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RAY-RAN TEST EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Ray-Ran Test Equipment Limited (the Company) is a private company, limited by shares, incorporated and domiciled in England. The address of its registered office is c/o Industrial Physics Product Integrity Limited, 17 Thame Park Business Centre, Wenman Road, Thame, Oxfordshire, OX9 3XA. Its principal place of business until the cessation of trade was Kelsey Close, Attleborough Fields Industrial Estate, Nuneaton, Warwickshire, CV11 6RS.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The company ceased to trade on 30 June 2023 with its trade and assets being transferred to another group company. The financial statements have therefore been prepared on a basis other than that of a going concern. No material adjustments have been made to these financial statements as a result of using a basis other than going concern.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
The Company only enters into basis financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Short-term debtors are measured at transaction price, less any impairment.
Short-term creditors are measured at the transaction price.
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