ACCOUNTS - Final Accounts preparation

RAY-RAN TEST EQUIPMENT LIMITED - Company Information

Registered number: 01763826

RAY-RAN TEST EQUIPMENT LIMITED

ABBREVIATED ACCOUNTS

FOR THE PERIOD ENDED 31 DECEMBER 2015


RAY-RAN TEST EQUIPMENT LIMITED

CONTENTS

	Page
Abbreviated balance sheet	1
Notes to the abbreviated accounts	2 - 4


RAY-RAN TEST EQUIPMENT LIMITED REGISTERED NUMBER: 01763826

ABBREVIATED BALANCE SHEET

AS AT 31 DECEMBER 2015

	31 December	31 October
	2015	2014

	Note	£	£	£	£
FIXED ASSETS
Tangible assets	2		31,156		35,966

CURRENT ASSETS
Stocks	152,628		124,792
Debtors	1,053,040		126,324
Cash at bank and in hand	103,239		904,146

	1,308,907		1,155,262
CREDITORS: amounts falling due within one year	(154,886)		(178,374)
NET CURRENT ASSETS		1,154,021		976,888

TOTAL ASSETS LESS CURRENT LIABILITIES

1,185,177

1,012,854

PROVISIONS FOR LIABILITIES
Deferred tax	(5,920)	(6,304)
NET ASSETS	1,179,257	1,006,550

CAPITAL AND RESERVES
Called up share capital	3	100	100
Profit and loss account		1,179,157	1,006,450

SHAREHOLDERS' FUNDS

1,179,257

1,006,550

The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2015 and of its profit for the period in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 19 September 2016.

A Lineker

Director

The notes on pages 2 to 4 form part of these abbreviated accounts.

Page 1


RAY-RAN TEST EQUIPMENT LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE PERIOD ENDED 31 DECEMBER 2015

1.ACCOUNTING POLICIES

	1.1	Basis of preparation of financial statements
		The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	1.2	Turnover
		Turnover comprises revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.

	1.3	Tangible fixed assets and depreciation
		Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

				Plant and machinery	-	10% reducing balance
				Motor vehicles	-	25% reducing balance

	1.4	Leasing and hire purchase
		Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

	1.5	Operating leases
		Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

	1.6	Stocks
		Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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RAY-RAN TEST EQUIPMENT LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE PERIOD ENDED 31 DECEMBER 2015

1.ACCOUNTING POLICIES (continued)

	1.7	Deferred taxation
		Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
		A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.

	1.8	Foreign currencies
		Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Profit and loss account.

	1.9	Pensions
		The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the period.

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RAY-RAN TEST EQUIPMENT LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE PERIOD ENDED 31 DECEMBER 2015

2.TANGIBLE FIXED ASSETS

		£
	Cost
	At 1 November 2014	186,499
	Additions	2,974
	Disposals	(12,736)
	At 31 December 2015	176,737

	Depreciation
	At 1 November 2014	150,533
	Charge for the period	5,140
	On disposals	(10,092)
	At 31 December 2015	145,581

	Net book value
	At 31 December 2015	31,156
	At 31 October 2014	35,966

3.SHARE CAPITAL

	31 December	31 October
	2015	2014
	£	£
Allotted, called up and fully paid

100 Ordinary shares of £1 each	100	100

4.ULTIMATE PARENT UNDERTAKING

The ultimate parent company is Industrial Physics Row Holdings Inc, a company incorporated in the United States of America.

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