39841169 2024-06-01 2025-03-31 39841169 2024-06-01 2025-03-31 39841169 2024-06-01 2025-03-31 1 39841169 2024-06-01 2025-03-31 2 39841169 2024-06-01 2025-03-31 1 39841169 2024-06-01 2025-03-31 2 39841169 2024-06-01 2025-03-31 3 39841169 2024-06-01 2025-03-31 1 39841169 2023-06-01 2024-05-31 39841169 2025-03-31 39841169 2024-05-31 iso4217:DKK xbrli:pure 2024-06-01 2025-03-31 2025-12-17 inforevision statsautoriseret revisionsaktieselskab 2860 Søborg Buddingevej 312 2023-06-01 2024-05-31 coherence ApS 39841169 Annual report Dino Christian Patti coherence ApS 39841169 Dino Christian Patti Senta Jakobsen Dino Christian Patti Nicholas Michael Button-Brown Robin Flodin Michael Dam-Johansen State Authorised Public Accountant The com­pany's primary activ­it­ies is to develop, mar­ket and sell mul­ti­player net­work tech­no­lo­gies for com­puter games and related activ­it­ies. The res­ults of the com­pany's activ­it­ies in the fin­an­cial year amoun­ted to a profit/loss of DKK -68.812.237 against DKK -22.152.311 in last fin­an­cial year. The equity at the bal­ance sheet date amoun­ted to DKK 4.492.375. Dur­ing the report­ing period, the stra­tegic focus of the com­pany fun­da­ment­ally shif­ted from product devel­op­ment to heightened efforts in sales and mar­ket­ing, a move inten­ded to accel­erate mar­ket pen­et­ra­tion with our exist­ing offer­ing. Con­cur­rently, we have worked dili­gently to increase our cus­tomer base and refine our sales pipeline, ensur­ing a more effi­ci­ent con­ver­sion pro­cess. To fur­ther optim­ize rev­enue, we con­tin­ued the devel­op­ment of a new pri­cing struc­ture for our self-serve offer­ing, which is planned for public release next year (2026). Opera­tion­ally, the num­ber of staff remained con­stant through­out this trans­ition. Fin­an­ci­ally, the com­pany faced a crit­ical going con­cern issue, with pro­jec­tions indic­at­ing funds would be exhausted by June 2025; how­ever, this uncer­tainty was decis­ively resolved through the suc­cess­ful pur­chase of the coher­ence group by Roundt­able Interact­ive Game Lim­ited in Septem­ber 2025, secur­ing the neces­sary cap­ital for the com­pany's future opera­tions and growth.Ref­er­ence is also made to Note 1 and the descrip­tion of the uncer­tainty regard­ing the com­pany’s abil­ity to con­tinue as a going con­cern. The Board of Dir­ect­ors and The Exec­ut­ive Board have today con­sidered and adop­ted the annual report for 1 June 2024 - 31 March 2025 for coherence ApS. coherence ApS 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 the com­pany's fin­an­cial pos­i­tion at 31 March 2025 and of the res­ults of its opera­tions for the fin­an­cial year 1 June 2024 - 31 March 2025. We believe that the Man­age­ment's review con­tains a fair review of the affairs and condi­tions referred to therein. We recom­mend that the annual report be adop­ted at the Annual Gen­eral Meet­ing. Dino Christian Patti CEO Senta Jakobsen Executive director Dino Christian Patti Board member Nicholas Michael Button-Brown Chairman Robin Flodin Board member To the share­holder in coherence ApS coherence ApS Opinion We have audited the fin­an­cial state­ments of coherence ApS for the fin­an­cial year 1 June 2024 - 31 March 2025, which com­prise a sum­mary of sig­ni­fic­ant account­ing policies, income state­ment, bal­ance sheet, state­ment of changes in equity and notes. The fin­an­cial state­ments are pre­pared under the Dan­ish Fin­an­cial State­ments Act. In our opin­ion, the fin­an­cial state­ments give a true and fair view of the com­pany's fin­an­cial pos­i­tion as at 31 March 2025 and of the res­ults of the com­pany's opera­tions for the fin­an­cial year 1 June 2024 - 31 March 2025 in accord­ance with the Dan­ish Fin­an­cial State­ments Act. coherence ApS Basis for Opinion We con­duc­ted our audit in accord­ance with Inter­n­a­tional Stand­ards on Audit­ing (ISAs) and addi­tional require­ments applic­able in Den­mark. Our respons­ib­il­it­ies under those stand­ards and require­ments are fur­ther described in the "Aud­itor’s respons­ib­il­it­ies for the audit of the fin­an­cial state­ments" sec­tion of this aud­itor’s report. We are inde­pend­ent of the com­pany in accord­ance with the Inter­n­a­tional Eth­ics Stand­ards Board of Account­ants' Code of Eth­ics for Pro­fes­sional Account­ants (IESBA Code) and the addi­tional require­ments applic­able in Den­mark, and we have ful­filled our other eth­ical respons­ib­il­it­ies in accord­ance with these require­ments and IESBA Code. We believe that the audit evid­ence we have obtained is suf­fi­ci­ent and appro­pri­ate to provide a basis for our opin­ion. Without modi­fy­ing our con­clu­sion, we draw the atten­tion to note 1 in the annual report, where the man­age­ment explains the expec­ted cap­ital injec­tions and the writ­ten non-bind­ing sup­port let­ter from the par­ent com­pany, which is a condi­tion of the com­pany’s con­tinu­a­tion of its busi­ness. Our opin­ion is not mod­i­fied in respect of this mat­ter. Man­age­ment is respons­ible for the pre­par­a­tion of fin­an­cial state­ments that give a true and fair view in accord­ance with the Dan­ish Fin­an­cial State­ments Act, and for such internal con­trol as Man­age­ment determ­ines is neces­sary to enable the pre­par­a­tion 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 a going con­cern, for dis­clos­ing, as applic­able, mat­ters related to going con­cern, and for using the going con­cern basis of account­ing in pre­par­ing the fin­an­cial state­ments unless Man­age­ment either intends 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 whole are free from mater­ial 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 with ISAs 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 could reas­on­ably 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, 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 to fraud or error, design and per­form audit pro­ced­ures respons­ive to those risks, and obtain audit evid­ence that is suf­fi­ci­ent and appro­pri­ate to provide a basis for our opin­ion. The risk of not detect­ing a mater­ial mis­state­ment res­ult­ing from fraud is higher 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 are appro­pri­ate in the cir­cum­stances, but not for the pur­pose of express­ing an opin­ion on the effect­ive­ness of the com­pany's internal con­trol.Evalu­ate the appro­pri­ate­ness of account­ing policies used and the reas­on­able­ness of account­ing estim­ates and related dis­clos­ures made by Man­age­ment.Con­clude on the appro­pri­ate­ness of Man­age­ment’s use of the going con­cern basis of account­ing in pre­par­ing the fin­an­cial state­ments, and, based on the audit evid­ence obtained, whether a mater­ial uncer­tainty exists related to events or condi­tions that may cast sig­ni­fic­ant doubt on the com­pany's abil­ity to con­tinue as a going con­cern. If we con­clude that a mater­ial uncer­tainty exists, we are required to draw atten­tion in our aud­itor’s report to the related dis­clos­ures in the fin­an­cial state­ments or, if such dis­clos­ures are inad­equate, to modify our opin­ion. Our con­clu­sions are based on the audit evid­ence obtained up to the date of our aud­itor’s report. How­ever, future events or condi­tions may cause the com­pany to cease to con­tinue as a going con­cern.Evalu­ate the overall present­a­tion, struc­ture and con­tent of the fin­an­cial state­ments, includ­ing the dis­clos­ures in the notes, and whether the fin­an­cial state­ments rep­res­ent the underly­ing trans­ac­tions and events in a man­ner that gives a true and fair view.Plan and per­form the audit of the fin­an­cial state­ments to obtain suf­fi­ci­ent appro­pri­ate audit evid­ence regard­ing the con­sol­id­ated fin­an­cial inform­a­tion of the entit­ies or busi­ness units as a basis for form­ing an opin­ion on the fin­an­cial state­ments. We are respons­ible for the dir­ec­tion, super­vi­sion and review of the audit work per­formed for pur­poses of the audit. We remain solely respons­ible for our audit opin­ion. We com­mu­nic­ate with those charged with govern­ance regard­ing, among other mat­ters, the planned scope and tim­ing of the audit and sig­ni­fic­ant audit find­ings, includ­ing any sig­ni­fic­ant defi­ci­en­cies in internal con­trol that we identify dur­ing our audit. Man­age­ment 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 of assur­ance con­clu­sion thereon.In con­nec­tion with our audit of the fin­an­cial state­ments, our respons­ib­il­ity is to read Man­age­ment’s Review and, in doing so, con­sider whether Man­age­ment’s Review is mater­i­ally incon­sist­ent with the fin­an­cial state­ments or our know­ledge obtained 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 the Dan­ish Fin­an­ci­als State­ments Act.Based on the work we have per­formed, in our view, Man­age­ment’s Review is in accord­ance with the fin­an­cial state­ments and has been pre­pared in accord­ance with the require­ments of the Dan­ish Fin­an­cial State­ments Act.We did not identify any mater­ial mis­state­ment in Man­age­ment’s Review. Søborg 2025-12-17 inforevision statsautoriseret revisionsaktieselskab 19263096 Michael Dam-Johansen State Authorised Public Accountant mne36161 The annual report has been pre­pared in accord­ance with Dan­ish fin­an­cial state­ment legis­la­tion as well as gen­erally accep­ted account­ing prin­ciples. The annual report has been pre­pared in accord­ance with the pro­vi­sions of the Dan­ish Fin­an­cial State­ments Act govern­ing Reporting class B.Some pro­vi­sions from report­ing class C has been adop­ted.The account­ing policies have not been changed from last year. Reporting class B Con­sol­id­ated fin­an­cial state­ments has not been pre­pared in accord­ance with the Dan­ish Fin­an­cial State­ment Act sec­tion 110. The fin­an­cial state­ments have been pre­pared based on his­t­or­ical cost.The income is recog­n­ised in the income state­ment as earned. Fur­ther­more, value adjust­ments of fin­an­cial assets and liab­il­it­ies meas­ured at fair value or amort­ised cost are recog­n­ised. 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 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 flow out 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 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 matur­ity period. Amort­ised cost is cal­cu­lated as ori­ginal cost less any repay­ments and with addi­tion/deduc­tion of the cumu­lat­ive amort­isa­tion of any dif­fer­ence between cost and the nom­inal amount. In this way, cap­ital losses and gains are alloc­ated over the matur­ity period.Recog­n­i­tion and meas­ure­ment take into account pre­dict­able losses and risks occur­ring before the present­a­tion of the annual report which con­firm or inval­id­ate affairs and condi­tions exist­ing at the bal­ance sheet date.The func­tional cur­rency is Dan­ish Kroner. All other cur­ren­cies are con­sidered for­eign cur­ren­cies. Dur­ing the year, trans­ac­tions in for­eign cur­ren­cies have been trans­lated apply­ing the exchange rate at the trans­ac­tion date. If cur­rency pos­i­tions are con­sidered hedge of future cash flows, the value adjust­ments are recog­n­ised dir­ectly in equity.Receiv­ables and debt denom­in­ated in for­eign cur­ren­cies have been recog­n­ised at the exchange rate of the bal­ance sheet date.Real­ised and unreal­ised exchange gains and losses have been recog­n­ised in the income state­ment under other fin­an­cial income and expenses. Gross profit/loss includes "Rev­enue""Cost of sales""External expenses". Rev­en­ues from sale of goods are recog­n­ised in the income state­ment when the bene­fits and risk are trans­ferred to the buyer, rev­en­ues can be meas­ured reli­ably and it is prob­able that the eco­nomic bene­fits will flow to the com­pany (col­lect­ab­il­ity is prob­able). Rev­en­ues from ser­vices are recog­n­ised over time by the per­centage of com­ple­tion method, whereas the rev­enue cor­responds to the mar­ket value of the rendered ser­vice per­formed in the fin­an­cial year. The method is applied when rev­enue and attrib­ut­able cost can be meas­ured reli­ably and the stage of com­ple­tion at the bal­ance sheet date can be meas­ured reli­ably, as well as it is prob­able that the eco­nomic bene­fits asso­ci­ated with the ser­vice will flow to the com­pany (col­lect­ab­il­ity is prob­able). The per­centage of com­ple­tion is determ­ined based on the ratio between incurred cost and the total estim­ated cost related to the ser­vice. Rev­enue is meas­ured at fair value excl. VAT and less gran­ted dis­counts. Cost of sales com­prise dir­ect costs for game plat­form devel­op­ment. External expenses com­prises Admin­is­trat­ive expenses. Staff costs include wages and salar­ies includ­ing hol­i­day pay and pen­sions and other social secur­ity costs etc. to the com­pany's employ­ees. Income from invest­ments in group enter­prises com­prises the pro rata share of the group enter­prises’ profit/loss adjus­ted for internal profits and losses less amort­isa­tion of good­will on con­sol­id­a­tion for the year. Fin­an­cial income is recog­n­ised with amounts con­cern­ing the fin­an­cial year. Fin­an­cial income com­prise interest, real­ised and unreal­ised exchange gains as well as interest reim­burse­ments under the Dan­ish Tax Pre­pay­ment Scheme. Fin­an­cial expenses is recog­n­ised with amounts con­cern­ing the the fin­an­cial year. Fin­an­cial expenses com­prise interest, real­ised and unreal­ised exchange losses as well as interest sur­charge under the Dan­ish Tax Pre­pay­ment Scheme. Tax on profit or loss for the year rep­res­ents 22% of the book profit or loss adjus­ted for non-tax­able and non-deduct­ible items. Tax on profit or loss for the year con­sists of the anti­cip­ated tax por­tion of the tax­able income for the year adjus­ted for the changes for the year in deferred tax. Changes in deferred taxes due to adjust­ments of tax rates is recog­n­ised in the income state­ment. Tax on profit or loss for the year is recog­n­ised in the income state­ment by the por­tion attrib­ut­able to the profit or loss for the year and recog­n­ised dir­ectly in equity by the por­tion attrib­ut­able to entries dir­ectly in equity. The com­pany is sub­ject to the Dan­ish Tax Pre­pay­ment Scheme. Interest reim­burse­ment and interest sur­charge have been recog­n­ised in fin­an­cial income and expenses. The bal­ance sheet has been presen­ted in account form. Intan­gible assets are meas­ured at cost less accu­mu­late amort­isa­tion. Cost com­prises the acquis­i­tion price as well as costs dir­ectly related to the acquis­i­tion until the time when the asset is ready to be put into opera­tion. Devel­op­ment pro­jects on clearly defined and iden­ti­fi­able products and pro­cesses, for which the tech­n­ical rate of util­isa­tion, adequate resources and a poten­tial future mar­ket or devel­op­ment oppor­tun­ity in the com­pany can be est­ab­l­ished, and where the inten­tion is to man­u­fac­ture, mar­ket or apply the product or pro­cess in ques­tion, are recog­n­ised as intan­gible assets. Other devel­op­ment costs not meet­ing the cri­teria for cap­it­al­isa­tion are recog­n­ised as costs in the income state­ment as incurred. Devel­op­ment pro­jects on clearly defined and iden­ti­fi­able products and pro­cesses, for which the tech­n­ical rate of util­isa­tion, adequate resources and a poten­tial future mar­ket or devel­op­ment oppor­tun­ity in the com­pany can be est­ab­l­ished, and where the inten­tion is to man­u­fac­ture, mar­ket or apply the product or pro­cess in ques­tion, are recog­n­ised as intan­gible assets. Other devel­op­ment costs not meet­ing the cri­teria for cap­it­al­isa­tion are recog­n­ised as costs in the income state­ment as incurred.For own-developed devel­op­ment pro­jects, cap­it­al­ised after 1 Janu­ary 2016 the car­ry­ing amount less deferred tax is trans­ferred from "Retained earn­ings" to "Reserve for devel­op­ment expendit­ure" under equity. Car­ry­ing amounts which exist as a con­sequence of pur­chases of assets or enter­prises' are not taken into the reserve. Assets are amort­ised on a straight-line basis over their estim­ated use­ful lives: Cat­egory Period Com­pleted devel­op­ment pro­jects 5 years Com­pleted devel­op­ment pro­jects 5 years Devel­op­ment pro­jects in pro­gress are not amort­ised.As the intan­gible assets are not being traded in an act­ive and effect­ive mar­ket, no resid­ual val­ues after end of use are included when determ­in­ing the amort­isa­tion period.Profit/loss on sale has been included in the income state­ment under other operat­ing income and other operat­ing expenses.The car­ry­ing amounts of intan­gible assets are reviewed annu­ally for indic­a­tion of impair­ment for losses, apart from what is expressed by usual amort­isa­tion. If this applies, impair­ment for loss is made of each asset or group of assets, respect­ively, to lower recover­able amount. As recover­able amount, the higher of expec­ted net selling price and net present value is applied. The net present value is cal­cu­lated as the present value of the expec­ted cash flows from the use of the asset or the group of assets.Impair­ment for loss for the year is recog­n­ised in the income state­ment as amort­isa­tion, depre­ci­a­tion and impair­ment for loss of prop­erty, plant and equip­ment and intan­gible assets. Prop­erty, plant and equip­ment are meas­ured at cost less accu­mu­late depre­ci­a­tion. The basis of depre­ci­a­tion is cost less estim­ated resid­ual value after the end of use­ful life. Cost com­prises the acquis­i­tion price as well as costs dir­ectly related to the acquis­i­tion until the time when the asset is ready to be put into opera­tion. The cost price for an asset is divided into sep­ar­ate com­pon­ents, that are depre­ci­ated sep­ar­ately, if the use­ful life of the indi­vidual com­pon­ents is sig­ni­fic­antly dif­fer­ent. Depre­ci­a­tion is ini­ti­ated when the assets are ready to be taken into opera­tion. Assets are depre­ci­ated on a straight-line basis over their estim­ated use­ful lives with fol­low­ing resid­ual val­ues: Cat­egory Period Resid­ual value Fix­tures, fit­t­ings, tools and equip­ment 3 - 8 years 0% Minor pur­chases with use­ful lives below one year have been recog­n­ised as an expense in the income state­ment in external expenses.Profit/loss on sale or retire­ment has been included in the income state­ment under gross profit or loss and other operat­ing expenses.The car­ry­ing amounts of prop­erty, plant and equip­ment are reviewed annu­ally for indic­a­tion of impair­ment for losses, apart from what is expressed by usual depre­ci­a­tion. If this applies, impair­ment for loss is made of each asset or group of assets, respect­ively, to lower recover­able amount. As recover­able amount, the higher of expec­ted net selling price and net present value is applied. The net present value is cal­cu­lated as the present value of the expec­ted cash flows from the use of the asset or the group of assets.Impair­ment for loss for the year is recog­n­ised in the income state­ment as amort­isa­tion, depre­ci­a­tion and impair­ment for loss of prop­erty, plant and equip­ment and intan­gible assets. Invest­ments in group enter­prises have been recog­n­ised accord­ing to the equity method. This means that invest­ments are meas­ured at the pro rata share of the group enter­prises' net asset value adjus­ted for internal dividends and profit or losses.Dis­trib­ut­able reserves in group enter­prises which are dis­trib­uted as dividends to the par­ent at the bal­ance sheet date are included in the value of invest­ments.Group enter­prises with neg­at­ive net asset val­ues are meas­ured at zero, and any receiv­able from such enter­prises is writ­ten down by the Par­ent's share of the neg­at­ive net asset value to the extend deemed irre­cover­able. If the neg­at­ive net asset value exceeds the amount receiv­able, the remain­ing amount is recog­n­ised in pro­vi­sions to the extent the Par­ent has a legal or con­struct­ive oblig­a­tion to cover the rel­ev­ant enter­prise's liab­il­it­ies.Acquis­i­tion of group enter­prises are recog­n­ised at cost. The dif­fer­ence between the cost price and the net asset value of the acquired com­pany, which appears at the time of est­ab­l­ish­ing the con­sol­id­a­tion, is as far as pos­s­ible alloc­ated to the assets and liab­il­it­ies whose value is higher or lower than the car­ry­ing amount. A remain­ing pos­it­ive dif­fer­ence is treated as good­will and included in the value of invest­ments.A neg­at­ive dif­fer­ence, reflect­ing an expec­ted cost or an unfa­vour­able devel­op­ment, are recog­n­ised as income in the income state­ment in the year of acquis­i­tion.Good­will is amort­ised in the income state­ment over 5 years. The amort­isa­tion period is based on an assess­ment of the mar­ket pos­i­tion, earn­ings pro­file, and expect­a­tions of cus­tomers loy­al­ity, which within reas­on­able lim­its is based on his­t­or­ical data/regis­tra­tions. Amort­isa­tions are recog­n­ised in the income state­ment with other value adjust­ments in the item income from invest­ments in group enter­prises. The total net revalu­a­tion of invest­ments in group enter­prises is alloc­ated through the profit or loss dis­tri­bu­tion to "Reserve for net revalu­a­tion accord­ing to the equity method" under equity. The reserve is reduced by dividend dis­tri­bu­tions to the Par­ent and is adjus­ted by changes in equity in the group enter­prises. Depos­its recog­n­ised as fixed assets are meas­ured at amort­ised cost, which usu­ally cor­responds to nom­inal amount. Receiv­ables are meas­ured in the bal­ance sheet at the lower of amort­ised cost and net real­is­able value, which cor­responds to nom­inal value less pro­vi­sions for bad debts. Pro­vi­sions for bad debts are determ­ined on the basis of an indi­vidual assess­ment of each receiv­able. Pre­pay­ments com­prise costs incurred relat­ing to sub­sequent fin­an­cial years. Increases of the the share cap­ital is recog­n­ised dir­ectly into equity less related trans­ac­tion cost. Reserve for net revalu­a­tion accord­ing to equity method com­prise net revalu­a­tion in group enter­prises, asso­ci­ates and par­ti­cip­at­ing interests. The reserve is reduced by dividend dis­trib­uted to the Par­ent and adjus­ted for other equity move­ments in the group enter­prises, asso­ci­ates and par­ti­cip­at­ing interests. The reverse may be elim­in­ated with neg­at­ive retained earn­ings. The reserve is reduced or dis­solved when divest­ing the group enter­prises, asso­ci­ates and par­ti­cip­at­ing interests.Reserve for devel­op­ment expendit­ure com­prise cap­it­al­ised devel­op­ment expenses from 1 Janu­ary 2016. The reserve can­not be used for dividends or for elim­in­a­tion of neg­at­ive retained earn­ings. The reserve is reduced or dis­solved due to amort­isa­tion or divest­ment by trans­fer­ring the amount from the reserve to retained earn­ings.Dividend dis­tri­bu­tion pro­posed by Man­age­ment for the year is dis­closed as a sep­ar­ate equity item. Deferred tax is meas­ured using the bal­ance sheet liab­il­ity method. Pro­vi­sion has been made for deferred tax by 22% on all tem­por­ary dif­fer­ences between car­ry­ing amount and tax-based value of assets and liab­il­it­ies. Deferred tax is also meas­ures with respect of the planned use of the asset and the set­tle­ment of the liab­il­ity. The tax value of the tax losses to be car­ried for­ward are included in the cal­cu­la­tion of deferred taxes if it is prob­able that the losses can be used. Deferred tax assets are meas­ured at net real­is­able value.Deferred tax assets which are not expec­ted util­ised within a few years have been dis­closed in notes under con­tin­gent assets.Cor­por­a­tion tax relat­ing to the the fin­an­cial year which has not been settled at the bal­ance sheet date is clas­si­fied as cor­por­a­tion tax in receiv­ables or liab­il­it­ies other than pro­vi­sions. Short-term debts are meas­ured at amort­ised cost, sub­stan­tially cor­respond­ing to nom­inal value. -11516103 -16601145 8090518 463724 53078956 11488258 -72685577 -28553127 -21094 137031 1774739 142083 459210 163684 -71391142 -28437697 -2578905 -6285386 -68812237 -22152311 -68812237 -22152311 0 45953030 0 6901095 0 52854125 59352 0 59352 0 615210 216141 327298 0 942508 216141 1001860 53070266 853619 420231 91323 72577 0 8360563 189670 123237 1134612 8976608 7310061 183092 8444673 9159700 9446533 62229966 144753 93940 579245 180176 0 41226218 3768377 7475779 4492375 48976113 0 2578905 0 2578905 384662 243237 511572 3993550 4057924 6438161 4954158 10674948 4954158 10674948 9446533 62229966  Con­trib­uted cap­italReserve for net revalu­a­tion accord­ing to equity methodReserve for devel­op­ment expendit­ureRetained earn­ingsTotal DKKDKKDKKDKKDKK      Equity at 1 June 202393.94043.14544.804.20526.187.13471.128.424Dis­trib­uted profit/loss for the year 0 -22.152.311-22.152.311Trans­ferred from net revalu­a­tion accord­ing to equity method to retained earn­ings 137.031 -137.0310Trans­ferred to reserve for devel­op­ment expendit­ure for the year  -3.577.9873.577.9870Equity at 1 June 202493.940180.17641.226.2187.475.77948.976.113Cap­ital increase50.813  24.277.68624.328.499Dis­trib­uted profit/loss for the year 0 -68.812.237-68.812.237Trans­ferred from net revalu­a­tion accord­ing to equity method to retained earn­ings 399.069 -399.0690Trans­ferred to reserve for devel­op­ment expendit­ure for the year  -41.226.21841.226.2180Equity at 31 March 2025144.753579.24503.768.3774.492.375      In Septem­ber 2025, there has been a cap­ital increase. The Com­pany´s nom­inel share has increased by nom­inel DKK 14,944, with a premium of DKK 100In Septem­ber 2025, there has been a cap­ital increase. The Com­pany´s nom­inel share has increased by nom­inel DKK 1,857, with a premium of DKK 47,879In Septem­ber 2025, there has been a cap­ital increase. The Com­pany´s nom­inel share has increased by nom­inel DKK 2,708, with a premium of DKK 47,879 (See note 8)In Septem­ber 2025, there has been a cap­ital increase. The Com­pany´s nom­inel share has increased by nom­inel DKK 18,957, with a premium of DKK 10.000In Octo­ber 2025, there has been a cap­ital increase. The Com­pany´s nom­inel share has increased by nom­inel DKK 36,310, with a premium of DKK 10.000 0 0 In accord­ance with the budget for 2025/26 and expect­a­tions, the com­pany has con­tin­ued its ongo­ing devel­op­ment activ­it­ies dur­ing the fin­an­cial year.  The com­pany's cash flow pre­dic­tions for 2025/26 shows that dur­ing the year, loans and cap­ital con­tri­bu­tions of at least DKK 12,5 mio. is required, of which DKK 4 mio. had been received as of 30 Novem­ber 2025.It is the opin­ion of the man­age­ment that the loan or cap­ital con­tri­bu­tion will be effec­tu­ated enabling the con­tin­ued opera­tions At the time of fin­an­cial report­ing, the com­pany’s man­age­ment has ini­ti­ated a dia­logue with the share­holder regard­ing the con­tri­bu­tion of the neces­sary cap­ital, and there are no indic­a­tions that this will not be effec­tu­ated. How­ever, Man­age­ment also notes that this assess­ment is sub­ject to mater­ial uncer­tainty, which may cast sig­ni­fic­ant doubt on the com­pany´s abil­ity to con­tinue as a going con­cern.  The com­pany´s man­age­ment expects cap­ital injec­tions and has received a writ­ten non-bind­ing sup­port let­ter from the par­ent com­pany, which is a condi­tion of the com­pany’s con­tinu­a­tion of its busi­ness.  Based on the above, the fin­an­cial state­ments have been pre­pared under the going con­cern assump­tion.     2024/252023/24 DKKDKK   Wages and salar­ies7.159.145442.792Pen­sions 536.27010.154Other social secur­ity costs58.0141.360Other staff cost337.0899.418Total8.090.518463.724   Average num­ber of full-time employ­ees51       7159145 442792 536270 10154 58014 1360 337089 9418 5 1  2024/252023/24 DKKDKK   Amort­isa­tion of intan­gible assets011.488.258Impair­ment losses of intan­gible assets52.854.1250Depre­ci­a­tion of prop­erty, plant and equip­ment224.8310Total53.078.95611.488.258       Cor­por­a­tion taxDeferred taxTax on profit/loss for the year2023/24 DKKDKKDKKDKK     Pay­ables at 1 June 2024-8.360.5632.578.905  Paid in respect of pre­vi­ous years8.360.563   Tax on profit/loss for the year0-2.578.905-2.578.905-6.285.386Pay­ables at 31 March 202500  Tax on profit/loss for the year recog­n­ised in the income state­ment  -2.578.905-6.285.386  Other sim­ilar rights ori­gin­at­ing from devel­op­ment pro­jectsDevel­op­ment pro­jects in pro­gressTotal2023/24 DKKDKKDKKDKK     Cost at 1 June 202457.441.2886.901.09564.342.38357.441.288Addi­tions for the year0006.901.095Cost at 31 March 202557.441.2886.901.09564.342.38364.342.383     Amort­isa­tion and impair­ment losses at 1 June 2024-11.488.2580-11.488.2580Amort­isa­tion for the year0 0-11.488.258Impair­ment losses for the year-45.953.030-6.901.095-52.854.1250Amort­isa­tion and impair­ment losses at 31 March 2025-57.441.288-6.901.095-64.342.383-11.488.258     Car­ry­ing amount at 31 March 202500052.854.125  Fix­tures, fit­t­ings, tools and equip­mentTotal DKKDKK   Cost at 1 June 2024445.757445.757Addi­tions for the year50.07850.078Cost at 31 March 2025495.835495.835   Depre­ci­a­tion and impair­ment losses at 1 June 2024-211.652-211.652Depre­ci­a­tion for the year-224.831-224.831Depre­ci­a­tion and impair­ment losses at 31 March 2025-436.483-436.483   Car­ry­ing amount at 31 March 202559.35259.352  Invest­ments in group enter­prisesDepos­itsTotal2023/24 DKKDKKDKKDKK     Cost at 1 June 202435.965327.298363.26335.965Cost at 31 March 202535.965327.298363.26335.965     Revalu­a­tions at 1 June 2024180.176 180.17643.145Revalu­a­tions for the year399.069 399.069137.031Revalu­a­tions at 31 March 2025579.245 579.245180.176     Car­ry­ing amount at 31 March 2025615.210327.298942.508216.141 After the end of the fin­an­cial year, the par­ent com­pany has received cap­ital con­tri­bu­tions and debt con­ver­sion of DKK 1,296,750,  whereby these funds will fin­ance the opera­tions of the underly­ing com­pan­ies for the com­ing year's opera­tions and invest­ments.    2024/25 DKK  Unre­cog­n­ised deferred tax assets due to tax losses car­ried for­ward and tax depre­ci­a­tion below account­ing depre­ci­a­tion on fix­tures, fit­t­ings, tools and equip­ment13.069.965 Revisionspåtegning 19263096 inforevision statsautoriseret revisionsaktieselskab Buddingevej 312 2860 Søborg 2025-12-17 2024-06-01 2025-03-31 2023-06-01 2024-05-31