38516833 2024-04-01 2025-03-31 38516833 2024-04-01 2025-03-31 1 38516833 2024-04-01 2025-03-31 2 38516833 2024-04-01 2025-03-31 1 38516833 2024-04-01 2025-03-31 2 38516833 2024-04-01 2025-03-31 3 38516833 2024-04-01 2025-03-31 1 38516833 2023-04-01 2024-03-31 38516833 2025-03-31 38516833 2024-03-31 38516833 2024-03-31 fsa:ContributedCapitalMember 38516833 2024-03-31 fsa:RetainedEarningsMember 38516833 2024-04-01 2025-03-31 fsa:ContributedCapitalMember 38516833 2024-04-01 2025-03-31 fsa:RetainedEarningsMember 38516833 2025-03-31 fsa:ContributedCapitalMember 38516833 2025-03-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure SørenErikKristensen Today, the Board of Directors and the Executive Board have discussed and approved the Annual Reportof Flexmusic ApS for the financial year 1 April 2024 - 31 March 2025.The Annual Report has been prepared in accordance with the Danish Financial Statements Act.In our opinion, the Company Financial Statements give a true and fair view of the Company's financialposition at 31 March 2025 and of the results of the Company's operations for the financial year 1 April2024 - 31 March 2025.Further, in our opinion, the Management's Review gives a fair review of the development in theCompany's operations and financial matters and the results of the Company's operations and financialposition.We recommend that the Annual Report be approved at the Annual General Meeting. Copenhagen, HenrikDaldorphNielsen BesmirIsmaili HenrikDaldorphNielsen BesmirIsmaili SørenErikKristensen To the Shareholders of Flexmusic ApS In our opinion, the Financial Statements give a true and fair view of the financial position of the Companyat 31 March 2025, and of the results of the Company's operations for the financial year 1 April 2024 - 31March 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Flexmusic ApS for the financial year 1 April 2024 - 31 March2025, which comprise income statement, balance sheet, statement of changes in equity and notes,including a summary of significant accounting policies ("the Financial Statements"). We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additionalrequirements applicable in Denmark. Our responsibilities under those standards and requirements arefurther described in the "Auditor's responsibilities for the audit of the Financial Statements" section of ourreport. We are independent of the Company in accordance with the International Ethics Standards Boardfor Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and theadditional ethical requirements applicable in Denmark, and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the IESBA Code. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management's Review.Our opinion on the Financial Statements does not cover Management's Review, and we do not expressany form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management'sReview and, in doing so, consider whether Management's Review is materially inconsistent with theFinancial Statements or our knowledge obtained during the audit, or otherwise appears to be materiallymisstated.Moreover, it is our responsibility to consider whether Management's Review provides the informationrequired under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management's Review is in accordance with theFinancial Statements and has been prepared in accordance with the requirements of the Danish FinancialStatement Act. We did not identify any material misstatement in Management's Review. Management is responsible for the preparation of financial statements that give a true and fair view inaccordance with the Danish Financial Statements Act, and for such internal control as Managementdetermines is necessary to enable the preparation of financial statements that are free from materialmisstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company's ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using thegoing concern basis of accounting in preparing the Financial Statements unless Management eitherintends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a wholeare free from material misstatement, whether due to fraud or error, and to issue an auditor's report thatincludes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that anaudit conducted in accordance with ISAs and the additional requirements applicable in Denmark willalways detect a material misstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if, individually or in the aggregate, they could reasonably be expected to influence theeconomic 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 inDenmark, we exercise 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 tofraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resulting from error asfraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override ofinternal control.• Obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Company's internal control.• Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by Management.• Conclude on the appropriateness of Management's use of the going concern basis of accounting inpreparing the Financial Statements and, based on the audit evidence obtained, whether a materialuncertainty exists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty exists, we arerequired to draw attention in our auditor's report to the related disclosures in the FinancialStatements or, if such disclosures are inadequate, to modify our opinion. Our conclusions arebased on the audit evidence obtained up to the date of our auditor's report. However, future eventsor conditions may cause the Company to cease to continue as a going concern.• Evaluate the overall presentation, structure and contents of the Financial Statements, including thedisclosures, and whether the Financial Statements represent the underlying transactions andevents in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the plannedscope and timing of the audit and significant audit findings, including any significant deficiencies ininternal control that we identify during our audit. Hellerup, PricewaterhouseCoopersStatsautoriseretRevisionspartnerselskab 33771231 AllanKnudsen StateAuthorisedPublicAccountant mne29465 FlexmusicApS Vognmagergade 7,6. DK 1120 KøbenhavnK 38516833 Copenhagen Strandvejen 44 DK 2900 Hellerup Key activitiesThe principal activities of the Company are production and distribution of physical and digital media andsolutions for entertainment, education and information industries. Financial reviewThe income statement of the Company for 2024/2025 shows a profit of DKK 394.433 and at 31 March2025 the balance sheet of the Company shows negative equity of DKK 1.091.525.A profit was achieved this year, largely as a result of reduced operational costs, reflecting the effects of amore limited and focused releases.Capital resourcesLast year, we noted the challenges of achieving profitability in the current market and took steps to scaledown operations. This year, those decisions show their impact, with a profit mainly driven by the absenceof salary costs.The annual result shows a profit of DKK 394.433. The company is mainly financed via Sony MusicEntertainment Denmark A/S. The company is dependent on a credit line from Sony Music EntertainmentDenmark A/S to continue operations. The utilized credit line as of March 31, 2025, is DKK 1.505.498.Sony Music has declared that the intercompany account between Flexmusic ApS and Sony MusicEntertainment Denmark A/S will not be due for at least 365 days after the balance sheet date, and whenthe company has sufficient funds for this.Sony Music Entertainment Denmark A/S has also declared that the necessary funds to ensure that thecompany can continue its activities as planned until the next balance sheet date will be made available tothe company.Based on the above, the company's management has prepared the annual report according to thegoing-concern principle.Events after the balance sheet dateNo events materially affecting the assessment of the Annual Report have occurred after the balancesheet date. 475857 271197 10127 538298 10933 21867 454797 -288968 4116 7320 64480 72929 394433 -354577 0 0 394433 -354577 394433 -354577 50000 60933 50000 60933 50000 60933 87 25000 312314 416989 13206 0 325607 441989 89770 41842 415377 483831 465377 544764 100000 100000 -1191525 -1585958 -1091525 -1485958 -1091525 -1485958 1505498 1893321 1505498 1893321 4810 2638 46594 134763 51404 137401 1556902 2030722 465377 544764 100000 -1585958 -1485958 0 394433 394433 100000 -1191525 -1091525 1. Capital resourcesThe annual result shows a profit of DKK 394.433. The company is mainly financed via Sony MusicEntertainment Denmark A/S. The company is dependent on a credit line from Sony Music EntertainmentDenmark A/S to continue operations. The utilized credit line as of March 31, 2025, is DKK 1.505.498.Sony Music has declared that the intercompany account between Flexmusic ApS and Sony MusicEntertainment Denmark A/S will not be due for at least 365 days after the balance sheet date, and whenthe company has sufficient funds for this.Sony Music Entertainment Denmark A/S has also declared that the necessary funds to ensure that thecompany can continue its activities as planned until the next balance sheet date will be made available tothe company.Based on the above, the company's management has prepared the annual report according to thegoing-concern principle. 2. Staff costs and incentive plans31 March 31 March2025 2024DKK DKKWages and salaries 0 536.000Other social security expenses10.127 2.29810.127 538.298 0 2 3. Amortisation, depreciation and impairment losses31 March 31 March2025 2024DKK DKKAmortisation, depreciation and impairment lossesDepreciation of property, plant and equipment10.933 21.86710.933 21.867 4. Property, plant and equipmentFixtures andfittings, plant andequipmentDKK2025Cost at 1 April 2024115.600Cost at 31 March 2025115.600Depreciation previous years 1 April 2024 54.667Depreciation for the year10.933Depreciation and impairment losses at 31 March 202565.600Carrying amount at 31 March 202550.0002025Depreciated over 3 YearsThe scrap value of the Company's assets is estimated on DKK50.000. There will be no depreciation onthe scrap value. 5. Long-term debtPayments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:31 March 31 March2025 2024DKK DKKPayables to shareholders and managementBetween 1 and 5 years1.505.498 1.893.321Long-term part1.505.498 1.893.321 6.1 Contingent liabilitiesThe group's companies are jointly liable for tax on the group's consolidated income, etc. The total amountof corporate tax payable is stated in the annual report for Flexmusic Holding ApS, which is theadministrative company in relation to the joint taxation. The group's companies are also jointly liable forDanish withholding taxes in the form of dividend tax, royalty tax, and interest tax. Any subsequentcorrections to corporate taxes and withholding taxes may result in the company's liability amounting to alarger amount.There are no further guarantees and contingent liabilities as of March 31, 2025 true true The Financial Statements for 2024/2025 are presented in(DKK).7.1 Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financialassets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expensesincurred to achieve the earnings for the year are recognised in the income statement, includingdepreciation, amortisation, impairment losses and provisions as well as reversals due to changedaccounting 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 attributableto the asset will flow 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 flowout of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured asdescribed for each item below.7.2 Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreigncurrencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction.Exchange differences arising due to differences between the transaction date rates and the rates at thedates of payment are recognised in financial income and expenses in the income statement.Receivables, payables and other monetary items in foreign currencies that have not been settled at thebalance sheet date are translated at the exchange rates at the balance sheet date. Any differencesbetween the exchange rates at the balance sheet date and the rates at the time when the receivable orthe debt arose are recognised in financial income and expenses in the income statement.Fixed assets acquired in foreign currencies are measured at the transaction date rates.7.3 Income statement(a) RevenueRevenue from the sale of goods for resale and finished goods is recognised in the income statementwhen the sale is considered effected based on the following criteria:• delivery has been made before year end• a binding sales agreement has been made• the sales price has been determined; and• payment has been received or may with reasonable certainty be expected to be received.Revenue is measured at the consideration received and is recognised exclusive of VAT and net ofdiscounts relating to sales.Royalty income is recognised when the underlying transactions is carried through.(b) Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales anddistribution as well as office expenses, etc.(c) Gross marginWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as asummary of revenue, other operating income, cost of sales incl. royalty and copyright and other externalexpenses.(d) Staff costsStaff expenses comprise wages and salaries as well as payroll expenses.(e) Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment ofintangible assets and property, plant and equipment.(f) Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the mainactivities of the Company, including gains and losses on the sale of intangible assets and property, plantand equipment.(g) Financial income and expensesFinancial income and expenses comprise interest, financial expenses in respect of finance leases,realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgageloans as well as extra payments and repayment under the on account taxation scheme.(h) Tax for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable tothe profit for year is recognised in the income statement, whereas the tax attributable to equitytransactions is recognised directly in equity.Any changes in deferred tax due to changes to tax rates are recognised in the income statement.The Company is jointly taxed with Danish Group companies. The tax effect of the joint taxation isallocated to enterprises in proportion to their taxable incomes.7.4 Balance sheet(a) Property, plant and equipmentTangible assets are measured at cost less accumulated depreciation and less any accumulatedimpairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the timewhen the asset is ready for use.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over theexpected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment 3 yearsThe fixed assets’ residual values are determined individually for each asset.Depreciation period and residual value are reassessed annually.(b) Impairment of assetsThe carrying amounts of intangible assets and property, plant and equipment are reviewed on an annualbasis to determine whether there is any indication of impairment other than that expressed byamortisation and depreciation.If so, an impairment test is carried out to determine whether the recoverable amount is lower than thecarrying amount. If so, the asset is written down to its lower recoverable amount.The recoverable amount of the asset is calculated as the higher of net selling price and value in use.Where a recoverable amount cannot be determined for the individual asset, the assets are assessed inthe smallest group of assets for which a reliable recoverable amount can be determined based on a totalassessment.(c) ReceivablesReceivables are recognised in the balance sheet at amortised cost, which substantially corresponds tonominal value. Provisions for estimated bad debts are made.(d) PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions andinterest.(e) LiabilitiesOther liabilities are measured at net realisable value. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-04-01 2025-03-31 2023-04-01 2024-03-31 2025-10-09 Reporting class B 2025-10-09 38516833 Flexmusic Aps Vognmagergade 7, 6. 1120 København K Opinion Basis for Opinion 2025-10-09