BDO Statsautoriseret revisionsaktieselskabHavneholmen 29DK-1561 København V20222670Årsrapport2024-07-19Ian Shian Wei ChooEko ApSAhlefeldtsgade 21 3. tv.1359 Copenhagen KAndre erklæringer uden sikkerhed403928902019-03-16Copenhagen2023-01-012023-12-312022-01-012022-12-31BDO Statsautoriseret revisionsaktieselskabHavneholmen291561Copenhagen VCopenhagen2024-07-19Ian Shian Wei ChooAxel Wyatt Finn ThorsonAxel Wyatt Finn ThorsonChairmanIan Shian Wei ChooVice-chairmanCopenhagen2024-07-19BDO Statsautoriseret revisionsaktieselskab20222670Mathias Meineche RosenkrantzAndre erklæringer uden sikkerhedState Authorised Public Accountantmne4903635715308768684953970611597122157192-1629902-2454855421665410272-1629770-244092105950-53700-1735720-190392-1735720-190392-1735720-1903920473830011232920159712201597122019652453414176453433828756212423120964625112096164337340000400000343527-13834058788-13434053923158629808629801162026116202616900169008941301071778903212692031251058120961643373400003435278788-1735720-47383047383026060-26060104243-104243400000-1383405115462639000010000036234876246218568495397061105950-53700592288116202659228811620261184583873447383011232925922881162026001162026Regnskabsklasse BtruetrueToday the Board of Directors and Executive Board have discussed and approved the Annual Report of Eko ApS for the financial year 1 January - 31 December 2023. 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 Company's assets, liabilities and financial position at 31 December 2023 and of the results of the Company's operations for the financial year 1 January - 31 December 2023. The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary. The Board of Directors and Executive Board remain of the opinion that the conditions for opting out of audit have been fulfilled. We recommend the Annual Report be approved at the Annual General Meeting. To the Shareholders of Eko ApS We have compiled these Financial Statements of Eko ApS for the financial year 1 January - 31 December 2023 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 reserach and development of solution within nature capital with the goal of making ownership in nature capital available for the general public. Development in activities and financial and economic position The management expects to close the company in 2024 and as such the assets has been written down to 0. The companys owner will not claim the debt. The management expects the debt will be written down. 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. DKK Share Capital Reserve for development costs Retained earnings Total Equity at 1 January 2023 40.000 343.527 8.788 392.315 Proposed profit allocation -1.735.720 -1.735.720 Transfers Depreciations -473.830 473.830 0 Allowed equalization 26.060 -26.060 0 Tax on changes in equity 104.243 -104.243 0 Equity at 31 December 2023 40.000 0 -1.383.405 -1.343.405 2023 2022 DKK DKK Staff costs 1 Average number of full time employees 1 1 Wages and salaries 54.626 390.000 Pensions 10.000 0 Social security costs 3.623 4.876 Other staff costs 246 2.185 68.495 397.061 Intangible assets 3 DKK Development projects completed Intangible fixed assets acquired Cost at 1 January 2023 592.288 1.162.026 Cost at 31 December 2023 592.288 1.162.026 Amortisation at 1 January 2023 118.458 38.734 Impairment losses 473.830 1.123.292 Amortisation at 31 December 2023 592.288 1.162.026 Carrying amount at 31 December 2023 0 0 Selskabet har i 2022 indgået en aftale om udvikling af nye ip rettigheder, i forbindelse hermed er omkostninger forbundet med udvikling af disse ip-rettigheder medtaget i årsrapporten for 2022, da det har været muligt at måle og opgøre omkostninger forbundet hermed pålideligt. Rettighederne er i året nedskrevet til 0 kr. Long-term liabilities 4 31/12 2023 Repayment Debt outstanding 31/12 2022 DKK total liabilities next year after 5 years total liabilities Other non-current liabilities 1.162.026 0 1.162.026 1.162.026 535.600 535.600.01 1.162.026 0 1.162.026 1.162.026 Going concern assumptions 5 The company expects to close in 2024, in that regard all loans to the owner will be removed and the company will be able to continue operations until a liquid closing has happened. The Annual Report of Eko ApS for 2023 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 Annual Report is prepared consistently with the accounting principles applied last year. Net revenue Sale of services is generally recognised on the basis of a measurable degree of completion, using straight-line recognition of services delivered over time in a regular pattern. Where the degree of completion is not measurable or the sales value or the total costs of completion are uncertain, revenue is recognised by the amount that the enterprise as a maximum believes to have a right to claim and is expected to be received for services delivered at the Balance Sheet date. Net revenue is recognised exclusive of VAT and less duties and discounts related to the sale. Cost of sales Cost of sales comprise costs incurred to achieve the net revenue for the year, including direct and indirect costs of raw materials and consumables. Other operating income Other operating income includes items of a secondary nature in relation to the Group’s and the Company’s activities. In addition, profit from sale of intangible and tangible fixed assets as well as business interruption and conflict compensations are included. Compensations are recognised when the income is deemed to be realisable. Other external expenses Other external expenses include other production, sales, delivery and administrative costs, including costs of energy, marketing, premises, loss on bad debts, lease expenses, etc Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the Company's employees. Repayments from public authorities are deducted from staff costs. Financial income and expenses Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from securities, debt and transactions in foreign currencies, 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. Intangible fixed assets Development projects comprise costs, including wages and salaries, and amortisation, which directly or indirectly can be related to the Company’s development activities and which fulfil the criteria for recognition in the Balance Sheet. The accounting item is measured at the lower of the capitalised costs less accumulated amortisation and recoverable amount. Capitalised development costs are amortised on a straight-line basis over the estimated useful life after completion of the development work. The amortisation period is normally 5 years. Intangible fixed assets are generally written down to the recoverable amount if this is lower than the carrying amount. Profit or loss from sale of intangible fixed assets is calculated at the difference between the sales price and the carrying amount at the time of the sale. Profit and loss are recognised in the Income Statement under other operating income or other operating expenses. Impairment of fixed assets The carrying amount of intangible fixed assets, are assessed annually 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 recoverable 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. 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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