Henan Wandi Minerals Public Company LTD

Annual / Quarterly Financial Statement • Apr 14, 2022

REPORT AND FINANCIAL STATEMENTS 31 December 2021

15 Agion Omologiton Street 1080, Nicosia Cyprus

HE 385760

REPORT AND FINANCIAL STATEMENTS

The Management Report, the Auditor's report and the Financial Statements of the company for the year ended 31 December 2021 are true copies of those presented at the Annual General Meeting that took place on 5 April 2022.

Signature .......................................................

)

Maria Polyviou Director

Signature Limit. ......

Andreas Karamanos Secretary

REPORT AND FINANCIAL STATEMENTS 31 December 2021

CONTENTS	PAGE
Board of Directors and other officers	1
Management Report	2 - 3
Independent auditor's report	4 - 6
Statement of profit or loss and other comprehensive income	7
Statement of financial position	8
Statement of changes in equity	9
Cash flow statement	10
Notes to the financial statements	11 - 15

BOARD OF DIRECTORS AND OTHER OFFICERS

Board of Directors:

Obaid Azib - Resigned 15 of April 2020 Ding-Shin Chang -Resigned 2 of November 2020 Andreas Karamanos -Appointed 15 of April 2020 Rena Afami -Resigned 20 of April 2021 Maria Polyviou -Appointed 7 of December 2020 Antzelina Ftanou - Appointed 20 of April 2021

Company Secretary:

Independent Auditors:

Andreas Karamanos - Appointed 15 of April 2020 Obaid Azib - Resigned 15 of April 2020

Ekkeshis Ierodiakonou Ltd Certified Public Accountants and Registered Auditors 39 Themistocles Dervis Street Office 102

Registered office:

15 Agion Omologiton Street 1080, Nicosia Cyprus

Registration number:

HE385760

MANAGEMENT REPORT

The Board of Directors presents its report and audited financial statements of the Company for the year ended 31 December 2021.

Principal activities and nature of operations of the Company

The Company is a holding company with no participations in the period under review.

Change of Company name

On 29 August 2018, the Company changed its name from Henan Wandi Minerals Ltd to Henan Wandi Minerals Public Company Ltd.

Review of current position, future developments and performance of the Company's business

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.

Principal risks and uncertainties

The principal risks and uncertainties faced by the Company are disclosed in notes 6 and 13 of the financial statements.

Use of financial instruments by the Company

The Company is exposed to interest rate risk, credit risk and liquidity risk from the financial instruments it holds.

Interest rate risk

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 risk in relation to its non-current 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

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

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 pochtally cimbiness pronability), such losses such and other highly liquid current assets and by having available an adequate amount of committed credit facilities.

Share capital

There were no changes in the share capital of the Company during the year under review.

2

MANAGEMENT REPORT

Board of Directors

The members of the Company's Board of Directors as at 31 December 2021 and at the date of this report are presented on page 1. Mr Obaid Azib who was appointed director at the date of incorporation resigned on 15 April 2020 and on the same date Mr Andreas Karamanos was appointed in his place. Mr Ding - Shin Chang who was appointed director at the date of incorporation resigned on 2 November 2020 and on the same date Mrs Rena Afami was appointed in his place. Mrs Rena Afami who was appointed director on 2 November 2020 resigned on 20 April 2021 and on the same date Mrs Antzelina Ftanou was appointed in her place. Mrs Maria Polyviou was appointed director on 7 December 2020.

In accordance with the Company's Articles of Association all Directors presently members of the Board continue in office.

There were no significant changes in the assignment of responsibilities and remuneration of the Board of Directors.

Independent Auditors

The Independent Auditors, Ekkeshis Ierodiakonou Ltd, have expressed their willingness to continue in office and a resolution giving authority to the Board of Directors to fix their remuneration will be proposed at the Annual General Meeting.

By order of the Board of Directors,

s Karamanos Secretary

Nicosia, 5 April 2022

ﺰ ﺍﻟﻤﺴﺎﺣﺔ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﺘﻲ ﺗﻌﺪﺩ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﺘﻲ ﺗﻌﺪﺩ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﺘﻲ ﺗﻌﺪﺩ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﺘﻲ ﺗﻌﺪﺩ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﺘﻲ ﺗﻘﺮﻳﺒﺎ

Fkkeshis lerodiakonoultd

39 Themistocles Dervis Street T: +357 22 466 470 1st Floor CY-1066 Nicosia. Cyprus P.O.Box 26643 CY-1646 Nicosia, Cyprus

F: +357 22 766 470 www.eicyprus.com

Independent Auditor's Report

To the Members of Henan Wandi Minerals Public Company Ltd

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Henan Wandi Minerals Public Company Ltd (the "Company"), which are we nave audited the manual statements of financial position as at 31 December 2021, and the war the presented in pages 7 to 15 and comprehensive income, changes in equity and cast flows for the year then statements of profit of 1000 and statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the year the year the ended in In our opinion, the accompanying manager services and its rash flows for the year the ended in Company as at 31 December 2021, and of on the March Standards (IFRSs) as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISA). Our responsibilities under We conducted our adolt in accordance with Interior Responsibilities for the Financial Statements those standards are further described in the Analon 3 newslations with the Thernational Ethics Standards section of our report. We are intependent of the Schips in accountants (including International Board for Accountants - International - Cour - Lance - Freesisments that are elevant to our audit of the State of the Present to our audit of the se Independence Standards) (IESBA Code) together with the entition in accordination in according with these financial statements in Cyprus, and we Trave Tunned our other Cancer Posterial
requirements and the IESBA Code. We believe that the audit evidence we have obtained is su to provide a basis for our opinion.

Other information

The Board of Directors is responsible for the other information comprises the information comprises the information The Board of Directors is Tesponsible for the Scher The Schements and our auditor's report thereon.
included in the Management Report, but does not include the financial stat

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in In connection who our addit of the information is materially in the financial statements on Our doing so, consider whener the other innumation is macerially masstated. If, based on the work we have have have have knowledge obtained in the addit of otherwise uppears to be information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors for the Financial Statements

The Board of Directors is responsible for the preparation of financial statements that give a true and fair view in The Board of Directors is responsible for the proparation of the European Union and Ithon and Ithon and Ithe accordance Wth International Fifancial Reporting Standard Can be Board of Director
requirements of the Cyprus Companies Law, Cap. Ltd. Gree from material miss requirements or the Cyprus Companies Eaw, Cap. "Easy and Tor Same Tree from material misstatement, whether due to fraud or error.

Independent Auditor's Report (continued)

To the Members of Henan Wandi Minerals Public Company Ltd

Responsibilities of the Board of Directors for the Financial Statements (continued)

In preparing the financial statements, the Board of Directors is 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is responsible for overseeing the Company's financial reporting process.

Auditor's 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 auditor's 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 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.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• of the Gompany of internal conor of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view.

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Report on Other Legal Requirements

Pursuant to the additional requirements of the Auditors Law of 2017, we report the following:

• In our opinion, the Management Report has been prepared in accordance with the requirements of the Cyprus Companies Law, Cap 113, and the information given is consistent with the financial statements.
• In our opinion, and 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 Management Report.

Independent Auditor's Report (continued)

To the Members of Henan Wandi Minerals Public Company Ltd

Other Matter

This report, including the opinion, has been prepared for and only for the Company's members as a body in This TCDOT, The Auditors the Open propared for of are or other purpose. We do not, in giving this opinion, accordunce with Section of the nations as no organized on to any other person to whose knowledge this report may come to.

Nicosia, 5 April 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 31 December 2021

	Note	2021 €	2020
Administration expenses		(4,985)	(19,273)
Operating loss		(4,985)	(19,273)
Finance costs	8	(2)
Net loss for the year		(4,987)	(19,273)
Other comprehensive income
Total comprehensive income for the year		(4,987)	(19,273)

STATEMENT OF FINANCIAL POSITION

31 December 2021

		2021	2020
	Note	€	€
Current assets	9	942	15,077
Receivables Cash at bank	10	1,498
		2,440	15 077
Total assets		2,440	15,077
EQUITY AND LIABILITIES
Equity Share capital Accumulated losses	11	26,000 (25,800)	26,000 (20,813)
Total equity		200	5,187
Current liabilities Trade and other payables	12	2,240	9,890
		2,240	9,890
Total equity and liabilities		2,440	15,077

On 5 April 2022 the Board of Directors of Henan Wandi Minerals Public Company Ltd authorised these financial statements for issue.

Andreas Karamanos Director

Maria Polyviou Director

Antzelina Ftanou

Director

STATEMENT OF CHANGES IN EQUITY

31 December 2021

	Share capital (D	Accumulated osses 3	Total a
Balance at 1 January 2020 Net loss for the year	26,000	(1,540) (19,273)	24,460 (19,273)
Balance at 31 December 2020/ 1 January 2021	26,000	(20,813)	5,187
Comprehensive income Net loss for the year		(4,987)	(4.987)
Balance at 31 December 2021	26,000	(25,800)	200

Companies, which do not distribute 70% of their profits after tax, as defined by the Special Contribution for the Companies, Which as not acceller the end of the relevant tax year, will be deemed to have and Delection of the Republic Lawy Millin the 7, and 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 the provent of the dischladen is Gausea by any pays special defence contribution on behalf of the shareholders over the amount of the prono reach the Company pp, opportion for 2014) when the entitled shareholders are natural persons tax residents of Cyprus and have their domicile in Cyprus. In addition, from 2019 (deemed dividenc persons ux residents of Office and mpany pays on behalf of the shareholders General Healthcare System (GHS) alsthoution of your 2017 pronomy), when the entitled shareholders are natural persons tax residents of Cyprus, regardless of their domicile.

CASH FLOW STATEMENT 31 December 2021

	2021 (3	2020 10
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before tax	(4,987)	(19,273)
	(4,987)	(19,273)
Changes in working capital:
Decrease in receivables	14,135	10,923
(Decrease)/increase in trade and other payables	(7,650)	8,350
Cash generated from operations	1,498
CASH FLOWS FROM INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in cash and cash equivalents	1,498
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year	1,498

NOTES TO THE FINANCIAL STATEMENTS 31 December 2021

1. Incorporation and principal activities

Country of incorporation

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.

Principal activities

The Company is a holding company with no participations in the period under review.

2. Basis of preparation

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.

The preparation of financial statements in conformity with IFRSs requires the use of certain critical accounting The proparator of management to exercise its judgment in the process of applying the Company's accounting policies. It also requires the use of assumptions that affect the reported amounts of assets and liabilities and ported. It also request assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on Management's best knowledge of current events and actions, actual results may ultimately differ from those estimates.

3. Adoption of new or revised standards and interpretations

During the current year the Company adopted all the new and revised International Financial Revority Standards During the carent year the Company daopeare effective for accounting periods beginning on 1 January 2021. This (1110) that are a material effect on the accounting policies of the Company.

4. Significant accounting policies

The principal accounting policies adopted in the preparation of these financial statements are attherwise or the The principal decounting policies adoped in these financial statements unless otherwise stated.

Finance costs

Interest expense and other borrowing costs are charged to profit or loss as incurred.

Financial assets

Cash and cash equivalents

For the purpose of the cash flow statement, cash and cash equivalents comprise cash at bank. Cash and these For the purpose of the cash now statement, casif the can equilibedian of contractual cash flows and those cash flows represent SPPI, and (ii) they are not designated at FVTPL.

Trade payables

Trade payables are initially measured at fair value and are subsequently measured at amortised cost, using the effective interest rate method.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2021

4. Significant accounting policies (continued)

Share capital

Ordinary shares are classified as equity.

5. New accounting pronouncements

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.

6. Financial risk management

Financial risk factors

The Company is exposed to interest rate risk, credit risk anising from the financial instruments it holds. The risk management policies employed by the Company to manage these risks are discussed below:

6.1 Interest rate risk

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 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.

6.2 Credit risk

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.

6.3 Liquidity risk

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 pobject 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.

7. Expenses by nature

	2021	2020
	e	(1)
Auditors' remuneration		1,190
Other expenses	4,985	18,083
Total expenses	4,985	19,273
8. Finance costs
	2021	2020
	€	€
Sundry finance expenses
Finance costs

NOTES TO THE FINANCIAL STATEMENTS 31 December 2021

9. Receivables

2021	2020
942	12,410
	2.667
942	15.077
	(1)

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 of of the financial statements.

10. Cash at bank

Cash balances are analysed as follows:

2021	2020
ﮯ
1,498
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.

11. Share capital

	2021 Number of shares	2021 e	2020 Number of shares	2020 E
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 31 December	26,000	26,000	26.000	26,000

Authorised capital

Under its Memorandum the Company fixed its share capital at 26000 ordinary shares of nominal value of €1 each.

Issued capital

Upon incorporation on 02 July 2018 the Company issued to the subscribers of its Memorandum of Association 26,000 ordinary shares of €1 each at par.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2021

12. Trade and other payables

	2021	2020
	€
Trade payables Accruals		8,000
	2,240	1,890
	2,240	9.890

The fair values of trade and other payables due within one year approximate to their carrying amounts as presented above.

13. Operating Environment of the Company

With the recent and rapid development of the Coronavirus disease (COVID-19) pandemic the world economy entered a period of unprecedented health care crisis that has caused considerable global disruption in business activities and everyday life.

Many countries have adopted extraordinary and economically costly containment measures. Certain countries have required companies to limit or even suspend normal business operations. Governments have implemented restrictions on travelling as well as strict quarantine measures throughout the year.

Industries such as tourism, hospitality and entertainment have been directly disrupted significantly by these measures. Other industries such as manufacturing and financial services have also been indirectly affected.

In Cyprus, on 15 March 2020, the Council of Ministers in an extraordinary meeting, announced that it considers that Cyprus is entering a state of emergency considering the uncertain situation as it unfolds daily, the growing spread of COVID-19 outbreak and the World Health Organization's data on the situation.

To this end, certain measures have been taken by the Republic of Cyprus since then with a view to safeguarding ro this end, and ensuring the economic survival of working people, businesses, vulnerable groups and the economy at large.

New entry regulations have been applied with regards to protecting the population from a further spread of the disease which tightened the entry of individuals to the Republic of Cyprus within the year. Additionally, a considerable number of private businesses operating in various sectors of the economy had closed for a period of time while a number of lockdown measures, such as the prohibition of unnecessary movements and the suspension of operations of retail companies (subject to certain exemptions), were applied throughout the year. The measures or openations of revised (lifted or tightened) by the Republic of Cyprus during the year taking into consideration the epidemic status in the country.

The objective of these public policy measures was to contain the spread of COVID-19 outbreak and have resulted in significant operational disruption for the Company.

In parallel, governments, including the Republic of Cyprus, introduced various financial support schemes in response In paranely governments, water coviD-19 coronavirus pandemic. The Company has applied for soch government to the contine impacts of the arrangements that might be available to the Company and the Company i which they will remain available are continuing to evolve and remain subject to uncertainty. The Company is continuing to assess the implications for its business when these arrangements are no longer available and has reflected their impact in its stress-scenarios for going concern purposes.

The event is reflected in the recognition and measurement of the assets and liabilities in the financial statements as at 31 December 2021. The Company's management has assessed:

• (1) = whether any impairment allowances are deemed necessary for the Company's financial assets, nonfinancial assets (e.g., property, plant & equipment, goodwill, intangible assets), lease receivables, contract assets, loan commitments or financial guarantee contracts, investments in subsidiaries, associates and joint ventures by considering the economic situation and outlook at the end of the reporting period.
• whether the net realisable value for the Company's inventory exceeds cost. (2)

NOTES TO THE FINANCIAL STATEMENTS 31 December 2021

13. Operating Environment of the Company (continued)

The financial effect of the current crisis on the global economy and overall business activities cannot be estimated with reasonable certainty though, due to the pace at which the outbreak expands and the high level of uncertainties arising from the inability to reliably predict the outcome. Management's current expectations and estimates could differ from actual results.

Management has considered the unique circumstances and the risk exposures of the Company and has concluded that the main impact in the Company's profitability position has arisen from [please complete accordingly]. The event did not have an immediate material impact on the business operations.

The Company's management believes that it is taking all the necessary measures to maintain the viability of the Company and the development of its business in the current business and economic environment.

Management will continue to monitor the situation closely and will assess the need for ... in case the period of disruption becomes prolonged.

14. Related party transactions

The following transactions were carried out with related parties:

14.1 Shareholders' current accounts - debit balances (Note 9)	2021	2020
Shareholders	942	12.410
		2.410

The directors'/shareholders' current accounts are interest free, and have no specified repayment date.

15. Contingent liabilities

The Company had no contingent liabilities as at 31 December 2021.

16. Commitments

The Company had no capital or other commitments as at 31 December 2021.

17. Events after the reporting period

There were no material events after the reporting period, which have a bearing on the financial statements.

Independent auditor's report on pages 4 to 6