G.D. Amplus Public Company Ltd

Annual / Quarterly Financial Statement • Apr 28, 2021

REPORT AND FINANCIAL STATEMENTS 31 December 2020

REPORT AND FINANCIAL STATEMENTS 31 December 2020

CONTENTS

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	ব
Independent auditor's report	5 - 8
Statement of profit or loss and other comprehensive income	g
Statement of financial position	10
Statement of changes in equity	11
Cash flow statement	12
Notes to the financial statements	13 - 20

PAGE

BOARD OF DIRECTORS AND OTHER OFFICERS

Board of Directors:	Georgios Damanakis Ioannis Aravantinos (appointed on 17 February 2020) Andreas Bekios (appointed on 17 February 2020 and resigned 4 January 2021)
Company Secretary:	A.I.L Nominee Services Ltd (appointed on 17 February 2020) Fine Life Services Ltd (resigned on 17 February 2020)
Independent Auditor:	Costas Miaoulis FCCA Certified Public Accountant and Registered Auditor Xenagora 10 2052 Strovolos Nicosia
Legal Advisers:	Angelides, Ioannides, Leonidou LLC
Registered office:	Agion Omologiton 15 1080 Nicosia Cyprus
Bankers:	Hellenic Bank Public Company Ltd
Registration number:	HE364416

MANAGEMENT REPORT

The Board of Directors presents its report and audited financial statements of the Company for the year ended 31 December 2020.

Incorporation

The Company G.D. AMPLUS PUBLIC COMPANY LTD was incorporated in Cyprus on 29 December 2016 as a private limited liability company under the provisions of the Cyprus Companies Law, Cap. 113.

On 17 February 2017 the Company submitted an application to the Cyprus Stock Exchange (CSE) for the listing of its securities in the Emerging Companies Market (E.C.M.).

On 19 January 2018 the Council of the Cyprus Stock Exchange accepted the application of the Company for listing in the Emerging Companies Market of the CSE 26,000 securities of nominal value €1 each, with a listing nrice of €1 each. The trading of the above securities commenced on Friday, 19 January 2018. The Cyprus Stock Exchange has undertaken to keep the register of the above company in the CSE Central Depository PRe Gypt

Principal activities and nature of operations of the Company

The Company is involved in trading and investing activities in the information technology industry, having as a target the performance of technical infrastructure projects and the computerization of businesses and organizations.

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

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

Results and Dividends

The Company's results for the year are set out on page 9.

Dividends

The Board of Directors does not recommend the payment of a dividend and the net profit for the year is retained.

Research and development activities

The Company did not carry out any research and development activities during the year.

Share capital

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

Treasury shares

The Company did not make any aquisitions of its own shares either itself directly or through a person acting in his own name or on the Company's behalf.

Implementation and compliance to the Code of Corporate Governance

The Company recognises the importance of implementing sound corporate governance policies, practices and procedures. As a company listed on the Oyprus Stock Exchange (CSE), G.D. AMPLUS PUBLICES, Difaction adopted 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 all the provisions of the revised Code

Board of Directors

The members of the Company's Board of Directors as at 31 December 2020 and at the date of this report are presented on page 1. Not pay and Aravanis Aravanianos and Mr. Andreas Bekios were appointed directors on 17 February 2020 and on the same date Fine Life Senices Ltd.ar I h Nharcas Deltos well a blection of 17 February
2021 Mr. Andreas Bekies recimed from bio nastica of Rain Ltd resigned f 2021 Mr. Andreas Bekios resigned from his position of director.

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:

MANAGEMENT REPORT

Events after the reporting period

There were no material events after the reporting period, which have a bearing on the financial
statements. statements.

Independent Auditor

The Independent Auditor, Costas Miaoulis FCCA, has expressed his willingness to ontinue in office and a resolution for any be giving authority to the Board of Directors to fix his expessed ins willinghes to continue in office and a resolu
giving authority to the Board of Directors to fix his remuner

By order of the Board of Directors,

A.I.L Nominee Services Ltd Secretary Nicosia, 19 April 2021 大

DECLARATION OF THE MEMBERS OF THE BOARD OF DIRECTORS AND THE COMPANY OFFICIALS RESPONSIBLE FOR THE PREPARATION OF THE FINANCIAL STATEMENTS

In accordance with Article 9 sections (3c) and (7) of the Transparency Requirements (Traded Securities in Regulated Markets) Law 2007 (N 190 (D) ("the Law") we the nembers of the Board of Directors and the Company official responsible for the financial statements of G.D. AMPLUS PUBLIC COMPANY LTD (the "Company") fificial
31 December 2020, on the hasis of G.D. AMPLUS PUBLIC COMPANY LTD (the "Com 31 December 2020, on the basis of our knowledge, declare that:

(a) The annual financial statements of the Company which are presented on pages 9 to 20:

(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 with a description of the main risks and uncertainties which they face.

Nicosia, 19 April 2021

Independent Auditor's Report

To the Members of G.D. AMPLUS PUBLIC COMPANY LTD

Report on the Audit of the Financial Statements

Opinion

I have audited the financial statements of G.D. AMPLUS PUBLIC COMPANY LTD (the "Company"), which are presented in pages 9 to 20 and comprise the statement of financial position as at 31 December 2020, and the statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year the ended, and notes to the financial statements, including a summary of significant accounting policies.

In my opinion, the accompanying financial statements give a true and fair view of the financial position of the Company as at 31 December 2029 and of its finance and its cash flows for the year the ended in accordance with International Februal Be porting Standards (IFRSs) as adopted by the enropean Union and the requirements of the Cyprus Companies Law, Cap. 113.

Basis for Opinion

I conducted my audit in accordance with International Standards on Auditing (ISAs). My responsibilities under those standards are further described in the "Auditor's Responsibilities for the Audit of the Financial Statements" section of my report. I remained independent of the Company throughout the period of the Pinal Carements' section of
International Fthics, Standards, Road, Son, Acerusia, Italy appointm International Ethics Standards Board for Accountant In according Michical In accordance with the With (including International Tinesendence Standards) (IESAA Code) together with the ethical requirements that are relevant to my audit of the financial statements in Qypus, and I have fulfilled my other ethical responsibilities in accordance with these requirements and the IESBA Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Key audit matters incorporating the most significant risks of material misstatements, including assessed risk of material misstatements due to fraud

Key audit matters are those matters that, in my professional judgment, were of most significance in my audit of the financial statements of the current period. These maters were addressed in the context of my audit of the financial statements as a whole and in forming my opinion thereon, and I do not provide a separate opinion on these matters.

Reporting on other information

The Board of Directors is responsible for the other information. The other information comprises the information included in the Management Report, but does not information. The financial comprises the information of thereon.

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

In connection with my audit of the financial statements, my responsibility is to read the other information identified above and, in only so, consider the other information is o read the other information identified
statements or my knowledged in the audit or other information i statements or my knowledge obtained in the audit or other information in onstrally misstated. If, ble financially misstated. If, based on the work I have performed, I conclude that there is a material misstated. If, based on the report that fact. I have nothing to report in this regard.

Independent Auditor's Report (continued)

To the Members of G.D. AMPLUS PUBLIC COMPANY LTD

Responsibilities of the Board of Directors and those charged with governance for the Financial Statements

The Board of Directors is responsible for the preparation of financial statements that give a true and fair view in accordance with International Financial Reporting Stardards that give a true and fair view in 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 from material misstatement,
where due to fraud or error 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 to "assessing the Company's ability to factory of the going concern basis of accounting unless the Board of Directors either internance in the using the going concern
has no realistic alternative but to do so has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or enr, and to issue an auditor's report that includes my opinion Reasonable assurance is a high level of any a guarantee that an audit conducted in accordance with ISAs will always detect a maginal misstatement when it exists. Misstatements can anise from fraud or error and ar considered material in indically or in the aggregate, they could reasonably be expected to error and are
decisions of users taken on the lass of these financial statements decisions of users taken on the basis of these financial statements.

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

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures resonsive to the manufactions, whether due to fraud or sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
  Obtain an understanding of internal commissions, or the override of intern
• Obtain an understanding of internal control relevant to the overnite of internal control.
  Obtain an understanding of internal control relevant to the audit in order to design are appropriate in the circumstine to the audit in order to design audit procedures that
  of the Company's internal control of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting
  and, based on the audit evidence obtained, whotest a material and, based on the audit evidence obtained, whether a material uncertainty exists related to events of conditions that may cast enterior doubt on the Company's ability to continue as a going on
  conclude that a material uncertainty exists. I am required to continue as a going c concern an an all uncertainty exists, I an required to draw attention in my auditor's report . If I
  related disclosures in the financial statements or .if cuch direlyens atte related disclosures in the financial statements or, if such disclosures are inalequate, to the the the the the the the modify my opinion. My conclusions are based on the audit evidence or inated up to the date of modify my opinion.
  Future events or conditions may cause the Company to the cate of my auditor's re future events or conditions may cause the Company to cease to continue as a going concern,
• Evaluate the overall presentation, structure and content of the financial statements,
  disclosures, and whether the financial statements rosesses the discloses, and whether the financial statements represent the financial statements, including the stations and events in a manner that achieves a true and fair view.

I communicate with the those charged with governance regarding, among other matters, the planned scope and timing of the and significant audit findings, including any significant deficiencies, the planned scope and
identify during my audit.

I also provide those charged with governance with a statement that I have complied with relevant ethical and of the begarding maependence, and to communicate with them all relationships and only
reasonably be thought to bear on my independence, and where applicable, related saf

Independent Auditor's Report (continued)

To the Members of G.D. AMPLUS PUBLIC COMPANY LTD

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

From the matters communicated with those charged with governance, I 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.

Report on Other Legal and Regulatory Requirements

Pursuant to the requirements of Article 10(2) of the EU Regulation 537/2014 I provide the following information in my Independent Auditor's Report, which is required in addition to the requirements of International Standards on Auditing.

Provision of Non-audit Services

I 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 ne to the Company and which have not been disclosed in the financial statements or the Management Report.

Other Legal Requirements

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

• In my opinion, based on the work undertaken in the course of my audit, the Management Report has been prepared in accordance with the requirements of the Cyprus Companies Law, Cap 113, and the information given is consistent with the financial statements.
• In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, I am required to report if we have identified material misstatements in the Management Report. I have nothing to report in this respect.
• In my opinion, based on the work undertaken in the course of my audit, the information included in the corporate governance statement in accordance with the requirements of subparagraphs (in the paragraph 2(a) of the Mannemant Banganies Law, Cap. 113, and which is included as a specific section of the Management Report, has been prepared in accordance with the requirements of the Cyprus Companies Law, Cap, 113, and is consistent with the financial statements.
• In my opinion, based on the work undertaken in the course of my audit, the corporate governance statement includes all information referred to in subparaphs (i), (ii), (iii), (vi) and (vii) of paragraph 2(a) of Article 151 of the Cyprus Companies Law, Cap. 113.
• In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, I am required to report if I have identified material misstatements in the corporate governance statement in relation to the information disclosed for items (iv) and (v) of subparagraph 2(a) of Article 151 of the Cyprus Companies Law, Cap. 113. I have nothing to report in this respect.

Other Matter

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. I do not, in giving this opinion, accept or an artist of the Autors Law of 2017 and the not nother purpose or to 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 Costas Miaoulis FCCA.

Independent Auditor's Report (continued)

To the Members of G.D. AMPLUS PUBLIC COMPANY LTD

Costas Miaoulis FCCA Certified Public Accountant and Registered Auditor Xenagora 10 2052 Strovolos Nicosia

Nicosia, 19 April 2021

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 31 December 2020

Revenue Direct costs	Note 7	2020 3 140,000 (105,000)	2019 €
Gross profit		35,000
Administration expenses	8	(7952)	(14,539)
Operating profit/(loss)		27,048	(14,539)
Finance costs	9	(300)
Profit/(loss) before tax		26,748	(14,539)
lax	10	(969)
Net profit/(loss) for the year		25,779	(14,539)
Other comprehensive income
Total comprehensive income for the year		25,779	(14,539
Profit/(loss) per share attributable to equity holders of the parent
cent)	11	99.15	(55.92)

STATEMENT OF FINANCIAL POSITION 31 December 2020

ASSERS	Note	2020 (1)	2019 e
Current assets Trade and other receivables Cash at bank and in hand	12 13	140,076
		140,076	7,907 7,907
Total assets		140,076	7,907
EQUITY AND LIABILITIES
Equity Share capital Accumulated losses	14	26,000 (594)	26,000 (26,373)
Total equity		25,406	(373)
Current liabilities Trade and other payables Current tax liabilities	15 16	113,701 959	8,280
		114,670	8,280
Total equity and liabilities		140,076	7,907

On 19 April 2021 the Board of Directors of G.D. AMPLUS PUBLIC COMPANY LTD authorised these financial statements for issue.

1BLIC

5

★

............................ Georgios Damanakis
Director

Ibannis Aravantinos Director

STATEMENT OF CHANGES IN EQUITY 31 December 2020

	capital (3	Retained earnings/ Share (accumulated losses) a	lota (3
Balance at 1 January 2019 Net loss for the year	26,000	(11,834) (14,539)	14,166
Balance at 31 December 2019/ 1 January 2020 Net profit for the year	26,000	(26,373)	(14 539) (373)
Balance at 31 December 2020	26,000	25,779 (594)	25,779 25.406

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 vear, will be deemed after the end of the relevant tax year, will be deemed to have distributed as dividends and one of the search as a series. Special contribution for defence at 17% will be payable on such deemed dividends to these profits. Special
shareholders are both Cyrus tax resident and Cynny domining to the amount o shareholders are both Cyprus tax resident and Cyprus domiciled. The axtent that the ultimate
any actual dividends paid out of the relevant versat and Cyprus discussions is re and and around of the profits of the relevant war of deemed distribution is reduced by
any actual dividends paid out of the shareholders payable by the Company for the account of the shareholders.

CASH FLOW STATEMENT

31 December 2020

		2020	2019
CASH FLOWS FROM OPERATING ACTIVITIES	Note	(3	(
Profit/(loss) before tax		26,748	(14,539)
Changes in working capital:		26,748	(14,539)
Increase in trade and other receivables		(140,076)
Increase in trade and other payables		105,421	3,473
Cash used in operations		(7,907)	(1.066)
CASH FLOWS FROM INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of the year		(7,907) 7907	(11,066) 18.973
Cash and cash equivalents at end of the year	13		7,907

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

1. Incorporation and principal activities

Country of incorporation

The Company G.D. AMPLUS PUBLIC COMPANY LTD (the "Company") was incorporated in Cyprus on 29 December 2016 as a private limited limited linder the provisions of the Cyprus Companies Law, Cap. 113. Its. Its. Its. Its. Its. registered office is at Agion Omologiton 15, 1080 Nicosia, Cryprus.

On 17 February 2017 the Company submitted an application to the Cyprus Stock Exchange (CSE) for the listing of its securities in the Emerging Companies Market (E.C.M.).

On 19 January 2018 the Council of the Cyprus Stock Exchange accepted the application of the Company for listing in the Emerging Companies Market of the CSE 26,000 securities of nominal value E1 each, with a listing in
each.The trading of the CSE 26,000 securities of nominal value E1 each, each. The trading of the above securities commenced on Friday, 2018. The Cyprus Stock Ethange of E1
undertaken to keep the register of the above comnenced on Friday, 2018. Th undertaken to keep the register of the above commenced on Priday, 2018. The Cypris
Income in the register of the above company in the CSE Central Depository(Registry,

Principal activities

The Company is involved in trading and investing activities in the information technology industry, having as a target the performance of the mainly and invosing aculture in the information technology industry, having as and organizations,

2. Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European's letter the Cyprus Continue infornational Phancial Reporting Standards (IFRS)
statements have been prepared under the historical cost convention statements have been prepared under the historical cost convention.

3. Adoption of new or revised standards and interpretations

During the current year the Company adopted all the new and revised International Financial Reporting Standards (ITSS) that are relevant to its operations and revised International Financial Reporting Standards
(ITSS) that are relevant to its operations and are effective for accounting adoption did not have a material effect on the accounting policies of the Counting policies of the Company.

4. Significant accounting policies

The principal accounting policies adopted in the preparation of these financial statements are set out below. These many and hang poliates daoped in the preparator or these financial statements are set out below. The set out below. The

Revenue

Recognition and measurement

Revenue represents the amount of consideration to which the Company expects to be entitled in exchange for transfering the unount of consuction to winch the Company expects to be entitled in exchange for (for example, value aded taxes to the customer, excluding amounts onlected on behalf of third parties
(for example, value aded taxes); the transaction price. The transaction variable consideration as a result of rebates/discounts only to the extent that it it it it it it it it it it it it it it it it it it it it it it it it it it it it it it it i reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with a significant
reversal in the amount of cumulative revenue recogni vith the mount of earning to be not one when the uncertainty associated with the expointed with the expoiried with the Company's experience with similar to oubsequency resolved. Esumations for rebated
experience with similar contracts and forecasted sales to the customer.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

4. Significant accounting policies (continued)

Revenue recognition (continued)

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 of in accordance
can identify each party's rights and the names the respec can identify each and the payment terms for the goods or services to be transferred, the Company
commercial since (i e the risk timig or amount of the goods or services to be commercial substance (i.e. the risk, timing or anount of the Company's future cash flows is expected to charact has result of the contract), it is prochle the Company will collect the consideration to which it will be entitled in exchange for the goods or sevices that will be campary will collect the consults in will be entitled in
for each of the Company's contracts with authores and when specific cr 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 Companies of Can analigence. In evaluating whether collection is amount of consideration
when it is due 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 compehensive income in the period in which the reliected in the statenent of profit or ibst and other compress.
Income in the period in which the circumstances that give rise to the revis

Identification of performance obligations

The Company assesses whether contracts that involve the provision of a range of goods and/or services contain one or more performance obligations that more ine provise a service ) and allocates the transaction one
each performance obligation (that is, distinct provide a service) and all each performance obligation it the basis of its stand-alone selling price. A good or service that is promised to a customer is distinct if the customer an 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 on its own or together with the Company's promise to transfer the good or service to the customer is separately identifials and 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 with a
transfers control of a nrounts collected on behalf of third parties. transfers control of a product or service to a Customer.

Rendering of services

Rendering of services - over time:

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 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 pray thoughts to recognised based on the actual service provided to the end of the 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.

Rendering of services - at a point in time:

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.

Work executed

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

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

4. Significant accounting policies (continued)

Finance costs

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

Tax

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.

Dividends

Dividend distribution to the Company's shareholders is recognised in the Company's financial statements in the year in which they are approved by the Company's shareholders.

Cash and cash equivalents

For the purpose of the cash flow statement, cash and cash equivalents comprise cash at bank. Cash and cash equivalents are carried at AC because: (i) they are held for collection of contractual cash art dash and those cash flows and those cash flows represent SPPI, and (ii) they are not designated at FVTPL,

Financial liabilities - measurement categories

Financial liabilities are initially recognised at fair value and classified as subsequently measured at amortised cost, except for (i) financial liabilities at FVTP.: this classification is applied to derivatives, financial liabilities held for trading (e.g. short positions in securities), contingent consideration recognised by an acquires in a business combination and other financial liabilities designated as such at initial recognition and (ii) financial guarantee contracts and loan commitments.

Trade payables

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

Trade receivables

Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. If collection is exected in one year or less (or in the normal operating cycle of the business of lower of
are classified as current assess. If not, they are prese are classified as current assess. If not, they are presented as non-current assets. Trade received they they they initially at fair value and subsequently measured as non-current assess. Trace recognised 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 rontain receivables with the objective to collect the contractual cash flows and the Company holds the trade
amortised cost using the effective interest mothed 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

Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include expection of recovery. Indicators that there is no
with the Company, and a failure of the failure of a lector to enclose in a repay with the company, and a failure to microsis, the failure of a debtor to engage in a repayments for a repayments for a

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

4. Significant accounting policies (continued)

Share capital

Ordinary shares are classified as equity.

5. New accounting pronouncements

At the date of approval of these financial statements, standards and interpretations were issued by the International Accounting Standards Board which were not yet effective. Some of them were adopted by the European Union and others not yet. The Board of Directors expects that the adopted by the Elropean Union and not have a material effect on the financial statements of the Company.

6. Critical accounting estimates, judgments and assumptions

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are based on "instince" experiences.

Critical accounting estimates and assumptions

The Company makes estimates and assumptions concerning the resulting accounting estimates will, by definition, selom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the cates and labilities within the next financial risk of the next financial year are discussed below.

Income taxes

Significant judgment is required in determining the provision for income taxes. There are transactions and calculations for which the nequired in accemination is uncertain of the are transactions and Company recognises liabilities for anticipated tax audit issues on business. The 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.

7. Revenue

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

	2020	2019
Rendering of services	ਵ
	140,000
	140,000

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

8. Administration expenses

	2020	2019
	ਿ	e
Annual levy	350	350
Auditors' remuneration - current year	1,000	1,785
Auditors' remuneration - prior years	(295)
Accounting fees	895
Other professional fees Fines	3,173	8,063
		420
Cyprus Stock Exchange expenses	3,129	3,890
Website and internet expenses		31
	7,952	14,539
9. Finance costs
	2020	2019
	0	ਵ
Sundry finance expenses	300
Finance costs	300
10. Tax
	2020	2019
	(3	ਵ
Corporation tax	069
Charge for the year	969

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

	2020	2019
Profit/(loss) before tax	(3 26,748	ਵ (14,539)
Tax calculated at the applicable tax rates Tax effect of expenses not deductible for tax purposes Tax effect of tax losses brought forward Tax effect of tax loss for the year 10% additional charge	3,344 3 (2,507) 88	(1,817) de 1,721
Tax charge	969

The corporation tax rate is 12,5%.

11. Profit/(loss) per share attributable to equity holders of the parent

	2020	2019
Profit/(loss) attributable to shareholders (€)	25,779	(14.539)
Weighted average number of ordinary shares in issue during the year	26,000	26,000
Profit/(loss) per share attributable to equity holders of the parent (cent)	99.15	(55.92)

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

12. Trade and other receivables

	2020	2019
Trade receivables Refundable VAT	ਦ	은
	140,000 76
	140,076

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.

1. Cash at bank and in hand

Cash balances are analysed as follows:

	2020	2019
Cash at bank and in hand	ਰ	€
		7.907
		7.907
Cash and cash equivalents by type:

	2020	2019
Cash at hand	(S
		7.907
		7.907

14. Share capital

Authorised	2020 Number of shares	2020 ਵ	2019 Number of shares	2019 e
Ordinary shares of €1 each	26,000	26,000	26,000	26,000
Issued and fully paid Balance at 1 January	26,000	26,000	26,000	26,000
Balance at 31 December	26,000	26,000	26,000	26,000

Upon incorporation on 29 December 2016 the Company issued to the subscribers of its Memorandum of Association
26.000 ordinary shares of €1 each at par 26,000 ordinary shares of €1 each at par

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

15. Trade and other payables

	2020	2019
	ਤ	ਵ
Trade payables	105,000
Shareholders' current accounts - credit balances (Note 17.1) Accruals	6,306
Other creditors	1,300	1,190
	1,095	7,090
	113,701	8.280

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

16. Current tax liabilities

	2020	2019
Corporation tax	(S	ਵ
	ਰ 60
	ਹਵਿਭ

17. Related party transactions

The following transactions were carried out with related parties:

17.1 Shareholders' current accounts - credit balances (Note 15)

Shareholders' current accounts - credit balances	2020	2019
	(3
	6,306
	6,306

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

18. Participation of Directors in the company's share capital

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 190-2007-0), as at 31 December 2020 and 14 April 2020 and 14 April 2021 ( days before the date of approval of the financial statements by the Board of Directors) were as follows:

	31 December
		2020 14 April 2021
Georgios Damanakis	0/0	9/0
Ioannis Aravantinos	90	90
	3

19. Shareholders holding more than 5% of share capital

The persons holding more than 5% of the share capital as at 31 December 2020 and 14 April 2021 (5 days before the date of approval of the financial statements by the Board of Directors) were as follows:

	31 December
		2020 14 April 2021
Georgios Damanakis	0/0		9/0
	90		90

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

20. Significant agreements with management

At the end of the year, no significant agreements existed between the Company and its Management.

21. Contingent liabilities

The Company had no contingent liabilities as at 31 December 2020.

22. Commitments

The Company had no capital or other commitments as at 31 December 2020.

23. Events after the reporting period

There were no material events after the reporting period, which have a bearing on the understanding of the financial statements.

Independent auditor's report on pages 5 to 8

AND STUTE COMPERION TO THE STATEMENT OF PROFIT OF LOSS AND OTHER COMPREHENSIVE INCOME

CONTENTS

Detailed income statement	2
Direct costs	3
Other operating expenses	যা
Finance expenses	5
Computation of corporation tax	6
Calculation of tax losses for the five year period	い

DETAILED INCOME STATEMENT

31 December 2020

	Page	2020 (3	2019 ਵ
Revenue
Rendering of services Direct costs		140,000
	3	(105,000)
Gross profit		35,000
Operating expenses
Administration expenses	ব	(7,952)	(14,539)
Operating profit/(loss)		27,048	(14,539)
Finance costs	5	(300)
Net profit/(loss) for the year before tax		26,748	(14,539)

DIRECT COSTS 31 December 2020

	2020 (t)	2019 ਵ
Direct costs Services received	105,000
	105,000

OTHER OPERATING EXPENSES 31 December 2020

	2020	2019
	a	ਵ
Administration expenses
Annual levy	350	350
Auditors' remuneration - current year	1,000	1,785
Auditors' remuneration - prior years	(595)
Accounting fees	395
Other professional fees	3,173	8,063
Fines		420
Cyprus Stock Exchange expenses	3,129	3,890
Website and internet expenses		31
	749592	14 539

FINANCE EXPENSES

31 December 2020

	2020 €	2019 €
Finance costs
Sundry finance expenses
Bank charges	300
	300

COMPUTATION OF CORPORATION TAX

31 December 2020

Net profit per income statement Add:	Page 2	€	ਵ 26,748
Annual levy		350
Chargeable income for the year			350 27,098
Loss brought forward			(20,053)
Chargeable income			7,045
Calculation of corporation tax	Income	Rate	Total
Tax at normal rates:	ਵ	%	Ec
Chargeable income as above 10% additional charge	7.045	12.50	880-63
TAX PAYABLE			88.06 968.69

CALCULATION OF TAX LOSSES FOR THE FIVE YEAR PERIOD

lax year	2015	2016	2017	2018	2019	2020
	0	€
Profits/ (losses) for the tax year		1			C
Gains Offset (€)	I	-	1	(6,284)	(13,769)	27,098
- Year			11		t
Gains Offset (€)
- Year
Gains Offset (€)
- Year			1
Gains Offset (€)			f
- Year
Gains Offset (€)
- Year			1

Net loss carried forward

(20,053)