Jiffy Products (UK) Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 00615193 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

JIFFY PRODUCTS (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Andersen

A K Lovasen

SECRETARY:

A T Lovdahl

REGISTERED OFFICE:

C/o Kirk Rice LLP

The Courtyard

High Street

Ascot

Berkshire

SL5 7HP

REGISTERED NUMBER:

00615193 (England and Wales)

AUDITORS:

Kirk Rice LLP

Statutory Auditors

The Courtyard

High Street

Ascot

Berkshire

SL5 7HP

CURRENT ASSETS

Stocks

7,911

49,063

Debtors

5

73,238

448,985

Cash at bank

1,016,417

595,737

1,097,566

1,093,785

CREDITORS

Amounts falling due within one year

6

(575,662

)

(192,762

)

NET CURRENT ASSETS

521,904

901,023

TOTAL ASSETS LESS CURRENT LIABILITIES

521,904

901,023

CAPITAL AND RESERVES

Called up share capital

169,550

169,550

Retained earnings

352,354

731,473

SHAREHOLDERS' FUNDS

521,904

901,023

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 27 April 2017 and were signed on its behalf by:

A K Lovasen - Director

D Andersen - Director

1.	STATUTORY INFORMATION

Jiffy Products (UK) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 represents income from an associated company, Jiffy Products International BV, based on 20% commission of

group sales made in the UK, in accordance with the intercompany agreement. Sales of goods shipped direct to UK customers

from Sri Lanka are, where invoiced through the UK company, recognised once goods arrive in the UK.

Tangible fixed assets

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

Fixtures and fittings

-

33.33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Taxation

Taxation for the year comprises current 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 taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are taken into account in arriving at the operating result.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2016

and 31 December 2016

1,492

DEPRECIATION

At 1 January 2016

and 31 December 2016

1,492

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

15,117

447,676

Amounts owed by group undertakings

53,064

-

VAT

4,589

-

Prepayments and accrued income

468

1,309

73,238

448,985

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

8,895

29,227

Amounts owed to group undertakings

500,000

88,842

Tax

30,764

25,816

Social security and other taxes

2,626

7,029

VAT

-

7,020

Accruals and deferred income

33,377

34,828

575,662

192,762

7.	LEASING AGREEMENTS

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

2016

2015

£

£

Within one year

19,726

14,870

Between one and five years

23,425

27,371

43,151

42,241

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

The Report of the Auditors was unqualified.

Timothy Neale (Senior Statutory Auditor)

for and on behalf of Kirk Rice LLP

9.	PARENT COMPANY

The immediate parent company is Jiffy International AS and its registered office is:

P.O Box 359

N-4662 Kristiansand

Norway