Registration number:
for the Year Ended
Pages for filing with Registrar
Bluefield Services Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Bluefield Services Limited
Company Information
Directors |
J R Armstrong M A Rand G Terranova H D Johns R C Ireland |
Registered office |
|
Registered number |
09535914 |
Auditors |
|
Bluefield Services Limited
(Registration number: 09535914)
Balance Sheet as at 31 March 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
154 |
154 |
|
Redemption reserve |
9,900 |
9,900 |
|
Profit and loss account |
751,402 |
992,501 |
|
Total equity |
761,456 |
1,002,555 |
Bluefield Services Limited
(Registration number: 09535914)
Balance Sheet as at 31 March 2021
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
.........................................
H D Johns
Director
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
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 £.
Going concern
The financial statements have been prepared on a going concern basis. Given the company's profitability and financial resources, and taking into account their best estimate of the impacts of the Covid-19 pandemic, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
2 |
Accounting policies (continued) |
Group accounts not prepared
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
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 |
Leasehold improvements |
10% on cost |
Intangible fixed assets
Capitalised development costs represent the cost of developing new systems and processes. Development costs are capitalised when the directors are satisfied as to the technical, commercial and financial viability of the related project.
Development costs are measured initially at cost. Subsequently they are shown at cost less accumulated amortisation. Amortisation is provided on intangible fixed assets, from the date the assets are brought into use, so as to write off the cost to profit or loss over the estimated useful life of the assets. No amortisation has been provided for in the year under review because the related assets were not in use by the year-end.
Research costs
Research costs are written off to profit or loss in the year incurred.
Investments
Investments in subsidiaries are measured at cost.
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
2 |
Accounting policies (continued) |
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 at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
2 |
Accounting policies (continued) |
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 distributions to the company's shareholders are 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 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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Taxation |
Deferred tax
Deferred tax assets and liabilities
2021 |
Liability |
Accelerated capital allowances |
|
2020 |
Liability |
Accelerated capital allowances |
|
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Intangible fixed assets |
Development costs |
|
Cost |
|
At 1 April 2020 |
|
Additions |
|
At 31 March 2021 |
|
Amortisation |
|
At 1 April 2020 |
- |
Amortisation charge |
- |
At 31 March 2021 |
- |
Carrying amount |
|
At 31 March 2021 |
|
At 31 March 2020 |
|
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Tangible fixed assets |
Leasehold improvements |
IT equipment |
Total |
|
Cost |
|||
At 1 April 2020 |
|
|
|
Additions |
- |
|
|
Disposals |
- |
( |
( |
At 31 March 2021 |
|
|
|
Depreciation |
|||
At 1 April 2020 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
- |
( |
( |
At 31 March 2021 |
|
|
|
Carrying amount |
|||
At 31 March 2021 |
|
|
|
At 31 March 2020 |
|
|
|
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Investments |
2021 |
2020 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost |
|
At 1 April 2020 |
|
Additions |
|
At 31 March 2021 |
|
Provision |
|
At 1 April 2020 |
- |
At 31 March 2021 |
- |
Carrying amount |
|
At 31 March 2021 |
|
At 31 March 2020 |
|
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
7 |
Investments (continued) |
Details of the investments are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2021 |
2020 |
Subsidiary undertakings |
||||
|
The Tramshed
|
Ordinary |
|
|
England and Wales |
||||
|
The Tramshed
|
Ordinary |
|
|
The principal activity of Bluefield Operations Limited is |
Bluefield Renewable Developments Limited was incorporated on 3 June 2020. It's principal activity is the development of solar photovoltaic plants.
Debtors: amounts falling due within one year |
2021 |
2020 |
|
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
7,979 |
6,427 |
Prepayments and accrued income |
419,409 |
275,825 |
|
|
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Creditors |
2021 |
2020 |
|
Hire purchase and finance lease liability |
|
|
Trade creditors |
|
|
Corporation tax |
56,850 |
75,730 |
Taxation and social security |
|
|
Other creditors |
3,763 |
6,787 |
Accruals and deferred income |
|
|
|
|
|
Due after one year |
||
Hire purchase and finance lease liability |
|
|
The hire purchase and finance lease liabilities shown above are secured against the assets to which they relate.
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Related party transactions |
Summary of transactions with other related parties
Income and receivables from related parties
2021 |
Other related parties |
Sale of services |
|
Amounts receivable from related parties at the year end |
|
2020 |
Other related parties |
Sale of services |
|
Amounts receivable from related parties at the year end |
|
Expenditure with and payables to related parties
2021 |
Other related parties |
Purchase of goods / recharge of services |
|
Amounts payable to related party |
|
2020 |
Other related parties |
Purchase of goods / recharge of services |
|
Bluefield Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
2021 |
2020 |
|
Total |
208,005 |
326,865 |
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
|
|
54 |
|
54 |
|
|
|
|
B shares are non-voting but have the same rights as ordinary shares in respect of dividends and on wind-up.
Audit report |
As the profit and loss account has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
•
•
• The auditor was