Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M 2023-01-01 2023-12-31 2022-01-01 2022-12-31 41340819 Kaj GP ApS Trianglen 4, 3. tv. 2100 København Ø 2020-05-01 Copenhagen EY Godkendt Revisionspartnerselskab 30700228 Cortex Park Vest 3 5230 Odense M 2024-05-23 Carl Edgar Serge Vøgg Regnskabsklasse B Revisionspåtegning Grundlag for konklusion Konklusion true true 2024-05-23 2024-05-23 CaseWare Working Papers Copenhagen Harry Duncan MacDonald Stephan Schmitz Carl Edgar Serge Vøgg Odense Morten Schougaard Sørensen State Authorised Public Accountant mne32129 4032 -437 7 57 0 352 4039 -732 887 -174 3152 -558 3152 -558 20181 0 0 174 20181 174 29247 44978 49428 45152 49428 45152 40000 40000 116 -3036 40116 36964 8425 8188 887 0 9312 8188 9312 8188 49428 45152 40000 -2478 -558 40000 -3036 3152 40000 116 887 -174 Today, the Executive Board has discussed and approved the annual report of Kaj GP ApS for the financial year 1 January - 31 December 2023. The annual report is prepared in accordance with the Danish Financial Statements Act. 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. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. To the shareholders of Kaj GP ApS We have audited the financial statements of Kaj GP ApS for the financial year 1 January - 31 December 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies. 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 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 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence 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. 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 as to 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 the 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 note 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 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 assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility 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 our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. The principal activities of the company are to be a general partner in Andrea Properties K/S and Edle Properties K/S and to carry out (directly or indirectly) any other acitivities, that in the opinion of the management board, are related hereto. The income statement for 2023 shows a profit of DKK 3,152 against a loss of DKK 558 last year, and the balance sheet at 31 December 2023 shows equity of DKK 40,116. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end 2023. The annual report of Kaj GP ApS for 2023 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currency The financial statements are presented in Danish kroner (DKK). The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. The items revenue and external expenses have been aggregated into one item in the income statement called gross profit/loss in accordance with section 32 of the Danish Financial Statements Act. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to administration etc. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. The Company and its Danish group entities are jointly taxed. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption). Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables. Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the  debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Proposed dividends Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Other payables Other payables are measured at net realisable value. The Company has no employees. Other contingent liabilities As general Partner the company is jointly, directly and severally liable of all obligations in Andrea Properties K/S. As of 31 December 2023 Andrea Properties K/S has liabilities that totals DKK 28,622 thousand and equity of DKK 14,052 thousand. The Company has not provided any security or other collateral in assets at 31 December 2023. Information about consolidated financial statements Parent Domicile Requisitioning of the parent company's consolidated financial statements Cornway Ltd. Cyprus Giannou Kranidioti & Spyrou Kyprianou, 1st Floor, Nicosia 1065 Cyprus 41340819 2023-01-01 2023-12-31 41340819 2022-01-01 2022-12-31 41340819 2022-12-31 41340819 2023-12-31 41340819 2023-01-01 2023-12-31 1 41340819 2023-01-01 2023-12-31 2 41340819 2023-01-01 2023-12-31 3 41340819 2023-01-01 2023-12-31 1 41340819 2022-01-01 e:ContributedCapitalMember 41340819 2023-01-01 e:ContributedCapitalMember 41340819 2023-12-31 e:ContributedCapitalMember 41340819 2023-01-01 e:RetainedEarningsMember 41340819 2023-01-01 2023-12-31 e:RetainedEarningsMember 41340819 2023-12-31 e:RetainedEarningsMember 41340819 2022-01-01 e:RetainedEarningsMember 41340819 2022-01-01 2022-12-31 e:RetainedEarningsMember iso4217:DKK