Statement of total income for the year ended 31 December 2015

	2015	2014
	€	€
Cost of sales	-	(357,092)
Loss from financial assets at fair value through profit or loss	(1,400)	(1,200)
	(1,400)	(358,292)
Administrative expenses	(42,060)	(43,208)
Other income	69,350	65,288

Operating loss	25,890	(336,212)
Finance costs	(199,301)	(160,358)

Loss before taxation	(173,411)	(496,570)
Taxation charge	-	-
Loss for the year	(173,411)	(496,570)

Other total income for the year after taxation	-	-

Total losses for the year	(173,411)	(496,570)

Loss per share (cent per share):
Basic	(1.74)	(4.97)

Balance sheet as at 31 December 2015

	2015	2014
Assets	€	€
Current assets
Inventories	2,151,908	2,151,908
Trade and other receivables	1,292,525	1,264,688
Financial assets at fair value through profit or loss	4,824	6,224
Current tax liabilities	123	123
Cash and bank deposits	1,575	580
	3,450,955	3,423,523
Total assets	3,450,955	3, 423,523
Equity and liabilities Capital and reserves Share capital	499,392	499,392
Difference from conversion of share capital into Euro	12,565	12,565
Share premium reserve	807,523	807,523
Accumulated losses	(1,198,428)	(1,025,017)
Total equity	121,052	294,463
Current liabilities
Other creditors	41,063	39,521
Borrowings	3,288,840	3,089,539
	3,329,903	3,129,060
Total liabilities	3,329,903	3,129,060
Total equity and liabilities	3,450,955	3,423,523

	Share capital €	Share premium reserve (2) €	Difference from conversion of share capital into Euro (2) €	Accumulated losses €	Total €
Balance as at 1 January 2014	499,392	807,523	12,565	(528,447)	791,033
Total income Loss for the year	-	-	-	(496,570)	(496,570)
Balance as at 31 December 2014 / 1 January 2015	499,392	807.523	12,565	(1,025,017)	294,463
Total income Loss for the year	-	-	-	(173,411)	(173,411)
Balance as at 31 December 2015	499,392	807,523	12,565	(1,198,428)	121,052

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.

	2015	2014
	€	€
Cash flow from operations
Loss before taxation	(173,411)	(496,570)
Adjustments for:
Impairment of inventories in net realisable value	-	357,092
Fair value loss in financial assets at fair value through profit or loss	1,400	1,200
Credit interest	(68,350)	(65,288)
Debit interest	199,301	160,358
Bank fees charged for borrowings	-	71
	(41,060)	(43,137)
Changes in working capital:
Trade and other receivables	(205)	-
Other creditors	1,542	1,173
Net cash used for operations	(39,723)	(41,964)
Cash flow from investing activities
Loans repaid	40,718	41,964
Net cash from investing activities	40,718	41,964
Net increase/decrease in cash and cash equivalents	995	-
Cash and cash equivalents at beginning of year	580	580
Cash and cash equivalents at end of year	1,575	580