Stærebo 6
2665 Vallensbæk Strand
1 January 2020 - 31 December 2020
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Management's Statement
The Board of Directors and the Executive Board have today considered and approved the Annual Report of 1 January 2020 - 31 December 2020 for Amakitu ApS.
The Annual Report has been 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 assets and liabilities, financial position and results of operations for the financial year ended 31 December 2020.
At the General meeting in 2020 the shareholders voted to exempt the company from being audited. The conditions for the exemption of audit are upheld for 2020.
We recommend the Annual Report approved at the Annual General Meeting.
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Management's Review
Primary activities of the Company
The principal activity is software development. Specifically, development of automated algorithmic trading platforms for FX markets, stock indices and crypto currencies.
Financials and Going Concern
The company's financial performance is considered dissatisfying. The 2020 accounts show a net loss of DKK 121,217 (2019: profit DKK 5,251,748).
As of 31 December 2020, the Company currently has very limited resources to initiate marketing campaigns or engage with new brokerages The cost level is kept at a bare minimum but in order to sustain operations in 2021 and beyond the Company need new funding.
Treasuury shares
The company holds 11,489 treasury shares which is approximately 0.9% of the total shares. There have been no transactions with treasury shares during the year.
Significant events occurred after the end of the financial year.
No significant events have occurred after the end of the financial year.
Accounting policies
The Annual Report has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B with election from reporting class C.
The accounting policies are consistent with prior year. There has been made minor adjustment in the classification of individual items.
General
The Annual Report is presented in Danish kroner (DKK).
Income is recognized in the income statement when they are earned. Furthermore are all costs, depreciations and write downs recognized in the income statement when incurred.
Assets are recognized in the balance sheet when it is probable that future economical benefits will accrue to the company and the assets value can be measured reliably.
Liabilities are recognized in the balance sheet when it is probable that future economical benefits will be deducted from the company and the value can be measured reliably.
On inital recognition assets and liabilities are measured to cost price. Thereafter assets and liabilities are measured as described for each entry.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement.
Transactions denominated in foreign currency are translated into the functional currency at the exchange rates ruling at the date of the transaction. Exchange differences arising between the transaction date and the exchange rate at the date of actual payment are recognized in the income statement under financial income or financial expenses.
Receivables, payables and other monetary items denominated in foreign currencies are translated into the functional currency at the exchange rates ruling at the balance sheet date. The difference between the exchange rates ruling at the balance sheet date and at the date when the receivable or payable arose is recognized in the income statement under financial income or financial expenses.
Non-current assets aquired in foreign currency are measured to the exchange rate ruling at the date of the transaction.
With reference to section 32 of the Danish Financial Statement Act, the items “Revenue” to and including “Other external expenses” are consolidated into one item designated “Gross profit”.
Revenue includes invoiced sales of goods and rendering of services, recognition is done, when
Revenue is recognized excluding value added tax and after deduction of provisions rebates and trade discounts relating to the sale.
Cost of sales include costs incurred to achieve revenue for the year.
Other external expenses include expenses related to distribution, sale, advertising, administration, bad debt, premises, operating lease agreements etc.
Staff costs comprise costs such as wages and salaries, pension costs and other social security benefits ect. to the company's employees.
Other operating income and expenses includes items of a secondary nature relative to the enterprise’s core business.
Financial income and expenses are recognized in the income statement with the amounts related to the year. Financial income and expenses comprise interest and currency translation adjustments.
Tax on income for the year, consisting of the year’s current tax and deferred tax, is recognized in the income statement to the extent that it relates to the income or loss for the year and on equity to the extent that it relates there to.
Receivables are measured at amortized cost which corresponds in all material respects to nominal value. The value is reduced with provisions for expected bad debts.
Cash comprises cash balances and bank balances.
Current tax liabilities and current tax assets are recognized in the balance sheet as estimated tax on the taxable income for the year, adjusted for change in tax on prior years’ taxable income and for tax paid under the on-account tax scheme.
Deferred tax is measured according to the balance sheet liability method on all timing differences between the tax and accounting value of assets and liabilities.
Defered tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measuered at net realisable value.
Deferred income tax is measured using tax rules and tax rates that apply by the balance sheet date when the deferred tax asset is realised or the deferred income tax liability is settled. The change in deferred tax as a result of changes in tax rates is recognized in the income statement.
Borrowings are recognized at the time the loans are obtained and are initially measured at the proceeds received less transaction costs. In the subsequent periods, financial liabilities are measured at amortized cost, applying the ‘effective interest rate method’, to the effect that the difference between the proceeds and the nominal value is recognized in the income statement under financial expenses over the term of the loan.
Mortgage debt is recognized at amortized cost price, which for cash loans is equal to outstanding loan. For bond loans amortized cost price equals the underlying cash value at time of borrowing regulated with an exchange rate at the time of borrowing depreciated over the
Other liabilities are measured at amortized cost, corresponding to the nominal value.
Disclosure | 2020 | 2019 | |
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kr. | kr. | ||
Gross profit (loss) |
- |
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Employee expense | 1 |
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Depreciation, amortisation expense and impairment losses of property, plant and equipment and intangible assets |
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Profit (loss) from ordinary operating activities |
- |
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Other finance income |
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Other finance expenses |
- |
- |
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Profit (loss) from ordinary activities before tax |
- |
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Tax expense | 2 |
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Profit (loss) |
- |
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Proposed distribution of results | |||
Proposed dividend recognised in equity |
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Reserve for net revaluation according to equity method |
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Retained earnings |
- |
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Proposed distribution of profit (loss) |
- |
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Disclosure | |||
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Disclosure of special items | 3 |
Disclosure | 2020 | 2019 | |
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kr. | kr. | ||
Trade receivables |
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Tax receivables |
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Other receivables |
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Receivables |
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Cash and cash equivalents |
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Current assets |
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Total assets |
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Disclosure | 2020 | 2019 | |
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kr. | kr. | ||
Contributed capital |
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Retained earnings |
- |
- |
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Proposed dividend |
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Total equity |
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Debt to banks |
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Long-term liabilities other than provisions, gross | 4 |
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Trade payables |
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Other payables, including tax payables, liabilities other than provisions |
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Short-term liabilities other than provisions, gross |
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Liabilities other than provisions, gross |
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Liabilities and equity, gross |
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2020 | 2019 | |
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kr. | kr. | |
Wages and salaries | 0 | 0 |
Post-employment benefit expense | 0 | 0 |
Social security contributions | 0 | 0 |
0 | 0 |
2020 | 2019 | |
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kr. | kr. | |
Tax expense on ordinary activities | 0 | 77.408 |
Adjustment of deferred tax | 0 | 0 |
Adjustment of tax expense prior year | 0 | 0 |
0 | 77.408 |
In 2019 the debt reduction of app DKK 6,500,000 was recognized as other income and included in gross profit / loss.
In 2019 the bank agreed on a 100% debt reduction of app DKK 6,500,000. However, in case of an exit of the company / activities then the bank has the right to obtain an exit payment. The exit payment depends on the timing of the exit and the exit price. The bank must verify the exit conditions. Managements current estimate is that the exit payment is app DKK 0.
The Company has a positive equity on 31 December 2020. To continue operating, the Company need to be refunded and the management and board is actively working on various scenarios including sale of the Company assets and issuance of new shares.
2020 | |||
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Average number of employees |
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