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 2018

FOR

THE PHARMACY INSURANCE AGENCY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T Farana

G Thornton

K Haywood

SECRETARY:

Ms S Prasad

REGISTERED OFFICE:

The Old Fire Station

69 Albion Street

Birmingham

B1 3EA

REGISTERED NUMBER:

02591975 (England and Wales)

ACCOUNTANTS:

Prime Rochesters Limited

No.3 Caroline Court

13 Caroline Street

St Paul's Square

Birmingham

West Midlands

B3 1TR

CURRENT ASSETS

Debtors

4

2,365,994

1,949,331

Cash at bank and in hand

526,842

526,867

2,892,836

2,476,198

CREDITORS

Amounts falling due within one year

5

2,412,728

2,066,817

NET CURRENT ASSETS

480,108

409,381

TOTAL ASSETS LESS CURRENT LIABILITIES

480,108

409,381

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

430,108

359,381

SHAREHOLDERS' FUNDS

480,108

409,381

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 9 October 2018 and were signed on its behalf by:

G Thornton - Director

1.	STATUTORY INFORMATION

The Pharmacy Insurance Agency 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Significant judgements and estimates

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 revision

and future periods if the revision effects both current and future periods.

In preparing these financial statements, the directors have made the following judgements:

The company reviews the carrying value of all assets for indications of impairment at each period. If indicators of

impairment exist, the carrying value of the asset is subject to further testing to determine whether its carrying value exceeds

it's recoverable amount. This process will usually involve the estimation of future cash flows which are likely to be

generated by the asset.

A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for

which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably

estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a rate that

reflects the time value of money and the risk specific to the liability.

Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ

and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources

is probable or not.

The directors have reviewed the asset lives and associated residual values of all fixed assets classes. In re-assessing asset

lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects

disposal values.

Turnover

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

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.

Financial instruments

Financial assets and liabilities

All financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the

instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered

into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all

its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those

financial assets classified as at fair value through the profit and loss account, which are initially measured at fair value unless

the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset

or liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt

instrument.

Financial assets and liabilities are only offset at the balance sheet date when, and only when there exists a legally enforceable

right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and

settle the liability simultaneously.

Debt instruments that have no stated interest rate and are classified as payable or receivable within one year are initially

measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

Other debt instruments not meeting these conditions are measured at fair value through the profit and loss account.

Commitments to make or receive loan which meet the conditions mentioned above are measured at cost less impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows for the financial asset expire

or are settled, when the company transfers to another party substantially all the risks and rewards of ownership of the

financial asset, or the company, despite having retained some, but not all, significant risks and rewards of ownership, has

transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there

is objective evidence of impairment, an impairment loss is recognised in profit or loss.

For financial assets carried at amortised costs, 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.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount

and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for the decrease in impairment loss, and the decrease can be related objectively to an event occuring

after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is

reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised

carrying amount higher than the carrying value had no impairment been recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 3 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Amounts owed by group undertakings

1,900,349

1,795,271

Other debtors

465,645

154,060

2,365,994

1,949,331

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

926,953

710,123

Taxation and social security

15,825

26,253

Other creditors

1,469,950

1,330,441

2,412,728

2,066,817

6.	RELATED PARTY DISCLOSURES

During the year, a loan account existed with A-Team Health Recruitment Limited, a fellow subsidiary of Halcyon

International Group Ltd. The balance due from A-Team Health Recruitment Limited at the year end was £Nil (2017:

£109,192).

7.	ULTIMATE CONTROLLING PARTY