REGISTERED NUMBER: 00889911 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

R. B. RADLEY & COMPANY LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

R B Radley

Mrs I E Radley

M Radley

SECRETARY:

Tayler Bradshaw Limited

REGISTERED OFFICE:

Shire Hill

Saffron Walden

Essex

CB11 3AZ

REGISTERED NUMBER:

00889911 (England and Wales)

AUDITORS:

Wilton Lyndon Limited

5 Ducketts Wharf

South Street

Bishops Stortford

Hertfordshire

CM23 3AR

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

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

The registered number of the company, limited by shares, is 00889911. Copies of the accounts for the company can be obtained from the registered address of the Company at Shire Hill, Saffron Walden, United Kingdom, CB11 3AZ.

REVIEW OF BUSINESS

R. B. Radley & Company Limited is a business that produces innovative chemistry instruments and scientific glassware for the research and development sector.

The company reported revenue of £9.97m (2023: £12.42m) and an EBITDA of £0.80m (2023: £1.54m).

Market conditions were challenging in 2024. The trend of weakening demand in the pharmaceutical R&D sector that began in 2023 continued and worsened throughout 2024, compounded by persistent inflationary pressures that affected both our sales revenue and profitability. Despite these challenges, our gross profit margin percentage remained resilient. We implemented significant cost-saving measures during 2024, reducing administrative expenses while continuing to invest in global marketing and sales initiatives, enhancing productivity, and supporting R&D to drive product innovation. Several new products are scheduled for release in 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

Key risks include rising costs driven by persistent inflation, subdued demand in the pharmaceutical sector, and overall global political and economic uncertainties.

ON BEHALF OF THE BOARD:

M Radley - Director

30 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

Interim dividends per share were paid during the year as follows:

Ordinary A 10p

-

£433.43623

- 31 December 2024

Ordinary B 10p

-

£2441.6053

- 31 December 2024

Ordinary C 10p

-

£1490.3137

- 31 December 2024

The total distribution of dividends for the year ended 31 December 2024 will be £ 1,036,921 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

R B Radley

Mrs I E Radley

M Radley

POLITICAL DONATIONS AND EXPENDITURE

No political donations were made during the year.

CLOSE COMPANY

In the opinion of the director the company is a close company within the provisions of the Income and Corporation Taxes Act 1988.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Wilton Lyndon Limited (trading as Mansell & Co), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M Radley - Director

30 September 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

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

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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. Based on our understanding of the company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, money laundering and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

We evaluated the directors' and 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 posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates and significant one-off or unusual transactions.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but not limited to:

o Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;

o Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and

o Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

Our audit procedures in relation to fraud included but were not limited to:

o Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

o Gaining an understanding of the internal controls established to mitigate risks related to fraud;

o Discussing amongst the engagement team the risks of fraud; and

o Addressing the risk of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

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

Use of our report

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

Mark Williams (Senior Statutory Auditor)

for and on behalf of Wilton Lyndon Limited

5 Ducketts Wharf

South Street

Bishops Stortford

Hertfordshire

CM23 3AR

1 October 2025

TURNOVER

9,968,671

12,423,530

Cost of sales

5,272,374

6,078,488

GROSS PROFIT

4,696,297

6,345,042

Administrative expenses

4,025,952

4,938,253

OPERATING PROFIT

4

670,345

1,406,789

Interest receivable and similar income

3,093

44,745

673,438

1,451,534

Interest payable and similar expenses

6

3,034

2

PROFIT BEFORE TAXATION

670,404

1,451,532

Tax on profit

7

(82,200

)

397,006

PROFIT FOR THE FINANCIAL YEAR

752,604

1,054,526

PROFIT FOR THE YEAR

752,604

1,054,526

OTHER COMPREHENSIVE INCOME

Revaluation reserve deferred tax

-

(135,235

)

Property revaluation

-

540,940

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

405,705

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

752,604

1,460,231

Note

Prior year adjustment

9

276,656

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

1,029,260

FIXED ASSETS

Tangible assets

10

2,174,398

2,311,391

1,587,129

CURRENT ASSETS

Stocks

11

1,079,008

1,465,024

1,371,755

Debtors

12

1,421,435

1,876,739

1,526,928

Cash at bank and in hand

1,489,994

1,194,475

1,766,449

3,990,437

4,536,238

4,665,132

CREDITORS

Amounts falling due within one year

13

(1,036,194

)

(1,629,127

)

(1,449,305

)

NET CURRENT ASSETS

2,954,243

2,907,111

3,215,827

TOTAL ASSETS LESS CURRENT LIABILITIES

5,128,641

5,218,502

4,802,956

PROVISIONS FOR LIABILITIES

15

(331,703

)

(413,903

)

(190,551

)

NET ASSETS

4,796,938

4,804,599

4,612,405

CAPITAL AND RESERVES

Called up share capital

16

100

100

100

Revaluation reserve

17

679,160

679,160

273,455

Retained earnings

17

4,117,678

4,125,339

4,338,850

SHAREHOLDERS' FUNDS

4,796,938

4,804,599

4,612,405

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

M Radley - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

100

4,338,850

273,455

4,612,405

Changes in equity

Dividends

-

(1,268,037

)

-

(1,268,037

)

Total comprehensive income

-

777,870

405,705

1,183,575

Balance at 31 December 2023

100

3,848,683

679,160

4,527,943

Prior year adjustment

-

276,656

-

276,656

As restated

100

4,125,339

679,160

4,804,599

Changes in equity

Dividends

-

(1,036,921

)

-

(1,036,921

)

Total comprehensive income

-

752,604

-

752,604

Balance at 31 December 2024

100

3,841,022

679,160

4,520,282

Cash flows from operating activities

Cash generated from operations

1

1,779,969

1,082,269

Interest paid

(3,034

)

(4

)

Tax paid

(772,509

)

(76,361

)

Taxation refund

276,655

-

Net cash from operating activities

1,281,081

1,005,904

Cash flows from investing activities

Purchase of tangible fixed assets

-

(328,254

)

Sale of tangible fixed assets

18,202

22,400

Interest received

3,093

44,745

Net cash from investing activities

21,295

(261,109

)

Cash flows from financing activities

Amount withdrawn by directors

30,064

(48,732

)

Equity dividends paid

(1,036,921

)

(1,268,037

)

Net cash from financing activities

(1,006,857

)

(1,316,769

)

Increase/(decrease) in cash and cash equivalents

295,519

(571,974

)

Cash and cash equivalents at beginning of year

2

1,194,475

1,766,449

Cash and cash equivalents at end of year

2

1,489,994

1,194,475

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

31/12/24

31/12/23

£

£

Profit before taxation

670,404

1,451,532

Depreciation charges

127,408

134,602

Profit on disposal of fixed assets

(8,616

)

(12,068

)

Finance costs

3,034

2

Finance income

(3,093

)

(44,745

)

789,137

1,529,323

Decrease/(increase) in stocks

386,016

(93,269

)

Decrease/(increase) in trade and other debtors

425,240

(319,747

)

Increase/(decrease) in trade and other creditors

179,576

(34,038

)

Cash generated from operations

1,779,969

1,082,269

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

1,489,994

1,194,475

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

1,194,475

1,766,449

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

1,194,475

295,519

1,489,994

1,194,475

295,519

1,489,994

Total

1,194,475

295,519

1,489,994

1.	STATUTORY INFORMATION

R. B. Radley & Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Leasehold improvements

-

20% on reducing balance

Workshop

-

20% on reducing balance

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31/12/24

31/12/23

£

£

Wages and salaries

3,345,252

3,756,686

Social security costs

4,471

12,611

Other pension costs

129,887

165,195

3,479,610

3,934,492

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

31/12/24

31/12/23

Employees

59

67

31/12/24

31/12/23

£

£

Directors' remuneration

41,500

99,962

4.	OPERATING PROFIT

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

31/12/24

31/12/23

£

£

Depreciation - owned assets

127,407

134,600

Profit on disposal of fixed assets

(8,616

)

(12,068

)

Auditors' remuneration

10,000

9,450

5.	EXCEPTIONAL ITEMS

31/12/24

31/12/23

£

£

Foreign exchange difference

(32,460

)

6,928

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/12/24

31/12/23

£

£

Interest paid

3,034

2

7.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

31/12/24

31/12/23

£

£

Current tax:

UK corporation tax

-

308,889

Deferred tax

(82,200

)

88,117

Tax on profit

(82,200

)

397,006

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2024.

31/12/23

Gross

Tax

Net

£

£

£

Revaluation reserve deferred tax

(135,235

)

-

(135,235

)

Property revaluation

540,940

-

540,940

405,705

-

405,705

8.

DIVIDENDS

31/12/24

31/12/23

£

£

Ordinary A shares of 10p each

Interim

221,052

296,110

Ordinary B shares of 10p each

Interim

219,744

276,114

Ordinary C shares of 10p each

Interim

596,125

695,813

1,036,921

1,268,037

9.	PRIOR YEAR ADJUSTMENT

Prior year adjustment includes corporation tax 2022 adjustment after R&D claim finalised, 2023 adjustment after R&D claim finalised.