BDO Statsautoriseret revisionsaktieselskabHavneholmen 29DK-1561 København V20222670Årsrapport2023-06-30Per EsbensenCodeable Holding II ApSc/o Per Esbensen, Vitus Berings Alle 5A st.2930 KlampenborgAndre erklæringer uden sikkerhed354049022013-07-08Gentofte2022-01-012022-12-312021-01-012021-12-31BDO Statsautoriseret revisionsaktieselskabHavneholmen291561Copenhagen VKlampenborg2023-06-30Per EsbensenCopenhagen2023-06-30BDO Statsautoriseret revisionsaktieselskab20222670Mads Juul HansenAndre erklæringer uden sikkerhedState Authorised Public Accountantmne4438675006250-7500-625002004717911256-929112541-20540-723712541-723712541-72371254177851600778516778516778516778516778516113797132802501328026137973321065457923168000080000666184673421746184753421625062501607203406832645100454202994290136036138895136036138895210654579231680000673421-72378000066618402004702004736801423125617911256-2054007785167785160077851677851607785160Regnskabsklasse BtruetrueToday the Executive Board have discussed and approved the Annual Report of Codeable Holding II ApS for the financial year 1 January - 31 December 2022. The Annual Report is presented in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2022 and of the results of the Company's operations for the financial year 1 January - 31 December 2022. The Management Commentary includes in my opinion a fair presentation of the matters dealt with in the Commentary. The Executive Board remain of the opinion that the conditions for opting out of audit have been fulfilled. I recommend the Annual Report be approved at the Annual General Meeting. To the Shareholder of Codeable Holding II ApS We have compiled these Financial Statements of Codeable Holding II ApS for the financial year 1 January - 31 December 2022 based on the Company's accounting records and other information provided by Management. These Financial Statements comprise income statement, balance sheet, statement of changes in equity, notes and accounting policies. We performed this compilation engagement in accordance with the International Standard, Compilation Engagements. We have applied our professional expertise to assist Management in the preparation and presentation of these Financial Statements in accordance with the Danish Financial Statements Act. We have complied with relevant statutory provisions of the Danish Audit Act and International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), including principles of integrity, objectivity, professional behaviour, and due care. These Financial Statements and the accuracy and completeness of the information used to compile these Financial Statements are Management’s responsibility. Since an engagement to compile financial information is not an assurance engagement, we are not required to verify the accuracy or completeness of the information provided by Management to us to compile these Financial Statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these Financial Statements are prepared in accordance with the Danish Financial Statements Act. Principal activities The principal activities comprise of owning shares in Codeable Holding III ApS. Development in activities and financial and economic position The income statement for 2022 shows a loss of DKK ('000) 7, and at 31 December 2022 the balance sheet shows an equity of DKK ('000) 746. Significant events after the end of the financial year No events have occurred after the end of the financial year of material importance for the Company's financial position. Share capital Retained earnings Total Equity at 1 January 2022 80.000 673.421 753.421 Proposed profit allocation -7.237 -7.237 Equity at 31 December 2022 80.000 666.184 746.184 Other financial income 1 Other interest income 0 20.047 0 20.047 Other financial expenses 2 Group enterprises 368 0 173.107 Other interest expenses 1.423 1.256 1.791 1.256 Financial non-current assets 4 Equity investments in group enterprises Equity investments in associated enterprises Cost at 1 January 2022 0 778.516 Additions 778.516 0 Disposals 0 -778.516 Cost at 31 December 2022 778.516 0 Carrying amount at 31 December 2022 778.516 0 Contingent assets The company has a tax loss carryforward, which is not recognized in the balance sheet, as it is not considered to be utilized within a period of 3-5 years. The value of the tax loss amounts to DKK ('000) 18 as of 31 December 2022. Joint liabilities The Danish companies of the group is jointly and severally liable for tax on the group’s jointly taxed income and for certain possible withholding taxes such as dividend tax and royalty tax, and for the joint registration of VAT. Tax payable of the group’s jointly taxed income amounts to DKK (‘000) 1.005 at the Balance Sheet date. The Annual Report of Codeable Holding II ApS for 2022 has been presented in accordance with the provisions of the Danish Financial Statements Act for enterprises in reporting class B and certain provisions applying to reporting class C. Regnskabsklasse B1 true true The format of the income statement has been adjusted to the Company's activities as a holding Company. The Annual Report is prepared consistently with the accounting principles applied last year. Income from investments in subsidiaries and associates Dividend from equity interests is recognised in the financial year in which the dividend is declared. In connection with transfers, potential profits are recognised when the economic rights related to the sold equity interests are transferred, however, at the earliest when the profit has been realised or is regarded as realisable. Moreover, realised losses other than impairments are included where identified. Other external expenses Other external expenses include cost of administration etc. Financial income and expenses Financial income and expenses include interest income and expenses, as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices. Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the Income Statement by the share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity. Financial non-current assets Investments in subsidiaries and associates are measured at cost. If the cost exceeds the net realisable value, this is written down to the lower value. Impairment of fixed assets The carrying amount of fixed assets are valued on an annual basis for indications of impairment other than that reflected by amortisation and depreciation. In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the carrying amount. The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry. Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses. Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and taxes paid on account. The Company is subject to joint taxation with Danish Group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively. Deferred tax is measured on the temporary differences between the carrying amount and the tax value of assets and liabilities. Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the Balance Sheet date will be applicable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity. Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less transaction costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recognised in the Income Statement over the loan period. 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