Registration number:
Bluefield Operations Limited
for the Year Ended 31 March 2024
Pages for filing with Registrar
Bluefield Operations Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Bluefield Operations Limited
Company Information
Directors |
J R Armstrong R J T Tippett M W Eales |
Registered office |
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Registered number |
10796068 |
Auditors |
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Bluefield Operations Limited
(Registration number: 10796068)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
1,068 |
18,341 |
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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 |
1 |
1 |
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Profit and loss account |
2,291,079 |
1,331,139 |
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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
.........................................
M W Eales
Director
Bluefield Operations Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
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 £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
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)
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)
Staff numbers |
The average number of persons employed by the company during the year, was
Tangible fixed assets |
IT equipment |
Technical equipment |
Motor vehicles |
Total |
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Cost |
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At 1 April 2023 |
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Additions |
- |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the period |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Investments |
2024 |
2023 |
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Investments in associates |
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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)
Debtors: amounts falling due within one year |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings |
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- |
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Other debtors |
- |
37,095 |
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Prepayments and accrued income |
1,664,220 |
991,007 |
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Creditors |
2024 |
2023 |
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Trade creditors |
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Amounts owed to group undertakings |
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Corporation tax |
264,047 |
152,387 |
Taxation and social security |
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Other creditors |
- |
51,081 |
Accruals and deferred income |
712,369 |
563,509 |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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0.01 |
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0.01 |
Bluefield Operations Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Related party transactions |
Summary of transactions with other related parties
Income and receivables from related parties
2024 |
Other related parties |
Sale of services |
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Amounts receivable from related party at period end |
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2023 |
Other related parties |
Sale of services |
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Amounts receivable from related party at period end |
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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)
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.
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• The auditor was