REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2024 |
for |
Pegasus Power And Communications Ltd. |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2024 |
for |
Pegasus Power And Communications Ltd. |
Pegasus Power And Communications Ltd. (Registered number: SC209245) |
Contents of the Financial Statements |
for the Year Ended 31 July 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Pegasus Power And Communications Ltd. |
Company Information |
for the Year Ended 31 July 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Pavilion 1 |
Finnieston Business Park |
Minerva Way |
GLASGOW |
G3 8AU |
BANKERS: |
Livingston Branch |
4 Almondvale South |
Livingston |
EH54 6NB |
Pegasus Power And Communications Ltd. (Registered number: SC209245) |
Balance Sheet |
31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Pegasus Power And Communications Ltd. (Registered number: SC209245) |
Balance Sheet - continued |
31 July 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Pegasus Power And Communications Ltd. (Registered number: SC209245) |
Notes to the Financial Statements |
for the Year Ended 31 July 2024 |
1. | STATUTORY INFORMATION |
Pegasus Power And Communications Ltd. is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 £. |
Critical accounting judgements and key sources of estimation uncertainty |
Preparation of the financial statements requires management to make significant judgements and estimates. The material items in the financial statements where judgements and estimates have been made relate to the costs to completion of larger contracts. |
Turnover |
Revenue from contracts to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of each individual contract providing that the amount of revenue can be measured reliably, it is probable that the company will receive the consideration due and the costs can be measured reliably. |
The company is involved in the construction industry and generates the majority of its turnover from long-term contracts. The profitability of each contract varies over its life. The directors regularly review the performance of each contract to assess periodic profit recognition. |
Adjustments are made over the life of each contract to determine the profits expected to be generated. It is necessary to consider the timing and quantification of ongoing income and expenditure streams. At each financial year end, this process involves analysing the stage of completion, future costs and work yet to be completed in respect of each ongoing contract, together with anticipating any future costs arising post contract completion.If the outcome of a contract cannot be measured reliably, all costs are expensed and revenue is only recognised to the extent that it is probable costs are recoverable. |
Tangible fixed assets |
Plant and machinery etc | - |
Financial instruments |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method. |
Cash and Cash Equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held with banks. |
Pegasus Power And Communications Ltd. (Registered number: SC209245) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Amounts recoverable on contracts |
Amounts recoverable on contracts include certified and uncertified amounts due from contract customers including retentions. |
Operating lease commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Pegasus Power And Communications Ltd. (Registered number: SC209245) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 August 2023 |
Additions |
Disposals | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
5. | DEBTORS |
31.7.24 | 31.7.23 |
£ | £ |
Amounts falling due within one year: |
Amounts recoverable on contracts |
VAT |
Prepayments |
Amounts falling due after more than one year: |
Amounts recoverable on contract |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 39,851 | - |
Accrued expenses |
7. | ULTIMATE CONTROLLING PARTY |