Company Registration No. 14120640 (England and Wales)
Pagasa Ltd
Unaudited accounts
for the year ended 31 May 2024
Pagasa Ltd
Unaudited accounts
Contents
Pagasa Ltd
Company Information
for the year ended 31 May 2024
Company Number
14120640 (England and Wales)
Registered Office
First Floor
129 High Street
Guildford
GU1 3AA
UK
Pagasa Ltd
Statement of financial position
as at 31 May 2024
Tangible assets
1,136
1,325
Investments
1,116,530
333,584
Cash at bank and in hand
966,934
84,098
Creditors: amounts falling due within one year
(317,084)
(98,532)
Net current assets
656,945
42,566
Net assets
1,774,611
377,475
Called up share capital
100
100
Profit and loss account
1,774,511
377,375
Shareholders' funds
1,774,611
377,475
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 13 February 2025 and were signed on its behalf by
N Grand-Chavin
Director
Company Registration No. 14120640
Pagasa Ltd
Notes to the Accounts
for the year ended 31 May 2024
Pagasa Ltd is a private company, limited by shares, registered in England and Wales, registration number 14120640. The registered office is First Floor, 129 High Street, Guildford, GU1 3AA, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
3 years straight line
Investments in shares are included at fair value.
Pagasa Ltd
Notes to the Accounts
for the year ended 31 May 2024
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting polices. In preparing these financial statements, the director has made the following judgements:
Determine whether there are indicators of impairment of the company's tangible fixed assets and investments. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 4)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
4
Tangible fixed assets
Computer equipment
5
Investments
Other investments
Valuation at 1 June 2023
333,584
Fair value adjustments
548,625
Valuation at 31 May 2024
1,116,530
Pagasa Ltd
Notes to the Accounts
for the year ended 31 May 2024
Amounts falling due within one year
Accrued income and prepayments
340
-
7
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
316,513
94,208
Loans from directors
-
1,576
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's loan account
(1,576)
21,319
12,989
6,754
(1,576)
21,319
12,989
6,754
9
Average number of employees
During the year the average number of employees was 1 (2023: 1).