Annual / Quarterly Financial Statement • Apr 8, 2025
Annual / Quarterly Financial Statement
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C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LTD INTERIM FINANCIAL STATEMENTS For the period ended 30 June 2024
| Page | |
|---|---|
| Board of directors and other advisors | 3 |
| Management report | 4 |
| Statement of profit or loss and other comprehensive income | 5 |
| Statement of financial position | 6 |
| Statement of changes in equity | 7 |
| Statement of cash flows | 00 |
| Notes to the financial statements |
Executive CHARALAMBOS CHRISTODOULIDES (Resigned 11/12/2024) ANTONAKIS ANTONIOU ANDREAS LEONIDOU CHRISTODOULOS CHRYSOULIOTIS (Appointed 11/12/2024) KEIMPE WISSE REITSMA (Appointed 11/12/2024)
13 KARAISKAKIS STREET, LIMASSOL, 3032
For the period ended 30 June 2024
The Board of Directors submits to the members the Financial Statements of C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LIMITED (the 'Company') for the period ended 30 June 2024.
Holding of Investments
The results for the period are presented in page 5 of the financial statements. The loss for the period before taxation was 7,142.00 Euro (2023: Loss 3,890.00 Euro)
The company does not have any branches.
The main risks and uncertainties to which the company is exposed are presented in note 9 of the financial statements.
During the period ended 30 June 2024, there were no changes in the share capital of the company.
The members of the board of directors at the date of this report are presented in page 3. All the directors are available for re-election at the annual general meeting.
Arysmals Ais .
CHRISTO DOULOS CHRYSOULIOTIS (Appointed 11/12/2024)
Director
LIMASSOL, 21 January 2025
Statement of profit or loss and other comprehensive income For the period ended 30 June 2024
| 01/01/2024- 30/06/2024 |
01/01/2023- 30/06/2023 |
||
|---|---|---|---|
| Notes | ್ | ్ | |
| Administrative Expenses | 4 | (7,142) | (3,890) |
| Operating loss | (7,142) | (3,890) | |
| Loss before taxation | (7,142) | (3,890) | |
| Loss for the year | (7,142) | (3,890) | |
| Loss for the year | (7,142) | (3,890) |
| 01/01/2024- 30/06/2024 |
01/01/2023 31/12/2023 |
||
|---|---|---|---|
| Notes | ್ | ್ರಿಗ | |
| Equity and Liabilities | |||
| Equity | |||
| Share Capital | 5 | 1,267,808 | 1,267,808 |
| Share Premium | 1,069,828 | 1,069,828 | |
| Accumulated losses | (2,668,385) | (2,661,243) | |
| Other reserves | 140,320 | 140,320 | |
| Non-refundable advances | 163,181 | ||
| (27,248) | (183,287) | ||
| Avances from shareholders | 163,181 | ||
| Total Equity | (20,106) | ||
| Current Liabilities | |||
| Trade and other payables | O | 4,729 | 20,106 |
| Short-term provisions | 7 | 22,519 | |
| 27,248 | 20,106 | ||
| Total Liabilities | 27,248 | 20,106 | |
| Total Equity and Liabilities | |||
The financial statements on pages 5 - 14 were approved by the board of directors on 21 January 2025 and were signed on its behalf by:
OULOS CHRYSOULIOTIS (Appointed 11/12/2024) Director
For the period ended 30 June 2024 Statement of changes in equity
| Salance as at 01 January 2023 | Balance as at 30 June 2023 | |
|---|---|---|
| Losses for the vear | ||
Balance as at 01 January 2024 Balance as at 30 June 2024 Losses for the year
| Tota | 295,650 (3,890) 40 |
291,760 | 20,106) 7,142 |
27,248) |
|---|---|---|---|---|
| Retained earnings |
2,654,212} 3,890 (12) |
2,658,102) | 2,661,243) 1,142 |
2,668,385 |
| refundable advances Non- |
163,181 3 |
163,181 | 163.181 | 163,181 |
| Other reserves | 140,320 ﻟﻴﻨﻴﺎ |
140,320 | 140,320 ﻟﻬﺎ |
140,320 |
| premium reserve Share |
1,142,535 ﻟﻴﺔ |
1,142,535 | 1,069,828 | 1,069,828 |
| Share capital | 1,503,826 ﺮﻳﻨﻴﺔ |
1,503,826 | 1,267,808 ﻟﺒﺮﻳﺎ |
1,267,808 |
As of 1 lanuary 2003, companis not distribution of east of their profit after taxation, as determined by the Special contribution for defence law of the republic, during the following the not of the fiscal profit and the distributed by annum as divided. Special contibition of delece at 17% Will be payable of the more of the more of the more of arise. The ancunt of this deemed discibution of dividend discributed out of the prosection of the year. This soccal contribution for order is parable por har note in proche i the deemed distribution of dividers on tax residents of the Republic of Cyprus a the end of the blood of the broom the end of the listen the end of the end of the end the the behalf of the shareholders.
| Notes | ||
|---|---|---|
| 01/01/2024- 01/01/2023- | ||
| 30/06/2024 30/06/2023 | ||
| 19 | ക | |
| Cash flows from operating activities | ||
| (Loss) from operations before tax | (7,142) | (3,890) |
| Operating cash flow before working capital changes | (7,142) | (3,890) |
| Cash (used in) / provided by operations | ||
| Increase in trade and other payables | 10,283 | 7,321 |
| Net cash flows from operations | 3,141 | 3,431 |
| Net cash provided by operating activities | ||
| Net cash flows from operating activities | 3,141 | 3,431 |
| Net increase in cash and cash equivalents | 3,141 | 3,431 |
| Cash and cash equivalents at the beginning of the year | ||
| Cash and cash equivalents at the end of the year | ||
Notes to the financial statements
The company was incorporated in the Republic of Cyprus as a Limited Liability Company on 10/02/2012 Holding of Investments
The registered office of the Company is situated at 13 KARAISKAKIS STREET, 3032, LIMASSOL.
The interim Financial statements for the period 01/01/2024 are not audited by the Company's auditors. They have been approved by the Board of Directors of the Company on the 21 January 2025.
The principal accounting policies adopted for the preparation of the financial statements are detailed below. These principles have been applied consistently for all the years reported in this set of financial statements, unless otherwise expressly stated.
The financial statements have been prepared in accordance with international Accounting Standards 34 (Interim Financial statements).
The financial statements are presented in Euro which is the main currency used in presenting the best substance of the company's transactions and activities.
The preparation of financial statements in accordance with International Reporting Standards requires from Management the exercise of judgment and the use of estimates and assumptions that influence the application of accounting principles and the related amounts of assets and liabilities, income and expenses. The estimates and underlying assumptions are based on historic experience and other factors that are deemed to be reasonable, based on the facts and the results determining the basis in which judgment is exercised in relation to the accounting values of assets and liabilities. Although these estimates are based on Management's best knowledge of current events and actions, actual results may ultimately differ from those estimates.
The estimates and underlying are revised on a continuous basis. Revisions in accounting estimates are recognised in the period during which an estimate is revised if the estimate affects only that period, or in the period of the revision and future periods if the revision affects the current as well as future periods.
For the current year, the Company adopted all the new and amended IFRSs, which relate to it's operations and are applicable for accounting periods beginning on or after 1 January 2024. The adoption does not entail significant changes in the financial statements.
Revenue is measured at the fair value of the consideration receivable and represents amounts receivable for services provided in the normal course of discounts and sales related taxes. Revenues earned by the Company are recognised on the following basis:
Sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Trade and other payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. Where the liabilities are of a short-term nature the fair value is determined as equal to the nominal amount without any discounting.
Ordinary shares issued and paid are classified as equity.
A provision is recognised in the statement of financial position, when the Company has a present legal or constructive obligation as a result of past events, from which it is probable that a future outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made.
Current tax liabilities and assets for the current and prior periods 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.
Where applicable, comparative figures have been adjusted to conform with changes in presentation adopted in the current year.
The preparation of these financial statements in conformity with IFRS requires the use of accounting estimates and assumptions, and also requires Management to exercise its judgement, in the process of applying the Company's accounting policies.
Estimates, assumptions and judgement applied 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. Although these estimates, assumptions and judgement are based on Management's best knowledge of current events and actions, actual results may ultimately differ.
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:
4
Significant estimates are made in determining the tax liability 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 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 liability in the period in which such determination is made.
The impairment test is performed using the discounted cash flows expected to be generated through the use of non-financial assets, using a discount rate that reflects the current market estimations and the risks associated with the asset. When it is impractical to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash generating unit in which the asset belongs to.
| 01/01/2024- | 01/01/2023- 30/06/2024 30/06/2023 |
|
|---|---|---|
| Administrative Expenses | ||
| Third party fees and expenses | 3,500 | |
| Taxes and duties | 490 | |
| Other Expenses | 3,642 | 3.400 |
| 7,142 | 3,890 |
| 01/01/2024- 01/01/2023- 30/06/2024 30/06/2023 |
||
|---|---|---|
| ్రాహ | (11) | |
| 5 Share capital Authorised |
||
| 126,780,762 ordinary shares of €0.01 each | 1,267,808 | 1,267,808 |
| The authorized, issued and fully paid share capital of the company is as follows: | ||
| 01 January - ordinary shares of €0.01 each | 1,267,808 | 1,503,826 |
| 31 December - ordinary shares of €0.01 each | 1,267,808 | 1,267,808 |
| 6 Trade and other payables | ||
| Trade Creditors (3rd parties) | 4,729 | 1,349 |
| 4,729 | 1,349 | |
| 7 Short term provisions | ||
| Accruals | 22,519 | 15,616 |
| 22,519 | 15,616 | |
Due to its operations,the company is exposed to liquidity risk arising from the financial instruments in its possession. The company implements the following policies to monitor risk:
Liquidity risk is the risk that arises when the maturity of assets and liabilities do not match. When the maturity dates do not match, efficiency can be increased, but the risk of losses can also be increased.
The company applies procedures to minimise these losses, such as maintaining sufficient cash and other highly liquidable assets and by maintaining an adequate amount in committed credit facilities.
The contractual maturity of financial liabilities, including the estimated payments of interest, are shown below:
| As at 30 June 2024 | ్రుప్ర | ﻟﺮﻳﺎ | ි | ുപ | ಟ್ಟು) | 19 | |
|---|---|---|---|---|---|---|---|
| Trade and other payables | 27,248 | 27,248 | 27,248 | ||||
| 27,248 | 27,248 | 27,248 | |||||
| As at 30 June 2023 | ്ലൂ | ്കു | ್ | ್ | ್ | ಸ | |
| Trade and other payables | 16,965 | 16,965 | 16,965 | ||||
| 16,965 | 16,965 | 16,965 | |||||
| 01/01/2024-30/06/2024 | 01/01/2023-30/06/2023 | ||||||
| COST | FAIR VALUE | COST | FAIR VALUE | ||||
| ್ | ್ರಿ | ్రార్ల | ్రా | ||||
| Financial assets | |||||||
| Trade payables | (4,729) | (4,729) | (1,349) | (1,349) | |||
| (4,729) | (4,729) | (1,349) | (1,349) | ||||
| Net fair values | (4,729) | (4,729) | (1,349) | (1,349) | |||
Notes to the financial statements For the period ended 30 June 2024
On 06 November 2024, at Extraordiary General Meeting of Shareholders, It was decided to reduce the Company's authorised issued share capital through a reduction in the nominal value of each share from €0.01 each to £0.0007 each. It was also decided to proceed with a reverse split of 100 outstanding issued ordinary shares being changed to 1 outstanding issued ordinary share, through an increase in the Company's ordinary shares from €0.0007 each €0.07 each. On the same date, it was also decided to an increase in the athorised share capital of the Company from €2,119,500 to €35,000,000. On 03 December 2024, it was decided to issue 5,000,000 ordinary shares of nominal value €0.07 for the aquisition of the total share capital of Welbeingway Investment Limited after yje Company's current shareholders waived their pre-emption rights for the said shars issue. It was also decided for the appointment of Messrs Christodoulos Chrysouliotis and Keimpe Wisse Reitsma on the Compry's Board of Directors and to the authorisation of the Board to the appointment of Statutory Auditors and determine their Remuneration.
Income Statement
| 01/01/2024- 30/06/2024 |
01/01/2023- 30/06/2023 |
|
|---|---|---|
| 189 | 10 | |
| Administrative Expenses | ||
| Third party fees & expenses | 3,500 | 0 |
| Taxes and Duties | 490 | |
| Accounting fees | 500 | 500 |
| Stock exchange fees | 3,142 | 2,900 |
| 7,142 | 3,890 | |
| Profit from operating activities before income tax | (7,142) | (3,890) |
| Net Profit/Loss for period | (7,142) | (3,890) |
| Final Total comprehensive income for the year / period | (7,142) | (3,890) |
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