424742902022-01-012022-12-31424742902022-01-012022-12-311424742902022-01-012022-12-312424742902022-01-012022-12-31RevPers3424742902022-01-012022-12-31fsa:ContributedCapitalMember424742902022-01-012022-12-31fsa:RetainedEarningsMember424742902021-06-182021-12-31424742902022-12-31424742902022-01-01fsa:ContributedCapitalMember424742902022-01-01fsa:RetainedEarningsMember424742902021-12-31xbrli:purexbrli:pureiso4217:DKKxbrli:sharesTo the Management of BlueJay Friends ApS We have compiled the accompanying financial statements of BlueJay Friends ApS for the financial year 1 January 2022 - 31 December 2022 based on the information you have provided. These financial statements comprise a summary of significant accounting Policies, income statement, balance sheet, statement of change in equity and notes. , Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or review conclusion on whether the financial statements are prepared in accordance with the Danish Financial Accounts Act. , The Financial Statement and the accuracy and completeness of the information used to compile them are your responsibility. , We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), Compilation Engagements. We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with the Danish Financial Statement Act. We have complied with relevant requirements under the Danish Act on Approved auditors and Audit Firms and the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) including principles of integrity, objectivity, professional competence and due care. Copenhagen, 14 June 2023 Harboe Consult ApS - GODKENDT REVISIONSVIRKSOMHED CVR-no. 35649417 John Petersson Statsautoriseret revisor mne29420 2023-06-14Copenhagen35649417mne29420John PeterssonSvend TøttrupBirger BaylundHarboe Consult ApS - GODKENDT REVISIONSVIRKSOMHEDAndre erklæringer uden sikkerhedtrue70775919961853743136125Regnskabsklasse B400004000038167375170656The financial statement have been prepared under the historical cost principle. Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortization, 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 accrue 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 attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. , Basis of recognition and measurement The financial statement have been prepared under the historical cost principle. Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortization, 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 accrue 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 attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. 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. , 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. Equity investments in group enterprises and associates and participating interests Equity investments in group enterprises and associates and participating interests are measured at fair value. Revaluations and reversals of these, less deferred tax, are recognised directly in equity., Equity investments in group enterprises and associates and participating interests are measured at fair value. Revaluations and reversals of these, less deferred tax, are recognised directly in equity.Balance sheet Equity investments in group enterprises and associates and participating interests Equity investments in group enterprises and associates and participating interests are measured at fair value. Revaluations and reversals of these, less deferred tax, are recognised directly in equity. 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. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. Equity Equity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association. 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. Other payables Other payables are measured at amortized cost, which usually corresponds to the nominal value. Contingent assets and liabilities Contingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. Cash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. , Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. Equity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association. , Equity Equity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association. Other external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. , Other external expenses Other external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. 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, financial expenses of finance leases, realised and unrealised capital gains and losses regarding securities, accounts payable and transactions in foreign currencies, repayment on mortgage loans, and surcharges and allowances under the advance-payment of tax scheme. Dividends from other investments are recognised as income in the financial year in which the dividends are declared. , 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, financial expenses of finance leases, realised and unrealised capital gains and losses regarding securities, accounts payable and transactions in foreign currencies, repayment on mortgage loans, and surcharges and allowances under the advance-payment of tax scheme. Dividends from other investments are recognised as income in the financial year in which the dividends are declared. Gross profit/loss The Company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. Gross profit is a combination of the items of revenue, change in inventories of finished goods, work in progress and goods for resale, other operating income, costs for raw materials and consumables and other external expenses. , Gross profit/loss The Company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. Gross profit is a combination of the items of revenue, change in inventories of finished goods, work in progress and goods for resale, other operating income, costs for raw materials and consumables and other external expenses. Income from investments in group enterprises and associates and participating interests Income from equity investments comprises dividends from group enterprises and associates and participating interests. , Income from equity investments comprises dividends from group enterprises and associates and participating interests. Income statement Gross profit/loss The Company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. Gross profit is a combination of the items of revenue, change in inventories of finished goods, work in progress and goods for resale, other operating income, costs for raw materials and consumables and other external expenses. Other external expenses Other external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. Income from investments in group enterprises and associates and participating interests Income from equity investments comprises dividends from group enterprises and associates and participating interests. 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, financial expenses of finance leases, realised and unrealised capital gains and losses regarding securities, accounts payable and transactions in foreign currencies, repayment on mortgage loans, and surcharges and allowances under the advance-payment of tax scheme. Dividends from other investments are recognised as income in the financial year in which the dividends are declared. 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. The Company and the Danish associates are taxed jointly. The Danish income tax is distributed between profit- and loss-making Danish enterprises in relation to their taxable income (full distribution). Equity investments in group enterprises and associates and participating interests Equity investments in group enterprises and associates and participating interests are measured at fair value. Revaluations and reversals of these, less deferred tax, are recognised directly in equity.Contingent assets and liabilities Contingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. , Other payables are measured at amortized cost, which usually corresponds to the nominal value. , Other payables Other payables are measured at amortized cost, which usually corresponds to the nominal value. Impairment of accounts receivables past due is established on individual assessment of 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. , 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. 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. The Company and the Danish associates are taxed jointly. The Danish income tax is distributed between profit- and loss-making Danish enterprises in relation to their taxable income (full distribution). , 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. The Company and the Danish associates are taxed jointly. The Danish income tax is distributed between profit- and loss-making Danish enterprises in relation to their taxable income (full distribution). Reporting Class The annual report of BlueJay Friends ApS for 2022 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B. The accounting policies applied remain unchanged from last year. Reporting currency The annual report is presented in Danish kroner. General information Basis of recognition and measurement The financial statement have been prepared under the historical cost principle. Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortization, 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 accrue 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 attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income statement Gross profit/loss The Company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. Gross profit is a combination of the items of revenue, change in inventories of finished goods, work in progress and goods for resale, other operating income, costs for raw materials and consumables and other external expenses. Other external expenses Other external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. Income from investments in group enterprises and associates and participating interests Income from equity investments comprises dividends from group enterprises and associates and participating interests. 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, financial expenses of finance leases, realised and unrealised capital gains and losses regarding securities, accounts payable and transactions in foreign currencies, repayment on mortgage loans, and surcharges and allowances under the advance-payment of tax scheme. Dividends from other investments are recognised as income in the financial year in which the dividends are declared. 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. The Company and the Danish associates are taxed jointly. The Danish income tax is distributed between profit- and loss-making Danish enterprises in relation to their taxable income (full distribution). Balance sheet Equity investments in group enterprises and associates and participating interests Equity investments in group enterprises and associates and participating interests are measured at fair value. Revaluations and reversals of these, less deferred tax, are recognised directly in equity. 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. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. Equity Equity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association. 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. Other payables Other payables are measured at amortized cost, which usually corresponds to the nominal value. Contingent assets and liabilities Contingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. 4. Contingent liabilities The Company is jointly taxed with the other enterprises in the group and are jointly and severally liable for the taxes that concern the joint taxation. The total amount appears from the annual report of Baylund Holding ApS which is the administration company in the joint taxation. Contributed Retained capital earnings Total Equity 1 January 2022 40.000 -3.083 36.917 Profit (loss) 0 167.676 167.676 Equity 31 December 2022 40.000 164.593 204.593 The share capital has remained unchanged since the establishment of the Company. 2. Disclosure in long-term investments in participating interests Participating interests Name Registered office Share held in % AxonJay B.V. Brussels, Belgium 4,29 3. Long-term liabilities Due Due Due after 1 year within 1 year after 5 years Payables to group enterprises 1.789.592 0 0 1.789.592 0 0 5. Collaterals and securities No securities or mortgages exist at the balance sheet date. 1. Finance expenses Other finance expenses 267 95 267 95 36917204593-4000030831700000-2713-3250The annual report of BlueJay Friends ApS for 2022 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B. 707759199618567084217915926695921958668669592178959266959219586686695921789592669592195866826795167676167676-26090167020-3345167287-3250-3083164593false1250200073613920736736012502000-656-736-16767626091270, København KGrønningen 17, st.th.2021-06-182023-06-144247429035649417ÅrsrapportAnna BaylundBlueJay Friends ApSHarboe Consult ApS - GODKENDT REVISIONSVIRKSOMHED2021-06-182021-12-310, Lyngby-Taarbaek2022-12-312022-01-01Development in activities and the financial situation The Company's Income Statement of the financial year 1 January 2022 - 31 December 2022 shows a result of DKK 167.676 and the Balance Sheet at 31 December 2022 a balance sheet total of DKK 1.996.185 and an equity of DKK 204.593. During the year we have lifted our investment through participating in a convertible loan with 1.119M DKK to 1.789m DKK (670k DKK). Following an impressive performance in Axonjay the investment was increased due to a fair valuation assessment to 1.959m DKK up DKK 170.000 DKK similar to an increase of 25%. The company has entered a 3-year loan agreement with the investors with no installments and interest. The terms in the loan agreement will be renegotiated in May 2024. Please find more details on legal owner website www.baylundmanagement.com. The Company's principal activities The Company's principal activities consist in owning shares and provide loans to AxonJay B.V. The Company's principal activities The Company's principal activities consist in owning shares and provide loans to AxonJay B.V. Development in activities and the financial situation The Company's Income Statement of the financial year 1 January 2022 - 31 December 2022 shows a result of DKK 167.676 and the Balance Sheet at 31 December 2022 a balance sheet total of DKK 1.996.185 and an equity of DKK 204.593. During the year we have lifted our investment through participating in a convertible loan with 1.119M DKK to 1.789m DKK (670k DKK). Following an impressive performance in Axonjay the investment was increased due to a fair valuation assessment to 1.959m DKK up DKK 170.000 DKK similar to an increase of 25%. The company has entered a 3-year loan agreement with the investors with no installments and interest. The terms in the loan agreement will be renegotiated in May 2024. Please find more details on legal owner website www.baylundmanagement.com. 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 2022 and of the results of the Company's operations for the financial year 1 January 2022 - 31 December 2022. The conditions for not conducting an audit of the Financial Statement have been met. 2023-06-14Today, Management has considered and adopted the Annual Report of BlueJay Friends ApS for the financial year 1 January 2022 - 31 December 2022. 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 adopted the Annual Report of BlueJay Friends ApS for the financial year 1 January 2022 - 31 December 2022. 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 2022 and of the results of the Company's operations for the financial year 1 January 2022 - 31 December 2022. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. The conditions for not conducting an audit of the Financial Statement have been met. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen, 14 June 2023 Executive Board Svend Tøttrup Birger Baylund CEO Manager