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Company Registration No. 14120640 (England and Wales)
Pagasa Ltd Unaudited accounts for the year ended 31 May 2024
Pagasa Ltd Unaudited accounts Contents
Page
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Pagasa Ltd Company Information for the year ended 31 May 2024
Director
N Grand-Chavin
Company Number
14120640 (England and Wales)
Registered Office
First Floor 129 High Street Guildford GU1 3AA UK
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Pagasa Ltd Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,136 
1,325 
Investments
1,116,530 
333,584 
1,117,666 
334,909 
Current assets
Debtors
7,095 
57,000 
Cash at bank and in hand
966,934 
84,098 
974,029 
141,098 
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 
Capital and reserves
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
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Pagasa Ltd Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
Investments in shares are included at fair value.
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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 
£ 
Cost or valuation
At cost 
At 1 June 2023
1,551 
Additions
472 
At 31 May 2024
2,023 
Depreciation
At 1 June 2023
226 
Charge for the year
661 
At 31 May 2024
887 
Net book value
At 31 May 2024
1,136 
At 31 May 2023
1,325 
5
Investments
Other investments 
£ 
Valuation at 1 June 2023
333,584 
Additions
433,041 
Fair value adjustments
548,625 
Disposals
(198,720)
Valuation at 31 May 2024
1,116,530 
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Pagasa Ltd Notes to the Accounts for the year ended 31 May 2024
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
- 
57,000 
Accrued income and prepayments
340 
- 
Other debtors
6,755 
- 
7,095 
57,000 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
99 
2,748 
Trade creditors
472 
- 
Taxes and social security
316,513 
94,208 
Loans from directors
- 
1,576 
317,084 
98,532 
8
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
N Grand-Chavin
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).
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