The directors present their strategic report for the year ended 31 December 2024.

Phenomenex Limited ("the Company") is a provider of separation science consumables and operates in the UK and through a German branch.

The Company's key financial and other performance indicators were as follows:

The directors consider the operating profit to be satisfactory given the demanding trading conditions. The Company has continued to trade through a difficult year and has a fairly stable market share.

As is prevalent in the industry the Company continues to deal with the risk that products will become obsolete in a highly specialised market. However new product development by its suppliers continues to provide a strong competitive edge going forward into the future.

The directors are monitoring the ongoing conflict in Ukraine. The business has not experienced a direct impact from the conflict to date and the directors believe that the Company, its parent company and its other fellow group companies ("the Group") should be reasonably protected from this conflict.

Liquidity risk

Adequate finance is available for the Company, through it being part of the Danaher Corporation Group, to take advantage of any business opportunities.

Credit risk

The Company has implemented tight controls over credit offered to customers and subsequent collection of balances. This mitigated the risk of losses caused by non-payment by customers.

The Company intends to continue to increase its market share in the industry. As such the Company intends to continue to develop and improve on its product range and provide a high quality service to support sales to the customer.

In order to facilitate the growth, the Company will continue to expand its product range, staff training and number of sales staff to meet the demands of the customer. The Company will also seek to take advantage of finance arrangements available to the Group in order to reduce costs.

On behalf of the board

The directors present their annual report and the audited financial statements for the year ended 31 December 2024.

The principal activity of the Company is the provision of separation science consumables.

The profit for the year, after taxation, amounted to £1,033,028 (2023: £1,871,512).

No dividends were paid or proposed in the current or prior year.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Branches outside the United Kingdom

The Company has a branch operation, as defined in section 1046(3) of the Companies Act 2006, in Germany. The results have been combined in the financial statements.

Matters covered in the Strategic Report

The Company has chosen, in accordance with s.414C(II) Companies Act 2006, to set out in the Company's Strategic Report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' Report. It has done so in respect of future developments and financial risk management.

Going concern

Despite the uncertainty in current global geopolitical environment, the directors are confident that they have put measures in place to ensure the impact is mitigated as much as possible, with protection of staff, continuity of supply chain, continued service delivery to customers and ongoing productivity being maintained.

As well as cash generated from operations the Company is also part of the Danaher UK Group cash pool arrangement. All members of the cash pool have entered into unlimited cross guarantees in respect of bank borrowings based on cash balances within the cash pool accounts.

The Company, as a limited risk distributor with pricing arrangements in place, is trading profitably as expected and also has positive cash flow and a strong balance sheet throughout the assessment period. The Group cash pool arrangement in the UK is also available if the Company requires immediate access to cash funds to meet its liabilities as they fall due. The cash position of the UK Group as a whole is strong and therefore the Company has access to sufficient operating funds as necessary.

The directors have a reasonable expectation that the Company has adequate resources to continue in operation during the assessment period to 31 December 2026. Accordingly, the financial statements have been prepared on a

going concern basis.

Accordingly, the financial statements have been prepared on a going concern basis.

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

• so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

• the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The above confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Ernst & Young LLP have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditor in the absence of an Annual General Meeting.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable United Kingdom law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with the Financial Reporting Standard 101 Reduced Disclosure Framework. Under Company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

• provide additional disclosures when compliance with the specific requirements in FRS 101 is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Company financial position and financial performance;

• in respect of the financial statements, state whether UK-adopted international accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

• that the financial statements, prepared in accordance with UK-adopted international accounting standards give a true and fair view of the assets, liabilities, financial position and profit of the Company;

• that the annual report, including the strategic report, includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that they face; and

• that they consider the annual report, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s position, performance, business model and strategy.

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 Company financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Under applicable law and regulations, the directors are also responsible for preparing a strategic report, directors’ report, that comply with that law and those regulations. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website.

The directors confirm, to the best of their knowledge:

• that the annual report, including the strategic report, includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that they face; and

• that they consider the annual report, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s position, performance, business model and strategy.

We have audited the financial statements of Phenomenex Limited for the year ended 31 December 2024 which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes 1 to 21, including material accounting policy information. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 101 “Reduced Disclosure Framework (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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period to 31 December 2026.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s ability to continue as a going concern.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report.

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors’ responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are FRS 101 “Reduced Disclosure Framework” (United Kingdom Generally Accepted Accounting Practice), the Companies Act 2006, and United Kingdom direct and indirect tax regulations. In addition, the Company must comply with operational and employment laws and regulations including health and safety regulations, environmental regulations, Competition Law, anti-bribery and corruption regulations and General Data Protection Requirements.

• We understood how the Company is complying with those frameworks by holding enquiries with management and those charged with governance. We understood the potential incentive and ability to override controls, and employee access to guidance of how to report any instances on non-compliance. We understood any controls put in place by wider group management to reduce the opportunities for fraudulent transactions.

• We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur, by obtaining and reading group policies and holding enquiries of management and those charged with governance. Through these procedures we considered the risk of management override in relation to revenue recognition as the key area of focus. We addressed this risk through sample testing of revenue recognised in the year to underlying contracts and other supporting documentation, ensuring such revenue was recognised in accordance with the satisfaction of performance obligations in line with the operating companies’ revenue recognition policy and UK Generally Accepted Accounting Practice. We have also used data analytics and obtained the entire population of journals for the year and identified specific transactions for further investigation based on certain criteria. We understood the transactions identified for testing and agreed them to source documentation.

• Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved:

a. Enquiry of management and those charged with governance as to any fraud identified or suspected in the period, any actual or potential litigation or claims or breaches of significant laws or regulations applicable to the Company;

b. Auditing the risk of management override of controls, through testing of a sample of journal entries and other adjustments for appropriateness;

c. Enquiry of management, coupled with testing of journal entries, in order to identify understand any significant transactions outside of the normal course of business; Challenging the judgements made by management through corroborating the basis for those judgments and considering contradicting evidence; and

d. Reading financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

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 Auditors' Report.

Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

All amounts are derived from continued operations.

The notes on pages 12 to 26 form part of these financial statements.

The notes on pages 12 to 26 form part of these financial statements.

The notes on pages 12 to 26 form part of these financial statements.

Phenomenex Limited (the Company) is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is shown on the Company information page.

The nature of the Company's operations and its principal activities are set out in the Directors' report on page 2.

These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards. The Company has used a true and fair view override in respect of the non-amortisation of goodwill.

These financial statements are presented in pounds sterling which is the currency of the primary economic environment in which the Company operates

The Company meets the definition of a qualifying entity under FRS 100 ‘Application of Financial Reporting Requirements’ issued by the FRC. Accordingly, these financial statements were prepared in accordance with Financial Reporting Standard 101 ‘Reduced Disclosure Framework’.

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:

• the requirements of IFRS 7 Financial Instruments: Disclosures

• the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement

• the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:

- paragraph 118(e) of IAS 38 Intangible Assets;

• the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements

• the requirements of IAS 7 Statement of Cash Flows

• the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

• the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

• the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets

• the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.

This information is included in the consolidated financial statements of Danaher Corporation as at 31 December 2024 and these financial statements may be obtained from 2200 Pennsylvania Avenue, Suite 800 West, Washington DC 20037, USA.

Despite the uncertainty in current global geopolitical environment, the directors are confident that they have put measures in place to ensure the impact is mitigated as much as possible, with protection of staff, continuity of supply chain, continued service delivery to customers and ongoing productivity being maintained.true

As well as cash generated from operations the Company is also part of the Danaher UK Group cash pool arrangement. All members of the cash pool have entered into unlimited cross guarantees in respect of bank borrowings based on cash balances within the cash pool accounts.

The Company, as a limited risk distributor with pricing arrangements in place, is trading profitably as expected and also has positive cash flow and a strong balance sheet throughout the assessment period. The Group cash pool arrangement in the UK is also available if the Company requires immediate access to cash funds to meet its liabilities as they fall due. The cash position of the UK Group as a whole is strong and therefore the Company has access to sufficient operating funds as necessary.

The directors have a reasonable expectation that the Company has adequate resources to continue in operation during the assessment to 31 December 2026. Accordingly, the financial statements have been prepared on a going concern basis.

Revenue is recognised when the risks and rewards of ownership of the products supplied transfer to the customer. Typically, this is on delivery of the goods to the customer which is deemed to be the fulfillment of the performance obligation to the customer.

The principles in IFRS 15 are applied to revenue recognition criteria using the following 5 step model:

1. Identify the contracts with the customer

2. Identify the performance obligations in the contract

3. Determine the transaction price

4. Allocate the transaction price to the performance obligations in the contract

5. Recognise revenue when or as the entity satisfies its performance obligations.

Fee arrangements

Below are details of fee arrangements and how these are measured and recognised, for revenue from the sale of products.

Revenue is recognised when control is transferred and performance obligations are met, usually on delivery of product to the customer. Terms of the fee arrangement are detailed in the terms and conditions attached to the invoice.

Performance obligations

Revenue from the sale of goods is recognised when control of the products has transferred, being when the products are delivered to the customer. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer, and either the trade customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the Company has objective evidence that all criteria for acceptance have been satisfied.

Transaction price

The transaction price is the fair value of the consideration received for the product less discounts /rebates and value added taxes.

Payment of the transaction price is due immediately when the customer purchases the goods and takes delivery.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Computer software is stated at cost less accumulated amortisation. Software is amortised over its estimated useful life, of between one and five years, on a straight-line basis.

Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, useful life or amortisation are amended prospectively to reflect the new circumstances.

The carrying values of plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable and are written down immediately to their recoverable amount. Useful lives and residual values are reviewed annually and where adjustments are required these are made prospectively.

An item of plant and machinery is de-recognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the de¬recognition of the asset is included in the Profit and Loss Account in the period of de-recognition.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.

Basic financial assets, including debtors and cash and bank balances, 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 assets original effective interest rate.

Any 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 profit or loss.

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.

Basic financial liabilities, including trade and other creditors 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. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

The Company does not hold or issue derivative financial instruments.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Statement of Financial Position date.

A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.

The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) published the Pillar Two model rules. These are aimed at ensuring that large corporate groups are subject to a minimum taxation at a 15 percent rate in each jurisdiction where they operate. The Company is in the scope of the Pillar Two Model Rules and has adopted the amendments to IAS 12 (see note 9, tax on profit). It is unclear if the Pillar Two model rules create additional temporary differences, whether to remeasure deferred taxes for the Pillar Two model rules and which tax rate to use to measure deferred taxes. In response to this uncertainty, on 23 May 2023 and 27 June 2023, respectively, the IASB and AASB issued amendments to IAS 12 ‘Income taxes’ introducing a mandatory temporary exception to the requirements of IAS 12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed OECD/ G20 BEPS Pillar Two model rules.

The Company continues to apply the temporary exception at 31 December 2024.

Provisions are recognised when the Company has a legal or constructive present obligation as a result of a past event and it is probable that the Company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases, the Company recognises the lease payments as an administrative expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise:

• Fixed lease payments (including in substance fixed payments), less any lease incentives receivable;

• Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;

• The amount expected to be payable by the lessee under residual value guarantees;

• The exercise price of purchase options, if the lessee is reasonably certain to exercise the options;

• Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.

The Company did not make any such adjustments during the periods presented.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. Whenever the Company incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are presented with the tangible fixed assets in the Statement of Financial Position.

The Company uses Euro and pounds sterling as its functional currency for the German and UK branch respectively. The presentational currency is pounds sterling.

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. The foreign branch is translated into sterling using the mid-market exchange rate for transactional amounts and year end rates for Statement of Financial Position values. Non-monetary items that are measured in terms of historical cost are translated using the exchange rates as at the dates of the initial 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 are recognised in the Profit and Loss Account. Foreign exchange gains and losses from restatement to period end rates and from functional to presentational currency are recognised in other comprehensive income.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Stock provisioning

The Company's product is of a highly technical nature and is subject to changing consumer demands. As a result, it is necessary to consider the recoverability of the cost of stock and associated provisioning is required. When calculating the stock provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated sale ability of goods for resale.

Impairment of debtors

The Company makes an estimate of the recoverability value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, ageing profile and historical ageing experience.

There are no non-audit services payable to auditors during the current or previous year.

The average monthly number of persons (including directors) employed by the Company during the year was:

Their aggregate remuneration comprised:

In reviewing the compilation of the financial statements we have identified the appropriate costs to be disclosed as social security costs in 2024. The comparative has not been changed but would have been £877,607 if stated consistently.

The directors are also directors of other entities within the Danaher Group. Given their services to Phenomenex Limited are incidental to their overall group role then no remuneration is recognised in these financial statements.

The interest on the intercompany loan is calculated daily, based on the closing balance of the current account and the applicable mid-Euro overnight deposit rate. In 2024, the intercompany loan generated £314,517 in interest income, corresponding to an effective remuneration rate of 2.89%.

The charge for the year can be reconciled to the profit per the income statement as follows:

Change in Corporation Tax rate

The current main rate of corporation tax in the UK is 25%.

The Company is part of the Danaher Corporation Group (the “Group”). Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates.

Legislation was enacted in the UK on 11 July 2023 which introduced, as part of Finance (No 2) Act 2023:

• a Domestic minimum Top-up Tax (“DTT”) which is intended to be a Qualified Domestic Top-up Tax (“QDMTT”)

• an Income Inclusion Rule (“IIR”), known locally as the “multinational top-up tax”.

Both the UK DTT and the UK IIR apply for accounting periods beginning on or after 31 December 2023.

The Group has performed an assessment of the Group’s potential exposure to Pillar Two and it is not anticipated that the IIR will apply in the UK.

The UK satisfies the Transitional Country-by-Country Reporting Safe Harbor (“TCSH”) for financial year ending December 31, 2024 and as a consequence no QDMTT is due.

The Company participates in a cash pool with AB Sciex Finance B.V., a group company. Interest is received annually and is calculated based on the daily closing balance of the current account, multiplied by the applicable mid-Euro overnight deposit rate.

The following are the major deferred tax assets recognised by the Company and movements thereon during the current and prior reporting period.

The Company does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Company's treasury function.

The Company operates defined contribution retirement benefit schemes for all qualifying employees of its construction division. The assets of the schemes are held separately from those of the Company in funds under the control of trustees. Where there are employees who leave the schemes prior to vesting fully in the contributions, the contributions payable by the Company are reduced by the amount of forfeited contributions.

The total cost charged to the profit and loss account of £68,329 (2023: £81,257) represents contributions payable to these schemes by the Company at rates specified in the rules of the plans. No contributions were due to be paid to the schemes at the end of this year or prior year.

The Company has taken advantage of the exemption under paragraph 8(k) of FRS 101 not to disclose transactions with fellow wholly owned subsidiaries.

The directors remuneration details are disclosed in note 7.

The Company's immediate parent is AB Sciex UK Limited, a company incorporated in the United Kingdom.

The ultimate parent and controlling party is Danaher Corporation.

The most senior parent entity producing publicly available financial statements is Danaher Corporation. These financial statements are available upon request from 2200 Pennsylvania Avenue, Suite 800 West, Washington DC 20037, USA.