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Registered number:
(FORMERLY ELEMENT MATERIALS TECHNOLOGY LABORATORY SOLUTIONS UK LTD)
FOR THE YEAR ENDED 31 DECEMBER 2025
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CRAWFORD SCIENTIFIC (UK) LTD
COMPANY INFORMATION
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CRAWFORD SCIENTIFIC (UK) LTD
CONTENTS
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CRAWFORD SCIENTIFIC (UK) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
Crawford Scientific (UK) Ltd (formerly Element Materials Technology Laboratory Solutions UK Limited) (the “Company”) is a wholly owned subsidiary of Crawford Scientific Holdings Limited.
Until 27 February 2026 it was part of the whole Group of companies headed by EM Topco Limited or “Element”. From 27 February 2026 it became part of a Group headed by Alchemy Analytical Group LLC or “AAG”.
The principal activity of the Company throughout the current financial year and the prior year was to supply chromatography products, training, consultancy and technical services. The Company provides products and services to customers in the Pharma, Environmental and Life Sciences end markets supporting a wide range of laboratories.
For the year ending 31 December 2025, turnover rose to £21,184,965, marking a 1% increase compared to £20,977,086 in 2024. An increase in administrative expenses due mainly to a change in cost allocations across the wider Element Group led to a 14% decline in operating profit, which stood at £2,187,371, down from £2,542,456 in 2024.
The Directors believe the Company is well positioned for future growth through current market opportunities.
While risk cannot be eliminated altogether, actions are taken to mitigate risk wherever possible. As a matter of policy, the Company does not enter into speculative activities.
The material business and operational risks that the Directors consider the Company to be exposed to are:
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CRAWFORD SCIENTIFIC (UK) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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CRAWFORD SCIENTIFIC (UK) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
In accordance with its risk management guidelines the Company raises awareness of business risks at all operational management levels and encourages all management teams to assess and manage risk appropriately. The Company ensures that appropriate insurance cover is in place for the Company in respect of the customarily insured liabilities and claims. The risks are monitored by the Directors on a regular basis.
The Directors monitor the Company's performance in a number of ways including key performance indicators. The current year and prior year financial performance indicators were as follows:
This report was approved by the board and signed on its behalf.
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CRAWFORD SCIENTIFIC (UK) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £2,060,913 (2024 - £2,442,490).
A divisional group reorganisation took place during the year ended 31 December 2025 and 31 December 2024. The Company distributed a dividend of £4,642,916 (2024: £896,883) and a dividend in specie of £nil (2024: £9,616,114) to its immediate parent, Crawford Scientific Holdings Limited.
The directors who served during the year were:
The Company’s business activities, together with factors likely to affect its future development, performance and position are considered by the Directors on an annual basis.
The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company has the adequate resources for the Company to continue to adopt the going concern basis of accounting in preparing these financial statements. Further detail is contained in the statement on going concern within note 2.3 to the financial statements.
The Directors have chosen to include information on financial risks within the principal risks and uncertainties section in the strategic report.
The Directors are not aware, at the date of this report, of any likely major changes in the Company's activities.
The Company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the Company. This is achieved through formal and informal meetings, the Company’s intranet and internet sites, and presentations for employees of the financial performance of the Company. Employee representatives are consulted regularly on a wide range of matters affecting their current and future interests, as noted within the strategic report.
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CRAWFORD SCIENTIFIC (UK) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the Company continues and that appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
As permitted by the Companies Act 2006, the Company purchases and maintains directors’ and officers’ insurance cover against certain legal liabilities and costs incurred by the Directors and Officers of the Company, in the performance of their duties. The Company has also granted an indemnity to each of its directors in relation to the Directors’ exercise of their powers, duties and responsibilities as directors of the Company, the terms of which are in the Companies Act 2006.
On 27 February 2026, the share capital of LCP Bidco Limited (who own this Company’s immediate parent, Crawford Scientific Holdings Limited) was sold by Element to AAG GB Inc, a subsidiary of Alchemy Analytical Group LLC, based in Michigan. In the opinion of the Directors of the Company, this is not likely to significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company.
The auditor, AAB Audit & Accountancy Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CRAWFORD SCIENTIFIC (UK) LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
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 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 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.
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CRAWFORD SCIENTIFIC (UK) LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CRAWFORD SCIENTIFIC (UK) LTD
We have audited the financial statements of Crawford Scientific (UK) Ltd (formerly Element Materials Technology Laboratory Solutions UK Limited) (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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CRAWFORD SCIENTIFIC (UK) LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CRAWFORD SCIENTIFIC (UK) LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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CRAWFORD SCIENTIFIC (UK) LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CRAWFORD SCIENTIFIC (UK) LTD (CONTINUED)
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:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:
∙Management override of controls to manipulate the company’s key performance indicators to meet targets;
∙Timing of revenue recognition;
∙Management judgement applied in calculating estimates and provisions; and
∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading.
Our audit procedures to respond to these risks included:
∙Testing of journal entries and other adjustments for appropriateness;
∙Testing a sample of revenue transactions and associated recognition of revenue on projects ongoing across the year end to ensure appropriate;
∙Evaluating the business rationale of significant transactions outside the normal course of business;
∙Reviewing judgements made by management in their calculation of accounting estimates for potential management bias;
∙Enquiries of management about litigation and claims and inspection of relevant correspondence;
∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations;
∙Reviewing and sample of year end debtor balances to ensure post year end receipts support debtor recoverability;
∙Performing a disclosure checklist on the financial statements to ensure Companies Act 2006 requirements are satisfied;
∙Analytical procedures to identify any unusual or unexpected trends or relationship; and
∙Reviewing minutes of meetings of those charged with governance to identify any matters indicating actual or potential fraud.
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CRAWFORD SCIENTIFIC (UK) LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CRAWFORD SCIENTIFIC (UK) LTD (CONTINUED)
Auditor's responsibilities for the audit of the financial statements (continued)
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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's report.
In the previous accounting year the directors of the Company took advantage of audit exemption under S479 of the Companies Act 2006. Therefore the prior year financial statements (31 December 2024) were not subject to audit.
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.
for and on behalf of
Statutory Auditor
133 Finnieston Street
G3 8HB
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CRAWFORD SCIENTIFIC (UK) LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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CRAWFORD SCIENTIFIC (UK) LTD
REGISTERED NUMBER: SC146235
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 27 form part of these financial statements.
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CRAWFORD SCIENTIFIC (UK) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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CRAWFORD SCIENTIFIC (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Crawford Scientific (UK) Limited (formerly Element Materials Technology Laboratory Solutions UK Limited) (the ‘Company’) is a private limited company incorporated in Scotland under the Companies Act 2006. The address of the registered office of the Company is Holm Street, Strathaven, Lanarkshire, ML10 6NB.
The principal activity of the Company throughout the current financial year and the prior year was to supply chromatography products, training, consultancy and technical services.
2.Accounting policies
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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of EM Midco2 Limited as at 31 December 2025 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ, United Kingdom.
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CRAWFORD SCIENTIFIC (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Directors have undertaken an exercise to review the appropriateness of the continued used of the going concern basis. The financial statements of the Company have been prepared on a going concern basis, as the Directors have concluded that the going concern basis continues to be appropriate.
The Company has, as at 31 December 2025, net assets of £6,984,106 (2024: £9,566,109). The Company has no external loans or other borrowings or complex financial instruments as at 31 December 2025 (2024: £nil). The Company has cash balances £2,194,295 at 31 December 2025 (2024: £1,449,577). The Company generated a profit after tax of £2,060,913 in the year ended 31 December 2025 (2024: profit after tax of £2,442,490).
The Directors believe that the Company is well placed to manage its business risks successfully, despite the current uncertain economic outlook. The Company’s forecasts and projections up to 31 December 2027, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Functional and presentation currency
Transactions and balances
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CRAWFORD SCIENTIFIC (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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CRAWFORD SCIENTIFIC (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, 3 years.
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CRAWFORD SCIENTIFIC (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
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CRAWFORD SCIENTIFIC (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or recoverable within one year), including loans and other accounts receivable and payable are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially at transaction price and subsequently, carried at amortised cost using the effective interest method.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. if objective evidence of impairment is found, an impairment loss is recognised in the statement of profit or loss.
For financial assets measured at cost less imairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the balance sheetwhen there is an 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.
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CRAWFORD SCIENTIFIC (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CRAWFORD SCIENTIFIC (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The 4 Directors who served during 2025 (2024: 4) are also Directors of other group companies and do not consider it possible to identify the proportion of their remuneration relating to their roles as Directors of this company. The total remuneration for the Directors for services to the Group, whilst Directors of this entity, was £515,338 (2024: £833,100) of which £165,530 (2024: £85,349) has been paid through these financial statements. There were no other short-term employee benefits paid to the Directors in the year (2024: £nil) and there were no retirement benefits accruing to the Directors under pension schemes as at 31 December 2025 (2024: £nil).
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CRAWFORD SCIENTIFIC (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CRAWFORD SCIENTIFIC (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CRAWFORD SCIENTIFIC (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CRAWFORD SCIENTIFIC (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CRAWFORD SCIENTIFIC (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Share premium account
Profit and loss account
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 £185,945 in year to 31 December 2025 (2024 - £173,016). Contributions totalling £22,862 (2024 - £15,549) were payable to the fund at the reporting date and are included in creditors.
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CRAWFORD SCIENTIFIC (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
At the balance sheet date the Company’s ultimate parent undertaking is Temasek Holdings (Private) Limited, a company incorporated in Singapore. The Company’s immediate parent is Crawford Scientific Holdings Limited, registered in Scotland.
The parent company of the smallest group of which the Company is a member, and for which group financial statements are prepared, is EM Topco Limited, a company incorporated in England and Wales.
The parent undertaking of the largest Group of which the Company is a member and for which group financial statements are prepared is Temasek Holdings (Private) Limited, a company incorporated in Singapore.
Copies of the Group financial statements of EM Topco Limited are available from Companies House, Crown Way, Cardiff, CF14 3UZ, United Kingdom. EM Topco Limited’s registered office is 3rd Floor Davidson Building, 5 Southampton Street, London, United Kingdom, WC2E 7HA.
Subsequent to the balance sheet date, the ultimate controlling party of the Company became Alchemy Analytical Group LLC following a sale of the share capital. This transaction is disclosed as a post balance sheet event in note 24.
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