44096641 2023-06-01 2023-12-31 44096641 2023-06-01 2023-12-31 auditor_1 44096641 2023-06-01 2023-12-31 auditor_2 44096641 2023-06-01 2023-12-31 memberOfBoardIdentifier_1 44096641 2023-06-01 2023-12-31 memberOfBoardIdentifier_2 44096641 2023-06-01 2023-12-31 memberOfBoardIdentifier_3 44096641 2023-06-01 2023-12-31 memberOfBoardIdentifier_1 44096641 2023-06-01 2023-12-31 memberOfBoardIdentifier_2 44096641 2023-06-01 2023-12-31 memberOfBoardIdentifier_3 44096641 2023-06-01 2023-12-31 memberOfBoardIdentifier_4 44096641 2023-12-31 44096641 2023-05-31 fsa:ContributedCapitalMember 44096641 2023-06-01 2023-12-31 fsa:ContributedCapitalMember 44096641 2023-06-01 2023-12-31 fsa:RetainedEarningsMember 44096641 2023-06-01 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 44096641 2023-12-31 fsa:ContributedCapitalMember 44096641 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 44096641 2023-12-31 fsa:RetainedEarningsMember iso4217:EUR pure Årsrapport 2023-06-01 2023-12-31 2024-05-29 44096641 2024-05-29 2023-06-01 Reporting class B KPMG 8000 Aarhus Frederiks Plads 42 25578198 Auditor's reports (Other non-assurance reports) Aalborg 2024-05-29 KPMG 25578198 KPMG 25578198 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 June - 31 December 2023. 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 2023 and of the results of the Company's operations for the financial year 1 June - 31 December 2023.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 June - 31 December 2023 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 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 København 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 1 June - 31 December 2023 shows a loss of EUR 29,036. Equity in the Company's balance sheet at 31 December 2023 stood at EUR 206,414. -32402 5391 -37793 1513 -36280 -7244 -29036 -29036 34546 34546 14844 40233 55077 135853 190930 225476 24671 26946 154797 206414 7600 7234 1222 3006 11462 225476 5371 19300 210779 0 26946 -26946 0 0 -29036 24671 26946 154797 The annual report of GrowGrounds ApS for 1 June - 31 December 2023 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.This is the Company's first financial year. 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. 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 Development costs comprise external costs directly and indirectly attributable to development activities.Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities are evidenced, and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that future earnings are likely. Other development costs are recognised in the income statement as incurred. Development costs recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses. Upon completion of development work, development costs are amortised on a straight-line basis over the estimated useful lives. The amortisation period is usually 3 years. Leases On initial recognition, leases for fixed assets that transfer substantially all risks and rewards incident to ownership to the Company (finance leases) are recognised in the balance sheet at the lower of fair value and the net present value of future lease payments. When the net present value is calculated, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently depreciated as the Company's other fixed assets. The capitalised lease obligation is recognised in the balance sheet as a liability at amortised cost, allowing the interest element of the lease payment to be recognised in the income statement over the term of the lease. All other leases are accounted for as operating leases. Payments relating to operating leases and other leases are recognised in the income statement over the term of the lease. The Company's total obligation relating to operating leases and other leases is disclosed as contractual obligations and contingencies, etc. 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. Liabilities other than provisions Liabilities are measured at amortised cost. 4971 420 0 Development projects in progressDevelopment 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. EUR31/12 202331/5 2023Other provisions at 1 June 202300Other provisions at 31 December 202300