Audit Report / Information • Apr 5, 2023
Audit Report / Information
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REPORT AND FINANCIAL STATEMENTS 31 December 2022
| CONTENTS | PAGE |
|---|---|
| Board of Directors and other officers | 1 |
|---|---|
| Management Report | 2 - 3 |
| Declaration of the members of the Board of Directors and the company officials responsible for the preparation of the financial statements |
4 |
| Independent auditor's report | 5 - 8 |
| Statement of profit or loss and other comprehensive income | 9 |
| Statement of financial position | 10 |
| Statement of changes in equity | 11 |
| Cash flow statement | 12 |
| Notes to the financial statements | 13 - 19 |
| Board of Directors: | Alkis Loizidis Madlen Koleva Darin Simeonov Emilia Christodoulou - (Executive director) |
|---|---|
| Company Secretary: | Global Capital Securities & Financial Services Ltd |
| Independent Auditors: | Accountric Limited Certified Public Accountants and Registered Auditors 34 Petrou Tsirou Office 1, 3075 Limassol Cyprus |
| Registered office: | Archepiskopou Makariou III, 50 1065 Nicosia Cyprus |
| Registration number: | ΗΕ8306 |
The Board of Directors presents its report and audited financial statements of the Company for the year ended 31 December 2022.
The Company CPI Holdings Public Limited was incorporated in Cyprus on 12 August 1976 as a private limited liability company under the provisions of the Cyprus Companies Law, Cap. 113.
The principal activities of the Group, is the acquisition of investments in companies.
The results of this year are not considered satisfactory and the Board of Directors is making an effort to reduce the Company's losses. Despite the loss this year the Company's development to date and the financial position as reflected in the financial statements are satisfactory.
The principal risks and uncertainties faced by the Company are disclosed in notes 6, 7 and 15 of the financial statements.
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.
The Company's results for the year are set out on page 9. The net loss for the year is carried forward.
There were no changes in the share capital of the Company during 2022.
The Company recognises the importance of implementing sound corporate governance policies, practices and procedures. As a company listed on the Cyprus Stock Exchange (CSE), CPI Holdings Public Limited has adopted in part CSE's Corporate Governance Code and applies its principles.
In March 2006 the CSE issued a revised Code of Corporate Governance. The Company complies with several provisions of the revised Code
The members of the Company's Board of Directors as at 31 December 2022 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 2022.
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, Accountric Limited, have expressed their willingness to continue in office and a resolution
giving authority to the Board of Directors to fix their remuneration will be propos
By order of the Board of Directors,
Global/Capital Securities & Financial Services Ltd Secretary
Limassol, 20 February 2023
In accordance with Article 9 sections (3c) and (7) of the Transparency Requirements (Traded Securities in Regulated Markets) Law 2007 (N 190 (I)/2007) ("the Law") we, the members of the Board of Directors and the Company official responsible for the financial statements of CPI Holdings Public Limited (the "Company") for the year ended 3 December 2022, on the basis of our knowledge, declare that:
(a) The annual financial statements of the Company which are presented on pages 9 to 19:
(i) have been prepared in accordance with the applicable International Financial Reporting Standards as adopted by the European Union and the provisions of Article 9, section (4) of the law, and
(ii) provide a true and fair view of the particulars of assets and liabilities, the financial position and profit or loss of the Company and the entities included in the financial statements as a whole and
b) The management report provides a fair view of the developments and the performance as well as the financial position of the Company as a whole, together with a description of the main risks and uncertainties which they face.
Emilia Christodoulou (Executive director)
Alkis Loizidis
Madlen Koleva
Darin Simeonov
Responsible for drafting the financial statements
Emilia Christodoulou
Limassol, 20 February 2023
We have audited the financial statements of CPI Holdings Public Limited (the "Company"), which are presented in pages 9 to 19 and comprise the statement of financial position as at 31 December 2022, and the statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company as at 31 December 2022, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113.
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the "Auditor's Responsibilities for the Audit of the Financial Statements" section of our report. We remained independent of the Company throughout the period of our appointment in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Cyprus, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to note 4 to the financial statements which indicates that the Company incurred a loss of $\epsilon$ 20,364 during the year ended 31 December 2022, and, as of that date the Company's current liabilities exceeded its current assets by $\epsilon$ 8,609. As stated in note 4, these events or conditions, along with other matters as set forth in note 4, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
The Board of Directors is responsible for the other information. The other information comprises the information included in the Management Report, the Corporate Governance Statement, but does not include the financial statements and our auditor's report thereon.
Our opinion on the 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 financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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.
The Board of Directors is responsible for the preparation of financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Our objectives are to obtain reasonable assurance about whether the 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 misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
We communicate with the those charged with governance 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.
$\bullet$ +357 25 581 113 $\bigcirc$ +357 25 585 679 $\bigcirc$ [email protected] $\bigcirc$ www.accountric.cy
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters.
Pursuant to the requirements of Article 10(2) of the EU Requlation 537/2014 we provide the following information in our Independent Auditor's Report, which is required in addition to the requirements of International Standards on Auditing.
We were first appointed as auditors of the Company on 1 March 2021 by the company's Board of Directors. Our appointment has been renewed annually by shareholder resolution representing a total period of uninterrupted engagement appointment of 3 years.
We confirm that our audit opinion on the financial statements expressed in this report is consistent with the additional report to the Audit Committee of the Company, which we issued on 1 Febraury 2023 in accordance with Article 11 of the EU Regulation 537/2014.
We declare that no prohibited non-audit services referred to in Article 5 of the EU Regulation 537/2014 and Section 72 of the Auditors Law of 2017 were provided. In addition, there are no non-audit services which were provided by us to the Company and which have not been disclosed in the financial statements or the Management Report.
Pursuant to the additional requirements of the Auditors Law of 2017, we report the following:
This report, including the opinion, has been prepared for and only for the Company's members as a body in accordance with Article 10(1) of the EU Regulation 537/2014 and 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.
The engagement partner on the audit resulting in this independent auditor's report is Pantelis Georgiou.
Pantelis Georgiou Certified Public Accountant and Registered Auditor for and on behalf of Accountric Limited Certified Public Accountants and Registered Auditors
Limassol, 20 February 2023
| Note | 2022 € |
2021 € |
|
|---|---|---|---|
| Administration expenses | (20,364) | (47,201) | |
| Operating loss | 8 | (20,364) | (47,201) |
| Finance costs | - | (112) | |
| Net finance costs | 10 | - | (112) |
| Net loss for the year | (20,364) | (47,313) | |
| Other comprehensive income | - | - | |
| Total comprehensive income for the year | (20,364) | (47,313) |
31 December 2022
| 2022 | 2021 | ||
|---|---|---|---|
| ASSETS | Note | € | € |
| Current assets | |||
| Refundable taxes | 14 | 371 | 371 |
| 371 | 371 | ||
| Total assets | 371 | 371 | |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 11 | 4,165,335 | 4,165,335 |
| Share premium Accumulated losses |
14,690,929 (18, 935, 747) |
14,690,929 (18, 915, 383) |
|
| Total equity | (79, 483) | (59, 119) | |
| Non-current liabilities | |||
| Borrowings | 12 | 70,874 | 28,571 |
| 70,874 | 28,571 | ||
| Current liabilities | |||
| Trade and other payables | 13 | 8,980 | 30,919 |
| 8,980 | 30,919 | ||
| Total liabilities | 79,854 | 59,490 | |
| Total equity and liabilities | 371 | 371 |
On 20 February 2023 the Board of Directors of CPI Holdings Public Limited authorised these financial statements for issue.
Alkis Loizidis Director
. . . . . . . . . . يجردون barin-Simponov Director
Madlen Koleva
Director
boloxba
Emilia Christodoulou Director
31 December 2022
| Share capital € |
Share premium € |
Accumula-t ed losses € |
Total € |
|
|---|---|---|---|---|
| Balance at 1 January 2021 | 4,165,335 | - | 14,690,929 (18,868,070) | (11,806) |
| Net loss for the year | - | (47,313) | (47,313) | |
| Balance at 31 December 2021/ 1 January 2022 | 4,165,335 | - | 14,690,929 (18,915,383) | (59,119) |
| Net loss for the year | - | (20,364) | (20,364) | |
| Balance at 31 December 2022 | 4,165,335 | 14,690,929 (18,935,747) | (79,483) |
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.
31 December 2022
| 2022 | 2021 | |
|---|---|---|
| € | € | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Loss before tax | (20,364) | (47,313) |
| (20,364) | (47,313) | |
| Changes in working capital: | ||
| (Decrease)/increase in trade and other payables | (21,939) | 18,670 |
| Cash used in operations | (42,303) | (28,643) |
| CASH FLOWS FROM INVESTING ACTIVITIES | - | - |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from borrowings | 42,303 | 28,571 |
| Net cash generated from financing activities | 42,303 | 28,571 |
| Net decrease in cash and cash equivalents | - | (72) |
| Cash and cash equivalents at beginning of the year | - | 72 |
| Cash and cash equivalents at end of the year | - | - |
The Company CPI Holdings Public Limited (the ''Company'') was incorporated in Cyprus on 12 August 1976 as a private limited liability company under the provisions of the Cyprus Companies Law, Cap. 113. Its registered office is at Archepiskopou Makariou III, 50, 1065, Nicosia, Cyprus.
The principal activities of the Group, is the acquisition of investments in companies.
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.
During the current year the Company adopted all the new and revised International Financial Reporting Standards (IFRS) that are relevant to its operations and are effective for accounting periods beginning on 1 January 2022. This adoption did not have a material effect on the accounting policies of the Company.
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.
The Company incurred a loss of €20,364 for the year ended 31 December 2022, and, as of that date the Company's current liabilities exceeded its current assets by €8,609. The Company is dependent upon the continuing financial support of its shareholders without which there would be significant doubt about its ability to continue as a going concern as well as its ability to realise its assets and discharge its liabilities in the ordinary course of business. The shareholders have indicated their intention to continue providing such financial assistance to the Company to enable it to continue as a going concern and to meet its obligations as they fall due.
The Company is organised by business segments and this is the primary format for segmental reporting. Each business segment provides products or services which are subject to risks and returns that are different from those of other business segments. The Company operates only in Cyprus and for this reason operations are not analysed by geographical segment.
Interest expense and other borrowing costs are charged to profit or loss as incurred.
Ordinary shares are classified as equity. The difference between the fair value of the consideration received by the Company and the nominal value of the share capital being issued is taken to the share premium account.
31 December 2022
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 liquidity risk but the Company didnt't have any use of financial instruments.The risk management policies employed by the Company to manage these risks are discussed below:
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.
The following tables detail the Company's remaining contractual maturity for its financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The table includes both interest and principal cash flows.
| 31 December 2022 |
Carrying amounts € |
Contractual cash flows € |
3 months or € |
less 3-12 months € |
1-2 years € |
2-5 years € |
More than 5 years € |
|---|---|---|---|---|---|---|---|
| Trade and other payables Loans from |
608 | 608 | - | 608 | - | - | - |
| shareholders | 70,874 | 70,874 | - | - | - | 70,874 | - |
| 71,482 | 71,482 | - | 608 | - | 70,874 | - | |
| 31 December 2021 | Carrying amounts € |
Contractual cash flows € |
3 months or € |
less 3-12 months € |
1-2 years € |
2-5 years € |
More than 5 years € |
| Trade and other payables Loans from |
22,828 | 22,828 | - | 22,828 | - | - | - |
| shareholders | 28,571 | 28,571 | - | - | - | 28,571 | - |
| 51,399 | 51,399 | - | 22,828 | - | 28,571 | - |
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.
The Directors judge that it is appropriate to prepare the financial statements on the going concern basis.
| 2022 | 2021 | |||
|---|---|---|---|---|
| € | € | |||
| Operating loss is stated after charging the following items: | ||||
| Staff costs (Note 9) | - | 12,000 | ||
| Auditors' remuneration | 8,371 | 8,092 | ||
| 9. Staff costs | ||||
| 2022 | 2021 | |||
| € | € | |||
| Salaries | - | 12,000 | ||
| - | 12,000 | |||
| 10. Finance costs | ||||
| 2022 | 2021 | |||
| € | € | |||
| Sundry finance expenses | - | 112 | ||
| Finance costs | - | 112 | ||
| 11. Share capital | ||||
| 2022 | 2022 | 2021 | 2021 | |
| Number of | Number of | |||
| shares | € | shares | € | |
| Authorised | ||||
| Ordinary shares of €1 each | 150,000,000 | 25,500,000 | 150,000,000 | 25,500,000 |
| Balance at 1 January 24,378,620 4,165,335 24,378,620 |
Balance at 31 December | 24,378,620 | 4,165,335 | 24,378,620 | 4,165,335 |
|---|---|---|---|---|---|
| Issued and fully paid | 4,165,335 |
31 December 2022
| 2022 € |
2021 € |
|
|---|---|---|
| Non-current borrowings Loans from Directors |
70,874 | 28,571 |
| Maturity of non-current borrowings: | ||
| 2022 € |
2021 € |
|
| Between two and five years | 70,874 | 28,571 |
| 13. Trade and other payables | ||
| 2022 € |
2021 € |
|
| Accruals Other creditors |
8,372 608 |
8,091 22,828 |
| 8,980 | 30,919 |
The fair values of trade and other payables due within one year approximate to their carrying amounts as presented above.
| 2022 | 2021 | |
|---|---|---|
| € | € | |
| Corporation tax | (371) | (371) |
| (371) | (371) |
The geopolitical situation in Eastern Europe intensified on 24 February 2022 with the commencement of the conflict between Russia and Ukraine. As at the date of authorising these financial statements for issue, the conflict continues to evolve as military activity proceeds. In addition to the impact of the events on entities that have operations in Russia, Ukraine, or Belarus or that conduct business with their counterparties, the conflict is increasingly affecting economies and financial markets globally and exacerbating ongoing economic challenges.
The European Union as well as United States of America, Switzerland, United Kingdom and other countries imposed a series of restrictive measures (sanctions) against the Russian and Belarussian government, various companies, and certain individuals. The sanctions imposed include an asset freeze and a prohibition from making funds available to the sanctioned individuals and entities. In addition, travel bans applicable to the sanctioned individuals prevents them from entering or transiting through the relevant territories. The Republic of Cyprus has adopted the United Nations and European Union measures. The rapid deterioration of the conflict in Ukraine may as well lead to the possibility of further sanctions in the future.
Emerging uncertainty regarding global supply of commodities due to the conflict between Russia and Ukraine conflict may also disrupt certain global trade flows and place significant upwards pressure on commodity prices and input costs as seen through early March 2022. Challenges for companies may include availability of funding to ensure access to raw materials, ability to finance margin payments and heightened risk of contractual non-performance.
The impact on the Company largely depends on the nature and duration of uncertain and unpredictable events, such as further military action, additional sanctions, 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 event did not exist in the reporting period and is therefore not reflected in the recognition and measurement of the assets and liabilities in the financial statements as at 31 December 2022 as it is considered as a non-adjusting event.
The Company's current lack of business activities limits direct exposure to Russia, Ukraine, and Belarus, and therefore 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.
The following transactions were carried out with related parties:
The remuneration of Directors and other members of key management was as follows:
| 2022 | 2021 | |
|---|---|---|
| € | € | |
| Directors' fees | - | 12,000 |
| - | 12,000 | |
| 16.2 Loans from Directors (Note 12) | ||
| 2022 | 2021 | |
| € | € | |
| Emilia Christodoulou | 70,874 | 28,571 |
| 70,874 | 28,571 |
The loan was provided interest free, and there was no specified repayment date.
31 December 2022
The percentage of share capital of the Company held directly or indirectly by each member of the Board of Directors (in accordance with Article (4) (b) of the Directive DI 190-2007-04), as at 31 December 2022 and 15 February 2023 (5 days before the date of approval of the financial statements by the Board of Directors) were as follows:
| 31 December | 15 February |
|---|---|
| 2022 | 2023 |
| % | % |
| Darin Ivanov Simeonov 24 |
24 |
The shareholding interest of Mr. Darin Ivanov Simeonov includes his direct participation with a percentage of 24%, of the company CPI Holdings Public Ltd, of which he is one of the primary shareholders.
The persons holding more than 5% of the share capital as at 31 December 2022 and 8 February 2023 (5 days before the date of approval of the financial statements by the Board of Directors) were as follows:
| 31 December 2022 |
15 February 2023 |
|
|---|---|---|
| % | % | |
| A.L. ProChoice Secretarial Services Ltd | 7 | 7 |
| Koleva Madlen | 7 | 7 |
| Christofis Christodoulou | 24 | 24 |
| Chavdar Solakov | 24 | 24 |
| Darin Ivanov Simeonov | 24 | 24 |
On 30 December 2022 the shareholder structure changed as follows:
5,815,510 shares held by Krasimora Toshkova Ralitsa, 5,815,500 shares held by Petrov Krasimir Petrov and 5,814,850 shares held by Hristev Shilev Nedyalko were all transferred to Christofis Christodoulou with 5,818,510 shares, Darin Ivanov Simeonov with 5,815,500 shares and Chavdar Solakov with 5,814,850 shares.
At the end of the year, no significant agreements existed between the Company and its Management.
The Company had no contingent liabilities as at 31 December 2022.
The Company had no capital or other commitments as at 31 December 2022.
There were no material events after the reporting period, which have a bearing on the understanding of the financial statements.
As explained in note 15 the geopolitical situation in Eastern Europe intensified on 24 February 2022, with the commencement of the conflict between Russia and Ukraine. As at the date of authorising these financial statements for issue, the conflict continues to evolve as military activity proceeds and additional sanctions are imposed.
Independent auditor's report on pages 5 to 8
31 December 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Page | € | € | |
| Revenue | |||
| Operating expenses | |||
| Administration expenses | 21 | (20,364) | (47,201) |
| Operating loss | (20,364) | (47,201) | |
| Finance costs | 22 | - | (112) |
| Net loss for the year before tax | (20,364) | (47,313) |
31 December 2022
| 2022 | 2021 | |
|---|---|---|
| € | € | |
| Administration expenses | ||
| Directors' fees | - | 12,000 |
| Auditors' remuneration | 8,371 | 8,092 |
| Accounting fees | 798 | - |
| Other professional fees | 1,391 | 1,458 |
| Registrar fees | - | 949 |
| Stock Exchange fee expenses | 6,354 | 18,977 |
| Securities exchange expenses | 3,100 | 5,375 |
| Annual Government levy | 350 | 350 |
| 20,364 | 47,201 |
31 December 2022
| 2022 € |
2021 € |
|
|---|---|---|
| Finance costs | ||
| Sundry finance expenses | ||
| Bank charges | - | 112 |
| - | 112 |
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