39811138 2022-04-01 2023-03-31 39811138 2022-04-01 2023-03-31 auditor_1 39811138 2022-04-01 2023-03-31 memberOfBoardIdentifier_1 39811138 2022-04-01 2023-03-31 memberOfBoardIdentifier_1 39811138 2022-04-01 2023-03-31 memberOfBoardIdentifier_2 39811138 2022-04-01 2023-03-31 memberOfBoardIdentifier_3 39811138 2021-04-01 2022-03-31 39811138 2022-04-01 2023-03-31 fsa:TransferredToReserveForDevelopmentExpenditureMember 39811138 2021-04-01 2022-03-31 fsa:TransferredToReserveForDevelopmentExpenditureMember 39811138 2022-04-01 2023-03-31 fsa:RetainedEarningsMember 39811138 2021-04-01 2022-03-31 fsa:RetainedEarningsMember 39811138 2023-03-31 39811138 2022-03-31 39811138 2022-03-31 fsa:ContributedCapitalMember 39811138 2022-03-31 fsa:ReserveForDevelopmentExpenditureMember 39811138 2022-03-31 fsa:RetainedEarningsMember 39811138 2022-04-01 2023-03-31 fsa:ContributedCapitalMember 39811138 2022-04-01 2023-03-31 fsa:ReserveForDevelopmentExpenditureMember 39811138 2022-04-01 2023-03-31 fsa:RetainedEarningsMember 39811138 2023-03-31 fsa:ContributedCapitalMember 39811138 2023-03-31 fsa:ReserveForDevelopmentExpenditureMember 39811138 2023-03-31 fsa:RetainedEarningsMember 39811138 2022-03-31 fsa:CompletedDevelopmentProjectsMember 39811138 2022-03-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 39811138 2022-04-01 2023-03-31 fsa:CompletedDevelopmentProjectsMember 39811138 2022-04-01 2023-03-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 39811138 2023-03-31 fsa:CompletedDevelopmentProjectsMember 39811138 2023-03-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 39811138 2022-03-31 fsa:FixturesFittingsToolsAndEquipmentMember 39811138 2023-03-31 fsa:FixturesFittingsToolsAndEquipmentMember 39811138 2022-04-01 2023-03-31 fsa:FixturesFittingsToolsAndEquipmentMember iso4217:DKK pure Årsrapport 2022-04-01 2021-04-01 2023-03-31 2022-03-31 2023-10-30 39811138 2023-10-30 2018-07-13 Reporting class B KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on extended review Copenhagen 2023-10-30 KPMG 25578198 Dampfærgevej 28 2100 true Bo Bennekov The Board of Directors and the Executive Board have today discussed and approved the annual report for Bolverk XR ApS for the financial year 1 April 2022 - 31 March 2023. 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, liabilities and financial position at 31 March 2023 and of the results of the Company's operations for the financial year 1 April 2022 - 31 March 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. Bo Bennekov CEO Finn Peder Ramsgaard Hove Chairman Lasse Stevnss Tassing Kristian Emborg Independent auditor's extended review report on the financial statements To the shareholder of Bolverk XR ApS Opinion We have performed an extended review of the financial statements of Bolverk XR ApS for the financial year 1 April 2022 - 31 March 2023 comprising 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. Based on the work performed, it is our opinion that the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 March 2023 and of the results of the Company's operations for the financial year 1 April 2022 - 31 March 2023 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibility for the extended review 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 evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material Uncertainty Related to Going Concern We note that there is a material uncertainty concerning the Company's ability to continue as a going concern. We draw attention to Note 2 which describe the current financing situation of the Company, in which additional liquidity is needed to be able to fund its planned operations during the coming year as well as reaching a revised repayment plan with one of its lenders. Management expects that the company will be able to secure new contracts, agreeing on a revised repayment plan an and obtain additional liquidity through equity investments or loans to continue its operation. Our opinion is not qualified in respect of this matter. Management's responsibility for the financial statementsManagement 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 that 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. Auditor's responsibility for the extended review of the financial statementsOur responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the financial statements and in addition perform specifically required supplementary procedures in order to obtain further assurance for our conclusion.An extended review comprises procedures primarily consisting of making enquiries of Management and others within the entity, as appropriate, applying analytical procedures and the specifically required supplementary procedures, and evaluating the evidence obtained.The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on these financial statements. Statement on the Management's ReviewManagement is responsible for the Management's Review.Our conclusion 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 extended review 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 extended review, 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. Simon Vinberg Andersen mne35458 Bolverk XR ApS Carl Jacobsens Vej 16 DK-2500 Valby Copenhagen Principal activities The Company's main activity is development of IT solutions within VR simulations. Material uncertainties regarding going concern The Company's historical operations have been sustained through a combination of equity investments and loans. However, the current capital resources fall short of meeting the financial requirements, given that the Company remains in a growth phase necessitating further capital infusion. Consequently, the Company is actively seeking to secure additional capital resources during 2023/24. Management maintains a positive outlook, expecting to secure the necessary funds to sustain operations until the end of March 2024. It is essential to note that, during the current fiscal period, the company experienced a default on one of its loans. However, management is actively negotiating with the lender, and they anticipate that these negotiations will lead to revised repayment terms, ultimately resolving the ongoing default. It is Management's assessment that the Company will be able to secure further capital resources when needed to fund activities until end of March 2024. The accounts are prepared upon the basis of the continued operations in mind. Events after the balance sheet date After the balance sheet date the company experienced a default on one of its loans. We refer to our comments in Note 2, describing managements responds to this event. No other events have occurred aften the balance sheet date of material importance ot the annual report for 2022/23 Development in activities and financial position The Company's income statement for 2022/23 shows a loss of DKK 2,037,051 as against a loss of DKK 1,596,490 in 2021/22. Equity in the Company's balance sheet at 31 March 2023 stood at DKK 955,716 as against DKK 2,992,767 at 31 March 2022. 1821254 2793988 2565008 3133608 1246185 955808 -1989939 -1295428 674918 277769 -2664857 -1573197 -627806 23293 -2037051 -1596490 902307 2108755 -2939358 -3705245 10215756 10546428 4321359 2341398 14537115 12887826 14241 19754 296573 272346 14847929 13179926 215 171963 793459 1481966 793674 1653929 0 2024636 793674 3678565 15641603 16858491 63430 63430 11039322 10137015 -10147036 -7207678 955716 2992767 1635017 1736356 5903519 6426532 0 2073988 309675 104014 6213194 8604534 840000 0 612525 612525 677061 668228 3849771 1089932 858319 1154149 6837676 3524834 15641603 16858491 63430 10137015 -7207678 0 902307 -2939358 63430 11039322 -10147036 The annual report of Bolverk XR ApS for 2022/23 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.The accounting policies used in the preparation of the financial statements are consistent with those of last year.Few reclassifications have been made in the comparison figures to comply with the current year presentation. Government grants Government grants are recognised when it is fairly certain that the grant conditions will be complied with, and the grant will be received. Grants compensating for costs incurred are recognised directly as operating income in the income statement as costs eligible for grants are incurred. If the conditions for receiving the grant are not complied until after related costs have been recognised, the grant is to be recognised in the income statement when the conditions have been complied with and it is fairly certain that the grant will be awarded. Grants to acquire assets are recognised in the balance sheet as deferred income/prepayments and transferred to other operating income in the income statement line with depreciation/amortisation of the assets covered by the grant. Revenue Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts granted are deducted from revenue. Cost of sales Cost of sales comprises costs incurred to generate revenue for the year. Other external costs Other external costs comprise costs for distribution and sales costs, costs for advertising, administrative expenses, costs of premises, bad debts, operating leases, etc. Costs related to the development of the Company's new products are capitalised in the balance sheet. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Refunds from public authorities are deducted from staff costs. Financial income and expenses Financial income and expenses comprise interest income and expense. Tax on loss for the year Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. Intangible assets Completed development projects are measured at cost less accumulated amortisation and impairment losses. Patents are amortised on a straight-line basis over the remaining life of the patent, and licences are amortised over the contract period. Development costs are capitalised in the balance sheet, when the future expected cash flows are assessed as probable and the future net present value of cash flows can at least cover the capitalised value. Costs capitalised on development projects have to be related to the specificproject and be measured accurately in order to be capitalised. Gains and losses on the disposal of intangible assets are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Upon completion of development work, development costs are amortised on a straight-line basis over the estimated useful lives. The amortisation period is usually 10 years. Property, plant and equipmentFixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:Fixtures, fittings, tools and equipment5 years The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively. Investments Deposits are recognised at amortised cost. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast 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. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. EquityReserve for development costs The reserve for development costs comprises capitalised development costs. The reserve cannot be used for dividends, distribution or to cover losses. If the recognised development costs are sold or in other ways excluded from the Company's operations, the reserve will be dissolved and transferred directly to the distributable reserves under equity. If the recognised development costs are written down, the part of the reserve corresponding to the write-down of the developments costs will be reversed. If a write-down of development costs is subsequently reversed, the reserve will be re-established. The reserve is reduced by amortisation of capitalised development costs on an ongoing basis. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences on temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred 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 measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Liabilities other than provisions Financial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Other liabilities are measured at amortised cost. The Company's historical operations have been sustained through a combination of equity investments and loans. However, the current capital resources fall short of meeting the financial requirements, given that the Company remains in a growth phase necessitating further capital infusion. Consequently, the Company is actively seeking to secure additional capital resources during 2023/24. Management maintains a positive outlook, expecting to secure the necessary funds to sustain operations until the end of March 2024. It is essential to note that, during the current fiscal period, the company experienced a default on one of its loans. However, management is actively negotiating with the lender, and they anticipate that these negotiations will lead to revised repayment terms, ultimately resolving the ongoing default. It is Management's assessment that the Company will be able to secure further capital resources when needed to fund activities until end of March 2024. The accounts are prepared upon the basis of the continued operations in mind. Gross profit includes special items comprising compensation under COVID-19 government aid packages of TDKK 0 (2021/22: TDKK 233). 2435482 3048170 98984 15060 30542 70378 5 8 Deferred tax adjustment for the year-101,33923,293Adjustment of tax concerning previous years-526,4670-627,806 23,293 11496723 2341398 0 2889961 910000 -910000 12406723 4321359 -950295 0 -1240672 0 -2190967 0 10215756 4321359 27564 27564 -7810 -5513 -13323 14241 Operating lease obligations The Company has entered into operating leases with a remaining term of 6 months and an average monthly lease payments of DKK 39 thousand, totalling DKK 235 thousand.