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

REGISTERED NUMBER: 09520509 (England and Wales)

ABRIDGED AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2017

FOR

JENAVALVE PRODUCTION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Dr V Carr-brendel

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

329,082

358,236

CURRENT ASSETS

Debtors

5

1,254,349

1,063,798

Cash at bank and in hand

89,447

327,974

1,343,796

1,391,772

CREDITORS

Amounts falling due within one year

6

232,320

247,714

NET CURRENT ASSETS

1,111,476

1,144,058

TOTAL ASSETS LESS CURRENT LIABILITIES

1,440,558

1,502,294

CAPITAL AND RESERVES

Called up share capital

1

1

Share premium

6,062,949

3,947,795

Retained earnings

(4,622,392

)

(2,445,502

)

SHAREHOLDERS' FUNDS

1,440,558

1,502,294

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.

All the members have consented to the preparation of an abridged Income Statement for the year ended 31st December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 1st August 2018 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 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.

Turnover

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

tax and other sales taxes.

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 29 (2016 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2017

439,771

Additions

52,532

At 31st December 2017

492,303

DEPRECIATION

At 1st January 2017

81,535

Charge for year

81,686

At 31st December 2017

163,221

NET BOOK VALUE

At 31st December 2017

329,082

At 31st December 2016

358,236

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

1,254,349

1,063,798

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

135,977

83,684

Other creditors

96,343

164,030

232,320

247,714

7.	LEASING AGREEMENTS

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

2017

2016

£

£

Within one year

124,000

124,000

Between one and five years

496,000

496,000

In more than five years

329,198

454,588

949,198

1,074,588

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.