The Directors present the strategic report for the period ended 29 December 2024.

The principal activity of the Company continued to be that of manufacturing and distribution of medical diagnostic products. The Company is also actively involved in research and development projects.

Revenue increased by 16% to £31,608,354 (2023: £27,210,872) mainly due to increased sales to IDS Germany and Euroimmun entities. However, gross margin declined by 8.7% from the prior period to 24.2% (2023: 32.9%) as the business experienced a shift in sales channel mix.

Cash at bank and in hand reduced to £1,121,586 (2023: £1,562,119). Net working capital (stocks, debtors due within one year and creditors falling due within one year) decreased to -£2,051,440 (2023: -£2,990,656) predominantly due to settlements between intercompany balances.

We continue to monitor and manage our exposure to external pressures that may affect our performance by monitoring our customer and key supplier contracts as well as looking to mitigate any exchange risk.

There are of course always risks associated with a business and as the in-vitro diagnostic market develops there is the possibility of increasing competition from larger companies with greater financial and other resources than those directly available to the Company. The Directors are aware of this and are focused on developing niche products in areas not likely to be targeted by the major international players.

Financial risk and risk management

The Company's financial instruments comprise cash at bank and in hand, amounts owed by and due to subsidiary undertakings, trade debtors and trade creditors.

The main risks arising from the Company's financial instruments are interest rate risk, liquidity risk and foreign currency risk. The policies for managing these are regularly reviewed and agreed by the Directors.

Interest rate risk

The Company finances its operations by retained profits and amounts due to group undertakings. The Company's policy on interest rate management is agreed at Director level and is reviewed on an ongoing basis. There is no external borrowing as at 29 December 2024 (2023: £nil) except for the operating lease commitment recognised under FRS 102 operating leases, which are fixed payments until the end of the lease so there is no interest rate risk to manage.

Liquidity/Cashflow risk

The Company is cash positive in its operating activities and is expected to be for the foreseeable future. Facilities are reviewed regularly by the Board. Short term flexibility is achieved through the use of intragroup funding.

Foreign currency risk

The Company has subsidiaries, which operate in continental Europe. Their revenues and expenses are denominated substantially in Euro. Excess currency is transferred back to the Company's immediate parent regularly and translated into Pound Sterling, to avoid unnecessary exposure.

The Company itself does not engage in hedging activities, however Revvity Inc. acts on behalf of the company and the wider Revvity Inc. group. The Company provides forecasts which are used by Revvity to enter hedging contracts. At the end of the period the company is allocated its share of the gain or loss during the period.

Price Risk

The Company operates in a competitive market and as such regularly monitors market price as well as average selling prices achieved by product.

Credit Risk

The Company regularly reviews its debtors and has procedures in place to ensure debts are actively collected on a timely basis, according to the terms in place with particular customers.

Legal and regulatory risk

The Company operates in a sector which is highly regulated. It seeks to reduce this risk by ensuring that there are policies and procedures in place that foster quality as a number one priority and training is in place to ensure compliance is understood. The Company has both internal legal and regulatory assurance factors.

Changes to regulation, such as implementation of the new EU IVD Regulations, introduce major changes to the regulatory processes for IVD products. There can be no guarantee that all of the Company's products will be able to obtain or maintain the necessary regulatory approvals in all of the territories in respect of which applications for such approvals are made. The Company has a dedicated team to ensure compliance with the EU IVD Regulations.

Supply risk

The Company is reliant on certain key suppliers of raw materials, components and packaging. The Company seeks contractual relationships with these suppliers to ensure continuity of supply and where possible seeks alternative suppliers or increased inventories for critical items.

Our progress on our strategic objectives is monitored by reference to key performance indicators. The Company's performance for 2024 and 2023 is shown in the table below:

On behalf of the board

The Directors present their Annual Report and financial statements for the period ended 29 December 2024.

The results for the year are set out on page 10. The Directors have not recommended the payment of a final dividend in both current and prior year.

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

As permitted by the Company's Articles of Association, the company has made qualifying third party Indemnity provisions for each Director of the Company. These indemnities were in force throughout this financial period and at the date of approval of these financial statements.

The Company believes that having the most comprehensive panel of bone, growth, hypertension and fertility markers will generate a significant competitive advantage. Our Research & Development programme continues to concentrate on the introduction of new analytes as well as developing our existing clinical range of markers onto the IDS-iSYS system. Increasing the automated assay panel via new launches is one of the Company's key strategic pillars.

The Company exists in a global, competitive environment with a changing technological landscape. The decline in both the manual and automated 25-OH Vitamin D market has continued to adversely impact financial performance, however the impact of this is less significant each period as we have sought to diversify our product range.

In recent years the Company has launched a significant number of new products, both through in-house development and through collaborations with third parties such as Technogenetics srl. (for Autoimmune and Infectious Disease assays). We will continue to do this, to further broaden the menu of tests; a key factor in increasing future analyser placements in the Direct (United Kingdom) and Distribution territories.

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

So far as each person who was a Director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the Directors individually have taken all the necessary steps that they ought to have taken as Directors in order to make themselves aware of all relevant audit information and to establish that the Company’s auditor is aware of that information.

The Directors have, at the time of approving the financial statements, considered the applicability of the going concern basis in the preparation of these financial statements. This included a consideration of IDS Holdings Limited's cash reserves (due to intercompany loan funding) and internal forecasts of the financial results. Even when considering an extreme worst-case scenario, IDS Holdings Limited and IDS Limited still have sufficient cash reserves available for at least twelve months from the date of approval of these financial statements. In addition, IDS Holdings have received a letter of support from Revvity Inc, their ultimate parent company, to ensure financial support is provided going forward. As such, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

The Directors are responsible for preparing the Annual 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 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.

We have audited the financial statements of Immunodiagnostic Systems Limited (the 'company') for the period ended 29 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 29 December 2024 and of its loss for the period 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 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 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

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

• the information given in the strategic report and the directors' report for the financial period 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 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.

As explained more fully in the directors' responsibilities statement, 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.

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.

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.

Extent to which 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we 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.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

We identified the following applicable laws and regulations as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); and compliance with the UK Companies Act.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection; 

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  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.

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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

There were no recognised gains and losses other than those shown above.

Immunodiagnostic Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Didcot Way, Boldon Business Park, Tyne And Wear, NE35 9PD.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This Company is a qualifying entity for the purposes of FRS 102, being a member of a Group where the Parent of that Group prepares publicly available consolidated financial statements, including this Company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group. The Company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; This information is provided in the consolidated financial statement oof disclosures of Revvity Inc.

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements; The disclosures required by this section can be found in the Immunodiagnostic Systems Holdings Limited.

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the Company are consolidated in the financial statements of Revvity Inc. These consolidated financial statements are available from its registered office 77, 4th Avenue Waltham, Massachusetts, 02451 USA.

Consolidation

These financial statements are separate financial statements. The company is exempt from the preparation of consolidated financial statements, on the basis that the company is a wholly owned subsidiary of the Group headed by Revvity Inc and is included in the consolidated financial statements of the parent for the period ended 29 December 2024.

The Ultimate Parent Company is Revvity Inc. Revvity Inc is the smallest and largest group of undertakings which consolidate the results of the entity. Consolidated financial statements are available from 77, 4th Avenue Waltham, Massachusetts, 02451, USA.

Atruet the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. This included a consideration of Immunodiagnostic Systems Holdings Limited cash reserves (due to intercompany loan funding) and internal forecasts of the financial results. Even when considering an extreme worst-case scenario, the Company has received a letter of support from Immunodiagnostic Systems Holdings Limited, which in turn has received a letter of support from Revvity Inc, its Ultimate Parent Company to ensure financial support is provided going forward. As such, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Sale of servicing contracts

Revenue for servicing is a separate performance obligation contractually agreed with the customer to cover a specific period of time and will be recognised equally over the period.

Lease income

Revenue from the provision of the IDS analyser instruments and associated reagent sales is recognised according to assessment of the rental agreement to identify whether the contract contains a lease, by reference to the determining factors set out in FRS 102 section 20.3. It has been determined that the IDS analyser instruments is recognised as lease rental payments. The Group has adopted FRS 102 section 23 when determining the relevant proportions of automated assay revenues and operating lease rental payments, including assessment of the standalone selling price of an IDS analyser instrument.

Intangible assets are initially recorded at cost and subsequently measured at cost, net of amortisation and any impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stock and work in progress is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost comprises direct material costs and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock and work in progress to its present location and condition. For stock that is ordinarily interchangeable, cost is calculated using the weighted average method. Net realisable value is based on estimated selling price less all estimated completion and selling costs to be incurred.

Work in progress is valued on the basis of direct costs plus attributable overheads based on a normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of the work in progress.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Trade creditors are included at the gross liability, including any relevant value added tax .

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Share Capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown inequity as a deduction, net of tax, from the proceeds.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, 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 amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Annual bonus plan

The company operates a number of annual bonus plans for employees. An expense is recognised in the profit or loss account when the Company has a legal or constructive obligation to make payments under the plans as a result of past events and a reliable estimate can be made.

The Company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the statement of comprehensive income.

Operating leased assets

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

The Company leases one building. Rental contracts are typically made for fixed periods of 5 to 15 years but may have extension options.

Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as a security for borrowing purposes.

Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease.

As a lessor

Where the company is a lessor of operating leases, the IDS-iSyS instrument is capitalised in tangible fixed assets and depreciated over the estimated useful life of the asset.

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 arising from operating activities are taken into account arriving in operating profit, those arising from finance arrangements are included as part of interest receivable or payable, as appropriate.

Related party transactions

The Company discloses transactions with related parties which are not wholly owned with the same Group. It does not disclose transactions with its parent, with members of the same Group that are wholly owned or those with its Ultimate Parent Company Revvity Inc or those within the Revvity Group.

In the application of the Company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock and work in progress is valued at the lower of cost and net realisable value (NRV) after making the allowance for obsolete and slow moving items. For stock that is ordinarily Interchangeable, cost is calculated using the weighted average cost. Cost comprises direct material costs and where applicable direct labour costs and those overheads that have been incurred in bringing the stock and WIP to its present location and condition. Work in progress is valued on the basis of direct costs plus attributable overheads based on a normal level of activity. Provision is made for any foreseeable losses. The impairment loss is recognised immediately in the profit or loss. Stock provision for the current year is £837,802 (2023: £849,669).

The average monthly number of persons employed by the company during the period was:

Their aggregate remuneration comprised:

The directors do not receive any emoluments for their services to the company. The directors emoluments are borne by the parent company Immunodiagnostics Systems Holdings Limited.

The reduction in interest receivable from group companies during the year reflects lower interest accrued as a result of partial repayments of outstanding balances.

The actual charge/(credit) for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

Details of the company's subsidiaries at 29 December 2024 are as follows:

The percentages held did not change from prior year.

Subsequent to the year end, IDS Brazil, a wholly owned subsidiary of the company was formally dissolved in April 2025.The dissolution has an immaterial impact on the results for the period ended 29 December 2024.

Inventories are stated after charging net provisions of £837,802 (2023: 849,669).

Amounts owed by group undertakings are unsecured and repayable on demand. Interest is charged relative to EURIBOR or risk-free rates produced by the Bank of England, with a margin of 1.5%.

The decrease in amounts owed by group undertakings during the year is primarily attributable to partial repayments made against the outstanding balances.

Trade debtors are stated after provisions for impairment £0 (2023: £5,280).

Amounts due to group undertakings are unsecured and repayable on demand. Interest is charged relative to EURIBOR or risk-free rates produced by the Bank of England, with a margin of 1.5%.

The dilapidations provision relates to one leased building in Boldon, UK. The discounted expected future cashflows to restore the buildings amounted to £453,166 at the balance sheet date (2023: £440,545).

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The deferred tax asset set out above is expected to reverse within the next four years and relates to the utilisation of tax losses against future expected profits of the same period.

The Company operates a defined contribution pension scheme for all qualifying employees. 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 £84,442 (2023:£180,344). At the period end £32,017 (2023: £32,834) of the pension contributions had not yet been paid to the pension fund.

There is a single class of ordinary shares. There are no restrictions on the distribution of dividend and the repayment of capital.

There was no movement on the share premium account or capital redemption reserve during the financial period.

Equity comprises the following:

Share Capital- representing the nominal value of equity shares.

Share premium - representing the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issue.

Retained earnings/ Accumulated losses - including all current and prior period results as disclosed in the statement of comprehensive income.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The Company is exempt from disclosing other related party transactions as they are with other companies that are wholly owned within the Immunodiagnostic Systems Holdings Limited Group or within the Revvity Inc Group.

The immediate parent company is Immunodiagnostic Systems Holdings Limited. The registered office of the immediate parent company is 10 Didcot Way, Boldon Business Park, Boldon Colliery, Tyne and Wear, NE35 9PD.

The ultimate parent company is Revvity Inc. Revvity Inc is the smallest and largest Group of undertakings which consolidate the results of the entity. The registered office and consolidated financial statements are available from 77, 4th Avenue Waltham, Massachusetts, 02451, USA.