BLU WIRELESS TECHNOLOGY LIMITED

• ⚠

  Material uncertainty over going concern

  The Board's projections take into account the receipt of new funds expected to be subscribed by existing and new investors in the coming months but, nevertheless, the parent company's ability to continue to meet its liabilities as they fall due is dependent on a combination of the group achieving the projected level of sales growth; management of operating expenses or on a further fundraising. There is inherent uncertainty in these outcomes and therefore, until such time as the sales growth is realised or there is a binding commitment for further funds, a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.

• ◆

  Audit opinion: Qualified

  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

• Turnover

  -12.9%

  £3,925,000 → £3,418,000

• Cash

  +1,274.1%

  £116,000 → £1,594,000

• Net assets

  +123.4%

  -£7,370,000 → £1,726,000

• Employees

  -12.1%

  58 → 51

• Operating profit

  +3.3%

  -£3,726,000 → -£3,602,000

• Profit before tax

  -231.9%

  -£4,220,000 → -£14,008,000

• Wages

  -12.9%

  £3,388,000 → £2,952,000

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

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. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.

Accounting basis

FRS 102 §1A

Reporting scope

Consolidated group

Auditor

Corrigan Accountants Limited

Audit opinion

Qualified

Going concern

Material uncertainty disclosed

“The Board's projections take into account the receipt of new funds expected to be subscribed by existing and new investors in the coming months but, nevertheless, the parent company's ability to continue to meet its liabilities as they fall due is dependent on a combination of the group achieving the projected level of sales growth; management of operating expenses or on a further fundraising. There is inherent uncertainty in these outcomes and therefore, until such time as the sales growth is realised or there is a binding commitment for further funds, a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.”

Group structure

1. BLU WIRELESS TECHNOLOGY LIMITED · parent
   1. Blu Wireless Technology (EBT) Limited 100% · England
   2. Blu Wireless Technology Inc 100% · USA

Significant events

• “The company made the strategic decision to move away from the Private Networks sector in order to focus its offerings in High Speed Transport, and Defence & Public Safety.”
• “During the year, Blu Wireless completed an investment round totalling £4.9m, in addition to the conversion of £6.9m of Convertible Loan Notes into equity.”

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

5

last 24 months

Officers appointed

1

last 12 months

Officers resigned

0

last 12 months

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