OPTASENSE LIMITED

• ⚠

  Annual accounts overdue

  Due 2025-09-30.

• ⚠

  Material uncertainty over going concern

  These financial statements are prepared on a going concern basis and at the sign off date the directors are satisfied to adopt this at the basis for preparing these company statements. The Directors assessment has considered the cash flow forecasts through to 3rd January 2027 in light of material uncertainty around the future funding of our Ultimate Parent Company Luna Innovations Inc... Whilst OptaSense Limited is forecast to generate positive cashflow within the OptaSense Group the current strategic review being undertaken by Luna Innovations Inc does give a material uncertainty about the future funding and structure of the group. After reviewing all the relevant factors, and on the assumption that interco debt is supported by the parent, the Directors have a reasonable expectation that OptaSense Limited has adequate resources and future growth to continue in operational existence until 3rd January 2027. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report

• ◆

  Audit opinion: Disclaimer of opinion

  Latest auditor's report carried a non-clean opinion.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Ernst & Young LLP

Audit opinion

Disclaimer of opinion

Going concern

Material uncertainty disclosed

“These financial statements are prepared on a going concern basis and at the sign off date the directors are satisfied to adopt this at the basis for preparing these company statements. The Directors assessment has considered the cash flow forecasts through to 3rd January 2027 in light of material uncertainty around the future funding of our Ultimate Parent Company Luna Innovations Inc... Whilst OptaSense Limited is forecast to generate positive cashflow within the OptaSense Group the current strategic review being undertaken by Luna Innovations Inc does give a material uncertainty about the future funding and structure of the group. After reviewing all the relevant factors, and on the assumption that interco debt is supported by the parent, the Directors have a reasonable expectation that OptaSense Limited has adequate resources and future growth to continue in operational existence until 3rd January 2027. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report”

Group structure

1. OPTASENSE LIMITED · parent
   1. OptaSense Inc 100% · United States · development and supply of advanced fibre-optic acoustic sensor systems and other related systems
   2. OptaSense Canada Limited 100% · Canada · development and supply of advanced fibre-optic acoustic sensor systems and other related systems

Significant events

• “Revenues were down 31% against 2022. It was another challenging year due to global issues around the Ukraine war and the subsequent impact on oil and gas investment. The company are part of a Luna Group wide accounting issue where an independent review was conducted, with the assistance of external legal and financial advisors, of certain transactions for which revenue was recognized in the second and third quarters of 2023 that did not qualify for revenue recognition under U.S. generally accepted accounting principles.”
• “The Directors are not aware of any post balance sheet events”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

6

last 12 months

Capital events

0

last 24 months

Officers appointed

2

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -31%

  £9,878,000 → £6,814,000

• Cash

  -46.5%

  £905,000 → £484,000

• Net assets

  -23.5%

  £17,950,000 → £13,732,000

• Employees

  -19.4%

  62 → 50

• Operating profit

  -235.8%

  -£1,388,000 → -£4,661,000

• Profit before tax

  -303.7%

  -£1,106,000 → -£4,465,000

• Wages

  -22.8%

  £5,037,000 → £3,889,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers