FINANCIAL STATEMENTS 31 December 2022

Board of Directors and other officers	1
Independent auditor's report	2 - 3
Statement of profit or loss and other comprehensive income	4
Statement of financial position	ഗ
Statement of changes in equity	e
Cash flow statement	7
Notes to the financial statements	8 - 31

PAGE

BOARD OF DIRECTORS AND OTHER OFFICERS

Board of Directors:

Alexandros Sinos Serafeim Charalampidis Stephanos Kazantzis Evangelos Drympetas Gloria Chrysafi

Company Secretary:

Gloria Chrysafi

Independent Auditors:

C&N Auditors Ltd CERTIFIED PUBLIC ACCOUNTANTS - CY 10 Yianni Kranidioti 2nd Floor Office 201 1065 Nicosia, Cyprus

Registered office:

Laiou 6 Anna City Court Block B, Flat 301 3015 Limassol Cyprus

Registration number:

HE 304867

Independent Auditor's Report

To the Members of AEONIC SECURITIES C.I.F. PLC

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of AEONIC SECURITIES C.I.F. PLC (the "Company"), which are presented in pages 4 to 32 and comprise the statement of financial position as at 31 December 2022, and the statements of nr pay of the comprehensive income, changes in equity and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company as at 31 December 2022, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting 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 (ISAS). Our responsibilities under We conducted our attern adocribed in the "Auditor's Responsibilities for the Audit of the Financial Statements" section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Cyprus, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 accordance with International 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.

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 our objectives are to bean read or error, and to issue an auditor's report that includes our opinion. macenal miseautine 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.

Independent Auditor's Report (continued)

To the Members of AEONIC SECURITIES C.I.F. PLC

Auditor's Responsibilities for the Audit of the Financial Statements (continued)

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.
Evaluate the appropriateness 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.

Other Matter

This report, including the opinion, has been prepared for and only for the Company's members as a body in accordance with Section 69 of the Auditors Law of 2017 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.

E 195576 Costas Constantinou

Certified Public Accountant and Registered Auditor for and on behalf of C&N Auditors Ltd CERTIFIED PUBLIC ACCOUNTANTS - CY 10 Yianni Kranidioti 2nd Floor Office 201 1065 Nicosia, Cyprus

Nicosia, 27 April 2023

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 31 December 2022

	Note	2022 e	2021 €
Revenue Cost of sales	8 9	364,830 (114,171)	377,305 (156,783)
Gross profit		250,659	220,522
Other operating income Selling and distribution expenses Administration expenses Other expenses	10 11 12 13	11,249 (20,680) (264,496) (38,509)	20,701 (646) (233,362) (3,745)
Operating (loss)/ profit		(61,777)	3,470
Finance costs	15	(7,709)	(8,471)
Loss before		(69,486)	(5,001)
	16	(247)
Net loss for the year		(69,733)	(5,001)
Other comprehensive income
Total comprehensive income for the year		(69,733)	(5.001)

STATEMENT OF FINANCIAL POSITION

31 December 2022

ASSETS	Note	2022 €	2021 €
Non-current assets Property, plant and equipment Right-of-use assets Investors' Compensation Fund	17 18 21	4,731 50,346	6,414 6,167 86,690
Current assets Trade and other receivables Cash at bank and in hand	20 22	55,077 96,668 89,998	99,271 924,999
Total assets		186,666 241,743 .	63,317 988,316 1,087,587
EQUITY AND LIABILITIES Equity Share capital Accumulated losses	23	600,000	600,000
Total equity		(383,396) 216,604	(313,663) 286,337
Current liabilities Trade and other payables Lease liabilities Current tax liabilities	25 24 26	19,057 6,082	783,576 11,839 5,835
Total equity and liabilities		25,139 241,743	801,250 1,087,587

On 28 April 2023 the Board of Directors of AEONIC SECURITIES C.I.F. PLC authorised these financial statements for issue.

Alexandros Sinos Director

.. ...... ........ Serafein Charalampidis Director

STATEMENT OF CHANGES IN EQUITY

31 December 2022

	Share capital ಕ್ಕೆ	Accumulated losses 6	Total e
Balance at 1 January 2021	600,000	(308,662)	291,338
Comprehensive income Net loss for the year Total comprehensive income for the year		(5,001) (5,001)	(5,001) (5,001)
Balance at 31 December 2021	600,000	(313,663)	286,337
Balance at 31 December 2021/ 1 January 2022	600,000	(313,663)	286,337
Comprehensive income Net loss for the year Total comprehensive income for the year		(69,733) (69.733)	(69,733) (69.733)
Balance at 31 December 2022	600,000	(383,396)	216,604

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 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.

CASH FLOW STATEMENT 31 December 2022

	Note	2022 e	2021 €
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before Adjustments for:		(69,486)	(5,001)
Depreciation of property, plant and equipment	17	1,683	2,389
Depreciation of right-of-use assets	18	6,569	6,569
Unrealised exchange profit		(1,088)	(4,398)
Interest income	10	(823)
Interest expense	15	1,684	641
		(61,461)	200
Changes in working capital:
Decrease in trade and other receivables		828,331	758,256
Decrease in trade and other payables		(764,519)	(785,560)
Cash generated from/ (used in) operations		2,351	(27,104)
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for purchase of other assets	21	(36,345)	(3,185)
Proceeds from sale of other assets		38,509
Interest received		823
Net cash generated from/ (used in) investing activities		2,987	(3,185)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments of leases liabilities			(11,494)
Proceeds from leases liabilities		17,862 1,088	4,398
Unrealised exchange profit Interest paid		(1,684)	(641)
Readjustments		4,077
Net cash generated from/(used in) financing activities		21,343	(7,737)
Net increase/ (decrease) in cash and cash equivalents		26,681	(38,026)
Cash and cash equivalents at beginning of the year		63,317	101,343
Cash and cash equivalents at end of the year	22	89,998	63,317

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

1. Incorporation and principal activities

Country of incorporation

The Company AEONIC SECURITIES C.I.F. PLC (the "Company") was incorporated in Cyprus on 19th of April 2012 as a private limited liability company under the provisions of the Cyprus Companies Law, Cap. 113. Its registered office is at Laiou 6, Anna City Court Block B, Flat 301, 3015 Limassol, Cyprus.

Principal activities

The Company is a Cyprus Investment Firm ("C.I.F") and in accordance with the license no.177/12 granted by the Cyprus Securities and Exchange Commission ("CySEC") on 4 September 2012.

The principal activities of the company comprise the provision of investment services, including reception and transmission of orders in relation to one or more financial instruments and execution of orders in relation to one or more financial instruments.

In addition, the Company provides ancillary services, which comprise the safekeeping and administration of financial instruments, including custondianship and related services, advice to undertakings on capital structure, industrial strategy and related matters and services related to mergers and the purchase of undertakings, foreign exchange services where these are connected to the provision of investment services related to underwriting, and investment services and activities as well as ancillary services where these are connected to the provision of investment or ancillary services.

Operating Environment of the Company

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 continues to evolve as military activity proceeds. In addition to the impact of the events on entitles 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 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 31 December 2022 as it is considered as a non-adjusting event.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

The Company has limited direct exposure to Russia, Ukraine, 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.

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 as modified by the revaluation of, and financial assets and financial liabilities at fair value through profit or loss and through other comprehensive income.

3. Adoption of new or revised standards and interpretations

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 2022. This adoption did not have 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 set out below. These policies have been consistently applied to all years presented in these financial statements unless stated.

Revenue

Recognition and measurement

Revenue represents the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised goods or services to the customer, excluding amounts collected on behalf of third parties (for example, value-added taxes); the transaction price. The Company includes in the transaction price an amount of variable consideration as a result of rebates/discounts only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Estimations for rebates and discounts are based on the Company's experience with similar contracts and forecasted sales to the customer.

The Company recognises revenue when the parties have approved the contract (in writing, orally or in accordance with other customary business practices ) and are committed to perform their respective obligations, the Company can identify each party's rights and the payment terms for the goods or services to be transferred, the contract has commercial substance (i.e. the risk, timing or amount of the Company's future cash flows is expected to change as a result of the contract), it is probable that the Company will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer and when specific criteria have been met for each of the Company's contracts with customers.

The Company bases its estimates on historical results, taking into consideration the type of transaction and the specifics of each arrangement. In evaluating whether collectability of an amount of consideration is probable, the Company considers only the customer's ability and intention to pay that amount of consideration when it is due.

NOTES TO THE FINANCIAL STATEMENTS

31 December 2027

4. Significant accounting policies (continued)

Revenue (continued)

Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimates are reflected in the statement of profit or loss and other comprehensive income in the period in which the circumstances that give rise to the revision become known by Management.

Identification of performance obligations

The Company assesses whether contracts that involve the provision of a range of goods and/or services contain one or more performance obligations (that is, distinct promises to provide a service) and allocates the transaction price to each performance obligation identified on the basis of its stand-alone selling price. A good or service that is promised to a customer is distinct if the customer can benefit from the good or service, either on its own or together with other resources that are readily available to the customer (that is the good or service is capable of being distinct) and the Company's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the good or service is distinct within the context of the contract),

Revenue is measured based on the consideration to which the Company expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers control of a product or service to a customer.

Rendering of services

Revenue from rendering of services is recognised over time while the Company satisfies its performance obligation by transfering control over the promised service to the customer in the accounting period in which the services are rendered. For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously. This is determined based on the actual labour hours spent relative to the total expected labour hours.

Commission income

Commission income is recognised on an accruals basis in accordance with the substance of the relevant agreements.

Work executed

Work executed is recognised in the accounting period in which the work is carried out by reference to completion of the specific transaction assessed on the basis of the actual work executed provided as a proportion of the total work to be carried out.

Interest income

Interest income is recognised on a time-proportion basis using the effective interest method.

Finance costs

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

Foreign currency translation

(1) Functional and presentation currency

Items included in the Company's financial statements are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The financial statements are presented in Euro (€), which is the Company's functional and presentation currency.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

4. Significant accounting policies (continued)

Foreign currency translation (continued)

(2) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

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.

Property, plant and equipment

Property, plant and equipment are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is calculated on the straight-line method so as to write off the cost of each asset to its residual value over its estimated useful life. The annual depreciation rates used are as follows:

	70
Motor vehicles	20
Furniture, fixtures and office equipment	10
Computer Hardware	20

The assets residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.

Where the carrying amount of an asset is greater than its estimated recoverable amount, the asset is written down immediately to its recoverable amount.

Expenditure for repairs and maintenance of property, plant and equipment is charged to profit or loss of the year in which it is incurred. The cost of major renovations and other subsequent expenditure are included in the carrying amount of the asset when it is probable that future economic benefits in excess of the originally assessed standard of performance of the existing asset will flow to the Company. Major renovations are depreciated over the remaining useful life of the related asset.

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

4. Significant accounting policies (continued)

Computer software

Costs that are directly associated with identifiable and unique computer software products controlled by the Company and that will probably generate economic benefits exceeding costs beyond one year are recognised as intangible assets. Subsequently computer software is carried at cost less any accumulated amortisation and any accumulated impairment losses. Expenditure which enhances or extends the performance of computer software programs beyond their original specifications is recognised as a capital improvement and added to the original cost of the computer software. Costs associated with maintenance of computer software programs are recognised as an expense when incurred. Computer software costs are amortised using the straight-line method over their useful lives, not exceeding a period of three years. Amortisation commences when the computer software is available for use.

An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is derecognised.

Leases

At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract control the use of an identified asset, the Company assesses whether:

the contract involves the use of an identified asset this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified:
the Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use: and
the Company has the right to direct the use of the asset. The Company has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Company has the right to direct the use of the asset if either:
- the Company has the right to operate the asset; or
- the Company designed the asset in a way that predetermines how and for what purpose it will be used.

At inception or on reasessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. However, for the leases of land and buildings in which it is a lessee, the Company has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component.

Impairment of non-financial assets

Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non , other than goodwill, that have suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

4. Significant accounting policies (continued)

Financial assets - Classification

The Company classifies its financial assets in the following measurement categories:

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

4. Significant accounting policies (continued)

(continued)

Financial assets - Classification (continued)

those to be measured subsequently at fair value (either through OCI or through profit or loss), and
those to be measured at amortised cost.

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 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).

Financial assets - Recognition and derecognition

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.

Financial assets - Measurement

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 enbedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

4. Significant accounting policies (continued)

(continued)

Financial assets - impairment - credit loss allowance for ECL

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 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 credit-impaired, 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 assets -Reclassification

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 first reporting period following the change.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

4. Significant accounting policies (continued)

(continued)

Financial assets - write-off

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.

Financial assets - modification

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 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.

Cash and cash equivalents

For the purpose of the cash flow statement, cash and cash equivalents comprise cash at bank and in hand. 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.

Classification as financial assets at amortised cost

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 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

NOTES TO THE FINANCIAL STATEMENTS 31 December 2027

4. Significant accounting policies (continued)

(continued)

Classification as trade receivables

Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less loss allowance.

Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, in which case they are recognised at fair value. The trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.

Trade receivables are also subject to the impairments of IFRS 9. The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. See note 6, Credit risk section.

Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Company, and a failure to make contractual payments for a period of greater than 180 days past due.

Financial liabilities - measurement categories

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.

Trade payables

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

Financial liabilities - Modifications

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 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.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

4. Significant accounting policies (continued)

(continued)

Financial liabilities - Modifications (continued)

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 charge 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 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 that asset, when it is probable that they will result in future economic benefits to the Company and the costs can be measured reliably.

Offsetting financial instruments

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 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.

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, currency 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:

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 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.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

6. Financial risk management (continued)

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 financial institutions, as well as credit exposures to wholesale and retail customers, including outstanding receivables and contract assets as well as lease receivables. Further, credit risk arises from financial guarantees and credit related commitments.]

(i) Risk management

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.

There are no significant concentrations of credit risk, whether through exposure to individual customers, specific industry sectors and/or regions.

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.

These policies enable the Company to reduce its credit risk significantly.

(ii) Impairment of

The Company has the following types of that are subject to the expected credit loss model:

trade receivables
cash and cash equivalents
credit commitments

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 the Company applies the simplified approach permitted by IFRS 9, which requires lifetime expected losses to be recognised from initial recognition of the .
- For all other 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 asset that is not credit-impaired on initial recognition is classified in Stage 1. 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"). If the Company determines that a financial asset is credit-impaired, the asset is transferred to Stage 3 and its ECL is measured as a Lifetime ECL.

Impairment losses are presented as net impairment losses on financial and contract assets within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

6. Financial risk management (continued)

6.2 Credit risk (continued)

(ii) Impairment of (continued)

Significant increase in credit risk

The Company considers the probability of default upon initial recognition of the asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of a default occurring on the financial asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. Especially the following indicators are incorporated:

internal credit rating
external credit rating (as far as available)
actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the borrower's/counterparty's ability to meet its obligations
actual or expected significant changes in the operating results of the borrower/counterparty
significant increases in credit risk on other financial instruments of the same borrower/counterparty significant changes in the value of the collateral supporting the obligation or in the quality of third-party
quarantees or credit enhancements
significant changes in the expected performance and behaviour of the borrower/counterparty, including changes in the payment status of counterparty in the Company and changes in the operating results of the borrower/counterparty.

Macroeconomic information (such as market interest rates or growth rates) is incorporated as part of the internal rating model. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Company has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors. No significant changes to estimation techniques or assumptions were made during the reporting period.

Regardless of the analysis above, a significant increase in credit risk is presumed if a debtor is more than 30 days past due in making a contractual payment.

I ow credit risk

The Company has decided to use the low credit risk assessment exemption for investment grade . Management consider 'low credit risk' for listed bonds to be an investment grade credit rating with at least one major rating agency. Other instruments are considered to be low credit risk when they have a low risk of default and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term.

Default

A default on a financial asset is when the counterparty fails to make contractual payments within 90 days of when they fall due.

Write-off

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. The Company categorises a debt financial asset for write off when a debtor fails to make contractual payments greater than 180 days past due. Where debt have been written off, the Company continues to engage in enforcement activity to attempt to receivable due. Where recoveries are made, these are recognised in profit or loss.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

6. Financial risk management (continued)

6.2 Credit risk (continued)

(ii) Impairment of (continued)

The Company's exposure to credit risk for each class of (asset/instrument) subject to the expected credit loss model is set out below:

Trade receivables and contract assets

The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables (including those with a significant financing component, and contract assets.

To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Company has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.

The expected loss rates are based on the payment profiles of sales over a period of 36 months before 31 December 2022 or 1 January 2022 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Company has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.

The average credit period on sales of goods is 60 days. No interest is charged on outstanding trade receivables.

The Company always measures the loss allowance for trade receivables at an amount equal to lifetime ECL.

There were no significant trade receivable and contract asset balances written off during the year that are subject to enforcement activity.

Receivables from related parties

For receivables from related parties lifetime ECL was provided for them upon initial application of IFRS 9 until these are derecognised as it was determined on initial application of IFRS 9 that it would require undue cost and effort to determine whether their credit risk has increased significantly since initial recognition to the date of initial application of IFRS 9.

For any new loans to related parties, which are not purchased or originated credit-impaired , the impairment loss is recognised as 12-month ECL on initial recognition of such instruments and subsequently the Company assesses whether there was a significant increase in credit risk.

The gross carrying amounts below represent the Company's maximum exposure to credit risk on these assets as at 31 December 2022 and 31 December 2021:

The Company does not hold any collateral as security for any receivables from related parties.

There were no significant receivables from related parties written off during the year that are subject to enforcement activity.

Cash and cash equivalents

The Company assesses, on a group basis, its exposure to credit risk arising from cash at bank. This assessment takes into account, ratings from external credit rating institutions and internal are not available.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

6. Financial risk management (continued)

6.2 Credit risk (continued)

(ii) Impairment of (continued)

Cash and cash equivalents (continued)

Bank deposits held with banks with investment grade rating are considered as low credit risk.

The gross carrying amounts below represent the Company's maximum exposure to credit risk on these assets as at 31 December 2022 and 31 December 2021:

The ECL on current accounts is considered to be approximate to 0, unless the bank is subject to capital controls. The The ECE on carent accounts is calculated by considering published PDs for the rating as per Moody's and an LGD of 40-60% as published by ECB.

The Company does not hold any collateral as security for any cash at bank balances.

There were no significant cash at bances written off during the year that are subject to enforcement activity.

(iii) Credit related commitments

The primary purpose of these instruments is to ensure that funds are available to a borrower as required. Guarantees which represent irrevocable assurances that the Company will make payments in the event that a counterparty cannot meet its obligations to third parties, carry the same credit risk as form of leans of leans of counterparty cannot recessent unused portions of authorisations to extend credit in the form of loans or guarantees. With respect to credit risk on commitments to extend credit, the Company is potentially exposed to loss in an amount equal to the total unused commitments, if the unused amounts were to be drawn down. The Company in un anothe oqual to the court related commitments, because longer-term commitments generally have a greater degree of credit risk than shorter-term commitments.

6.3 Liquidity risk

Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position Equility risk is the nat arises when the macancy or absession 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.

6.4 Currency risk

0.4 Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Currency risk aries when future commercial transactions and recognised assets and liabilities are rates: Currency that is not the Company's measurement currency. The Company is exposed to forego exchange risk arising from various currency exposures primarily with respect to the US Dollar and the Euro. The Company's Management monitors the exchange rate fluctuations on a continuous basis and acts accordingly.

6.5 Capital risk management

Capital includes equity shares and share premium, convertible preference shares and loan from parent company.

The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the rne company manages to captimisation of the debt and equity balance. The Company's overall strategy remains unchanged from last year.

7. Critical accounting estimates, judgments and assumptions

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.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

7. Critical accounting estimates, judgments and assumptions (continued)

Critical accounting estimates and assumptions

The Company makes estimates and assumptions concerning 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.

Calculation of loss allowance

When measuring expected credit losses the Company uses reasonable and supportable forward looking information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect each other.

Loss given default is an estimate of the loss arising on default. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive, taking into account cash flows from collateral and integral credit enhancements.

Probability of default constitutes a key input in measuring ECL. Probability of default is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions and expectations of future conditions.

Income taxes

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.

Critical judgements in applying the Company's accounting policies

Impairment of

The loss allowances for are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the impairment calculation, based on the Company's past history, existing market conditions as well as forward looking estimates at the end of each reporting period. Details of the key assumptions and inputs used are disclosed in note 6, Credit risk section.

Impairment of non-financial assets

The impairment test is performed using the discounted cash flows expected 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.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

7. Critical accounting estimates, judgments and assumptions (continued)

Impairment of intangible assets

Intangible assets are initially recorded at acquisition cost and are amortized on a straight line basis over their useful economic life. Intangible assets that are acquired through a business combination are initially recorded at fair value at the date of acquisition. Intangible assets with indefinite useful life are reviewed for impairment at least once per year. The impairment test is performed using the discounted cash flows impartner. at least of the use of the intangible 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.

Useful live of depreciable assets

The Board of Directors assesses the useful lives of depreciable assets at each reporting date, and revises them if necessary so that the useful lives represent the expected utility of the assets to the Company. Actual results, however, may vary due to technological obsolescence, mis-usage and other factors that are not easily predictable.

8. Revenue

The Company derives its revenue from contracts with customers for the transfer of goods and services over time and at a point in time in the following major product lines.

Disaggregation of revenue	2022 6	2021 €
Rendering of services Commissions receivable	57,278 307,552	3,721 373,584
	364,830	377,305
9. Cost of sales
	2022 €	2021 €
Services received	114,171	156,783
	114,171	156,783
10. Other operating income
	2022 €	2021 €
Interest income	823 1,150	4,998
Discounts received	932
Profit from Operating Activities		15,700
Sundry operating income Other operating income	1,493 6,851	3
	11,249	20,701

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

11. Selling and distribution expenses

	2022	2021
	€ 806	€ 646
Motor vehicle running costs	10,000
Advertising	3,374
Specific provision for bad debts	6,500
General provision for bad debts	20,680	646
12. Administration expenses

	2022	2021
	€	€
Staff costs	104,541	122,464
Licenses and taxes	222	222
	350 3,736	350 2,596
Electricity	460	390
Water supply and cleaning	2,066	1,353
Insurance Repairs and maintenance	512	1,504
Sundry expenses	23,059	9,794
Telephone and postage	4,860	4,661
Stationery and printing	915	27
Subscriptions and contributions	40,874	46,405
Staff training	7,460	1,434
Sundry staff costs	794	1,406
Computer supplies and maintenance	2,730	2,730
Certification and legalisation expenses	250 6,250	1,250
Auditors' remuneration	2,400	2,400
Accounting fees	5,000
Directors' fees Other professional fees	31,952	14,854
Fines	306
Travelling	9,839	8,678
Entertaining	6,465	1,886
Motor vehicle running costs	1,203
Depreciation of right-of-use assets	6,569	6,569
Depreciation	1,683	2,389
	264,496	233,362
13. Other expenses
	2022 6	2021 €
Loss from operating activities	38,509	3,745
	38,509	3,745

NOTES TO THE FINANCIAL STATEMENTS

31 December 2022

14. Staff costs

Salaries Social security costs GHS contribution Social cohesion fund	2022 2021 € € 90,984 106,583 9,099 10,659 2,638 3,091 1,820 2,131
	104,541 122,464
15. Finance costs
	2022 2021 € €
Interest expense on lease liabilities Other interest expense Sundry finance expenses	62 627 161 506 1,523 135 7,203 5,963
Finance costs	7,709 8,471
16.
Defence contribution	2022 2021 € ਵ 247
Charge for the year	247

The on the Company's results before differs from theoretical amount that would arise using the applicable tax rates as follows:

Loss before	2022 C (69,486)	2021 (5,001)
calculated at the applicable tax rates Tax effect of expenses not deductible for purposes	(8,686) 7,120	(625) 1,775
Tax effect of allowances and income not subject to	(2,712)	(4,345)
Tax effect of tax loss for the year Defence contribution current year	4,278 247	3,195
Tax charge	247

The corporation tax rate is 12,5%.

Under certain conditions interest income may be subject to defence contribution at the rate of 30%. 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 17%.

Gains on disposal of qualifying titles (including shares, bonds, debentures, rights thereon etc) are exempt from Cyprus income tax.

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.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

17. Property, plant and equipment

	Motor	Furniture, vehicles fixtures and office equipment	Total
	€	0	€
Cost Balance at 1 January 2021	43,018	32,622	75,640
Balance at 31 December 2021/ 1 January 2022	43,018	32,622	75,640
Balance at 31 December 2022	43,018		32,622 75,640
Depreciation Balance at 1 January 2021 Charge for the year	43,018	23,819 2,389	66,837 2,389
Balance at 31 December 2021/ 1 January 2022	43,018	26,208	69,226
Charge for the year		1,683	1,683
Balance at 31 December 2022	43,018	27,891	70,909
Net book amount
Balance at 31 December 2022		4,731_	4,731
Balance at 31 December 2021		6,414_	6.45 4

NOTES TO THE FINANCIAL STATEMENTS

31 December 2022

18. Right-of-use assets

	Land and buildings ಲ	Total €
Cost Balance at 1 January 2021	72,137	72,137
Balance at 31 December 2021/ 1 January 2022	72,137	72,137
Readjustment	(29,701)	(29,701)
Balance at 31 December 2022	42,436	42,436
Depreciation Balance at 1 January 2021 Charge for the year	59,401 6,569	59,401 6,569
Balance at 31 December 2021/ 1 January 2022	65,970	65,970
Charge for the year	6,569	6,569
Balance at 31 December 2022	42,436	42,436
Net book amount
Balance at 31 December 2021	6,167 .	6,167
Amounts recognised in profit and loss:
	2022 ਣ	2021 €
Depreciation expense on right-of-use assets Interest expense on lease liabilities	6,569 (161)	6,569 (506)
19. Intangible assets
		Computer software €
Cost
Balance at 1 January 2021		13,591
Balance at 31 December 2021/ 1 January 2022		13,591
Balance at 31 December 2022		13,591
Amortisation Balance at 1 January 2021		13,591
Balance at 31 December 2021/ 1 January 2022		13,591
Balance at 31 December 2022		13,591
Net book amount
Balance at 31 December 2022

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

20. Trade and other receivables

	2022 €	2021 ಲ
Trade receivables Less: credit loss on trade receivables	71,588 (6,500)	897,044
Trade receivables - net	65,088	897,044
Receivables from own subsidiaries (Note 28.2) Shareholders' current accounts - debit balances (Note 28.3) Other receivables	3,388 889 3,076	3,388 894 2,830
Refundable VAT	24,227	20,843
	96,668	924.999

The Company has recognised a loss of €9,874 (2021: €-) for the impairment of its trade receivables during the year ended 31 December 2022. The loss has been included in selling and distribution costs in profit or loss.

The Company does not hold any collateral over the trading balances.

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 6 of the financial statements.

21. Investors' Compensation Fund

Balance at 1 January Additional Contribution of the Year Re-adjustment	2022 0 86,690 2,165 (38,509)	2021 ਦ 83,505 3,185
Balance at 31 December	50,346	86,690
22. Cash at bank and in hand
Cash balances are analysed as follows:
Cash at bank and in hand	2022 e 89,998	2021 ਵ 63,317
	89,998	63,317

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.

NOTES TO THE FINANCIAL STATEMENTS

31 December 2022

23. Share capital

	2022 Number of shares	2022 €	2021 Number of shares	2021 €
Authorised Ordinary shares of €1 each	1.000.000	1,000,000	1,000,000	1,000,000
Issued and fully paid Balance at 1 January	600,000	600,000	600,000	600.000
Balance at 31 December	600,000	600,000	600-000	600,000

24. Lease liabilities

	Minimum lease payments		The present value of minimum	lease payments
	2022 €	2021 €	2072 €	2021
Not later than 1 year	-	12,000 12,000	I I	11,839 11,839
Future finance charges		(161)
Present value of lease liabilities		11.839		11,839

It is the Company's policy to its office. The average lease term is 48 months. For year ended 31 December 2022, the average effective borrowing rate was 3.0% (2021: 3.0%). Interest rates are fixed at the contract date, and thus expose the Company to fair value interest rate risk. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

All lease obligations are denominated in Euro.

The fair values of lease obligations approximate to their carrying amounts as presented above.

The Company's obligations under leases are secured by the lessors' title to the leased assets.

25. Trade and other payables

	2022	2021
	(S
Trade payables	9,360	747,536
Social insurance and other taxes	1,750	6,711
Accruals	2,505	6,255
Other creditors	4,497	21,926
Defence tax on rent payable	945	1.148
	19.057	783,576

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

NOTES TO THE FINANCIAL STATEMENTS

31 December 2022

26. Current tax liabilities

2022 6,082	2021 5,835
6.082	5,835

27. Operating Environment of the Company

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 entitles. 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.

The Company has limited direct exposure to Russia, Ukraine, and as such does not expect significant impact from direct exposures to these countries.

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 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.

28. Related party transactions

The Company is controlled by Alexandros Sinos, incorporated in Cyprus, which owns 61% of the Company's shares, which corresponds to 365,500 shares.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

28. Related party transactions (continued)

The following transactions were carried out with related parties:

28.1 Directors' remuneration

The remuneration of Directors and other members of key management was as follows:

		2022 15	2021 e
Directors' fees		5,000
Directors' remuneration		59,484	65,980
		64,484	65,980
28.2 Receivables from related parties (Note 20)
		2022 €	2021 ਵ
Name Aeonic Investments Ltd	Nature of transactions Finance	3,388	3,388
		3,388	3,388
	28.3 Shareholders' current accounts - debit balances (Note 20)
		2022	2021
		e	€
Alexandros Sinos		889	894
		889	894

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

29. Contingent liabilities

The Company had no contingent liabilities as at 31 December 2022.

30. Commitments

The Company had no capital or other commitments as at 31 December 2022.

31. Events after the reporting period

As explained in note 27 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 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.

Independent auditor's report on pages 2 to 3

ADDITIONAL INFORMATION TO THE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

CONTENTS	PAGE
Detailed income statement	1
Cost of sales	2
Operating expenses	3
Finance costs	4
Computation of wear and tear allowances	5 - 6
Computation of defence contribution	7
Computation of corporation tax	8
Calculation of tax losses for the five-year period	8

DETAILED INCOME STATEMENT

31 December 2022

	Page	2022 €	2021 €
Revenue Rendering of services Commissions receivable Cost of sales	2	57,278 307,552 (15291740)	3,721 373,584 (156,783)
Gross profit		250,659	220,522
Other operating income
Interest from overseas Unrealised foreign exchange profit Sundry operating income Discounts received Profit from Operating Activities Other operating income		823 1,150 1,493 ਰਤੋਂ 2 6,851	4,998 3 15,700
		261,908	241,223
Operating expenses Administration expenses Selling and distribution expenses	3 3	(264,496) (20,680)	(233,362) (646)
		(23,268)	7,215
Other operating expenses
Loss from operating activities		(38,509)	(3,745)
Operating (loss)/ profit		(61,777)	3,470
Finance costs	4	(7,709)	(8,471)
Net loss for the year before		(69,486)	(5,001)

COST OF SALES 31 December 2022

Cost of sales Closing stocks

Direct costs Services received

2022 €	2021 e

114,171	156,783
114,171	156,783

OPERATING EXPENSES 31 December 2022

	2022 e	2021 ਵ
Administration expenses
Directors' remuneration	59,484	65,980
Staff salaries	31,500	40,603
Social insurance	9,099	10,659
GHS contribution	2,638	3,091
Social cohesion fund	1,820	2,131
Licenses and taxes	222	222
	350	350
Electricity	3,736 460	2,596
Water supply and cleaning Insurance	2,066	390 1,353
Repairs and maintenance	512	1,504
Sundry expenses	23,059	9,794
Telephone and postage	4,860	4,661
Stationery and printing	915	27
Subscriptions and contributions	40,874	46,405
Staff training	7,460	1,434
Sundry staff costs	794	1,406
Computer supplies and maintenance	2,730	2,730
Certification and legalisation expenses	250
Auditors' remuneration	6,250	1,250
Accounting fees	2,400	2,400
Other professional fees	31,952	14,854
Directors' fees	5,000
Fines	306
Travelling	9,839	8,678
Entertaining	6,465 1,203	1,886
Motor vehicle running costs Depreciation of right-of-use assets	6,569	6,569
Depreciation	1,683	2,389

	264,496	233,362
	2022	2021
	€	€
Selling and distribution expenses Motor vehicle running costs	806	646
Advertising	10,000
Specific provision for bad debts	3,374
General provision for bad debts	6,500
	20,680	646

FINANCE COSTS 31 December 2022

	2022 e	2021 €
Finance costs
Interest expense Interest expense on lease liabilities Bank interest	161 1,523	506 135
Sundry finance expenses Bank charges	5,963	7,203
Realised foreign exchange loss Unrealised foreign exchange loss	62	27 600
	7,709	8.471

COMPUTATION OF WEAR AND TEAR ALLOWANCES 31 December 2022

ANNUAL ALLOWANCES

COST

	Year	0/0	balance 1/1/2022	Addreigns for the year	for the year Disposals	12/31/2022 balance	1/1/2022 balance	Charge for the year	5 disposals	12/31/2022 Balance	Net value 12/31/2022
			€	ਵ	€	€	€	€	€	e	€

Motor vehicles
Ford Focus	2012		500 8			8,500					8,500
Toyota Dicran	2015		15,752			15,752					15,752
Renault	2016		18,766			18,766					18,766
			43,018			43,018					43,018
Furniture, fixtures and office equipment
Furniture & Fittings	2012	10	,070 3			3,070	3,070			3,070
Furniture & Fittings	2012	10	394			394	156	39		195	66T
Office Equipment	2012	10	634 2			2,634	2,630	a		2,634	ા
Office Equipment	2013	10	410			410	ਤਵਰ	41		410
Office Equipment	2015		731			731	511	73		584	147
Office Equipment	2015		ટ્વેદ			546	385	55		440	106
Telephones	2016		406			406	246	41		287	119
Furniture & Fittings	2016		155			155	તેર	9T		112	রি
Shredder	2016	10	78			78	48	ന്ത		56
Mobile Phone	2016	10	136			136	84	14		98	ದ್ದ ದಿವಾ ವಾರ
Earphones	2016	10	22			22	12	C		14	8
Dishwasher	2016	10	399			ਤਰੇਰੇ	240	40		280	119
Iron	2016	10	21			21	12	5		14	7
Inventor 9000 (3 items)	2017	10	780			780	390	78		468	312
Inventor 24000	2017	10	580			580	290	58		348	232
Inventor 12000 WI-FI	2017	10	300			300	150	30		180	120
Inventor 12000 (2 items)	2017	10	560			560	280	ട്ട		336	224
Inventor 18000	2017	10	470			470	235	47		282	188
WI-FI module	2017	10	30			30				18
Wireless PIR Detector	2017	10	70			70	ដ អន			42	03 TI
Wireless Smoke Detector	2017	10	150			150	75	15		90
Trikdis G10T	2017	10	240			240	120	24		144	96
Battery Wireless Detectors (4 items)	2017	10	48			48	25	5		30	18
Alarm System Artion	2017	10	650			650	325	દર		390	260
Smoke Detector Artion (5 items)	2017	10	425			425	215	43		258	167
Temperature Detector	2017	10	140			140	70	14		84
Remote control (2 items)	2017	10	70			70	35	L		42	ន និង ក្នុ
Samsung Galaxy S7	2017	10	429			429	215	43		258
Shredder	2017	10	134			134	રદ	13		78	56

ഗ

COMPUTATION OF WEAR AND TEAR ALLOWANCES

31 December 2022

				COST				ANNUAL ALLOWANCES
	Year	0/0	1/1/2022 Balance	for the year Additions	Disposals for the year	12/31/2022 Balance	Balance 1/1/2022	Charge for the year	On disposals	Balance 12/31/2022	Net value 12/31/2022
			E	ਵ	€	e	€	ਵ	€	e	e
Furniture, fixtures and office equipment (continued)
Kettle	2017	JI	94			94	45	6		54	40
Meridian Wash Basin	2017	10	215			215	110	22		132	83
Mobile Phone	2017	DI	350			350	175	35		210	140
Gallery Carolina Plafon Lights (2 items)	2017	10	ਦਵਰ			ਦਿਖੇ	285	57		342	227
Eglo Lights	2017	JI	79			79	40	8		48	31
Pendant Mark Urban Grey Lights	2017	10	109			109	55	11		୧୧	43
White Table	2017	10	807			807	405	81		486	321
Coffee / Tea Cups	2017	10	34			34	15	ర్		18	16
Paintings	2017	10	3,000			3,000	1,500	300		1,800	1,200
Vaccum Cleaner	2019	10	75			75	24			32	43
			,410 । ਰੇ			19,410	13,053	1,377		14,430	4,980
Computer Hardware - cost
Computer Hardware	2012	20	.785 1			7,785	7,785			7.785
Office Equipment	2013	10	,735 W			2,735	2,466	269		2,735
Demstar	2015	20	570			570	570			570
Demstar	2015	20	589			ਦੇ8ਰੇ	589			289
PC Monitor 1	2015	20	570			570	570			570
PC Monitor 2	2015	20	570			570	570			570
Laptop	2018	20	235			235	188	47		235
UPS	2019	20	159			159	96	32		128	51 TE
			13,213			13,213	12,834	348		13,182
Total			75,641			75,641	25,887	1,725		27,612	48,029
Computer software MS. Office Pro 2010	2012	33	,810			1,810	1,810			1,810
Solution ERP	2013	33	3,500 3			8,500	8,500			8,500
Advak Barracuda	2015	33	.299			1,299	1,299			1,299
Disaster Recovery	2017	33	998			998	998			998
SQL Recovery	2017	33	465			465	465			465
Software Digicert	2017	33	518			518	518			518
			13,590			13,590	13,590			13,590

COMPUTATION OF DEFENCE CONTRIBUTION

31 December 2022

	Income €	Rate	Defence EC
INTEREST Interest from overseas	823 823	30%	246.90
DEFENCE CONTRIBUTION DUE TO IRD			246.90

COMPUTATION OF CORPORATION TAX

31 December 2022

Net loss per income statement	Page 1	€	€ (69,486)
Add: Depreciation		8,252
Loss from operating activities		38,509 2,817
Entertaining General provision for bad debts		6,500
Unrealised foreign exchange loss		62 350
Fines		306
Interest expense on lease liabilities		161	56,957
			(12,529)
Less: Annual wear and tear allowances	6	1,725
Interest income		823 1,150
Unrealised foreign exchange profit Lease payments for right of use assets		18,000
Net loss for the year			(21,698) (34,227)

Loss brought forward			(104,544)
Loss carried forward			(138,771)

CALCULATION OF TAX LOSSES FOR THE FIVE-YEAR PERIOD

Tax year	2017	2018	2019	2020	2021	2022

Profits/(losses) for the tax year	80,047	(45,587)	15,370	(33,395)	(25,562)	(34,227
Gains Offset (€)	80,047	-	15,370		-
Year	2013		2014
Gains Offset (€)				-	-
Year
Gains Offset (€)					-
Year
Gains Offset (€)
- Year
Gains Offset (€)					-
- Year

Net loss carried forward

(138,771)

AI Terminal

Aeonic Securities C.I.F Plc

2499_10-k_2023-05-02_891d58f9-a85b-4298-ba3a-fc80b219166c.pdf

CONTENTS

BOARD OF DIRECTORS AND OTHER OFFICERS

Independent Auditor's Report

To the Members of AEONIC SECURITIES C.I.F. PLC

Report on the Audit of the Financial Statements

Opinion

Basis for Opinion

Responsibilities of the Board of Directors for the Financial Statements

Auditor's Responsibilities for the Audit of the Financial Statements

Independent Auditor's Report (continued)

To the Members of AEONIC SECURITIES C.I.F. PLC

Auditor's Responsibilities for the Audit of the Financial Statements (continued)

Other Matter

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 31 December 2022

STATEMENT OF FINANCIAL POSITION

STATEMENT OF CHANGES IN EQUITY

CASH FLOW STATEMENT 31 December 2022

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

1. Incorporation and principal activities

Country of incorporation

Principal activities

Operating Environment of the Company

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

2. Basis of preparation

3. Adoption of new or revised standards and interpretations

4. Significant accounting policies

Revenue

Recognition and measurement

NOTES TO THE FINANCIAL STATEMENTS

4. Significant accounting policies (continued)

Revenue (continued)

Identification of performance obligations

Rendering of services

Commission income

Work executed

Interest income

Finance costs

Foreign currency translation

(1) Functional and presentation currency

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

4. Significant accounting policies (continued)

Foreign currency translation (continued)

(2) Transactions and balances

Property, plant and equipment

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

4. Significant accounting policies (continued)

Computer software

Leases

Impairment of non-financial assets

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

4. Significant accounting policies (continued)

Financial assets - Classification

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

4. Significant accounting policies (continued)

(continued)

Financial assets - Classification (continued)

Financial assets - Recognition and derecognition

Financial assets - Measurement

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

4. Significant accounting policies (continued)

(continued)

Financial assets - impairment - credit loss allowance for ECL

Financial assets -Reclassification

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

4. Significant accounting policies (continued)

(continued)

Financial assets - write-off

Financial assets - modification

Cash and cash equivalents

Classification as financial assets at amortised cost

NOTES TO THE FINANCIAL STATEMENTS 31 December 2027

4. Significant accounting policies (continued)

(continued)

Classification as trade receivables

Financial liabilities - measurement categories

Trade payables

Financial liabilities - Modifications