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Unaudited Financial Statements |
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for the Year Ended 31 July 2017 |
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Pegasus Power And Communications Ltd. |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 July 2017 |
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for |
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Pegasus Power And Communications Ltd. |
Pegasus Power And Communications Ltd. (Registered number: SC209245) |
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Contents of the Financial Statements |
for the Year Ended 31 July 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Pegasus Power And Communications Ltd. |
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Company Information |
for the Year Ended 31 July 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Chartered Tax Advisers |
Pavilion 1 |
Finnieston Business Park |
Minerva Way |
GLASGOW |
G3 8AU |
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BANKERS: |
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Livingston Branch |
4 Almondvale South |
Livingston |
EH54 6NB |
Pegasus Power And Communications Ltd. (Registered number: SC209245) |
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Balance Sheet |
31 July 2017 |
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31.7.17 | 31.7.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Pegasus Power And Communications Ltd. (Registered number: SC209245) |
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Balance Sheet - continued |
31 July 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Pegasus Power And Communications Ltd. (Registered number: SC209245) |
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Notes to the Financial Statements |
for the Year Ended 31 July 2017 |
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1. | STATUTORY INFORMATION |
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Pegasus Power And Communications Ltd. is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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This is the first year that the company has presented its results under FRS102, section 1(A). The last financial |
statements under previous UK GAAP were for the year ended 31 July 2016 and the date of transition to FRS102, |
Section 1 (A) was 1 August 2016. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates |
and value added tax. |
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Revenue from contracts to provide services is recognised in the period in which the services are provided in |
accordance with the stage of completion of each individual contract providing that the amount of revenue can be |
measured reliably, it is probable that the company will receive the consideration due and that the costs can be |
measured reliably the entity will recognise both income and costs by reference to the percentage completion of |
the contract. If the outcome cannot be measured reliably measured, all costs are expensed and revenue is only |
recognised to the extent that it is probable that costs are recoverable. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Financial instruments |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured |
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective |
interest method, less any impairment. |
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Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities are measured initially |
at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest |
method. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Pegasus Power And Communications Ltd. (Registered number: SC209245) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Amounts recoverable on contracts |
Amounts recoverable on contracts include certified and uncertified amounts due from contract customers |
including retentions. |
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Operating lease commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held with banks. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 August 2016 |
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Additions |
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Disposals | ( |
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At 31 July 2017 |
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DEPRECIATION |
At 1 August 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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At 31 July 2016 |
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Pegasus Power And Communications Ltd. (Registered number: SC209245) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.17 | 31.7.16 |
£ | £ |
Amounts Recoverable on Contracts |
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Other debtors |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.17 | 31.7.16 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 615,328 | 385,367 |
Other creditors |
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Payments on Account | 1,537,359 | 171,000 |
Directors' current accounts | 45,337 | 556,287 |
Accrued expenses |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.7.17 | 31.7.16 |
£ | £ |
Within one year |
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Between one and five years |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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At the beginning of the financial year the director Mr D Campbell had a balance due to him of £256,288. The |
balance due to him at 31 July 2017 was £45,338. |
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9. | FIRST YEAR ADOPTION |
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There has been no restatement of balances upon the adoption of FRS 102 Section 1A for the year ended 31 July |
2017. |