Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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RAIMS LIMITED
COMPANY INFORMATION
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RAIMS LIMITED
CONTENTS
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RAIMS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present the strategic report and financial statements for the year ended 31 December 2023.
At the beginning of 2023 the principal activity of the company continued to be the sale of isotopes.
In formulating its plans for 2023. the company made an assessment of strategic risks and threats to business continuity. Two factors that emerged from this assessment were: 1. Increased challenges for Russian-owned businesses trading in Western markets. 2. Reluctance of banking and insurance service providers to offer those services to Russian-owned businesses. In reality, these strategic risks all materialised to some extent during 2023 as a result of the ongoing geopolitical situation and the more general deterioration in relationships between Russia and many other countries. As a consequense, RAIMS became obliged to severely curtail its trading activities early in 2023 and it is not clear at what point and to what extent it may be possible to resume those activities. It is clear that the underlying demand for the Company's products remains strong and there continue to be no formal sanctions or restrictions relating to RAIMS and its supply partners but circumstances have conspired to prevent RAIMS continuing to trade for the present and for the foreseeable future. Comparison Actual vs Plan As a result of the uncertainties inherent in the international market, no formal trading plans were adopted for 2023 and, as noted above, the Company suspended its trading activities in April 2023. As a result, the Company has operated at a loss during 2023 and also it is not possible to compare performance with plan. Accordingly, the figures in the table below simply reflect a comparison between the 2023 outcome and the 2022 outcome. 2023 Actual 2023 Actual vs 2022 Actual 2022 Actual £ £ Turnover 1,510,965 -94 % 25,650,701 Gross Profit 254,035 -96 % 6,600,604 Administrative Expenses 913,329 -19 % 1,126,454 Profit (Loss) Before Tax (659,294) -112% 5,474,150 With regard to the future, the Company has good liquidity in spite of the ceasing of trading of goods. Considerable effort has been made to reduce operational costs to a minimum whilst maintaining access to key resources. The Company has the resources to be able to continue on the current basis throughout 2024. However, despite the Company's good liquidity, it is still incurring significant expenses without generating profit to match such expenses. Therefore, as explained in note 2.2, the Directors and shareholders will carry out a review and make a decision for the Directors to prepare a possible action plan leading to the potential solvent liquidation of the company. Exchange rate movements during 2023 were adverse so far as RAIMS is concerned and led to the operational loss increasing by £204,357 (2022: £164,659 gain).
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RAIMS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Having reviewed future prospects, the company’s Directors have concluded that the ongoing geopolitical situation and its consequence for the Company are such that this represents a potentially existential threat. Whilst the Company is able to support its continued existence throughout 2024, a decision will need to be made during the year about continued viability if the circumstances do not improve.
Since VTB Bank (Europe) is under sanction, the company has no access to the funds held at bank accounts at VTB Bank (Europe). In spite of the efforts by VTB Bank (Europe) and the German government to find a solution to release funds it is not clear when the Company will be able to access its funds. Furthermore, the Company was still unable to open any other bank accounts in 2023 and, as a consequence, collection of funds from customers and payment of operational costs meant that the company was heavily reliant on its partners. It is expected that this situation will continue for the foreseeable future. No other risks or uncertainties are material by comparison with the above.
At the balance sheet date, the company had sufficient bank balances and other current assets to meet its short term liabilities. The company does not anticipate any inability to meet its financial commitments in the forthcoming year.
The directors are committed to promoting the health, safety and welfare of their staff and continue to ensure appropriate measures are undertaken in this regard. No reportable accidents arose during the year or the prior year.
The directors are mindful of environmental issues and have sought to minimise the impact of the company's activities on the environment.
This report was approved by the board on 4 March 2024 and signed on its behalf.
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RAIMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The loss for the year, after taxation, amounted to £536,857 (2022 - profit £4,433,824).
Total dividends declared during the year £531,057: (2022: £7,105,973).
The total dividends paid during 2023 were £1,321,848 (2022: £3,887,030). As at 31 December 2023,the total amount of dividends that had been declared but not yet paid was £2,428,152 (2022: £3,218,942). This is treated as shareholder loan.
The directors who served during the year were:
The Company has entered a period in which trading of goods has ceased. A number of measures have been taken to minimise the operational costs in order to maintain the activity to meet the company's statutory obligations and deal with debtors/creditors. As mentioned on page 1, a review will be undertaken then possible action plan being prepared by the directors leading to a potential solvent liquidation of the company in the future.
As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.
There have been no significant events affecting the Company since the year end.
The auditors, Pers & Co London LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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RAIMS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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RAIMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAIMS LIMITED
We have audited the financial statements of Raims Limited (the 'Company') for the year ended 31 December 2023, which comprise the Profit and loss account, the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to note 2.2 in the financial statements, which indicates that due to geopolitical factors the company ceased trading of goods during the year and there is significant doubt whether the company will continue trading in the future. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included obtaining and critically reviewing cashflow projections for 12 months from date date of these accounts including the review of directors' assumptions and using our knowledge of the business to check the reasonableness of the directors key assumptions and evaluation of going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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RAIMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAIMS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it would be inappropriate to do so.
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RAIMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAIMS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- the engagement partner ensured sufficient appropriate competence, skills and capabilities in the audit team to identify or recognise non-compliance with applicable laws and regulations; - we identified applicable laws and regulations to the company through discussions with the directors and other management, and from our commercial knowledge and experience of the company's business sector; - we focussed on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment legislation and general product safety regulations; and -we assessed the extent of compliance with laws and reguulations identified above through making enquires of management and inspecting legal correspondence as applicable and being alert for any non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with law and regulations. To address the risk of fraud through management bias and override of controls, we - performed analytical procedures to identify any unusual or unexpected relationships; - assessed whether judgements and assumptions made in determining the accounting estimates where indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with law and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators including Health and Safety Executive, and the company's legal advisors.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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RAIMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAIMS LIMITED (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered accountants
Registered Auditor
3 The Shrubberies
George Lane
E18 1BG
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RAIMS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
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RAIMS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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RAIMS LIMITED
REGISTERED NUMBER: 07247740
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 28 form part of these financial statements.
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RAIMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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RAIMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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RAIMS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RAIMS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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RAIMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Raims Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Dairy House, Moneyrow Green, Maidenhead, Berkshire, SL6 2ND.
The principal place of business is Suite F, Breakspear Park, Breakspear Way, Hemel Hempstead, Hertfordshire, HP2 4TZ. The financial statements are presented in Sterling (£).
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The results of the company are included in the consolidated financial statements of State Atomic Energy Corporation Rosatom for the year ended 31 December 2022 and these financial statements may be obtained from the company website.
The following principal accounting policies have been applied:
The company ceased trading during the year because of geopolitical factors. There is significant doubt and uncertainty that these geopolitical factors will alleviate in the near future to allow the company to recommence its trade. Accordingly there remains the possibility that the directors together with the shareholders will then take a decision for the preparation of an action plan for the possible winding down and solvent liquidation of the company in the future.
Notwithstanding the company ceasing to trade goods during the year, having considered post year-end financial results and forecasts, and after making enquires, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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RAIMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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RAIMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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RAIMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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RAIMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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RAIMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
There are no material estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
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RAIMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RAIMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RAIMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
9.Taxation (continued)
The Government announced that for 2022-2023 financial year the corporation tax rate increased to 25% for Companies making profit of more than £250,000. Below a profit of £50,000 the rate remains at 19%.
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RAIMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RAIMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RAIMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
16.Deferred taxation (continued)
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £nil (2022 - £9,404). At the balance sheet date , no contributions were payable to the fund (2022 - £nil).
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RAIMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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