iso4217:DKK398915222021-01-012021-12-31398915222021-01-012021-12-311398915222021-01-012021-12-311398915222021-01-012021-12-312398915222020-01-012020-12-31398915222021-01-012021-12-31fsa:RetainedEarningsMember398915222020-01-012020-12-31fsa:RetainedEarningsMember398915222021-01-012021-12-31fsa:ContributedCapitalMember398915222021-01-012021-12-31fsa:RetainedEarningsMember398915222021-12-31398915222020-12-31398915222021-01-01fsa:ContributedCapitalMember398915222021-12-31fsa:ContributedCapitalMember398915222021-01-01fsa:RetainedEarningsMember398915222021-12-31fsa:RetainedEarningsMember398915222021-01-01Annual reportAuditor's report on audited financial statementsfalseReporting class BtruefalsefalsePSN ApSSvanevej 12, 42400København NV398915222018-09-25Copenhagen2021-01-012021-12-312020-01-012020-12-312022-06-24Ann-Sofie Trampe JarløvPradeep PattemPriceWaterhouseCoopers Statsautoriseret RevisionspartnerselskabPriceWaterhouseCoopers Statsautoriseret Revisionspartnerselskab3377123133771231PSN ApSSvanevej 12, 42400 København NV39891522The Board of Directors and management have today considered and adopted the annual report for the financial year 1 January 2021 - 31 December<br/>2021 for PSN ApS.<br/>The annual report is prepared in accordance with the Danish Financial Statement Act.<br/>In our opinion, the financial statements give a true and fair view of the financial position as at 31 December 2021 of the Company and of the results<br/>of the Company’s operations for 2021.<br/>It is also our opinion that the Management’s Review a true and fair account of the development of Company’s activities and financial conditions, the<br/>profit for the period and the Company’s financial position as a whole, and a description of the significant risks and uncertainty factors that the Company<br/>faces.<br/>The annual report is submitted to the Ordinary General Meeting for approval.Copenhagen2022-06-24To the shareholders of PSN ApSOpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2021 and of the results<br/>of the Company’s operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act.<br/>We have audited the Financial Statements of PSN ApS for the financial year 1 January - 31 December 2021, which comprise income statement,<br/>balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”).Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our<br/>responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements<br/>section of our report.<br/>We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements<br/>Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free<br/>from material misstatement, whether due to fraud or error.<br/>In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing,<br/>as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management<br/>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<br/>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<br/>guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material<br/>misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could<br/>reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.<br/>As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment<br/>and maintain professional skepticism throughout the audit. We also:<br/> Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit<br/>procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk<br/>of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery,<br/>intentional omissions, misrepresentations, or the override of internal control.<br/> Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances,<br/>but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.<br/> Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by<br/>Management.<br/> Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and,<br/>based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on<br/>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<br/>our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our<br/>conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause<br/>the Company to cease to continue as a going concern.<br/> Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial<br/>statements represent the underlying transactions and events in a manner that gives a true and fair view.<br/> Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express<br/>an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group<br/>audit. We remain solely responsible for our audit opinion.<br/>We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant<br/>audit findings, including any significant deficiencies in internal control that we identify during our audit.<br/>We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence,<br/>and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where<br/>applicable, related safeguards.<br/>From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the<br/>Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or<br/>regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated<br/>in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of<br/>such communication.Management is responsible for Management’s Review.<br/>Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.<br/>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<br/>Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be<br/>materially misstated.<br/>Moreover, we considered whether Management’s Review includes the disclosures required by the Danish Financial Statements Act.<br/>Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared<br/>in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review.Hellerup2022-06-24Morten Jørgensen Jacob DanneferState Authorised Public AccountantState Authorised Public Accountantmne32806mne47886Key activities<br/>The company's objects are to act as general partner in Danish limited partnership companies (P/Ses) and limited partnerships (K/Ses) and any other<br/>related activity.<br/>Development in the year<br/>The income statement of the Company for 2021 shows a loss of DKK 19,604 (2020: - DKK 9,986), and at 31 December 2021 the balance sheet of<br/>the Company shows equity of DKK 16,361 (2020: DKK 35,964).<br/>Subsequent events<br/>No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.BASIS OF PREPARATION<br/>The annual report of PSN ApS for 2021 has been prepared in accordance with the provisions of Danish Financial Statements Act applying to<br/>enterprises of reporting class B as well as selected rules applying to reporting class C. The annual report is presented in Danish crown (DKK), which<br/>is considered to be the primary currency of the Company’'s activities and the functional currency of the company. The annual report is prepared on<br/>a historical cost basis, except for certain financial obligations that are measured at fair value. The accounting policies are otherwise as described<br/>below.<br/>The accounting policies remain unchanged from last year.<br/>Recognition and measurement<br/>Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair<br/>value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement.<br/>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<br/>the value of the asset can be measured reliably.<br/>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<br/>liability can be measured reliably.<br/>Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Revenue<br/>Income is recognised on an accrual basis from management fees/general partner fee.<br/>Gross profit/loss<br/>With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue and other external<br/>expenses..<br/>Financial income and expenses<br/>Financial items include interest income and interest expenses, foreign exchange rate adjustments, amortization premiums / discounts, realized and<br/>unrealized gains and losses on securities as well as surcharges and refunds under the tax.<br/>Borrowing costs directly attributable to the development projects of investment or project portfolios, added to the cost of the assets until the time<br/>when the project is completed and the property can be used for the intended purpose.<br/>Tax on profit/loss for the year<br/>Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised<br/>in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.<br/>The Company is jointly taxed with Danish group enterprises. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable<br/>incomes.Receivables<br/>Receivables are measured at amortized cost. Impairment losses are made for losses which are deemed to have resulted in an objective indication<br/>that an individual receivable is impaired.<br/>Prepayments<br/>Prepayments recognized under assets comprise incurred costs related to coming financial years. Prepayments are measured at cost.<br/>Deferred tax assets and liabilities<br/>Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets<br/>and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability,<br/>respectively.<br/>Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by setoff<br/>against deferred tax liabilities within the same legal tax entity.<br/>Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the<br/>deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement<br/>or in equity if the deferred tax relates to items recognised in equity.<br/>Liabilities<br/>Liabilities are measured at amortised cost, substantially corresponding to nominal value-25133-12803-25133-12803-5529-2817-19604-9986-19604-99860-196049489395994893959300020001387235005168723700526361409645000050000-33639-1403616361359645000050000-14036-33640359641000050001000050002636140964Deferred tax for the year 5,529 2,817Share capital<br/>The current equity is DKK 16,360. The equity will be restored by capital infusion from Park Street A/S in the coming period.Transactions with related parties<br/>Receivables from related parties 3,000 2,000<br/>Receivables at 31 December 3,000 2,000<br/>The company is general partner of the companies Pulse Taastrup P/S and Pulse Glostrup P/S, PSN ApS is a fully owned subsidiary of Park Street<br/>A/S.<br/>The company is included in the consolidated financial statements of Park Street A/S.No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.As a general partner, the company is directly, unlimited and jointly and severally liable for the companies Pulse Taastrup P/S and Pulse Glostrup P/S<br/>with total liabilities of DKK 268 million at December 31, 2021.<br/>The Company is jointly taxed with other companies in Park Street Group.<br/>As a result, the company is unlimited and jointly and severally liable with the other companies in the joint taxation of Danish withholding taxes on<br/>dividends, interest and royalties within the joint taxation of Park Street Group.