Pegasus Planning Group Limited - Period Ending 2023-06-30
Pegasus Planning Group Limited - Period Ending 2023-06-30
Registration number:
for the
Year Ended
Pegasus Planning Group Limited
Contents
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Company Information |
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Directors' Report |
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Strategic Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Pegasus Planning Group Limited
Company Information
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Directors |
R Barber D Bentley P Burrell C Calvert M Carr P Cook N Crouch S Hamilton-Foyn D Hutchison S Kerby G Lees S Lewis-Roberts G Longley D Onions J Peachey J Rainey P Smith G Stoten J Tarzey S Tibenham C Virtue D Weaver |
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Registered office |
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Bankers |
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Auditors |
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Pegasus Planning Group Limited
Directors' Report
for the Year Ended 30 June 2023
The Directors present their report and the financial statements for the year ended 30 June 2023.
Principal activity
The principal activity of the Company is the provision of architect and planning consultancy services.
Directors of the Company
The Directors who held office during the year were as follows:
Dividends
The directors recommend an interim dividend of £4,784,518 (2022 - £10,003,200) in respect of the financial year ended 30 June 2023.
Employment of disabled persons
The Group's policy is to consider the recruitment of disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, where possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.
The Group's selection, training, development and promotion policies ensure equal opportunities for all colleagues regardless of factors such as gender, marital status, race, age, sexual preference and orientation, colour, creed, ethnic origin, religion or belief, disability or trade union affiliation. All of our decisions are based on merit.
Pegasus Planning Group Limited
Directors' Report
for the Year Ended 30 June 2023
Employee involvement
The Group strives to create a working environment where people enjoy working, give their best and deliver successful outcomes.
The Group continues to invest in leadership, technical and safety training for all staff who have been identified as likely to benefit themselves and the Group. Feedback from employees is also welcomed across the Group.
Employees are able to share in the success of the group through an annual bonus scheme, which is based on the Group's financial performance and to the individual's performance throughout the period.
Engagement with suppliers, customers and other relationships
Delivering the Group's quality policy requires strong mutually beneficial relationships with suppliers, customers, and other organisations. The Directors believe in lasting partnerships, founded on a shared commitment to quality, value and service. The Directors have embraced ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 as a framework to ensure that the Group offers a consistent quality of service to its customers and suppliers.
Directors within the Group are active members of professional bodies with their own code of conduct that provides a set of clear guidelines for the operation of the individuals within the business which includes the way in which it engages in relationships. Membership of these bodies also allows the exchange of experiences and incorporating lessons learned.
Regulatory compliance is very important, as is maintaining the Group's reputation.
The Group values ensure that we offer honest, trustworthy, independent advice to ensure the integrity to forge loyalties.
Environmental report
Pegasus Planning Group Limited meets the requirements of ISO 14001:2015 for the following scope:
The provision of consultancy services incorporating Town and Country Planning, Economics, Heritage and Archaeology Planning, Environmental Planning, Environmental and Transportation Planning and Surveying, Urban Design, Landscape Architecture and Design, Consultation and Environmental Impact Assessment Management, Renewables, Sustainability and Architectural Design.
Pegasus is committed to the protection of the environment, preventing pollution and minimising the environmental impacts associated with its business activities. We will establish and maintain processes which encourage a reduction in our greenhouse gas emissions, minimise our consumption of natural resources, and reduce the volume of waste associated with our office-based activities.
To ensure that Pegasus effectively manages its environmental impacts it will establish, implement and maintain an Environmental Management System (EMS) accredited to ISO 14001:2015. The EMS is intended to facilitate the following commitments being achieved:
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Compliance with all relevant legal and other requirements; |
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- |
Prevention of pollution; and |
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Continual improvement of environmental performance and all staff being aware of how their roles and responsibilities contribute towards this being achieved. |
Pegasus recognises that the sustainability agenda is a central issue for the planning system. In its consultancy role, Pegasus is mindful that sustainability seeks to balance economic, environmental and social objectives without compromising the needs of future generations.
At the project level, Pegasus understands and promotes the principles and benefits of sustainable development. It seeks to work with developers to encourage the adoption of sustainable working practices.
Our Environment Policy is reviewed on an annual basis to ensure that Pegasus continues to be aligned with current best practice and responds to any relevant findings of EMS audits.
Pegasus Planning Group Limited
Directors' Report
for the Year Ended 30 June 2023
Emissions and energy consumption
Pegasus Planning Group Limited undertook a Carbon Footprint Report in July 2022 based on latest available data covering 2 financial years to June 2021. This has since been updated recording up to year ending 2023.
The scope of the data covered Gas, refrigerant, electricity, business travel, paper and water usage across the portfolio of offices within Pegasus. Total reported Greenhouse Gas Emissions in tonnes of carbon dioxide equivalent emissions (tCO2e) were as follows:
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2019-2020 |
2020-2021 |
2021-2022 |
2022-2023 |
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Total |
431.89 tCO2e |
238.03 tC02e |
278.02 tC02e |
275.03 tC02e |
|||
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Scope 1 |
8.4% |
16.9% |
3.3% |
3.4% |
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Scope 2 |
23.3% |
27.7% |
20.6% |
23.2% |
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Scope 3 |
68.3% |
55.3% |
76.1% |
73.4% |
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The significant area can be seen in scope 3 and relates primarily to Business Travel, Paper and Computers.
As can be seen through the breakdown of the last 4 years and the effects of COVID-19 in 2020-2021 we have been able to reduce our overall greenhouse gas emissions in both scopes 1 and 2 compared with pre-covid 2019-2020.
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2019-2020 |
2020-2021 |
2021-2022 |
2022-2023 |
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Scope 1 |
Total tC02e |
36.48 |
40.15 |
9.19 |
9.30 |
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Gas |
29.78 |
33.45 |
2.98 |
2.55 |
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Refrigerant |
6.70 |
6.70 |
6.21 |
6.75 |
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Scope 2 |
Total tC02e |
91.75 |
60.16 |
57.22 |
63.73 |
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Electricity |
91.75 |
60.16 |
57.22 |
63.73 |
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Scope 3 |
Total tC02e |
281.72 |
139.76 |
211.61 |
202.00 |
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Business travel: Air |
- |
- |
3.82 |
4.90 |
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Business travel: Road |
146.89 |
82.78 |
132.52 |
150.74 |
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Computers |
- |
- |
43.23 |
12.66 |
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Electricity (T&D and WTT) |
21.64 |
22.37 |
20.17 |
20.86 |
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Gas (WTT) |
3.87 |
5.73 |
0.51 |
0.42 |
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Home Working |
- |
- |
1.49 |
1.70 |
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Paper |
0.46 |
0.15 |
2.33 |
2.38 |
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Water * |
108.85 |
28.73 |
7.55 |
8.33 |
* Note Leak associated with one office caused anomaly
Due to COVID-19 travel reduced significantly but with the return to work there has inevitably been an increase in this area between 2021-2023 and particularly with a growing workforce. Pegasus are reviewing work practices to achieve a reduction in our carbon footprint through business travel over the coming years. Paper again has increased but with further investment in digitalisation reducing the need to print and paperless protocols set in place where we are able, our aim would be to reduce this further.
It is important to note that Scope 3 has reduced compared to figures prior to Covid-19 and that is with the introduction into the last 2 years figures of computers and home working which we didn’t record previously.
In 2022 Pegasus commenced work towards a clear sustainability strategy embedding best practice into business activities providing Pegasus the ability to set clear objectives, targets and KPIS to reduce emissions through purchased goods, company facilities and further through our leased assets. The sustainable strategy has now been signed off with clear markers over the period of the business plan and beyond to achieve a net zero carbon emissions target by 2030.
Pegasus Planning Group Limited
Directors' Report
for the Year Ended 30 June 2023
We will continue to monitor our Greenhouse Gas emissions alongside the Sustainability Strategy to ensure both are aligned and ensure we focus on key areas. Recent office moves have sought not only better sustainability for us as a business as part of the relocation but also those of the landlords and what they are putting in place to satisfy the need to reduce their emissions and the use of green energy alternatives.
Pegasus takes emissions and energy consumption seriously and has implemented quarterly reporting as part of the sustainability strategy.
Going concern
After reviewing the Group's forecasts and projections, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements.
Disclosure of information to the auditors
Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
Hazlewoods LLP have expressed their willingness to continue in office.
Approved by the
Director
Pegasus Planning Group Limited
Strategic Report
for the Year Ended 30 June 2023
The Directors present their strategic report for the year ended 30 June 2023.
Business review
In this reported financial year, we saw a healthy supply of work from a range of development sectors including the private sector residential market, which comprises a large extent of our workload. In the current financial year (2023/24), the increasing rise of interest rates during 2023, used by the Bank of England to curb rising inflation rates, and the forthcoming General Election and associated policy changes have continued to have an impact across much of our client base. This has been most keenly felt by our housebuilder clients in terms of sales rates and the residential market as a whole. We are witnessing some significant changes across the residential client base that is causing some workstreams to decrease, albeit with regional variances across the business. As inflation continues to fall and the stabilization of interest rates, we are seeing a return in confidence in this market and an increasing workstream. As with the year before, any reduction in workload associated with the housing sector has been replaced by a significant increase in the energy sector, where we are continuing to see increasing volumes of work for solar and battery storage development proposals in England and Wales and also in Scotland, where onshore wind energy projects are still moving forward. We have reinforced and invested in our teams working within this sector to improve the service offer we are able to provide. This is helping us to secure more work in this area. As such, recent and current turnover levels have remained healthy and comparable to previous years.
The Company's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2023 |
2022 |
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Turnover |
£'000 |
42,451 |
37,394 |
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Gross Profit Margin |
% |
39 |
38 |
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Operating Profit |
£'000 |
7,469 |
5,508 |
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Shareholders Funds |
£'000 |
6,910 |
5,849 |
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Current Assets as a % of Current Liabilities |
% |
159 |
138 |
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Average number of employees |
No. |
409 |
401 |
Future developments
The recent and ongoing changes to national planning policy result in increased hurdles for some clients. Although this has meant some delay in bringing projects forward for the current trading year, we are now seeing signs of improved confidence as we move towards a General Election and the election promises that are being made regarding the importance of the development industry. It is also identifying emerging opportunities that will further assist in our diversification strategy and which are currently being explored. Added to this, is the ongoing need to ensure that the UK is more resilient in meeting its own energy needs and the consequential development needs that flow from this. This is a cross-party issue and is therefore something that we expect to see continue to grow in importance. Whilst there are some challenges within the economy and the development sectors we serve, there is a continuing and growing need for the services that we provide to our existing and future clients, which provides continued opportunities to grow Pegasus Group. The greatest risk is ensuring that we have sufficient staff within the relevant competencies to supply these services, but this is something we are keeping under constant review with appropriate investments to attract and retain key personnel.
Environmental matters
The Group operates under an accreditation for ISO14001, a recognised environmental management system.
We are now looking to deepen our commitments to minimising the adverse impacts on the environment of operating our business. With the support of external specialists, we are determined to develop policies and actions that will deliver clearly defined objectives in realistic timescales, in particular with regard to our energy usage and carbon footprint.
Social and community issues
Our diverse and talented employees take part in a number of charitable events and we are very proud of their achievements in raising money for charities that are dear to their hearts.
The Group has made a number of charitable donations over the past year, and each year supports a selected charity nominated by the staff.
Pegasus Planning Group Limited
Strategic Report
for the Year Ended 30 June 2023
Principal risks and uncertainties
The management of the business and the execution of the Group's strategy are subject to a number of risks. The key business risks and uncertainties affecting the Group relate to the recruitment and retention of the right staff, changes in the external economic, policy and legal context and the growth in competition. We continue to maintain competitive salary, bonus and benefit packages for employees in order to attract the best talent and encourage low levels of staff turnover. We carefully monitor the external environment in which we operate and look to mitigate risks by developing new areas of expertise and expanding into sectors, including under different consent regimes, where our services can support clients.
Section 172(1) statement
The Directors believe that they have effectively implemented their duties under section 172 of the Companies Act 2006. The Group has considered the long-term strategy of the business in the Strategic Report and consider that this strategy will continue to deliver long term success to the business and it’s stakeholders.
The Group is committed to maintaining an excellent reputation and strives to achieve high standards. We are highly selective about which suppliers are used to deliver best value while maintaining an awareness of the environmental impact of the work that they do and strive to reduce their carbon footprint.
The Directors recognise the importance of wider stakeholders in delivering their strategy and achieving sustainability within the business. The main stakeholders in the company are considered to be the employees, suppliers and customers.
In ensuring that all our stakeholders are considered as part of every decision process we believe we act fairly between all members of the Group.
Engagement with suppliers, customers and other relationships
Delivering the Group's quality policy requires strong mutually beneficial relationships with suppliers, customers, and other organisations. The Directors believe in lasting partnerships, founded on a shared commitment to quality, value and service. The Directors have embraced ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 as a framework to ensure that the Group offers a consistent quality of service to its customers and suppliers.
Directors within the Group are active members of professional bodies with their own code of conduct that provides a set of clear guidelines for the operation of the individuals within the business which includes the way in which it engages in relationships. Membership of these bodies also allows the exchange of experiences and incorporating lessons learned.
Regulatory compliance is very important, as is maintaining the Group's reputation.
The Group values ensure that we offer honest, trustworthy, independent advice to ensure the integrity to forge loyalties.
Financial instruments
The Group's financial instruments comprise cash and liquid resources, and various other items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the Group. The Group is exposed to the usual credit risk and cash flow risk associated with providing services on credit and manages this through credit control procedures. The nature of the Group's other financial instruments means they are not subject to price or liquidity risk.
The Board constantly monitor the Group's trading results to ensure that the Group can meet its future obligations as they fall due and have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Pegasus Planning Group Limited
Strategic Report
for the Year Ended 30 June 2023
Approved by the
Director
Pegasus Planning Group Limited
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Directors' Report, Strategic Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors 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 Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:
• | select suitable accounting policies and apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK Accounting Standards has been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Pegasus Planning Group Limited
Independent Auditor's Report to the Members of Pegasus Planning Group Limited
Opinion
We have audited the financial statements of Pegasus Planning Group Limited (the 'Company') for the year ended 30 June 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the Company's affairs as at 30 June 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
Other information
The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
Pegasus Planning Group Limited
Independent Auditor's Report to the Members of Pegasus Planning Group Limited
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• |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
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• |
the financial statements are not in agreement with the accounting records and returns; or |
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• |
certain disclosures of Directors' remuneration specified by law are not made; or |
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• |
we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 9, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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• |
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
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• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
|
• |
enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
|
• |
reading minutes of meetings of those charged with governance. |
Pegasus Planning Group Limited
Independent Auditor's Report to the Members of Pegasus Planning Group Limited
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of this report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Staverton Court
GL51 0UX
Pegasus Planning Group Limited
Profit and Loss Account
for the Year Ended 30 June 2023
|
Note |
2023 |
2022 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
|
|
|
|
Interest receivable and similar income |
- |
|
|
|
Interest payable and similar charges |
( |
( |
|
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
The above results were derived from continuing operations.
The Company had no other comprehensive income in the current or preceding year.
Pegasus Planning Group Limited
(Registration number: 07277000)
Balance Sheet as at 30 June 2023
|
Note |
2023 |
2022 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible fixed assets |
|
|
|
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Investments |
|
|
|
|
|
|
||
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Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
- |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Share premium reserve |
|
|
|
|
Treasury shares |
( |
( |
|
|
Other reserves |
|
|
|
|
Retained earnings |
|
|
|
|
Total equity |
|
|
|
Approved and authorised by the
Director
Pegasus Planning Group Limited
Statement of Changes in Equity
for the Year Ended 30 June 2023
|
Share |
Share premium |
Treasury shares (held by EBT) |
Other reserves |
Profit and loss account |
Total |
|
|
At 1 July 2021 |
|
|
- |
|
|
|
|
Profit for the year |
- |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
- |
( |
( |
|
New share capital subscribed |
|
|
- |
- |
- |
|
|
Transfers |
- |
- |
(291,140) |
(454,858) |
- |
(745,998) |
|
At 30 June 2022 |
|
|
( |
|
|
|
|
Share |
Share premium |
Treasury shares (held by EBT) |
Other reserves |
Profit and loss account |
Total |
|
|
At 1 July 2022 |
|
|
( |
|
|
|
|
Profit for the year |
- |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
- |
( |
( |
|
Transfers |
- |
- |
(180,287) |
164,940 |
- |
(15,347) |
|
At 30 June 2023 |
|
|
( |
|
|
|
Pegasus Planning Group Limited
Statement of Cash Flows
for the Year Ended 30 June 2023
|
Note |
2023 |
2022 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items: |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss on disposal of intangible assets |
|
- |
|
|
Loss from disposals of investments |
|
- |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments: |
|||
|
Decrease in debtors |
|
|
|
|
(Decrease)/increase in creditors |
( |
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Acquisition of tangible fixed assets |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from issue of ordinary shares |
- |
|
|
|
Repayment of bank borrowing |
(537,896) |
(647,690) |
|
|
Acquisition of shares within treasury reserve |
(15,347) |
(745,998) |
|
|
Payments to finance lease creditors |
( |
- |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 July |
511,656 |
2,341,193 |
|
|
Cash and cash equivalents at 30 June |
197,338 |
511,656 |
|
Pegasus Planning Group Limited
Statement of Cash Flows
for the Year Ended 30 June 2023
|
Analysis of changes in net debt |
|
At 1 July 2022 |
Financing cash flows |
New finance leases |
At 30 June 2023 |
|
|
Cash and cash equivalents |
||||
|
Cash |
511,656 |
(314,318) |
- |
197,338 |
|
Borrowings |
||||
|
Long term borrowings |
(75,384) |
75,384 |
- |
- |
|
Short term borrowings |
(644,268) |
462,512 |
- |
(181,756) |
|
Lease liabilities |
- |
83,263 |
(503,929) |
(420,666) |
|
(719,652) |
621,159 |
(503,929) |
(602,422) |
|
|
( |
|
( |
( |
|
|
|
||||
Pegasus Planning Group Limited
Notes to the Financial Statements
for the Year Ended 30 June 2023
|
General information |
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
|
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 financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Group accounts not prepared
Going concern
After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
The Directors are required to make judgements regarding: the recoverability of trade debtor balances; amounts recoverable on long-term contracts; the fair value of work in progress; and the estimated useful life of tangible and intangible fixed assets. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Pegasus Planning Group Limited
Notes to the Financial Statements
for the Year Ended 30 June 2023
Revenue recognition
Turnover represents amounts chargeable to clients for the provision of professional services that have been provided during the year. Turnover is recognised as contract activity progresses and the right to consideration is secured, except where the final outcome cannot be assessed with reasonable certainty.
Fee income in respect of contingent fee assignments is recognised in the period when the contingent event occurs and the collectability of the fee is assured.
Unbilled fee income on individual assignments is included as 'Gross amount due from customers for contract work' within debtors.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible fixed assets
Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, as follows:
|
Asset class |
Depreciation method and rate |
|
Fixtures, fittings and equipment |
25% straight line |
|
Leasehold improvements |
25% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.
Pegasus Planning Group Limited
Notes to the Financial Statements
for the Year Ended 30 June 2023
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
10% or 20% straight line |
|
Client list |
50% 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 services performed in the ordinary course of business, and are recognised initially at the transaction price. They are subsequently measured at amortised cost, 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.
Amounts recoverable on contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
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. 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.
Pegasus Planning Group Limited
Notes to the Financial Statements
for the Year Ended 30 June 2023
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.
Dividends
Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Impairment
A non-financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
Pegasus Planning Group Limited
Notes to the Financial Statements
for the Year Ended 30 June 2023
|
Revenue |
The analysis of the Company's turnover for the year from continuing operations is as follows:
|
2023 |
2022 |
|
|
Rendering of services |
|
|
All of the Company's turnover was derived from the United Kingdom.
|
Operating profit |
Arrived at after charging / (crediting):
|
2023 |
2022 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange gains |
|
|
|
Operating lease expense - property |
|
|
|
Operating lease expense - other |
1,004,046 |
676,655 |
|
Auditor's remuneration - The audit of the company's annual accounts |
25,920 |
30,000 |
|
Auditors' remuneration - non audit work |
2,100 |
25,000 |
|
Staff costs |
The aggregate payroll costs (including Directors' remuneration) were as follows:
|
2023 |
2022 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs |
|
|
|
Other employee expenses |
- |
|
|
|
|
|
The average number of persons employed by the Company (including Directors) during the year, analysed by category was as follows:
|
2023 |
2022 |
|
|
Cost of sales |
|
|
|
Administration and support |
|
|
|
Directors |
|
|
|
|
|
|
Pegasus Planning Group Limited
Notes to the Financial Statements
for the Year Ended 30 June 2023
|
Directors' remuneration |
The Directors' remuneration for the year was as follows:
|
2023 |
2022 |
|
|
Remuneration (including benefits in kind) |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
4,743,214 |
3,507,108 |
|
During the year the number of Directors who were receiving benefits was as follows:
|
2023 |
2022 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid Director:
|
2023 |
2022 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditors' remuneration |
|
2023 |
2022 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
All other non-audit services |
|
|
Pegasus Planning Group Limited
Notes to the Financial Statements
for the Year Ended 30 June 2023
|
Tax |
Tax charged / (credited) in the profit and loss account:
|
2023 |
2022 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
|
|
1,502,702 |
1,159,147 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
(32,178) |
24,753 |
|
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2023 |
2022 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Fixed asset differences |
|
|
|
Expenses not deductible for tax purposes |
|
|
|
Other timing differences |
- |
( |
|
Adjustments to tax charge in respect of previous periods |
( |
|
|
Adjustments to tax charge in respect of previous periods - deferred tax |
( |
|
|
Remeasurement of deferred tax for changes in tax rates |
|
( |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities:
|
2023 |
Liability |
|
Accelerated capital allowances |
|
|
Other timing differences |
( |
|
|
|
2022 |
Asset |
|
Accelerated capital allowances |
( |
|
Other timing differences |
|
|
|
Pegasus Planning Group Limited
Notes to the Financial Statements
for the Year Ended 30 June 2023
|
Intangible assets |
|
Goodwill |
|
|
Cost |
|
|
At 1 July 2022 |
|
|
Disposals |
( |
|
At 30 June 2023 |
|
|
Amortisation |
|
|
At 1 July 2022 |
|
|
Amortisation charge |
|
|
Amortisation eliminated on disposals |
( |
|
At 30 June 2023 |
|
|
Carrying amount |
|
|
At 30 June 2023 |
|
|
At 30 June 2022 |
|
|
Tangible fixed assets |
|
Leasehold improvements |
Fixtures and fittings |
Total |
|
|
Cost |
|||
|
At 1 July 2022 |
- |
|
|
|
Additions |
|
|
|
|
Disposals |
- |
( |
( |
|
At 30 June 2023 |
|
|
|
|
Depreciation |
|||
|
At 1 July 2022 |
- |
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
|
At 30 June 2023 |
|
|
|
|
Carrying amount |
|||
|
At 30 June 2023 |
|
|
|
|
At 30 June 2022 |
- |
|
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible fixed assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2023 |
2022 |
|
|
Leasehold improvements |
377,333 |
- |
Pegasus Planning Group Limited
Notes to the Financial Statements
for the Year Ended 30 June 2023
|
Investments |
|
Subsidiaries |
£ |
|
Cost |
|
|
At 1 July 2022 |
|
|
Disposals |
( |
|
At 30 June 2023 |
|
|
Carrying amount |
|
|
At 30 June 2023 |
|
|
At 30 June 2022 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2023 |
2022 |
|||
|
Subsidiary undertakings |
||||
|
|
Ordinary |
|
|
|
|
England |
||||
|
|
Ordinary |
|
|
|
|
England |
||||
|
|
Ordinary |
|
|
|
|
England |
||||
|
|
Ordinary |
|
|
|
|
England |
||||
|
|
Ordinary |
|
|
|
|
England |
||||
The subsidiaries incorporated in England are all registered at 33 Sheep Street, Cirencester, GL7 1RT.
Vocalism Limited was dissolved 27 June 2023.
All of the other subsidiaries are dormant.
Pegasus Planning Group Limited
Notes to the Financial Statements
for the Year Ended 30 June 2023
|
Debtors |
|
2023 |
2022 |
|
|
Trade debtors |
|
|
|
Amounts recoverable on contracts |
|
|
|
Other debtors |
|
|
|
Prepayments and accrued income |
|
|
|
Deferred tax assets |
- |
|
|
|
|
|
Cash and cash equivalents |
|
2023 |
2022 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
|
Creditors |
|
Note |
2023 |
2022 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
- |
|
|
|
Social security and other taxes |
|
|
|
|
Tax liability |
346,243 |
716,367 |
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other creditors |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Deferred consideration |
- |
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Loans and borrowings |
|
2023 |
2022 |
|
|
Current loans and borrowings |
||
|
Bank borrowings |
|
|
|
HP and finance lease liabilities |
|
- |
|
|
|
|
Pegasus Planning Group Limited
Notes to the Financial Statements
for the Year Ended 30 June 2023
|
2023 |
2022 |
|
|
Non-current loans and borrowings |
||
|
Bank borrowings |
- |
|
|
HP and finance lease liabilities |
|
- |
|
|
|
|
The liabilities held under finance leases agreements are secured against the assets to which they relate, held by the Company.
Bank borrowings
|
|
|
The loan is secured by a debenture over all of the property and assets of the group. |
|
Pension and other schemes |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2023 |
2022 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
3,600 |
|
3,600 |
|
|
|
100 |
|
100 |
|
|
|
200 |
|
300 |
|
|
- |
- |
|
100 |
|
|
|
100 |
|
200 |
|
|
|
400 |
|
500 |
|
|
|
300 |
|
400 |
|
|
|
160 |
|
200 |
|
|
- |
- |
|
100 |
|
|
|
1,240 |
|
1,000 |
|
|
|
7,100 |
|
7,200 |
|
|
|
500 |
- |
- |
|
|
|
|
|
|
Pegasus Planning Group Limited
Notes to the Financial Statements
for the Year Ended 30 June 2023
Rights, preferences and restrictions
A and D shares: Each share in entitled to one vote.
C1 to C10 share holding: The C1-C10 shares have attached to them full dividend and capital distribution (including on winding up) rights, they do not confer any rights of redemption. They confer voting rights at the AGM only.
C99 shares: The C99 shares have attached to them full dividend and capital distribution (including on winding up) rights, they do not confer any rights of redemption. They confer no voting rights.
|
Obligations under leases |
The total of future minimum lease payments is as follows:
|
2023 |
2022 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
|
2023 |
2022 |
|
|
Dividends paid |
4,784,518 |
10,003,200 |
|
Related party transactions |
During the year the Company had the following related party transactions:
S Bawtree & A Cook
(Directors and shareholders of the Company)
During the year rent of £148,500 (2022 - £148,500) was paid by the Company in respect of a lease on a property owned by the Directors and used by the Company. At the year end £nil (2022 - £nil) was owed by the Company.
Participator's loans
At the year end £nil (2022 - £nil) was owed by shareholders to the company.
Summary of transactions with key management
Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 6 to the financial statements.
|
Control |
No one individual or entity controls the group.