The Pharmacy Insurance Agency Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02591975 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2021

FOR

THE PHARMACY INSURANCE AGENCY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T A Farana

G M Thornton

SECRETARY:

Ms S Prasad

REGISTERED OFFICE:

The Old Fire Station

69 Albion Street

Birmingham

B1 3EA

REGISTERED NUMBER:

02591975 (England and Wales)

ACCOUNTANTS:

Prime

Chartered Accountants

161 Newhall Street

Birmingham

B3 1SW

CURRENT ASSETS

Debtors

3

1,092,270

2,942,353

Cash at bank and in hand

1,939,313

1,056,743

3,031,583

3,999,096

CREDITORS

Amounts falling due within one year

4

2,391,282

3,463,929

NET CURRENT ASSETS

640,301

535,167

TOTAL ASSETS LESS CURRENT LIABILITIES

640,301

535,167

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

590,301

485,167

SHAREHOLDERS' FUNDS

640,301

535,167

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors and authorised for issue on 6 December 2021 and were signed on its behalf by:

G M Thornton - Director

1.	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.

Related party exemption

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.

Turnover

Turnover represents net insurance premiums receivable in the year, excluding value added tax.

Government grants

Income from Government grants are accounted for on an accruals basis.

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.

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 9 ) .

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed by group undertakings

1,025,042

2,731,910

Other debtors

67,228

210,443

1,092,270

2,942,353

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

-

5,694

Trade creditors

1,495,306

1,345,590

Taxation and social security

135,545

47,979

Other creditors

760,431

2,064,666

2,391,282

3,463,929

5.	ULTIMATE CONTROLLING PARTY