Company registration number 06458869
PegasusTSI Limited
Financial Statements
For the year ended
31 December 2021
Pages for filing with registrar
PegasusTSI Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
PegasusTSI Limited
Statement Of Financial Position
As at 31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
4
8,000
8,000
Current assets
Debtors
5
5,464
5,464
Cash at bank and in hand
163
163
5,627
5,627
Creditors: amounts falling due within one year
6
(11,249)
(6,876)
Net current liabilities
(5,622)
(1,249)
Net assets
2,378
6,751
Capital and reserves
Called up share capital
100
100
Share premium account
35,118
35,118
Profit and loss reserves
(32,840)
(28,467)
Total equity
2,378
6,751
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 19 August 2022
K. Ibadulla
Director
Company Registration No. 06458869
PegasusTSI Limited
Notes To The Financial Statements
For the year ended 31 December 2021
- 2 -
1
General information
PegasusTSI Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, Surrey, KT15 2LE.
2
Accounting policies
2.1
Accounting convention
These financial statements have been prepared in accordance 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 company.
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.
2.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
2.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
2.4
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2.5
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.
PegasusTSI Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2021
- 3 -
3
Employees
There were no employees in the current and preceding years.
4
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
8,000
8,000
The company owns 10% of the issued share capital of Pegasus TSI Saudi Arabia Limited.
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
83
83
Other debtors
5,381
5,381
5,464
5,464
6
Creditors: amounts falling due within one year
2021
2020
£
£
Amounts owed to group undertakings
3,576
3,576
Other creditors
7,673
3,300
11,249
6,876
7
Controlling party
The
company is controlled by its
parent
company
Global Industrial Consultants Limited
, incorporated in
Cyprus, with registered office at 165 Archiepiskopou Leontiou A 165 Street, Liamassol, Cyprus..