38046349 2024-01-01 2024-12-31 38046349 2024-12-31 38046349 2023-01-01 2023-12-31 38046349 2023-12-31 38046349 2024-01-01 2024-12-31 1 38046349 2024-01-01 2024-12-31 2 38046349 2024-01-01 2024-12-31 3 38046349 2024-01-01 2024-12-31 4 38046349 2024-01-01 2024-12-31 1 38046349 2024-01-01 2024-12-31 38046349 2024-01-01 2024-12-31 1 38046349 2024-01-01 2024-12-31 2 iso4217:DKK xbrli:pure 2024-01-01 2024-12-31 2025-05-26 2025-05-26 2025-05-26 Allerød inforevision statsautoriseret revisionsaktieselskab 2860 Søborg Flow-Loop ApS Buddingevej 312 Sortemosevej 21 3450 Søborg 38046349 2023-01-01 2023-12-31 The company's purpose is to operate a business related to the development, production and sale of equipment for water and energy saving as well as other activities that are naturally related to this. The results of the company's activities in the financial year amounted to a profit/loss of DKK -2.565.771 against DKK -9.309.771 in last financial year. The equity at the balance sheet date amounted to DKK 6.527.672. The main activities in 2024 has been sales and to secure funding for the company’s growth strategy. The company has ongoing negotiations that will secure funding of the growth strategy and expect a solution in Q2 2025. The Board of Directors and The Executive Board have today considered and adopted the annual report for 1 January 2024 - 31 December 2024 for Flow-Loop 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 December 2024 and of the results of its operations for the financial year 1 January 2024 - 31 December 2024. We believe that the Management's review contains a fair review of the affairs and conditions referred to therein. We still consider that the conditions to refrain audit are fulfilled. We recommend that the annual report be adopted at the Annual General Meeting. We have prepared the financial statements of Flow-Loop ApS for the financial year 1 January 2024 - 31 December 2024 on basis of the company's bookkeeping as well as other information provided by management. The financial statements comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. We have carried out the engagement in accordance with ISRS 4410, Compilation Engagements. We have applied our professional expertise to assist management in the preparation and presentation of the financial statements in accordance with the Danish Financial Statement Act. We have complied with the relevant provisions of the Danish Act on Registered and State-Authorised Public Accountants and the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) including principles of integrity, objectivity, professional competence and due care. The financial statements and the accuracy and completeness of the information used to compile the financial statements are management's responsibility. Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information provided to us by management to compile the financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether the financial statements are prepared in accordance with the Danish Financial Statement Act. 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. 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""Own work capitalised""Other operating income""External expenses". As income recognition criterion, the production criterion is applied so that revenue comprises the invoiced revenue for the year reduced by prepayments and with addition for work in progress measured at market value. Revenue is measured at fair value excl. VAT and less granted discounts. Own work capitalised comprises work performed in the financial year on own assets which is capitalised as intangible fixed assets. The basis of measurement is cost and comprise other external expenses as well as staff costs. Cost of sales comprise expenses incurred to earn revenue for the year including changes in goods for resale, raw materials and consumables used as well as packaging in the year. Other operating income comprises income of a secondary nature as viewed in relation to the company's primary activities, including payments received from public authorities as well as profit on sale of fixed assets. External expenses comprises Selling costsCost of premisesAdministrative expenses. Staff costs include wages and salaries including holiday pay and pensions and other social security costs etc. to the company's employees. Financial income is recognised with amounts concerning the financial year. Financial income comprise interest. Financial expenses is recognised with amounts concerning the the financial year. Financial expenses comprise interest. 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.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 - 10 years Patents originating from development projects 8 - 10 years Acquired other similar rights 5 - 10 years 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 - 5 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 other operating income 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. Inventories are measured at cost according to the FIFO method. In the event of cost exceeding net realisable value, writedown is made to this lower value. Cost of goods for resale as well as raw materials and consumables comprises purchase price plus delivery costs. Cost of manufactured goods and work in progress consists of costs of raw materials, consumables, direct labour costs and other direct costs. The net realisable value of inventories is calculated at the estimated selling price less completion costs and expected costs to execute sale. The net realisable value is determined allowing for marketability, obsolescence and development in expected sales price.Received prepayments from customers regarding non delivered goods are recognised as liabilities. 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. Reserve for development expenditure comprise capitalised development expenses. 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. 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. Financial debts are recognised initially at the proceeds received net of transaction expenses incurred, which are directly related with the loan. In subsequent years, financial debts are measured at amortised cost equal to the capitalised value using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement over the loan period. Short-term debts are measured at amortised cost, substantially corresponding to nominal value. Deferred income comprise income received relating to subsequent financial years. 35001 1470275 1258578 10510023 1338408 1080708 -2561985 -10120456 85 4759 3871 9622 -2565771 -10125319 0 -815548 -2565771 -9309771 -2565771 -9309771 219470 247524 4052177 4987513 184692 415283 4456339 5650320 447971 592397 447971 592397 4904310 6242717 940315 1418497 940315 1418497 10735 374819 404817 542457 0 995078 415552 1912354 811878 810397 2167745 4141248 7072055 10383965 82398 82398 2829404 3448537 3615870 5562508 6527672 9093443 283158 424734 283158 424734 141577 141577 117297 136422 2351 364247 0 223542 261225 865788 544383 1290522 7072055 10383965 STATEMENT OF CHANGES IN EQUITY Contributed capital Reserve for development expenditure Retained earnings Total DKK DKK DKK DKK Equity at 1 January 2023 82.398 1.907.265 16.413.551 18.403.214 Distributed profit/loss for the year -9.309.771 -9.309.771 Transferred to reserve for development expenditure for the year 1.541.272 -1.541.272 0 Equity at 1 January 2024 82.398 3.448.537 5.562.508 9.093.443 Distributed profit/loss for the year -2.565.771 -2.565.771 Transferred to reserve for development expenditure for the year -619.133 619.133 0 Equity at 31 December 2024 82.398 2.829.404 3.615.870 6.527.672 1107605 9234887 131962 810200 14473 118903 4538 346033 2 16 STAFF COSTS 2024 2023 DKK DKK Wages and salaries 1.107.605 9.234.887 Pensions 131.962 810.200 Other social security costs 14.473 118.903 Other staff cost 4.538 346.033 Total 1.258.578 10.510.023 Average number of full-time employees 2 16 DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS 2024 2023 DKK DKK Amortisation of intangible assets 1.193.981 977.143 Depreciation of property, plant and equipment 144.426 103.565 Total 1.338.407 1.080.708 85 4759 FINANCE INCOME 2024 2023 DKK DKK Other financial income 85 4.759 Total 85 4.759 3871 9622 FINANCE EXPENSES 2024 2023 DKK DKK Other financial expenses 3.871 9.622 Total 3.871 9.622 TAX EXPENSE Corporation tax Deferred tax Tax on profit/loss for the year 2023 DKK DKK DKK DKK Payables at 1 January 2024 -995.078 0 Adjustment tax, previous years 0 0 0 -209.747 Refund for previous year 995.078 Tax on profit/loss for the year 0 0 0 -605.801 Payables at 31 December 2024 0 0 Tax on profit/loss for the year recognised in the income statement 0 -815.548 INTANGIBLE ASSETS Other similar rights originating from development projects Patents originating from development projects Acquired other similar rights Total 2023 DKK DKK DKK DKK DKK Cost at 1 January 2024 6.547.522 273.528 714.725 7.535.775 4.552.165 Additions for the year 0 0 0 0 2.983.610 Cost at 31 December 2024 6.547.522 273.528 714.725 7.535.775 7.535.775 Amortisation and impairment losses at 1 January 2024 -1.560.009 -26.003 -299.443 -1.885.455 -908.312 Amortisation for the year -935.336 -28.055 -230.590 -1.193.981 -977.143 Amortisation and impairment losses at 31 December 2024 -2.495.345 -54.058 -530.033 -3.079.436 -1.885.455 Carrying amount at 31 December 2024 4.052.177 219.470 184.692 4.456.339 5.650.320 The company's development projects primarily include investments in the LOOP project, the water- and energy-saving shower system.  PROPERTY, PLANT AND EQUIPMENT Fixtures, fittings, tools and equipment Total 2023 DKK DKK DKK Cost at 1 January 2024 697.013 697.013 37.819 Additions for the year 0 0 659.194 Cost at 31 December 2024 697.013 697.013 697.013 Depreciation and impairment losses at 1 January 2024 -104.616 -104.616 -1.051 Depreciation for the year -144.426 -144.426 -103.565 Depreciation and impairment losses at 31 December 2024 -249.042 -249.042 -104.616 Carrying amount at 31 December 2024 447.971 447.971 592.397 INVESTMENTS 2023 DKK Cost at 1 January 2024 84.179 Disposals for the year -84.179 Cost at 31 December 2024 0 Carrying amount at 31 December 2024 0 LONG-TERM LIABILITIES 31‑12‑2024 31‑12‑2023 DKK DKK Liabilities in total: Deferred income 424.735 566.311 Total 424.735 566.311 Current portion of non-current liabilities: Deferred income 141.577 141.577 Total 141.577 141.577 CONTINGENT ASSETS 2024 DKK Unrecognised deferred tax assets due to tax losses carried forward and tax depreciation below accounting depreciation on fixtures, fittings, tools and equipment 2.268.837 UNRECOGNISED CONTRACTUAL COMMITMENTS 2024 2023 DKK DKK The company has entered into rental commitment regarding rent of premises. The total commitment represents 31.500 83.100 The company has entered into operational lease commitment regarding IT equipment, cars and other operating equipment . The lease commitments expire within 39 months. The total lease commitment represents 113.200 163.500 Total rental and lease obligations 144.700 246.600 Regnskabsklasse B Årsrapport Andre erklæringer uden sikkerhed Mads Flemming Prebensen Brian Ottar Olsen Bestyrelsesmedlem Jalen David Bigej Bestyrelsesmedlem Troels Grene Bestyrelsesmedlem Troels Grene Administrerende Direktør Troels Grene mne33745 Simon Høgenhav inforevision statsautoriseret revisionsaktieselskab 19263096 mne51606 Charlotte Preisler Friedlænder inforevision statsautoriseret revisionsaktieselskab 19263096 19263096