414345622021-01-012021-12-31414345622021-01-012021-12-312414345622021-01-012021-12-313414345622021-01-012021-12-314414345622021-01-012021-12-312414345622021-01-012021-12-31RevPers1414345622021-01-012021-12-31fsa:RestOfOtherReservesMember414345622021-01-012021-12-31fsa:RetainedEarningsMember414345622021-01-012021-12-31fsa:ContributedCapitalMember414345622021-01-012021-12-31fsa:ReserveForDevelopmentExpenditureMember414345622021-01-012021-12-31fsa:RetainedEarningsMember414345622021-01-012021-12-31fsa:SharePremiumMember414345622020-06-112020-12-31414345622020-06-112020-12-31fsa:RestOfOtherReservesMember414345622020-06-112020-12-31fsa:RetainedEarningsMember414345622021-12-31414345622021-01-01fsa:ContributedCapitalMember414345622021-01-01fsa:ReserveForDevelopmentExpenditureMember414345622021-01-01fsa:RetainedEarningsMember414345622021-01-01fsa:SharePremiumMember414345622020-12-31xbrli:purexbrli:pureiso4217:DKKxbrli:sharesTo the shareholders of Bosco A/S Basis of opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibility under those standards and requirements are further described in the Auditors' responsibility for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statement in Denmark, 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. Material going concern uncertainty Without modifying our opinion, we wish to note that the Company's ability to continue as a going concern is associated with considerable uncertainty. We refer to note 1 in the financial statements, which reflects uncertainty as to whether the Company will obtain the necessary capital from new investors to ensure the continuation of the Company’s activities in the financial year 2022. However, as Management believes that such commitments will be entered into, the financial statements have been prepared on a going concern basis. Opinion We have audited the financial statements of Bosco A/S for the financial year 1 January 2021 - 31 December 2021, which comprise an income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2021 and of the results of its operations for the financial year 1 January 2021 - 31 December 2021 in accordance with the Danish Financial Statements Act. 2022-07-01ElsinoreOur responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also: * Identify and assess the risk of material misstatements in the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or override of internal control. * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. * Evaluate whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable. * Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern. * Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control which we identify during our audit. , The auditor's responsibility for the audit of the financial statements Our responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also: * Identify and assess the risk of material misstatements in the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or override of internal control. * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. * Evaluate whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable. * Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern. * Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control which we identify during our audit. Management's responsibility for the financial statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management considers necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management 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 in preparing the financial statements unless Management either intends to either liquidate the Company or suspend operations, or has no realistic alternative but to do so.Statement on Management's Review Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of opinion providing assurance regarding the Management's review. Our responsibility in connection with our audit of the financial statements is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or with the knowledge we have gained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review meets the disclosure requirements in the Danish Financial Statements Act. Based on our procedures, we are of the opinion that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements in the Danish Financial Statements Act. In our opinion, the Management's review is not materially misstated. 30195264mne45874Rasmus Rolighed AsmussenSteen WienkeSteen WienkeJens Erik ThorndahlHenrik MørchKallermann Revision A/S - statsautoriseret revisionsfirmaRevisionspåtegningtrue48560963569239535736761947084Regnskabsklasse B327034512212797500005358751585751234796051961321572 Reporting class The annual report of Bosco A/S for 2021 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B with the adoption of individual rules from class C. The comparative figure only includes 7 months. The accounting policies applied remain unchanged from last year. Reporting currency The annual report is presented in Danish kroner. Translation policies Transactions in foreign currencies are translated into DKK at the exchange rate prevailing at the date of transaction. Monetary assets and liabilities in foreign currencies are translated into DKK based on the exchange rates prevailing at the balance sheet day. Realised and unrealised foreign exchange gains and losses are included in the income statement under financial income and expenses. Income statement Gross profit/loss Gross profit is a combination of the items of revenue, and other external expenses. Revenue The enterprise will be applying IAS 11 and IAS 18 as its basis of interpretation for the recognition of revenue. Revenue from the sale of consulting hours and licenses is recognised in the income statement if the delivery and the risk has passed to the buyer before year-end and if the revenue can be reliably calculated and expected to be received. Revenue is recognised at the fair value of the agreed remuneration excl. VAT and taxes. All types of discounts are deducted from net sales. Other external expenses Other external expenses include costs for distribution, sales, costs of premises, administration etc. Staff costs Staff costs include wages and salaries including compensated absence and pension to the Companies employees, as well as other social security contributions etc. Staff costs is deducted from refunds from public authorities. Internal wage and salary costs relating to development projects is transferred to the development projects. Depreciation and impairment of intangible assets Amortization and impairment of intangible assets has been performed based on a continuing assessment of the useful life of the assets in the Company. Non-current assets are amortized on a straight line basis, based on cost, on the basis of the following assessment of useful life and residual values: Useful life Residual value Completed development projects 5 years 0% Profit or loss resulting from the sale of intangible assets is determined as the difference between the selling price less selling costs and the carrying amount at the date of sale, and is recognised in the income statement under other operating income or expenses. Profit or loss on disposal of intangible assets is calculated as the difference between the selling price less selling expenses and the carrying amount at the date of sale and is recognized in the income statement. Financial income and expenses Financial income and expenses are recognised in the income statement based at the amounts that concern the financial year. Financial income and expenses include interest revenue and expenses, accounts payable and transactions in foreign currencies, and surcharges and allowances under the advance-payment of tax scheme. Tax on net profit for the year Tax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. Balance sheet Intangible assets Development projects that are clearly defined and identifiable, and where the degree of technical utilization, sufficient resources and a potential future market or development potential in the Company are provable and where the intention is to manufacture, market or use the product or process are recognised as intangible assets if the value in use can be determined reliably and it is sufficiently certain that future earnings can cover production, sales and administration costs as well as total development costs. Other development costs are recognised as costs in the income statement as they incur. Development costs comprise costs, including wages, salaries and amortization, that are directly or indirectly attributable to the development activities of the enterprise and meet the recognition criteria. Capitalized development costs are measured at cost on initial recognition and subsequently at the lower of cost less accumulated amortization and the recoverable amount. An impairment test of acquired intangible assets is performed in the event of indications of a decrease in value. Furthermore, annual impairment tests are performed for ongoing and activated development projects, if any. The impairment test is performed for each individual asset and group of assets, respectively. The assets are written down to the higher of the asset's or asset group's value in use and the net selling price (recoverable amount) in the event that this one is lower than the carrying amount. Receivables Receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Impairment of accounts receivables past due is established on individual assessment of receivables. Accrued income, assets Accrued income recognised in assets comprises prepaid costs regarding subsequent financial years. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand. Equity Equity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association. Development cost reserve The reserve for development costs comprises recognised development costs less related deferred tax liabilities. The reserve cannot be used as dividends or for covering losses. The reserve is reduced or dissolved if the recognized development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity. Provisions Deferred tax Deferred tax and the associated adjustments for the year are determined according to the liability method as the tax base of all temporary differences between carrying amounts and the tax bases of assets and liabilities. Deferred tax assets, including the tax base of tax losses allowed for carryforward, are recognised at the value at which they are expected to be used, either by elimination in tax on future earnings or by set-off against deferred tax liabilities in enterprises within the same legal entity and jurisdiction. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation applicable at the balance sheet date when the deferred tax is expected to crystallize as current tax. Current tax liabilities Current tax liabilities and current tax receivables are recognised in the balance sheet as estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Liabilities Liabilities are measured at amortised cost which usually corresponds to the nominel value. Accruals and deferred income entered as liabilities Accruals and deferred income entered as liabilities consist of payments received regarding income in the subsequent financial years. Contingent assets and liabilities Contingent assets and liabilities are not recognised in the balance sheet but are disclosed in the notes. 5. Contingent liabilities No contingent liabilities exist at the balance sheet date. 2021 2020 DKK DKK 2. Staff costs Wages and salaries 2.801.793 676.769 Post-employement benefit expense 128.210 40.000 Social security contributions 35.428 3.692 Employee expenses transferred to completed development projects -743.150 0 2.222.281 720.461 Average number of employees 5 3 Contributed Development Share Retained capital expenditure premium earnings Total DKK DKK DKK DKK DKK Equity 1 January 2021 535.875 952.598 0 1.267.093 2.755.566 Increase of capital 214.125 0 954.869 0 1.168.994 Profit (loss) 0 1.598.277 0 -3.759.375 -2.161.098 Transferred from share premium 0 0 -954.869 954.869 0 Equity 31 December 2021 750.000 2.550.875 0 -1.537.413 1.763.462 4. Completed development projects Cost at the beginning of the year 1.242.851 0 Addition during the year, incl. improvements 2.568.679 1.242.851 Cost at the end of the year 3.811.530 1.242.851 Depreciation and amortisation at the beginning of the year -21.572 0 Amortisation for the year -519.613 -21.572 Impairment losses and amortisation at the end of the year -541.185 -21.572 Carrying amount at the end of the year 3.270.345 1.221.279 Completion of the Company's Continuous Improvement Analytics SW "Stratos-AI" in baseline version. Stratos-AI is a suite of applications, integrations and dashboard that provides full overview of your IT enviroment. The platform is completed and ongoing development project consists of service add-ons to Stratos-AI which is also operational and completed. The completed projects have been calculated at a cost price with a deduction of depreciation after completion. The different completed projects are estimated to have a value that at least corresponds to the book value. This estimation is among other things based on actual discussions with investors, but includes uncertainty. 6. Collaterals and securities As security for credit institutions an indemnity letter of 2,000 DKK has been deposited in a corporate mortgage in simple receivables, goodwill, rights and operating equipment, etc. 3. Tax expense Current tax expense -565.109 -273.427 Adjustments for deferred tax 173.476 58.552 -391.633 -214.875 1. Uncertainty relating to going concern The Company is on a growth journey, and has in the beginning of 2022 started marketing and selling of the Company's software products. The Company has a rapidly increasing number of leads and expects a significant influx of new subscription customers in 2022. To ensure the necessary capital resources to support this expansion, Management has taken steps to seek investors with additional supporting working capital. This round of capitalization is expected to be completed by mid-2022. We draw attention to the fact that this round of capitalization is associated with the normal dynamics and uncertainties of such. Based on this, Management consider the necessary capital secured to continue the Company's activities for the financial year 2022. 2222281720461-535875-952598017634622755566-1267093277255139336-2141250-95486903270345122127948560963569239286060675512116699090166990903270345122127988101661290381672452234-21610980-15982770-375937515982770-3759375-394434-394434-2552731-609309-2464639-60269723202858552232028585522550875952598-15374131267093false2297952062501190697755121330091010120754008765651092734272491399663738680937500-391633-21487500954869-9548693000, HelsingørStationspladsen 1 og 32022-07-014143456230195264ÅrsrapportSteen WienkeBosco A/SKallermann Revision A/S - statsautoriseret revisionsfirma2020-06-112020-12-312021-12-312021-01-01 Development in activities and the financial situation The Company's Income Statement of the financial year 1 January 2021 - 31 December 2021 shows a result of -2.161.098 DKK and the Balance Sheet at 31 December 2021 a total of 4.856.096 DKK and an equity of 1.763.462 DKK. Financial security The Company is on a growth journey, and has in the beginning of 2022 started marketing and selling of the Company's software products. The Company has a rapidly increasing number of leads and expects a significant influx of new subscription customers in 2022. To ensure the necessary capital resources to support this expansion, Management has taken steps to seek investors with additional supporting working capital. This round of capitalization is expected to be completed by mid-2022. We draw attention to the fact that this round of capitalization is associated with the normal dynamics and uncertainties of such. Based on this, Management consider the necessary capital secured to continue the Company's activities for the financial year 2022. Uncertainty on recognition and measurement The completed development project has been calculated at a cost price with a deduction of depreciation after completion. The different completed projects is estimated to have a value that at least corresponds to the book value. This estimation is among other things based on actual discussions with investors but includes uncertainty.The Company's principal activities The principal activities of the company consist of providing analysis software (Continuous Improvement analytics), consulting and continuous services that support customers' digital journeys. From initial consulting and planning to maturation of organization and technical oriented tracks such as architecture, IT optimization, cloud adoption and IT economics. Bosco A/S' goal is to enable our customers to increase their digital competitiveness. We do this by creating the basis for the adoption of new technology, rapid identification of potential, and introduction of agile processes - Digital IT transformation and automation.The Company's principal activities The principal activities of the company consist of providing analysis software (Continuous Improvement analytics), consulting and continuous services that support customers' digital journeys. From initial consulting and planning to maturation of organization and technical oriented tracks such as architecture, IT optimization, cloud adoption and IT economics. Bosco A/S' goal is to enable our customers to increase their digital competitiveness. We do this by creating the basis for the adoption of new technology, rapid identification of potential, and introduction of agile processes - Digital IT transformation and automation. Development in activities and the financial situation The Company's Income Statement of the financial year 1 January 2021 - 31 December 2021 shows a result of -2.161.098 DKK and the Balance Sheet at 31 December 2021 a total of 4.856.096 DKK and an equity of 1.763.462 DKK. Financial security The Company is on a growth journey, and has in the beginning of 2022 started marketing and selling of the Company's software products. The Company has a rapidly increasing number of leads and expects a significant influx of new subscription customers in 2022. To ensure the necessary capital resources to support this expansion, Management has taken steps to seek investors with additional supporting working capital. This round of capitalization is expected to be completed by mid-2022. We draw attention to the fact that this round of capitalization is associated with the normal dynamics and uncertainties of such. Based on this, Management consider the necessary capital secured to continue the Company's activities for the financial year 2022. Uncertainty on recognition and measurement The completed development project has been calculated at a cost price with a deduction of depreciation after completion. The different completed projects is estimated to have a value that at least corresponds to the book value. This estimation is among other things based on actual discussions with investors but includes uncertainty. Post financial year events After the end of the financial year, no events have occurred which may change the financial position of the entity substantially. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 1 January 2021 - 31 December 2021. 2022-07-01Today, Management has considered and approved the annual report of Bosco A/S for the financial year 1 January 2021 - 31 December 2021. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. CopenhagenWe recommend that the annual report be adopted at the annual general meeting. Today, Management has considered and approved the annual report of Bosco A/S for the financial year 1 January 2021 - 31 December 2021. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 1 January 2021 - 31 December 2021. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. We recommend that the annual report be adopted at the annual general meeting. Copenhagen, 1 July 2022 Executive Board Steen Wienke CEO Board of Directors Jens Erik Thorndahl Steen Wienke Henrik Mørch Chairman