Registered number
12928905
Pegasus Convenience Store Limited
Unaudited Filleted Accounts
31 October 2023
Pegasus Convenience Store Limited
Registered number: 12928905
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 - 260
Current assets
Stocks - 19,252
Cash at bank and in hand - 40,342
- 59,594
Creditors: amounts falling due within one year 4 (4,403) (20,566)
Net current (liabilities)/assets (4,403) 39,028
Total assets less current liabilities (4,403) 39,288
Creditors: amounts falling due after more than one year 5 - (28,886)
Provisions for liabilities - (49)
Net (liabilities)/assets (4,403) 10,353
Capital and reserves
Called up share capital 100 100
Profit and loss account (4,503) 10,253
Shareholder's funds (4,403) 10,353
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Neil Devereux
Director
Approved by the board on 28 July 2024
Pegasus Convenience Store Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Statement of compliance
The accounts have been prepared in accordance with FRS 102, Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.
Tangible fixed assets
Tangible fixed assets held for the company's own use are stated at cost less accumulative depreciation and any accumulative impairment losses.
Depreciation is provided at rates calculated to write off the costs of fixed assets, less their estimated residual value, over their expected useful lives on a straight line basis at a rate of 25% per annum.
Assets held under finance leases are depreciated in the same way as owned assets.
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first out basis. Overheads are charged to the profit and loss account as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss accurs. The amount of any reversal of any write-down of stocks is regognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
1 Accounting policies ( continued )
Taxation
Taxation represents the sum of tax currently payable and deferred tax.
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be avaliable to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on the tax rates (and tax laws) that have been enacted by the end of the reporting period.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 500
Disposals (500)
At 31 October 2023 -
Depreciation
At 1 November 2022 240
Charge for the year 125
On disposals (365)
At 31 October 2023 -
Net book value
At 31 October 2023 -
At 31 October 2022 260
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 322 -
Trade creditors 1,378 2,256
Taxation and social security costs 1,740 10,071
Other creditors 963 8,239
4,403 20,566
5 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors - 28,886
6 Other information
Pegasus Convenience Store Limited is a private company limited by shares and incorporated in England. Its registered office is:
First Floor
5 High Street
Westbury-on-Trym
Bristol
BS9 3BY
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