Limited Liability Partnership registration number OC444564 (England and Wales)
PEGASUS I LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PEGASUS I LLP
CONTENTS
Page
Members' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
PEGASUS I LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The members present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the limited liability partnership is that of buying and selling racehorses.

Members' contributions and repayments

A member's capital requirement is linked to their share of profit and the financing requirement of the l imited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

J F G V Maia
T M Da Costa Leite
Statement of members' responsibilities

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

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

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small LLPs exemption

This report has been prepared in accordance with the special provisions relating to small LLP s within Part 15 of the Companies Act 2006.

Approved by the members on 23 March 2026 and signed on behalf by:
23 March 2026
J F G V Maia
Designated Member
PEGASUS I LLP
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
as restated
Notes
£
£
£
£
Current assets
Stocks
3
1,586,863
1,875,561
Debtors
4
808,575
387,649
Cash at bank and in hand
126,810
280,682
2,522,248
2,543,892
Creditors: amounts falling due within one year
5
(590,466)
(960,572)
Net current assets and net assets attributable to members
1,931,782
1,583,320
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(411,042)
(653,050)
Members' other interests
Members' capital classified as equity
2,342,824
2,236,370
1,931,782
1,583,320

For the financial year ended 31 December 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

T he members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 23 March 2026 and are signed on their behalf by:
23 March 2026
J F G V Maia
Designated member
Limited Liability Partnership registration number OC444564 (England and Wales)
PEGASUS I LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Pegasus I LLP is a limited liability partnership incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable from the sale of horses, from the recharge of expenses and from prize money received.

Revenue recognition

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' 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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

PEGASUS I LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

Whilst the members’ agreement does not differentiate between profits and losses for profit sharing purposes, it does stipulate that the LLP cannot demand additional contributions from members, and as a result the LLP does not have an unconditional right to demand payment from members for losses. Therefore, to the extent that losses exceed the balance on capital and current accounts, they are not recognised as a recoverable asset and so remain within equity until such time as profits are generated to set them against.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic F inancial Instruments” to all of its financial instruments.

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.6
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

PEGASUS I LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
Employees

There are no persons employed by the partnership. The average number of members of the partnership during the year was:

2024
2023
Number
Number
Total
14
13
3
Stocks
2024
2023
£
£
Stocks
1,586,863
1,875,561
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
636,841
255,934
Other debtors
171,734
131,715
808,575
387,649
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,428
10,875
Other creditors
581,038
949,697
590,466
960,572
PEGASUS I LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
6
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment at 1 Jan 2023
Adjustment at 31 Dec 2023
As restated at 31 Dec 2023
£
£
£
£
Creditors due within one year
Other creditors
(3,173,522)
-
2,212,950
(960,572)
Loans and other debts due to members
Amounts due in respect of profits
-
-
(653,050)
(653,050)
Members' capital classified as equity
-
-
(2,236,370)
2,236,370
Other reserves classified as equity
(629,630)
-
629,630
-
Total members' interests
(629,630)
-
2,212,950
1,583,320
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Administrative expenses
(699,190)
(23,420)
(722,610)
Notes to reconciliation
Administrative expenses

An adjustment has been made to recognise £23,420 in legal & professional fees, relating to costs regarding the set up of the company. These costs were incurred by one of the members and reflect a proportion of their capital contribution to the LLP. This adjustment increased the loss for the year.

Other creditors

In the prior year, member's capital contributions were incorrectly classified as other creditors. An adjustment has been made to recognise these amounts in member's capital contributions.

2024-12-31 2024-01-01 false false CCH Software CCH Accounts Production 2025.300 false OC444564 2024-01-01 2024-12-31 OC444564 bus:PartnerLLP1 2024-01-01 2024-12-31 OC444564 bus:PartnerLLP2 2024-01-01 2024-12-31 OC444564 2024-12-31 OC444564 2023-01-01 2023-12-31 OC444564 bus:LimitedLiabilityPartnershipLLP 2024-01-01 2024-12-31 OC444564 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 OC444564 bus:FRS102 2024-01-01 2024-12-31 OC444564 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 OC444564 bus:FullAccounts 2024-01-01 2024-12-31 xbrli:pure xbrli:shares