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COMPANY REGISTRATION NUMBER: 08597805
Pegasus Profiles (UK) Limited
Unaudited financial statements
30 June 2023
Pegasus Profiles (UK) Limited
Statement of financial position
30 June 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
901,158
901,447
Investments
6
2,552,236
2,552,236
-----------
-----------
3,453,394
3,453,683
Current assets
Debtors
7
785,480
698,621
Cash at bank and in hand
98,622
96,311
---------
---------
884,102
794,932
Creditors: Amounts falling due within one year
8
( 331,248)
( 319,925)
---------
---------
Net current assets
552,854
475,007
-----------
-----------
Total assets less current liabilities
4,006,248
3,928,690
Provisions
Taxation including deferred tax
( 32,024)
( 24,393)
-----------
-----------
Net assets
3,974,224
3,904,297
-----------
-----------
Capital and reserves
Called up share capital
1
1
Share premium account
214,065
214,065
Revaluation reserve
95,203
102,819
Other reserves
758,564
758,564
Profit and loss account
2,906,391
2,828,848
-----------
-----------
Shareholders funds
3,974,224
3,904,297
-----------
-----------
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 comprehensive income 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 (UK) 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: 08597805
Pegasus Profiles (UK) 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.
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:
Plant and machinery
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4. Employee numbers
The average number of employees during the year was 2 (2022: 1 ).
5. Tangible assets
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
900,000
4,415
904,415
---------
------
---------
Depreciation
At 1 July 2022
2,968
2,968
Charge for the year
289
289
---------
------
---------
At 30 June 2023
3,257
3,257
---------
------
---------
Carrying amount
At 30 June 2023
900,000
1,158
901,158
---------
------
---------
At 30 June 2022
900,000
1,447
901,447
---------
------
---------
The director has revalued the freehold property based on the open market value as at 30 June 2023.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 30 June 2023
Aggregate cost
773,063
Aggregate depreciation
---------
Carrying value
773,063
---------
At 30 June 2022
Aggregate cost
773,063
Aggregate depreciation
---------
Carrying value
773,063
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 July 2022 and 30 June 2023
2,552,236
-----------
Impairment
At 1 July 2022 and 30 June 2023
-----------
Carrying amount
At 30 June 2023
2,552,236
-----------
At 30 June 2022
2,552,236
-----------
7. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
785,162
698,621
Other debtors
318
---------
---------
785,480
698,621
---------
---------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Social security and other taxes
12,848
20,301
Other creditors
318,400
299,624
---------
---------
331,248
319,925
---------
---------
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.