As the aircraft approached V1 during the takeoff, a problem was detected by the crew with the No 1 (left) engine. The takeoff was rejected and the aircraft brought to a halt clear of the runway. The airport fire service arrived very promptly at the aircraft, extinguishing small fires which has started in the left and right main landing gear wheels. After the passengers had disembarked and been bussed to the terminal, the aircraft was towed to a stand. Data on the 30 minute cockpit voice recorder covering the rejected takeoff was lost as this had been overwritten before it was isolated. Three safety recommendations are made relating to this standard of recorder.