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COMPANY REGISTRATION NUMBER: 00902993
Pegasus Profiles Limited
Unaudited financial statements
30 June 2023
Pegasus Profiles Limited
Statement of financial position
30 June 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,548,965
1,303,354
Current assets
Stocks
558,244
864,098
Debtors
6
823,089
1,227,560
Cash at bank and in hand
592,066
165,430
-----------
-----------
1,973,399
2,257,088
Creditors: Amounts falling due within one year
7
( 1,447,588)
( 2,062,284)
-----------
-----------
Net current assets
525,811
194,804
-----------
-----------
Total assets less current liabilities
2,074,776
1,498,158
Creditors: Amounts falling due after more than one year
8
( 674,156)
( 248,882)
Provisions
Taxation including deferred tax
( 253,076)
( 151,192)
-----------
-----------
Net assets
1,147,544
1,098,084
-----------
-----------
Capital and reserves
Called up share capital
99
99
Revaluation reserve
210,099
210,099
Profit and loss account
937,346
887,886
-----------
-----------
Shareholders funds
1,147,544
1,098,084
-----------
-----------
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 Limited
Statement of financial position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 9 October 2023 , and are signed on behalf of the board by:
G N Clark
Director
Company registration number: 00902993
Pegasus Profiles 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.
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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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
-
10% reducing balance
Motor vehicles
-
20% reducing balance
Office equipment
-
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
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 50 (2022: 52 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2022
400,000
2,087,492
174,647
39,098
2,701,237
Additions
287,545
64,150
15,278
366,973
Disposals
( 5,000)
( 38,825)
( 43,825)
---------
-----------
---------
-------
-----------
At 30 June 2023
400,000
2,370,037
199,972
54,376
3,024,385
---------
-----------
---------
-------
-----------
Depreciation
At 1 July 2022
1,262,554
133,475
1,854
1,397,883
Charge for the year
96,513
10,400
9,238
116,151
Disposals
( 5,000)
( 33,614)
( 38,614)
---------
-----------
---------
-------
-----------
At 30 June 2023
1,354,067
110,261
11,092
1,475,420
---------
-----------
---------
-------
-----------
Carrying amount
At 30 June 2023
400,000
1,015,970
89,711
43,284
1,548,965
---------
-----------
---------
-------
-----------
At 30 June 2022
400,000
824,938
41,172
37,244
1,303,354
---------
-----------
---------
-------
-----------
6. Debtors
2023
2022
£
£
Trade debtors
747,393
964,932
Amounts owed by group undertakings and undertakings in which the company has a participating interest
62,391
61,214
Other debtors
13,305
201,414
---------
-----------
823,089
1,227,560
---------
-----------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
79,046
610,812
Trade creditors
521,072
451,048
Amounts owed to group undertakings and undertakings in which the company has a participating interest
582,146
498,621
Social security and other taxes
143,035
230,604
Other creditors
122,289
271,199
-----------
-----------
1,447,588
2,062,284
-----------
-----------
Bank loans and overdrafts of £69,084 (2022: £600,830) are secured by the company. Included in other creditors is an amount of £40,254 (2022: £51,296) which is secured against the assets concerned.
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
641,667
177,227
Other creditors
32,489
71,655
---------
---------
674,156
248,882
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £345,331 (2022: £62,790) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Bank loans and overdrafts of £621,667 (2022: £147,227) are secured by the company. Included in other creditors is an amount of £32,489 (2022: £71,655) which is secured against the assets concerned.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
10,000
70,000
-------
-------
10. 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.