38103008 2024-07-01 2025-06-30 38103008 2024-07-01 2025-06-30 1 38103008 2024-07-01 2025-06-30 2 38103008 2024-07-01 2025-06-30 1 38103008 2024-07-01 2025-06-30 2 38103008 2023-07-01 2024-06-30 38103008 2025-06-30 38103008 2024-06-30 38103008 2024-06-30 fsa:ContributedCapitalMember 38103008 2024-06-30 fsa:RetainedEarningsMember 38103008 2024-07-01 2025-06-30 fsa:ContributedCapitalMember 38103008 2024-07-01 2025-06-30 fsa:RetainedEarningsMember 38103008 2025-06-30 fsa:ContributedCapitalMember 38103008 2025-06-30 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Per Lønborg-Andersen Management’s statementThe Executive Board has today considered and adopted the Annual Report of Val-Holding ApS for the financial year 1 July2024 - 30 June 2025.The Annual Report is prepared in accordance with the Danish Financial Statements Act.In our opinion the Financial Statements give a true and fair view of the financial position at 30 June 2025 of the Companyand of the results of the Company operations for 2024/25.We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen Poul Præstegaard Skadhede Thomas Arne Fischer Independent Auditor’s report To the shareholders of Val-Holding ApS OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 30 June 2025and of the results of the Company’s operations for the financial year 1 July 2024 - 30 June 2025 in accordance with theDanish Financial Statements Act.We have audited the Financial Statements of Val-Holding ApS for the financial year 1 July 2024 - 30 June 2025, whichcomprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significantaccounting policies (”the Financial Statements”). Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirementsapplicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’sresponsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company inaccordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for ProfessionalAccountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our otherethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management’s ReviewManagement is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form ofassurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doingso, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledgeobtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under theDanish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statementsand has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identifyany material misstatement in Management’s Review. Management’s responsibilities for the Financial StatementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with theDanish Financial Statements Act, and for such internal control as Management determines is necessary to enable thepreparation 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 agoing concern, disclosing, as applicable, matters related to going concern and using the going concern basis ofaccounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to ceaseoperations, or has no realistic alternative but to do so. Auditor’s responsibilities for the audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free frommaterial misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance withISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they couldreasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, weexercise professional judgement and maintain professional scepticism throughout the audit. We also:•Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error,design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions,misrepresentations, or the override of internal control.•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of theCompany’s internal control.•Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates andrelated disclosures made by Management.•Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing theFinancial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related toevents or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If weconclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the relateddisclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusionsare based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditionsmay cause the Company to cease to continue as a going concern.•Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, andwhether the Financial Statements represent the underlying transactions and events in a manner that gives a true andfair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing ofthe audit and significant audit findings, including any significant deficiencies in internal control that we identify during ouraudit. Hellerup PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Jacob F Christiansen Kim Danstrup State Authorised Public Accountant State Authorised Public Accountant mne18628 mne32201 Val-Holding ApS Meldahlsgade 5 DK 1613 København V København PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Strandvejen 44 DK 2900 Hellerup Management's reviewDevelopment in the yearThe income statement of the Company for 2024/25 shows a loss of DKK 26,617, and at 30 June 2025 the balance sheetof the Company shows a positive equity of DKK 486,293.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Key activitiesThe Company's purpose is to, directly or indirectly via the holding of capital shares, to be a holding company forknowledge-based companies within consulting and other related businesses. 35729 40250 -35729 -40250 8134 19373 1250 1250 -28845 -22127 -2228 -4868 -26617 -17259 260000 0 -286617 -17259 -26617 -17259 2000 8242 2228 4868 4228 13110 499065 780300 503293 793410 503293 793410 512336 512336 -26043 260574 486293 772910 17000 20500 17000 20500 17000 20500 503293 793410 512336 260574 772910 0 260000 260000 0 -26617 -26617 512336 -26043 486293 1. Financial income(DKK) 2024/25 2023/24Other financial income 8,134 19,3738,134 19,373 2. Financial expenses(DKK) 2024/25 2023/24Other financial expenses 1,250 1,2501,250 1,250 3. Income tax expense(DKK) 2024/25 2023/24Current tax for the year - 2,228 - 4,868- 2,228 - 4,868 4. Contingent assets, liabilities and other financial obligationsOther contingent liabilitiesThe group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The totalamount of corporation tax payable is disclosed in the Annual Report of V Business Development A/S, which is themanagement company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable forDanish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequentadjustments of corporation taxes and withholding taxes may increase the Company’s liability. 5. Related parties and disclosure of consolidated financial statementsConsolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Name Place of registered officeV Business Development A/S Copenhagen 6. Accounting policiesThe Financial Statements for 2024/25 are presented in DKK.Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets andliabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earningsfor the year are recognised in the income statement, including depreciation, amortisation, impairment losses andprovisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised inthe income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset willflow 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 will flow out of theCompany, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described foreach item below.Income statementOther external expensesOther external expenses comprise indirect production costs and expenses for premises, sales and distribution as well asoffice expenses, etc.Financial income and expensesFinancial income and expenses are recognised in the income statement at the amounts relating to the financial year.Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to theprofit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recogniseddirectly in equity.The Company is jointly taxed with wholly owned Danish and foreign subsidiaries. The tax effect of the joint taxation isallocated to enterprises in proportion to their taxable incomes.Balance sheetReceivablesReceivables are measured in the balance sheet at the lower of amortised cost and net realisable value, whichcorresponds to nominal value less provisions for bad debts.EquityDividendDividend distribution proposed by Management for the year is disclosed as a separate equity item.Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the yearadjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses.Financial liabilitiesDebts are measured at amortised cost, substantially corresponding to nominal value. true true Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-07-01 2025-06-30 2023-07-01 2024-06-30 2025-10-03 Reporting class B 38103008 0 0 2025-10-03 33771231 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2025-10-03 33771231 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab