REGISTERED NUMBER: 07958649 (England and Wales)

Blueskytec Ltd

Unaudited Financial Statements for the Year Ended 31 March 2026

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Mobley

N Mobley

A M Williams

L E Matthews

REGISTERED OFFICE:

Eveleigh Waterside West

Spring Gardens Road

Bathwick

Bath

BA2 6FL

REGISTERED NUMBER:

07958649 (England and Wales)

ACCOUNTANTS:

Webb & Co Ltd

Accountants and Business Advisers

One New Street

Wells

Somerset

BA5 2LA

FIXED ASSETS

Intangible assets

4

48,341

64,394

Tangible assets

5

20,835

25,260

69,176

89,654

CURRENT ASSETS

Stocks

125,265

126,200

Debtors

6

1,583,442

562,438

Cash at bank

90,191

363

1,798,898

689,001

CREDITORS

Amounts falling due within one year

7

443,795

507,912

NET CURRENT ASSETS

1,355,103

181,089

TOTAL ASSETS LESS CURRENT LIABILITIES

1,424,279

270,743

CREDITORS

Amounts falling due after more than one year

8

1,538,768

500,396

NET LIABILITIES

(114,489

)

(229,653

)

CAPITAL AND RESERVES

Called up share capital

12

594

446

Share premium

762,182

466,095

Retained earnings

(877,265

)

(696,194

)

SHAREHOLDERS' FUNDS

(114,489

)

(229,653

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 June 2026 and were signed on its behalf by:

N Mobley - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the invoiced value, net of value added tax, of goods and services supplied during the year.

The company’s turnover is derived from the sale of commercial cyber security hardware and associated services. These products are designed to protect clients' cyber-physical systems from cyber threats using the company's proprietary Key Space Technology(TM), which operates within a Zero-Trust architecture framework.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on cost and 10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have carefully considered the company's financial position and cash flow forecasts for the period of at least twelve months from the date of approval of these financial statements.

In forming their conclusion that the going concern basis remains appropriate, the directors have taken into account:

The recoverability of the trade debtors outstanding at the year end, a substantial proportion of which is expected to be realised in the ordinary course of business;

The continued profitability and expected future trading performance of the company;

The existence of loan notes totalling £1,350,000, which are not repayable within twelve months of the balance sheet date and mature in June 2030, thereby providing long-term funding support to the company; and

The continued support of the company's shareholders and finance providers.

Based on the above factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2025 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 April 2025

180,158

Additions

23,355

At 31 March 2026

203,513

AMORTISATION

At 1 April 2025

115,764

Amortisation for year

39,408

At 31 March 2026

155,172

NET BOOK VALUE

At 31 March 2026

48,341

At 31 March 2025

64,394

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2025

129,558

Additions

677

Disposals

(89,963

)

At 31 March 2026

40,272

DEPRECIATION

At 1 April 2025

104,298

Charge for year

5,102

Eliminated on disposal

(89,963

)

At 31 March 2026

19,437

NET BOOK VALUE

At 31 March 2026

20,835

At 31 March 2025

25,260

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

1,368,315

350,000

Other debtors

215,127

212,438

1,583,442

562,438

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Bank loans and overdrafts (see note 9)

24,344

76,493

Trade creditors

54,939

105,738

Taxation and social security

31,036

55,370

Other creditors

333,476

270,311

443,795

507,912

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Bank loans (see note 9)

36,389

47,817

Other creditors

1,502,379

452,579

1,538,768

500,396

9.

LOANS

An analysis of the maturity of loans is given below:

2026

2025

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

18,789

Bank loans

24,344

57,704

24,344

76,493

Amounts falling due between one and two years:

Bank loans - 1-2 years

36,389

47,817

Amounts falling due between two and five years:

Other loans - 2-5 years

1,456,312

-

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2026

2025

£

£

Within one year

128,958

128,958

Between one and five years

209,517

338,475

338,475

467,433

11.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

£

Funding Circle Loan

59,582

79,128

The Funding Circle Loan is secured on personal property of the Directors.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

£

4,696

Ordinary A

£0.05

235

223

4,701

Ordinary B

£0.05

235

223

2,471

Preferred Ordinary

£0.05

124

-

594

446

The following fully paid shares were allotted during the year at a premium as shown below:

237 Ordinary A shares of £0.05 each at £709.46 per share

240 Ordinary B shares of £0.05 each at £709.46 per share

2,471 Preferred Ordinary shares of £0.05 each at £60.65417 per share

13.	RELATED PARTY DISCLOSURES

On 30 June 2025, the company executed a loan note instrument created a £1,350,000 fixed-rate unsecured loan notes with the South West Investment Fund (acting by its general partner, Maven SWIF Equity GP Limited), a related party by virtue of its participating investment and director appointment rights.

Interest: Accrues at 10.5% per annum for the first five years, rising to 12.5% per annum thereafter. Interest is charged on the principal amount only during the initial five-year period, becoming payable on redemption.

Maturity & Redemption: The notes mature on the first business day after 30 June 2030. They may be redeemed early upon an exit event or by mutual consent.

Early Redemption Premium: A premium of 26.25% of the principal is payable if the notes are redeemed within the first 30 months.

Security: The loan notes are entirely unsecured.

Interest charged during the year amounted to £106,312.50