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Registered number: 07247740









RAIMS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
RAIMS LIMITED
 
 
COMPANY INFORMATION


Directors
Mikhail Nazarov 
Anton Shargin 




Registered number
07247740



Registered office
The Dairy House
Moneyrow Green

Maidenhead

Berkshire

SL6 2ND




Trading Address
Suite F Breakspear Park
Breakspear Way

Hemel Hempstead

Hertfordshire

HP2 4TZ






Independent auditors
Pers & Co London LLP
Chartered accountants & Registered Auditor

3 The Shrubberies

George Lane

London

E18 1BG





 
RAIMS LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditors' report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12 - 13
Statement of cash flows
14
Analysis of net debt
15
Notes to the financial statements
16 - 28


 
RAIMS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present the strategic report and financial statements for the year ended 31 December 2023.

Business review
 
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).

Page 1

 
RAIMS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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.

Other key performance indicators
 
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.



Mikhail Nazarov
Director

Page 2

 
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.

Results and dividends

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.

Directors

The directors who served during the year were:

Mikhail Nazarov 
Anton Shargin 

Future developments

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.

Matters covered in the Strategic report

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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsPers & Co London LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 4 March 2024 and signed on its behalf.
 


Mikhail Nazarov
Director

Page 3

 
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 2006They 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.

Page 4

 
RAIMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAIMS LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Material uncertainty related to going concern


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.


Page 5

 
RAIMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAIMS LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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.


Page 6

 
RAIMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAIMS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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.


Page 7

 
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.


Use of our 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 2006Our 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.





Pers Aswani (Senior statutory auditor)
for and on behalf of
Pers & Co London LLP
Chartered accountants
Registered Auditor
3 The Shrubberies
George Lane
London
E18 1BG

4 March 2024
Page 8

 
RAIMS LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
1,510,965
25,650,701

Cost of sales
  
(1,256,930)
(19,050,097)

Gross profit
  
254,035
6,600,604

Administrative expenses
  
(913,329)
(1,126,454)

Operating (loss)/profit
 5 
(659,294)
5,474,150

Tax on (loss)/profit
 9 
122,437
(1,040,326)

(Loss)/profit for the financial year
  
(536,857)
4,433,824

The notes on pages 16 to 28 form part of these financial statements.

Page 9

 
RAIMS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£


(Loss)/profit for the financial year

  

(536,857)
4,433,824

Other comprehensive income
  


Currency translation differences
  
(204,357)
164,659

Other comprehensive income for the year
  
(204,357)
164,659

Total comprehensive income for the year
  
(741,214)
4,598,483

The notes on pages 16 to 28 form part of these financial statements.

Page 10

 
RAIMS LIMITED
REGISTERED NUMBER: 07247740

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
648
1,946

  
648
1,946

Current assets
  

Debtors: amounts falling due within one year
 12 
1,670,978
5,236,929

Cash at bank and in hand
 13 
3,569,454
3,721,823

  
5,240,432
8,958,752

Creditors: amounts falling due within one year
 14 
(2,596,133)
(5,043,156)

Net current assets
  
 
 
2,644,299
 
 
3,915,596

Total assets less current liabilities
  
2,644,947
3,917,542

Provisions for liabilities
  

Deferred tax
 16 
(162)
(486)

  
 
 
(162)
 
 
(486)

Net assets
  
2,644,785
3,917,056


Capital and reserves
  

Called up share capital 
 17 
150
150

Profit and loss account
 18 
2,644,635
3,916,906

  
2,644,785
3,917,056


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 March 2024.



Mikhail Nazarov
Director

The notes on pages 16 to 28 form part of these financial statements.

Page 11

 
RAIMS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
150
3,916,906
3,917,056


Comprehensive income for the year

Loss for the year

-
(536,857)
(536,857)

Currency differences
-
(204,357)
(204,357)


Other comprehensive income for the year
-
(204,357)
(204,357)


Total comprehensive income for the year
-
(741,214)
(741,214)


Contributions by and distributions to owners

Dividends: Equity capital
-
(531,057)
(531,057)


Total transactions with owners
-
(531,057)
(531,057)


At 31 December 2023
150
2,644,635
2,644,785


The notes on pages 16 to 28 form part of these financial statements.

Page 12

 
RAIMS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
150
6,424,396
6,424,546


Comprehensive income for the year

Profit for the year

-
4,433,824
4,433,824

Currency differences
-
164,659
164,659


Other comprehensive income for the year
-
164,659
164,659


Total comprehensive income for the year
-
4,598,483
4,598,483


Contributions by and distributions to owners

Dividends: Equity capital
-
(7,105,973)
(7,105,973)


Total transactions with owners
-
(7,105,973)
(7,105,973)


At 31 December 2022
150
3,916,906
3,917,056


The notes on pages 16 to 28 form part of these financial statements.

Page 13

 
RAIMS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(536,857)
4,433,824

Adjustments for:

Depreciation of tangible assets
1,298
1,450

Taxation charge
(122,437)
1,040,326

Decrease/(increase) in debtors
3,565,951
(4,981,112)

(Decrease)/increase in creditors
(1,218,450)
532,924

(Decrease)/increase in amounts owed to groups
(790,790)
3,218,942

Net fair value (gains)/losses recognised in P&L
(204,357)
164,659

Corporation tax (paid)
(315,670)
(959,899)

Net cash generated from operating activities

378,688
3,451,114



Cash flows from financing activities

Dividends paid
(531,057)
(7,105,973)

Net cash used in financing activities
(531,057)
(7,105,973)

Net (decrease) in cash and cash equivalents
(152,369)
(3,654,859)

Cash and cash equivalents at beginning of year
3,721,823
7,376,682

Cash and cash equivalents at the end of year
3,569,454
3,721,823


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,569,454
3,721,823

3,569,454
3,721,823


The notes on pages 16 to 28 form part of these financial statements.

Page 14

 
RAIMS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

3,721,823

(152,369)

3,569,454


3,721,823
(152,369)
3,569,454

The notes on pages 16 to 28 form part of these financial statements.

Page 15

 
RAIMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

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.

Page 16

 
RAIMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The supply of isotopes, in common with other commodities, is conventionally priced in US dollars and the vast majority of sales and purchases made by the company of such material is in US dollars. The Company's functional currency is therefore US dollars. The directors have however chosen to present the financial statements in Sterling (£).

Transactions and balances

At each period end monetary items in the balance sheet denominated in US dollars are converted to the presentation currency using the closing rates. Non-monetary items measured at historical cost are converted 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. Any differences arising from the conversion process are shown as "other comprehensive income".



Foreign exchange gains and losses resulting from the settlement of transactions and the translation of assets and liabilities in currencies other than US dollars are presented in profit and loss within administrative expenses.

 
2.4

Turnover

Turnover represents amounts receivable for sale of isotopes, net of VAT. Revenue from the sale of isotopes is recognised when the significant risks and rewards of ownership have passed to the buyer (usually on dispatch of the isotopes), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 17

 
RAIMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Plant and machinery
-
25%
per annum straight line 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.

Page 18

 
RAIMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions. Deposits held with VTB Bank (Germany) are frozen and not immediately accessible, accordingly the company uses other facilities in its normal business.

In the statement of cash flows, cash is shown net of bank overdrafts that are repayable on demand and form an intergral part of the Company's cash management.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

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.

Page 19

 
RAIMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (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.


 

Page 20

 
RAIMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (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.

 
2.15

Dividends

Interim equity dividends are recognised when they become legally payable. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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.


4.


Turnover

An analysis of turnover by country of destination is as follows:


2023
2022
£
£

Europe including UK
680,834
9,735,534

North America
442,946
8,651,790

Rest of the World
387,185
7,263,377

1,510,965
25,650,701


Page 21

 
RAIMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
25,938
41,162


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
25,000
28,800

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
606,536
639,555

Social security costs
72,073
86,032

Cost of defined contribution scheme
-
9,404

678,609
734,991


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Management
1
1



Administration
1
1

2
2

Page 22

 
RAIMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
455,188
542,440

455,188
542,440


The highest paid director received remuneration of £455,188 (2022 - £542,440).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £NIL).


9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(125,019)
1,040,485

Adjustments in respect of previous periods
2,906
-


(122,113)
1,040,485


Total current tax
(122,113)
1,040,485

Deferred tax


Origination and reversal of timing differences
(324)
(159)

Total deferred tax
(324)
(159)


Taxation on (loss)/profit on ordinary activities
(122,437)
1,040,326
Page 23

 
RAIMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 19% (2022 - 19%) as set out below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(659,294)
5,474,150


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
(125,266)
1,040,089

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(77)
237

Adjustments to tax charge in respect of prior periods
2,906
-

Total tax charge for the year
(122,437)
1,040,326


Factors that may affect future tax charges

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%.


10.


Dividends

2023
2022
£
£


Dividends
531,057
7,105,973

531,057
7,105,973

Page 24

 
RAIMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
20,247



At 31 December 2023

20,247



Depreciation


At 1 January 2023
18,301


Charge for the year on owned assets
1,298



At 31 December 2023

19,599



Net book value



At 31 December 2023
648



At 31 December 2022
1,946


12.


Debtors

2023
2022
£
£


Trade debtors
183,072
4,542,477

Other debtors
1,482,572
683,601

Prepayments and accrued income
5,334
10,851

1,670,978
5,236,929



13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,569,454
3,721,823

3,569,454
3,721,823


Page 25

 
RAIMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
44,197
1,294,978

Amounts owed to group undertakings
2,428,152
3,218,942

Corporation tax
-
437,783

Other taxation and social security
4,558
4,211

Accruals and deferred income
119,226
87,242

2,596,133
5,043,156



15.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
3,569,454
3,721,823




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand including amounts held in foreign currency.


16.


Deferred taxation




2023


£






At beginning of year
(486)


Utilised in year
324



At end of year
(162)

Page 26

 
RAIMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
16.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(486)
(645)

Charged to profit or loss
324
159

(162)
(486)


17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



150 (2022 - 150) Ordinary shares shares of £1.00 each
150
150



18.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


19.


Pension commitments

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).


20.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
2,457
17,400

2,457
17,400

Page 27

 
RAIMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Related party transactions

The company was owed £1,299,447 (2022: £593,398) at the year end date from Interfaro Limited a UK company in which M Nazarov is a director and controlling shareholder. During the year Interfaro Limited provided services to Raims Limited amounting to £149,905 and received services amounting to £1,990,602.
The company has taken advantage of the exemption contained in FRS 102 section 33 'Related Party Disclosures' from disclosing transactions with entities which are a wholly owned part of the group.
The company is a wholly owned subsidiary of Joint Stock Company "Isotope", a company registered and incorporated in Russia.
The directors consider the ultimate parent company to be State Atomic Energy Corporation Rosatom, a company registered and incorporated in Russia.

 
Page 28