Jenavalve Production Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09520509 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2018

FOR

JENAVALVE PRODUCTION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J Keltjens

P Wulff

REGISTERED OFFICE:

Unit 9A

Astley Way

Astley Lane Industrial Estate

Leeds

West Yorkshire

LS26 8XT

REGISTERED NUMBER:

09520509 (England and Wales)

AUDITORS:

Hansons

St Oswald House

St Oswald Street

Castleford

West Yorkshire

WF10 1DH

FIXED ASSETS

Tangible assets

4

257,565

329,082

CURRENT ASSETS

Debtors

5

1,762,520

1,254,349

Cash at bank and in hand

49,732

89,447

1,812,252

1,343,796

CREDITORS

Amounts falling due within one year

6

301,891

232,320

NET CURRENT ASSETS

1,510,361

1,111,476

TOTAL ASSETS LESS CURRENT LIABILITIES

1,767,926

1,440,558

CAPITAL AND RESERVES

Called up share capital

100

1

Share premium

8,801,279

6,062,949

Retained earnings

(7,033,453

)

(4,622,392

)

SHAREHOLDERS' FUNDS

1,767,926

1,440,558

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 10th September 2019 and were signed on its behalf by:

P Wulff - Director

1.	STATUTORY INFORMATION

Jenavalve Production 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and at varying rates on cost

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.

Going concern

The Company is in the process of developing its product and has therefore made no sales since incorporation. It

is entirely dependent on the financial support of its parent company, Jenavalve Technology Inc.This support is,

in turn, dependent on the successful development of the Company's product.

The financial statements have been prepared on the going concern basis which assumes that Jenavalve

Technology Inc and its investors will support the Company for the foreseeable future in order to ensure that the

Company can meet its obligations as they fall due. The directors of Jenavalve Technology Inc have confirmed

that the company.has secured sufficient funding to enable it to support Jenavalve Production Limited for the

foreseeable future and are willing to do so.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2017 - 29 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2018

492,303

Additions

15,384

At 31st December 2018

507,687

DEPRECIATION

At 1st January 2018

163,221

Charge for year

86,901

At 31st December 2018

250,122

NET BOOK VALUE

At 31st December 2018

257,565

At 31st December 2017

329,082

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

1,762,520

1,254,349

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

111,259

135,977

Other creditors

190,632

96,343

301,891

232,320

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

124,000

124,000

Between one and five years

496,000

496,000

In more than five years

205,198

329,198

825,198

949,198

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

The Report of the Auditors was unqualified.

Mark Upex BA FCA (Senior Statutory Auditor)

for and on behalf of Hansons

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Jenavalve Technology, Inc.