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Registration number: 07277000

Pegasus Planning Group Limited

Financial Statements

for the Year Ended 30 June 2024

 

Pegasus Planning Group Limited

Contents

Company Information

1

Directors' Report

2 to 5

Strategic Report

6 to 7

Statement of Directors' Responsibilities

8

Independent Auditor's Report

9 to 11

Profit and Loss Account

12

Balance Sheet

13

Statement of Changes in Equity

14

Statement of Cash Flows

15 to 16

Notes to the Financial Statements

17 to 28

 

Pegasus Planning Group Limited

Company Information

Directors

M Carr

N Crouch

S Kerby

J Peachey

J Rainey

S Manson

K Williams

D Mccormick

L Holloway

Registered office

33 Sheep Street
Cirencester
GL7 1RQ

Bankers

Barclays Bank Plc
Business Banking
Leicester
LE87 2BB

Auditors

Hazlewoods LLP
Staverton Court
Cheltenham
GL51 0UX

 

Pegasus Planning Group Limited

Directors' Report
for the Year Ended 30 June 2024

The Directors present their report and the financial statements for the year ended 30 June 2024.

Principal activity

The principal activity of the Company is the provision of multidisciplinary consultancy services in the built environment.

Directors of the Company

The Directors who held office during the year were as follows:

R Barber (ceased 4 March 2025)

D Bentley (ceased 4 March 2025)

P Burrell (ceased 4 March 2025)

M Carr

P Cook (ceased 4 March 2025)

C Calvert (ceased 4 March 2025)

N Crouch

S Hamilton-Foyn (ceased 4 March 2025)

D Hutchison (ceased 4 March 2025)

D Onions (ceased 4 March 2025)

S Kerby

G Lees (ceased 30 June 2024)

S Lewis-Roberts (ceased 4 March 2025)

J Peachey

J Rainey

P Smith (ceased 4 March 2025)

G Stoten (ceased 4 March 2025)

S Tibenham (ceased 4 March 2025)

C Virtue (ceased 4 March 2025)

D Weaver (ceased 4 March 2025)

The following directors were appointed after the year end:

S Manson (appointed 4 March 2025)

K Williams (appointed 4 March 2025)

D Mccormick (appointed 4 March 2025)

L Holloway (appointed 4 March 2025)

Dividends

The directors recommend an interim dividend of £4,395,243 (2023 - £4,784,518) in respect of the financial year ended 30 June 2024.

Employment policy

The Group's policy is to consider the recruitment of workers with disabilities or health conditions for those vacancies that they can fill. All necessary assistance with initial training courses will be provided. Once employed, a career plan is developed to ensure suitable opportunities for each worker. Arrangements are made, where possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitude and ability. All reasonable adjustments are made to ensure workers with disabilities, or physical or mental health conditions are not substantially disadvantaged when doing their jobs.

The Group's selection, training, development and promotion policies ensure equal opportunities for all colleagues regardless of factors such as gender, marital status, race, age, sexual preference and orientation, colour, creed, ethnic origin, religion or belief, disability or trade union affiliation. All our decisions are based on merit.

 

Pegasus Planning Group Limited

Directors' Report
for the Year Ended 30 June 2024

Employee involvement

The Group strives to create a working environment where people enjoy working, give their best and deliver successful outcomes.

The Group continues to invest in leadership, technical and safety training for all staff who have been identified as likely to benefit themselves and the Group. Feedback from employees is also welcomed across the Group.

Employees are able to share in the success of the group through an annual bonus scheme, which is based on the Group's financial performance and to the individual's performance throughout the period.

Engagement with suppliers, customers and other relationships


Delivering the Group's quality policy requires strong mutually beneficial relationships with suppliers, customers, and other organisations. The Directors believe in lasting partnerships, founded on a shared commitment to quality, value and service. The Directors have embraced ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 as a framework to ensure that the Group offers a consistent quality of service to its customers and suppliers.

Directors within the Group are active members of professional bodies with their own code of conduct that provides a set of clear guidelines for the operation of the individuals within the business which includes the way in which it engages in relationships. Membership of these bodies also allows the exchange of experience, incorporating lessons learned.

Regulatory compliance is very important, as is maintaining the Group's reputation.

The Group ensures that we offer honest, trustworthy, independent advice to ensure the integrity to forge loyalties.

Environmental report
Pegasus Planning Group Limited meets the requirements of ISO 14001:2015 for the following scope:

The provision of consultancy services incorporating Town and Country Planning, Economics, Heritage and Archaeology Planning, Environmental Planning, Environmental and Transportation Planning and Surveying, Urban Design, Landscape Architecture and Design, Consultation and Environmental Impact Assessment Management, Renewables, Sustainability and Architectural Design.

Pegasus is committed to the protection of the environment, preventing pollution and minimising the environmental impacts associated with its business activities. We will establish and maintain processes which encourage a reduction in our greenhouse gas emissions, minimise our consumption of natural resources, and reduce the volume of waste associated with our office-based activities.

To ensure that Pegasus effectively manages its environmental impacts it will establish, implement and maintain an Environmental Management System (EMS) accredited to ISO 14001:2015. The EMS is intended to facilitate the following commitments being achieved:
• Compliance with all relevant legal and other requirements;
• Prevention of pollution; and
• Continual improvement of environmental performance and all staff being aware of how their roles and responsibilities contribute towards this being achieved.

Pegasus recognises that the sustainability agenda is a central issue for the planning system. In its consultancy role, Pegasus is mindful that sustainability seeks to balance economic, environmental and social objectives without compromising the needs of future generations.

At the project level, Pegasus understands and promotes the principles and benefits of sustainable development. It seeks to work with developers to encourage the adoption of sustainable working practices.

Our Environment Policy is reviewed on an annual basis to ensure that Pegasus continues to be aligned with current best practice and responds to any relevant findings of EMS audits.

 

Pegasus Planning Group Limited

Directors' Report
for the Year Ended 30 June 2024

Emissions and energy consumption

The scope of the data covered Gas, refrigerant, electricity, business travel, paper and water usage across the portfolio of offices within Pegasus. Total reported Greenhouse Gas Emissions in tonnes of carbon dioxide equivalent emissions (tCO2e) were as follows:

2020-2021

2021-2022

2022-2023

2023-2024

Total

238.03 tC02e

278.02 tC02e

275.03 tC02e

255.52 tC02e

Scope 1

8.4%

3.3%

3.4%

2.8%

Scope 2

27.7%

20.6%

23.2%

25.1%

Scope 3

55.3%

76.1%

73.4%

72.1%

The significant area can be seen in scope 3 and relates primarily to Business Travel, Paper and Computers.

As can be seen through the breakdown of the last 4 years we have been able to reduce or maintain our overall greenhouse gas emissions in both scopes 1 and 2.

2020-2021

2021-2022

2022-2023

2023-2024

Scope 1

Total tC02e

40.15

9.19

9.30

7.13

Gas

33.45

2.98

2.55

0.86

Refrigerant

6.70

6.21

6.75

6.27

Scope 2

Total tC02e

60.16

57.22

63.73

64.24

Electricity

60.16

57.22

63.73

64.24

Scope 3

Total tC02e

139.76

211.61

202.00

184.16

Business travel: Air

-

4

4.90

9..68

Business travel: Road

82.78

132.52

150.74

135.88

Computers

-

43

12.66

9.70

Electricity (T&D and WTT)

22.37

20.17

20.86

21.15

Gas (WTT)

5.73

0.51

0.42

0.14

Home Working

-

1

1.70

1.71

Paper

0.15

2.33

2.38

2.30

Water *

28.73

7.55

8.33

3.61

* Note Leak associated with one office caused anomaly

Due to COVID-19 travel reduced significantly but with the return to work there has inevitably been an increase in this area and particularly with a growing workforce. Pegasus are reviewing work practices to achieve a reduction in our carbon footprint through business travel over the coming years. Paper has plateaued following further investment in digitalisation reducing the need to print and paperless protocols set in place where we are able, our aim would be to reduce this further.

In 2022 Pegasus commenced work towards a clear sustainability strategy embedding best practice into business activities providing Pegasus the ability to set clear objectives, targets and KPIS to reduce emissions through purchased goods, company facilities and further through our leased assets. The sustainable strategy has now been signed off with clear markers over the period of the business plan and beyond to achieve a net zero carbon emissions target by 2030.
 

 

Pegasus Planning Group Limited

Directors' Report
for the Year Ended 30 June 2024

We will continue to monitor our Greenhouse Gas emissions alongside the Sustainability Strategy to ensure both are aligned and ensure we focus on key areas. Recent office moves have sought not only better sustainability for us as a business as part of the relocation but also those of the landlords and what they are putting in place to satisfy the need to reduce their emissions and the use of green energy alternatives.

Pegasus takes emissions and energy consumption seriously and has implemented quarterly reporting as part of the sustainability strategy.
 

Working Capital

As part of the Shareholders’ Deed, it is the Shareholders' Duty to ensure that the working capital requirements of the business are sufficient for the next financial year before determining the amount of profits available for distribution.

For transparency a breakdown of the remaining agreed distribution proposed by the Directors following approval of the Financial Statements for Year Ended 30 June 2023 retained within the Reserves on the Balance Sheet are shown below.

The distribution for Year Ended 30 June 2024 is yet to be determined but a proposal for 85% is being considered.

Profit

Distribution

Reserves

YE 2023

£5,860,313

£4,395,243

£1,465,070

75%

Going concern

After reviewing the Group's forecasts and projections, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements.

Disclosure of information to the auditors

Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 19 March 2025 and signed on its behalf by:


J Peachey
Director

 

Pegasus Planning Group Limited

Strategic Report
for the Year Ended 30 June 2024

The Directors present their strategic report for the year ended 30 June 2024.

Business review


In this reported financial year, we saw a healthy supply of work from a range of development sectors including the private sector residential market, which comprises a large extent of our workload. In the current financial year (2023/24), the increasing rise of interest rates during 2023, used by the Bank of England to curb rising inflation rates, and the forthcoming General Election and associated policy changes have continued to have an impact across much of our client base. This has been most keenly felt by our housebuilder clients in terms of sales rates and the residential market as a whole. We are witnessing some significant changes across the residential client base that is causing some workstreams to decrease, albeit with regional variances across the business. As inflation continues to fall and the stabilization of interest rates, we are seeing a return in confidence in this market and an increasing workstream. As with the year before, any reduction in workload associated with the housing sector has been replaced by a significant increase in the energy sector, where we are continuing to see increasing volumes of work for solar and battery storage development proposals in England and Wales and also in Scotland, where onshore wind energy projects are still moving forward. We have reinforced and invested in our teams working within this sector to improve the service offer we are able to provide. This is helping us to secure more work in this area. As such, recent and current turnover levels have remained healthy and comparable to previous years.
 

The Company's key financial and other performance indicators during the year were as follows:
 

Financial KPIs

Unit

2024

2023

Turnover

£'000

42,148

42,451

Gross Profit Margin

%

36

41

Operating Profit

£'000

4,289

7,469

Shareholders Funds

£'000

5,784

6,910

Current Assets as a % of Current Liabilities

%

138

159

Average number of employees

No.

420

409

Future developments


The recent and ongoing changes to national planning policy result in increased hurdles for some clients. Although this has meant some delay in bringing projects forward for the current trading year, we are now seeing signs of improved confidence as we move towards a General Election and the election promises that are being made regarding the importance of the development industry. It is also identifying emerging opportunities that will further assist in our diversification strategy and which are currently being explored. Added to this, is the ongoing need to ensure that the UK is more resilient in meeting its own energy needs and the consequential development needs that flow from this. This is a cross-party issue and is therefore something that we expect to see continue to grow in importance. Whilst there are some challenges within the economy and the development sectors we serve, there is a continuing and growing need for the services that we provide to our existing and future clients, which provides continued opportunities to grow Pegasus Group. The greatest risk is ensuring that we have sufficient staff within the relevant competencies to supply these services, but this is something we are keeping under constant review with appropriate investments to attract and retain key personnel.

Environmental matters


The Group operates under an accreditation for ISO14001, a recognised environmental management system.

We have also completed an ESG Business Wide Strategy with the assistance of external specialists, we are determined to develop actions that will deliver clearly defined objectives in realistic timescales, in particular with regard to our energy usage and carbon footprint as provided in our Director’s Report.

Social and community issues


Our diverse and talented employees take part in a number of charitable events and we are very proud of their achievements in raising money for charities that are dear to their hearts.

The Group has made a number of charitable donations over the past year, and each year supports a selected charity nominated by the staff.

 

Pegasus Planning Group Limited

Strategic Report
for the Year Ended 30 June 2024

Principal risks and uncertainties


The management of the business and the execution of the Group's strategy are subject to a number of risks. The key business risks and uncertainties affecting the Group relate to the recruitment and retention of the right staff, changes in the external economic, policy and legal context and the growth in competition. We continue to maintain competitive salary, bonus and benefit packages for employees in order to attract the best talent and encourage low levels of staff turnover. We carefully monitor the external environment in which we operate and look to mitigate risks by developing new areas of expertise and expanding into sectors, including under different consent regimes, where our services can support clients.

Section 172(1) statement


The Directors believe that they have effectively implemented their duties under section 172 of the Companies Act 2006. The Group has considered the long-term strategy of the business in the Strategic Report and consider that this strategy will continue to deliver long term success to the business and it’s stakeholders.

The Group is committed to maintaining an excellent reputation and strives to achieve high standards. We are highly selective about which suppliers are used to deliver best value while maintaining an awareness of the environmental impact of the work that they do and strive to reduce their carbon footprint.

The Directors recognise the importance of wider stakeholders in delivering their strategy and achieving sustainability within the business. The main stakeholders in the company are considered to be the employees, suppliers and customers.

In ensuring that all our stakeholders are considered as part of every decision process we believe we act fairly between all members of the Group.

Engagement with suppliers, customers and other relationships


Delivering the Group's quality policy requires strong mutually beneficial relationships with suppliers, customers, and other organisations. The Directors believe in lasting partnerships, founded on a shared commitment to quality, value and service. The Directors have embraced ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 as a framework to ensure that the Group offers a consistent quality of service to its customers and suppliers.

Directors within the Group are active members of professional bodies with their own code of conduct that provides a set of clear guidelines for the operation of the individuals within the business which includes the way in which it engages in relationships. Membership of these bodies also allows the exchange of experience, incorporating lessons learned.

Regulatory compliance is very important, as is maintaining the Group's reputation.

The Group ensures that we offer honest, trustworthy, independent advice to ensure the integrity to forge loyalties.

Financial instruments


The Group's financial instruments comprise cash and liquid resources, and various other items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the Group. The Group is exposed to the usual credit risk and cash flow risk associated with providing services on credit and manages this through credit control procedures. The nature of the Group's other financial instruments means they are not subject to price or liquidity risk.

The Board constantly monitor the Group's trading results to ensure that the Group can meet its future obligations as they fall due and have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Approved by the Board on 19 March 2025 and signed on its behalf by:


J Peachey
Director

 

Pegasus Planning Group Limited

Statement of Directors' Responsibilities

The Directors are responsible for preparing the Directors' Report, Strategic Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards has been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Pegasus Planning Group Limited

Independent Auditor's Report to the Members of Pegasus Planning Group Limited

Opinion

We have audited the financial statements of Pegasus Planning Group Limited (the 'Company') for the year ended 30 June 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Pegasus Planning Group Limited

Independent Auditor's Report to the Members of Pegasus Planning Group Limited

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of Directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 8, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

 

Pegasus Planning Group Limited

Independent Auditor's Report to the Members of Pegasus Planning Group Limited

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of this report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.





Felicity Sang (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Cheltenham
GL51 0UX

19 March 2025

 

Pegasus Planning Group Limited

Profit and Loss Account
for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

42,147,903

42,451,275

Cost of sales

 

(27,008,129)

(25,110,739)

Gross profit

 

15,139,774

17,340,536

Administrative expenses

 

(10,850,483)

(9,871,169)

Operating profit

4

4,289,291

7,469,367

Other interest receivable and similar income

22,818

-

Interest payable and similar expenses

(32,174)

(20,621)

   

(9,356)

(20,621)

Profit before tax

 

4,279,935

7,448,746

Taxation

8

(1,120,203)

(1,588,433)

Profit for the financial year

 

3,159,732

5,860,313

The above results were derived from continuing operations.

The Company had no other comprehensive income in the current or preceding year.

 

Pegasus Planning Group Limited

(Registration number: 07277000)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

9

1,084,323

1,239,227

Tangible fixed assets

10

601,437

471,163

Investments

11

1,000

1,300

 

1,686,760

1,711,690

Current assets

 

Debtors

12

14,851,745

14,775,590

Cash at bank and in hand

 

464,507

197,338

 

15,316,252

14,972,928

Creditors: Amounts falling due within one year

14

(10,722,830)

(9,392,198)

Net current assets

 

4,593,422

5,580,730

Total assets less current liabilities

 

6,280,182

7,292,420

Creditors: Amounts falling due after more than one year

14

(405,143)

(303,841)

Provisions for liabilities

(813)

(79,035)

Net assets

 

5,874,226

6,909,544

Capital and reserves

 

Called up share capital

14,300

13,700

Share premium reserve

768,030

768,030

Treasury shares

(550,730)

(471,427)

Other reserves

1,090,084

811,189

Retained earnings

4,552,542

5,788,052

Total equity

 

5,874,226

6,909,544

Approved and authorised by the Board on 19 March 2025 and signed on its behalf by:
 


J Peachey
Director

 

Pegasus Planning Group Limited

Statement of Changes in Equity
for the Year Ended 30 June 2024

Share capital
£

Share premium
£

Treasury shares (held by EBT)
£

Other reserves
£

Retained earnings
£

Total
£

At 1 July 2022

13,700

768,030

(291,140)

646,249

4,712,257

5,849,096

Profit for the year

-

-

-

-

5,860,313

5,860,313

Dividends

-

-

-

-

(4,784,518)

(4,784,518)

Transfers

-

-

(180,287)

164,940

-

(15,347)

At 30 June 2023

13,700

768,030

(471,427)

811,189

5,788,052

6,909,544

Share capital
£

Share premium
£

Treasury shares (held by EBT)
£

Other reserves
£

Retained earnings
£

Total
£

At 1 July 2023

13,700

768,030

(471,427)

811,189

5,788,052

6,909,544

Profit for the year

-

-

-

-

3,159,732

3,159,732

Dividends

-

-

-

-

(4,395,242)

(4,395,242)

New share capital subscribed

600

-

-

-

-

600

Transfers

-

-

(79,303)

278,895

-

199,592

At 30 June 2024

14,300

768,030

(550,730)

1,090,084

4,552,542

5,874,226

 

Pegasus Planning Group Limited

Statement of Cash Flows
for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

3,159,732

5,860,313

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

427,285

409,815

Loss on disposal of intangible assets

-

80,884

Loss from disposals of investments

300

100

Finance income

(22,818)

-

Finance costs

32,174

20,621

Income tax expense

8

1,120,203

1,588,433

 

4,716,876

7,960,166

Working capital adjustments

 

(Increase)/decrease in debtors

12

(76,155)

238,570

Increase/(decrease) in creditors

14

1,066,384

(1,142,756)

Cash generated from operations

 

5,707,105

7,055,980

Income taxes paid

8

(842,900)

(1,872,826)

Net cash flow from operating activities

 

4,864,205

5,183,154

Cash flows from investing activities

 

Interest received

22,818

-

Acquisitions of tangible fixed assets

(64,105)

(55,827)

Net cash flows from investing activities

 

(41,287)

(55,827)

Cash flows from financing activities

 

Interest paid

(32,174)

(20,621)

Repayment of bank borrowing

 

(181,756)

(537,896)

Acquisition of shares within treasury reserve

 

199,592

(15,347)

Payments to finance lease creditors

 

(146,769)

(83,263)

Proceeds from issue of ordinary shares, net of issue costs

 

600

-

Dividends paid

19

(4,395,242)

(4,784,518)

Net cash flows from financing activities

 

(4,555,749)

(5,441,645)

Net increase/(decrease) in cash and cash equivalents

 

267,169

(314,318)

Cash and cash equivalents at 1 July

 

197,338

511,656

Cash and cash equivalents at 30 June

13

464,507

197,338

 

Pegasus Planning Group Limited

Statement of Cash Flows
for the Year Ended 30 June 2024

 

Analysis of changes in net debt

At 1 July 2023
£

Financing cash flows
£

New finance leases
£

At 30 June 2024
£

Cash and cash equivalents

Cash

197,338

267,169

-

464,507

Borrowings

Long term borrowings

(303,841)

156,099

(96,470)

(244,212)

Short term borrowings

(298,581)

158,487

(10,780)

(150,874)

(602,422)

314,586

(107,250)

(395,086)

 

(405,084)

581,755

(107,250)

69,421

 

Pegasus Planning Group Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024

 

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
33 Sheep Street
Cirencester
GL7 1RQ

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The financial statements present information about the company as an individual undertaking and not about its group. The company and subsidiary undertakings comprise a large sized group. Although the Companies Act 2006 requires large sized groups to prepare consolidated accounts, the company has not prepared them on the basis that the results and net assets of the subsidiary undertakings are not material to the group.

Going concern

After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

The Directors are required to make judgements regarding: the recoverability of trade debtor balances; amounts recoverable on long-term contracts; the fair value of work in progress; and the estimated useful life of tangible and intangible fixed assets. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

 

Pegasus Planning Group Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024

 

2

Accounting policies (continued)

Revenue recognition

Turnover represents amounts chargeable to clients for the provision of professional services that have been provided during the year. Turnover is recognised as contract activity progresses and the right to consideration is secured, except where the final outcome cannot be assessed with reasonable certainty.

Fee income in respect of contingent fee assignments is recognised in the period when the contingent event occurs and the collectability of the fee is assured.

Unbilled fee income on individual assignments is included as 'Gross amount due from customers for contract work' within debtors.

Tax

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

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

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% straight line

Leasehold improvements

25% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

 

Pegasus Planning Group Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024

 

2

Accounting policies (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% or 20% straight line

Client list

50% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business, and are recognised initially at the transaction price. They are subsequently measured at amortised cost, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due.


Amounts recoverable on contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Pegasus Planning Group Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024

 

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet, The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non-financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

 

Pegasus Planning Group Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024

 

3

Revenue

The analysis of the Company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

42,147,903

42,451,275

All of the Company's turnover in the current and prior year was derived from the United Kingdom.

 

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

272,381

200,969

Amortisation expense

154,904

208,842

Foreign exchange losses

397

1,050

Operating lease expense - property

1,192,497

899,707

Operating lease expense - other

1,136,759

1,004,046

 

5

Staff costs

The aggregate payroll costs (including Directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

23,266,257

21,966,854

Social security costs

2,630,528

2,661,658

Pension costs

2,360,089

2,120,879

28,256,874

26,749,391

The average number of persons employed by the Company (including Directors) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Cost of sales

336

329

Administration and support

64

60

Directors

20

22

420

411

 

Pegasus Planning Group Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024

 

6

Directors' remuneration

The Directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration (including benefits in kind)

3,137,831

4,486,457

Contributions paid to money purchase schemes

255,804

256,757

3,393,635

4,743,214

During the year the number of Directors who were receiving benefits was as follows:

2024
 No.

2023
 No.

Accruing benefits under money purchase pension scheme

20

22

In respect of the highest paid Director:

2024
£

2023
£

Remuneration

152,050

319,654

Company contributions to money purchase pension schemes

33,490

10,000

 

7

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

25,375

25,920

Other fees to auditors

All other non-audit services

5,000

2,100


 

 

Pegasus Planning Group Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024

8

Tax

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

1,198,425

1,660,511

UK corporation tax adjustment to prior periods

-

(157,809)

1,198,425

1,502,702

Deferred taxation

Arising from origination and reversal of timing differences

(78,222)

117,909

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

-

(32,178)

Total deferred taxation

(78,222)

85,731

Tax expense in the income statement

1,120,203

1,588,433

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 20%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

4,279,935

7,448,746

Corporation tax at standard rate

1,069,984

1,526,687

Fixed asset differences

62,649

107,057

Expenses not deductible for tax purposes

65,792

123,433

Adjustments to tax charge in respect of previous periods

-

(157,809)

Adjustments to tax charge in respect of previous periods - deferred tax

(78,222)

(32,178)

Remeasurement of deferred tax for changes in tax rates

-

21,243

Total tax charge

1,120,203

1,588,433

Deferred tax

Deferred tax assets and liabilities:

2024

Liability
£

Accelerated capital allowances

50,837

Other timing differences

(50,024)

813

2023

Liability
£

Accelerated capital allowances

126,236

Other timing differences

(47,201)

79,035

 

Pegasus Planning Group Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024

 

9

Intangible assets

Goodwill
 £

Cost

At 1 July 2023 and at 30 June 2024

1,549,035

Amortisation

At 1 July 2023

309,808

Amortisation charge

154,904

At 30 June 2024

464,712

Carrying amount

At 30 June 2024

1,084,323

At 30 June 2023

1,239,227

 

10

Tangible fixed assets

Leasehold improvements
£

Fixtures and fittings
 £

Total
£

Cost

At 1 July 2023

503,112

1,499,605

2,002,717

Additions

338,550

64,105

402,655

At 30 June 2024

841,662

1,563,710

2,405,372

Depreciation

At 1 July 2023

125,778

1,405,776

1,531,554

Charge for the year

210,416

61,965

272,381

At 30 June 2024

336,194

1,467,741

1,803,935

Carrying amount

At 30 June 2024

505,468

95,969

601,437

At 30 June 2023

377,334

93,829

471,163

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible fixed assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Leasehold improvements

331,993

377,334

   

 

Pegasus Planning Group Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024

 

11

Investments

Subsidiaries

£

Cost

At 1 July 2023

1,300

Disposals

(300)

At 30 June 2024

1,000

Carrying amount

At 30 June 2024

1,000

At 30 June 2023

1,300

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Armstrong Burton Limited

Ordinary

100%

100%

 

England

     

Armstrong Burton Architects Limited

Ordinary

0%

100%

 

England

     

Armstrong Burton Consulting Engineers Limited

Ordinary

0%

100%

 

England

     

Armstrong Burton Structures Limited

Ordinary

0%

100%

 

England

     

The subsidiaries incorporated in England are all registered at 33 Sheep Street, Cirencester, GL7 1RT.

Armstrong Burton Architects Limited, Armstrong Burton Consulting Engineers Limited and Armstrong Burton Structures Limited gave notice for voluntary strike-off on 21 May 2024 and were dissolved on 6 August 2024.

Armstrong Burton Limited is dormant.

 

Pegasus Planning Group Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024

 

12

Debtors

2024
£

2023
£

Trade debtors

12,379,779

13,054,265

Other debtors

43,056

2,514

Prepayments

414,311

323,163

Amounts recoverable on contracts

2,014,599

1,395,648

14,851,745

14,775,590

 

13

Cash and cash equivalents

2024
£

2023
£

Cash on hand

-

1,718

Cash at bank

464,507

195,620

464,507

197,338

 

14

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

15

207,304

298,581

Trade creditors

 

1,113,314

806,580

Social security and other taxes

 

1,308,342

1,497,618

Outstanding defined contribution pension costs

 

203,204

191,349

Other creditors

 

11,973

8,550

Accruals and deferred income

 

7,176,925

6,243,277

Tax liability

8

701,768

346,243

 

10,722,830

9,392,198

Due after one year

 

Loans and borrowings

15

405,143

303,841

 

15

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

181,756

HP and finance lease liabilities

207,304

116,825

207,304

298,581

Non-current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

405,143

303,841

 

Pegasus Planning Group Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024

 

15

Loans and borrowings (continued)

The liabilities held under finance leases agreements are secured against the assets to which they relate, held by the Company.

Bank borrowings

Term loan is denominated in GB£ with a nominal interest rate of 2.1%, and the final instalment was due on 14 April 2024. The carrying amount at year end is £Nil (2023 - £75,384).

The loan is secured by a debenture over all of the property and assets of the group.

 

16

Pension and other schemes

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £2,360,089 (2023 - £2,120,879).

Contributions totalling £203,204 (2023 - £191,349) were payable to the scheme at the end of the year and are included in creditors.

 

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

2,800

2,800

3,600

3,600

Ordinary C1 of £1 each

-

-

100

100

Ordinary C2 of £1 each

100

100

200

200

Ordinary C4 of £1 each

-

-

100

100

Ordinary C5 of £1 each

300

300

400

400

Ordinary C6 of £1 each

200

200

300

300

Ordinary C7 of £1 each

120

120

160

160

Ordinary C9 of £1 each

700

700

-

-

Ordinary C11 of £1 each

450

450

-

-

Ordinary C99 of £1 each

1,680

1,680

1,240

1,240

Ordinary D of £1 each

7,500

7,500

7,100

7,100

Ordinary C10 of £1 each

450

450

500

500

14,300

14,300

13,700

13,700

Rights, preferences and restrictions

A and D shares: Each share in entitled to one vote.

C1 to C11 share holding: The C1-C11 shares have attached to them full dividend and capital distribution (including on winding up) rights, they do not confer any rights of redemption. They confer voting rights at the AGM only.

C99 shares: The C99 shares have attached to them full dividend and capital distribution (including on winding up) rights, they do not confer any rights of redemption. They confer no voting rights.

Share issue

During the year 600 C99 shares were issued at par value.

 

Pegasus Planning Group Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024

 

18

Obligations under leases

The total of future minimum lease payments is as follows:

2024
 £

2023
 £

Not later than one year

1,472,648

1,195,284

Later than one year and not later than five years

2,253,710

2,175,045

3,726,358

3,370,329

The amount of non-cancellable operating lease payments recognised as an expense during the year was £2,329,256 (2023 - £1,903,753).

 

19

Dividends

2024
 £

2023
 £

Dividends paid

4,395,242

4,784,518

 

20

Related party transactions

During the year the Company had the following related party transactions:

During the year, the Company was owed a rent repayment of £24,513 (2023 - rent payment of £148,500) that was still due to be received at the year end (2023 - £Nil).

Summary of transactions with key management
Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 6 to the financial statements.

 

21

Control

No one individual or entity controls the group.