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Registered number: 13155617









PEGASUS SURVEYS & INSPECTIONS LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
PEGASUS SURVEYS & INSPECTIONS LTD
REGISTERED NUMBER: 13155617

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
16,475
19,893

  
16,475
19,893

Current assets
  

Debtors: amounts falling due within one year
 6 
39,548
36,258

Cash at bank and in hand
  
3,927
15,390

  
43,475
51,648

Creditors: amounts falling due within one year
 7 
(39,811)
(31,309)

Net current assets
  
 
 
3,664
 
 
20,339

Total assets less current liabilities
  
20,139
40,232

Provisions for liabilities
  

Deferred tax
  
(4,119)
(4,973)

  
 
 
(4,119)
 
 
(4,973)

Net assets
  
16,020
35,259


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
15,920
35,159

  
16,020
35,259


Page 1

 
PEGASUS SURVEYS & INSPECTIONS LTD
REGISTERED NUMBER: 13155617
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 October 2024.




Gavin Matthew Timms
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PEGASUS SURVEYS & INSPECTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

The company is a private limited company, which is incorporated and registered in England (registration number: 13155617). The address of the registered office is Gleadthorpe Lodge, Netherfield Lane, Meden Vale, Mansfield, Nottinghamshire, NG20 9PG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The director believes that the company has sufficient resources to be able to continue to trade until at least October 2025.
At the time of signing there is a degree of uncertainty about the full economic impact of the cost of living and wider geo-political issues. The director continues to monitor the position closely, however he believes that the company will continue at a reasonable level of activity subject to continued support and hence continues to adopt the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
PEGASUS SURVEYS & INSPECTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
PEGASUS SURVEYS & INSPECTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line or reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance
Computer equipment
-
4 year straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


Dividends

2024
2023
£
£


Ordinary
36,500
38,564


A Ordinary
65,064
10,000

101,564
48,564

Page 5

 
PEGASUS SURVEYS & INSPECTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 February 2023
27,375
2,703
30,078


Additions
1,137
-
1,137



At 31 January 2024

28,512
2,703
31,215



Depreciation


At 1 February 2023
9,126
1,059
10,185


Charge for the year on owned assets
3,878
677
4,555



At 31 January 2024

13,004
1,736
14,740



Net book value



At 31 January 2024
15,508
967
16,475



At 31 January 2023
18,249
1,644
19,893


6.


Debtors

2024
2023
£
£


Trade debtors
37,517
27,715

Other debtors
1,420
7,909

Prepayments and accrued income
611
634

39,548
36,258


Page 6

 
PEGASUS SURVEYS & INSPECTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
16

Other taxation and social security
37,609
29,256

Other creditors
204
37

Accruals and deferred income
1,998
2,000

39,811
31,309



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



60 (2023 - 60) Ordinary shares of £1.00 each
60
60
20 (2023 - 20) 'A' Ordinary shares of £1.00 each
20
20
20 (2023 - 20) 'B' Ordinary shares of £1.00 each
20
20

100

100



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £380 (2023 - £287) . Contributions totalling £111 (2023 - £37) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 7