Registered number
13424877
Pegasus18 Ltd
Filleted Accounts
31 May 2024
Pegasus18 Ltd
Registered number: 13424877
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Current assets
Cash at bank and in hand 1,076 51,659
Creditors: amounts falling due within one year 3 (76) (34,432)
Net current assets 1,000 17,227
Net assets 1,000 17,227
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account - 16,227
Shareholders' funds 1,000 17,227
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 members have 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.
Kumar Kadappa KOLAR
Director
Approved by the board on 5 December 2024
Pegasus18 Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 20 -
Taxation and social security costs - 32,032
Other creditors 56 2,400
76 34,432
4 Controlling party
The directors do not consider there is an ultimate controlling party.
5 Other information
Pegasus18 Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Langdale House
11 Marshalsea Road
London
England
SE1 1EN
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