Chris Joannou Public LTD — Audit Report / Information 2020

Apr 27, 2021

Statement of profit and loss account and other comprehensive income for the year ended 31 December 2020

	2020	2019
	€	€
Sales	3.730.650	4.886.842
Cost of sales	(2.778.518)	(3.673.241)
Gross profit	952.132	1.213.601
Other operating income	173.838	174.470
Loss from investment activities	(1.079)	(2.774)
Sales and distribution expenses	(397.454)	(575.185)
Administrative expenses	(588.252)	(735.047)
Charge for impairment in the value of trade receivables –
expected credit losses	(212.023)	(34.361)
(Loss)/profit from operations	(72.838)	40.704
Financing cost	(108.374)	(124.016)
Loss before taxation	(181.212)	(83.312)
Taxation	(1.460)	7.583
Net loss for the year	(182.672)	(75.729)
Other total income
Amounts not to be reclassified to the results in subsequent periods:
Adjustment at fair value of land and buildings	2.153.560	-
Deferred taxation	(366.671)	-
	1.786.889	-
Other total income for the year	1.786.889	-
Total (expenses) / income for the year	1.604.217	(75.729)

Statement of financial position as at 31 December 2020

	2020	2019
	€	€
ASSETS
Non-current assets
Property, plant and equipment	6.921.993	4.808.047
Investments in immovable property	797.319	817.240
Investments in subsidiaries	525.000	525.000
	8.244.312	6.150.287
Current assets
Stock	786.636	802.312
Trade and other receivables	1.086.006	1.468.386
Financial assets at fair value through profit and loss	4.539	5.618
Cash at bank and in hand	12.973	9.829
	1.890.154	2.286.145
Total Assets	10.134.466	8.436.432
EQUITY AND LIABILITIES
Equity
Share capital	3.423.746	3.423.746
Other reserves	4.931.213	3.154.591
Accumulated losses Total equity	(4.505.043) 3.849.916	(4.332.638)
		2.245.699
Non-current liabilities
Borrowings	1.845.316	1.871.174
Deferred tax liabilities	961.876	595.205
	2.807.192	2.446.379
Current liabilities
Trade and other creditors	1.412.353	1.752.332
Borrowings	2.063.171	1.970.188
Current tax liabilities	1.834	1.834
	3.477.358	3.724.354
Total liabilities	6.284.550	6.190.733
Total equity and liabilities	10.134.466	8.436.432

Statement of cash flows for the year ended 31 December 2020

	2020	2019
	€	€
Cash flow from operations
Loss before taxation	(181.212)	(83.312)
Adjustments for:
Depreciation of property, plant and equipment	174.544	174.151
Profit from sale of property, plant and equipment	-	(10.455)
Losses in fair values in financial assets at fair value through profit and loss	1.079	2.774
Charge for impairment in the value of trade receivables	212.023	34.361
Debit interest	102.992	118.856
	309.426	236.375
Changes in working capital
Decrease/(Increase) in stock	15.676	(6.377)
Decrease in amounts receivable	170.357	(2.323)
Increase/(decrease) in trade and other creditors	(339.979)	220.448
Cash from operations	155.480	448.123
Tax paid	(1.460)	(1.523)
Net cash from operations	154.020	446.600
Cash flow from investing activities
Payments for purchase of property, plant and equipment	(115.009)	(111.461)
Payment for purchase of financial assets at fair value through profit and loss	-	(13)
Proceeds from sale of property, plant and equipment	-	17.007
Net cash for investing activities	(115.009)	(94.467)
Cash flow from financing activities
Loan repayments	(23.417)	(262.612)
Proceeds from new loans	-	95.200
Interest paid	(102.992)	(118.856)
Net cash for financing activities	(126.409)	(286.268)
Net (decrease)/increase in cash and cash equivalents	(87.398)	65.865
Cash and cash equivalents at beginning of year	(1.590.676)	(1.656.541)
Cash and cash equivalents at end of year	(1.678.074)	(1.590.676)

Statement of changes in net position for the year ended 31 December 2020

	Share capital	Fair value reserve – land and buildings	Capital reserve	Accumulated losses	Total
	€	€	€	€	€
Balance as at 1 January 2019	3.423.746	3.147.538	17.320	(4.267.176)	2.321.428
Net loss for the year	---	---	---	(75.729)	(75.729)
B/F	---	(10.267)	---	10.267	--
Balance as at 31 December 2019 / 1
January 2020	3.423.746	3.137.271	17.320	(4.332.638)	2.245.699
Net loss for the year	---	---	---	(182.672)	(182.672)
Revaluation of property	---	2.153.560	---	---	2.153.560
B/F	---	(10.267)	---	10.267	--
Deferred taxation	---	(366.671)	---	---	(366.671)
Balance as at 31
December 2020	3.423.746	4.913.893	17.320	(4.505.043)	3.849.916