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REGISTERED NUMBER: OC316706
Pegasus Portfolio Planning LLP
Filleted Unaudited Financial Statements
31 March 2025
Pegasus Portfolio Planning LLP
Chartered Accountant's Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of Pegasus Portfolio Planning LLP
Year ended 31 March 2025
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Pegasus Portfolio Planning LLP for the year ended 31 March 2025, which comprise the statement of financial position and the related notes from the LLP's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the members of Pegasus Portfolio Planning LLP, as a body, in accordance with the terms of our engagement letter dated 14 April 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Pegasus Portfolio Planning LLP and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pegasus Portfolio Planning LLP and its members, as a body, for our work or for this report.
It is your duty to ensure that Pegasus Portfolio Planning LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pegasus Portfolio Planning LLP. You consider that Pegasus Portfolio Planning LLP is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Pegasus Portfolio Planning LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
RIVERSIDE ACCOUNTANCY LANCASTER LIMITED Chartered accountants
Suite 2, 2 Mannin Way Lancaster Business Park Caton Road Lancaster LA1 3SU
15 April 2025
Pegasus Portfolio Planning LLP
Statement of Financial Position
31 March 2025
2025
2024
Note
£
£
Fixed assets
Intangible assets
5
1,230
1,640
Tangible assets
6
873
1,153
-------
-------
2,103
2,793
Current assets
Debtors
7
2,522
3,230
Cash at bank and in hand
79,514
66,643
--------
--------
82,036
69,873
Creditors: amounts falling due within one year
8
3,061
3,338
--------
--------
Net current assets
78,975
66,535
--------
--------
Total assets less current liabilities
81,078
69,328
--------
--------
Net assets
81,078
69,328
--------
--------
Represented by:
Loans and other debts due to members
Members' capital classified as a liability
9
6,833
6,833
Other amounts
9
74,245
62,495
--------
--------
81,078
69,328
--------
--------
Members' other interests
Other reserves
--------
--------
81,078
69,328
--------
--------
Total members' interests
Loans and other debts due to members
9
81,078
69,328
Members' other interests
--------
--------
81,078
69,328
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
Pegasus Portfolio Planning LLP
Statement of Financial Position (continued)
31 March 2025
For the year ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the members and authorised for issue on 15 April 2025 , and are signed on their behalf by:
Mr N Ryan
Designated Member
Registered number: OC316706
Pegasus Portfolio Planning LLP
Notes to the Financial Statements
Year ended 31 March 2025
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 31-33 Stramongate, Kendal, Cumbria, LA9 4BL.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the LLP's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
25% straight line
Fixtures and fittings
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 1 (2024: 1 ).
5.
Intangible assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
4,100
-------
Amortisation
At 1 April 2024
2,460
Charge for the year
410
-------
At 31 March 2025
2,870
-------
Carrying amount
At 31 March 2025
1,230
-------
At 31 March 2024
1,640
-------
6.
Tangible assets
Short leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2024
2,296
6,925
9,221
Additions
290
290
-------
-------
-------
At 31 March 2025
2,296
7,215
9,511
-------
-------
-------
Depreciation
At 1 April 2024
2,295
5,773
8,068
Charge for the year
570
570
-------
-------
-------
At 31 March 2025
2,295
6,343
8,638
-------
-------
-------
Carrying amount
At 31 March 2025
1
872
873
-------
-------
-------
At 31 March 2024
1
1,152
1,153
-------
-------
-------
7.
Debtors
2025
2024
£
£
Other debtors
2,522
3,230
-------
-------
8. Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
48
48
Other creditors
3,013
3,290
-------
-------
3,061
3,338
-------
-------
9.
Loans and other debts due to members
2025
2024
£
£
Amounts owed to members in respect of profits
74,245
62,495
Other amounts
6,833
6,833
--------
--------
81,078
69,328
--------
--------
In the event of a winding up the amounts included in 'loans and other debts due to members' will rank equally with unsecured creditors.
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2025
2024
£
£
Not later than 1 year
11,000
11,000
Later than 1 year and not later than 5 years
29,333
40,333
--------
--------
40,333
51,333
--------
--------
11.
Controlling party
The LLP is controlled by its members.