Company registration number 08624309 (England and Wales)
SENSE BIODETECTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
SENSE BIODETECTION LIMITED
COMPANY INFORMATION
Director
M Anthony
(Appointed 22 May 2026)
Company number
08624309
Registered office
29 & 30 The Quadrant
Abingdon Science Park
Abingdon
Oxfordshire
OX14 3YS
Auditor
Gravita Audit Oxford LLP
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
Bankers
Barclays Bank
Leicester
Leicestershire
LE87 2BB
SENSE BIODETECTION LIMITED
CONTENTS
Page
Director's report
1 - 2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Income statement
7
Statement of financial position
8 - 9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 33
SENSE BIODETECTION LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The director presents his annual report and financial statements for the year ended 31 December 2025.

Principal activities

During the 12-month period ended 31 December 2025, the principal activity of Sense Biodetection Limited (the “Company” or “Sense”) was the conduct of research and development activities at the direction of Sherlock Biosciences, Inc. it’s parent company. Note that Sense Biodetection, Inc., the U.S. wholly owned subsidiary of Sense Biodetection Limited was dissolved on June 26, 2025.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

No preference dividends were paid. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

B Dechairo
(Resigned 27 March 2025)
S Taucer
(Appointed 13 March 2025 and resigned 22 May 2026)
M Anthony
(Appointed 22 May 2026)
Qualifying third party indemnity provisions

The Group has entered into qualifying third-party indemnity arrangements for the benefit of all its directors in a form and scope which comply with requirements of the Companies Act 2006 and which were in force throughout the year and remain in force as at the date of this report.

Going concern

The directors have reviewed forecasts and budgets for the period to 31st December 2026, which have been drawn up with the appropriate regard for the current economic environment and the particular circumstances in which the Company operates. These were prepared with reference to historical and current industry knowledge and considering the future strategy of the Company.

The latest cashflow forecast shows that with payments from Sherlock Biosciences, Inc. to Sense Biodetection Limited under the Intercompany Services Agreement and if needed, funding from OraSure Technologies, Inc., there is ample funding to cover operations through December of 202 7.

As a result of these considerations, at the time of approving the financial statements, the directors consider that the Company has access to sufficient resources to continue in operational existence for the foreseeable period for at least 12 months.

S.172(1) and stakeholder engagement statement

The Company's key stakeholders are its suppliers and workforce. The views of and impact of the Company’s activities on these stakeholders are an important consideration for the directors when making relevant decisions. We set out below some examples of how we have had regard to the matters set out in section 172(1) (a) – (f) when discharging our section 172 duty and the effect of that on decisions taken by us.

Following the acquisition by OraSure Technologies, Inc., the Company continued to operate with a streamlined workforce aligned to its focus on research and development activities. The directors maintained a headcount of 25 employees throughout the period, ensuring that the organizational structure remained appropriate for the Company’s ongoing operations while having regard to the interests of employees.

The Company has maintained key supplier relationships in support of its research and development activities, including engagement with technical and raw material suppliers. The directors recognize the importance of maintaining strong supplier relationships to support the Company’s ongoing activities and long-term objectives, with appropriate oversight and regular communication.

SENSE BIODETECTION LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

Research & Development

R&D activity is focused on research, development, clinical and regulatory activities for a molecular diagnostic device platform or work performed in the development of new products as directed by the parent company.

Future developments and outlook

The business is well placed to support the strategy of the wider group through its continued focus on research and development activities in the field of clinical diagnostics.

Current status of business

For the year ended 31 December 2025, the Company recognized a net loss of £1,356 k. The Group is funded by Sherlock Biosciences, Inc. and/or OraSure Technologies, Inc., and continues to have access to financial support from its parent undertaking. As of 31 December 2025, the Company held cash and short-term deposits of £100k and had no external borrowings, including bank loans or overdrafts.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

- so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

- the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M Anthony
Director
12 August 2026
SENSE BIODETECTION LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the director to prepare financial statements for each financial year. Under that law, the director has elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law, the director must not approve the financial statements unless he is 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, International Accounting Standard 1 requires that directors:

- properly select and apply accounting policies;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

- make an assessment of the company's ability to continue as a going concern.

The director is 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. He is 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.

SENSE BIODETECTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SENSE BIODETECTION LIMITED
- 4 -
Opinion

We have audited the financial statements of Sense Biodetection Limited (the 'company') for the year ended 31 December 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows 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 UK adopted international accounting standards.

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with UK adopted international accounting standards; 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 director's 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 director 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 director is 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 director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the director's report has been prepared in accordance with applicable legal requirements.

SENSE BIODETECTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SENSE BIODETECTION LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the director's r eport.

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 director's remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

SENSE BIODETECTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SENSE BIODETECTION LIMITED (CONTINUED)
- 6 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims;

- reviewing relevant correspondence.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Katherine Wilkes BSc FCA (Senior Statutory Auditor)
For and on behalf of Gravita Audit Oxford LLP, Statutory Auditor
Chartered Accountants
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
18 August 2026
SENSE BIODETECTION LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
as restated
Notes
£
£
Revenue
5,831,761
-
Gross profit
5,831,761
-
Other operating income
-
2,777,883
Administrative expenses
(6,073,979)
(2,589,610)
Operating (loss)/profit
4
(242,218)
188,273
Finance income
5
-
0
23
Finance costs
7
(137,828)
(466,012)
Loss before taxation
(380,046)
(277,716)
Taxation
6
(1,528,984)
510,584
(Loss)/profit and total comprehensive income for the year
(1,909,030)
232,868
SENSE BIODETECTION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 8 -
2025
2024
as restated
Notes
£
£
Non-current assets
Property, plant and equipment
8
5,185,700
6,121,746
Right-of-use assets
8
2,364,158
2,785,870
Investments in subsidiary
-
0
-
0
Other receivables
10
352,080
355,330
7,901,938
9,262,946
Current assets
Trade and other receivables
10
258,073
692,476
Cash and cash equivalents
100,034
293,467
358,107
985,943
Current liabilities
Trade and other payables
12
17,406,083
21,993,567
Lease liabilities
14
416,931
453,275
17,823,014
22,446,842
Net current liabilities
(17,464,907)
(21,460,899)
Non-current liabilities
Lease liabilities
14
1,629,465
2,046,396
Deferred tax liabilities
13
1,546,941
-
0
3,176,406
2,046,396
Net liabilities
(12,739,375)
(14,244,349)
Equity
Called up share capital
16
962
962
Share premium account
17
51,882,762
51,882,762
Other capital reserve
18
4,970
-
Capital contribution reserve
19
4,409,247
1,000,213
Retained earnings
(69,037,316)
(67,128,286)
Total equity
(12,739,375)
(14,244,349)

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

SENSE BIODETECTION LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
The financial statements were approved by the board of directors and authorised for issue on 13 August 2026 and are signed on its behalf by:
M Anthony
Director
Company registration number 08624309 (England and Wales)
SENSE BIODETECTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Share premium account
Other capital reserve
Capital contribution reserve
Retained earnings
Total
Notes
£
£
£
£
£
£
As restated for the period ended 31 December 2024:
Balance at 1 January 2024
868
51,882,762
71,956
-
(67,433,110)
(15,477,524)
Balance at 1 January 2024
868
51,882,762
71,956
-
(67,433,110)
(15,477,524)
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
-
232,868
232,868
Issue of share capital, net of issue costs
16
94
-
0
-
-
-
94
Capital contribution from parent company
-
-
-
1,000,213
-
1,000,213
Other movements
-
-
(71,956)
-
71,956
-
Balance at 31 December 2024
962
51,882,762
-
1,000,213
(67,128,286)
(14,244,349)
Year ended 31 December 2025:
Loss and total comprehensive income
-
-
-
-
(1,909,030)
(1,909,030)
Capital contribution from parent company
-
-
-
3,409,034
-
0
3,409,034
Credit to equity for equity settled share-based payments
-
-
4,970
-
-
0
4,970
Balance at 31 December 2025
962
51,882,762
4,970
4,409,247
(69,037,316)
(12,739,375)
SENSE BIODETECTION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
24
(2,866,257)
(854,032)
Interest paid
(137,828)
(466,012)
Income taxes refunded
17,957
510,584
Net cash outflow from operating activities
(2,986,128)
(809,460)
Investing activities
Purchase of property, plant and equipment
(163,064)
(5,513)
Proceeds from disposal of property, plant and equipment
-
0
1,580,440
Interest received
-
0
23
Net cash (used in)/generated from investing activities
(163,064)
1,574,950
Financing activities
Proceeds from issue of shares
-
0
94
Capital contribution from parent company
3,409,034
1,000,213
Payment of lease liabilities
(453,275)
(2,668,288)
Net cash generated from/(used in) financing activities
2,955,759
(1,667,981)
Net decrease in cash and cash equivalents
(193,433)
(902,491)
Cash and cash equivalents at beginning of year
293,467
1,195,958
Cash and cash equivalents at end of year
100,034
293,467
SENSE BIODETECTION LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Critical accounting estimates and judgements

The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Judgements

In the process of applying the Company’s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the financial statements.

Critical judgements
Leases - Estimating the incremental borrowing rate

The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Company ‘would have to pay’, which requires estimation when no observable rates are available (where the Company does not enter into financing transactions) or when they need to be adjusted to reflect the terms and conditions of the lease (for example, when leases are not in the subsidiary’s functional currency). The Company estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary’s stand-alone credit rating).

2
Accounting policies
Company information

Sense Biodetection Limited is a private company limited by shares incorporated in England and Wales. The registered office is 29 & 30 The Quadrant, Abingdon Science Park, Abingdon, Oxfordshire, OX14 3YS. The company's principal activities and nature of its operations are disclosed in the director's report.

2.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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.

Sense Biodetection Limited is a wholly owned subsidiary of Sherlock Biosciences Inc and the results of Sense Biodetection Limited are included in the consolidated financial statements of Sherlock Biosciences Inc which are available from 200 Talcott Ave, Watertown, MA 02472, Delaware, USA.

2.2
Going concern

The director has at the time of approving the financial statements, a reasonable expectation that the true company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Accounting policies
(Continued)
- 13 -
2.3
Revenue

The revenue shown in the income statement represents amounts receivable from the immediate parent company, Sherlock Biosciences Inc, for the research and development services. Turnover in respect of services provided to Sherlock Biosciences Inc, is calculated as research and development costs plus a mark up in accordance with an intercompany agreement between Sense Biodetection Limited and Sherlock Biosciences Inc.

2.4
Property, plant and equipment

Property, plant and equipment 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:

Leasehold land and buildings
Length of lease
Leasehold improvements
Length of lease
Fixtures and fittings
2 - 5 years straight line
Plant and equipment
5-10 years straight line
Computers
2 years straight line
Laboratory equipment
5 years straight line

The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in income. Residual values of assets and their useful lives are reviewed and adjusted if appropriate at each balance sheet date.

2.5
Impairment of non-financial assets

Further disclosures relating to impairment of non-financial assets are also provided in the following notes:

- Disclosures for significant assumptions Note 2

- Property, plant and equipment Note 1 0

The Company assesses at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

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. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.

The Company bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Company’s CGUs to which the individual assets are allocated.

Impairment losses of continuing operations are recognised in the statement of profit or loss in expense categories consistent with the function of the impaired asset, except for properties previously revalued with the revaluation taken to OCI. Not such impairments have been recognised by the Company in the reported periods.

The Company does not currently hold goodwill or any other intangible as an asset.

SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Accounting policies
(Continued)
- 14 -
2.6
Cash and cash equivalents

Cash and short-term deposits in the statement of financial position comprise cash at banks and on hand and short-term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Company’s cash management.

2.7
Financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss.

The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company’s business model for managing them.

In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.

The Company’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows while financial assets classified and measured at fair value through OCI are held within a business model with the objective of both holding to collect contractual cash flows and selling.

Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date, i.e., the date that the Company commits to purchase or sell the asset.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in four categories:

- Financial assets at amortised cost (debt instruments)

- Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)

- Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses

- u pon derecognition (equity instruments)

- Financial assets at fair value through profit or loss

Financial assets at amortised cost (debt instruments)

Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.

The Group’s financial assets at amortised cost include other receivables.

Financial assets at fair value

The Group does not currently hold any financial assets at fair value.

SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Accounting policies
(Continued)
- 15 -

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment

The Company recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.

ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

For debt instruments at fair value through OCI, the Company applies the low credit risk simplification. At every reporting date, the Company evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Company reassesses the internal credit rating of the debt instrument. In addition, the Company considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due.

SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Accounting policies
(Continued)
- 16 -

It is the Company’s policy to measure ECLs on such instruments on a 12-month basis. However, when there has been a significant increase in credit risk since origination, the allowance will be based on the lifetime ECL. The Company uses an appropriate default rating based on the latest available data from Moody’s Rating Agency both to determine whether the debt instrument has significantly increased in credit risk and to estimate ECLs.

The Company considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

Derecognition of financial assets

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Company's statement of financial position) when:

- the rights to receive cash flows from the asset have expired; or

- the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset

When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.

2.8
Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Company’s financial liabilities include trade and other payables.

SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Accounting policies
(Continued)
- 17 -

Subsequent measurement

For purposes of subsequent measurement, financial liabilities are classified in two categories:

- Financial liabilities at fair value through profit or loss

- Financial liabilities at amortised cost (loans and borrowings)

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.

Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term.

Gains or losses on liabilities held for trading are recognised in the statement of profit or loss.

Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Company has not designated any financial liability as at fair value through profit or loss.

Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied.

The Company has not designated any financial liability as at fair value through profit or loss.

The Company presents liabilities in the statement of financial position based on current/non-current classification. A liability is current when:

- it is expected to be settled in the normal operating cycle

- it is held primarily for the purpose of trading

- it is due to be settled within twelve months after the reporting period; or

- there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period

The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

The Group classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

2.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2.10
Taxation
SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Accounting policies
(Continued)
- 18 -

Current income tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Company operates and generates taxable income.

Current income tax relating to items recognised directly in equity is recognised equity and not in the statement of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred tax

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except:

- when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

- in respect of taxable associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except:

- when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects either the accounting profit nor taxable profit or loss.

- in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available, against which the temporary differences can be utilised.

SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Accounting policies
(Continued)
- 19 -

The carrying amount of deferred tax assets reviewed at each reporting date to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that is has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly to equity.

The Company offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

Sales tax

Expenses and assets are recognised net of the amount of sales tax, except:

- when the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item, as applicable

- when receivables and payables are stated with the amount of sales tax included

The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivable or payables in the statement of financial position.

2.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The Company has no further obligations once the contributions have been paid.

2.12
Share-based payments

Incentives in the form of shares are provided to employees under the Company’s share option scheme and sub schemes Equity-settled share-based payments are measured at fair value (excluding the effect of non market based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is measured by the use of the Black-Scholes method and is expensed on a straight-line basis over the vesting period, based on the Company's estimate of the number of shares that will eventually vest.

The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. Changes made to the income statement in respect of share-based payments are credited to equity.

At the end of each reporting year, the Company revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity.

When the options are exercised the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium.

SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Accounting policies
(Continued)
- 20 -
2.13
Leases

The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period time in exchange for consideration.

The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognises lease liabilities representing obligations to make lease payments and the right-of-use assets representing the right to use the underlying assets.

Right-of-use assets

The Company recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:

- Plant and machinery 3 to 15 years

- Motor vehicles and other equipment 3 to 5 years

If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment.

Lease liabilities

At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Company’s lease liabilities are included in Financial liabilities, loans and borrowings.

Short-term leases and leases of low-value assets

The Company applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.

SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Accounting policies
(Continued)
- 21 -
2.14
Foreign exchange

Foreign currency translations in the company are booked in the functional currency of the company at the exchange rate ruling at the date of the transaction. Foreign currency monetary assets and liabilities are retranslated into their function currency at the rates of exchange ruling at the balance sheet date. Exchange differences are included in the income statement in the period in which they arise.

2.15

Research and development costs

Research and development expenses consist of costs incurred in performing research and development activities, including salaries and benefits, facilities expenses, overhead expenses, clinical trial and related clinical manufacturing expenses, contract services and other outside expenses. Research and development costs are charged to expense as incurred.

2.16

Financial instruments - initial recognition and subsequent measurement

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

2.17

Current versus non-current classification

The Company presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is:

- expected to be realized or intended to be sold or consumed in the normal operating cycle

- held primarily for the purpose of trading

- expected to be realized within twelve months after the reporting period; or

- cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period

All other assets are classified as non-current.

A liability is current when:

- it is expected to be settled in the normal operating cycle

- it is held primarily for the purpose of trading

- it is due to be settled within twelve months after the reporting period; or

- there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period

The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

The Company classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Management, administrative, operations and marketing
10
13
Research and development
14
17
Total
24
30
SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,335,541
1,631,609
Social security costs
161,031
175,747
Pension costs
64,263
73,843
1,560,835
1,881,199
4
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses
181,686
19,688
Research and development costs
2,057,923
3,403,891
Depreciation of property, plant and equipment
1,520,919
1,842,824
Share-based payments
4,970
-
5
Investment income
2025
2024
£
£
Interest income
Bank interest
-
0
23
6
Income tax expense
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(17,957)
(510,584)
Deferred tax
Origination and reversal of temporary differences
1,546,941
-
0
Total tax charge/(credit)
1,528,984
(510,584)
SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Income tax expense
(Continued)
- 23 -

The charge for the year can be reconciled to the loss per the income statement as follows:

2025
2024
£
£
Loss before taxation
(380,046)
(277,716)
Expected tax credit based on a corporation tax rate of 25.00% (2024: 19.00%)
(95,012)
(52,766)
Effect of expenses not deductible in determining taxable profit
105,871
24,131
Income not taxable
-
0
(527,798)
Research and development tax credit
(333,384)
(510,584)
Deferred tax asset not recognised
-
0
556,433
Deferred tax liability not recognised
1,851,509
-
0
Taxation charge/(credit) for the year
1,528,984
(510,584)
7
Finance costs
2025
2024
£
£
Bank charges
2,696
5,376
Interest expense on lease liabilities
135,132
460,636
Total interest expense
137,828
466,012
SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
8
Property, plant and equipment
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Laboratory equipment
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
6,504,856
12,803,054
2,698,982
124,780
73,608
1,794,219
23,999,499
Additions
-
0
-
0
-
0
-
0
-
0
5,513
5,513
Disposals
(1,580,440)
-
0
-
0
-
0
-
0
-
0
(1,580,440)
At 31 December 2024
4,924,416
12,803,054
2,698,982
124,780
73,608
1,799,732
22,424,572
Additions
-
0
127,034
-
0
-
0
15,590
20,440
163,064
Disposals
-
0
(3,340)
-
0
(38,671)
(46,066)
(391,181)
(479,258)
At 31 December 2025
4,924,416
12,926,748
2,698,982
86,109
43,132
1,428,991
22,108,378
Accumulated depreciation and impairment
At 1 January 2024
1,463,730
8,419,315
427,180
64,427
55,690
1,243,790
11,674,132
Charge for the year
674,816
573,050
325,767
11,053
13,771
244,367
1,842,824
At 31 December 2024
2,138,546
8,992,365
752,947
75,480
69,461
1,488,157
13,516,956
Charge for the year
421,712
580,731
325,767
11,053
5,446
176,210
1,520,919
Eliminated on disposal
-
0
(3,340)
-
0
(38,671)
(46,066)
(391,278)
(479,355)
At 31 December 2025
2,560,258
9,569,756
1,078,714
47,862
28,841
1,273,089
14,558,520
SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Property, plant and equipment
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Laboratory equipment
Total
£
£
£
£
£
£
£
(Continued)
- 25 -
Carrying amount analysed between owned assets and right-of-use assets
At 31 December 2025
Owned assets
-
3,356,992
1,620,268
38,247
14,291
155,902
5,185,700
Right-of-use assets
2,364,158
-
-
-
-
-
2,364,158
2,364,158
3,356,992
1,620,268
38,247
14,291
155,902
7,549,858
At 31 December 2024
Owned assets
-
3,810,689
1,946,035
49,300
4,147
311,575
6,121,746
Right-of-use assets
2,785,870
-
-
-
-
-
2,785,870
2,785,870
3,810,689
1,946,035
49,300
4,147
311,575
8,907,616
SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -

Property, plant and equipment includes right-of-use assets, as follows:

Land and buildings
£
Net carrying value at 1 January 2024
5,041,126
Disposals
(1,580,440)
Depreciation charge
(674,816)
Net carrying value at 31 December 2024
2,785,870
Depreciation charge
(421,712)
Net carrying value at 31 December 2025
2,364,158
9
Subsidiaries

As at 31st December 2024, the company held 100% of the share capital in Sense Biodetection Inc. This was dissolved during the year.

No subsidiaries are held at 31st December 2025.

10
Trade and other receivables
Current
Non-current
2025
2024
2025
2024
£
£
£
£
VAT recoverable
77,457
46,626
-
-
Other receivables
65,642
510,584
352,080
355,330
Prepayments
114,974
135,266
-
-
258,073
692,476
352,080
355,330
11
Trade receivables - credit risk
Fair value of trade receivables

The director considers that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

12
Trade and other payables
2025
2024
£
£
Trade payables
-
0
15,385
Amount owed to parent undertaking
17,250,261
21,360,037
Accruals
155,455
576,344
Other payables
367
41,801
17,406,083
21,993,567
SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
13
Deferred taxation
Liabilities
2025
2024
£
£
Deferred tax balances
1,546,941
-
0

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Fixed Assets
£
Liability at 1 January 2024 and 1 January 2025
-
0
Deferred tax movements in current year
Charge/(credit) to profit or loss
1,546,941
Liability at 31 December 2025
1,546,941
14
Lease liabilities

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2025
2024
£
£
Current liabilities
416,931
453,275
Non-current liabilities
1,629,465
2,046,396
2,046,396
2,499,671
2025
2024
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
135,132
460,636

Finance lease payments represent rentals payable by the company for certain items of property. No restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
64,263
73,843

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.

16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
961,864
961,864
962
962

All shares are non-redeemable. Each holder of shares has the right to vote on the basis of one vote per share held; the right to participate in a dividend in proportion to the number of shares held; and the right to participate in a distribution of assets on a liquidation or a return of capital.

Called up share capital

The called-up share capital represents the nominal value of shares that have been issued.

17
Share premium account
2025
2024
£
£
At the beginning and end of the year
51,882,762
51,882,762

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

18
Other capital reserve
2025
2024
£
£
At the beginning of the year
-
71,956
Additions
4,970
-
Other movements
-
(71,956)
At the end of the year
4,970
-

This includes the cumulative share-based payment charge. The previous share scheme was cancelled during the financial year ended 31 December 2024, and a new one started during the financial year ended 31 December 2025. See note 21 for further details.

SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
19
Capital contribution reserve
2025
2024
£
£
At the beginning of the year
1,000,213
-
Additions
3,409,034
1,000,213
At the end of the year
4,409,247
1,000,213

This includes the total of capital contributions from the parent company.

20
Capital risk management

The company is not subject to any externally imposed capital requirements.

SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
20
Capital risk management
(Continued)
- 30 -

The Group manages its capital to ensure it will be able to continue as a going concern whilst providing an adequate return to shareholders by balancing its trading performance with continuing investment in research and development. The capital structure of the company consists of cash and cash equivalents and equity attributable to the owners, comprising issued capital, reserves and retained earnings. Until the group achieves sustainable profitability it will be reliant on funding from new and existing shareholders.

Significant accounting policies

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 1.

The directors consider there to be no material difference between the book value and the fair value of the company's and group's financial assets and liabilities at the balance sheet date. This is because most of the financial assets and liabilities are short term.

There are no financial instruments that have been measured subsequent to initial recognition at fair value.

Risk in relation to the use of financial instruments

Market risk

The group's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates.

Foreign currency risk management

The group undertakes certain transactions denominated in foreign currencies. During the year, a significant value of purchases made were denominated US dollars, with a much smaller value of purchases denominated in Euros. The payments are made from the group’s USD and Euro denominated bank accounts, where appropriate levels of cash balance are maintained to serve as a natural hedge against future exchange rate movements.

As the company's international exposure increases, the directors will continue to monitor any change in its exposure to foreign currencies and will consider implementing further risk management strategies.

The carrying amounts of the group's foreign currency denominated monetary assets and liabilities at the reporting date, not denominated in the local functional currency, are disclosed below, translated into sterling at the closing rate. All represent short-term exposures.

| 31 Dec 2025 | 31 Dec 2024 |  | 31 Dec 2025 | 31 Dec 2024
| USD | USD |  | EUR | EUR
| £ | £ |  | £ | £
Financial assets | 66,889 | 182,103 |  | 1,554 | 1,093
Financial liabilities | - | - |  | - | -
Total exposure | 66,889 | 182,103 |  | 1,554 | 1,093

SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
20
Capital risk management
(Continued)
- 31 -

Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the board of directors, which seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs.

The group manages liquidity risk by maintaining adequate reserves and banking facilities, continually monitoring cash flows and matching the maturity profiles of financial assets and liabilities.

| Company

|  | 2025 | 2024
Summary of cash and equity |  | £ | £
Cash and cash equivalents and short-term deposits |  | 100,034 | 293,467
Equity |  | (1 1,086,403) | (14,244,349)

At 31 December 202 5, all trade and other payable balances are principal amounts due and do not include accrued interest and are payable in less than six months from the balance sheet date.

21
Share-based payments

Details of the employee share option plan of the company

Following the acquisition by Sherlock Biosciences, Inc, the Group operated a new share option scheme for employees. However, following the acquisition of Sherlock Biosciences, Inc by OraSure Technologies, Inc on 19th December 2024, the Sense Biodetection Limited employee share option scheme was cancelled.

As at 19th December 2024, there were no options available for exercise by employees.

During the year ended 31 December 2025, a new scheme was set up, providing employees with options for shares in OraSure Technologies Inc.

22
Controlling party

T he ultimate controlling party has been OraSure Technologies Inc, incorporated in USA. The registered office is 220 East First Street, Bethlehem, Pennsylvania, USA.

SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 32 -
23
Accounting standards issued but not yet effective

A number of new accounting standards effective for annual periods beginning after 1 October 202 4 and earlier application is permitted. However, the Company has not early adopted the following new or amended accounting standards in preparing these financial statements.

The following amendments are effective for the annual reporting period beginning 1 January 2026:

- Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7)

- Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)

The following standards and amendments are effective for the annual reporting period beginning 1 January 2027:

- IFRS 18 Presentation and Disclosure in Financial Statements

- IFRS 19 Subsidiaries without Public Accountability: Disclosures.

The Company is currently assessing the effect of these new accounting standards and amendments.

IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024 supersedes IAS 1 and will result in major consequential amendments to IFRS Accounting Standards including IAS 8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Even though IFRS 18 will not have any effect on the recognition and measurement of items in the consolidated financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items. These changes include c ategorisation and sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of information, and disclosure of management-defined performance measures.

24
Cash absorbed by operations
2025
2024
£
£
Loss for the year before taxation
(380,046)
(277,716)
Adjustments for:
Finance costs
137,828
466,012
Investment income
-
0
(23)
Gain on disposal of property, plant and equipment
(97)
-
Depreciation and impairment of property, plant and equipment
1,520,919
1,842,824
Equity settled share based payment expense
4,970
-
Decrease in provisions
-
(8,104,842)
Movements in working capital:
Decrease in trade and other receivables
437,653
1,001,730
(Decrease)/increase in trade and other payables
(4,587,484)
4,217,983
Cash absorbed by operations
(2,866,257)
(854,032)
SENSE BIODETECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 33 -
25
Analysis of changes in net debt
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
293,467
(193,433)
100,034
Lease liabilities
(2,499,671)
453,275
(2,046,396)
(2,206,204)
259,842
(1,946,362)
1 January 2024
Cash flows
31 December 2024
Prior year:
£
£
£
Cash at bank and in hand
1,195,958
(902,491)
293,467
Lease liabilities
(5,167,959)
2,668,288
(2,499,671)
(3,972,001)
1,765,797
(2,206,204)
26
Prior period adjustment

The Intellectual Property within the company was transferred to its parent entity during the year ended 31st December 2024. As no asset was recognised on this, the total consideration should be recognised as profit on disposal. Prior year adjustment posted to recognise this within the year ended December 2024.

Changes to the statement of financial position
At 31 December 2024
Previously reported
Adjustment
As restated
£
£
£
Creditors due within one year
Other payables
(24,771,450)
2,777,883
(21,993,567)
Net assets
(17,022,232)
2,777,883
(14,244,349)
Capital and reserves
Retained earnings
(69,906,169)
2,777,883
(67,128,286)
Total equity
(17,022,232)
2,777,883
(14,244,349)
Changes to the income statement
Period ended 31 December 2024
Previously reported
Adjustment
As restated
£
£
£
Other operating income
-
2,777,883
2,777,883
(Loss)/profit for the financial period
(2,545,015)
2,777,883
232,868
2025-12-31 2025-01-01 false false CCH Software CCH Accounts Production 2026.100 B Dechairo S Taucer M Anthony 08624309 2025-01-01 2025-12-31 08624309 bus:Director1 2025-01-01 2025-12-31 08624309 bus:Director2 2025-01-01 2025-12-31 08624309 bus:Director3 2025-01-01 2025-12-31 08624309 bus:RegisteredOffice 2025-01-01 2025-12-31 08624309 bus:Agent1 2025-01-01 2025-12-31 08624309 2025-12-31 08624309 core:ContinuingOperations 2025-01-01 2025-12-31 08624309 2024-01-01 2024-12-31 08624309 core:ContinuingOperations 2024-01-01 2024-12-31 08624309 core:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 08624309 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 08624309 2024-12-31 08624309 core:Non-currentFinancialInstruments 2025-12-31 08624309 core:Non-currentFinancialInstruments 2024-12-31 08624309 2024-12-31 08624309 2023-12-31 08624309 core:CurrentFinancialInstruments 2025-12-31 08624309 core:CurrentFinancialInstruments 2024-12-31 08624309 core:AcceleratedTaxDepreciationDeferredTax 2024-12-31 08624309 core:AcceleratedTaxDepreciationDeferredTax 2025-12-31 08624309 core:ShareCapital 2025-12-31 08624309 core:ShareCapital 2024-12-31 08624309 core:SharePremium 2025-12-31 08624309 core:SharePremium 2024-12-31 08624309 core:RetainedEarningsAccumulatedLosses 2025-12-31 08624309 core:RetainedEarningsAccumulatedLosses 2024-12-31 08624309 core:SharePremium 2023-12-31 08624309 core:OtherMiscellaneousReserve 2023-12-31 08624309 core:ShareCapital 2024-01-01 2024-12-31 08624309 core:SharePremium 2024-01-01 2024-12-31 08624309 1 2025-01-01 2025-12-31 08624309 1 2024-01-01 2024-12-31 08624309 2 2025-01-01 2025-12-31 08624309 2 2024-01-01 2024-12-31 08624309 core:LandBuildings core:LeasedAssetsHeldAsLessee 2023-12-31 08624309 core:LeaseholdImprovements core:LeasedAssetsHeldAsLessee 2023-12-31 08624309 core:PlantMachinery 2023-12-31 08624309 core:FurnitureFittings 2023-12-31 08624309 core:ComputerEquipment 2023-12-31 08624309 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-12-31 08624309 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-12-31 08624309 core:LeaseholdImprovements core:LeasedAssetsHeldAsLessee 2024-12-31 08624309 core:PlantMachinery 2024-12-31 08624309 core:FurnitureFittings 2024-12-31 08624309 core:ComputerEquipment 2024-12-31 08624309 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-12-31 08624309 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-12-31 08624309 core:LeaseholdImprovements core:LeasedAssetsHeldAsLessee 2025-12-31 08624309 core:PlantMachinery 2025-12-31 08624309 core:FurnitureFittings 2025-12-31 08624309 core:ComputerEquipment 2025-12-31 08624309 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2025-12-31 08624309 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 08624309 core:LeaseholdImprovements core:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 08624309 core:PlantMachinery 2024-01-01 2024-12-31 08624309 core:FurnitureFittings 2024-01-01 2024-12-31 08624309 core:ComputerEquipment 2024-01-01 2024-12-31 08624309 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-01-01 2024-12-31 08624309 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-01-01 2025-12-31 08624309 core:LeaseholdImprovements core:LeasedAssetsHeldAsLessee 2025-01-01 2025-12-31 08624309 core:PlantMachinery 2025-01-01 2025-12-31 08624309 core:FurnitureFittings 2025-01-01 2025-12-31 08624309 core:ComputerEquipment 2025-01-01 2025-12-31 08624309 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2025-01-01 2025-12-31 08624309 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 08624309 bus:Audited 2025-01-01 2025-12-31 08624309 bus:FullIFRS 2025-01-01 2025-12-31 08624309 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP