Sapient Sensors Limited 31/03/2025 iXBRL

Company registration number: 07178075

Sapient Sensors Limited

Unaudited filleted financial statements

31 March 2025

Sapient Sensors Limited

Contents

Balance sheet

Notes to the financial statements

Sapient Sensors Limited

Balance sheet

31 March 2025

		2025		2024
	Note	£	£	£	£

Current assets
Debtors	5	1,453		11,386
Cash at bank and in hand		5,919		14,387
		_______		_______
		7,372		25,773
Creditors: amounts falling due
within one year	6	( 7,591)		( 55,897)
		_______		_______
Net current liabilities			( 219)		( 30,124)
			_______		_______
Total assets less current liabilities			( 219)		( 30,124)

Creditors: amounts falling due
after more than one year	7		( 179,939)		( 163,936)
			_______		_______
Net liabilities			( 180,158)		( 194,060)
			_______		_______

Capital and reserves
Called up share capital	8		286		253
Share premium account			446,936		392,564
Profit and loss account			( 627,380)		( 586,877)
			_______		_______
Shareholders deficit			( 180,158)		( 194,060)
			_______		_______

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 12 December 2025 , and are signed on behalf of the board by:

Mr C H Hutchinson

Director

Company registration number: 07178075

Sapient Sensors Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Copeland Court, Nevilles Cross, Durham, County Durham, DH1 4LF.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

Sapient Sensors has developed a patented, game-changing, hand-held analytical device that can provide immediate, cost-effective, measurement of specific target molecules at the point of use. It may be operated by unskilled personnel in both qualitative and quantitative modes and can measure multiple target molecules simultaneously. Its devices are expected to find application in Animal and Human Healthcare, Food and Drugs testing, Homeland Security and Defence. The company received initial Proof of Concept Funding from North Star Equity Investors Limited T/A NorthStar Ventures in the form of a loan, to fund technology Proof of Concept, initial patenting and confirmation of the patent landscape for the defined embodiment(s). The constituent components of the sensor, based on existing and proven technologies, have been successfully integrated and the company is now moving into prototyping. Having delivered the project to a robust patent position, with patents granted for its core technology in all major geographies including the UK, the EU (France, Germany, Italy, Poland and Spain), US, Japan and India, the company will continue to expand its patent coverage as it progresses in its development. The directors recognise that further significant investment will be required. The directors are confident that this additional funding can be sought, and this, in conjunction with their detailed business plan and projections, enables the directors to view the company as a going concern. In addition, the directors continue to support the business via the provision of interest free loans.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

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

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Research and development

Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2024: 1 ).

5. Debtors

	2025	2024
	£	£
Trade debtors	-	9,875
Other debtors	1,453	1,511
	_______	_______
	1,453	11,386
	_______	_______

6. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	1,062	1,188
Social security and other taxes	2,038	5,573
Other creditors	4,491	49,136
	_______	_______
	7,591	55,897
	_______	_______

7. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Other creditors	179,939	163,936
	_______	_______

Included above is a Proof of Concept Fund Loan received from NorthStar Equity Investors Limited T/A Northstar Ventures (NSV). Interest is payable on the loan at the Eu Reference Rate plus a minimum of 6.5%, compounded annually on the anniversary of the date of drawdown, and accruing on a day to day basis. The loan balance as at 31 March 2025 includes accrued interest of £79,939 (31 March 2024 : £63,936). NSV has the option, via written notice, to convert the balance of the loan and any associated accrued interest, into share capital in the company, at any time prior to the loan and accrued interest being repaid in full, or in the event of the company being released from its obligations of repayment. From October 2012, the company has negotiated with NSV to repay an amount of £500 per month to reduce the accrued interest and future interest charges levied on this loan, with payments having being made through to February 2022, whereafter payments have ceased to be made, with interest accruing accordingly.

8. Called up share capital

Issued, called up and fully paid

	2025		2024
	No	£	No	£
Ordinary shares shares of £ 0.01 each	28,573	286	25,301	253
	_______	_______	_______	_______

On 29 November 2024, the company issued 1,273 additional Ordinary Shares of £0.01 each , with a premium upon issue of £54,372 arising. On the same date a further 2,000 Ordinary Shares of £0.01 each were issued at par.

9. Directors advances, credits and guarantees

During the year there was no advances, credits and guarantees made to the Directors.

10. Going concern

Sapient Sensors has developed a patented, game-changing, hand-held analytical device that can provide immediate, cost-effective, measurement of specific target molecules at the point of use. It may be operated by unskilled personnel in both qualitative and quantitative modes and can measure multiple target molecules simultaneously. Its devices are expected to find application in Animal and Human Healthcare, Food and Drugs testing, Homeland Security and Defence. The company received initial Proof of Concept Funding from North Star Equity Investors Limited T/A NorthStar Ventures in the form of a loan, to fund technology Proof of Concept, initial patenting and confirmation of the patent landscape for the defined embodiment(s). The constituent components of the sensor, based on existing and proven technologies, have been successfully integrated and the company is now moving into prototyping. Having delivered the project to a robust patent position, with patents granted for its core technology in all major geographies including the UK, the EU (France, Germany, Italy, Poland and Spain), US, Japan and India, the company will continue to expand its patent coverage as it progresses in its development. The directors recognise that further significant investment will be required. The directors are confident that this additional funding can be sought, and this, in conjunction with their detailed business plan and projections, enables the directors to view the company as a going concern. In addition, the directors continue to support the business via the provision of interest free loans.