REPORT AND SEPARATE FINANCIAL STATEMENTS 31 December 2023

Board of Directors and other officers	1
Management Report	2 - 3
Independent auditor's report	4 - 6
Statement of profit or loss and other comprehensive income	7
Statement of financial position	8
Statement of changes in equity	9
Cash flow statement	10
Notes to the separate financial statements	11 - 36

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

AEONIC SECURITIES CALE PLC

MANAGEMENT REPORT

The Board of Directors presents its report and audited separate financial statements of the year ended 31 December 2023

Principal activities and nature of operations of the Company

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 provices 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.

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

The Company's development to date, financial results and position as presented in the separate financial statements are considered satisfactory.

Principal risks and uncertainties

The principal risks and uncertainties faced by the Company are disclosed in notes 6, 7 and 28 of the separate financial statements.

Interest rate risk

Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates. The Company's income and operating cash flows are substantially independent of changes in market interest rates as the Company has no significant interest-bearing assets. The Company is exposed to interest risk in relation to its non-current borrowings issued at variable rates expose the Company to cash flow interest rate risk. Borrowings issued at fixed rates expose the Company to fair value interest rate risk. The Company's Management monitors the interest rate fluctuations on a continuous basis and acts accordingly.

Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by falling to meet an obligation. Credit risk arises from [cash and cash equivalents, contractual cash flows of debt investments carried at amortised cost, at fair value through other comprehensive income (FVOCI) and at fair value through profit or loss (FVTPL), favourable derivative financial instruments and deposits with banks and financial institutions, 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.]

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'].

The Company's investments in debt instruments are considered to be low risk investments. The credit ratings of the investments are monitored for credit deterioration.

Liquidity risk

Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but can also increase the risk of losses. The Company has procedures with the 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.

MANAGEMENT REPORT

Share capital

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

Board of Directors

The members of the Company's Board of Directors as at 31 December 2023 and at the date of this report are presented on page 1. All of them were members of the Board of Directors throughout the year ended 31 December 2023.

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

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

Independent Auditors

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

By order of the Board of Directors,

Gloria Secretary

Nicosia, 30 April 2024

Independent Auditor's Report

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

Report on the Audit of the Separate Financial Statements

Opinion

We have audited the separate financial statements of parent company AEONIC SECURITIES C.I.F. P.C. the "Company"), which are presented in pages 7 to 36 and comprise the statement of financial in acuri December 2023, and the statements of profit or loss and other comprehensive income, changes in equity and cash December the year then ended, and notes of the separate financial statements, including material accounting policy information.

In our opinion, the accompanying separate financial statements give a true and fair view of the financial position of In our opinion, the accompanying copy and of its financial performance and its cash flows for the year the neded in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113 relating to separate financial statements.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISA). Our responsibilities under We conducted our addit in accordance may and in the "Auditor's Responsibilities for the Separate Financial Ethin thics Standards "are Tarther" accember of the Company in accordance with the International Ethics Standards Board for our report International Code of Ethics for Professional Accountants (including International Standards Dour For Hos) (IESBA Code) together with the ethical requirements that are relevant to our audit of the separate financial statements in Cyprus, and we have fulfilled our other ethical responsibilities in accordance with Separate financial stuctinents in of believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information

The Board of Directors is responsible for the other information comprises the information comprises the information The bourd of Director is resport, but does not include the separate financial statements and our auditor's report thereon.

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

In connection with our audit of the separate financial statements, our responsibility is to read the other information financin and, in doing so, consider whether the other information is materially inconsistent with the exparate financial and, in doing 50, consider 17th audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors for the Separate Financial Statements

The Board of Directors is responsible for the preparation of separate financial statements that give a frue and fair The bour of Directors is respension by the European Union and the requirements of the Companies Law, Cap. 113, and for such internal control as the Board of Directors determines is necessary frond on resea Early Capit 2207 and 10 - San 1 Free from material misstatement, whether due to fraud or error.

In preparing the separate financial statements, the Board of Directors is responsible for assessing the company's In Freparing the Separate Thancern, 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.

Independent Auditor's Report (continued)

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

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

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

Auditor's Responsibilities for the Audit of the Separate Financial Statements

Our objectives are to obtain reasonable assurance about whether the separate financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material 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 separate financial statements.

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

· Identify and assess the risks of material misstatement of the separate 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 separate 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 separate financial statements, including the disclosures, and whether the separate financial statements represent the underlying transactions and events in a manner that achieves a true and fair view.

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

Report on Other Legal Requirements

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

· In our opinion, based on the work undertaken in the course of our audit, the Management Report has been prepared in accordance with the requirements of the Cyprus Companies Law, Cap 113, and the information given is consistent with the separate financial statements.
In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we are required to report if we have identified material misstatements in the Management Report. We have nothing to report in this respect.

Independent Auditor's Report (continued)

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

Other Matter

This report, including the opinyon, 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.

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, 30 April 2024

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 31 December 2023

	Note	2024 ਵ	2022 €

Revenue Cost of sales	8 9	357 VET (68.27 )	364.830 (114.171)
Gross profit		289.466	250.659
Other operating income Selling and distribution expenses Administration expenses Other expenses	10 11 12 13	3.869 (18.948) (209.928) (15.000)	11.249 (20.680) (264.496) (38.509)
Operating profit/ ( loss )		49.459	(61.777)
Finance costs	15	(4.724)	(7.709)
Profit/(loss) before		447/35	(69.486)
x21	16	(111)	(247)
Net profit/(loss) for the year		44.624	(69.733)
Other comprehensive income
Total comprehensive income for the year		44.624	(69.733)

The notes on pages 11 to 36 form an integral part of these separate financial statements.

STATEMENT OF FINANCIAL POSITION

31 December 2023

ਵ 0 Note ASSETS Non-current assets 4.730 3.408 17 Property, plant and equipment 22.995 18 Right-of-use assets 45.003 20 Investments in subsidiaries 50.346 22 52.267 Investors' Compensation Fund 123.673 55.076 Current assets 96.668 126.878 21 Trade and other receivables 89.998 96.779 23 Cash at bank and in hand 223.657 186.666 241.742 347.330 Total assets EQUITY AND LIABILITIES Equity 600.000 650.000 24 Share capital (383.396) BB8.7721 Accumulated losses 216.604 311.228 Total equity Non-current liabilities 11.839 25 Lease liabilities 11.839 Current liabilities 12.467 19.056 26 Trade and other payables 11,494 25 Lease liabilities 6.082 302 27 Current tax liabilities 24.263 25.138 36.102 25.138 Total liabilities 241.742 347.330		2023	2022



























	Total equity and liabilities

On 30 April 2024 the Board of Directors of AEONIC SECURITIES C.I.F. PLC authorised these separate financial statements for issue.

Primirini Aléxandros Sinos Director

1 - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Serateim Charalampidis pirector র হ

The notes on pages 11 to 36 form an integral part of these separate financial statements.

STATEMENT OF CHANGES IN EQUITY 31 December 2023

		Share capital Ä	Accumulated losses Ä	Total Ä
	Note
Balance at 1 January 2022		600.000	(313.663)	286.337
Comprehensive income
Net loss for the year		-	(69.733)	(69.733)
Total comprehensive income for the year		-	(69.733)	(69.733)
Balance at 31 December 2022		600.000	(383.396)	216.604
Balance at 31 December 2022/ 1 January 2023		600.000	(383.396)	216.604
Comprehensive income
Net profit for the year		-	44.624	44.624
Total comprehensive income for the year		-	44.624	44.624
Transactions with owners
Issue of share capital	24	50.000	-	50.000
Total transactions with owners		50.000	-	50.000
Balance at 31 December 2023		650.000	(338.772)	311.228

Companies, which do not distribute 70% of their profits after tax, as defined by the Special Contribution for the Defence of the Republic Law, within two years after the end of the relevant tax year, will be deemed to have distributed this amount as dividend on the 31 of December of the second year. The amount of the deemed dividend distribution is reduced by any actual dividend already distributed by 31 December of the second year for the year the profits relate. The Company pays special defence contribution on behalf of the shareholders over the amount of the deemed dividend distribution at a rate of 17% (applicable since 2014) when the entitled shareholders are natural persons tax residents of Cyprus and have their domicile in Cyprus. In addition, the Company pays on behalf of the shareholders General Healthcare System (GHS) contribution at a rate of 2,65%, when the entitled shareholders are natural persons tax residents of Cyprus, regardless of their domicile.

The notes on pages 11 to 36 form an integral part of these separate financial statements.

CASH FLOW STATEMENT 31 December 2023

	Note	2023 Ä	2022 Ä
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) before		44.735	(69.486)
Adjustments for:
Depreciation of property, plant and equipment	17	1.322	1.683
Depreciation of right-of-use assets	18	11.497	6.569
Unrealised exchange profit		-	(1.088)
Interest income	10	(184)	(823)
Interest expense	15	1.441	1.684
		58.811	(61.461)
Changes in working capital:
(Increase)/decrease in trade and other receivables		(30.210)	828.331
Decrease in trade and other payables		(6.589)	(764.519)
Cash generated from operations		22.012	2.351
paid		(5.891)	-
Net cash generated from operating activities		16.121	2.351
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for purchase of investments in subsidiaries	20	(45.003)	-
Payment for purchase of other assets	22	(1.921)	(36.345)
Proceeds from disposal of right-of-use assets		-	29.701
Proceeds from sale of other assets		-	38.509
Interest received		184	823
Net cash (used in)/generated from investing activities		(46.740)	32.688
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of share capital		50.000	-
Payments of leases liabilities		(11.159)	-
Proceeds from leases liabilities		-	17.862
Unrealised exchange profit		-	1.088
Interest paid		(1.441)	(1.684)
Readjustments		-	4.077
Net cash generated from financing activities		37.400	21.343
Net increase in cash and cash equivalents		6.781	56.382
Cash and cash equivalents at beginning of the year		89.998	33.616
Cash and cash equivalents at end of the year	23	96.779	89.998

The notes on pages 11 to 36 form an integral part of these separate financial statements.

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.

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 advice and services related to mergers and the purchase of undertakings, foreign exchange services where these are connected to the provision of investment services, 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 separate financial statements for issue, the conflict continues to evolve as military activity proceeds. In addition to the impact of the events on entities that have operations in Russia, Ukraine, or Belarus or that conduct business with their counterparties, the conflict is increasingly affecting economies and financial markets globally and exacerbating ongoing economic challenges.

The European Union as well as United States of America, Switzerland, United Kingdom and other countries imposed a series of restrictive measures (sanctions) against the Russian and Belarussian government, various companies, and certain individuals. The sanctions imposed include an asset freeze and a prohibition from making funds available to the sanctioned individuals and entities. In addition, travel bans applicable to the sanctioned individuals prevents them from entering or transiting through the relevant territories. The Republic of Cyprus has adopted the United Nations and European Union measures. The rapid deterioration of the conflict in Ukraine may as well lead to the possibility of further sanctions in the future.

Emerging uncertainty regarding global supply of commodities due to the conflict between Russia and Ukraine conflict may also disrupt certain global trade flows and place significant upwards pressure on commodity prices and input costs as seen through early March 2022. Challenges for companies may include availability of funding to ensure access to raw materials, ability to finance margin payments and heightened risk of contractual non-performance.

The Israel-Gaza conflict has escalated significantly after Hamas launched a major attack on 7 October 2023. Companies with material subsidiaries, operations, investments, contractual arrangements or joint ventures in the War area might be significantly exposed. Entities that do not have direct exposure to Israel and Gaza Strip are likely to be affected by the overall economic uncertainty and negative impacts on the global economy and major financial markets arising from the war. This is a volatile period and situation, however, the Company is not directly exposed. Management will continue to monitor the situation closely and take appropriate actions when and if needed.

The impact on the Company largely depends on the nature and duration of uncertain and unpredictable events, such as further military action, additional sanctions, and reactions to ongoing developments by global financial markets.

The financial effect of the current crisis on the global economy and overall business activities cannot be estimated with reasonable certainty at this stage, due to the pace at which the conflict prevails and the high level of uncertainties arising from the inability to reliably predict the outcome.

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

Despite the limited direct exposure, the conflict is expected to negatively impact the tourism and services industries in Cyprus. Furthermore, the increasing energy prices, fluctuations in foreign exchange rates, unease in stock market trading, rises in interest rates, supply chain disruptions and intensified inflationary pressures may indirectly impact the operations of the Company. The indirect implications will depend on the extent and duration of the crisis and remain uncertain.

Management has considered the unique circumstances and the risk exposures of the Company and has concluded that there is no significant impact in the Company's profitability position. The event is not expected to have an immediate material impact on the business operations. Management will continue to monitor the situation closely and will assess the need for [please complete accordingly] in case the crisis becomes prolonged.

2. Basis of preparation

The financial statements of the Company 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 Company is not required by the Cyprus Companies Law, Cap. 113, to prepare consolidated financial statements because the Company and its subsidiaries constitute a medium sized group as defined by the Law and the Company does not intend to issue consolidated financial statements for the year ended 31 December 2023.

The European Commission has concluded that since parent companies are required by the EU Accounting (2013/34/EU) Directive to prepare separate financial statements and since the Cyprus Companies Law, Cap. 113, requires the preparation of such financial statements in accordance with IFRS as adopted by the EU, the provisions in IFRS 10 ''Consolidated Financial statements'' requiring the preparation of consolidated financial statements in accordance with IFRS do not apply.

The separate 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 (IFRSs) that are relevant to its operations and are effective for accounting periods beginning on 1 January 2023. This adoption did not have a material effect on the accounting policies of the Company.

4. Material accounting policies

The material accounting policies adopted in the preparation of these separate financial statements are set out below. These policies have been consistently applied to all years presented in these separate financial statements unless otherwise stated.

Management seeks not to reduce the understandability of these separate financial statements by obscuring material information with immaterial information. Hence, only material accounting policy information is disclosed, where relevant, in the related disclosure notes.

4. Material accounting policies (continued)

Subsidiary companies

Subsidiaries are entities controlled by the Company. Control exists where the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

Investments in subsidiary companies are stated at cost less provision for impairment in value, which is recognised as an expense in the period in which the impairment is identified.

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 customer, 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.

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.

NOTES TO THE SEPARATE FINANCIAL STATEMENTS 31 December 2023

4. Material accounting policies (continued)

Revenue (continued)

· Rendering of services

Revenue from rendering of services is recognised over time while the Company satisfies its performance obligation by transferring 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 (Ä), which is the Company's functional and presentation currency.

(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.

NOTES TO THE SEPARATE FINANCIAL STATEMENTS 31 December 2023

4. Material accounting policies (continued)

Property, plant and equipment (continued)

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:

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.

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 conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to 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

4. Material accounting policies (continued)

Leases (continued)

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 reassessment 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 or amortisation 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.

Financial assets - Classification

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

· 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-by-investment basis.

All other financial assets are classified as measured at FVTPL.

For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).

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.

NOTES TO THE SEPARATE FINANCIAL STATEMENTS 31 December 2023

4. Material accounting policies (continued)

Financial assets - Recognition and derecognition (continued)

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

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 and supportable information that is available without undue cost and effort at the end of each reporting period about past events, current conditions and forecasts of future conditions.

The carrying amount of the financial assets is reduced through the use of an allowance account, and the amount of the loss is recognised in the statement of profit or loss and other comprehensive income within ''net impairment losses on financial and contract assets. Subsequent recoveries of amounts for which loss allowance was previously recognised are credited against the same line item.

Debt instruments carried at amortised cost are presented in the statement of financial position net of the allowance for ECL. For loan commitments and financial guarantee contracts, a separate provision for ECL is recognised as a liability in the statement of financial position.

For debt instruments at FVOCI, an allowance for ECL is recognised in profit or loss and it affects fair value gains or losses recognised in OCI rather than the carrying amount of those instruments.

The impairment methodology applied by the Company for calculating expected credit losses depends on the type of financial asset assessed for impairment. Specifically:

For trade receivables and contract assets, including trade receivables and contract assets with a significant financing component, and lease receivables the Company applies the simplified approach permitted by IFRS 9, which requires lifetime expected credit losses to be recognised from initial recognition of the financial assets.

For all other financial instruments that are subject to impairment under IFRS 9, the Company applies general approach - three stage model for impairment. The Company applies a three stage model for impairment, based on changes in credit quality since initial recognition. A financial instrument that is not credit-impaired on initial recognition is classified in Stage 1.

NOTES TO THE SEPARATE FINANCIAL STATEMENTS 31 December 2023

4. Material accounting policies (continued)

Financial assets - impairment - credit loss allowance for ECL (continued)

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 start of the first reporting period following the change.

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 expected cash flows to assets whether the risks and rewards of the asset are substantially different as a result of the contractual modification. If the risks and rewards do not change, the modified asset is not substantially different from the original asset and the modification does not result in derecognition. The Company recalculates the gross carrying amount by discounting the modified contractual cash flows by the original effective interest rate, and recognises a modification gain or loss in profit or loss.

4. Material accounting policies (continued)

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 and their cash flows represent solely payments of principal and interest. Accordingly, these are measured at amortised cost using the effective interest method, less provision for impairment. Financial assets at amortised cost are classified as current assets if they are due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current assets.

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 Company holds 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 impairment requirements 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.

4. Material accounting policies (continued)

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 cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. (In addition, other qualitative factors, such as the currency that the instrument is denominated in, changes in the type of interest rate, new conversion features attached to the instrument and change in loan covenants are also considered.)

If an exchange of debt instruments or modification of terms is accounted for as an extinguishment, any costs or fees incurred are recognised as part of the gain or loss on the extinguishment. If the exchange or modification is not accounted for as an extinguishment, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modified liability.

Modifications of liabilities that do not result in extinguishment are accounted for as a change in estimate using a cumulative catch up method, with any gain or loss recognised in profit or loss, unless the economic substance of the difference in carrying values is attributed to a capital transaction with owners and is recognised directly to equity.

Borrowing costs are interest and other costs that the Company incurs in connection with the borrowing of funds, including interest on borrowings, amortisation of discounts or premium relating to borrowings, amortisation of ancillary costs incurred in connection with the arrangement of borrowings, finance lease charges and exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs.

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset, being an asset that necessarily takes a substantial period of time to get ready for its intended use or sale, are capitalised as part of the cost of that asset, when it is probable that they will result in future economic benefits to the Company and the costs can be measured reliably.

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 there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. This is not generally the case with master netting agreements, and the related assets and liabilities are presented gross in the statement of financial position.

Share capital

Ordinary shares are classified as equity.

5. New accounting pronouncements

At the date of approval of these separate 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 separate financial statements of the Company.

6. Financial risk management

Financial risk factors

The Company is exposed to interest rate risk, credit risk, liquidity 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 rate risk in relation to its non-current borrowings. Borrowings issued at variable rates expose the Company to cash flow interest rate risk. Borrowings issued at fixed rates expose the Company to fair value interest rate risk. The Company's Management monitors the interest rate fluctuations on a continuous basis and acts accordingly.

6.2 Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to meet an obligation. Credit risk arises from cash and cash equivalents, contractual cash flows of debt investments carried at amortised cost, at fair value through other comprehensive income (FVOCI) and at fair value through profit or loss (FVTPL), favourable derivative financial instruments and deposits with banks and financial institutions, 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

If debtor/borrower are independently rated, these ratings are used. Otherwise, if there is no independent rating, Management assesses the credit quality of the debtor/borrower, 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 .

6. Financial risk management (continued)

6.2 Credit risk (continued)

(ii) Impairment of (continued)

· 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.

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 guarantees 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.

Low 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.

6. Financial risk management (continued)

6.2 Credit risk (continued)

(ii) Impairment of (continued)

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 recover the receivable due. Where recoveries are made, these are recognised in profit or loss.

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 2023 or 1 January 2023 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.

NOTES TO THE SEPARATE FINANCIAL STATEMENTS 31 December 2023

6. Financial risk management (continued)

6.2 Credit risk (continued)

(ii) Impairment of (continued)

Receivables from related parties (continued)

The gross carrying amounts below represent the Company's maximum exposure to credit risk on these assets as at 31 December 2023 and 31 December 2022:

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 ratings, if external are not available.

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

The ECL on current accounts is considered to be approximate to 0, unless the bank is subject to capital controls. The ECL on deposits 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 bank balances 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 loans receivable. Commitments to extend credit represent 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 monitors the term to maturity of credit related commitments, because longer-term commitments generally have a greater degree of credit risk than shorter-term commitments.

6.3 Liquidity risk

6.4 Currency risk

Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognised assets and liabilities are denominated in a currency that is not the Company's measurement currency. The Company is exposed to foreign 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. Financial risk management (continued)

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 return to shareholders through the optimisation 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.

Critical accounting estimates and assumptions

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.

· Leases

The Company has an enforceable extension option in relation toÖ [provide details of the arrangement, extension option, pricing etc]. The group has assessed whether the extension option is reasonably certain to exercise by considering [list considerations] and has concluded that it is/is not reasonably certain to exercise.

· Amount payable under residual value guarantees

The Company initially estimates and recognises amounts expected to be payable under residual value guarantees as part of the lease liability. Typically, the expected residual value at lease commencement is equal to or higher than the guaranteed amount, and so the Company does not expect to pay anything under the guarantees.

At the end of each reporting period, the expected residual values are reviewed to reflect actual residual values achieved on comparable assets and expectations about future prices.

· 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.

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

· 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 investments in subsidiaries

The Company periodically evaluates the recoverability of investments in subsidiaries whenever indicators of impairment are present. Indicators of impairment include such items as declines in revenues, earnings or cash flows or material adverse changes in the economic or political stability of a particular country, which may indicate that the carrying amount of an asset is not recoverable. If facts and circumstances indicate that investment in subsidiaries may be impaired, the estimated future discounted cash flows associated with these subsidiaries would be compared to their carrying amounts to determine if a write-down to fair value is necessary.

· 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 inputs to 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 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.

· 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 expected to be generated through 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	2023 Ä	2022 Ä
Rendering of services Commissions receivable	8.778 348.959	57.278 307.552
	357.737	364.830
9. Cost of sales
	2023 Ä	2022 Ä
Services received	68.271	114.171
	68.271	114.171
10. Other operating income
	2023	2022
Interest income	Ä 184	Ä 823
Unrealised Foreign Exchange Profit	199	1.150
Discounts received	-	932
Sundry operating income Other operating income	3.486 -	1.493 6.851
	3.869	11.249
11. Selling and distribution expenses
	2023	2022
	Ä	Ä
Motor vehicle running costs Advertising	585 1.030	806 10.000
Bad debts written off	19.555	-
Specific provision for bad debts	-	3.374
General provision for bad debts	(2.222)	6.500
	18.948	20.680

NOTES TO THE SEPARATE FINANCIAL STATEMENTS 31 December 2023

12. Administration expenses

	2023	2022
	Ä	Ä
Staff costs	83.065	104.541
Common expenses	1.173	-
Licenses and taxes	811	222
	350	350
Electricity	2.429	3.736
Water supply and cleaning	380	460
Insurance	2.350	2.066
Repairs and maintenance	-	512
Sundry expenses	29.546	23.059
Telephone and postage	4.479	4.160
Stationery and printing	-	915
Subscriptions and contributions	17.074	42.824
Staff training	1.420	7.460
Sundry staff costs	900	794
Computer supplies and maintenance	3.315	2.730
Certification and legalisation expenses	-	250
Auditors' remuneration	3.750	6.250
Accounting fees	2.400	2.400
Directors' fees	2.500	5.000
Other professional fees	22.633	31.952
Fines	888	306
Travelling	12.675	9.839
Irrecoverable VAT	385	-
Entertaining	4.586	5.215
Motor vehicle running costs	-	1.203
Depreciation of right-of-use assets	11.497	6.569
Depreciation	1.322	1.683
	209.928	264.496
13. Other expenses
	2023	2022

	Ä	Ä
Prior year error	15.000	-
Loss from operating activities	-	38.509
	15.000	38.509

14. Staff costs

	2023	2022
	Ä	Ä
Salaries	72.297	90.984
Social security costs	7.226	9.099
GHS contribution	2.096	2.638
Social cohesion fund	1.446	1.820
	83.065	104.541

15. Finance costs

	2023	2022
	Ä	Ä
	-	62
Interest expense on lease liabilities	841	1.684
Interest expense	600	-
Sundry finance expenses	3.283	5.963
Finance costs	4.724	7.709
16.
	2023	2022
	Ä	Ä
Defence contribution - current year	55	247
Defence contribution - prior years	56	-
Charge for the year	111	247

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

	2023	2022
	Ä	Ä
Profit/(loss) before	44.735	(69.486)

calculated at the applicable tax rates	5.592	(8.686)
Tax effect of expenses not deductible for purposes	4.155	1.775
Tax effect of allowances and income not subject to	(218)	3.716
Tax effect of tax losses brought forward	(9.529)	-
Tax effect of tax loss for the year	-	3.195
Defence contribution current year	55	247
Prior year	56	-
Tax charge	111	247

The corporation tax rate is 12,5%.

Under certain conditions interest income may be subject to defence contribution at the rate of 30% (reduced to 17% as of 1 January 2024). 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.

The Company's chargeable income for the year amounted to Ä76.229 which has been set off against tax losses brought forward. Under current legislation, tax losses may be carried forward and be set off against taxable income of the five succeeding years.

NOTES TO THE SEPARATE FINANCIAL STATEMENTS 31 December 2023

17. Property, plant and equipment

	Motor vehicles	Furniture, fixtures and office equipment
	Ä	Ä	Ä
Cost
Balance at 1 January 2022	43.018	32.622	75.640
Balance at 31 December 2022/ 1 January 2023	43.018	32.622	75.640
Balance at 31 December 2023	43.018	32.622	75.640
Depreciation
Balance at 1 January 2022 Charge for the year	43.018 -	26.208 1.684	69.226 1.684
Balance at 31 December 2022/ 1 January 2023	43.018	27.892	70.910
Charge for the year	-	1.322	1.322
Balance at 31 December 2023	43.018	29.214	72.232
Net book amount
Balance at 31 December 2023	-	3.408	3.408
Balance at 31 December 2022	-	4.730	4.730

NOTES TO THE SEPARATE FINANCIAL STATEMENTS 31 December 2023

18. Right-of-use assets

	Land and buildings Ä	Total Ä
Cost
Balance at 1 January 2022	72.137	72.137
Adjustment to right-of-use asset	(29.701)	(29.701)
Balance at 31 December 2022/ 1 January 2023	42.436	42.436
Additions	34.492	34.492
Balance at 31 December 2023	76.928	76.928
Depreciation
Balance at 1 January 2022 Charge for the year	65.970 6.569	65.970 6.569
Balance at 31 December 2022/ 1 January 2023	42.436	42.436
Charge for the year	11.497	11.497
Balance at 31 December 2023	53.933	53.933
Net book amount
Balance at 31 December 2023	22.995	22.995
Amounts recognised in profit and loss:
	2023	2022
	Ä	Ä
Depreciation expense on right-of-use assets Interest expense on lease liabilities	(11.497) (841)	(6.569) (1.684)
19. Intangible assets
		Computer software Ä
Cost Balance at 1 January 2022		13.591
Balance at 31 December 2022/ 1 January 2023
Balance at 31 December 2023		13.591 13.591
Amortisation
Balance at 1 January 2022		13.591
Balance at 31 December 2022/ 1 January 2023		13.591
Balance at 31 December 2023		13.591

Net book amount

20. Investments in subsidiaries

	2023	2022
	Ä	Ä
Additions	45.003	-
Balance at 31 December	45.003	-

The details of the subsidiaries are as follows:

Name	Country of	Principal activities	Holding	2023
	incorporation		%	Ä
Economico Eidiseografiki A.E.	Greece	News Website	65	45.003

45.003

21. Trade and other receivables

	2023	2022
Trade receivables	Ä 96.764	Ä 71.588
Less: credit loss on trade receivables	(4.278)	(6.500)
Trade receivables - net	92.486	65.088
Receivables from associates (Note 29.2)	3.388	3.388
Shareholders' current accounts - debit balances (Note 29.3)	890	889
Other receivables	2.861	3.076
Refundable VAT	27.253	24.227
	126.878	96.668

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 separate financial statements.

22. Investors' Compensation Fund

	2023	2022
	Ä	Ä
Balance at 1 January	50.346	86.690
Additional Contribution of the Year	1.921	2.165
Re-adjustment	-	(38.509)
Balance at 31 December	52.267	50.346

23. Cash at bank and in hand

Cash balances are analysed as follows:

	2023	2022
	Ä	Ä
Cash at bank and in hand	96.779	89.998
	96.779	89.998

23. Cash at bank and in hand (continued)

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 separate financial statements.

24. Share capital

	2023 Number of shares	2023 Ä	2022 Number of shares	2022 Ä
Authorised Ordinary shares of Ä1 each	1.000.000	1.000.000	1.000.000	1.000.000
Issued and fully paid Balance at 1 January Issue of shares	600.000 50.000	600.000 50.000	600.000 -	600.000 -
Balance at 31 December	650.000	650.000	600.000	600.000

Issued capital

Upon incorporation on 19th of April 2012 the Company issued to the subscribers of its Memorandum of Association 600.000 ordinary shares of Ä1 each at par.

On 31st of May 2023, the Company made an increase in share capital 50,000 shares of Ä1 each fully paid.

25. Lease liabilities

			The present value of minimum
	Minimum lease payments			lease payments
	2023	2022	2023	2022
	Ä	Ä	Ä	Ä
Not later than 1 year	12.000	12.000	11.494	-
Later than 1 year and not later than 5 years	12.000	-	11.839	-
	24.000	12.000	23.333	-
Future finance charges	(667)	(12.000)	-	-
Present value of lease liabilities	23.333	-	23.333	-

It is the Company's policy to its office. The average lease term is 36 months. For year ended 31 December 2023, the average effective borrowing rate was 3,0% (2022: 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.

26. Trade and other payables

	2023	2022
	Ä	Ä
Trade payables	299	9.360
Social insurance and other taxes	4.892	1.750
Accruals	6.255	2.504
Other creditors	76	4.497
Defence and GHS contribution on rent payable	945	945
	12.467	19.056

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

27. Current tax liabilities

	2023	2022
	Ä	Ä
Special contribution for defence	302	6.082
	302	6.082

28. Operating Environment of the Company

28. Operating Environment of the Company (continued)

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

29. 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.

The following transactions were carried out with related parties:

29.1 Directors' remuneration

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

		2023	2022
		Ä	Ä
Directors' fees		2.500	5.000
Directors' remuneration		-	59.484
		2.500	64.484
29.2 Receivables from related parties (Note 21)
		2023	2022
Name	Nature of transactions	Ä	Ä
Aeonic Investments Ltd	Finance	3.388	3.388
		3.388	3.388

29.3 Shareholders' current accounts - debit balances (Note 21)
		2023	2022
		Ä	Ä
Alexandros Sinos		890	889

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

30. Contingent liabilities

The Company had no contingent liabilities as at 31 December 2023.

31. Commitments

The Company had no capital or other commitments as at 31 December 2023.

NOTES TO THE SEPARATE FINANCIAL STATEMENTS 31 December 2023

32. Events after the reporting period

As explained in note 28 the geopolitical situation in Eastern Europe and the Middle East remains intense with the continuation of the conflict between Russia and Ukraine and the Israel-Gaza conflict. As at the date of authorising these separate financial statements for issue, the conflicts continue to evolve as military activity proceeds and additional sanctions are imposed.

Depending on the duration of the conflict between Russia and Ukraine, the Israel-Gaza conflict 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 2024 which relate to new developments that occurred after the reporting period.

Independent auditor's report on pages 4 to 6

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	8
Computation of corporation tax	9
Calculation of tax losses for the five-year period	9

DETAILED INCOME STATEMENT 31 December 2023

	Page	2023 Ä	2022 Ä
Revenue Rendering of services Commissions receivable Cost of sales	2	8.778 348.959 (68.271)	57.278 307.552 (114.171)
Gross profit		289.466	250.659
Other operating income
Interest from overseas Other interest income Unrealised foreign exchange profit		- 184 199	823 - 1.150
Sundry operating income Discounts received Other operating income		3.486 - -	1.493 932 6.851
		293.335	261.908
Operating expenses
Administration expenses Selling and distribution expenses	3 3	(209.928) (18.948)	(264.496) (20.680)
		64.459	(23.268)
Other operating expenses
Prior year error Loss from Operating Activities		(15.000) -	- (38.509)
Operating profit/(loss)		49.459	(61.777)
Finance costs	4	(4.724)	(7.709)
Net profit/(loss) for the year before		44.735	(69.486)

COST OF SALES 31 December 2023

	2023 e	2022 ೯
Cost of sales Closing stocks	1
Direct costs Services received	68.271	114.171
	68.2711	114.171

OPERATING EXPENSES 31 December 2023

	2023 Ä	2022 Ä

Administration expenses
Directors' remuneration	-	59.484
Staff salaries	72.297	31.500
Social insurance	7.226	9.099
GHS contribution	2.096	2.638
Social cohesion fund	1.446	1.820
Common expenses	1.173	-
Licenses and taxes	811	222
	350	350
Electricity	2.429	3.736
Water supply and cleaning	380	460
Insurance	2.350	2.066
Repairs and maintenance	-	512
Sundry expenses	29.546	23.059
Telephone and postage	4.479	4.160
Stationery and printing	-	915
Subscriptions and contributions	17.074	42.824
Staff training	1.420	7.460
Sundry staff costs	900	794
Computer supplies and maintenance	3.315	2.730
Certification and legalisation expenses	-	250
Auditors' remuneration	3.750	6.250
Accounting fees	2.400	2.400
Other professional fees	22.633	31.952
Directors' fees	2.500	5.000
Fines	888	306
Travelling	12.675	9.839
Irrecoverable VAT	385	-
Entertaining	4.586	5.215
Motor vehicle running costs	-	1.203
Depreciation of right-of-use assets	11.497	6.569
Depreciation	1.322	1.683
	209.928	264.496

	2023	2022
	Ä	Ä
Selling and distribution expenses
Motor vehicle running costs	585	806
Advertising	1.030	10.000
Bad debts written off	19.555	-
Specific provision for bad debts	-	3.374
General provision for bad debts	(2.222)	6.500
	18.948	20.680

FINANCE COSTS 31 December 2023

	2023 Ä	2022 Ä
Finance costs
Interest expense Interest expense on lease liabilities Debenture interest	841 600	1.684 -
Sundry finance expenses Bank charges	3.283	5.963
Unrealised foreign exchange loss	-	62
	4.724	7.709

COMPUTATION OF WEAR AND TEAR ALLOWANCES

31 December 2023

				C O S	T			A N N U A L A L L	O W A N C E S
	Ye ar	%	Ba lan ce / / 1 1 20 23 Ä	A d d itio ns for he t y ea r Ä	Dis ls p osa for he t y ea r Ä	Ba lan ce / / 31 12 20 23 Ä	Ba lan ce / / 1 1 20 23 Ä	C ha rg e for he t y ea r Ä	On d ls isp osa Ä	Ba lan ce / / 31 12 20 23 Ä	Ne lue t v a / / 31 12 20 23 Ä

Mo h ic les to r v e
d F For ocu s	20 12	-	8.5 0 0	-	-	8.5 0 0	-	-	-	-	8.5 0 0
To ota Di y cra n	20 15	-	15 .75 2	-	-	15 .75 2	-	-	-	-	15 .75 2
lt Re na u	20 16	-	8.7 6 6 1	-	-	8.7 6 6 1	-	-	-	-	8.7 6 6 1
			43 .01 8	-	-	43 .01 8	-	-	-	-	43 .01 8
itu f ixt d o f f ice ip Fu rn re, ure s a n eq u	nt me
Fu rni & F itti tur e ng s	20 12	10	3. 07 0	-	-	3. 07 0	3. 07 0	-	-	3. 07 0	-
rni & F itti Fu tur e ng s	20 12	10	3 94	-	-	3 94	195	3 9	-	23 4	16 0
O f fice Eq ip nt u me	20 12	10	2.6 34	-	-	2.6 34	2.6 34	-	-	2.6 34	-
O f fice Eq ip nt me u	20 13	10	0 41	-	-	0 41	0 41	-	-	0 41	-
O f fice Eq ip nt u me	20 15	10	73 1	-	-	73 1	5 84	73	-	65 7	74
O f fice Eq ip nt me u	20 15	10	6 54	-	-	6 54	0 44	55	-	49 5	51
Te lep ho nes	20 16	10	40 6	-	-	40 6	2 87	41	-	3 2 8	7 8
& F Fu rni tur itti e ng s	20 16	10	155	-	-	155	112	16	-	12 8	27
S hre d de r	20 16	10	7 8	-	-	7 8	5 6	8	-	64	14
b le ho Mo i P ne	20 16	10	13 6	-	-	13 6	9 8	14	-	112	24
Ea ho rp nes	20 16	10	22	-	-	22	14	2	-	16	6
hw he Dis as r	20 16	10	3 9 9	-	-	3 9 9	8 2 0	40	-	3 20	79
Iro n	20 16	10	21	-	-	21	14	2	-	16	5
( ) Inv tor 9 0 0 0 3 ite en ms	20 17	10	7 8 0	-	-	7 8 0	46 8	7 8	-	54 6	23 4
Inv 24 0 0 0 tor en	20 17	10	5 8 0	-	-	5 8 0	34 8	5 8	-	40 6	174
Inv tor 12 0 0 0 W I-F I en	20 17	10	3 0 0	-	-	3 0 0	1 8 0	3 0	-	21 0	9 0
Inv 12 0 0 0 ( 2 it ) tor en em s	20 17	10	5 6 0	-	-	5 6 0	3 3 6	5 6	-	3 9 2	16 8
Inv tor 1 8 0 0 0 en	20 17	10	47 0	-	-	47 0	2 8 2	47	-	3 29	14 1
WI -FI du le m o	20 17	10	3 0	-	-	3 0	1 8	3	-	21	9
les Wi s P IR De tec tor re	20 17	10	70	-	-	70	42	7	-	49	21
Wi les Sm ke De tec tor re s o	20 17	10	15 0	-	-	15 0	9 0	15	-	105	45
k d Tri is G1 0T	20 17	10	24 0	-	-	24 0	144	24	-	16 8	72
Bat Wi les s D ( 4 i ) ter ete cto tem re rs s y	20 17	10	4 8	-	-	4 8	3 0	5	-	35	13
A lar Sy Art ion ste m m	20 17	10	65 0	-	-	65 0	3 9 0	65	-	45 5	195
Sm ke De Ar tio ( 5 ite ) tec tor o n ms	20 17	10	42 5	-	-	42 5	25 8	43	-	3 01	124
Te tur e D ete cto mp era r	20 17	10	140	-	-	140	84	14	-	9 8	42
Re l ( 2 it ) te tro mo con em s	20 17	10	70	-	-	70	42	7	-	49	21
lax Sa Ga S7 ms un g y	20 17	10	42 9	-	-	42 9	25 8	43	-	3 01	12 8

COMPUTATION OF WEAR AND TEAR ALLOWANCES

31 December 2023

			C O S T				A N N U A L A L L O W A N C E S
			Ba lan ce	A d d itio ns	Dis ls p osa	Ba lan ce	Ba lan ce	C ha rg e	On	Ba lan ce	Ne lue t v a
	Ye ar	%	/ / 1 1 20 23	for he t y ea r	for he t y ea r	/ / 31 12 20 23	/ / 1 1 20 23	for he t y ea r	d ls isp osa	/ / 31 12 20 23	/ / 31 12 20 23
			Ä	Ä	Ä	Ä	Ä	Ä	Ä	Ä	Ä

itu f ixt d o f f ice ip Fu rn re, ure s a n eq u me	( inu nt nt co	d ) e
S hre d de r	20 17	10	134	-	-	134	7 8	13	-	91	43
le Ket t	20 17	10	94	-	-	94	54	9	-	6 3	31
Me ri d ian W h B in as as	20 17	10	21 5	-	-	21 5	13 2	22	-	154	61
b le ho Mo i P ne	20 17	10	35 0	-	-	35 0	21 0	35	-	24 5	105
Ga l lery Ca lina P la fon Li hts ( 2 it ) ro g em s	20 17	10	5 6 9	-	-	5 6 9	34 2	57	-	3 9 9	170
lo hts Eg Lig	20 17	10	79	-	-	79	8 4	8	-	5 6	23
Pe da Ma k U ba n G Li hts nt n rey g r r	20 17	10	10 9	-	-	10 9	6 6	11	-	77	3 2
hit b le W e T a	20 17	10	8 07	-	-	8 07	4 8 6	8 1	-	5 67	24 0
Co f fee / Te Cu a p s	20 17	10	34	-	-	34	1 8	3	-	21	13
Pa int ing s	20 17	10	3. 0 0 0	-	-	3. 0 0 0	1. 8 0 0	3 0 0	-	2.1 0 0	9 0 0
C lea Va ccu m ne r	20 19	10	75	-	-	75	3 2	8	-	40	35
			19 .41 0	-	-	19 .41 0	14 .43 0	1.3 3 2	-	15 .76 2	3. 64 8

Co r H dw ute t mp ar are - c os
Co r H dw ute mp ar are	20 12	20	7.7 85	-	-	7.7 85	7.7 85	-	-	7.7 85	-
O f fice ip Eq nt me u	20 13	10	2.7 35	-	-	2.7 35	2.7 35	-	-	2.7 35	-
De tar ms	20 15	20	57 0	-	-	57 0	57 0	-	-	57 0	-
De tar ms	20 15	20	8 9 5	-	-	8 9 5	8 9 5	-	-	8 9 5	-
PC M ito r 1 on	20 15	20	57 0	-	-	57 0	57 0	-	-	57 0	-
PC ito r 2 M on	20 15	20	0 57	-	-	0 57	0 57	-	-	0 57	-
Lap top	20 1 8	20	23 5	-	-	23 5	23 5	-	-	23 5	-
S UP	20 19	20	9 15	-	-	9 15	12 8	31	-	9 15	-
			13 .21 3	-	-	13 .21 3	13 .1 8 2	31	-	13 .21 3	-

l To ta			75 .64 1	-	-	75 .64 1	27 .61 2	1.3 6 3	-	2 8. 97 5	46 .6 6 6
Co ftw ute mp r s o are
f fice MS . O Pr 20 10 o	20 12	3 3	1. 8 10	-	-	1. 8 10	1. 8 10	-	-	1. 8 10	-
So lut ion ER P	20 13	3 3	8.5 0 0	-	-	8.5 0 0	8.5 0 0	-	-	8.5 0 0	-
dva k B da A arr acu	20 15	3 3	1.2 9 9	-	-	1.2 9 9	1.2 9 9	-	-	1.2 9 9	-
Dis Re ast er cov ery	20 17	3 3	9 9 8	-	-	9 9 8	9 9 8	-	-	9 9 8	-
Q S L R eco ve ry	20 17	3 3	46 5	-	-	46 5	46 5	-	-	46 5	-

COMPUTATION OF WEAR AND TEAR ALLOWANCES

31 December 2023

			C O S T				A N N U A L A L L O W A N C E S
	Ye ar	%	Ba lan ce / / 1 1 20 23	A d d itio ns for he t y ea r	Dis ls p osa for he t y ea r	Ba lan ce / / 31 12 20 23	Ba lan ce / / 1 1 20 23	C ha rg e for he t y ea r	On d ls isp osa	Ba lan ce / / 31 12 20 23	Ne lue t v a / / 31 12 20 23
			Ä	Ä	Ä	Ä	Ä	Ä	Ä	Ä	Ä
ftw ( inu d ) Co ute nt mp r s o are co e
So ftw Di ice rt are g	20 17	3 3	51 8	-	-	51 8	51 8	-	-	51 8	-
			13 .5 9 0	-	-	13 .5 9 0	13 .5 9 0	-	-	13 .5 9 0	-

COMPUTATION OF DEFENCE CONTRIBUTION 31 December 2023

	Income Ä	Rate	Defence Ä c
INTEREST Interest that was not subject to deduction at source	184
	184	30%	55,20
DEFENCE CONTRIBUTION DUE TO IRD			55,20

COMPUTATION OF CORPORATION TAX 31 December 2023

Net profit per income statement	Page 1	Ä	Ä 44.735
Add:
Depreciation		12.819
Entertaining		1.009
Bad debts written off		19.555
General provision for bad debts		(2.222)
Fines		350 888
Interest on operating leases (classified as such by the lessor)		841
			33.240
			77.975
Less:
Annual wear and tear allowances	6	1.363
Interest income		184
Unrealised foreign exchange profit		199
			(1.746)
Chargeable income for the year			76.229
Loss brought forward			(138.771)
Loss carried forward			(62.542)

CALCULATION OF TAX LOSSES FOR THE FIVE-YEAR PERIOD

Tax year	2018	2019	2020	2021	2022	2023
	Ä	Ä	Ä	Ä	Ä	Ä
Profits/(losses) for the tax year	(45.587)	15.370	(33.395)	(25.562)	(34.227)	76.229
Gains Offset (Ä)	-	15.370	-	-	-	45.587
Gains Offset- Year		2014				2018
Gains Offset (Ä)	-	-	-	-	-	30.642
Gains Offset- Year						2020
Gains Offset (Ä)	-	-	-	-	-	-
Gains Offset- Year
Gains Offset (Ä)	-	-	-	-	-	-
Gains Offset- Year
Gains Offset (Ä)	-	-	-	-	-	-
Gains Offset- Year

Net loss carried forward (62.542)

AI Terminal

Aeonic Securities C.I.F Plc

2499_10-k_2024-04-30_877f3df5-5a19-4ff4-9144-a012ee319b0e.pdf

REPORT AND SEPARATE FINANCIAL STATEMENTS 31 December 2023

CONTENTS

BOARD OF DIRECTORS AND OTHER OFFICERS

AEONIC SECURITIES CALE PLC

MANAGEMENT REPORT

Principal activities and nature of operations of the Company

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

Principal risks and uncertainties

Interest rate risk

Credit risk

Liquidity risk

MANAGEMENT REPORT

Share capital

Board of Directors

Independent Auditors

Independent Auditor's Report

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

Report on the Audit of the Separate Financial Statements

Opinion

Basis for Opinion

Other information

Responsibilities of the Board of Directors for the Separate Financial Statements

Independent Auditor's Report (continued)

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

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

Auditor's Responsibilities for the Audit of the Separate Financial Statements

Report on Other Legal Requirements

Independent Auditor's Report (continued)

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

Other Matter

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 31 December 2023

STATEMENT OF FINANCIAL POSITION

STATEMENT OF CHANGES IN EQUITY 31 December 2023

CASH FLOW STATEMENT 31 December 2023

1. Incorporation and principal activities

Country of incorporation

Principal activities

Operating Environment of the Company

2. Basis of preparation

3. Adoption of new or revised standards and interpretations

4. Material accounting policies

4. Material accounting policies (continued)

Subsidiary companies

Revenue

Recognition and measurement

Identification of performance obligations

NOTES TO THE SEPARATE FINANCIAL STATEMENTS 31 December 2023

4. Material accounting policies (continued)

Revenue (continued)

· Rendering of services

· Commission income

· Work executed

· Interest income

Finance costs

Foreign currency translation

(1) Functional and presentation currency

(2) Transactions and balances

Property, plant and equipment

NOTES TO THE SEPARATE FINANCIAL STATEMENTS 31 December 2023

4. Material accounting policies (continued)

Property, plant and equipment (continued)

Computer software

Leases

4. Material accounting policies (continued)

Leases (continued)

Impairment of non-financial assets

Financial assets - Classification

Financial assets - Recognition and derecognition

NOTES TO THE SEPARATE FINANCIAL STATEMENTS 31 December 2023

4. Material accounting policies (continued)

Financial assets - Recognition and derecognition (continued)

Financial assets - Measurement

Financial assets - impairment - credit loss allowance for ECL

NOTES TO THE SEPARATE FINANCIAL STATEMENTS 31 December 2023

4. Material accounting policies (continued)

Financial assets - impairment - credit loss allowance for ECL (continued)

Financial assets -Reclassification