OPTELLUM LTD


Directors	BISHOP, Tara, Dr
	BRADY, John Michael, Sir
	LIM, Kevin Jong Lin
	TILLMANN, Michael
	WATKINS, Johnathan Angeles, Dr
	MERCIA FUND MANAGEMENT (NOMINEES) LIMITED


Company Secretary	HEWINS, Joseph


Registered Address	5 Kings Meadow, Osney Mead
	Ferry Hinksey Road
	Oxford
	OX2 0DP


Registered Number	09846477 (England and Wales)

Balance Sheet as at
31 December 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		29,289		30,909
Investments	4		3,963		3,963
			33,252		34,872
Current assets
Debtors	5	4,751,608		2,658,516
Cash at bank and on hand		3,248,182		2,149,567
		7,999,790		4,808,083
Creditors amounts falling due within one year	6	(1,460,604)		(818,782)
Net current assets (liabilities)			6,539,186		3,989,301
Total assets less current liabilities			6,572,438		4,024,173
Net assets			6,572,438		4,024,173
Capital and reserves
Called up share capital			484		415
Share premium			24,037,911		18,434,623
Profit and loss account			(17,465,957)		(14,410,865)
Shareholders' funds			6,572,438		4,024,173

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 3 July 2026, and are signed on its behalf by:

WATKINS, Johnathan Angeles, Dr
Director
Registered Company No. 09846477

OPTELLUM LTD

Notes to the Financial Statements
for the year ended 31 December 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Revenue from rendering of services
	Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Fixtures and fittings	5
	Office Equipment	3

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	34		36

3.	Tangible fixed assets

	Fixtures & fittings	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 January 25	2,627	155,384	158,011
Additions	3,575	18,032	21,607
At 31 December 25	6,202	173,416	179,618
Depreciation and impairment
At 01 January 25	1,839	125,263	127,102
Charge for year	726	22,501	23,227
At 31 December 25	2,565	147,764	150,329
Net book value
At 31 December 25	3,637	25,652	29,289
At 31 December 24	788	30,121	30,909

4.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 January 25	3,963	3,963
At 31 December 25	3,963	3,963
Net book value
At 31 December 25	3,963	3,963
At 31 December 24	3,963	3,963

	Notes
	¹Investments in group undertakings and participating interests

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	1,287,021	186,734
Other debtors	3,384,113	2,395,064
Prepayments and accrued income	80,474	76,718
Total	4,751,608	2,658,516


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any
impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised
at transaction price including any transaction costs and subsequently measured at amortised cost
determined using the effective interest method, less any impairment losses for bad and doubtful debts.

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	193,290	111,009
Taxation and social security	215,911	103,154
Other creditors	20,028	19,714
Accrued liabilities and deferred income	1,031,375	584,905
Total	1,460,604	818,782


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.