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Registered number: 07487233
GYROS (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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COMPANY INFORMATION
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UHY Hacker Young (S.E.) Limited
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Chartered Accountants & Statutory Auditors
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CONTENTS
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Independent auditors' report
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Statement of comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The principal activity of the company during the year was as a sales agent for pharmaceutical equipment.
The management of the business and the execution of the company's strategy is subject to the evolution of the Mesa Labs, Inc group of companies.
Given the nature of the business, the company's directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the business.
The principal risks and uncertainties facing the company are the ability of the Mesa Labs, Inc group to improve existing product and develop new product whilst maintaining an understanding of the continuing changes in the biopharma global market and profile of competitors.
The impact of the UK leaving the EU is a potential risk to the business.
Brexit: The Mesa Labs, Inc group faces risks and uncertainty regarding the form and consequences of the implementation of Brexit. The group may be subject to export tariffs and regulatory restrictions that could increase the costs and time related to doing business in Europe. The financial impact is unknown but sales and operations both within the UK and outside the UK could be affected.
The directors and the holding company Gyros Protein Technologies AB were pleased with the outcome of the UK subsidiary for the year ended 31 March 2025. Gyros (UK) Limited has continued to show good progress and has obtained very important business opportunities for the Group.
This report was approved by the board on 6 November 2025 and signed on its behalf.
Anders Olof Wallsten
Director
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
DIRECTORS' RESPONSIBILITIES STATEMENT
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The directors are responsible for preparing the strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK 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.
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 to 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.
The profit for the year, after taxation, amounted to £35,387 (2024 - £30,366).
The directors who served during the year were:
Looking ahead, the UK continues to be an important part of the Gyros global market establishment given that
several of the large bio-pharmaceuticals and CROs are either present or working towards establishment of
European bridgeheads in the UK. Gyros will continue along the path of development of new products and
enhanced capabilities of the existing product portfolio with additional business arising from our established base
of Gyrolab instruments.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
MATTERS COVERED IN THE STRATEGIC REPORT
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The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report
and Directors' Report) Regulations 2013 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.
DISCLOSURE OF INFORMATION TO AUDITORS
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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.
POST BALANCE SHEET EVENTS
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There have been no significant events affecting the company since the year end.
The auditors, UHY Hacker Young (S.E.) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
These accounts have been prepared under the going concern principle. The company is reliant on the continued
support of its parent undertaking. The directors are confident that such support will continue.
Consequently, the directors consider that the going concern concept continues to be appropriate and this has
therefore been applied. If the going concern basis proves not to be appropriate, adjustments would have to be
made to reduce the balance sheet value of assets to their recoverable amounts and to provide for any further
liabilities that might arise.
This report was approved by the board on 6 November 2025 and signed on its behalf.
Anders Olof Wallsten
Director
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GYROS (UK) LIMITED
FOR THE YEAR ENDED 31 MARCH 2025
We have audited the financial statements of Gyros (UK) Limited (the 'company') for the year ended 31 March 2025, which comprise the statement of comprehensive income, statement of financial position, statement of cash flows, statement of changes in equity and the related notes, 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 FRS 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 March 2025 and of its result 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.
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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
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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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GYROS (UK) LIMITED (CONTINUED)
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 our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
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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.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
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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 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.
RESPONSIBILITIES OF DIRECTORS
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As explained more fully in the directors' responsibilities statement set out on page 2, 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GYROS (UK) LIMITED (CONTINUED)
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
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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.
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 the industry in which it operates, we identified that the principal
risks of non-compliance with laws and regulations related to the acts by the company which were contrary to
applicable laws and regulations including fraud and we considered the extent to which noncompliance 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 as the Companies Act 2006.
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 inflated revenue
and profit.
Audit procedures performed included: review of the financial statement disclosures to underlying supporting
documentation, review of correspondence with and reports to the regulators, review of correspondence with legal
advisors, enquiries of management and in so far as they related to the financial statements, and testing of
journals and evaluating whether there was evidence of bias by the directors that represented a risk of material
misstatement due to fraud.
There are inherent limitations in the audit procedures described above and the further removed noncompliance
with laws and regulations is from the events and transactions reflected in the financial statements, the less likely
we would become aware of it.
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 is available on the Financial Reporting Council's website at:
https:www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GYROS (UK) LIMITED (CONTINUED)
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GYROS (UK) LIMITED (CONTINUED)
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.
Christopher Kyffin-Walton FCCA (Senior Statutory Auditor)
for and on behalf of
UHY Hacker Young (S.E.) Limited
Chartered Accountants & Statutory Auditors
168 Church Road
Hove
East Sussex
BN3 2DL
6 November 2025
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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Interest receivable and similar income
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Interest payable and similar expenses
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Total comprehensive income for the year
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The notes on pages 14 to 20 form part of these financial statements.
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GYROS (UK) LIMITED
REGISTERED NUMBER:07487233
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 November 2025.
The notes on pages 14 to 20 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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Comprehensive income for the year
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The notes on pages 14 to 20 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
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Comprehensive income for the year
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The notes on pages 14 to 20 form part of these financial statements.
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Cash flows from operating activities
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Profit for the financial year
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Net cash generated from operating activities
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Cash flows from investing activities
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Net cash from investing activities
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Cash flows from financing activities
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Net cash used in financing activities
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Net increase/(decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 14 to 20 form part of these financial statements.
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
The notes on pages 14 to 20 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The company is wholly owned by Gyros Protein Technologies AB, incorporated in Sweden. The address of Gyros Protein Technologies AB is Uppsala Science Park, Dag Hammarskjolds vag 54, SE-751 83 Uppsala, Sweden. The company number of Gyros (UK) Limited is 07487233 and the principal activity of the company during the year was as a sales agent for pharmaceutical equipment.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.
Management have made no critical accounting estimates or assumptions in the process of applying the company's accounting policies.
The following principal accounting policies have been applied:
These accounts have been prepared under the going concern principle. The company is reliant on the continued support of its parent undertaking. The directors are confident that such support will continue.
The directors consider that the uncertainty caused in the pharamceutical industry as a result of Covid-19 and the restrictions put in place by the Government should not materially affect the company's abiity to continue as a going concern.
Consequently, the directors consider that the going concern concept continues to be appropriate and this has therefore been applied. If the going concern basis proves not to be appropriate, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts and to provide for any further liabilities that might arise.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue is recognised when sales commission has been earned based on a confirmed order received.
Interest income is recognised in profit or loss using the effective interest method.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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 in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Analysis of turnover by country of destination:
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All turnover arose within the European Union excluding the United Kingdom.
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The operating profit is stated after charging:
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Fees payable to the company's auditor and its associates for the audit of
the company's annual financial statements
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Defined contribution pension cost
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Fees payable to the company's auditor and its associates for the audit of
the company's annual financial statements
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Staff costs were as follows:
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Cost of defined contribution schemes
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The average monthly number of employees, including the directors, during the year was as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Current tax on profits for the year
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FACTORS AFFECTING TAX CHARGE FOR THE YEAR
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The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Increase in pension contribution accrual leading to an increase in tax
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TOTAL TAX CHARGE FOR THE YEAR
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FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
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There were no factors that may affect future tax charges.
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Amounts owed by group undertakings
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Prepayments and accrued income
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CASH AND CASH EQUIVALENTS
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Accruals and deferred income
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ALLOTTED, CALLED UP AND FULLY PAID
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1 (2024 - 1) Ordinary share of £1.00
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £14,663 (2024 - £10,928). Contributions totalling £1,629 (2024 - £2,378) were payable to the fund at the balance sheet date and are included in creditors.
The company also contributes to other personal pension schemes. The pension cost charge represents contributions payable by the company to the schemes and amounted to £3,311 (2024 - £4,624). Contributions totalling £nil (2024 - £nil) were payable to the fund at the balance sheet date.
The company is wholly owned by Gyros Protein Technologies AB, incorporated in Sweden. The address of Gyros Protein Technologies AB is Uppsala Science Park, Dag Hammarskjolds vag 54,
SE-751 83 Uppsala, Sweden.
Gyros Protein Technologies AB is wholly owned by the holding company Gyros Protein Technologies Holding AB which is owned by the holding company MLI Holdco AB. The holding companies are also registered at Uppsala Science Park, Dag Hammarskjolds vag 54, SE-751 83 Uppsala, Sweden.
MLI Holdco is owned by Mesa Labs, Inc which is a public company listed on Nasdaq US. The address of Mesa Labs, Inc is Lakewood, CO, 12100 West 6th Avenue, Lakewood, CO 80228, United States.
All income of the company is derived from the Gyros Protein Technologies AB group of companies under the terms of an agreed Transfer Pricing Policy.
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