Registration number:
Bluefield Services Limited
for the Year Ended 31 March 2026
Bluefield Services Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Company Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Company Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Bluefield Services Limited
Company Information
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Directors |
J R Armstrong G Terranova M W Eales R L J Deeley |
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Registered office |
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Auditors |
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Bluefield Services Limited
Strategic Report for the Year Ended 31 March 2026
The directors present their strategic report for the year ended 31 March 2026.
Principal activity
The principal activity of the Group is the provision of a range of services in the renewable energy industry.
The principal operating companies within the Group, of which Bluefield Services Limited is the parent Company, are:
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• |
Bluefield Services Limited, which provides asset management, debt compliance, accounting services and engineering services to operators of renewable energy assets; |
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• |
Bluefield Operations Limited, which provides operational and management services to renewable energy sites; |
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• |
Bluefield Renewable Developments Limited, which is a solar and battery storage project development company; and |
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• |
Bluefield Construction Management Limited, which manages new projects from consented development through construction to commissioning. |
The Group is based in Bristol, but the renewable assets it manages and provides services to are distributed across the UK. Some engineering and technical services are also provided to asset operators in southern Europe.
Fair review of the business
The Group performed in line with expectations in the year to 31 March 2026, maintaining its market position and customer base. The Group achieved sales of £20.2m in 2026 (2025: £19.5m), an increase of 3.4% over the prior year. Gross profit increased by 27.9% to £15.6m (2025: £12.2m) with margins increasing to 77% (2025: 63%).
The Group’s major trading entities, Bluefield Services Limited and Bluefield Operations Limited, performed as expected during the year, however Bluefield Renewable Developments saw a material increase in turnover after agreeing a contract to sell four development properties in the year. The Group continues to focus on maximising profitability and cost management strategies, as detailed in the Key Performance Indicators (“KPIs”) below.
As at 31 March 2026, the Group provided services to over 200 operational renewable energy sites with a combined energy generation capacity of approximately 950MW.
Key Performance Indicators
The key financial performance indicators for the Group are primarily financially focused; including those listed below:
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• |
Gross profit from the delivery of services and functions; |
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• |
Administrative expenses incurred during the year; |
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• |
Operating profit to assess the operational performance; and |
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• |
Cash at bank and in hand. |
Bluefield Services Limited
Strategic Report for the Year Ended 31 March 2026
Future developments
The Directors and senior management team consider the business to be in a strong position in the market in which it operates, with a diversified range of services and are not aware of any circumstances by which the principal activities of the Group would alter or cease. The business maintained its position in 2026 compared with 2025 in terms of consolidated revenues, with the Group loss before tax for the year principally due to administrative costs incurred by Bluefield Renewable Developments Limited in progressing its portfolio of development projects. The Directors remain confident as to opportunities for growth.
Principal risks and uncertainties
There are a number of potential risks and uncertainties which could result in a material impact on the Group’s long-term performance and cause results to differ materially from expected and historical results.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a contract leading to a financial loss for the Group. The specific credit risk the Group is exposed to relates to customer credit. The Group manages credit risk by engaging with counterparties where it is able to assess and gain comfort on credit worthiness. Outstanding trade receivables are regularly reviewed to monitor any changes in risk.
Liquidity risk
Liquidity risk is the risk of incurring losses resulting from the inability to meet payment obligations in a timely manner when they become due. To mitigate this the Group's cash is held in instant access and short-term deposit accounts and liquidity is reviewed regularly to ensure that payment obligations can be met as they fall due.
Price risk
The Group mitigates price risk by ensuring that its prices to customers for operations and maintenance services are set with the addition of a margin once supplier and sub-contractor prices are confirmed. Asset management and debt compliance services are covered by long term contracts with inflation linked price increases.
Competition risk
The Group operates in a competitive market environment that poses various risks to the business. These risks include potential market entry by new competitors, aggressive pricing strategies by existing competitors, and changes in consumer preferences. To manage these risks the Group continuously monitors market trends, conducts competitive analysis and adapts business strategies accordingly. By staying agile and responsive to market dynamics, the Group aims to sustain its competitive edge and achieve long-term success.
Bluefield Services Limited
Strategic Report for the Year Ended 31 March 2026
Dependence on key personnel and the ability to attract and retain appropriately qualified personnel
The Group's future success is substantially dependent on the continued services and performance of its senior management as well as its ability to attract and retain suitably skilled and experienced personnel. The Group cannot give assurances that members of the senior management team will continue to remain within the Group. Finding and hiring any such replacements could be costly and might require the Group to grant significant incentive compensation, which could adversely impact its financial results. Employee remuneration is reviewed annually to confirm that the Group is competitive and a discretionary bonus scheme is used in such a way to incentivise senior management to remain with the business and reduce employee churn.
Regulation and Compliance risk
The Group is subject to a range of regulatory and compliance requirements. These include adherence to the Companies Act 2006, data protection regulations such as the UK GDPR, and industry-specific standards. Non-compliance with these regulations can result in significant financial penalties, legal liabilities, and reputational damage. The Group monitors changes in the regulatory landscape and implements robust compliance programmes to mitigate these risks. The Group’s commitment to regulatory compliance ensures that it upholds the highest standards of corporate governance and operational integrity.
Cybersecurity risk
The Group faces significant cybersecurity risks that could impact its operations and reputation. These risks include potential data breaches, ransomware attacks and other cyber threats that could compromise sensitive information and disrupt business activities. The Group is committed to implementing robust cybersecurity measures, including regular risk assessments, employee training and the use of advanced security technologies to protect digital assets. By staying vigilant and proactive, the Group aims to mitigate these risks and ensure the security and integrity of information systems.
Health, Safety and Environmental risk
The Group recognises the importance of maintaining high standards of health, safety, and environmental (HSE) compliance. Operations are subject to various HSE regulations, including the Health and Safety at Work Act 1974 and environmental protection laws. Failure to comply with these regulations can result in legal penalties, operational disruptions and potential harm to employees and the environment. The Group is committed to implementing comprehensive HSE policies, conducting regular risk assessments and providing ongoing training to staff. By fostering a culture of safety and environmental responsibility, the Group aims to mitigate these risks and ensure the well-being of its workforce and the sustainability of its operations.
Customer concentration risk
The Group derives a significant proportion of revenue from customers under common ownership. Following the period end, the ultimate controlling entity of this customer group agreed to be acquired by a third party, with completion expected in July 2026. Whilst the Group continues to operate under long-term contractual arrangements and maintains strong customer relationships, there can be no assurance that the acquirer will not seek to alter supplier arrangements, service requirements or commercial terms in the future. Any reduction in the level of business from key customers could adversely affect the Group's revenue, profitability and cash flows.
Bluefield Services Limited
Strategic Report for the Year Ended 31 March 2026
Approved by the
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Bluefield Services Limited
Directors' Report for the Year Ended 31 March 2026
The directors present their report and the for the year ended 31 March 2026.
Directors of the Group
The directors who held office during the year were as follows:
Dividends
No dividends were paid in the year ended 31 March 2026 (2025: £1,000,030).
Political donations
The directors confirm that no donations for political purposes were made during the year (2025: £Nil).
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Corrigan Accountants Limited as auditors of the Company is to be proposed at the forthcoming Annual General Meeting.
Approved by the
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Bluefield Services Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; and |
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• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Bluefield Services Limited
Independent Auditor's Report to the Members of Bluefield Services Limited
Opinion
We have audited the financial statements of Bluefield Services Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2026, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the Group's and the parent Company's affairs as at 31 March 2026 and of the Group's loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Bluefield Services Limited
Independent Auditor's Report to the Members of Bluefield Services Limited
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent Company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group and parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent Company or to cease operations, or have no realistic alternative but to do so.
Bluefield Services Limited
Independent Auditor's Report to the Members of Bluefield Services Limited
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.
We obtained an understanding of the legal and regulatory frameworks applicable to the group and the sector in which it operates. We identified the areas of those legal and regulatory frameworks which could reasonably be expected to have a material effect on the financial statements, based on our experience and through discussion with management and directors.
We assessed compliance with these laws and regulations through enquiry with management and directors, review of board minutes, and review of any internal reporting with respect to compliance with laws and regulations.
We assessed the susceptibility of the group’s financial statements to material misstatement, including how fraud might occur. In addressing the risk of fraud including the risk of fraud in revenue recognition and management override of controls, we have performed journals testing based on a set of risk criteria and tested to supporting documentation where applicable. Audit procedures also included detailed transactional testing with a particular focus around the year-end cut off procedures.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-
andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-
foraudit.aspx. This description forms part of our auditor’s report.
Bluefield Services Limited
Independent Auditor's Report to the Members of Bluefield Services Limited
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
25 King Street
Bristol
BS1 4PB
Bluefield Services Limited
Consolidated Profit and Loss Account for the Year Ended 31 March 2026
|
Note |
2026 |
2025 |
|
|
Turnover |
20,201,456 |
19,522,581 |
|
|
Cost of sales |
(4,619,756) |
(7,340,692) |
|
|
Gross profit |
15,581,700 |
12,181,889 |
|
|
Administrative expenses |
(15,939,201) |
(12,275,961) |
|
|
Operating loss |
(357,501) |
(94,072) |
|
|
Gain on disposal of subsidiaries |
469 |
160,036 |
|
|
Other interest receivable and similar income |
16,420 |
15,358 |
|
|
Interest payable and similar expenses |
(18,649) |
(1,955) |
|
|
(1,760) |
173,439 |
||
|
(Loss)/profit before tax |
(359,261) |
79,367 |
|
|
Tax on (loss)/profit |
15,346 |
(73,222) |
|
|
(Loss)/profit for the financial year |
(343,915) |
6,145 |
|
|
(Loss)/profit attributable to: |
|||
|
Owners of the Company |
(343,915) |
6,145 |
Bluefield Services Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2026
|
2026 |
2025 |
|
|
(Loss)/profit for the year |
(343,915) |
6,145 |
|
Foreign currency translation gains/(losses) |
26,255 |
(8,962) |
|
Total comprehensive income for the year |
(317,660) |
(2,817) |
|
Total comprehensive income attributable to: |
||
|
Owners of the Company |
(317,660) |
(2,817) |
Bluefield Services Limited
(Registration number: 09535914)
Consolidated Balance Sheet as at 31 March 2026
|
Note |
2026 |
2025 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investments |
113,695 |
104,288 |
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
154 |
154 |
|
|
Capital redemption reserve |
9,900 |
9,900 |
|
|
Other reserves |
45,943 |
19,688 |
|
|
Retained earnings |
2,175,226 |
2,519,141 |
|
|
Equity attributable to owners of the Company |
2,231,223 |
2,548,883 |
|
|
Total equity |
2,231,223 |
2,548,883 |
Approved and authorised by the
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Bluefield Services Limited
(Registration number: 09535914)
Company Balance Sheet as at 31 March 2026
|
Note |
2026 |
2025 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investments |
96,450 |
31,080 |
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
154 |
154 |
|
|
Capital redemption reserve |
9,900 |
9,900 |
|
|
Retained earnings |
4,225,386 |
3,499,057 |
|
|
Total equity |
4,235,440 |
3,509,111 |
As permitted by section 408 of the Companies Act 2006, the Company has not presented its own profit and loss account within these financial statements.
The Company made a profit after tax for the financial year of £726,329 (2025 - profit of £1,948,958).
Approved and authorised by the
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Bluefield Services Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2026
|
Share capital |
Capital redemption reserve |
Foreign currency translation reserve |
Retained earnings |
Total |
|
|
At 1 April 2025 |
|
|
|
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
|
Other comprehensive income |
- |
- |
|
- |
|
|
Total comprehensive income |
- |
- |
|
( |
( |
|
At 31 March 2026 |
|
|
|
|
|
|
Share capital |
Capital redemption reserve |
Foreign currency translation reserve |
Retained earnings |
Total |
|
|
At 1 April 2024 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Other comprehensive income |
- |
- |
( |
- |
( |
|
Total comprehensive income |
- |
- |
( |
|
( |
|
Dividends |
- |
- |
- |
( |
( |
|
At 31 March 2025 |
154 |
9,900 |
19,688 |
2,519,141 |
2,548,883 |
Bluefield Services Limited
Company Statement of Changes in Equity for the Year Ended 31 March 2026
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 April 2025 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
|
|
|
At 31 March 2026 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 April 2024 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 March 2025 |
154 |
9,900 |
3,499,057 |
3,509,111 |
Bluefield Services Limited
Consolidated Statement of Cash Flows for the Year Ended 31 March 2026
|
Note |
2026 |
2025 |
|
|
Cash flows from operating activities |
|||
|
(Loss)/profit for the year |
(343,915) |
6,145 |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
100,677 |
96,521 |
|
|
Profit from disposals of subsidiaries/associates |
(469) |
(160,036) |
|
|
Interest received |
(16,420) |
(15,358) |
|
|
Interest paid |
18,649 |
1,955 |
|
|
Income tax expense |
(15,346) |
(73,222) |
|
|
(256,824) |
(143,995) |
||
|
Working capital adjustments |
|||
|
Decrease in stocks |
- |
1,068 |
|
|
Increase in debtors |
(999,154) |
(239,766) |
|
|
(Decrease)/increase in amounts owed by related parties |
297,141 |
(160,451) |
|
|
(Increase)/decrease in amounts owed by associates |
- |
147,899 |
|
|
Increase/(decrease) in creditors |
464,335 |
(281,097) |
|
|
Other |
- |
1,236 |
|
|
Cash generated from operations |
(494,502) |
(675,106) |
|
|
Income taxes paid |
(78,965) |
- |
|
|
Net cash flow from operating activities |
(573,467) |
(675,106) |
|
|
Cash flows from investing activities |
|||
|
Interest received |
16,420 |
15,358 |
|
|
Investment additions |
(30,690) |
(67,881) |
|
|
Proceeds from disposal of investment in associate |
21,752 |
- |
|
|
Acquisition of tangible assets |
(31,356) |
(139,097) |
|
|
Net cash flows from investing activities |
(23,874) |
(191,620) |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
(18,649) |
(1,955) |
|
|
Dividends paid |
- |
(1,000,030) |
|
|
Net cash flows from financing activities |
(18,649) |
(1,001,985) |
|
|
Net decrease in cash and cash equivalents |
(615,990) |
(1,868,711) |
|
|
Cash and cash equivalents at 1 April |
1,396,246 |
3,255,995 |
|
|
Effect of exchange rate fluctuations on consolidation |
26,255 |
8,962 |
|
Bluefield Services Limited
Consolidated Statement of Cash Flows for the Year Ended 31 March 2026
|
Note |
2026 |
2025 |
|
|
Cash and cash equivalents at 31 March |
806,511 |
1,396,246 |
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
General information |
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - '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 £.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 March 2026.
A subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group.
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the Group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Investments in associates are accounted for using the equity method. Where the effect of applying the equity method is not material to the Group financial statements, such investments are instead measured at cost less impairment.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the Group.
The Group 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 Group'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 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. Recharge income is recognised at the point the underlying cost has been incurred by the Company.
Revenue earned from co-development and management services is recognised evenly throughout the year as the services are provided. Recharge income is recognised at the point the underlying cost has been incurred by the Company.
Revenue earned from the sale of investments is recognised at the point in time when the sale agreement has been contractually finalised.
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Going concern
The financial statements have been prepared on a going concern basis. Given the Group's forecast profitability and financial resources, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.
Financial instruments
The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
For financial liabilities measured at amortised cost, the impairment loss is measured as the difference between a liability's carrying amount and the present value of estimated cash flows discounted at the liability's original effective interest rate. If a financial liability has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Interest income
Interest income is recognised in the Profit and Loss Account using the effective interest rate method.
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
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. These foreign currency gains and losses are recognised within administrative expenses in the Profit and Loss Account.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. 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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Group operates and generates taxable income.
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 assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Assets in the course of construction include all costs directly attributable to acquiring and preparing the site, together with the cost of developing and commissioning the energy storage equipment.
Assets remain classed as assets in the course of construction until such time as they are commissioned and connected to the grid. Once operational the assets are written off over their expected useful lives.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than assets under construction over their estimated useful lives, as follows:
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Asset class |
Depreciation method and rate |
|
Leasehold improvements |
10% straight-line |
|
Machinery and equipment |
50% straight-line |
|
IT equipment |
50% straight-line |
|
Technical equipment |
10 - 50% straight-line |
|
Motor vehicles |
20% reducing balance |
Machinery and equipment, IT equipment, technical equipment and motor vehicles are presented within Furniture, Fittings and Equipment in Note 11.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Intangible 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 and any accumulated impairment. 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.
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, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Group 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 using the effective interest method.
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
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.
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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Group 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 employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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.
|
Judgements in applying accounting policies and key sources of estimation uncertainty |
The preparation of the financial statements under FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and assumptions which have a risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Accruals for liquidated damages
Included within accruals and deferred income is a liability of £107,442 (2025: £122,230) for contractual costs which the Group incurs during the normal course of its business. The Group 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 Group 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 Group’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.
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.
|
Turnover |
The analysis of the Group's Turnover for the year from continuing operations is as follows:
|
2026 |
2025 |
|
|
Provision of services |
|
|
|
Sale of development sites |
|
|
|
|
|
|
Operating (loss)/profit |
Arrived at after charging/(crediting)
|
2026 |
2025 |
|
|
Depreciation expense |
|
|
|
Auditor's remuneration - Audit of parent Company |
19,500 |
13,000 |
|
Auditor's remuneration - Audit of subsidiaries |
45,500 |
30,500 |
|
Foreign currency losses/(gains) |
17,109 |
(20,879) |
|
Operating lease payments |
572,313 |
516,175 |
|
Defined contribution pension costs |
499,780 |
440,643 |
|
Other interest receivable and similar income |
|
2026 |
2025 |
|
|
Interest income on bank deposits |
|
|
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Interest payable and similar expenses |
|
2026 |
2025 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2026 |
2025 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
9,864,431 |
7,189,909 |
The average number of persons employed by the Company (including directors) during the year, was
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2026 |
2025 |
|
|
Remuneration for qualifying services |
225,745 |
98,203 |
|
Company pension contributions to defined contribution scheme |
14,791 |
10,586 |
|
240,536 |
108,789 |
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2025: 1).
In respect of the highest paid director:
|
2026 |
2025 |
|
|
Remuneration for qualifying services |
|
|
|
Company pension contributions to defined contribution scheme |
|
|
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2026 |
2025 |
|
|
Current taxation |
||
|
UK corporation tax |
- |
|
|
UK corporation tax adjustment to prior periods |
- |
( |
|
- |
74,458 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax (receipt)/expense in the income statement |
( |
|
The total tax expense for the year included in the income statement can be reconciled to the profit before tax multiplied by the standard rate of tax as follows:
|
2026 |
2025 |
|
|
(Loss)/profit before tax |
( |
|
|
Corporation tax at standard rate |
( |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax decrease arising from group relief |
- |
( |
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
|
Effect of revenues exempt from taxation |
( |
- |
|
Increase due to other differences |
|
|
|
Tax increase from short term timing differences |
|
- |
|
Tax increase from permanent disallowables |
- |
|
|
Increase from tax losses for which no deferred tax asset was recognised |
|
- |
|
Tax decrease from effect of intergroup dividends not taxable |
- |
( |
|
Total tax (credit)/charge |
( |
|
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Tangible assets |
Group
|
Leasehold improvements |
Furniture, fittings and equipment |
Total |
|
|
Cost |
|||
|
At 1 April 2025 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
( |
( |
|
At 31 March 2026 |
|
|
|
|
Depreciation |
|||
|
At 1 April 2025 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
|
At 31 March 2026 |
|
|
|
|
Carrying amount |
|||
|
At 31 March 2026 |
|
|
|
|
At 31 March 2025 |
|
|
|
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Company
|
Leasehold improvements |
Furniture, fittings and equipment |
Total |
|
|
Cost |
|||
|
At 1 April 2025 |
|
|
|
|
Additions |
|
|
|
|
At 31 March 2026 |
|
|
|
|
Depreciation |
|||
|
At 1 April 2025 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 March 2026 |
|
|
|
|
Carrying amount |
|||
|
At 31 March 2026 |
|
|
|
|
At 31 March 2025 |
|
|
|
|
Investments |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Non-current financial assets |
||||
|
Investments |
|
|
|
|
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Group
Details of undertakings
Details of the investments in which the Group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2026 |
2025 |
|||
|
Subsidiary undertakings |
||||
|
|
1st Floor, 25 King Street, Bristol, BS1 4PB |
|
|
|
|
England and Wales |
||||
|
|
1st Floor, 25 King Street, Bristol, BS1 4PB |
|
|
|
|
England and Wales |
||||
|
|
1st Floor, 25 King Street, Bristol, BS1 4PB |
|
|
|
|
England and Wales |
||||
|
|
1st Floor, 25 King Street, Bristol, BS1 4PB |
|
|
|
|
England and Wales |
||||
|
|
Via Giovanni Boccaccio 7 Milano, Milano |
|
|
|
|
Italy |
||||
|
|
3 Temple Quay C/O Bluefield Services, Bristol, BS1 6DZ |
|
|
|
|
England and Wales |
||||
|
|
Avenida Doctor Arce 14, 28002, Madrid |
|
|
|
|
Spain |
||||
|
|
1st Floor, 25 King Street, Bristol, BS1 4PB |
|
|
|
|
England and Wales |
||||
|
Associates |
||||
|
|
40 Queen Anne Street, London, England, W1G 9EL |
Ordinary |
|
|
|
England and Wales |
||||
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
* The investment is a direct investment of Bluefield Services Limited.
Bluefield Group Limited is not consolidated as it is dormant.
The Group holds an investment in an associate, Bluefield Solar Endeavour 4 Limited. The investment has not been accounted for using the equity method on the grounds that its effect is not material to the Group financial statements.
Other investments
The Company holds an investment in Bluefield Revive Master Holdco Lux SARL, a company incorporated in Luxembourg. The Company’s effective investment (held through interests in Bluefield Solar Endeavour 4 Limited and Bluefield Revive Solar SCSP) is 3.5% of the Ordinary shares (2025: 3.5%).
|
Debtors |
|
Group |
Company |
||||
|
Current |
Note |
2026 |
2025 |
2026 |
2025 |
|
Trade debtors |
|
|
|
|
|
|
Amounts owed by group undertakings |
- |
933,310 |
3,603,140 |
3,452,569 |
|
|
Amounts owed by related parties |
636,169 |
- |
614,417 |
- |
|
|
Other debtors |
|
|
|
|
|
|
Accrued income |
|
|
|
- |
|
|
Prepayments |
|
|
|
|
|
|
Corporation tax |
|
- |
- |
- |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Cash at bank |
|
|
|
|
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Creditors |
|
Group |
Company |
||||
|
Note |
2026 |
2025 |
2026 |
2025 |
|
|
Due within one year |
|||||
|
Trade creditors |
|
|
|
|
|
|
Amounts due to related parties |
339,537 |
356,743 |
- |
58,190 |
|
|
Social security and other taxes |
|
|
|
|
|
|
Other payables |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Corporation tax |
- |
74,980 |
- |
36,958 |
|
|
|
|
|
|
||
|
Provisions for liabilities |
Group
|
Deferred tax |
|
|
At 1 April 2025 |
|
|
Increase/(decrease) in existing provisions |
( |
|
At 31 March 2026 |
|
|
|
|
Company
|
Deferred tax |
|
|
At 1 April 2025 |
|
|
Increase/(decrease) in existing provisions |
( |
|
At 31 March 2026 |
|
|
|
|
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Share capital |
Allotted, called up and fully paid shares
|
2026 |
2025 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
|
|
|
54 |
|
54 |
|
|
|
|
|
|
|
Reserves |
Group
The Group has a Capital Redemption Reserve of £9,900. This balance arose as a result of a reduction in share capital in the Company in the year ended 31 March 2017.
The Group has a Foreign Currency Translation Reserve of £45,943 (2025: £19,688). This balance arose as a result of the consolidation of foreign subsidiaries.
Company
The Company has a Capital Redemption Reserve of £9,900. This balance arose as a result of a reduction in share capital in the Company in the year ended 31 March 2017.
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2026 |
2025 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Related party transactions |
Group
Summary of transactions with other related parties
Income and receivables from related parties
|
2026 |
Other related parties |
|
Sale of services, development fees, recharged costs and investment sales |
|
|
Amounts receivable from related parties |
|
|
|
|
|
2025 |
Other related parties |
|
Sale of services, development fees, recharged costs and investment sales |
|
|
Amounts receivable from related parties |
|
|
|
|
Expenditure with and payables to related parties
|
2026 |
Other related parties |
|
Purchases of services |
|
|
Amounts payable to related parties |
|
|
|
|
|
2025 |
Other related parties |
|
Purchases of services |
|
|
Amounts payable to related parties |
|
|
|
|
|
Parent and ultimate parent undertaking |
In the opinion of the directors, there is no ultimate controlling party.
|
Events after the reporting period |
In April 2026, the sale of a 40% interest in WSE Hartford Wood Limited (owned by Bluefield Renewable Developments Limited as at 31 March 2026) was finalised for a total consideration of £3.1m.