inc.
for which consolidated financial statements are publicly available.
24. Controlling parties
The immediate parent company is Charles River Laboratories Holdings Limited, a company registered in the
United Kingdom. The ultimate parent undertaking and controlling party for the whole period was Charles River
Laboratories International, Inc., a company registered in the United States of America, with registered office
address at 251 Ballardvale Street, Wilmington, MA 01887, which is the parent undertaking of the smallest and the
largest group into which the results of the Company are consolidated. Copies of the consolidated financial
statements of Charles River Laboratories International, Inc. can be obtained from its registered office, or the
website www.criver.com.
25. Acquistion during the period
On 18 March 2024 the Company entered an agreement to purchase the remaining minority shareholding in
Hainan New Source Biotech Co. Ltd., for USD $12.0m. The transaction was concluded on 12 April 2024 and was
financed through existing intercompany facilities.
26. Events after the end of the reporting period
In March 2025, the Company utilised an existing intercompany facility to fund the payment of an accrued liability
relating to share purchases legally completed but not yet cash settled at the balance sheet date.