Statement of Total Income for the year ended 31 December 2017

	2017	2016
	€	€

Cost of sales	(33.000)	(239,645)
Loss from financial assets at fair value through profit or loss	-	(500)
	(33.000)	(240,145)
Administrative expenses	(44.764)	(50,716)
Other income	49.051	49,890

Operating (loss) / profit	(28.713)	(240,971)
Finance costs	(220.705)	(213,744)

Loss before taxation	(249.418)	(454,715)
Taxation charge	-	-

Loss for the year	(249.418)	(454,715)

Other total income for the year after taxation	-	-

Total losses for the year	(249.418)	(454,715)

Loss per share (cents per share):	(2.50)	(4.55)

Balance Sheet as at 31 December 2017

	2017 €	2016 €
Assets
Current assets
Inventories	1.879.760	1.912.760
Trade and other receivables	1.269.019	1.265.368
Financial assets at fair value through profit or loss	4.324	4.324
Current tax liabilities	123	123
Cash and bank deposits	1.508	1.511
Total assets	3.154.734	3.184.086
Equity and liabilities Capital and reserves Share capital Difference from conversion of share capital into Euro Share premium reserve Accumulated losses	499.392 12.565 807.523 (1.902.561)	499.392 12.565 807.523 (1.653.143)
Total equity	(583.081)	(333.663)
Current liabilities Other creditors Borrowings Total liabilities	13.469 3.724.346 3.737.815	14.803 3.502.946 3.517.749

Total equity and liabilities	3.154.734	3.184.086

		Share	Difference from conversion of
	Share capital €	premium reserve (2) €	share capital into Euro (2) €	Accumulated losses €	Total €
Balance as at 1 January 2016	499.392	807.523	12.565	(1.198.428)	121.052
Total income Loss for the year	-	-	-	(454.715)	(454.715)
Balance as at 31 December 2016 / 1 January 2017	499.392	807.523	12.565	(1.653.143)	(333.663)
Total income Loss for the year	-	-	-	(249.418)	(249.418)
Balance as at 31 December 2017	499.392	807.523	12.565	(1.902.561)	(583.081)

1. Companies which do not distribute 70% of their profits after tax, as defined by the Special Contribution for Defence Law of the Republic, within two years after the end of the relevant tax year, will be deemed to have distributed this amount as dividends. Special contribution for defence at 15% will be payable on such deemed dividends to the extent that the shareholders, at the end of the period of two years following the end of the relevant tax year, are Cyprus tax residents and are deemed to be domiciled in Cyprus. The percentage of the special contribution for defence increased to 17% for profits for the tax years 2009 and to 20% for profits for the tax years 2010 and 2011 and was then reduced to 17% for profits for the years 2012 onwards. The amount of deemed distribution is reduced by any actual dividends paid out of the profits of the relevant year at any time. This special contribution for defence is payable by the Company for the account of the shareholders.
1. The share premium reserve and the difference from conversion of share capital into euro reserve are not available for distribution in the form of dividend.

	2017	2016
	€	€
Cash flow from operations
Loss before taxation	(249.418)	(454.715)
Adjustments for:
Impairment of inventories in net realisable value	33.000	239.645
Fair value loss in financial assets at fair value through profit or loss	-	500
Credit interest	(49.051)	(49.890)
Debit interest	220.705	213.744
	(44.764)	(50.716)
Changes in working capital:
Other creditors	(639)	(26.395)

Net cash used for operations	(45.403)	(77.111)

Cash flow from investing activities
Loans repaid	45.400	77.047
Net cash from investing activities	45.400	77.047

Net decrease in cash and cash equivalents	(3)	(64)
Cash and cash equivalents at beginning of year	1.511	1.575

Cash and cash equivalents at end of year	1.508	1.511