For the financial year ended 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These 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, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Bluewire Technologies Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Regus, Broad Quay House, Prince Street, Bristol, Gloucestershire, BS1 4DJ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

The financial statements have been prepared on a going concern basis. As at 31 March 2026, the company reports net liabilities of £true286,483 (2025: £509,873). The directors note the reduction in the deficit and remain confident in the company’s ability to meet its obligations and continue as a going concern. The deficit is more than covered by a balance for deferred trading income of £2,680,357 (2025: £1,710,457) in respect of which £1,461,165 (2025: £1,288,737) is treated as current liabilities. The directors are confident the deferred income may be recognised as earned income as it relates to contractual agreements.

The directors have prepared detailed financial projections, including cash flow forecasts, which show that the company can meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. Ongoing revenues from contractual agreements as indicated above continue to fund operational commitments, and the directors expect the company to to  continue to be profitable as contracted and forecasted revenues are expected to increase in the following year / foreseeable future.  

Based on these forecasts, the directors believe it is appropriate to prepare the financial statements on a going concern basis.

The results reported in these accounts reflect the investment strategy agreed in 2022 to support the company’s revenue growth objectives and implementation of a quality management system together with compliance with industry recognised standards eg ISO9001 and CE+.  During the last year the Directors invested further in quality / information security by securing ISO27001 as well.  In addition, the business secured two significant additional business contracts with existing clients.  These new contracts will roll out during 2026  and will  contribute to improved performance in the next financial year.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

In the board's view the company's long term strategy is on track as evidenced by the significantly improved profit performance, 8% growth in Total Revenue, the recent successful re-accreditation of ISO9001 and accreditation to ISO27001. The board remain confident that the full financial benefits of recent strategy decisions and investments are likely to be realised in the coming financial year. Securing new contracted ARR revenues in some of the company's existing accounts and a sold pipeline of future opportunity give them this confidence.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

More specifically, turnover comprises (1) the fair value of the sale of equipment and services to external customers, (2) operating lease income relating to business equipment on operating leases to external customers, and (3) maintenance service contracts. These are adjusted for rebates, discounts and returns, net of value added tax. (1) Sales of equipment and services - turnover is recognised at the time of shipment or customer acceptance respectively, with the exception of sales of equipment requiring installation before it can be used by the customer, where turnover is recognised following delivery, installation and customer acceptance. (2) Operating lease income - turnover is recognised on a straight line basis over the term of the lease contract. The rental of the asset also acts as a warranty enabling the customer to receive a replacement if the equipment falls under the normal working conditions. (3) Maintenance service contracts - since 2021, turnover is recognised on a straight line basis over the term of the underlying maintenance contract, which generally has a term between one to two years. Deferred income consists of invoiced unearned maintenance contract turnover, most of which is due within one year. Related costs are charged to the profit and loss account as incurred.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Tangible fixed assets 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:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. 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 for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using an estimated fair value per share option based on observable data and reasonable assumptions. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

The company has granted Enterprise Management Incentive [EMI] options.

During the year ended 31 March 2024, the company introduced an EMI Share Option Plan to incentivise and retain key personnel and align their interests with the growth and success of the company. Directors and staff are granted options as the company's discretion.

A total of 10,750 options were granted to directors on 25 March 2024 which can be exercised before 1 April 2027. The estimated fair value of each option granted is £4.10 based on the directors' valuation. If any individual leaves the company before the exercise of their options then their options lapse. There are no performance conditions attached to the scheme. The exercise price is £4.10 per share.

On 17 July 2024 directors exercised 568 B1 Ordinary share options (2023: 5,864).

On 31 May 2024 a director holding 1,875 exercisable options ceased employment and their share options subsequently expired per the EMI scheme rules.

A total of 1,367 options were granted to employees on 28 March 2024 which can be exercised before 27 March 2034. The estimated fair value of each option granted is £0.001 based on a directors valuation. If any individual leaves the company before the exercise of their options then their options lapse. There are no performance conditions attached to the scheme. The exercise price will be £0.001 per share based on that valuation.

In 2025, employees holding 455 exercisable share options left the business and their options subsequently expired per the EMI scheme rules.

The fair value of equity-settled share-based payments was measured at the grant date based on the share price, exercise price, and other relevant factors. The estimated fair value is expensed over the vesting period on a straight-line basis, with a corresponding adjustment to equity.

During the year, the company recognised total share-based payment expenses of £3,339 (2025- £3,339) which related to equity settled share based payment transactions.

The company was under the control of Dr A Towler throughout the current and previous period. Dr. A Towler is the majority shareholder.