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REGISTERED NUMBER: 08020349 (England and Wales)















Financial Statements for the Year Ended 31st August 2023

for

Pegasus Sports Centre Limited

Pegasus Sports Centre Limited (Registered number: 08020349)

Contents of the Financial Statements
for the year ended 31st August 2023










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Pegasus Sports Centre Limited

Company Information
for the year ended 31st August 2023







DIRECTORS: I Trandaburu
J Cook
A D Cox
C Griffiths
J C Ghinn
A R Hall
T H Banks
L M Potter





SECRETARY: A D Cox





REGISTERED OFFICE: 2 - 4 Farleigh Hill
Tovil
Maidstone
Kent
ME15 6RG





REGISTERED NUMBER: 08020349 (England and Wales)





ACCOUNTANTS: Beak Kemmenoe
Chartered Accountants
1-3 Manor Road
Chatham
Kent
ME4 6AE

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Pegasus Sports Centre Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pegasus Sports Centre Limited for the year ended 31st August 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Pegasus Sports Centre Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pegasus Sports Centre Limited and state those matters that we have agreed to state to the Board of Directors of Pegasus Sports Centre Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pegasus Sports Centre Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pegasus Sports Centre Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pegasus Sports Centre Limited. You consider that Pegasus Sports Centre Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pegasus Sports Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Beak Kemmenoe
Chartered Accountants
1-3 Manor Road
Chatham
Kent
ME4 6AE


8th November 2023

Pegasus Sports Centre Limited (Registered number: 08020349)

Balance Sheet
31st August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 162,790 194,143

CURRENT ASSETS
Debtors 5 32,251 37,945
Cash at bank 46,053 58,731
78,304 96,676
CREDITORS
Amounts falling due within one year 6 19,071 79,103
NET CURRENT ASSETS 59,233 17,573
TOTAL ASSETS LESS CURRENT
LIABILITIES

222,023

211,716

CREDITORS
Amounts falling due after more than one
year

7

-

83
NET ASSETS 222,023 211,633

CAPITAL AND RESERVES
Called up share capital 7 7
Other reserves 253,710 253,710
Retained earnings (31,694 ) (42,084 )
SHAREHOLDERS' FUNDS 222,023 211,633

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Pegasus Sports Centre Limited (Registered number: 08020349)

Balance Sheet - continued
31st August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8th November 2023 and were signed on its behalf by:




J C Ghinn - Director



J Cook - Director


Pegasus Sports Centre Limited (Registered number: 08020349)

Notes to the Financial Statements
for the year ended 31st August 2023


1. STATUTORY INFORMATION

Pegasus Sports Centre Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In preparing the financial statements the directors have made the following judgements:

Determining the useful lives and depreciation policies for the company's tangible fixed assets. The directors base these estimates on past performance and industry trends to ensure that the depreciation policy used is sufficient so that the carrying value does not exceed its net realisable value.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and over the period of life of the lease

Tangible assets are stated in the balance sheet at cost, less any accumulated depreciation and accumulated impairment losses.

The cost of tangible assets include directly attributable incremental costs incurred in their acquisition and installation. The cost is reduced by any grant income received specifically for the purposes of buying the assets.

Pegasus Sports Centre Limited (Registered number: 08020349)

Notes to the Financial Statements - continued
for the year ended 31st August 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments that comply with all of the conditions of paragraph 11.9 of FRS 102 are classified as 'basic'. For debt instruments that do not meet the conditions of FRS 102.11.9, the company considers whether the debt instrument is consistent with the principle in paragraph 11.9A of FRS 102 in order to determine whether it can be classified as basic. Instruments classified as 'basic' financial instruments are measured subsequently at amortised cost using the effective interest method. Debt instruments that have no stated interest rate (and do not constitute financing transaction) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting conditions of being 'basic' financial instruments are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Pegasus Sports Centre Limited (Registered number: 08020349)

Notes to the Financial Statements - continued
for the year ended 31st August 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st September 2022 507,522
Additions 52,649
Disposals (287,566 )
At 31st August 2023 272,605
DEPRECIATION
At 1st September 2022 313,379
Charge for year 13,630
Eliminated on disposal (217,194 )
At 31st August 2023 109,815
NET BOOK VALUE
At 31st August 2023 162,790
At 31st August 2022 194,143

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 509 2,753
Other debtors 23,919 27,369
24,428 30,122

Pegasus Sports Centre Limited (Registered number: 08020349)

Notes to the Financial Statements - continued
for the year ended 31st August 2023


5. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Other debtors 7,823 7,823

Aggregate amounts 32,251 37,945

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 9,500
Taxation and social security 5,107 790
Other creditors 13,964 68,813
19,071 79,103

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 83

8. RELATED PARTY DISCLOSURES

The company charged Pegasus Gymnastics Club Limited £130,800 during the reporting period (2022: £130,800) for the use of the sports centre.

The company sold equipment to Pegasus Gymnastics Club Limited worth £78,144 during the reporting period.

At the Balance Sheet date £23,575 was receivable from Pegasus Gymnastics Club Limited. At 31 July 2022 £55,713 was payable to Pegasus Gymnastics Club Limited. The balance is repayable on demand.

All of the company's directors are also directors of Pegasus Gymnastics Club Limited.