392863942020-07-012021-06-30392863942020-07-012021-06-301392863942020-07-012021-06-302392863942020-07-012021-06-301392863942020-07-012021-06-30392863942020-07-012021-06-30fsa:RetainedEarningsMember392863942019-07-012020-06-30392863942019-07-012020-06-30392863942019-07-012020-06-30fsa:RetainedEarningsMember392863942021-06-30392863942020-06-30xbrli:purexbrli:pureiso4217:EURxbrli:sharesKim Hersland Kim Hersland Christian Harboe Wissum Ingen bistandtrue12055675012034250000Regnskabsklasse B10000001000000120006750120006750Equity investments in group enterprises and associates Equity investments in group enterprises and associates are measured at cost. Dividends that exceed accumulated earnings of the group enterprise or the associate during the ownership period are treated as a reduction of the cost. If cost exceeds the net realisable value, a write-down to this lower value will be performed. 550000275000 Reporting Class The Annual Report of GemCap ApS for 2020/21 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B. The accounting policies applied remain unchanged from last year. Reporting currency The Annual Report is presented in EUR. General Information Basis of recognition and measurement The financial statement have been prepared under the historical cost principle. Income is recognised in the Income Statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortised cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the Income Statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the Income Statement. Assets are recognised in the Balance Sheet when it is probable that future economic benefits attributable to the asset will accrue 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 attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the Annual Report, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income Statement Revenue Revenue is recognised in the income statement if the goods have been delivered and the risk has passed to the byer before year-end and if the revenue can be reliably calculated and expected to be received. Revenue is recognised excluding VAT and net of sales discounts. Other external expenses Other external costs include costs for distribution, sales, advertising, administration, premises. loss of debitors, operating leasing costs etc. Income from investments in group enterprises and associates Income from equity investments comprises dividends received from group enterprises and associates in so far as they do not exceed the accumulated earnings in the group enterprise or the associate during the ownership period. Tax on net profit for the year Tax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. Balance Sheet Equity investments in group enterprises and associates Equity investments in group enterprises and associates are measured at cost. Dividends that exceed accumulated earnings of the group enterprise or the associate during the ownership period are treated as a reduction of the cost. If cost exceeds the net realisable value, a write-down to this lower value will be performed. Inventories The cost of goods for resale, raw materials and consumables are measured at cost, comprising purchase price plus delivery costs. Equity Equity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association. Proposed dividend for the year is recognised as a separate item in equity. Current tax liabilities Current tax liabilities and current tax receivables are recognised in the Balance Sheet as calculated tax on the expected taxable income for the year, adjusted for tax on taxable income for previous years as well as for tax prepaid. Liabilities Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the Income Statement over the life of the financial instrument. Mortgage debt is accordingly measured at amortised cost, corresponding to the outstanding balance in case of cash loans. In case of bond loans, amortised cost corresponds to the outstanding balance determined as the underlying cash value of the loans at the time of borrowing adjusted for amortisation of capital losses on the loans over the repayment period. Other liabilities, comprising deposits, trade payables and other accounts payable, are measured at amortised cost, which usually corresponds to the nominal value. Contingent assets and liabilities Contingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. 3. Contingent liabilities The company's investment in life science industries could be considered discontinued. Due to the Covid-19 situation it has not been possible to validate the value of the investment, if the investment is to considered lost this will impact the assets negativly with the amount EUR 275.000. No other contingent liabilities exist at the balance sheet date. 1. Employee benefits expense Average number of employees 0 0 2. Disclosure in long-term investments in group enterprises and associates Group enterprises Name Registered office Share held in % GemCap Industries ApS Kgs. Lyngby 100,00 GemCap Partners ApS Kgs. Lyngby 100,00 GemCap International ApS Kgs. Lyngby 100,00 GemCap Biotech ApS Kgs. Lyngby 100,00 4. Collaterals and securities No securities or mortgages exist at the balance sheet date. 119981750119686750-2750000-20000-2500055000027500012000000012000000012055675012034250057500065575006075006075055000033575057500065575067506750-25000-295000-25000-295000-295000-25000-295000-25000120000000120000000-25000-320000false11900675011900675057500065575067506750Kongens Lyngby, 2800Rustenborgvej 7a2021-11-3039286394ÅrsrapportChristian Harboe Wissum GemCap ApSRevisionsfirmaet2019-07-012020-06-302021-06-302020-07-01The company has been affected by the Corona pandemic, which basically means that the activities have been set back a year. The impact of Corona has hit to a very significant extent in Brazil, but also restrictions and security measures in Germany and England have affected the company. The company's greatest asset, the stock of precious stones, however, has had a positive price development during the corona pandemic. In addition, precious stones are measured in US dollars and the exchange rate development relative to the Euro has been positive. The positive development in exchange rate is further substantiated after end of the financial year. Investments The Company's investments in the life sciences industry have been negatively affected by the Corona situation and continues to be so. This applies to the Company’s interests within genetically modified treatments as well as the Company's participation in a herpes medicine project. In addition, external factors have been impacting investments and co-operation relations. Consequently, the management has decided to write down the Company’s investments the life sciences industry with 50%. The chosen approach, where debt relating to such investments is included in the balance sheet, in the view of the management provides a more accurate picture of the Company’s standing with reference to Section 11 of the Danish Financial Statements Act., Development in the activities and the financial situation of the Company Development in activities and the financial situation The Company's Income Statement of the financial year 1 July 2020 - 30 June 2021 shows a result of EUR -295.000 and the Balance Sheet at 30 June 2021 a balance sheet total of EUR 120.342.500 and an equity of EUR 119.686.750. The company has been affected by the Corona pandemic, which basically means that the activities have been set back a year. The impact of Corona has hit to a very significant extent in Brazil, but also restrictions and security measures in Germany and England have affected the company. The company's greatest asset, the stock of precious stones, however, has had a positive price development during the corona pandemic. In addition, precious stones are measured in US dollars and the exchange rate development relative to the Euro has been positive. The positive development in exchange rate is further substantiated after end of the financial year. Investments The Company's investments in the life sciences industry have been negatively affected by the Corona situation and continues to be so. This applies to the Company’s interests within genetically modified treatments as well as the Company's participation in a herpes medicine project. In addition, external factors have been impacting investments and co-operation relations. Consequently, the management has decided to write down the Company’s investments the life sciences industry with 50%. The chosen approach, where debt relating to such investments is included in the balance sheet, in the view of the management provides a more accurate picture of the Company’s standing with reference to Section 11 of the Danish Financial Statements Act., Development in activities and the financial situation The Company's Income Statement of the financial year 1 July 2020 - 30 June 2021 shows a result of EUR -295.000 and the Balance Sheet at 30 June 2021 a balance sheet total of EUR 120.342.500 and an equity of EUR 119.686.750. The Company's principal activities GemCap ApS is a North-European, privately owned investment company, formed in 2018. The company's purpose is to directly or indirectly conduct development, production, trade, service, financing and investment activities with special emphasis on precious stones. The Company's principal activities GemCap ApS is a North-European, privately owned investment company, formed in 2018. The company's purpose is to directly or indirectly conduct development, production, trade, service, financing and investment activities with special emphasis on precious stones. Development in the activities and the financial situation of the Company Development in activities and the financial situation The Company's Income Statement of the financial year 1 July 2020 - 30 June 2021 shows a result of EUR -295.000 and the Balance Sheet at 30 June 2021 a balance sheet total of EUR 120.342.500 and an equity of EUR 119.686.750. The company has been affected by the Corona pandemic, which basically means that the activities have been set back a year. The impact of Corona has hit to a very significant extent in Brazil, but also restrictions and security measures in Germany and England have affected the company. The company's greatest asset, the stock of precious stones, however, has had a positive price development during the corona pandemic. In addition, precious stones are measured in US dollars and the exchange rate development relative to the Euro has been positive. The positive development in exchange rate is further substantiated after end of the financial year. Investments The Company's investments in the life sciences industry have been negatively affected by the Corona situation and continues to be so. This applies to the Company’s interests within genetically modified treatments as well as the Company's participation in a herpes medicine project. In addition, external factors have been impacting investments and co-operation relations. Consequently, the management has decided to write down the Company’s investments the life sciences industry with 50%. The chosen approach, where debt relating to such investments is included in the balance sheet, in the view of the management provides a more accurate picture of the Company’s standing with reference to Section 11 of the Danish Financial Statements Act.The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 30 June 2021 and of the results of the Company's operations for the financial year 1 July 2020 - 30 June 2021. The conditions for not conducting an audit of the Financial Statement have been met. 2021-11-30Today, Management has considered and adopted the Annual Report of GemCap ApS for the financial year 1 July 2020 - 30 June 2021. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. CopenhagenWe recommend that the Annual Report be adopted at the Annual General Meeting. Today, Management has considered and adopted the Annual Report of GemCap ApS for the financial year 1 July 2020 - 30 June 2021. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 30 June 2021 and of the results of the Company's operations for the financial year 1 July 2020 - 30 June 2021. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. The conditions for not conducting an audit of the Financial Statement have been met. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen, 30 November 2021 Executive Board Kim Hersland Director Supervisory Board Kim Hersland Christian Harboe Wissum Boardmember Chairman