Company registration number 09987975 (England and Wales)
Pegasus Property Group Limited
Unaudited financial statements
For the year ended 28 February 2023
Pegasus Property Group Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Pegasus Property Group Limited
Statement of financial position
As at 28 February 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
2
250
250
Current assets
Debtors
3
153,342
169,399
Cash at bank and in hand
61,277
521
214,619
169,920
Creditors: amounts falling due within one year
4
(49,547)
(87,320)
Net current assets
165,072
82,600
Total assets less current liabilities
165,322
82,850
Creditors: amounts falling due after more than one year
5
(39,815)
(42,598)
Net assets
125,507
40,252
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
125,407
40,152
Total equity
125,507
40,252
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Pegasus Property Group Limited
Statement of financial position (continued)
As at 28 February 2023
28 February 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 24 November 2023
Mr J Colclough
Director
Company Registration No. 09987975
Pegasus Property Group Limited
Notes to the financial statements
For the year ended 28 February 2023
- 3 -
1
Accounting policies
Company information
Pegasus Property Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 16 Innovation Way, Stoke on Trent, Staffordshire, ST6 4BF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Pegasus Property Group Limited
Notes to the financial statements (continued)
For the year ended 28 February 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Pegasus Property Group Limited
Notes to the financial statements (continued)
For the year ended 28 February 2023
- 5 -
2
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
250
250
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
84,693
89,649
Other debtors
68,649
79,750
153,342
169,399
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,556
5,556
Corporation tax
20,467
2,872
Other creditors
23,524
78,892
49,547
87,320
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
39,815
42,598
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
17,593
20,370