Dato for ledelsens godkendelse af årsrapporten:2024-07-18
Beskrivelse af usædvanlige forhold, der kan have påvirket indregningen eller målingen:Unusual matters
Part of the company's finanicing is based on loans from affililated companies, and further the company has guaranteed operational revenues through the execution of contracts/agreements with partners and clients. The debt level is constantly monitored, and temporary liquidity problems will be mitigated through obtaining additional financing (credit line) and if necessary, deferring payment deadlines in the case of significant liabilities, as well as the already implemented cost reduction plan for the company. The affiliated company, Neuwork BSLC LTD, has allready submitted subordination agreement for the debt between the two companies for a period lasting 12 months. We refer to note 10 in the annual report. Therefore, the threat to continued operations caused by temporary liquidity issues is marginal. Shareholder loan In December 2022, the company entered into an agreement with a Polish group company, Chmielewski i Kwiatkowski Spolka Jawna, for the purpose of transferring crypto currencies. The purchase price for the transfer was settled by a loan note pursuant to which the company would have a receivable against Chmielewski i Kwiatkowski Spolka Jawna corresponding to the purchase price plus market interests. For the purpose of ensuring the legality of this transaction and the hereto pertaining loan, the company engaged a Danish reputable law firm to act as legal advisors for the transaction and the loan structure. Due to an unfortunate misunderstanding, the Danish legal advice provided was based an incorrect assumption that Chmielewski i Kwiatkowski Spolka Jawna was a corporate structure that was not subject to the Danish Companies Act chapter 13, and that these provisions would not apply to the loan provided as part of the transaction. However, Chmielewski i Kwiatkowski Spolka Jawna is a Polish corporate entity corresponding to the Danish partnership (in Danish: Interessentskab). As a result of this unfortunate misunderstanding, the company has unintendedly provided an illegal shareholder loan in violation of the Danish Companies Act chapter 13 while being in good faith and acting in accordance with the legal advice provided by local reputable law firms. As soon as the company was made aware of the situation in connection with the finalization of the annual report, the company has taken all actions necessary in order to rectify this unfortunate situation including ensuring that the loan has been repaid with applicable interest. Correction to last year There was an error in the annual report for 2022, as a result of incorrect recognition of other expenses. The company failed to include all costs of 2022 into the annual report of 2022. The error has been incorporated into the annual report. The error has been incorporated into the annual report and causes the accounting item "Trade payables" in the balance sheet to be increased by EUR 5,118. The equity at the beginning of 2023 will be reduced by a corresponding amount. The impact of the error is recognized directly in the equity at the beginning in the line "Correction of error", where EUR 5,118 is entered in "Retained earnings" and comparative figures are adjusted accordingly.
Oplysning om usædvanlige forhold:Going concern assumptions
10
Part of the company's finanicing is based on loans from affililated companies, and further the company has guaranteed operational revenues through the execution of contracts/agreements with partners and clients. The debt level is constantly monitored, and temporary liquidity problems will be mitigated through obtaining additional financing (credit line) and if necessary, deferring payment deadlines in the case of significant liabilities, as well as the already implemented cost reduction plan for the company. The affiliated company, Neuwork BSLC LTD, has allready submitted subordination agreement for the debt between the two companies for a period lasting 12 months. Therefore, the threat to continued operations caused by temporary liquidity issues is marginal.
Statement by Management on the annual report
Identifikation af den godkendte årsrapport:Today the Executive Board have discussed and approved the Annual Report of BRAVECARE ApS for the financial year 1 January - 31 December 2023.
Management's review
Beskrivelse af virksomhedens væsentligste aktiviteter:Principal activities
The company's object is to focus on mental and social welfare, activities related to employment placement and education as well as management consultancy activities and any ancillary activities that are directly or indirectly related thereto. Further, it is the company's object to support group companies, own shares and to invest and carry out other investment activities as well as any ancillary activities that are directly or indirectly related thereto.
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