Interim / Quarterly Report • Sep 29, 2020
Interim / Quarterly Report
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UNAUDITED FINANCIAL STATEMENTS Period from 1 January 2020 to 30 June 2020
| Board of Directors and other officers | 1 |
|---|---|
| Unaudited statement of profit or loss and other comprehensive income | 2 |
| Unaudited statement of financial position | 3 |
| Unaudited statement of changes in equity | 4 |
| Unaudited cash flow statement | 5 |
| Notes to the unaudited financial statements | 6 - 27 |
| Board of Directors: | Alexandros Sinos Serafeim Charalampidis Stephanos Kazantzis Gloria Chrysafi Evangelos Drympetas |
|---|---|
| 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: | ΗΕ 304867 |
| Note | 30/06/2020 € |
30/06/2019 € |
|
|---|---|---|---|
| Revenue | 8 | 197,982 | 286,862 |
| Cost of sales | 9 | (97,847) | (140,822) |
| Gross profit | 100,135 | 146,040 | |
| Other operating income | 10 | 40,000 | 28,630 |
| Selling and distribution expenses | 11 | (1,465) | (2,803) |
| Administration expenses | 12 | (121,915) | (127,937) |
| Other expenses | 13 | (8,486) | (13,269) |
| Operating profit | 8,269 | 30,661 | |
| Finance costs | 15 | (7,700) | (3,542) |
| Profit before tax | 569 | 27,119 | |
| Tax | 16 | (890) | (524) |
| Net (loss)/profit for the period/year | (321) | 26,595 | |
| Other comprehensive income | - | - | |
| Total comprehensive income for the period/year | (321) | 26,595 |
2020 31/12/2019 Note € € ASSETS Non-current assets Property, plant and equipment 17 29,658 35,229 Right-of-use assets 18 74,252 89,102 Investments in subsidiaries 20 5,000 - Financial assets at fair value through other comprehensive income - 5,000 Investors' Compensation Fund 23 80,187 80,187 189,097 209,518 Current assets Trade and other receivables 21 1,933,705 1,076,151 Non-pledged financial assets at fair value through profit or loss 22 - 8,359 Cash at bank and in hand 24 62,805 107,789 1,996,510 1,192,299 Total assets 2,185,607 1,401,817 EQUITY AND LIABILITIES Equity Share capital 25 600,000 600,000 Accumulated losses (266,726) (266,405) Total equity 333,274 333,595 Non-current liabilities Lease liabilities 26 64,087 69,999 64,087 69,999 Current liabilities Trade and other payables 28 1,771,571 977,501 Lease liabilities 26 10,849 15,786 Current tax liabilities 29 5,826 4,936 1,788,246 998,223 Total liabilities 1,852,333 1,068,222 Total equity and liabilities 2,185,607 1,401,817
On 14 September 2020 the Board of Directors of AEONIC SECURITIES C.I.F. PLC authorised these financial statements for issue.
Alexandros Sinos Serafeim Charalampidis Director Director
.................................... ....................................
| Share capital € |
Accumulated losses € |
Total € |
|
|---|---|---|---|
| Balance at 1 January 2019 Net profit for the year |
600,000 - |
(248,867) 26,595 |
351,133 26,595 |
| Balance at 30 June 2019 | 600,000 | (222,272) | 377,728 |
| Balance at 31 December 2019/ 1 January 2020 Net loss for the period |
600,000 - |
(266,405) (321) |
333,595 (321) |
| Balance at 30 June 2020 | 600,000 | (266,726) | 333,274 |
Companies which do not distribute 70% of their profits after tax, as defined by the relevant tax law, within two years after the end of the relevant tax year, will be deemed to have distributed as dividends 70% of these profits. Special contribution for defence at 17% will be payable on such deemed dividends to the extent that the ultimate shareholders are both Cyprus tax resident and Cyprus domiciled. The amount of deemed distribution is reduced by any actual dividends paid out of the profits of the relevant year at any time. This special contribution for defence is payable by the Company for the account of the shareholders.
Τhe balance of accumulated losses as at 30 June 2019 is not in accordance with the balance of the accumulated losses as at 1st of January 2020 as the net profit of the second semester of 2019 which amounts to €44,133 is not included.
Period from 1 January 2020 to 30 June 2020
| Note € € CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 569 (15,702) Adjustments for: Depreciation of property, plant and equipment 17 20,421 44,456 Amortisation of computer software 19 - 661 Fair value gains on financial assets at fair value through profit or loss - (1,272) Interest income 10 (2,968) (1,745) Interest expense 15 1,628 - 19,650 26,398 Changes in working capital: (Increase)/decrease in trade and other receivables (857,554) 466,296 Decrease in financial assets at fair value through profit or loss 8,359 72,468 Increase/(Decrease) in trade and other payables 794,070 (440,589) Cash (used in)/generated from operations (35,475) 124,573 CASH FLOWS FROM INVESTING ACTIVITIES Payment for purchase of property, plant and equipment 17 - (25,709) Payment for purchase of other assets 23 - (3,555) Interest received 2,968 1,745 Net cash generated from/(used in) investing activities 2,968 (27,519) |
|---|
| CASH FLOWS FROM FINANCING ACTIVITIES |
| Payments of leases liabilities (10,849) (33,018) Interest paid (1,628) - |
| Net cash used in financing activities (12,477) (33,018) |
| Net (decrease)/increase in cash and cash equivalents (44,984) 64,036 Cash and cash equivalents at beginning of the period/year 107,789 43,753 |
| Cash and cash equivalents at end of the period/year 62,805 107,789 24 |
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.
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 on behalf of clients in relation to one or more financial instruments.
In addition, the Company provides ancillary services, which comprise the safekeeping and administration of financial instruments, including custondianship and related services, advice to undertakings on capital structure, industrial strategy and related matters and 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.
The Cypriot economy has recorded positive growth in 2018 and 2019 after overcoming the economic recession of recent years. The overall economic outlook of the economy remains favourable, however there are still downside risks emanating from the still high levels of non-performing loans, the public debt ratio, as well as possible deterioration of the external environment for Cyprus.
This operating environment may have a significant impact on the Company's operations and financial position. Management is taking necessary measures to ensure sustainability of the Company's operations. However, the future effects of the current economic situation are difficult to predict and Management's current expectations and estimates could differ from actual results.
The Company's Management is unable to predict all developments which could have an impact on the Cyprus economy and consequently, what effect, if any, they could have on the future financial performance, cash flows and financial position of the Company.
On the basis of the evaluation performed, the Company's management has concluded that no provisions or impairment charges are necessary. The Company's Management believes that it is taking all the necessary measures to maintain the viability of the Company and the smooth conduct of its operations in the current business and economic environment.
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU) and the requirements of the Cyprus Companies Law, Cap. 113. The financial statements have been prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities at fair value through profit or loss and through other comprehensive income.
During the current year the Company adopted all the new and revised International Financial Reporting Standards (IFRS) that are relevant to its operations and are effective for accounting periods beginning on 1 January 2019. The effect of the adoption of IFRS16 "Leases" on the accounting policies of the Company is shown in notes 19 and 28 of the financial statements.
The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented in these financial statements unless otherwise stated.
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 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.
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.
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.
The input method is used to measure progress toward completion of the performance obligation as it provides a faithful depiction of the transfer of the control of the services to the customer.
The Company concluded that it transfers control over its services at a point in time, upon receipt by the customer of the service, because this is when the customer benefits from the relevant service.
Commission income is recognised on an accruals basis in accordance with the substance of the relevant agreements.
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 is recognised on a time-proportion basis using the effective interest method.
The Company and its employees contribute to the Government Social Insurance Fund based on employees' salaries. The Company's contributions are expensed as incurred and are included in staff costs. The Company has no legal or constructive obligations to pay further contributions if the scheme does not hold sufficient assets to pay all employees benefits relating to employee service in the current and prior periods.
Interest expense and other borrowing costs are charged to profit or loss as incurred.
Items included in the Company's financial statements are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The financial statements are presented in Euro (€), which is the Company's functional and presentation currency.
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 are stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is calculated on the straight-line method so as to write off the cost of each asset to its residual value over its estimated useful life. The annual depreciation rates used are as follows:
%
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.
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. Internally generated intangible assets, excluding capitalised development costs, are not capitalised and expenditure is reflected in profit or loss in the year in which the expenditure is incurred. The useful lives of intangible assets are assessed to be either finite or indefinite.
Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life is reviewed at least at each financial year end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category consistent with the function of the intangible asset.
Intangible assets with indefinite useful lives are tested for impairment annually either individually or at the cash generating unit level. Such intangibles are not amortised. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is made on a prospective basis.
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised.
The annual depreciation rates are as follows: Computer Software 33.33%
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.
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:
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.
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 financial assets, other than goodwill, that have suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.
From 1 January 2018, the Company classifies its financial assets in the following measurement categories:
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 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, 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).
All purchases and sales of financial assets that require delivery within the time frame established by regulation or market convention (''regular way'' purchases and sales) are recorded at trade date, which is the date when the Company commits to deliver a financial instrument. All other purchases and sales are recognised when the entity becomes a party to the contractual provisions of the instrument.
Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership.
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.
Subsequent measurement of debt instruments depends on the Company's business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Company classifies its debt instruments:
Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in 'other income'. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss and other comprehensive income. Financial assets measured at amortised cost (AC) comprise: cash and cash equivalents, bank deposits with original maturity over 3 months, trade receivables and financial assets at amortised cost.
FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets' cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/(losses). Interest income from these financial assets is included in ''other income''. Foreign exchange gains and losses are presented in ''other gains/(losses)'' and impairment expenses are presented as separate line item in the statement of profit or loss and other comprehensive income.
FVTPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. A gain or loss on a debt investment that is subsequently measured at FVTPL is recognised in profit or loss and presented net within ''other gains/(losses)'' in the period in which it arises.
The Company subsequently measures all equity investments at fair value. Where the Company's Management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment, any related balance within the FVOCI reserve is reclassified to retained earnings. The Company's policy is to designate equity investments as FVOCI when those investments are held for strategic purposes other than solely to generate investment returns. Dividends from such investments continue to be recognised in profit or loss as other income when the Company's right to receive payments is established.
Changes in the fair value of financial assets at FVTPL are recognised in ''other gains/(losses)'' in the statement of profit or loss and other comprehensive income as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value.
From 1 January 2018, the Company assesses on a forward-looking basis the ECL for debt instruments (including loans) measured at AC and FVOCI and with the 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''.
Debt instruments measured at AC 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.
Expected losses are recognised and measured according to one of two approaches: general approach or simplified approach.
For trade receivables including trade receivables with a significant financing component and contract assets and lease receivables the Company applies the simplified approach permitted by IFRS 9, which uses lifetime expected losses to be recognised from initial recognition of the financial assets.
For all other financial asset that are subject to impairment under IFRS 9, the Company applies general approach three stage model for impairment. The Company applies a three stage model for impairment, based on changes in credit quality since initial recognition. A financial instrument that is not credit-impaired on initial recognition is classified in Stage 1.
Financial assets in Stage 1 have their ECL measured at an amount equal to the portion of lifetime ECL that results from default events possible within the next 12 months or until contractual maturity, if shorter (''12 Months ECL''). If the Company identifies a significant increase in credit risk (''SICR'') since initial recognition, the asset is transferred to Stage 2 and its ECL is measured based on ECL on a lifetime basis, that is, up until contractual maturity but considering expected prepayments, if any (''Lifetime ECL''). Refer to note 6, Credit risk section, for a description of how the Company determines when a SICR has occurred. If the Company determines that a financial asset is creditimpaired, 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 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 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.
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.
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 AC 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.
These amounts generally arise from transactions outside the usual operating activities of the Company. These 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.
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.
Trade payables are initially measured at fair value and are subsequently measured at amortised cost, using the effective interest rate method.
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.
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.
Ordinary shares are classified as equity.
Where necessary, comparative figures have been adjusted to conform to changes in presentation in the current year.
At the date of approval of these financial statements, standards and interpretations were issued by the International Accounting Standards Board which were not yet effective. Some of them were adopted by the European Union and others not yet. The Board of Directors expects that the adoption of these accounting standards in future periods will not have a material effect on the financial statements of the Company.
The Company is exposed to market price risk, 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:
The Company is exposed to equity securities price risk because of investments held by the Company and classified on the statement of financial position either as fair value through other comprehensive income or at fair value through profit or loss. The Company is not exposed to commodity price risk.
The Company's equity investments that are publicly traded are included in the [Cyprus Stock Exchange General Index] and the [Athens Stock Exchange Composite Index].
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.
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.
Credit risk is managed on a group basis.
For banks and financial institutions, only independently rated parties with a minimum rating of 'C' are accepted. If customers are independently rated, these ratings are used.
Otherwise, if there is no independent rating, Management assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual credit limits and credit terms are set based on the credit quality of the customer in accordance with limits set by the Board of Directors. The utilisation of credit limits is regularly monitored.
The Company has the following types of financial assets that are subject to the expected credit loss model:
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, lease contracts 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 Company defines default as a situation when the debtor is more than 90 days past due on its contractual payments. 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 30 June 2020 or 1 January 2020 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.
Trade receivables and contract assets 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.
Impairment losses on trade receivables and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.
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.
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.
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.
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.
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Significant judgment is required in determining the provision for income taxes. There are transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.
Critical judgements in applying the Company's accounting policies
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.
The loss allowances for financial assets 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.
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.
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.
The Company derives its revenue from contracts with Customers for the transfer of services over time and at a point in time in the following major service lines.
| 2020 € |
30/06/2019 € |
|
|---|---|---|
| Rendering of services | - | 31,215 |
| Commissions receivable | 197,982 | 255,647 |
| 197,982 | 286,862 | |
| 9. Cost of sales | ||
| 2020 | 30/06/2019 | |
| Services received | € 97,847 |
€ 140,822 |
| 97,847 | 140,822 | |
| 10. Other operating income | ||
| 2020 | 30/06/2019 | |
| Interest income | € 2,968 |
€ 1,745 |
| Exchange profit | 636 | 248 |
| Commissions received | 15,521 | - |
| Profit from investing activit.-non-taxable income Sundry operating income |
20,795 80 |
26,452 185 |
| 40,000 | 28,630 |
Interest income is analysed as follows:
| 2020 | 30/06/2019 | |
|---|---|---|
| € | € | |
| Bank deposits | 2,968 | 1,745 |
| 2,968 | 1,745 | |
| 11. Selling and distribution expenses | ||
| 2020 | 30/06/2019 | |
| € | € | |
| Motor vehicle running costs | 1,465 | 741 |
| Inland travelling | - | 2,062 |
| 1,465 | 2,803 | |
| 12. Administration expenses | ||
| 2020 € |
30/06/2019 € |
|
| Staff costs | 49,951 | 51,208 |
| Rent | - | 18,000 |
| Common expenses | 640 | - |
| Licenses and taxes | 216 | - |
| Annual levy | - | 350 |
| Electricity | 1,073 | 966 |
| Water supply and cleaning | 66 | 278 |
| Insurance | 2,349 | 1,640 |
| Repairs and maintenance | 182 | 303 |
| Sundry expenses | 6,502 | 6,973 |
| Telephone and postage | 2,115 | 2,025 |
| Stationery and printing | 471 | 454 |
| Subscriptions and contributions | 19,327 | 25,926 |
| Staff training | 513 | 1,530 |
| Computer supplies and maintenance | 3,877 | - |
| Auditors' remuneration | - | 1,250 |
| Accounting fees | 1,200 | 1,200 |
| Legal fees | - | 2,000 |
| Other professional fees | 11,500 | 3,024 |
| Inland travelling and accommodation Entertaining |
663 849 |
2,192 1,843 |
| Other expenses | - | 1,633 |
| Amortisation of computer software | - | 330 |
| Depreciation | 20,421 | 4,812 |
| 121,915 | 127,937 |
| 2020 | 30/06/2019 | |
|---|---|---|
| € | € | |
| Loss from invest.act.non-allowable for tax expense | 8,486 | 2,745 |
| Fair value losses on financial assets at fair value through profit or loss | - | 10,524 |
| 8,486 | 13,269 |
| 2020 | 30/06/2019 | |
|---|---|---|
| Salaries | € 43,801 |
€ 45,209 |
| Social security costs | 5,274 | 5,095 |
| Social cohesion fund | 876 | 904 |
| 49,951 | 51,208 | |
| 15. Finance costs | ||
| 2020 | 30/06/2019 | |
| € | € | |
| Net foreign exchange losses | 3,081 | 394 |
| Interest expense | 1,628 | - |
| Sundry finance expenses | 2,991 | 3,148 |
| Finance costs | 7,700 | 3,542 |
| 16. Tax | ||
| 2020 | 30/06/2019 | |
| € | € | |
| Defence contribution | 890 | 524 |
| Charge for the period/year | 890 | 524 |
The tax on the Company's profit before tax differs from theoretical amount that would arise using the applicable tax rates as follows:
| 2020 | 30/06/2019 | |
|---|---|---|
| € | € | |
| Profit before tax | 569 | 27,119 |
| Tax calculated at the applicable tax rates | 71 | 3,390 |
| Tax effect of expenses not deductible for tax purposes | 3,999 | 2,051 |
| Tax effect of allowances and income not subject to tax | (3,195) | (3,768) |
| Tax effect of tax losses brought forward | (875) | (1,673) |
| Defence contribution current period | 890 | 524 |
| Tax charge | 890 | 524 |
The corporation tax rate is 12,5%.
Under certain conditions interest income may be subject to defence contribution at the rate of 30%. In such cases this interest will be exempt from corporation tax. In certain cases, dividends received from abroad may be subject to defence contribution at the rate of 17%.
Gains on disposal of qualifying titles (including shares, bonds, debentures, rights thereon etc) are exempt from Cyprus income tax.
| Motor vehicles |
Furniture, fixtures and office |
Total | |
|---|---|---|---|
| equipment | |||
| Cost | € | € | € |
| Balance at 1 January 2019 Additions |
43,018 25,475 |
32,388 234 |
75,406 25,709 |
| Balance at 31 December 2019/ 1 January 2020 | 68,493 | 32,622 | 101,115 |
| Balance at 30 June 2020 | 68,493 | 32,622 | 101,115 |
| Depreciation Balance at 1 January 2019 Charge for the period |
32,362 11,998 |
18,769 2,757 |
51,131 14,755 |
| Balance at 31 December 2019/ 1 January 2020 Charge for the period |
44,360 4,424 |
21,526 1,147 |
65,886 5,571 |
| Balance at 30 June 2020 | 48,784 | 22,673 | 71,457 |
| Net book amount | |||
| Balance at 30 June 2020 | 19,709 | 9,949 | 29,658 |
| Balance at 31 December 2019 | 24,133 | 11,096 | 35,229 |
| 18. Right-of-use assets | |||
| Land and buildings € |
Total € |
||
| Cost Additions |
118,803 | 118,803 | |
| Balance at 31 December 2019/ 1 January 2020 | 118,803 | 118,803 | |
| Balance at 30 June 2020 | 118,803 | 118,803 | |
| Depreciation Charge for the period |
29,701 | 29,701 | |
| Balance at 31 December 2019/ 1 January 2020 Charge for the period |
29,701 14,850 |
29,701 14,850 |
|
| Balance at 30 June 2020 | 44,551 | 44,551 | |
| Net book amount | |||
| Balance at 30 June 2020 | 74,252 | 74,252 | |
| Balance at 31 December 2019 | 89,102 | 89,102 | |
| Amounts recognised in profit and loss: | |||
| 2020 | 2019 | ||
| Depreciation expense of right-of-use assets Interest expense on lease liabilities |
€ 14,850 (1,151) |
€ 29,701 (2,982) |
| Computer software € |
Total € |
|||
|---|---|---|---|---|
| Cost Balance at 1 January 2019 |
13,591 | 13,591 | ||
| Balance at 31 December 2019 | 13,591 | 13,591 | ||
| Balance at 31 December 2019/ 1 January 2020 | 13,591 | 13,591 | ||
| Balance at 30 June 2020 | 13,591 | 13,591 | ||
| Amortisation Balance at 1 January 2019 Amortisation for the year |
12,930 661 |
12,930 661 |
||
| Balance at 31 December 2019 | 13,591 | 13,591 | ||
| Balance at 31 December 2019/ 1 January 2020 | 13,591 | 13,591 | ||
| Balance at 30 June 2020 | 13,591 | 13,591 | ||
| Net book amount | ||||
| Balance at 30 June 2020 | - | - | ||
| 20. Investments in subsidiaries | 2020 | 2019 | ||
| € | € | |||
| Balance at 1 January Disposals |
- 5,000 |
35,000 (35,000) |
||
| Balance at 30 June/31 December | 5,000 | - | ||
| The details of the subsidiaries are as follows: | ||||
| Name | Country of | Principal activities | Holding | 2020 |
| Aeonic Investments Ltd | incorporation Cyprus |
Investment | % 100 |
€ 5,000 |
| 5,000 | ||||
| 21. Trade and other receivables | ||||
| 2020 | 2019 | |||
| Trade receivables | € 1,843,468 |
€ 933,882 |
||
| Receivables from own subsidiaries (Note 30.2) | 3,271 | 3,271 | ||
| Shareholders' current accounts - debit balances (Note 30.4) Deposits and prepayments |
894 - |
30,894 5,865 |
||
| Other receivables | 61,326 | 81,561 | ||
| Refundable VAT | 24,746 | 20,678 | ||
| 1,933,705 | 1,076,151 | |||
| 2020 € |
2019 € |
The Company does not hold any collateral over the trading balances.
The fair values of trade and other receivables due within one year approximate to their carrying amounts as presented above.
The exposure of the Company to credit risk and impairment losses in relation to trade and other receivables is reported in note 6 of the financial statements.
| 2020 | 2019 | |
|---|---|---|
| € | € | |
| Balance at 1 January | 8,359 | 79,555 |
| (Disposals) | (8,359) | (74,104) |
| Change in fair value | - | 2,908 |
| Balance at 30 June/31 December | - | 8,359 |
The financial assets at fair value through profit or loss are marketable securities and are valued at market value at the close of business on 30 June by reference to Stock Exchange quoted bid prices. Financial assets at fair value through profit or loss are classified as current assets because they are expected to be realised within twelve months from the reporting date.
In the cash flow statement, financial assets at fair value through profit or loss are presented within the section on operating activities as part of changes in working capital. In the statement of profit or loss and other comprehensive income, changes in fair values of financial assets at fair value through profit or loss are recorded in operating income.
| 2020 | 2019 | |
|---|---|---|
| € | € | |
| Balance at 1 January | 80,187 | 76,632 |
| Additions | - | 3,555 |
| Balance at 30 June/31 December | 80,187 | 80,187 |
Cash balances are analysed as follows:
| 2020 | 2019 | |
|---|---|---|
| € | € | |
| Cash at bank and in hand | 62,805 | 107,789 |
| 62,805 | 107,789 |
The principal non-cash transactions during the current and prior year were the acquisition of property, plant and equipment using lease agreements.
The exposure of the Company to credit risk and impairment losses in relation to cash and cash equivalents is reported in note 6 of the financial statements.
| 2020 Number of shares |
2020 € |
2019 Number of shares |
2019 € |
|
|---|---|---|---|---|
| Authorised Ordinary shares of €1,00 each |
1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Issued and fully paid Balance at 1 January |
600,000 | 600,000 | 600,000 | 600,000 |
| Balance at 30 June/31 December | 600,000 | 600,000 | 600,000 | 600,000 |
| The present value of minimum | ||||
|---|---|---|---|---|
| Minimum lease payments | lease payments | |||
| 2020 | 2019 | 2020 | 2019 | |
| € | € | € | € | |
| Not later than 1 year | 24,000 | 18,000 | 10,849 | 15,786 |
| Later than 1 year and not later than 5 years | 54,000 | 72,000 | 64,087 | 69,999 |
| 78,000 | 90,000 | 74,936 | 85,785 | |
| Future finance charges | (3,064) | (4,215) | - | - |
| Present value of lease liabilities | 74,936 | 85,785 | 74,936 | 85,785 |
It is the Company's policy to lease its buildings for office use. The average lease term is 48 months. For period from 1 January 2020 to 30 June 2020, the average effective borrowing rate was 3.0% (2019: 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.
Deferred tax is calculated in full on all temporary differences under the liability method using the applicable tax rates (Note 16). The applicable corporation tax rate in the case of tax losses is 12,5%.
| 2020 | 2019 | |
|---|---|---|
| € | € | |
| Trade payables | 1,754,617 | 813,514 |
| Social insurance and other taxes | 2,018 | 3,760 |
| Accruals | 2,499 | 2,866 |
| Other creditors | 11,627 | 123,213 |
| Defence tax on rent payable | 810 | 1,148 |
| Payables to own subsidiaries (Note 30.3) | - | 33,000 |
| 1,771,571 | 977,501 |
The fair values of trade and other payables due within one year approximate to their carrying amounts as presented above.
| 2020 | 2019 | |
|---|---|---|
| € | € | |
| Special contribution for defence | 5,826 | 4,936 |
| 5,826 | 4,936 |
The following transactions were carried out with related parties:
The remuneration of Directors and other members of key management was as follows:
| Directors' remuneration 28,723 64,199 28,723 64,199 30.2 Receivables from related parties (Note 21) 2020 2019 Name Nature of transactions € € Aeonic Investments Ltd Finance 3,271 3,271 3,271 3,271 30.3 Payables to related parties (Note 28) 2020 2019 Name Nature of transactions € € Aeonic Investments Ltd Finance - 33,000 - 33,000 30.4 Shareholders' current accounts - debit balances (Note 21) 2020 2019 € € Alexandros Sinos 894 30,894 894 30,894 |
2020 | 2019 | |
|---|---|---|---|
| € | € | ||
The shareholders' current accounts are interest free, and have no specified repayment date.
At the end of the year, no significant agreements existed between the Company and its Management.
The Company had no contingent liabilities as at 30 June 2020.
The Company had no capital or other commitments as at 30 June 2020.
There were no material events after the reporting period, which have a bearing on the understanding of the financial statements.
| CONTENTS | PAGE |
|---|---|
| Computation of wear and tear allowances | 2 - 3 |
| Computation of defence contribution | 4 |
| Computation of corporation tax | 5 |
Period from 1 January 2020 to 30 June 2020
| COST | ANNUAL ALLOWANCES | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year | % | Balance 01/01/2020 |
Additions for the year |
Disposals for the year |
Balance 30/06/2020 |
Balance 01/01/2020 |
Charge for the year |
On disposals |
Balance 30/06/2020 |
Net value 30/06/2020 |
||
| € | € | € | € | € | € | € | € | € | ||||
| Motor vehicles | ||||||||||||
| Ford Focus KVM 067 | 2012 | - | 8,500 | - | - | 8,500 | - | - | - | - | 8,500 | |
| Toyota Dicran | 2015 | - | 15,752 | - | - | 15,752 | - | - | - | - | 15,752 | |
| Renault | 2016 | - | 18,766 | - | - | 18,766 | - | - | - | - | 18,766 | |
| BMW F32 | 2019 | - | 25,474 | - | - | 25,474 | - | - | - | - | 25,474 | |
| 68,492 | - | - | 68,492 | - | - | - | - | 68,492 | ||||
| Furniture, fixtures and office equipment | ||||||||||||
| Furniture & Fittings | 2012 | 10 | 3,070 | - | - | 3,070 | 2,690 | 154 | - | 2,844 | 226 | |
| Furniture & Fittings | 2012 | 10 | 394 | - | - | 394 | 78 | 20 | - | 98 | 296 | |
| Office Equipment | 2012 | 10 | 2,634 | - | - | 2,634 | 2,104 | 132 | - | 2,236 | 398 | |
| Office Equipment | 2013 | 10 | 410 | - | - | 410 | 287 | 21 | - | 308 | 102 | |
| Office Equipment | 2015 | 10 | 731 | - | - | 731 | 365 | 37 | - | 402 | 329 | |
| Office Equipment | 2015 | 10 | 546 | - | - | 546 | 275 | 28 | - | 303 | 243 | |
| Telephones | 2016 | 10 | 406 | - | - | 406 | 164 | 21 | - | 185 | 221 | |
| Furniture & Fittings | 2016 | 10 | 155 | - | - | 155 | 64 | 8 | - | 72 | 83 | |
| Shredder | 2016 | 10 | 78 | - | - | 78 | 32 | 4 | - | 36 | 42 | |
| Mobile Phone | 2016 | 10 | 136 | - | - | 136 | 56 | 7 | - | 63 | 73 | |
| Earphones | 2016 | 10 | 22 | - | - | 22 | 8 | 1 | - | 9 | 13 | |
| Dishwasher | 2016 | 10 | 399 | - | - | 399 | 160 | 20 | - | 180 | 219 | |
| Iron | 2016 | 10 | 21 | - | - | 21 | 8 | 1 | - | 9 | 12 | |
| Inventor 9000 (3 items) | 2017 | 10 | 780 | - | - | 780 | 234 | 39 | - | 273 | 507 | |
| Inventor 24000 | 2017 | 10 | 580 | - | - | 580 | 174 | 29 | - | 203 | 377 | |
| Inventor 12000 WI-FI | 2017 | 10 | 300 | - | - | 300 | 90 | 15 | - | 105 | 195 | |
| Inventor 12000 (2 items) | 2017 | 10 | 560 | - | - | 560 | 168 | 28 | - | 196 | 364 | |
| Inventor 18000 | 2017 | 10 | 470 | - | - | 470 | 141 | 24 | - | 165 | 305 | |
| WI-FI module | 2017 | 10 | 30 | - | - | 30 | 9 | 2 | - | 11 | 19 | |
| Wireless PIR Detector | 2017 | 10 | 70 | - | - | 70 | 21 | 4 | - | 25 | 45 | |
| Wireless smoke Detector | 2017 | 10 | 150 | - | - | 150 | 45 | 8 | - | 53 | 97 | |
| Trikdis G10T | 2017 | 10 | 240 | - | - | 240 | 72 | 12 | - | 84 | 156 | |
| Battery Wireless Detectors (4 items) | 2017 | 10 | 48 | - | - | 48 | 15 | 3 | - | 18 | 30 | |
| Alarm System Artion | 2017 | 10 | 650 | - | - | 650 | 195 | 33 | - | 228 | 422 | |
| Smoke Detector Artion (5 items) | 2017 | 10 | 425 | - | - | 425 | 129 | 22 | - | 151 | 274 | |
| Temperature Detector | 2017 | 10 | 140 | - | - | 140 | 42 | 7 | - | 49 | 91 | |
| Remote control (2 items) | 2017 | 10 | 70 | - | - | 70 | 21 | 4 | - | 25 | 45 | |
| Samsung Galaxy S7 | 2017 | 10 | 429 | - | - | 429 | 129 | 22 | - | 151 | 278 |
Period from 1 January 2020 to 30 June 2020
| COST | ANNUAL ALLOWANCES | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Year % |
Balance 01/01/2020 |
Additions for the year |
Disposals for the year |
Balance 30/06/2020 |
Balance 01/01/2020 |
Charge for the year |
On disposals |
Balance 30/06/2020 |
Net value 30/06/2020 |
||
| € | € | € | € | € | € | € | € | € | |||
| Furniture, fixtures and office equipment | (continued) | ||||||||||
| Shredder | 2017 | 10 | 134 | - | - | 134 | 39 | 7 | - | 46 | 88 |
| Kettle | 2017 | 10 | 94 | - | - | 94 | 27 | 5 | - | 32 | 62 |
| Meridian Wash Basin | 2017 | 10 | 215 | - | - | 215 | 66 | 11 | - | 77 | 138 |
| Mobile phone | 2017 | 10 | 350 | - | - | 350 | 105 | 18 | - | 123 | 227 |
| Gallery Carolina Plafon Lights (2 items) | 2017 | 10 | 569 | - | - | 569 | 171 | 29 | - | 200 | 369 |
| Eglo Lights | 2017 | 10 | 79 | - | - | 79 | 24 | 4 | - | 28 | 51 |
| Pendant Mark Urban Grey Lights | 2017 | 10 | 109 | - | - | 109 | 33 | 6 | - | 39 | 70 |
| White Table | 2017 | 10 | 807 | - | - | 807 | 243 | 41 | - | 284 | 523 |
| Coffee/Tea cups | 2017 | 10 | 34 | - | - | 34 | 9 | 2 | - | 11 | 23 |
| Pinakes | 2017 | 10 | 3,000 | - | - | 3,000 | 900 | 150 | - | 1,050 | 1,950 |
| Vaccum Cleaner | 2019 | 10 | 75 | - | - | 75 | 8 | 4 | - | 12 | 63 |
| 19,410 | - | - | 19,410 | 9,401 | 983 | - | 10,384 | 9,026 | |||
| Computer Hardware- cost | |||||||||||
| Computer Hardware Office Equipment |
2012 2013 |
20 10 |
7,785 2,735 |
- - |
- - |
7,785 2,735 |
7,785 1,918 |
- 137 |
- - |
7,785 2,055 |
- 680 |
| Demstar | 2015 | 20 | 570 | - | - | 570 | 570 | - | - | 570 | - |
| Demstar | 2015 | 20 | 589 | - | - | 589 | 589 | - | - | 589 | - |
| PC Monitor 1 | 2015 | 20 | 570 | - | - | 570 | 570 | - | - | 570 | - |
| PC Monitor 2 | 2015 | 20 | 570 | - | - | 570 | 570 | - | - | 570 | - |
| Laptop | 2018 | 20 | 235 | - | - | 235 | 94 | 24 | - | 118 | 117 |
| UPS | 159 | - | - | 159 | 32 | 16 | - | 48 | 111 | ||
| 2019 | 20 | ||||||||||
| 13,213 | - | - | 13,213 | 12,128 | 177 | - | 12,305 | 908 | |||
| Total | 101,115 | - | - | 101,115 | 21,529 | 1,160 | - | 22,689 | 78,426 | ||
| Computer software | |||||||||||
| MS. Office Pro 2010 | 2012 | 33 | 1,810 | - | - | 1,810 | 1,810 | - | - | 1,810 | - |
| Solution ERP | 2013 | 33 | 8,500 | - | - | 8,500 | 8,500 | - | - | 8,500 | - |
| Advak Barracuda | 2015 | 33 | 1,299 | - | - | 1,299 | 1,299 | - | - | 1,299 | - |
| Disaster Recovery | 2017 | 33 | 998 | - | - | 998 | 998 | - | - | 998 | - |
| SQL Recovery | 2017 | 33 | 465 | - | - | 465 | 465 | - | - | 465 | - |
| Software Digicert | 2017 | 33 | 518 | - | - | 518 | 518 | - | - | 518 | - |
| 13,590 | - | - | 13,590 | 13,590 | - | - | 13,590 | - | |||
| Income € |
Rate | Defence € c |
|
|---|---|---|---|
| INTEREST | |||
| Interest from overseas | 2,968 | ||
| 2,968 | 30% | 890.40 | |
| DEFENCE CONTRIBUTION DUE TO IRD | 890.40 | ||
| Apportionment to the relevant years of assessment | 2020 | 2019 | |
| € | € | ||
| Period 01/01/2020 - 30/06/2020 | 890 | - | |
| 890 | - | ||
| Period 01/01/2020 - 31/12/2019 | - | 1,836 | |
| 890 | 1,836 |
| Net profit per income statement Add: |
Page 2 |
€ | € 569 |
|---|---|---|---|
| Depreciation Loss from invest.act.non-allowable for tax expense Realised foreign exchange loss Unrealised foreign exchange loss |
20,421 8,486 1,332 1,749 |
31,988 | |
| Less: Annual wear and tear allowances Profit from investing activit.-non-taxable income Interest income Unrealised foreign exchange profit Chargeable income for the year |
3 | 1,160 20,795 2,968 636 |
32,557 (25,559) 6,998 |
| Apportionment to the relevant years of assessment | 2020 | 2019 | |
| Period 01/01/2020 - 30/06/2020 | € 6,998 6,998 |
€ - - |
|
| Loss brought forward | 6,998 | - (45,587) |
|
| Loss carried forward | (45,587) |
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