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COMPANY REGISTRATION NUMBER: 01669461
Pegasus Profiles (Southern) Limited
Unaudited financial statements
30 June 2023
Pegasus Profiles (Southern) Limited
Statement of financial position
30 June 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
265,420
273,836
Current assets
Stocks
86,129
122,859
Debtors
6
131,130
129,375
Cash at bank and in hand
84,904
118,261
---------
---------
302,163
370,495
Creditors: Amounts falling due within one year
7
( 328,103)
( 343,393)
---------
---------
Net current (liabilities)/assets
( 25,940)
27,102
---------
---------
Total assets less current liabilities
239,480
300,938
Creditors: Amounts falling due after more than one year
8
( 31,751)
( 52,191)
Provisions
Taxation including deferred tax
( 11,996)
( 10,338)
---------
---------
Net assets
195,733
238,409
---------
---------
Capital and reserves
Called up share capital
87
87
Capital redemption reserve
11
11
Profit and loss account
195,635
238,311
---------
---------
Shareholders funds
195,733
238,409
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Pegasus Profiles (Southern) Limited
Statement of financial position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 5 October 2023 , and are signed on behalf of the board by:
G N Clark
Director
Company registration number: 01669461
Pegasus Profiles (Southern) Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Charrold Works, Stephenson Way, Thetford, Norfolk, IP24 3RJ. The trading address of the company is Hopkinson Way, Andover, SP10 3ZE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
over the life of the lease
Plant and machinery
-
10% reducing balance
Motor vehicles
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of employees during the year was 2 (2022: 1 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022 and 30 June 2023
274,965
66,000
12,399
353,364
---------
-------
-------
---------
Depreciation
At 1 July 2022
64,059
9,809
5,660
79,528
Charge for the year
1,476
5,620
1,320
8,416
---------
-------
-------
---------
At 30 June 2023
65,535
15,429
6,980
87,944
---------
-------
-------
---------
Carrying amount
At 30 June 2023
209,430
50,571
5,419
265,420
---------
-------
-------
---------
At 30 June 2022
210,906
56,191
6,739
273,836
---------
-------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
127,240
125,873
Other debtors
3,890
3,502
---------
---------
131,130
129,375
---------
---------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,967
9,987
Trade creditors
27,692
34,055
Amounts owed to group undertakings and undertakings in which the company has a participating interest
265,407
260,617
Social security and other taxes
12,347
26,587
Other creditors
12,690
12,147
---------
---------
328,103
343,393
---------
---------
Included in other creditors is an amount of £10,440 (2022: £10,047) which is secured against the asset concerned.
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,000
30,000
Other creditors
11,751
22,191
-------
-------
31,751
52,191
-------
-------
Included in other creditors is an amount of £11,751 (2022: £22,191) which is secured against the asset concerned.
9. Contingencies
A cross guarantee agreement has been entered into with Barclays Bank UK Plc, whereby all positive balances that exist within the group headed by Pegasus Profiles (UK) Limited may be called upon to secure or repay any net bank debt.