Annual / Quarterly Financial Statement • Apr 15, 2025
Annual / Quarterly Financial Statement
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FINANCIAL STATEMENTS Year ended 31 December 2024
| CONTENTS | PAGE |
|---|---|
| Board of Directors and other officers | |
| 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 - 20 |
| Additional information to the statement of profit or loss and other comprehensive income | 21 - 24 |
Board of Directors: Georgios Damanakis Dionisia Menicou Company Secretary: A.I.L. Nominee Services Ltd Independent Auditors: COSMIACO LTD Certified Public Accountants and Registered Auditors 14 Andrea Michalakopoulou 2nd floor, office 205 1075 , Nicosia Cybrus Legal Advisers: Angelides, Ioannides, Leonidou LLC Registered office: Agion Omologiton 15 1080 Nicosia Cyprus Bankers: Hellenic Bank Public Company Ltd Registration number: HE364416
1
The Board of Directors presents its report and audited financial statements of the Company for the year ended 31 December 2024.
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.).
The Company is involved in trading activities in the information technology industry, having as a target the performance of technical infrastructure projects and the computerization of businesses and organizations.
The Company's development to date, financial results and position as presented in the financial statements are not considered satisfactory and the Board of Directors is making an effort to reduce the Company's losses.
The Company's results for the year are set out on page 9. The net loss for the year is carried forward.
The Board of Directors does not recommend the payment of a dividend.
There were no changes in the share capital of the Company during the year under review.
The Company did not make any acquisitions of its own shares either itself directly or through a person acting in his own name or on the Company's behalf.
The Company recognises the implementing sound corporate governance policies, practices and procedures. As a company listed on the Cyprus Stock Exchange (CSE), G.D. AMPLUS PUBLIC COMPANY LTD has 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
The members of the Company's Board of Directors as at 31 December 2024 and at the date of this report are presented on page 1. Mr. Ioannis Aravantinos and Mr. Andreas Bekios were appointed directors on 17 February 2020 and on the same date Fine Life Services Ltd and Smell of Rain Ltd resigned from their position. On 4 January 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.
Any significant events that occurred after the end of the reporting period are described in note 22 to the financial statements.
The Independent Auditors, COSMIACO LTD, have expressed their willingness to continue in office and a resolution giving authority to the Board of Directors to fix their remuneration will be proposed at the Annual General Meeting.
By order of the Board of Directors,
દિવેલી A.I.L Nominee Services Ltd Secretary Nicosia, .....................................................................................................................................................................
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 G.D. AMPLUS PUBLIC COMPANY LTD (the "Company") for the year ended 31 December 2024, 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, together with a description of the main risks and uncertainties which they face.
| Members of the Board of Directors: |
|---|
| 181 |
| Georgios Damanakis |
| > |
| Dionisia Menicou |
licosia, ......!!
We 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 2024, 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 dive a true and fair view of the financial position of the Company as at 31 December 2024, 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 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 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,
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 comprises the information included in the management report and the additional information to the statement of profit or loss and other comprehensive income in pages 21 to 24, 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 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 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 The 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 We conmunicate war the cribed that go, including any slgnificant deficiencles in internal control that we identify during our audit.
We also provide those charged 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 requirements regaring masperiance, and where applicable, actions taken to eliminate threats or safequards 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 Regulation 537/2014 we provide the following information in our Independent Auditor's Report, which is requirements of International Standards on Auditing.
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.
We have examined the digital files of the European Single Format (ESEF) of G.D. AMPLUS PUBLIC COMPANY LTD for the year ended 31 December 2024 comprising the XHTML file which includes the annual financial statements for the year then ended (the "digital files").
The Board of Directors of G.D. AMPLUS PUBLIC COMPANY LTD is responsible for preparing and submitting the financial statements for the year ended 31 December 2024 in accordance with the requirements set out in the EU Delegated Regulation 2019/815 of 17 December 2018 of the European Commission (the "ESEF Requlation"),
Our responsibility is to examine the digital files prepared by the Board of Directors of G.D. AMPLUS PUBLIC COMPANY LTD. According to the Audit Guidelines issued by the Institute of Certified Public Accountants of Cyprus (the "Audit Guidelines"), we are required to plan and perform our audit procedures in order the content of the financial statements included in the digital files corresponds to the financial statements we have audited, and whether the digital files have been prepared in all material respects, in accordance with the requirements of the ESEF Requlation.
In our opinion, the digital files examined corresponds to the financial statements included in the digital file, are presented in all material respects, in accordance with the requirements of the ESEF Regulation.
Pursuant to the additional requirements of the Auditors Law of 2017, we report the following:
In Ilght of the knowledge and understanding of the Company and its environment obtained in the course of In light of the knowledge and anderlally of the material misstatements in the corporate governance in the proven and the addit, we alle required to report in we have learning mass (v) of subparagraph 2(a) of Article 151 of Statement in Chatler . Law, Cap. 113. We have nothing to report in this respect.
This report, including the opinion, has been prepared for and only for the Company's members as a body ha This report, Ticluding The Opinon, Thas Deen preparce Tor and Only Tor She Auditors Law of 2017 and for not accordance with Article Io(1) of the Lo Regalation 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 Costas Miaoulis FCCA.
Costas Miaoulis FCCA Certified Public Accountant and Registered Auditor for and on behalf of COSMIACO LTD Certified Public Accountants and Registered Auditors 14 Andrea Michalakopoulou 2nd floor, office 205 1075 , Nicosia Cyprus
Nicosia, ... ...
| Revenue Administration and other expenses |
Note 9 |
2024 2 (13,124) |
2023 € 30,000 (10,934) |
|---|---|---|---|
| Operating (loss)/profit | 10 | (13,124) | 19.066 |
| Finance costs Net finance costs |
11 | (710) (710) |
(500) (500) |
| Net (loss)/profit for the year | (13,834) | 18,566 | |
| Other comprehensive income | |||
| Total comprehensive income for the year | (13,834) | 18,566 |
31 December 2024
| Note | 2024 € |
2023 € |
|
|---|---|---|---|
| ASSETS | |||
| Current assets Trade and other receivables Cash at bank and in hand |
12 13 |
19,470 1,937 21,407 |
23,380 9,613 32,993 |
| Total assets | 21,407 | 32,993 | |
| EQUITY AND LIABILITIES | |||
| Equity Share capital Accumulated losses |
14 | 26,000 (17,333) |
26,000 (3,499) |
| Total equity | 8,667 | 22,501 | |
| Current liabilities Trade and other payables |
15 | 12,740 12,740 |
10,492 10,492 |
| Total equity and liabilities | 21,407 | 32,993 |
On ... 4... ... .. .. .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . statements for issue.
......... Tunny ... Georgios Damanakis Director
JBLIC *
Dionisia Menicou Director
| Share capital 学 |
Retained earnings/ (accumulate d losses) 3 |
Total ર્દ |
|
|---|---|---|---|
| Balance at 1 January 2023 Net profit for the year |
26,000 | (22,065) 18,566 |
3,935 18,566 |
| Balance at 31 December 2023/ 1 January 2024 | 26,000 | (3,499) | 22,501 |
| Comprehensive income | |||
| Net loss for the year | (13,834) | (13,834) | |
| Total comprehensive income for the year | (13,834) | (13,834) | |
| Balance at 31 December 2024 | 26,000 | (17,333) | 8,667 |
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 amount of the deemed dividend distribution is reduced by any actual dividend already distributed by 31 December of 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.
Year ended 31 December 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | (S | € | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| (Loss)/profit before tax | (13,834) | 18,566 | |
| (13,834) | 18,566 | ||
| Changes in working capital: | |||
| Decrease/(increase) in trade and other receivables | 3,910 | (21,150) | |
| Increase/(Decrease) in trade and other payables | 2,248 | (203) | |
| Cash used in operations | (7,676) | (2,787) | |
| Tax paid | (ਰੇਵਿੰਗ | ||
| Net cash used in operating activities | (7,676) | (3,756) | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Net decrease in cash and cash equivalents | (7,676) | (3,756) | |
| Cash and cash equivalents at beginning of the year | 9,613 | 13,369 | |
| Cash and cash equivalents at end of the year | 13 | 1,937 | 9,613 |
The Company G.D. AMPLUS PUBLIC COMPANY LTD (the "Company") was incorporated in Cyprus on 29 December 2016 as a private limited liability company under the provisions of the Cyprus Companies Law, Cap. 113, Its registered office is at Agion Omologiton 15, 1080 Nicosia, Cyprus.
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 price 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/Registry.
The Company is involved in trading activities in the information technology industry, having as a target the performance of technical infrastructure projects and the computerization of businesses and organizations,
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 2024. 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 stated.
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 a 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 rne adminute belocation 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 services to 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.
Interest expense and other borrowing costs are charged to profit or loss as incurred.
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.
For the purpose of the cash flow statement, cash and cash equivalents comprise cash at bank. Cash and cash equivalents are carried at amortised cost because: (i) they are held for collection of contractual cash flows and those cash flows represent SPPI, and (ii) they are not designated at FVTPL.
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 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 impairments of IFRS 9. The Company applies the IFRS 9 simplified approach to measuring expected credit loses a lifetime expected loss allowance for all trade receivables.
Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Company, and a failure to make contractual payments for a period of greater than 180 days past due.
Financial liabilities are initially recognised at fair value and classified as subsequently measured as 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 quarantee contracts and loan commitments.
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
Trade payables are initially measured at fair value and are subsequently measured at amortised cost, using the effective Interest rate method.
An exchange between the Company and its original lenders of debt instruments with substantially different terms, as well as substantial modifications of the terms and conditions of existing financial liabilities, are accounted for as an extinguishment of the original financial liability and the recognition of a new financial llability. The terms are substantially different if the discounted present value of the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original liability. (In addition, other qualitative factors, such as the currency that the instrument is denominated in, changes in the type of interest rate, new conversion features attached to the instrument and change in loan covenants are also considered.)
If an exchange of debt instruments or modification of terms is accounted for as an extinguishment, any costs or fees incurred are recognised as part of the extinguishment. If the exchange or modification is not accounted for as an extinguishment, any costs or fees incurred adjust the liability and are amortised over the remaining term of the modified liability.
Modifications of liabilities that do not result in extinguishment are accounted for as a change in estimate using a cumulative catch up method, with any gain or loss recognised in profit or loss, unless the economic substance of the difference in carrying values is attributed to a capital transaction with owners and is recognised directly to equity.
Borrowing costs are interest and other costs that the Company incurs in connection with the borrowing of funds, including interest on borrowings, amortisation of discounts or premium relation of ancillary costs incurred in connection with the arrangement of borrowings, finance lease charge differences arising from foreign currowings to the extent that they are regarded as an adjustment to interest costs.
Borrowing costs that are directly attributable to the acquisition or production of a qualifying asset, being an asset that necessarily takes a substantial period of time to get ready for its intended use or sale, are capitalised as part of that asset, when it is probable that they will result in future economic benefits to the Company and the costs can be measured reliably.
Ordinary shares are classified as equity.
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.
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 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.
When measuring expected credit losses the Company uses reasonable and supportable forward looking information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect each other,
Loss given default is an estimate of the loss arising on default. It is based on the difference between the contractual cash flows due and the lender would expect to receive, taking into account cash flows from collateral and integral credit enhancements.
Probability of default constitutes a key input in measuring ECL. Probability of default is an estimate of the likelinood of default over a given time horizon, the calculation of which includes historical data, assumptions and expectations of future conditions.
The Company derives its revenue from contracts with customers for the transfer of goods and services over time and at a point in time in the following major product lines.
| Disaggregation of revenue | 2024 | 2023 |
|---|---|---|
| € | ||
| Rendering of services | 40 | 30,000 |
| 30,000 | ||
| 8 Other oneration expanses |
| 2024 | 2023 | |
|---|---|---|
| ਵ | ਵ | |
| Annual levy | 350 | |
| Auditors' remuneration | 1,000 | 1,000 |
| Accounting fees | 700 | 750 |
| Other professional fees | 7,190 | 4,831 |
| Fines | 100 | 130 |
| Cyprus Stock Exchange Expenses | 4,134 | 3,400 |
| Accounting fees prior year | 473 | |
| 13,124 | 10,934 |
| 2024 | 2023 | |
|---|---|---|
| રું | ਵ | |
| Annual levy | 350 | |
| Auditors' remuneration | 1,000 | 1,000 |
| Accounting fees | 700 | 750 |
| Other professional fees | 7,190 | 4,831 |
| Fines | 100 | 130 |
| Cyprus Stock Exchange Expenses | 4,134 | 3,400 |
| Accounting fees prior year | 473 | |
| 13.124 | 10.934 |
| 2024 (1) |
2023 ਵ |
|
|---|---|---|
| Operating (loss)/profit is stated after charging the following items: Auditors' remuneration |
1,000 | 1,000 |
| 11. Finance costs | ||
| 2024 2 |
2023 હ |
|
| Sundry finance expenses | 710 | 500 |
| Finance costs | 710 | 500 |
| 12. Trade and other receivables | ||
| 2024 | 2023 |
| ಸ್ | (1) | |
|---|---|---|
| Trade receivables | 15,000 | 20,000 |
| Refundable VAT | 4,470 | 3,380 |
| 19,470 | 23,380 | |
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.
Cash balances are analysed as follows:
| 2024 | 2023 | |
|---|---|---|
| ਦ | ||
| Cash at bank and in hand | 1,937 | 9,613 |
| 1,937 | 9,613 |
Year ended 31 December 2024
| 2024 Number of shares |
2024 ਵ |
2023 Number of shares |
2023 દ |
|
|---|---|---|---|---|
| Authorised | ||||
| 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.
| 2024 | 2023 | |
|---|---|---|
| 3 | டு | |
| Trade payables | 2,298 | |
| Shareholders' current accounts - credit balances (Note 16.1) | 8,418 | 8,418 |
| Accruals | 2,024 | 2,074 |
| 12,740 | 10,492 |
The fair values of trade and other payables due within one year approximate to their carrying amounts as presented above.
The following transactions were carried out with related parties:
| 2024 | 2023 | ||
|---|---|---|---|
| Shareholders' current accounts - credit balances | 8.418 |
The directors'/shareholders' current accounts are interest free, and have no specified repayment date.
The percentage of share capital of the Company held directly 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 2024 and ............... 2025 (5 days before the date of approval of the financial statements by the Board of Directors) were as follows:
| 31 December | 取り引きを見積日出来ましたのは、 | ||
|---|---|---|---|
| 2024 | 2025 | ||
| 0/0 | 0/0 | ||
| Georgios Damanakis | ರಿರಿ | go | |
| Ioannis Aravantinos | 3 |
The persons holding more than 5% of the share capital as at 31 December 2024 and 4.9.1.0%. 2025 (5 days before the date of approval of the financial statements by the Board of Directors) were as follows:
| 31 December 2024 |
09.24 2021 2025 |
|
|---|---|---|
| 0/0 | 0/0 | |
| Georgios Damanakis | 90 | 90 |
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 2024.
The Company had no capital or other commitments as at 31 December 2024.
Depending on the duration of the conflict between Russia and Ukraine, and continued negative impact on economic activity, the Company might experience further negative results, and liquidity restraints and incur additional impairments on its assets in 2025 which relate to new developments that occurred after the reporting period.
Independent auditor's report on pages 5 to 8
| 2024 | 2023 | ||
|---|---|---|---|
| Page | ਵ | (三 | |
| Rendering of services | 30,000 | ||
| Other operating expenses | 22 | (13,124) | (10,934) |
| Operating (loss)/profit | (13,124) | 19,066 | |
| Finance costs | 23 | (710) | (500) |
| Net (loss)/profit for the year before tax | (13,834) | 18,566 |
| 2024 | 2023 હ |
|
|---|---|---|
| ਵ | ||
| Other operating expenses | ||
| Annual levy | 350 | |
| Auditors' remuneration | 1,000 | 1,000 |
| Accounting fees | 700 | 750 |
| Other professional fees | 7,190 | 4,831 |
| Fines | 100 | 130 |
| Cyprus Stock Exchange Expenses | 4,134 | 3,400 |
| Accounting fees prior year | 473 | |
| 13,124 | 10,934 |
22
Year ended 31 December 2024
| Finance costs | 2024 € |
2023 ਵ |
|---|---|---|
| Sundry finance expenses | ||
| Bank charges | 710 | 500 |
| 710 | 500 | |
23
Year ended 31 December 2024
| Net loss per income statement | Page 21 |
€ | C (13,834) |
|---|---|---|---|
| Add: Fines |
100 | 100 | |
| Net loss for the year | (13,734) | ||
| Loss brought forward | (21,778) | ||
| Loss | (35,512) | ||
| Unutilised loss of the year 2019 not carried forward | 1,007 | ||
| Net loss carried forward | (34,505) |
| ax year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| t | ||||||
| Profits/(losses) for the tax year | (13,769) | 27,098 | (9,793) | (10,978) | 19,046 | (13,734) |
| Gains Offset (€) | 12,762 | |||||
| - Year | 2023 | |||||
| Gains Offset (€) | 1 | l | ||||
| - Year | ||||||
| Gains Offset (€) | ||||||
| - Year | ||||||
| Gains Offset (€) | 1 | |||||
| - Year | ||||||
| Gains Offset (€) | ||||||
| - Year |
Net loss carried forward
(34,505)
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