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COMPANY REGISTRATION NUMBER: 07776072
Pegasus Electrical and Building Services Limited
Filleted Unaudited Financial Statements
30 September 2023
Pegasus Electrical and Building Services Limited
Financial Statements
Year ended 30 September 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 7
Pegasus Electrical and Building Services Limited
Balance Sheet
30 September 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
15,596
20,152
Current assets
Stocks
605
595
Debtors
6
56,508
45,545
Cash at bank and in hand
28,071
30,253
--------
--------
85,184
76,393
Creditors: amounts falling due within one year
7
77,873
69,306
--------
--------
Net current assets
7,311
7,087
--------
--------
Total assets less current liabilities
22,907
27,239
Creditors: amounts falling due after more than one year
8
2,986
5,690
Provisions
Taxation including deferred tax
3,000
3,800
--------
--------
Net assets
16,921
17,749
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
16,821
17,649
--------
--------
Shareholders funds
16,921
17,749
--------
--------
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 profit & loss has not been delivered.
For the year ending 30 September 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 Electrical and Building Services Limited
Balance Sheet (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 18 April 2024 , and are signed on behalf of the board by:
Mrs S J Bradley
Director
Company registration number: 07776072
Pegasus Electrical and Building Services Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is September Cottage, Bowers Bent, Standon, Staffordshire, ST21 6SG. The company registration number is 07776072 .
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. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Revenue is recognised when goods are despatched, which is the same day on which goods are delivered and hence the point at which the risks and rewards of ownership pass to the buyer. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for services provided.
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 material 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Tools and equipment
-
15% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% straight line
Depreciation is calculated from the month of acquistion and no depreciation is charged in the year of disposal.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost represents the purchase invoice price, and net realisable value is the estimated proceeds from the sale of stock items, less all future costs to completion, costs to be incurred in marketing, selling and distributing.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Tools & equipment
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 October 2022
6,336
5,078
21,405
5,668
38,487
Additions
1,098
1,098
-------
-------
--------
-------
--------
At 30 September 2023
6,336
5,078
21,405
6,766
39,585
-------
-------
--------
-------
--------
Depreciation
At 1 October 2022
3,959
1,016
9,672
3,688
18,335
Charge for the year
353
812
2,933
1,556
5,654
-------
-------
--------
-------
--------
At 30 September 2023
4,312
1,828
12,605
5,244
23,989
-------
-------
--------
-------
--------
Carrying amount
At 30 September 2023
2,024
3,250
8,800
1,522
15,596
-------
-------
--------
-------
--------
At 30 September 2022
2,377
4,062
11,733
1,980
20,152
-------
-------
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
54,243
43,930
Other debtors
2,265
1,615
--------
--------
56,508
45,545
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,704
2,704
Trade creditors
17,022
6,184
Corporation tax
15,406
14,158
Social security and other taxes
14,601
15,332
Other creditors
28,140
30,928
--------
--------
77,873
69,306
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,986
5,690
-------
-------
The bank loan in favour of Barclays Bank Plc is unsecured. Included within creditors: amounts falling due after more than one year is an amount of £Nil (2021: £Nil) in respect of liabilities payable by instalments which fall due for payment after more than five years.