444424692023-11-202024-12-31444424692023-11-202024-12-311444424692023-11-202024-12-312444424692023-11-202024-12-311444424692024-12-31444424692023-11-202024-12-31fsa:ContributedCapitalMember444424692023-11-202024-12-31fsa:RetainedEarningsMember444424692023-11-202024-12-31fsa:ProposedDividendRecognisedInEquityMember444424692024-12-31fsa:ContributedCapitalMember444424692024-12-31fsa:RetainedEarningsMember444424692024-12-31fsa:ProposedDividendRecognisedInEquityMemberiso4217:DKKxbrli:pureThe Executive Management has today considered and approved the annual report of C-bed III ApS for the financial year 20.11.2023 - 31.12.2024. 40873859The annual report is presented in accordance with the Danish Financial Statements Act.12400617In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 20.11.2023 - 31.12.2024.10867338We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.17605904We recommend the annual report for adoption at the Annual General Meeting.476759Fredericia2599123Anders Østergaard15483540Rasmus Ravnholdt Knudsen-519133To the shareholder of C-bed III ApS16002673We have audited the financial statements of C-bed III ApS for the financial year 20.11.2023 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. ​ ​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 20.11.2023 - 31.12.2024 in accordance with the Danish Financial Statements Act.7000000We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity 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 audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.9002673Management 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity 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 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 guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these financial statements.​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​effectiveness of the Entity’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management. ​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the financial statements, and, based on the audit evidence obtained, whether a material ​uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the financial statements or, if such ​disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence ​obtained up to the date of our auditor’s report. However, future events or conditions may cause the ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope ​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​that we identify during our audit.2299983201143462Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. 231141782231141782Copenhagen1521919Vincent Mendel Tran1521919mne5073923924692State Authorised Public Accountant86694Primary activitiesThe main activity of the Company is owning and chartering of the Service Operation Vessel 'Wind Creation' to the offshore wind industry.519133Development in activities and financesThe result for the year shows a profit of DKK 16,002,673. The result for the year is considered satisfactory. The Company has entered the Danish tonnage tax regime for a binding 10-year period from the income year 2024.546927Uncertainty relating to recognition and measurementThe vessel has been assessed for impairment, which has not resulted in any impairment indicators.25077446Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.47831This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of a few provisions for reporting class C.26647196Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.257788978Gross profit or lossGross profit or loss comprises revenue and external expenses.80000RevenueRevenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.245647906Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory write-downs.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, management fees etc. This item also includes write-downs of receivables recognised in current assets.252727906Staff costsStaff costs comprise salaries and wages for entity staff.5061072Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment comprise ​depreciation, amortisation and impairment losses for the financial year, and gains and losses from the sale of property, plant and equipment.5061072Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises, net capital gains on payables and transactions in foreign currencies.5061072Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital losses on payables and transactions in foreign currencies.257788978Tax on profit/loss for the yearTax for the year, which consists of current tonnage tax for the year, is recognized in the income statement by the portion attributable to the profit for the year and recognized directly in equity by the portion attributable to entries directly in equity. The Company has entered the Danish tonnage tax regime for a binding 10-year period from the income year 2024. The Entity is jointly taxed with the ultimate Danish parent. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).80000Property, plant and equipmentVessels, including docking and overhaul, are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets. Depreciation of vessels is normally estimated to a maximum of 25 years from the year of construction. Subsequent to the re-build of the vessel in 2024, a lifetime of 18 years was estimated. Estimated useful lives and residual values are reassessed annually. Vessels, including docking and overhaul, are written down to the lower of recoverable amount and carrying amount.0InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​ ​Cost consists of purchase price plus delivery costs. ​ ​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​costs incurred to execute sale.80000ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.236645233Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax.236645233PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.9002673CashCash comprises cash in hand and bank deposits.7000000DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.80000Grundlag for konklusion245647906Konklusion70000002025-04-302025-04-301 Staff costs2023/24 DKKWages and salaries12,397,888Other social security costs2,72912,400,617Average number of full-time employees36Remuneration of Excecutive Management is omitted here as the Executive Management are remunerated in Monjasa Holding A/S.true36339635562 Other financial income 2023/24 DKKOther interest income476,759476,759København S3 Other financial expenses2023/24 DKKFinancial expenses from group enterprises341,685Exchange rate adjustments2,257,4382,599,12323004 Tax on profit/loss for the year2023/24 DKKCurrent tax(519,133)(519,133)The Company has entered the Danish tonnage tax regime for a binding 10-year period from the income year 2024.65 Property, plant and equipmentShips​DKKAdditions240,638,048Cost end of year240,638,048Depreciation for the year(10,639,728)Depreciation and impairment losses end of year(10,639,728)Carrying amount end of year229,998,320The residual value of the vessel is estimated at DKK 4,922,135Weidekampsgade6 PrepaymentsPrepayments consist of prepaid expenses.Deloitte Statsautoriseret Revisionspartnerselskab7 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Endeavour Invest ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.Fredericia8 Related parties with controlling interestControlling interest Endeavour Invest ApS, Fredericia, Denmark, controlling shareholder (ultimate) Monjasa Holding A/S, Fredericia, Denmark, controlling shareholder C-bed Holding A/S, Fredericia, Denmark, immediate controlling shareholder Other related parties Anders Østergaard, member of the Board of C-Bed Holding A/S and shareholder Rasmus Ravnholdt Knudsen, member of the Board of C-Bed Holding A/S Flemming Edvard Ipsen, member of the Board of C-Bed Holding A/S Endeavour Invest ApS and related companiesFredericia9 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: Endeavour Invest ApS, Fredericia Name and registered office of the Parent preparing consolidated financial statements for the smallest group: Monjasa Holding A/S, Fredericia.7000Regnskabsklasse BRevisionspåtegning2024-12-312023-11-2034StrevelinsvejC-bed III ApS44442469339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapport2025-04-30Rasmus Ravnholdt Knudsen