Interim / Quarterly Report • Oct 17, 2022
Interim / Quarterly Report
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REPORT AND FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022
| Board of Directors and other officers | 1 |
|---|---|
| Management Report | 2 - 3 |
| Statement of profit or loss and other comprehensive income | 4 |
| Statement of financial position | 5 |
| Statement of changes in equity | 6 |
| Cash flow statement | 7 |
| Notes to the financial statements | 8 - 16 |
| Board of Directors: | Maria Polyviou Antzelina Ftanou Andreas Karamanos |
|---|---|
| Company Secretary: | Andreas Karamanos |
| Independent Auditors: | Ekkeshis Ierodiakonou Ltd Certified Public Accountants and Registered Auditors 39 Themistocles Dervis Str. Office 102 1066, Nicosia |
| Registered office: | 15 Agion Omologiton Street 1080, Nicosia Cyprus |
| Registration number: | ΗΕ385760 |
1
The Board of Directors presents its report and audited financial statements of the Company for the period from 1 January 2022 to 30 June 2022.
The Company is a holding company with no participations in the period under review.
The results of this year are not considered satisfactory and the Board of Directors is making an effort to reduce the Company's losses. Despite the loss this year the Company's development to date and the financial position as reflected in the financial statements are satisfactory.
The principal risks and uncertainties faced by the Company are disclosed in notes 6, 7 and 14 of the financial statements.
The Company is exposed to interest rate risk, credit risk and liquidity risk from the financial instruments it holds.
Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates. The Company's income and operating cash flows are substantially independent of changes in market interest rates as the Company has no significant interest-bearing assets. The Company is exposed to interest rate risk in relation to its non-current borrowings. Borrowings issued at variable rates expose the Company to cash flow interest rate risk. Borrowings issued at fixed rates expose the Company to fair value interest rate risk. The Company's Management monitors the interest rate fluctuations on a continuous basis and acts accordingly.
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to meet an obligation. Credit risk arises from cash and cash equivalents, contractual cash flows of debt investments carried at amortised cost, at fair value through other comprehensive income (FVOCI) and at fair value through profit or loss (FVTPL), favourable derivative financial instruments and deposits with banks and financial institutions.
Credit risk is managed on a group basis. For banks and financial institutions, the Company has established policies whereby the majority of bank balances are held with independently rated parties with a minimum rating of ['C'].
If wholesale customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, Management assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual credit limits and credit terms are set based on the credit quality of the customer in accordance with limits set by the Board of Directors. The utilisation of credit limits is regularly monitored.
The Company's investments in debt instruments are considered to be low risk investments. The credit ratings of the investments are monitored for credit deterioration.
Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but can also increase the risk of losses. The Company has procedures with the object of minimising such losses such as maintaining sufficient cash and other highly liquid current assets and by having available an adequate amount of committed credit facilities.
There were no changes in the share capital of the Company during the period under review.
| Note | 30 June 2022 € |
30 June 2021 € |
|
|---|---|---|---|
| Administration expenses | (3,284) | (4,850) | |
| Operating loss | (3,284) | (4,850) | |
| Finance costs | 9 | (160) | - |
| Net loss for the period | (3,444) | (4,850) | |
| Other comprehensive income | - | - | |
| Total comprehensive income for the period | (3,444) | (4,850) |
The notes on pages 8 to 16 form an integral part of these financial statements.
| 30 June 2022 | 31 December 2021 |
||
|---|---|---|---|
| Note | e | ਵ | |
| SECETS | |||
| Current assets | |||
| Receivables | 10 | 942 | |
| Cash at bank | 11 | 1,339 | 1,498 |
| 1,339 | 2,440 | ||
| Total assets | 1,339 | 2,440 | |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 12 | 26,000 | 26,000 |
| Accumulated losses | (29,244) | (25,800) | |
| Total equity | (3,244) | 200 | |
| Current liabilities | |||
| Trade and other payables | 13 | 4,583 | 2,240 |
| 4,583 | 2,240 | ||
| Total equity and liabilities | 1,339 | 2,440 |
Period from 1 January 2022 to 30 June 2022
| Share capital € |
Accumulated losses € |
Total € |
|
|---|---|---|---|
| Balance at 1 January 2021 Net loss for the period 1 January 2021 to 30 June 2021 |
26,000 - |
(20,813) (4,850) |
5,187 (4,850) |
| Balance at 30 June 2021 | 26,000 | (25,663) | 337 |
| Net loss for the period 1 July 2021 to 31 December 2021 | - | (137) | (137) |
| Balance at 31 December 2021/ 1 January 2022 | 26,000 | (25,800) | 200 |
| Comprehensive income Net loss for the period |
- | (3,444) | (3,444) |
| Balance at 30 June 2022 | 26,000 | (29,244) | (3,244) |
Companies, which do not distribute 70% of their profits after tax, as defined by the Special Contribution for the Defence of the Republic Law, within two years after the end of the relevant tax year, will be deemed to have distributed this amount as dividend on the 31 of December of the second year. The amount of the deemed dividend distribution is reduced by any actual dividend already distributed by 31 December of the second year for the year the profits relate. The Company pays special defence contribution on behalf of the shareholders over the amount of the deemed dividend distribution at a rate of 17% (applicable since 2014) when the entitled shareholders are natural persons tax residents of Cyprus and have their domicile in Cyprus. In addition, the Company pays on behalf of the shareholders General Healthcare System (GHS) contribution at a rate of 2,65%, when the entitled shareholders are natural persons tax residents of Cyprus, regardless of their domicile.
The notes on pages 8 to 16 form an integral part of these financial statements.
Period from 1 January 2022 to 30 June 2022
| 30 June 2022 | 30 June 2021 | |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | € | € |
| Loss before tax | (3,444) | (4,850) |
| (3,444) | (4,850) | |
| Changes in working capital: | ||
| Decrease in receivables | 942 | 12,500 |
| Increase/(Decrease) in trade and other payables | 2,343 | (7,650) |
| Cash used in operations | (159) | - |
| CASH FLOWS FROM INVESTING ACTIVITIES | - | - |
| CASH FLOWS FROM FINANCING ACTIVITIES | - | - |
| Net decrease in cash and cash equivalents | (159) | - |
| Cash and cash equivalents at beginning of the period | 1,498 | - |
| Cash and cash equivalents at end of the period | 1,339 | - |
The notes on pages 8 to 16 form an integral part of these financial statements.
The Company Henan Wandi Minerals Public Company Ltd (the ''Company'') was incorporated in Cyprus on 02 July 2018 as a private limited liability company under the provisions of the Cyprus Companies Law, Cap. 113. Its registered office is at 15 Agion Omologiton Street, 1080, Nicosia, Cyprus.
The Company is a holding company with no participations in the period under review.
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU) and the requirements of the Cyprus Companies Law, Cap. 113. The financial statements have been prepared under the historical cost convention.
During the current period the Company adopted all the new and revised International Financial Reporting Standards (IFRS) that are relevant to its operations and are effective for accounting periods beginning on 1 January 2022. This adoption did not have a material effect on the accounting policies of the Company.
The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented in these financial statements unless otherwise stated.
The Company incurred a loss of €3,444 for the period from 1 January 2022 to 30 June 2022, and, as of that date the Company's liabilities exceeded its assets by €3,244. The Company is dependent upon the continuing financial support of its shareholders without which there would be significant doubt about its ability to continue as a going concern as well as its ability to realise its assets and discharge its liabilities in the ordinary course of business. The shareholders have indicated their intention to continue providing such financial assistance to the Company to enable it to continue as a going concern and to meet its obligations as they fall due.
Interest expense and other borrowing costs are charged to profit or loss as incurred.
The Company classifies its financial assets in the following measurement categories:
The classification and subsequent measurement of debt financial assets depends on: (i) the Company's business model for managing the related assets portfolio and (ii) the cash flow characteristics of the asset. On initial recognition, the Company may irrevocably designate a debt financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI or at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
For investments in equity instruments that are not held for trading, the classification will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). This election is made on an investment-by-investment basis.
All other financial assets are classified as measured at FVTPL.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).
All purchases and sales of financial assets that require delivery within the time frame established by regulation or market convention (''regular way'' purchases and sales) are recorded at trade date, which is the date when the Company commits to deliver a financial instrument. All other purchases and sales are recognised when the entity becomes a party to the contractual provisions of the instrument.
Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership.
At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in profit or loss. Fair value at initial recognition is best evidenced by the transaction price. A gain or loss on initial recognition is only recorded if there is a difference between fair value and transaction price which can be evidenced by other observable current market transactions in the same instrument or by a valuation technique whose inputs include only data from observable markets.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.
The Company assesses on a forward-looking basis the ECL for debt instruments (including loans) measured at amortised cost and FVOCI and exposure arising from loan commitments and financial guarantee contracts. The Company measures ECL and recognises credit loss allowance at each reporting date. The measurement of ECL reflects: (i) an unbiased and probability weighted amount that is determined by evaluating a range of possible outcomes, (ii) time value of money and (iii) all reasonable and supportable information that is available without undue cost and effort at the end of each reporting period about past events, current conditions and forecasts of future conditions.
The carrying amount of the financial assets is reduced through the use of an allowance account, and the amount of the loss is recognised in the statement of profit or loss and other comprehensive income within ''net impairment losses on financial and contract assets. Subsequent recoveries of amounts for which loss allowance was previously recognised are credited against the same line item.
Debt instruments carried at amortised cost are presented in the statement of financial position net of the allowance for ECL. For loan commitments and financial guarantee contracts, a separate provision for ECL is recognised as a liability in the statement of financial position.
For debt instruments at FVOCI, an allowance for ECL is recognised in profit or loss and it affects fair value gains or losses recognised in OCI rather than the carrying amount of those instruments.
The impairment methodology applied by the Company for calculating expected credit losses depends on the type of financial asset assessed for impairment. Specifically:
For trade receivables and contract assets, including trade receivables and contract assets with a significant financing component, and lease receivables the Company applies the simplified approach permitted by IFRS 9, which requires lifetime expected credit losses to be recognised from initial recognition of the financial assets.
For all other financial instruments that are subject to impairment under IFRS 9, the Company applies general approach - three stage model for impairment. The Company applies a three stage model for impairment, based on changes in credit quality since initial recognition. A financial instrument that is not credit-impaired on initial recognition is classified in Stage 1.
Financial assets in Stage 1 have their ECL measured at an amount equal to the portion of lifetime ECL that results from default events possible within the next 12 months or until contractual maturity, if shorter (''12 Months ECL''). If the Company identifies a significant increase in credit risk (''SICR'') since initial recognition, the asset is transferred to Stage 2 and its ECL is measured based on ECL on a lifetime basis, that is, up until contractual maturity but considering expected prepayments, if any (''Lifetime ECL''). Refer to note 6, Credit risk section, for a description of how the Company determines when a SICR has occurred. If the Company determines that a financial asset is creditimpaired, the asset is transferred to Stage 3 and its ECL is measured as a Lifetime ECL. The Company's definition of credit impaired assets and definition of default is explained in note 6, Credit risk section.
Additionally the Company has decided to use the low credit risk assessment exemption for investment grade financial assets. Refer to note 6, Credit risk section for a description of how the Company determines low credit risk financial assets.
Financial instruments are reclassified only when the business model for managing those assets changes. The reclassification has a prospective effect and takes place from the start of the first reporting period following the change.
Financial assets are written-off, in whole or in part, when the Company exhausted all practical recovery efforts and has concluded that there is no reasonable expectation of recovery. The write-off represents a derecognition event. The Company may write-off financial assets that are still subject to enforcement activity when the Company seeks to recover amounts that are contractually due, however, there is no reasonable expectation of recovery.
The Company sometimes renegotiates or otherwise modifies the contractual terms of the financial assets. The Company assesses whether the modification of contractual cash flows is substantial considering, among other, the following factors: any new contractual terms that substantially affect the risk profile of the asset (e.g. profit share or equity-based return), significant change in interest rate, change in the currency denomination, new collateral or credit enhancement that significantly affects the credit risk associated with the asset or a significant extension of a loan when the borrower is not in financial difficulties.
If the modified terms are substantially different, the rights to cash flows from the original asset expire and the Company derecognises the original financial asset and recognises a new asset at its fair value. The date of renegotiation is considered to be the date of initial recognition for subsequent impairment calculation purposes, including determining whether a SICR has occurred. The Company also assesses whether the new loan or debt instrument meets the SPPI criterion. Any difference between the carrying amount of the original asset derecognised and fair value of the new substantially modified asset is recognised in profit or loss, unless the substance of the difference is attributed to a capital transaction with owners.
In a situation where the renegotiation was driven by financial difficulties of the counterparty and inability to make the originally agreed payments, the Company compares the original and revised expected cash flows to assets whether the risks and rewards of the asset are substantially different as a result of the contractual modification. If the risks and rewards do not change, the modified asset is not substantially different from the original asset and the modification does not result in derecognition. The Company recalculates the gross carrying amount by discounting the modified contractual cash flows by the original effective interest rate, and recognises a modification gain or loss in profit or loss.
For the purpose of the cash flow statement, cash and cash equivalents comprise cash at bank. Cash and cash equivalents are carried at amortised cost because: (i) they are held for collection of contractual cash flows and those cash flows represent SPPI, and (ii) they are not designated at FVTPL.
These amounts generally arise from transactions outside the usual operating activities of the Company. They are held with the objective to collect their contractual cash flows and their cash flows represent solely payments of principal and interest. Accordingly, these are measured at amortised cost using the effective interest method, less provision for impairment. Financial assets at amortised cost are classified as current assets if they are due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current assets.
Financial liabilities are initially recognised at fair value and classified as subsequently measured at amortised cost, except for (i) financial liabilities at FVTPL: this classification is applied to derivatives, financial liabilities held for trading (e.g. short positions in securities), contingent consideration recognised by an acquirer in a business combination and other financial liabilities designated as such at initial recognition and (ii) financial guarantee contracts and loan commitments.
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
An exchange between the Company and its original lenders of debt instruments with substantially different terms, as well as substantial modifications of the terms and conditions of existing financial liabilities, are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. (In addition, other qualitative factors, such as the currency that the instrument is denominated in, changes in the type of interest rate, new conversion features attached to the instrument and change in loan covenants are also considered.)
If an exchange of debt instruments or modification of terms is accounted for as an extinguishment, any costs or fees incurred are recognised as part of the gain or loss on the extinguishment. If the exchange or modification is not accounted for as an extinguishment, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modified liability.
Modifications of liabilities that do not result in extinguishment are accounted for as a change in estimate using a cumulative catch up method, with any gain or loss recognised in profit or loss, unless the economic substance of the difference in carrying values is attributed to a capital transaction with owners and is recognised directly to equity.
Borrowing costs are interest and other costs that the Company incurs in connection with the borrowing of funds, including interest on borrowings, amortisation of discounts or premium relating to borrowings, amortisation of ancillary costs incurred in connection with the arrangement of borrowings, finance lease charges and exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs.
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset, being an asset that necessarily takes a substantial period of time to get ready for its intended use or sale, are capitalised as part of the cost of that asset, when it is probable that they will result in future economic benefits to the Company and the costs can be measured reliably.
Financial assets and financial liabilities are offset and the net amount reported in the statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. This is not generally the case with master netting agreements, and the related assets and liabilities are presented gross in the statement of financial position.
Ordinary shares are classified as equity.
At the date of approval of these financial statements, standards and interpretations were issued by the International Accounting Standards Board which were not yet effective. Some of them were adopted by the European Union and others not yet. The Board of Directors expects that the adoption of these accounting standards in future periods will not have a material effect on the financial statements of the Company.
The Company is exposed to interest rate risk, credit risk and liquidity risk arising from the financial instruments it holds. The risk management policies employed by the Company to manage these risks are discussed below:
Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates. The Company's income and operating cash flows are substantially independent of changes in market interest rates as the Company has no significant interest-bearing assets. The Company is exposed to interest rate risk in relation to its non-current borrowings. Borrowings issued at variable rates expose the Company to cash flow interest rate risk. Borrowings issued at fixed rates expose the Company to fair value interest rate risk. The Company's Management monitors the interest rate fluctuations on a continuous basis and acts accordingly.
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to meet an obligation. Credit risk arises from cash and cash equivalents, contractual cash flows of debt investments carried at amortised cost, at fair value through other comprehensive income (FVOCI) and at fair value through profit or loss (FVTPL), favourable derivative financial instruments and deposits with banks and financial institutions.
Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but can also increase the risk of losses. The Company has procedures with the object of minimising such losses such as maintaining sufficient cash and other highly liquid current assets and by having available an adequate amount of committed credit facilities.
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Management has made an assessment of the Company's ability to continue as a going concern.
| 30 June 2022 | 30 June 2021 | |
|---|---|---|
| Auditors' remuneration | € 200 |
€ - |
| Other expenses | 3,084 | 4,850 |
| Total expenses | 3,284 | 4,850 |
| 9. Finance costs | ||
| 30 June 2022 € |
30 June 2021 € |
|
| Sundry finance expenses | 160 | - |
| Finance costs | 160 | - |
Period from 1 January 2022 to 30 June 2022
| 31 December | ||
|---|---|---|
| 30 June 2022 | 2021 | |
| € | € | |
| Shareholders' current accounts - debit balances (Note 15.1) | - | 942 |
| - | 942 |
The fair values of receivables due within one year approximate to their carrying amounts as presented above.
The exposure of the Company to credit risk and impairment losses in relation to receivables is reported in note 6 of the financial statements.
Cash balances are analysed as follows:
| 31 December | ||
|---|---|---|
| 30 June 2022 | 2021 | |
| € | € | |
| Cash at bank | 1,339 | 1,498 |
| 1,339 | 1,498 |
The exposure of the Company to credit risk and impairment losses in relation to cash and cash equivalents is reported in note 6 of the financial statements.
| 2022 Number of shares |
2022 € |
2021 Number of shares |
2021 € |
|
|---|---|---|---|---|
| Authorised Ordinary shares of €1 each |
26,000 | 26,000 | 26,000 | 26,000 |
| Issued and fully paid Balance at 1 January |
26,000 | 26,000 | 26,000 | 26,000 |
| Balance at 30 June/31 December | 26,000 | 26,000 | 26,000 | 26,000 |
| 31 December | ||
|---|---|---|
| 30 June 2022 | 2021 | |
| € | € | |
| Shareholders' current accounts - credit balances (Note 15.2) | 248 | - |
| Accruals | 1,601 | 2,240 |
| Other creditors | 2,734 | - |
| 4,583 | 2,240 |
The fair values of trade and other payables due within one year approximate to their carrying amounts as presented above.
The geopolitical situation in Eastern Europe intensified on 24 February 2022 with the commencement of the conflict between Russia and Ukraine. As at the date of authorising these financial statements for issue, the conflict continues to evolve as military activity proceeds. In addition to the impact of the events on entities that have operations in Russia, Ukraine, or Belarus or that conduct business with their counterparties, the conflict is increasingly affecting economies and financial markets globally and exacerbating ongoing economic challenges.
The European Union as well as United States of America, Switzerland, United Kingdom and other countries imposed a series of restrictive measures (sanctions) against the Russian and Belarussian government, various companies, and certain individuals. The sanctions imposed include an asset freeze and a prohibition from making funds available to the sanctioned individuals and entities. In addition, travel bans applicable to the sanctioned individuals prevents them from entering or transiting through the relevant territories. The Republic of Cyprus has adopted the United Nations and European Union measures. The rapid deterioration of the conflict in Ukraine may as well lead to the possibility of further sanctions in the future.
Emerging uncertainty regarding global supply of commodities due to the conflict between Russia and Ukraine conflict may also disrupt certain global trade flows and place significant upwards pressure on commodity prices and input costs as seen through early March 2022. Challenges for companies may include availability of funding to ensure access to raw materials, ability to finance margin payments and heightened risk of contractual non-performance.
The impact on the Company largely depends on the nature and duration of uncertain and unpredictable events, such as further military action, additional sanctions, and reactions to ongoing developments by global financial markets.
The financial effect of the current crisis on the global economy and overall business activities cannot be estimated with reasonable certainty at this stage, due to the pace at which the conflict prevails and the high level of uncertainties arising from the inability to reliably predict the outcome.
The event did not exist in the reporting period and is therefore not reflected in the recognition and measurement of the assets and liabilities in the financial statements as at 30 June 2022 as it is considered as a non-adjusting event.
The Company has limited direct exposure to Russia, Ukraine, and Belarus and as such does not expect significant impact from direct exposures to these countries.
Despite the limited direct exposure, the conflict is expected to negatively impact the tourism and services industries in Cyprus. Furthermore, the increasing energy prices, fluctuations in foreign exchange rates, unease in stock market trading, rises in interest rates, supply chain disruptions and intensified inflationary pressures may indirectly impact the operations of the Company. The indirect implications will depend on the extent and duration of the crisis and remain uncertain.
Management has considered the unique circumstances and the risk exposures of the Company and has concluded that there is no significant impact in the Company's profitability position. The event is not expected to have an immediate material impact on the business operations. Management will continue to monitor the situation closely and will assess the need for [please complete accordingly] in case the crisis becomes prolonged.
The following transactions were carried out with related parties:
| 31 December | ||
|---|---|---|
| 30 June 2022 | 2021 | |
| € | € | |
| Shareholders | - | 942 |
| - | 942 | |
The directors'/shareholders' current accounts are interest free, and have no specified repayment date.
Period from 1 January 2022 to 30 June 2022
| 31 December | ||
|---|---|---|
| 30 June 2022 | 2021 | |
| € | € | |
| Shareholders | 248 | - |
| 248 | - | |
The directors'/shareholders' current accounts are interest free, and have no specified repayment date.
The Company had no contingent liabilities as at 30 June 2022.
The Company had no capital or other commitments as at 30 June 2022.
As explained in note 14 the geopolitical situation in Eastern Europe intensified on 24 February 2022, with the commencement of the conflict between Russia and Ukraine. As at the date of authorising these financial statements for issue, the conflict continues to evolve as military activity proceeds and additional sanctions are imposed.
Depending on the duration of the conflict between Russia and Ukraine, and continued negative impact on economic activity, the Company might experience further negative results, and liquidity restraints and incur additional impairments on its assets in 2022 which relate to new developments that occurred after the reporting period.
The impact of events after the reporting date on the going concern is described in note 4.
| CONTENTS | PAGE |
|---|---|
| Detailed income statement | 1 |
| Operating expenses | 2 |
| Finance costs | 3 |
| Computation of corporation tax | 4 |
| Calculation of tax losses for the five-year period | 4 |
Period from 1 January 2022 to 30 June 2022
| Page | 30 June 2022 € |
30 June 2021 € |
|
|---|---|---|---|
| Operating expenses | |||
| Administration expenses | 2 | (3,284) | (4,850) |
| Operating loss | (3,284) | (4,850) | |
| Finance costs | 3 | (160) | - |
| Net loss for the period before tax | (3,444) | (4,850) |
Period from 1 January 2022 to 30 June 2022
| 30 June 2022 | 30 June 2021 | |
|---|---|---|
| € | € | |
| Administration expenses | ||
| Annual levy | 350 | 350 |
| Auditors' remuneration | 200 | - |
| Other professional fees | 2,734 | 4,500 |
| 3,284 | 4,850 |
Period from 1 January 2022 to 30 June 2022
| 30 June 2022 € |
30 June 2021 € |
|
|---|---|---|
| Finance costs | ||
| Sundry finance expenses | ||
| Bank charges | 160 | - |
| 160 | - |
Period from 1 January 2022 to 30 June 2022
| Net loss per income statement Add: |
Page 1 |
€ | € (3,444) |
|---|---|---|---|
| Annual levy | 350 | ||
| Net loss for the year | 350 (3,094) |
||
| Apportionment to the relevant years of assessment | 2022 | 2021 | |
| € | € | ||
| Period 01/01/2022 - 30/06/2022 | (3,094) (3,094) |
- - |
|
| (3,094) | - | ||
| Loss brought forward | (24,750) | ||
| Loss carried forward | (24,750) |
| Tax year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|
| € | € | € | € | € | € | |
| Profits/(losses) for the tax year | - | (348) | (842) | (18,923) | (4,637) | (3,094) |
| Gains Offset (€) | - | - | - | - | - | - |
| Gains Offset- Year | ||||||
| Gains Offset (€) | - | - | - | - | - | - |
| Gains Offset- Year | ||||||
| Gains Offset (€) | - | - | - | - | - | - |
| Gains Offset- Year | ||||||
| Gains Offset (€) | - | - | - | - | - | - |
| Gains Offset- Year | ||||||
| Gains Offset (€) | - | - | - | - | - | - |
| Gains Offset- Year |
Net loss carried forward (27,844)
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