P.I.E Pharma Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03144078 (England and Wales)

Financial Statements for the Year Ended 31 March 2019

for

P.I.E. Pharma Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A Shah

REGISTERED OFFICE:

Hanson

Chartered Certified Accountants

39a Joel Street

Northwood Hills

Middlesex

HA1 1XD

REGISTERED NUMBER:

03144078 (England and Wales)

AUDITORS:

Avin Accountants

Chartered Certified Accountants

and Statutory Auditors

78 Queens Road

Watford

Hertfordshire

WD17 2LA

ACCOUNTANTS:

Hanson

Chartered Certified Accountants

39a Joel Street

Northwood Hills

Northwood

Middlesex

HA6 1NZ

CURRENT ASSETS

Debtors

4

3,353,453

10,275,693

Cash at bank

792

665

3,354,245

10,276,358

CREDITORS

Amounts falling due within one year

5

3,253,822

10,136,452

NET CURRENT ASSETS

100,423

139,906

TOTAL ASSETS LESS CURRENT LIABILITIES

100,423

139,906

CAPITAL AND RESERVES

Called up share capital

6

100,000

100,000

Retained earnings

7

423

39,906

SHAREHOLDERS' FUNDS

100,423

139,906

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 August 2020 and were signed by:

A Shah - Director

1.	STATUTORY INFORMATION

P.I.E. Pharma Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Going concern

These financial statements are prepared on the going concern basis. In recent week COVID-19 has been

dominating the world social and economic climate. The company continues to operate in an environment of

uncertainty associated with the current situation. The directors have assessed the impact of the current

government measures to combat COVID-19 on the company's ability to continue trading for the foreseeable

future. They have concluded that because of their own resources and governmental support offered to companies,

there are reasonable prospects for the company being able to continue as a going concern. The directors are

continuously monitoring the situation and recognise that uncertainties exist that may impact significantly on

future performance and challenge the applicability of the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2018 - 43 ) .

4.

DEBTORS

31.3.19

31.3.18

£

£

Amounts falling due within one year:

Trade debtors

950,121

909,507

Amounts owed by group undertakings

1,793,932

9,133,186

Prepayments

15,500

15,500

2,759,553

10,058,193

Amounts falling due after more than one year:

Other debtors

593,900

217,500

Aggregate amounts

3,353,453

10,275,693

Included in creditors falling due after more than one year amounting to £190,500 (2018: £217,500) is bad debt

loan of £3,225,000 transfer from group company Jumbogate Limited at a value of £380,000. The valuation of the

bad debt transfer was carried out by the directors, on an net present value basis as at 1st April 2012.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

78,868

22,889

Amounts owed to group undertakings

2,782,834

9,750,000

Tax

178,000

174,064

Wages and salaries

86,579

74,846

Social security and other taxes

29,943

23,875

VAT

84,597

86,281

Other creditors

3,726

1,297

Accrued expenses

9,275

3,200

3,253,822

10,136,452

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

100,000

Ordinary

£1.00

100,000

100,000

7.

RESERVES

Retained

earnings

£

At 1 April 2018

39,906

Profit for the year

998,517

Dividends

(1,038,000

)

At 31 March 2019

423

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Vinodkumar Valand (Senior Statutory Auditor)

for and on behalf of Avin Accountants

9.	CONTINGENT LIABILITIES

The company has overdraft and credit facilities with its bankers which are secured against the group current and

future assets under a fixed and floating charge and a composite guarantee between group companies.

Proceedings were commenced in October 2019 against the company in relation to transactions entered into a

transaction entered into is 2012. The claim is for equitable compensation for benefits allegedly received by the

company. The company is engaged in defending the claim strenuously, on both factual and legal grounds. It is

not practical to estimate the financial effect of the claim or the timing and outflow of any resources (including

legal costs) or the possibility of any reimbursement. The director does not consider that the company's financial

position will be affected significantly as a result of the claim.

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

During the year the company paid rent amounting to £50,000 (2018 - £50,000l) to Fliquet Holdings Limited a

company in which Mr A Shah is ultimate beneficiary. These rental payment were on an arms length basis.

11.	POST BALANCE SHEET EVENTS

The COVID -19 pandemic has been identified as a relevant event, but it is deemed to be non-adjusting as the

condition did not exist at the balance sheet date. The directors have considered the effect of the COVID -19

pandemic on the company's activities. This event is likely to cause significant disruption to the company's

activities, but at the date of the approval of these financial statements, the extent and quantum of the disruptions

remain uncertain.