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Registration number: 10796068

Bluefield Operations Limited
Filleted Financial Statements
for the Year Ended 31 March 2026

Bluefield Operations Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 10

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 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |
Tangible assets | 5 | 71,646 | 119,644
Investments | 6 | 1 | 1
|  | 71,647 | 119,645
Current assets |  |  |
Debtors | 7 | 3,221,275 | 2,886,222
Cash at bank and in hand |  | 477,656 | 762,229
|  | 3,698,931 | 3,648,451
Creditors: Amounts falling due within one year | 8 | (2,009,638) | (2,111,133)
Net current assets |  | 1,689,293 | 1,537,318
Total assets less current liabilities |  | 1,760,940 | 1,656,963
Provisions for liabilities |  | (14,225) | (26,609)
Net assets |  | 1,746,715 | 1,630,354
Capital and reserves |  |  |
Called up share capital | 9 | 1 | 1
Profit and loss account |  | 1,746,714 | 1,630,353
Total equity |  | 1,746,715 | 1,630,354

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 30 June 2026 and signed on its behalf by:

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

M W Eales

Director

Bluefield Operations Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

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 2026 (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.

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 Operations Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

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% straight line
Technical equipment | 10-50% straight line
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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Bluefield Operations Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

2 | Accounting policies (continued)

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 | 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 £107,442 (2025: £112,230) 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 2026 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 may 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 2026 (continued)

4 | Staff numbers

The average number of persons employed by the company during the year, was 53 (2025 - 53).

5 | Tangible fixed assets

| IT equipment £ | Technical equipment £ | Motor vehicles £ | Total £
Cost
At 1 April 2025 | 107,598 | 240,694 | 36,928 | 385,220
Additions | 10,457 | - | - | 10,457
Disposals | (24,486) | - | - | (24,486)
At 31 March 2026 | 93,569 | 240,694 | 36,928 | 371,191
Depreciation
At 1 April 2025 | 56,568 | 190,154 | 18,854 | 265,576
Charge for the period | 26,792 | 27,951 | 3,712 | 58,455
Eliminated on disposal | (24,486) | - | - | (24,486)
At 31 March 2026 | 58,874 | 218,105 | 22,566 | 299,545
Carrying amount
At 31 March 2026 | 34,695 | 22,589 | 14,362 | 71,646
At 31 March 2025 | 51,030 | 50,540 | 18,074 | 119,644

6 | Investments

| 2026 £ | 2025 £
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 2026 (continued)

7 | Debtors: amounts falling due within one year

| Note | 2026 £ | 2025 £
Trade debtors | 11 | 1,056,215 | 1,144,315
Amounts owed by group undertakings |  | - | 58,190
Other debtors |  | 1,358 | 1,925
Prepayments and accrued income |  | 2,163,702 | 1,681,792
|  | 3,221,275 | 2,886,222

8 | Creditors

| 2026 £ | 2025 £
Trade creditors | 603,228 | 187,213
Amounts owed to group undertakings | 126,004 | 1
Corporation tax | - | 38,022
Taxation and social security | 245,040 | 378,044
Other creditors | 14,743 | 13,212
Accruals and deferred income | 877,149 | 1,168,491
Amounts owed to related parties | 143,474 | 326,150
| 2,009,638 | 2,111,133

9 | Share capital

Allotted, called up and fully paid shares

| 2026 | 2025
| 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 2026 (continued)

10 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2026 £ | 2025 £
| 150,395 | 377,410

11 | Related party transactions

Summary of transactions with other related parties

One of the directors of Bluefield Operations Limited, who has significant control of the company by virture of their control over the parent company (Bluefield Services Limited), also has significant control of another entity. The company has transactions directly with that other entity which is a related party.
The same director is also a member of the key management personnel of a further 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.
The aggregate values of all transactions with these related parties are summarised below.

Income and receivables from related parties

2026 | Other related parties £
Sale of services | 9,594,901
Amounts receivable from related parties at the year end (note 7) | 1,056,215

2025 | Other related parties £
Sale of services | 12,716,148
Amounts receivable from related parties at the year end (note 7) | 1,144,315

Bluefield Operations Limited

Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)

11 | Related party transactions (continued)

Expenditure with and payables to related parties

2026 | Other related parties £
Purchases of services | 794,453
Amounts payable to related parties at the year end (note 8) | 143,474

2025 | Other related parties £
Purchases of services | 326,150
Amounts payable to related parties at the year end (note 8) | 326,150

The company has taken advantage of the exemption under FRS 102 Section 33 not to provide information on related party transactions with other wholly owned companies within the group headed by Bluefield Services Limited.

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 and largest 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.

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 name of the Senior Statutory Auditor who signed the audit report on 30 June 2026 was David Wright BSc FCA.
• The auditor was Corrigan Accountants Limited.