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Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Pegasus Classic Engineering Ltd

Pegasus Classic Engineering Ltd (Registered number: 13616895)

Contents of the Financial Statements
for the Year Ended 31 December 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Pegasus Classic Engineering Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTORS: T A Foster
Miss S Osborne





REGISTERED OFFICE: 8/10 South Street
Epsom
Surrey
KT18 7PF





REGISTERED NUMBER: 13616895 (England and Wales)





ACCOUNTANTS: Williams & Co Epsom LLP
Chartered Accountants
8-10 South Street
Epsom
Surrey
KT18 7PF

Pegasus Classic Engineering Ltd (Registered number: 13616895)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 57,683 87,380

CURRENT ASSETS
Stocks 389,362 112,500
Debtors 5 113,162 111,005
Cash at bank 130,360 49,993
632,884 273,498
CREDITORS
Amounts falling due within one year 6 485,828 42,271
NET CURRENT ASSETS 147,056 231,227
TOTAL ASSETS LESS CURRENT
LIABILITIES

204,739

318,607

CREDITORS
Amounts falling due after more than one
year

7

15,220

37,483
NET ASSETS 189,519 281,124

CAPITAL AND RESERVES
Called up share capital 9 14 13
Share premium 579,994 485,993
Retained earnings (390,489 ) (204,882 )
SHAREHOLDERS' FUNDS 189,519 281,124

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:





T A Foster - Director


Pegasus Classic Engineering Ltd (Registered number: 13616895)

Notes to the Financial Statements
for the Year Ended 31 December 2024


1. STATUTORY INFORMATION

Pegasus Classic Engineering Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 3 years
Plant and machinery - 25% on reducing balance
Fixtures and fittings - Straight line over 3 years
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Pegasus Classic Engineering Ltd (Registered number: 13616895)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2024 22,288 82,088 17,143
Additions - 2,400 -
At 31 December 2024 22,288 84,488 17,143
DEPRECIATION
At 1 January 2024 14,859 41,044 11,429
Charge for year 7,429 10,611 5,714
At 31 December 2024 22,288 51,655 17,143
NET BOOK VALUE
At 31 December 2024 - 32,833 -
At 31 December 2023 7,429 41,044 5,714

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 66,265 182 187,966
Additions - - 2,400
At 31 December 2024 66,265 182 190,366
DEPRECIATION
At 1 January 2024 33,132 122 100,586
Charge for year 8,283 60 32,097
At 31 December 2024 41,415 182 132,683
NET BOOK VALUE
At 31 December 2024 24,850 - 57,683
At 31 December 2023 33,133 60 87,380

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 21,300 9,185
Other debtors 40,207 15,205
VAT - 4,465
Accrued income 32,775 73,650
Prepayments 18,880 8,500
113,162 111,005

Pegasus Classic Engineering Ltd (Registered number: 13616895)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 8) 431,000 -
Hire purchase contracts 22,263 25,239
Trade creditors - 14,249
VAT 27,616 -
Other creditors 2,166 -
Directors' current accounts 283 283
Accrued expenses 2,500 2,500
485,828 42,271

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 15,220 37,483

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Other loans 431,000 -

The company took a £425,000 loan from Cloth Fair Nauclerus Consultancy Limited, interest free and repayable on demand no earlier than 2028.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,350 Ordinary Shares 0.01 14 13

100 Ordinary Shares shares of 0.01 each were allotted as fully paid at a premium of £999.99 per share during the year.

10. OTHER FINANCIAL COMMITMENTS

The company has a lease on the business premises that runs to December 2027. Current annual rental is £34,000 pa.