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Registration number: 10796068

Bluefield Operations Limited

Financial Statements

for the Year Ended 31 March 2024


Pages for filing with Registrar


 


 

 

Bluefield Operations Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 12

 

Bluefield Operations Limited

Company Information

Directors

J R Armstrong

R J T Tippett

M W Eales

Registered office

1st Floor
25 King Street
Bristol
BS1 4PB

Registered number

10796068

Auditors

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

 

Bluefield Operations Limited

(Registration number: 10796068)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

50,854

51,717

Investments

6

1

1

 

50,855

51,718

Current assets

 

Stocks

1,068

18,341

Debtors

7

3,024,872

1,712,544

Cash at bank and in hand

 

1,915,374

1,405,408

 

4,941,314

3,136,293

Creditors: Amounts falling due within one year

8

(2,688,375)

(1,848,762)

Net current assets

 

2,252,939

1,287,531

Total assets less current liabilities

 

2,303,794

1,339,249

Provisions for liabilities

(12,714)

(8,109)

Net assets

 

2,291,080

1,331,140

Capital and reserves

 

Called up share capital

9

1

1

Profit and loss account

2,291,079

1,331,139

Total equity

 

2,291,080

1,331,140

 

Bluefield Operations Limited

(Registration number: 10796068)
Balance Sheet as at 31 March 2024 (continued)

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 27 March 2025 and signed on its behalf by:
 

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

M W Eales

Director

 

Bluefield Operations Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

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 £1.

Going concern

The company’s financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company’s needs. The directors have considered a period of twelve months from the date of the approval of the financial statements. Accordingly, these financial statements have been prepared on a going concern basis.

 

Bluefield Operations Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

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 operations and management services is recognised as those services are performed as per the agreement in place with the respective solar photovoltaic sites. There may be deferred or accrued income on the balance sheet depending on the revenue recognised and the level of cumulative billing as at the reporting date.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate 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.

 

Bluefield Operations Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)


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.

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

Technical equipment

10-50% on cost

Motor vehicles

20% reducing balance

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.

 

Bluefield Operations Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

Bluefield Operations Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

3

Significant accounting estimates and judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of certain assets and liabilities. 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. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Accruals for liquidated damages

Included within Accruals and deferred income is a liability of £114,354 (2023: £86,096) for contractual costs which the company incurs during the normal course of its business. The company provides operation and maintenance services to a large number of solar fields and, under the terms of the related contracts, where a site’s capacity falls below a defined minimum then the company is potentially liable for damages to its customer. Each site’s damages will be quantified and settled some time after the contract year-end, and that year-end will not necessarily coincide with the company’s financial year-end. As a result, the liability as at 31 March 2024 is the sum of a number of smaller estimates of the amounts which will be paid once these costs are agreed. This liability has not been settled as at the date of the approval of the financial statements and the final liability will differ to the estimate included within creditors.

The estimate is based on the directors’ experience of agreeing similar costs in the past, as well as known variables such as site size, contract year-end etc.

 

Bluefield Operations Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

4

Staff numbers

The average number of persons employed by the company during the year, was 46 (2023 - 36).

5

Tangible fixed assets

IT equipment
 £

Technical equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2023

37,449

171,395

20,750

229,594

Additions

-

19,905

16,178

36,083

At 31 March 2024

37,449

191,300

36,928

265,677

Depreciation

At 1 April 2023

30,459

137,467

9,951

177,877

Charge for the period

6,938

26,229

3,779

36,946

At 31 March 2024

37,397

163,696

13,730

214,823

Carrying amount

At 31 March 2024

52

27,604

23,198

50,854

At 31 March 2023

6,990

33,928

10,799

51,717

6

Investments

2024
£

2023
£

Investments in associates

1

1

The company’s £1 investments represents a 33% holding in the issued share capital of Bluefield Group Limited.

 

Bluefield Operations Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

7

Debtors: amounts falling due within one year

Note

2024
£

2023
£

Trade debtors

11

1,134,174

684,442

Amounts owed by group undertakings

 

226,478

-

Other debtors

 

-

37,095

Prepayments and accrued income

 

1,664,220

991,007

 

3,024,872

1,712,544

8

Creditors

2024
£

2023
£

Trade creditors

1,179,968

655,944

Amounts owed to group undertakings

1

38,274

Corporation tax

264,047

152,387

Taxation and social security

531,990

387,567

Other creditors

-

51,081

Accruals and deferred income

712,369

563,509

2,688,375

1,848,762

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.01 each

1

0.01

1

0.01

         
 

Bluefield Operations Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

250,041

48,153

11

Related party transactions

Summary of transactions with other related parties

One of the directors of Bluefield Operations Limited (who also has significant control of the company) is a member of the key management personnel of another entity. The company transacts with that entity and its subsidiaries therefore that entity and its subsidiaries are considered to be related parties of the company.

Income and receivables from related parties

2024

Other related parties
£

Sale of services

14,401,927

Amounts receivable from related party at period end

1,134,174

2023

Other related parties
£

Sale of services

9,817,624

Amounts receivable from related party at period end

684,442

12

Parent and ultimate parent undertaking

The company's immediate parent is Bluefield Services Limited, incorporated in England and Wales with registered office: 1st Floor, 25 King Street, Bristol. United Kingdom, BS1 4PB. Bluefield Services Limited is the parent undertaking of the smallest group within which the company belongs and for which group financial statements are prepared.

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

 

Bluefield Operations Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

13

Audit report

As the profit and loss account has been omitted from the filing copy of the financial statements the following information is in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The Independent Auditor's Report was unqualified.
The Senior Statutory Auditor who signed the audit report on 27 March 2025 was Edward Corrigan BA BFP FCA.
• The auditor was Corrigan Accountants Limited.