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Registered number: 14765871 CYTEK BIOSCIENCES LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CYTEK BIOSCIENCES LIMITED CONTENTS
| Page
Company information | 1
Balance sheet | 2 - 3
Notes to the financial statements | 4 - 15
CYTEK BIOSCIENCES LIMITED COMPANY INFORMATION
Director | P Busque
Registered number | 14765871
Registered office | Unit 8 Greenham Park
| Witchford
| Ely
| Cambridgeshire
| CB6 2HF
Independent auditor | Blick Rothenberg Audit LLP
| Chartered Accountants & Statutory Auditor
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
|  | REGISTERED NUMBER:14765871
CYTEK BIOSCIENCES LIMITED BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | 827,511 |  | -
Right of use assets | 6 |  | 105,799 |  | -
|  |  | 933,310 |  | -
Current assets |  |  |  |  |
Stocks |  | 402,425 |  | - |
Debtors: amounts falling due within one year | 7 | 1,683,435 |  | 18,902 |
Cash at bank and in hand |  | 113,524 |  | 180,843 |
|  | 2,199,384 |  | 199,745 |
Creditors: amounts falling due within one year | 8 | (2,097,956) |  | (157,591) |
Net current assets |  |  | 101,428 |  | 42,154
Total assets less current liabilities |  |  | 1,034,738 |  | 42,154
Creditors: amounts falling due after more than one year |  |  | (227,856) |  | -
Net assets |  |  | 806,882 |  | 42,154
Capital and reserves |  |  |  |  |
Called up share capital | 9 |  | 710,000 |  | 10,000
Profit and loss account |  |  | 96,882 |  | 32,154
Total equity |  |  | 806,882 |  | 42,154
Page 2
|  | REGISTERED NUMBER:14765871
CYTEK BIOSCIENCES LIMITED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
P Busque
Director
Date: 5 March 2026
The notes on pages 4 to 15 form part of these financial statements. Page 3
CYTEK BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Cytek Biosciences Limited is a private company limited by shares incorporated in England. The address of its registered office is Unit 8 Greenham Park, Witchford, Ely, Cambridgeshire, United Kingdom, CB6 2HF. The principal activity of the company is that of supplies of flow cytometry instruments and services. The prior period financial statements were prepared for a 9-month period from the company's incorporation 29 April 2023 to 31 December 2023. Therefore, the comparative figures are not entirely comparable. The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. 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. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis. After making enquiries and considering available information about the future, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Page 4
CYTEK BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 5
CYTEK BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Revenue
For the first 10 months of the year, revenue was generated from agreements to provide sales and marketing services to a fellow group company. This revenue is recognised in the period in which the services are provided. Following this, the agreement ceased to apply, with revenue now arising from the supplies of flow cytometry instruments and services with the company acting as principal in all contracts with customers. To determine whether to recognise revenue, the company follows a 5-step process: 1. Identifying the contract with a customer 2. Identifying the performance obligations 3. Determining the transaction price 4. Allocating the transaction price to the performance obligations, and then 5. Recognising revenue when/as performance obligation(s) are satisfied. Sale of instruments Revenue from the sale of instruments is recognised when or as the company transfers control of the instrument to the customer, once the customer takes delivery of the products. Payment is due within 30 days of the invoice date and the arrangement does not constitute a financing transaction. None of the consideration is variable. Rendering of service contracts The company provides a service contracts and training for its instruments. Such services are recognised as a single performance obligation satisfied over time. Revenue is recognised for these service contracts and training services, based on the stage of completion of the contract. None of the consideration is variable. Payment is due within 30 days of the invoice date and the arrangement does not constitute a financing transaction. Any amounts paid in advance of the satisfaction of the performance obligation are recorded as contract liabilities.
| 2.5 | Finance costs
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. Page 6
CYTEK BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Pensions
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 balance sheet. The assets of the plan are held separately from the company in independently administered funds. 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 balance sheet. The assets of the plan are held separately from the company in independently administered funds.
| 2.7 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the profit and loss account over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 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.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 7
CYTEK BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets (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:
|  |  |  | Right of Use asset - motor vehicle | - | 33%
|  |  |  | Right of Use asset - leasehold | - | 13 - 54%
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. Right-of-use assets are depreciated over the shorter period of the lease term and the useful life of the underlying asset.
| 2.9 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.10 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.11 | Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Page 8
CYTEK BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
|  | Financial instruments (continued)
Financial assets Basic financial assets, including trade and other debtors, cash and bank balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest rate method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other creditors, loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets 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 profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Page 9
CYTEK BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
|  | Financial instruments (continued)
Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when 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.
| 2.12 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 10
CYTEK BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | Leases: the company as a lessee
The company assesses whether a contract is, or contains, a lease, at inception of the contract. The company recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less from the commencement of the lease or the date of initial application of FRS 102) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases, the company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the company uses its incremental borrowing rate or obtainable borrowing rate. The incremental borrowing rate is the estimated rate that the company would have to pay to borrow the same amount over a similar term, and with similar security to obtain an asset of equivalent value. The obtainable borrowing rate is the rate is the rate of interest the company would have to pay to borrow, over a similar term, an amount similar to the total undiscounted value of lease payments to be included in the measurement of the lease liability. The lease liability is remeasured when there is a change in the future lease payments, and a corresponding adjustment is made to the right of use asset.
| 2.14 | Share capital
Ordinary shares are classified as equity.
3. | Changes in accounting policy
The Periodic Review 2024 amendments to FRS 102 have been early adopted and have been applied from 1 January 2024 as follows: Leases The directors have applied a modified retrospective approach on transition to the revised Section 20 Leases. Comparative information is not restated, instead the cumulative effect of initially applying the Periodic Review 2024 amendments to Section 20 is recognised as an adjustment to the opening balance of retained earnings at the date of initial application. In applying the requirements of Section 20, the following practical expedients have been taken advantage of: ∙The company did not reassess whether a contract is, or contains, a lease at the date of initial application. Instead, the company applied the requirements of the revised Section 20 to contracts that were previously identified as containing a lease, and did not apply the requirements of the revised Section 20 to contracts that were not previously identified as containing a lease. As required by FRS 102, this practical expedient has been applied to all of the company’s contracts. ∙The company did not make any adjustments on transition for leases for which the underlying asset was of low value. ∙The company applied a single discount rate to a portfolio of leases with reasonably similar characteristics (such as leases with a similar remaining lease term for a similar class of underlying asset in a similar economic environment). Page 11
CYTEK BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| Changes in accounting policy (continued)
Leases (continued) ∙The company relied on its assessment of whether leases are onerous applying Section 21 Provisions and Contingencies immediately before the date of initial application as an alternative to applying Section 27 to right-of-use assets at the date of initial application. The company therefore adjusted the right-of-use asset at the date of initial application by the amount of the provision for onerous leases recognised in the balance sheet immediately before the date of initial application. ∙The company did not apply the requirements in paragraph 1.51 to recognise lease liabilities and right of use assets for leases for which the lease term ends within 12 months of the date of initial application. ∙The company used hindsight, in determining the lease term where the contract contained options to extend or terminate the lease. ∙The company has, for each lease previously classified as a finance lease, recognised a right-of-use asset and lease liability at the date of initial application at the carrying amount of the leased asset and finance lease liability immediately before that date, measured applying the previous requirements of FRS 102 prior to the adoption of the Periodic Review 2024 amendments. Revenue The directors have applied a modified retrospective approach on transition to the revised Section 23 Revenue from Contracts with Customers. Comparative information is not restated, instead the cumulative effect of initially applying the Periodic Review 2024 amendments to Section 23 is recognised as an adjustment to the opening balance of retained earnings at the date of initial application. In applying the modified retrospective approach, the company has, as required by FRS 102, applied this approach only to contracts that were not completed contracts at the date of initial application.
4. | Employees
| The average monthly number of employees, including directors, during the year was 6 (2023 - 5).
Page 12
CYTEK BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Intangible assets
|  | Trademarks | Customer relationships | Goodwill | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| Additions | 15,417 | 439,379 | 382,745 | 837,541
| At 31 December 2024 | 15,417 | 439,379 | 382,745 | 837,541
| Amortisation |  |  |  |
| Charge for the year | 1,368 | 8,662 | - | 10,030
| At 31 December 2024 | 1,368 | 8,662 | - | 10,030
| Net book value |  |  |  |
| At 31 December 2024 | 14,049 | 430,717 | 382,745 | 827,511
| At 31 December 2023 | - | - | - | -
6. | Right of use assets
|  | Motor vehicles | Leasehold property | Total
|  | £ | £ | £
| Cost |  |  |
| Additions | 19,573 | 97,400 | 116,973
| At 31 December 2024 | 19,573 | 97,400 | 116,973
| Depreciation |  |  |
| Charge for the year | 6,524 | 4,650 | 11,174
| At 31 December 2024 | 6,524 | 4,650 | 11,174
| Net book value |  |  |
| At 31 December 2024 | 13,049 | 92,750 | 105,799
| At 31 December 2023 | - | - | -
Page 13
CYTEK BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 1,476,518 | -
| Amounts owed by group undertakings | 161,020 | -
| Other debtors | 32,958 | 6,791
| Prepayments and accrued income | 12,939 | 12,111
|  | 1,683,435 | 18,902
| Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.
8. | Creditors: amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 35,001 | 8,474
| Amounts owed to group undertakings | 1,117,260 | 2,638
| Corporation tax | 31,069 | 9,351
| Other taxation and social security | 70,313 | -
| Lease liability | 28,700 | -
| Other creditors | 84,060 | 11,891
| Accruals and deferred income | 731,553 | 125,237
|  | 2,097,956 | 157,591
| Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand. Lease liability The lease liability is in respect of the two leaseholds, which have 2 and 8 years left to run at the balance sheet date. Total lease payments for both leaseholds amount to £28,263 per year. Both lease liabilities are measured on the future fixed lease payments discounted at an incremental borrowing rate of 9%. For one of the leaseholds, future lease payments are to be revised in August 2027, which is to be determined by an arbitrator. At that date and the lease liability and right of use asset accordingly remeasured. Regarding the other leasehold, there is no further rent review remaining during the lease term. The company also has a lease on a motor vehicle, which has 2 years left to run at the balance sheet date. Total lease payments in respect of the motor vehicle amount to £7,788 per year. The lease liability is measured on the future fixed lease payments discounted at an incremental borrowing rate of 9%.
Page 14
CYTEK BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Authorised, allotted, called up and fully paid |  |
|  | 710,000 (2023 - 10,000) Ordinary shares of £1 each | 710,000 | 10,000
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital. On 24 October 2024 the company issued 700,000 ordinary shares of £1 each at par, in order to increase working capital.
10. | Reserves
Profit and loss account The profit and loss account includes all current and prior period retained profit and losses.
11. | Pension commitments
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 £57,736 (2023: £30,553). Contributions totalling £6,976 (2023: £6,942) were payable to the fund at the balance sheet date and are included in creditors.
12. | Related party transactions
| The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
13. | Controlling party
The smallest group for which consolidated financial statements are drawn up is headed by Cytek Biosciences Inc. whose registered office is 47215 Lakeview Blvd, Fremont, CA 94538, United States.
14. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 6 March 2026 by Thomas Dickinson (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
Page 15