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Registration number: 09132990

Pegaso Limited
Filleted Abridged Financial Statements
for the Year Ended 31 December 2024

Pegaso Limited

Contents

Company Information | 1
Abridged Balance Sheet | 2
Notes to the Abridged Financial Statements | 3 to 6

Pegaso Limited

Company Information

Directors | Ms Saveria Veronica Ciani Mr Simone Billi

Registered office | 75-77 Brook Street London W1K 4HX

Auditors | DTL Auditors Ltd Accountants and Statutory Auditors5th Floor, North Side 7/10 Chandos Street London W1G 9DQ

Pegaso Limited

(Registration number: 09132990)
Abridged Balance Sheet as at 31 December 2024

| Note | 2024 € | 2023 €
Fixed assets |  |  |
Tangible assets | 4 | 15,210,907 | 14,388,042
Current assets |  |  |
Debtors |  | 7,617 | 180,300
Cash at bank and in hand |  | 76,715 | 105,970
|  | 84,332 | 286,270
Prepayments and accrued income |  | 57,078 | 40,038
Creditors: Amounts falling due within one year |  | (134,101) | (68,333)
Net current assets |  | 7,309 | 257,975
Total assets less current liabilities |  | 15,218,216 | 14,646,017
Creditors: Amounts falling due after more than one year |  | (15,103,459) | (14,531,996)
Accruals and deferred income |  | (736) | -
Net assets |  | 114,021 | 114,021
Capital and reserves |  |  |
Called up share capital | 5 | 114,021 | 114,021
Shareholders' funds |  | 114,021 | 114,021

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 March 2025 and signed on its behalf by:

......................................... Ms Saveria Veronica Ciani Director |  |

Pegaso Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 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:
75-77 Brook Street
London
W1K 4HX

These financial statements were authorised for issue by the Board on 14 March 2025.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 6 October 2025 was John Tiltman, who signed for and on behalf of DTL Auditors Ltd.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Impairment of fixed assets

Pegaso Limited

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

A review for indicators of impairment is carried out at each reporting date, with the recoverable amountbeingestimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the assetisimpaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Office Eqiupment | 20% Straight line
Vessel | 10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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 according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 using the effective interest method.

Pegaso Limited

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

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.
No adjustment is made if the amortised cost of the borrowings is not materially different from the value initially recognised.
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.

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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

Pegaso Limited

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

4 | Tangible assets

| Furniture, fittings and equipment € | Total €
Cost or valuation
At 1 January 2024 | 20,357,283 | 20,357,283
Additions | 822,865 | 822,865
At 31 December 2024 | 21,180,148 | 21,180,148
Depreciation
At 1 January 2024 | 5,969,241 | 5,969,241
At 31 December 2024 | 5,969,241 | 5,969,241
Carrying amount
At 31 December 2024 | 15,210,907 | 15,210,907
At 31 December 2023 | 14,388,042 | 14,388,042

The Directors asset policy is to maintain its marine craft to a high standard. They have obtained valuations for
the craft as at the year end which indicate a market value in excess of the current carrying value of those assets
in the accounts. The Directors have therefore taken the decision not to provide any depreciation for the 2024
year.

5 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | € | No. | €
Ordinary shares of £1 each | 100,000 | 114,021 | 100,000 | 114,021

6 | Parent and ultimate parent undertaking

The company's immediate parent is VGL Investments Limited, incorporated in England and Wales.