39587785 2024-07-01 2025-06-30 39587785 2024-07-01 2025-06-30 1 39587785 2023-07-01 2024-06-30 39587785 2025-06-30 39587785 2024-06-30 39587785 2024-07-01 d:CompletedDevelopmentProjectsMember 39587785 2025-06-30 d:CompletedDevelopmentProjectsMember 39587785 2024-07-01 2025-06-30 d:CompletedDevelopmentProjectsMember 39587785 2024-07-01 d:AcquiredIntangibleAssetsMember 39587785 2025-06-30 d:AcquiredIntangibleAssetsMember 39587785 2024-07-01 2025-06-30 d:AcquiredIntangibleAssetsMember 39587785 2024-07-01 d:DevelopmentProjectsInProgressMember 39587785 2024-07-01 2025-06-30 d:DevelopmentProjectsInProgressMember 39587785 2025-06-30 d:DevelopmentProjectsInProgressMember 39587785 2024-07-01 d:DepositsLongtermInvestmentsAndReceivablesMember 39587785 2024-07-01 2025-06-30 d:DepositsLongtermInvestmentsAndReceivablesMember 39587785 2025-06-30 d:DepositsLongtermInvestmentsAndReceivablesMember 39587785 2025-06-30 d:LongtermDeferredIncomeMember 39587785 2024-07-01 d:ContributedCapitalMember 39587785 2023-07-01 d:ContributedCapitalMember 39587785 2025-06-30 d:ContributedCapitalMember 39587785 2024-06-30 d:ContributedCapitalMember 39587785 2024-07-01 d:ReserveForDevelopmentExpenditureMember 39587785 2023-07-01 d:ReserveForDevelopmentExpenditureMember 39587785 2024-07-01 2025-06-30 d:ReserveForDevelopmentExpenditureMember 39587785 2023-07-01 2024-06-30 d:ReserveForDevelopmentExpenditureMember 39587785 2025-06-30 d:ReserveForDevelopmentExpenditureMember 39587785 2024-06-30 d:ReserveForDevelopmentExpenditureMember 39587785 2024-07-01 d:RetainedEarningsMember 39587785 2023-07-01 d:RetainedEarningsMember 39587785 2024-07-01 2025-06-30 d:RetainedEarningsMember 39587785 2023-07-01 2024-06-30 d:RetainedEarningsMember 39587785 2025-06-30 d:RetainedEarningsMember 39587785 2024-06-30 d:RetainedEarningsMember 39587785 2024-07-01 2025-06-30 1 iso4217:DKK xbrli:pure Årsrapport 15915641 Christensen Kjærulff, Statsautoriseret Revisionsaktieselskab Østbanegade, 123 2100, København Ø 2023-07-01 2024-06-30 2024-07-01 2025-06-30 39587785 Reinvent Studios ApS Wilders Plads 8A, 1. 1403 København Christensen Kjærulff, Statsautoriseret Revisionsaktieselskab 15915641 Anders Nielsen statsautoriseret revisor mne42832 Østbanegade 123 2100 København Ø Danmark +45 33 30 15 15 ck@ck.dk 2025-10-28 Rikke Louise Ennis Regnskabsklasse B Erklæring om udvidet gennemgang Ja CaseWare fra Revisorgruppen Danmark kapitalejerne København 2025-10-28 København 2025-10-28 Grundlag for konklusion Konklusion -881210 3037436 1168214 1150056 7160382 4123414 -9209806 -2236034 0 30305 6279 283144 78824 1235971 -9282351 -3158556 -2767000 -836815 -6515351 -2321741 -6515351 -2321741 0 880240 39710742 45990883 1573165 3336604 41283907 50207727 165538 177926 165538 177926 41449445 50385653 462564 0 409178 410357 3547829 781971 74236 2515120 125109 0 4618916 3707448 135936 177286 4754852 3884734 46204297 54270387 0 50000 50000 1227069 103285 -10047524 -5704421 -8770455 -5551136 15475468 16573552 136406 181142 30109790 29298866 45721664 46053560 8345272 12992731 383832 213898 39820 37403 137282 0 346882 523931 9253088 13767963 54974752 59821523 46204297 54270387 1073060 1049699 77953 74470 7128 7824 10073 18063 1168214 1150056 2 2 0 1201069 78824 34902 78824 1235971 1467068 1467068 586828 880240 1467068 60896983 60896983 14906100 6280141 21186241 39710742 3336604 1763439 1573165 1573165 177926 2719 15107 165538 165538 8345272 0 50000 50000 50000 50000 3289138 2168377 0 2065092 -2062069 0 1227069 103285 -8770274 -5134102 3176032 -313670 -6515351 -2321741 0 -2065092 2062069 0 -10047524 -5704421 Today, the Managing Director has approved the annual report of Reinvent Studios ApS for the financial year 1 July 2024 - 30 June 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. I consider the chosen accounting policy to be appropriate, and in my opinion, the financial statements give a true and fair view of the financial position of the Company at 30 June 2025 and of the results of the Company's operations for the financial year 1 July 2024 – 30 June 2025. Further, in my opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Rikke Louise Ennis We have performed an extended review of the financial statements of Reinvent Studios ApS for the financial year 1 July 2024 - 30 June 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. Based on the work performed, in our opinion, the financial statements give a true and fair view of the Company's financial position at 30 June 2025 and of the results of the Company's operations for the financial year 1 July 2024 - 30 June 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the "Practitioner's responsibilities for the extended review of the Financial Statements" section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Den­mark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. 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, disclosing, as applicable, matters related to going concern and 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 responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the financial statements and in addition perform specifically required supplementary procedures to obtain further assurance for our conclusion. An extended review comprises procedures that primarily consist of making inquiries of Management and others within the Company, as appropriate, analytical procedures and the specifically required supplementary procedures as well as evaluation of the evidence obtained. The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on the financial statements. Statement on the Management’s ReviewManagement is responsible for the Management’s Review. Our conclusion on the financial statements does not cover the Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our extended review of the financial statements, our responsibility is to read the Management’s Review and, in doing so, consider whether the Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the extended review, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the 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 the Management’s Review. Description of key activities of the companyThe company's key activities comprise of development of films and series. Significant changes in the company's activities and financial mattersThe gross loss for the year totals DKK -881.210 against DKK 3.037.436 last year. Income or loss from ordinary activities after tax totals DKK -6.515.351 against DKK -2.321.741 last year. Management considers the net profit or loss for the year satisfactory. The company has merged with Reinvent Studios - Brisling ApS, REinvent Studios - Aborre ApS and REinvent Studios - Cichlide ApS as of 1 July 2024, with Reinvent Studios ApS as the continuing company. The comparative figures have been adjusted in accordance with the consolidated method. Reference is made to the description in the accounting policies. 8.Contractual obligations and contingencies, etc.Joint taxationWith Reinvent Group ApS, company reg. no 39565005 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. The annual report for Reinvent Studios ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. As a result of the merger as of 1 July 2024, the comparative figures for 2023/24 have been adjusted. REinvent Studios - Aborre ApS, Reinvent Studios - Brisling ApS and REinvent Studios Cichlide ApS are included in the comparative figures for 2023/24. The recognition of the companies has reduced the profit for the year by DKK 1,321 thousand, reduced the balance sheet total by DKK 967 thousand and reduced equity by DKK 314 thousand. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Gross lossGross loss comprises the revenue, changes in inventories of finished goods, and work in progress, own work capitalised, other operating income, and external costs. The enterprise will be applying IAS 11 and IAS 18 as its basis of interpretation for the recognition of revenue. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets, operating loss and conflict compensation as well as salary reimbursements received. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Intangible assetsDevelopment projects, patents, and licencesDevelopment costs and internally generated rights are recognised in the income statement as costs in the acquisition year. Patents and licenses are measured at cost less accrued amortisation. Patents are amortised on a straightline basis over the remaining patent period and licenses are amortised over the contract period, however, for a maximum of 5 years. Profit and loss from the sale of development projects, patents, and licenses are measured as the difference between the sales price less sales costs and the carrying amount at the time of sale. Profit or loss are recognised in the income statement as other operating income or other operating expenses, respectively. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets as well as equity investments in group enterprises are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. EquityReserve for development costsThe reserve for development costs comprises recognised development costs less related deferred tax liabilities. The reserve cannot be used as dividends or for covering losses. The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" According to the rules of joint taxation, Reinvent Studios ApS is unlimitedly, jointly, and severally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsLiabilities other than provisions relating to investment properties are measured at amortised cost. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value.