44096641 2024-01-01 2024-12-31 44096641 2024-01-01 2024-12-31 auditor_1 44096641 2024-01-01 2024-12-31 auditor_2 44096641 2024-01-01 2024-12-31 memberOfBoardIdentifier_1 44096641 2024-01-01 2024-12-31 memberOfBoardIdentifier_2 44096641 2024-01-01 2024-12-31 memberOfBoardIdentifier_3 44096641 2024-01-01 2024-12-31 memberOfBoardIdentifier_1 44096641 2024-01-01 2024-12-31 memberOfBoardIdentifier_2 44096641 2024-01-01 2024-12-31 memberOfBoardIdentifier_3 44096641 2024-01-01 2024-12-31 memberOfBoardIdentifier_4 44096641 2023-06-01 2023-12-31 44096641 2024-12-31 44096641 2023-12-31 44096641 2023-12-31 fsa:ContributedCapitalMember 44096641 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 44096641 2023-12-31 fsa:RetainedEarningsMember 44096641 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 44096641 2024-01-01 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 44096641 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 44096641 2024-12-31 fsa:ContributedCapitalMember 44096641 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 44096641 2024-12-31 fsa:RetainedEarningsMember 44096641 2023-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 44096641 2024-01-01 2024-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 44096641 2024-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember iso4217:EUR pure Årsrapport 2024-01-01 2023-06-01 2024-12-31 2023-12-31 2025-04-17 44096641 2025-04-17 2023-06-01 Reporting class B KPMG 9000 Aalborg Østre Havnegade 22D 25578198 Auditor's reports (Other non-assurance reports) Aalborg 2025-04-17 KPMG 25578198 KPMG 25578198 Tord Daniel Styrenius The Board of Directors and the Executive Board have today discussed and approved the annual report for GrowGrounds ApS for the financial year 1 January - 31 December 2024. The annual report, which has not been audited, 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 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024.Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Management confirms that the Company fulfils the requirement to be exempt from audit. Lars Aaen Thøgersen CEO Poul David Faurby Videbæk Director Christina Singh Director Tord Daniel Styrenius Chairman Anders Göran Fredriksson Deputy Chairman Poul David Faurby Videbæk Lars Aaen Thøgersen Auditor's report on compilation of financial statements To the Management of GrowGrounds ApS We have compiled the financial statements of GrowGrounds ApS for the financial year 1 January - 31 December 2024 based on the Company's bookkeeping records and other information provided by you.The financial statements comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies.We performed our work in accordance with ISRS 4410 Compilation Engagements.We have applied our professional expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant provisions of the Danish Auditor Act, including the requirements for independence, and International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code), which is based on fundamental principles of integrity, objectivity, professional competence and due care.These financial statements and the accuracy and completeness of the information used to compile them are your responsibility. Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion as to whether these financial statements are prepared in accordance with the Danish Financial Statements Act. Steffen S. Hansen mne32737 Niklas R. Filipsen mne47781 GrowGrounds ApS Østergade 19, 3. DK-1100 København K Copenhagen Principal activities The Company's purpose is to have a significant positive impact on society and the environment as a whole by developing and implementing business models which increase income for small-scale agriculture in developing countries. Development in activities and financial position The Company's income statement for 2024 shows a loss of EUR 69,352 as against a loss of EUR 29,036 for the period 1 June - 31 December 2023. Equity in the Company's balance sheet at 31 December 2024 stood at EUR 37,062 as against EUR 206,414 at 31 December 2023. During 2024, the Company executed a buy-back program with the acqusition of treasury shares from existing shareholders with a nominal value of EUR 8,391 at an acqusition price of EUR 100,000. 129072 -32402 213532 5391 -84460 -37793 2253 1513 5494 0 -87701 -36280 -18349 -7244 -69352 -29036 -69352 -29036 237794 0 62345 0 45000 0 0 0 10749 0 20000 0 36395 135853 412283 225476 24671 24671 185479 26946 -173088 154797 37062 206414 0 7600 0 7600 25000 0 102903 0 81106 7234 154621 1222 11591 3006 350221 11462 375221 11462 412283 225476 24671 26946 154797 0 0 -100000 0 158533 -158533 0 0 -69352 24671 185479 -173088 The annual report of GrowGrounds ApS for 2024 has been prepared in accordance with the provisions applying to reporting class B under the Danish Financial Statements Act with opt-in from higher reporting classes.The financial statements are presented in EUR. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Revenue Revenue from the sale of services is recognised on a straight-line basis in the income statement as the services are provided. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts granted are deducted from revenue. Cost of sales Cost of sales comprises costs incurred to generate revenue for the year. This item also comprises direct costs for goods for resale and changes to inventory of goods for resale. Other external costs Other external costs comprise costs for administrative expenses and costs of premises, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Financial income and expenses Financial income and expenses comprise interest income and expense, gains and losses on receivables, payables and transactions denominated in foreign currencies, etc. Tax on loss for the year Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. Intangible assets Patents and licences are measured at cost less accumulated amortisation and impairment losses. Patents are amortised on a straight-line basis over the remaining life of the patent, and licences are amortised over the contract period, however, not exceeding # years. Development costs and costs for internally generated rights are recognised in the income statement in the acquisition year. Gains and losses on the disposal of intangible assets are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Impairment of fixed assets The carrying amount of intangible assets is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. EquityTreasury shares Cost of and sales proceeds from the sale and acquisition of treasury shares are recognised directly in equity. Capital reduction arising from the annulment of treasury shares reduces contributed capital by an amount equivalent to the nominal value of the shares and increases retained earnings. Dividends from treasury shares and proceeds from acquisition of treasury shares are recognised directly in equity in retained earnings. Liabilities other than provisions Financial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Other liabilities are measured at amortised cost. 188670 4971 23388 395 1474 25 2 0 2903 0 2591 0 34546 203248 237794 237794 Development projects in progress Development projects in progress comprise new technical solutions to be commercialised. The development projects are expected to be completed in the coming years, and considerable economic benefits are expected in the long and short term. During 2024, the Company executed a buy-back program with the acqusition of treasury shares from existing shareholders with a nominal value of EUR 8,391 at an acqusition price of EUR 100,000. The treasury shares account for 34% of the contributed capital. The reason for the acquisition of treasury shares during the year was to simplify the Company's capital structure. Operating lease obligationsThe Company has entered into operating leases with a remaining term of one month with a monthly lease payment of DKK 3,500.