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Registration number: 09535914

Bluefield Services Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2023

Pages for filing with Registrar

 

Bluefield Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 15

 

Bluefield Services Limited

Company Information

Directors

J R Armstrong

G Terranova

RC Ireland

Registered office

1st Floor
25 King Street
Bristol
BS1 4PB

Registered number

09535914

Auditors

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Bluefield Services Limited

(Registration number: 09535914)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

117,294

117,294

Tangible assets

6

151,655

173,726

Investments

7

32,345

29,585

 

301,294

320,605

Current assets

 

Debtors

8

1,924,838

1,667,432

Cash at bank and in hand

 

766,046

387,833

 

2,690,884

2,055,265

Creditors: Amounts falling due within one year

9

(1,324,800)

(1,131,122)

Net current assets

 

1,366,084

924,143

Total assets less current liabilities

 

1,667,378

1,244,748

Provisions for liabilities

4

(21,996)

(29,977)

Net assets

 

1,645,382

1,214,771

Capital and reserves

 

Called up share capital

13

154

154

Redemption reserve

9,900

9,900

Profit and loss account

1,635,328

1,204,717

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 Board on 30 August 2024 and signed on its behalf by:
 

.........................................

G Terranova

Director

 

Bluefield Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
25 King Street
Bristol
BS1 4PB
United Kingdom

2

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

The financial statements contain information about Bluefield Services Limited as an individual company and do not contain consolidated financial information for its group. Due to the size of the group the company is exempt from Section 399 of the Companies Act 2006 which requires some parent undertakings to prepare consolidated financial statements.

 

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

Transactions in foreign currencies are initially recorded at the functional currency prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates prevailing on the reporting period date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 45 (2022 - 34).

 

Bluefield Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Taxation

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Accelerated capital allowances

29,521

Other differences

(7,525)

21,996

2022

Liability
£

Accelerated capital allowances

33,542

Other differences

(3,565)

29,977

 

Bluefield Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

5

Intangible fixed assets

Development costs
 £

Cost

At 1 April 2022

117,294

At 31 March 2023

117,294

Amortisation

At 1 April 2022

-

Amortisation charge

-

At 31 March 2023

-

Carrying amount

At 31 March 2023

117,294

At 31 March 2022

117,294

 

Bluefield Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Tangible fixed assets

Leasehold improvements
£

IT equipment
 £

Total
£

Cost

At 1 April 2022

260,173

101,371

361,544

Additions

-

23,061

23,061

At 31 March 2023

260,173

124,432

384,605

Depreciation

At 1 April 2022

106,237

81,581

187,818

Charge for the year

26,017

19,115

45,132

At 31 March 2023

132,254

100,696

232,950

Carrying amount

At 31 March 2023

127,919

23,736

151,655

At 31 March 2022

153,936

19,790

173,726

 

Bluefield Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

7

Investments

2023
£

2022
£

Investments in subsidiaries

32,345

29,585

Subsidiaries

£

Cost

At 1 April 2022

29,585

Additions

2,760

At 31 March 2023

32,345

Provision

At 1 April 2022

-

At 31 March 2023

-

Carrying amount

At 31 March 2023

32,345

At 31 March 2022

29,585

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

     

2023

2022
as restated (for Bluefield Group Limited)

Subsidiary undertakings

Bluefield Operations Limited

25 King Street
Bristol
BS1 4PB

Ordinary

100%

100%

 

England and Wales

     

Bluefield Renewable Developments Limited

25 King Street
Bristol
BS1 4PB
England and Wales

Ordinary

100%

100%

 

     

Bluefield Group Limited

25 King Street
Bristol
BS1 4PB
England and Wales

Ordinary

33%

33%

 

     

Bluefield Revive Master Holdco Lux SARL

Luxembourg

Ordinary

99%

99%

 

     

Bluefield Italia Srl

Italy

Ordinary

100%

100%

 

     

Bluefield Solar Endeavour 4 Limited

40 Queen Anne Street
London
England
W1G 9EL

Ordinary

41%

41%

 

     

Bluefield Asset Management Europe SL

Avenida Doctor Arce 14
28002
Madrid
Spain

Ordinary

100%

0%

 

     

The principal activity of Bluefield Operations Limited is provision of operations and management services in the renewable energy sector.

 

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.

8

Debtors: amounts falling due within one year

2023
£

2022
£

Trade debtors

159,631

215,917

Amounts owed by group undertakings

1,067,833

1,169,443

Other debtors

196,623

21,705

Prepayments and accrued income

500,751

260,367

1,924,838

1,667,432

9

Creditors

2023
£

2022
£

Trade creditors

236,845

272,539

Corporation tax

151,474

92,857

Taxation and social security

238,348

195,292

Other creditors

-

9,672

Accruals and deferred income

698,133

560,762

1,324,800

1,131,122

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

10

Related party transactions

Summary of transactions with other related parties

One of the directors of Bluefield Services Limited (who also has significant control of the company) is a member of the key management personnel of another entity. Therefore, subsidiaries of that other entity are considered related parties of the company.
 

Income and receivables from related parties

2023

Other related parties
£

Sale of services

4,612,815

Amounts receivable from related parties at the year end

249,047

2022

Other related parties
£

Sale of services

3,366,574

Amounts receivable from related parties at the year end

209,808

Expenditure with and payables to related parties

2023

Other related parties
£

Purchase of goods / recharge of services

738,288

Amounts payable to related party

204,991

2022

Other related parties
£

Purchase of goods / recharge of services

617,339

Amounts payable to related party

377,200

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

11

Ultimate parent undertaking

In the opinion of the directors, there is no ultimate controlling party.

12

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Total

556,387

89,145

13

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

10,000

100

10,000

100

B shares of £0.01 each

5,385

54

5,385

54

 

15,385

154

15,385

154

14

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:

The Independant Auditor's Report was unqualified.
The Senior Statutory Auditor who signed the audit report on 30 August 2024 was Stuart Crisp.
• The auditor was Corrigan Accountants Limited.