Annual / Quarterly Financial Statement • Mar 31, 2014
Annual / Quarterly Financial Statement
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REPORT AND FINANCIAL STATEMENTS 31 December 2013
| CONTENTS | PAGE |
|---|---|
| Board of Directors and other Officers | 1 |
| Report of the Board of Directors | 2 |
| Statement of the members of the Board of Directors responsibilities Declaration of the members of the Board of Directors and the company officials responsible for the financial statements |
3 3 |
| Independent auditor's report | 4 - 5 |
| Statement of profit or loss and other comprehensive income | 6 |
| Statement of financial position | 7 |
| Statement of changes in equity | 8 |
| Cash flow statement | 9 |
| Notes to the financial statements | 10 - 18 |
| Additional information to the Statement of profit or loss and other comprehensive income | 19 - 23 |
| Board of Directors: | M.Flett Financial Consultants Ltd Christos Kaliptsidis Maria Christodoulou Appointed 23/04/2013 Politimi Roidi Resigned 23/04/2013 Theodoros Potiris Resigned 06/09/2012 |
|---|---|
| Company Secretary: | M.Flett Financial Consultants Ltd |
| Independent Auditors: | L.Gnaftis & Co. Ltd Certified Public Accountants Anexartisias & Athinon Nora Court, 2nd floor 3040 Limassol Cyprus |
| Registered office: | Anexartisias & Athinon, Nora Court, 2nd floor Limassol 3040 Cyprus |
| Banker: | USB Bank Plc |
| Registration number: | ΗΕ220870 |
The Board of Directors presents its report and audited financial statements of the Company for the year ended 31 December 2013.
The principal activity of the Company, which is unchanged from last year, is the investment in shares of other companies involved with the development of application software and the sale of this software through internet.
The Company's development to date, financial results and position as presented in the financial statements are considered satisfactory.
Additional details that relate to the operating environment of the Company as well as other risks and uncertainties are described in notes 3 and 15 of the financial statements.
The Company's results for the year are set out on page 6.
The Board of Directors recommends a dividend of One cent (1 cent) per share from the profits of 2013 amounting to €18.100. .
There were no changes in the share capital of the Company during the year under review.
As a company listed on the Cyprus Stock Exchange (CSE), KERVERUS HOLDING IT (CY) PLC has not yet adopted CSE's Corporate Governance Code. However, the Company recognises the importance of implementing sound corporate governance policies, practices and procedures.
The members of the Company's Board of Directors as at 31 December 2013 and at the date of this report are presented on page 1. Mr.Theodoros Potiris and Mrs. Politimi Roidi were resigned on 06/09/2012 and on 23/04/2013 respectively and on 23/04/2013 Mrs. Maria Christodoulou was appointed in their place
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.
The Independent Auditors, L.Gnaftis & Co. 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,
M.Flett Financial Consultants Ltd Secretary
Limassol, 28 March 2014
In accordance with Article 9 sections (3c) and (7) of the Transparency Requirements (Traded Securities in Regulated Markets) Law 2007 we, the members of the Board of Directors and the Company official responsible for the drafting of the consolidated and the Company's separate financial statements of KERVERUS HOLDING IT (CY) PLC for the year ended 31 December 2013, on the basis of our knowledge, declare that:
(a) The annual financial statements which are presented on pages 6 to 18.
(i) have been prepared in accordance with the applicable International Financial Reporting Standards and the provisions of section (4), and
(ii) provide a true and fair view of the particulars of assets and liabilities, the financial position and the profit or loss of KERVERUS HOLDING IT (CY) PLC and the entities included in the consolidated financial statements as a whole and
b) The Board of Directors' report provides a fair view of the developments and the performance as well as the position of KERVERUS HOLDING IT (CY) PLC and the entities included in the consolidated financial statements as a whole, together with α description of the main risks and uncertainties which they face.
M.Flett Financial Consultants Ltd
Christos Kaliptsidis
Maria Christodoulou
M.Flett Financial Consultants Ltd (Financial Manager)
Limassol, 28 March 2014
We have audited the financial statements of the parent company KERVERUS HOLDING IT (CY) PLC (the ''Company'') on pages 6 to 18 which comprise the statement of financial position as at 31 December 2013, and the statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.
The Board of Directors is responsible for the preparation of financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of financial statements that give a true and fair view 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 entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
In our opinion, the financial statements give a true and fair view of the financial position of parent company KERVERUS HOLDING IT (CY) PLC as at 31 December 2013, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113.
Pursuant to the additional requirements of the Auditors and Statutory Audits of Annual and Consolidated Accounts Laws of 2009 and 2013, we report the following:
Pursuant to the requirements of the Directive DI190-2007-04 of the Cyprus Securities and Exchange Commission, we report that a corporate governance statement has been made for the information relating to paragraphs (a), (b), (c), (f) and (g) of article 5 of the said Directive, and it forms a special part of the Report of the Board of Directors.
This report, including the opinion, has been prepared for and only for the Company's members as a body in accordance with Section 34 of the Auditors and Statutory Audits of Annual and Consolidated Accounts Laws of 2009 and 2013 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whose knowledge this report may come to.
We have reported separately on the consolidated financial statements of the Company and its subsidiaries for the year ended 31 December 2013.
Lambros Gnaftis Certified Public Accountant and Registered Auditor for and on behalf of L.Gnaftis & Co. Ltd Certified Public Accountants
Limassol, 31 March 2014
| Note | 2013 € |
2012 € |
|
|---|---|---|---|
| Dividends receivable | 110.000 | 107.344 | |
| Other income Administration and other expenses |
5 6 |
122 (29.452) |
96 (66.895) |
| Operating profit | 7 | 80.670 | 40.545 |
| Finance costs | 8 | (272) | (235) |
| Profit before tax | 80.398 | 40.310 | |
| Tax | 9 | (37) | (14) |
| Net profit for the year | 80.361 | 40.296 | |
| Other comprehensive income | - | - | |
| Total comprehensive income for the year | 80.361 | 40.296 |
31 December 2013
| 2013 | 2012 | ||
|---|---|---|---|
| ASSETS | Note | € | € |
| Non-current assets | |||
| Investments in subsidiaries | 11 | 1.700.000 | 1.700.000 |
| 1.700.000 | 1.700.000 | ||
| Current assets Receivables |
12 | 4.127 | 3.206 |
| Receivables from own subsidiaries | 16 | 204.198 | 123.461 |
| Cash at bank and in hand | 29.109 | 60.398 | |
| 237.434 | 187.065 | ||
| Total assets | 1.937.434 | 1.887.065 | |
| EQUITY AND LIABILITIES | |||
| Equity Share capital Retained earnings |
13 | 1.810.000 119.657 |
1.810.000 39.296 |
| Total equity | 1.929.657 | 1.849.296 | |
| Current liabilities | |||
| Trade and other payables | 14 | 2.150 | 1.500 |
| Directors' current accounts - credit balances | 16 | 5.627 | 36.269 |
| 7.777 | 37.769 | ||
| Total equity and liabilities | 1.937.434 | 1.887.065 |
On 28 March 2014 the Board of Directors of KERVERUS HOLDING IT (CY) PLC authorised these financial statements for issue.
.................................... .................................... M.Flett Financial Consultants Ltd Christos Kaliptsidis Director Director
Year ended 31 December 2013
| Note | Share capital € |
Retained earnings € |
Total € |
|
|---|---|---|---|---|
| Balance at 1 January 2012 | 1.000 | (1.000) | - | |
| Comprehensive income Net profit for the year |
- | 40.296 | 40.296 | |
| Transactions with owners Issue of share capital |
13 | 1.809.000 | - | 1.809.000 |
| Balance at 31 December 2012/ 1 January 2013 | 1.810.000 | 39.296 | 1.849.296 | |
| Comprehensive income Net profit for the year |
- | 80.361 | 80.361 | |
| Balance at 31 December 2013 | 1.810.000 | 119.657 | 1.929.657 |
Companies which do not distribute 70% of their profits after tax, as defined by the relevant tax law, within two years after the end of the relevant tax year, will be deemed to have distributed as dividends 70% of these profits. Special contribution for defence at 20% for the tax years 2012 and 2013 and 17% for 2014 and thereafter will be payable on such deemed dividends to the extent that the shareholders (companies and individuals) are Cyprus tax residents. The amount of deemed distribution is reduced by any actual dividends paid out of the profits of the relevant year at any time. This special contribution for defence is payable by the Company for the account of the shareholders.
| Note € CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 80.398 40.310 Adjustments for: Dividend income (110.000) (107.344) Interest income 5 (122) |
€ |
|---|---|
| (96) | |
| Cash flows used in operations before working capital changes (29.724) (67.130) Increase in receivables (921) (3.206) |
|
| Increase in receivables from own subsidiaries (80.737) (123.461) |
|
| (Decrease) in directors' current accounts (30.642) 36.269 |
|
| Increase in trade and other payables 650 |
1.500 |
| Cash flows used in operations (141.374) (156.028) |
|
| Dividends received 110.000 107.344 |
|
| Tax paid (37) |
(14) |
| (31.411) (48.698) Net cash flows used in operating activities |
|
| CASH FLOWS FROM INVESTING ACTIVITIES | |
| Payment for purchase of investments in subsidiaries 11 - (1.700.000) |
|
| Interest received 122 |
96 |
| Net cash flows from/(used in) investing activities 122 (1.699.904) |
|
| CASH FLOWS FROM FINANCING ACTIVITIES | |
| Proceeds from issue of share capital - 1.809.000 |
|
| - 1.809.000 Net cash flows from financing activities |
|
| Net (decrease) /increase in cash and cash equivalents (31.289) 60.398 Cash and cash equivalents: |
|
| At beginning of the year 60.398 |
- |
| 29.109 60.398 At end of the year |
The Company KERVERUS HOLDING IT (CY) PLC (the ''Company'') was incorporated in Cyprus on 29 January 2008 as a private limited liability company under the Cyprus Companies Law, Cap. 113. Its registered office is at Anexartisias & Athinon, Nora Court, 2nd floor, Limassol, 3040, Cyprus.
The principal activity of the Company, which is unchanged from last year, is the investment in shares of other companies involved with the development of application software and the sale of this software through internet.
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 has prepared these parent's separate financial statements for compliance with the requirements of the Cyprus Income Tax Law.
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 Company has also prepared consolidated financial statements in accordance with IFRSs for the Company and its subsidiaries (the ''Group''). The consolidated financial statements can be obtained from Anexartisias & Athinon, Nora Court, 2nd floor, Office 203, 3040 Limassol, Cyprus
Users of these parent's separate financial statements should read them together with the Group's consolidated financial statements as at and for the year ended 31 December 2013 in order to obtain a proper understanding of the financial position, the financial performance and the cash flows of the Company and the Group
The preparation of financial statements in conformity with IFRSs requires the use of certain critical accounting estimates and requires 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 disclosure of contingent 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.
During the current year 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 2013. This adoption did not have a material effect on the accounting policies of the Company.
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.
Investments in subsidiary companies are stated at cost less provision for impairment in value, which is recognised as
Year ended 31 December 2013
an expense in the period in which the impairment is identified.
Revenues earned by the Company are recognised on the following bases:
Dividend from investments in securities is recognised when the right to receive payment is established. Withheld taxes are transferred to profit or loss. Interest from investments in securities is recognised on an accruals basis.
Profits or losses from the sale of investments in securities represent the difference between the net proceeds and the carrying amount of the investments sold and is transferred to profit or loss.
The difference between the fair value of investments at fair value through profit or loss as at 31 December 2013 and the mid cost price represents unrealised gains and losses and is included in profit or loss in the period in which it arises. Unrealised gains and losses arising from changes in the fair value of available-forsale financial assets are recognised in equity. When available-for-sale financial assets are sold or impaired, the accumulated fair value adjustments are included in profit or loss as fair value gains or losses on investments, taking into account any amounts charged or credited to profit or loss in previous periods.
Interest income is recognised on a time-proportion basis using the effective interest method.
Dividend income is recognised when the right to receive payment is established.
Interest expense and other borrowing costs are charged to profit or loss as incurred.
Current tax liabilities and assets are measured at the amount expected to be paid to or recovered from the taxation authorities, using the tax rates and laws that have been enacted, or substantively enacted, by the reporting date.
Proposed dividends are recorded in the Company's financial statements in the year in which they are approved by the Company's shareholders.
Financial assets and financial liabilities are recognised in the Company's statement of financial position when the Company becomes a party to the contractual provisions of the instrument.
For the purpose of the cash flow statement, cash and cash equivalents comprise cash at bank and in hand.
A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised when:
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss.
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.
The Company is exposed to interest rate risk, credit risk, liquidity risk and capital risk management 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. 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 arises when a failure by counter parties to discharge their obligations could reduce the amount of future cash inflows from financial assets on hand at the reporting date. The Company has no significant concentration of credit risk. The Company has policies in place to ensure that sales of products and services are made to customers with an appropriate credit history and monitors on a continuous basis the ageing profile of its receivables. Cash balances are held with high credit quality financial institutions and the Company has policies to limit the amount of credit exposure to any financial institution.
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.
The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance. The Company's overall strategy remains unchanged from last year.
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.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:
Significant judgment is required in determining the provision for income taxes. There are transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.
The Company periodically evaluates the recoverability of investments in subsidiaries whenever indicators of impairment are present. Indicators of impairment include such items as declines in revenues, earnings or cash flows or material adverse changes in the economic or political stability of a particular country, which may indicate that the carrying amount of an asset is not recoverable. If facts and circumstances indicate that investment in subsidiaries may be impaired, the estimated future discounted cash flows associated with these subsidiaries/associates would be compared to their carrying amounts to determine if a write-down to fair value is necessary.
| 2013 | 2012 | |
|---|---|---|
| € | € | |
| Interest income | 122 | 96 |
| 122 | 96 | |
| Interest revenue is analysed as follows: | ||
| 2013 | 2012 | |
| € | € | |
| Bank deposits | 122 | 96 |
| 122 | 96 | |
| 6. Administration and other expenses | ||
| 2013 € |
2012 € |
|
| Formation Expenses | - | 2.875 |
| Annual levy | 350 | 350 |
| Sundry expenses | 45 | - |
| Computer software Auditors' remuneration |
46 2.150 |
- 2.150 |
| Other professional fees | 24.340 | 59.965 |
| Cyprus Stock Exchange expenses | 2.521 | 1.555 |
| 29.452 | 66.895 | |
| 7. Operating profit | ||
| 2013 € |
2012 € |
|
| Operating profit is stated after charging the following items: | ||
| Auditors' remuneration | 2.150 | 2.150 |
| Formation Expenses | - | 2.875 |
| 8. Finance costs | ||
| 2013 € |
2012 € |
|
| Sundry finance expenses | 272 | 235 |
| 272 | 235 | |
| 9. Tax | ||
| 2013 € |
2012 € |
|
| Defence contribution - current year | 37 | 14 |
| Charge for the year | 37 | 14 |
The tax on the Company's profit before tax differs from the theoretical amount that would arise using the applicable tax rates as follows:
| 2013 | 2012 | |
|---|---|---|
| € | € | |
| Profit before tax | 80.398 | 40.310 |
| Tax calculated at the applicable tax rates | 10.050 | 4.031 |
| Tax effect of expenses not deductible for tax purposes | 43 | - |
| Tax effect of allowances and income not subject to tax | (13.765) | (4.031) |
| Tax effect of tax loss for the year | 3.672 | - |
| Defence contribution current year | 37 | 14 |
| Tax charge | 37 | 14 |
The corporation tax rate is 12,5% (2012:10%).
Under certain conditions interest income may be subject to defence contribution at the rate of 30% (2012:15%). In such cases this interest will be exempt from corporation tax. In certain cases, dividends received from abroad may be subject to defence contribution at the rate of 20% for the tax years 2012 and 2013 and 17% for 2014 and thereafter.
Due to tax losses sustained in the year, no tax liability arises on the Company. Under current legislation, tax losses may be carried forward and be set off against taxable income of the five succeeding years As at 31 December 2013, the balance of tax losses which is available for offset against future taxable profits amounts to €94.629 for which no deferred asset is recognised in the statement of financial position.
At the Annual General Meeting on 23 April 2014 a dividend in respect of 2013 of One cent (1 cent) per share amounting to a total dividend of €18.100 is to be proposed. These financial statements do not reflect this dividend payable, which will be accounted for in shareholders' equity as an appropriation of retained earnings in the year ending 31 December 2014.
Dividends are subject to a deduction of special contribution for defence at 20% for the tax years 2012 and 2013 and 17% for 2014 and thereafter for individual shareholders that are residents of Cyprus. Consequently, the dividends proposed in respect of the year 2013 will be subject to defence contribution amounting to €2.715 at the time the dividend is paid to the shareholders.
| 2013 | 2012 | |||||
|---|---|---|---|---|---|---|
| Balance at 1 January Additions |
€ 1.700.000 - |
€ - 1.700.000 |
||||
| Balance at 31 December | 1.700.000 | 1.700.000 | ||||
| The details of the subsidiaries are as follows: | ||||||
| Name | Country of incorporation |
Principal activities | 2013 Holding % |
2012 Holding % |
2013 € |
2012 € |
| KERVERUS IT (CY) LTD |
Κύπρος | Development of application software and the sale of use of this software through internet |
100 | 100 | 1.700.000 | 1.700.000 |
| 1.700.000 | 1.700.000 | |||||
| 12. Receivables | ||||||
| 2013 € |
2012 € |
|||||
| Deposits and prepayments Refundable VAT |
2.000 2.127 |
2.000 1.206 |
||||
| 4.127 | 3.206 |
The fair values of trade and other 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 trade and other receivables is reported in note 3 of the financial statements.
| 2013 Number of shares |
2013 € |
2012 Number of shares |
2012 € |
|
|---|---|---|---|---|
| Authorised Ordinary shares of €1 each |
1.810.000 - |
- - |
1.000 1.809.000 |
1.000 1.809.000 |
| 1.810.000 | - | 1.810.000 | 1.810.000 | |
| Issued and fully paid Balance at 1 January Issue of shares |
1.810.000 - |
1.810.000 - |
1.000 1.809.000 |
1.000 1.809.000 |
| Balance at 31 December | 1.810.000 | 1.810.000 | 1.810.000 | 1.810.000 |
| 2013 | 2012 | |
|---|---|---|
| € | € | |
| Accruals | 2.150 | 1.500 |
| 2.150 | 1.500 |
The fair values of trade and other payables due within one year approximate to their carrying amounts as presented above.
The Cyprus economy has been adversely affected from the crisis in the Cyprus banking system in conjunction with the inability of the Republic of Cyprus to borrow from international markets. As a result, the Republic of Cyprus entered into negotiations with the European Commission, the European Central Bank and the International Monetary Fund (the "Troika"), for financial support, which resulted into an agreement and the Eurogroup decision of 25 March 2013. The decision included the restructuring of the two largest banks in Cyprus through "bail in". During 2013 the Cyprus economy contracted further with a decrease in the Gross Domestic Product.
Following the positive outcome of the first and second quarterly reviews of Cyprus's economic programme by the European Commission, the European Central Bank and the International Monetary Fund during 2013, the Eurogroup endorsed the disbursement of the scheduled tranches of financial assistance to Cyprus.
The Company's management has assessed:
(1) Whether any impairment provisions are deemed necessary for the Company's financial assets carried at amortised cost by considering the economic situation and outlook at the end of the reporting period. Provisions for trade receivables are determined using the incurred loss model required by the applicable accounting standards. These standards require recognition of impairment losses for receivables that arose from past events and prohibit recognition of impairment losses that could arise from future events, no matter how likely those future events are.
The Company's management is unable to predict all developments which could have an impact on the Cyprus economy and consequently, what effect, if any, they could have on the future financial performance, cash flows and financial position of the Company.
On the basis of the evaluation performed, the Company's management has concluded that no provisions or impairment charges are necessary.
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.
The following transactions were carried out with related parties:
| 2013 | 2012 | |
|---|---|---|
| Name | € | € |
| KERVERUS IT(CY) LTD | 204.198 | 123.461 |
| 204.198 | 123.461 |
| 2013 | 2012 | |
|---|---|---|
| € | € | |
| Christos Kaliptsidis | 5.627 | 36.269 |
| 5.627 | 36.269 |
The directors' current accounts are interest free, and have no specified repayment date.
The percentage of share capital of the Company held directly or indirectly by each member of the Board of Directors, their spouses and their minor children, as at 31 December 2013 and 23 March 2014 (30 days before the date of notice for convening the Annual General Meeting) were as follows:
| 31 December | 23 Μαρτίου | |
|---|---|---|
| 2013 | 2014 | |
| % | % | |
| Christos Kaliptsidis | 65 | 65 |
The shareholders holding more than 5% of the share capital of the Company as at 31 December 2013 and 23 March 2014 (30 days before the date of notice for convening the Annual General Meeting) was:
| 31 December | 23 Μαρτίου | ||
|---|---|---|---|
| 2013 | 2014 | ||
| % | % | ||
| Politimi Roidi | 18 | 18 | |
| VIDAVO HEALTH TELEMATICS A.E. | 6 | 6 |
At the end of the year, no significant agreements existed between the Company and its management.
The Company had no contingent liabilities as at 31 December 2013.
The Company had no capital or other commitments as at 31 December 2013.
There were no material events after the reporting period, which have a bearing on the understanding of the financial statements.
| Page | 2013 € |
2012 € |
|
|---|---|---|---|
| Revenue Dividends receivable Bank interest |
110.000 122 |
107.344 96 |
|
| Other operating expenses Formation Expenses |
20 | 110.122 (29.452) - |
107.440 (64.020) (2.875) |
| Operating profit Finance costs |
21 | 80.670 (272) |
40.545 (235) |
| Net profit for the year before tax | 80.398 | 40.310 |
| 2013 € |
2012 € |
|
|---|---|---|
| Other operating expenses | ||
| Annual levy | 350 | 350 |
| Sundry expenses | 45 | - |
| Computer software | 46 | - |
| Auditors' remuneration | 2.150 | 2.150 |
| Other professional fees | 24.340 | 59.965 |
| Cyprus Stock Exchange expenses | 2.521 | 1.555 |
| 29.452 | 64.020 |
Year ended 31 December 2013
| 2013 € |
2012 € |
|
|---|---|---|
| Finance costs | ||
| Sundry finance expenses | ||
| Bank charges | 272 | 235 |
| 272 | 235 |
| Income € |
Rate | Defence € c |
|
|---|---|---|---|
| INTEREST Interest that was subject to deduction at source |
122 | ||
| Less: deductions at source | 122 | 30% | 36,60 (36,60) |
| DEFENCE CONTRIBUTION DUE TO IRD | - |
Year ended 31 December 2013
| Net profit per income statement Add: |
Page 19 |
€ | € 80.398 |
|---|---|---|---|
| Annual levy | 350 | 350 80.748 |
|
| Less: Dividends received Interest income |
110.000 122 |
||
| Net loss for the year | (110.122) (29.374) |
||
| Loss brought forward | (65.255) | ||
| Loss carried forward | (94.629) | ||
| Calculation of corporation tax | Loss € |
Rate % |
Total € c |
| Tax at normal rates: Net (loss) as above |
(94.629) | 12,50 | - |
| TAX PAYABLE | - |
| Tax year | Profits/(losses) for the tax year |
Gains Offset | Gains Offset | ||
|---|---|---|---|---|---|
| € | Amount € | Year | Amount € | Year | |
| 2008 | - | - | - | ||
| 2009 | - | - | - | ||
| 2010 | - | - | - | ||
| 2011 | - | - | - | ||
| 2012 | (65.255) | - | - | ||
| 2013 | (29.374) | - | - |
| Tax year | Profits/(losses) | Gains Offset | |
|---|---|---|---|
| for the tax year | |||
| € | Amount € | Year | |
| 2008 | - | - | |
| 2009 | - | - | |
| 2010 | - | - | |
| 2011 | - | - | |
| 2012 | (65.255) | - | |
| 2013 | (29.374) | - |
Net loss carried forward (94.629)
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