Registration number:
for the Year Ended
Pages for filing with Registrar
Bluefield Services Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Bluefield Services Limited
Company Information
Directors |
J R Armstrong G Terranova RC Ireland |
Registered office |
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Registered number |
09535914 |
Auditors |
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Bluefield Services Limited
(Registration number: 09535914)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
154 |
154 |
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Redemption reserve |
9,900 |
9,900 |
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Profit and loss account |
1,635,328 |
1,204,717 |
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Total equity |
1,645,382 |
1,214,771 |
Bluefield Services Limited
(Registration number: 09535914)
Balance Sheet as at 31 March 2023
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised for issue by the
.........................................
G Terranova
Director
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis. Given the company's profitability and financial resources, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Group accounts not prepared
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Revenue earned from asset management services is recognised when the service has been provided to the respective solar photovoltaic and wind sites.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
All foreign currency gains and losses are recognised within administrative expenses in the Profit and Loss Account.
Tax
The tax expense represents the sum of the current tax expense and deferred tax expense. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
2 |
Accounting policies (continued) |
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
IT equipment |
50% on cost |
Leasehold improvements |
10% on cost |
Intangible fixed assets
Capitalised development costs represent the cost of developing new systems and processes. Development costs are capitalised when the directors are satisfied as to the technical, commercial and financial viability of the related project.
Development costs are measured initially at cost. Subsequently they are shown at cost less accumulated amortisation. Amortisation is provided on intangible fixed assets, from the date the assets are brought into use, so as to write off the cost to profit or loss over the estimated useful life of the assets. No amortisation has been provided for in the year under review because the related assets were not in use by the year-end.
Research costs
Research costs are written off to profit or loss in the year incurred.
Investments
Investments are recognised initially at cost and subsequently are measured at cost less any accumulated impairment losses.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost and using the effective interest method if the balance is due in more than one year.
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
2 |
Accounting policies (continued) |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as an employee benefit expense when they are due.
Employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised as a liability and an expense in the period in which the employees' services are received.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Taxation |
Deferred tax
Deferred tax assets and liabilities
2023 |
Liability |
Accelerated capital allowances |
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Other differences |
( |
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2022 |
Liability |
Accelerated capital allowances |
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Other differences |
( |
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Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Intangible fixed assets |
Development costs |
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Cost |
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At 1 April 2022 |
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At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
- |
Amortisation charge |
- |
At 31 March 2023 |
- |
Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible fixed assets |
Leasehold improvements |
IT equipment |
Total |
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Cost |
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At 1 April 2022 |
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Additions |
- |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost |
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At 1 April 2022 |
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Additions |
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At 31 March 2023 |
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Provision |
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At 1 April 2022 |
- |
At 31 March 2023 |
- |
Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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The addition of £2,760 represents investments in the year in Bluefield Asset Management Europe S.I. Further details of these investments are included on the next page.
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
7 |
Investments (continued) |
Details of the investments are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
Subsidiary undertakings |
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25 King Street
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Ordinary |
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England and Wales |
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25 King Street
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Ordinary |
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25 King Street
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Ordinary |
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Luxembourg |
Ordinary |
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Italy |
Ordinary |
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40 Queen Anne Street
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Ordinary |
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Avenida Doctor Arce 14
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Ordinary |
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The principal activity of Bluefield Operations Limited is |
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
7 |
Investments (continued) |
The principal activity of Bluefield Renewable Developments Limited is the development of solar photovoltaic plants.
The principal activity of Bluefield Italia Srl is the provision of asset management services in the renewable energy sector.
Bluefield Group Limited and Bluefield Asset Management SL are currently dormant.
The investments listed above are held directly. The investments below are held indirectly.
The interest in Bluefield Revive Master Holdco Lux SARL is shown above as a 99% holding. The investment is a holding of all of the limited partner interests in the partnership, with the single general partner interest held by another party.
Bluefield Asset Management Europe S.I. is a holding company.
Debtors: amounts falling due within one year |
2023 |
2022 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
196,623 |
21,705 |
Prepayments and accrued income |
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Creditors |
2023 |
2022 |
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Trade creditors |
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Corporation tax |
151,474 |
92,857 |
Taxation and social security |
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Other creditors |
- |
9,672 |
Accruals and deferred income |
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The hire purchase and finance lease liabilities shown above are secured against the assets to which they relate.
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Related party transactions |
Summary of transactions with other related parties
Income and receivables from related parties
2023 |
Other related parties |
Sale of services |
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Amounts receivable from related parties at the year end |
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2022 |
Other related parties |
Sale of services |
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Amounts receivable from related parties at the year end |
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Expenditure with and payables to related parties
2023 |
Other related parties |
Purchase of goods / recharge of services |
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Amounts payable to related party |
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2022 |
Other related parties |
Purchase of goods / recharge of services |
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Amounts payable to related party |
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Other transactions with related parties
Included within administrative expenses is an impairment expense of £551,542 (2022: nil) relating to a provision against the balance receivable from group undertakings.
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Ultimate parent undertaking |
In the opinion of the directors, there is no ultimate controlling party.
Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Total |
556,387 |
89,145 |
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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54 |
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54 |
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Audit report |
As the profit and loss account has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
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•
• The auditor was