ULTRALEAP LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to note 2.2 to the financial statements which indicates that the Company is reliant upon support from its parent, which in turn indicates a breach of loan covenants and the need to raise additional financing to cure this breach, within its Going Concern assessment. These events and conditions, along with the other matters explained in note 2.2, constitute a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern.

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

1. ULTRALEAP LIMITED 2019-09-18 → present
2. ULTRAHAPTICS LIMITED 2013-11-19 → 2019-09-18

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Corrigan Accountants Limited

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note 2.2 to the financial statements which indicates that the Company is reliant upon support from its parent, which in turn indicates a breach of loan covenants and the need to raise additional financing to cure this breach, within its Going Concern assessment. These events and conditions, along with the other matters explained in note 2.2, constitute a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern.”

Group structure

1. ULTRALEAP LIMITED · parent
   1. Ultraleap Inc. 100% · USA · Development and sale of haptic control systems and hand tracking technologies in the USA.
   2. Ultraleap LLC 100% · USA · Holding company.
   3. Ultrahaptics IP Three LLC 100% · USA · The acquisition, use and/or distribution of tangible assets.
   4. Ultraleap (HK) Limited 100% · Hong Kong · The sale and support of software and hardware related haptic control and hand tracking technologies.

Significant events

• “During 2024, the AR/VR market in which the Group operated underperformed in relation to previously expectations held at the end of 2023.”
• “As a result, the Group made significant amendments to its revenue and operating forecasts and in June 2024, the Group implemented a cost reduction programme to enable the Group to adapt to the market conditions, including a significant headcount reduction. A further reduction in headcount was made in February 2025.”
• “At the date of signing these financial statements, the Group is in breach of its covenants contained within the terms of the £15m Revolving Credit Facility.”
• “In January 2025 the Group entered into an agreement with SIM IP for the sale of its Haptics and XR IP portfolio. The agreement is expected to close by the end of June 2025 and will when completed provide sufficient funds to settle the Group's secured creditors.”
• “In March 2025 the Company entered into an agreement with its principal shareholders for additional funding of up to £5m via a Convertible Loan Note. As at the date of signing, a total of £3m had been provided by shareholders.”

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

Filings

14

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

3

last 12 months

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