The directors have considered the going concern position of the company taking into account the net loss for the year of £24,404, net liabilities of £263,335 and net current liabilities of £260,223 as at 31 December 2023.
The company’s financial statements have been prepared on a going concern basis on the grounds that the parent company Valamis Oy intends and is capable of taking all necessary measures related to the continuity of operations and the realization of subsidiary receivables.
The company's management and group are currently managing profitability by controlling costs. The company aims to grow its existing and new customer base. Additionally, the company has received 325,000 euros from Business Finland in October 2024, and one million euros loan from Finnvera in November 2024. The loan will be paid in two tranches, first 0,5 million euros was received in November 2024, the second is expected to be received during Q1 2025.
The directors confirm the following plans as future actions to ensure that the company can continue its operations and that the going concern assumption applies to the financial statements. However, there is a material uncertainty related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern and, therefore, that it may be unable to realise all its assets and discharge its liabilities in the normal course of business. Should the company be unable to continue as a going concern, adjustments would be required to reclassify long term assets and liabilities to short term, to write current assets down to their realisable values and provide for any further liabilities that may arise.