42382620 2023-12-31 42382620 2022-12-31 42382620 2023-01-01 fsa:ContributedCapitalMember 42382620 2023-01-01 fsa:RetainedEarningsMember 42382620 2023-12-31 fsa:ContributedCapitalMember 42382620 2023-12-31 fsa:RetainedEarningsMember 42382620 2022-01-01 fsa:ContributedCapitalMember 42382620 2022-01-01 fsa:RetainedEarningsMember 42382620 2022-12-31 fsa:ContributedCapitalMember 42382620 2022-12-31 fsa:RetainedEarningsMember 42382620 2023-01-01 2023-12-31 42382620 2023-01-01 2023-12-31 1 42382620 2023-01-01 2023-12-31 memberOfBoardIdentifier_executive_board_1 42382620 2023-01-01 2023-12-31 2 42382620 2022-01-01 2022-12-31 42382620 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 42382620 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 42382620 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 42382620 2022-01-01 2022-12-31 fsa:RetainedEarningsMember iso4217:DKK Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2023-01-01 2022-01-01 2023-12-31 2022-12-31 42382620 Purgos ApS Langebjerg 1 4000 Roskilde PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2024-06-14 Jens Holmegaard Regnskabsklasse B Revisionspåtegning The Executive Board has today considered and adopted the Annual Report of Purgos ApS for the financial year 1 January - 31 December 2023. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements give a true and fair view of the financial position at 31 December 2023 of the Company and of the results of the Company operations for 2023. I recommend that the Annual Report be adopted at the Annual General Meeting. 2024-06-14 Roskilde Jens Holmegaard To the shareholder of Purgos ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2023 and of the results of the Company´s operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Purgos ApS for the financial year 1 January - 31 December 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities 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 (IESBA Code) and the additional ethical requirements applicable 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. 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 determines is 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 liquidate the Company or to cease operations, or has no realistic alternative but to do so. 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 ISAs and the additional requirements applicable in Denmark 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 conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of 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 one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the 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 the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may 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 auditor’s 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 auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent 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 that we identify during our audit. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, 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 Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. We draw attention to note 1 of the Financial Statements, which describes that the Company’s equity at 31 December 2023 is negative by DKK -3,181,453, and that the Company’s short-term debts exceed the Company’s current assets at 31 December 2023, which indicates significant doubt about the Company's ability to continue its operations. As the financing of the operation for the coming period has not been secured, this indicates that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern.Our conclusion is not modified in respect of this matter. Hellerup 2024-06-14 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Rasmus Friis Jørgensen State Authorised Public Accountant mne28705 Jacob Brinch State Authorised Public Accountant mne35447 Key activities The company's purpose is to conduct business in consulting, licensing and trade in chemicals as well as related business. Development in the year The income statement of the Company for 2023 shows a loss of DKK 1,613,165, and at 31 December 2023 the balance sheet of the Company shows a negative equity of DKK 3,181,453. We draw attention to note 6 of the Financial Statements, which describes that corrections of material misstatements relating to 2021 and 2022 have been recognised in the opening balance of equity on 1 January 2022 and 1 January 2023 respectively, and that comparative figures for 2022 have been adjusted. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 1570117 42235 887000 518000 4067784 2331515 -1610667 -1771280 680 0 3178 7334 -1613165 -1778614 0 0 -1613165 -1778614 -1613165 -1778614 1047059 42235 789023 812543 1836082 854778 33408 212037 1869490 1066815 1869490 1066815 100000 100000 -3281453 -1668288 -3181453 -1568288 388446 588247 4518330 2000689 144167 46167 5050943 2635103 5050943 2635103 1869490 1066815 100000 -1855042 0 186754 0 -1613165 100000 -3281453 100000 250930 0 -140604 0 -1778614 100000 -1668288 At 31 December 2023, the Company has negative equity of DKK -3,181,453 and the Company's short-term debt of DKK 5,050,943 significantly exceeds the Company's current assets of DKK 1,869,490, indicating significant doubt about the Company's ability to continue its operations.Management has prepared a budget for the period 2024 - 2027, which shows that the lost equity will be reestablished by future earnings.However, as the financing of the operation for the coming period has not been secured, this indicates that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. 680 0 680 0 1050 2599 2128 4735 OtherFinanceExpenses 3178 7334 Other contingent liabilities The company has no contingent liabilities as of 31 December 2023.The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of BE Shark Holding ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability. **Transactions**The Company has chosen only to disclose transactions which have not been made on an arm’s length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act.**Ownership**The following shareholder is recorded in the Company's register of shareholders as holding at least 5% of the votes or at least 5% of the share capital: BE Shark Holding ApS The Annual Report of Purgos ApS for 2023 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2023 are presented in DKK. true In connection with the preparation of the Financial Statements for 2023, corrections to the comparative figures and opening equity of 2022 have been made. The corrections relate to the following financial statement line items.Other external expenses of DKK 140,604 recognised in 2022, relating to and not accounted for in 2021, recognised directly within opening equity.Other external expenses of DKK 283,246 relating to 2022 not accounted for, recognised in the income statement of 2022. The corrections of other external expenses relate to invoices for goods and services received.Other operating income of DKK 470,000 relating to 2022 not accounted for, recognised in the income statement of 2022. The correction of other operating income relate to grants. 1 Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at thedates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Other external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Companyand consists of received grants. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with wholly owned Danish and foreign subsidiaries. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Debts are measured at amortised cost, substantially corresponding to nominal value.