44465841 2023-11-30 2024-09-30 44465841 2023-11-30 2024-09-30 1 44465841 2023-11-30 2024-09-30 2 44465841 2023-11-30 2024-09-30 1 44465841 2023-11-30 2024-09-30 2 44465841 2023-11-30 2024-09-30 3 44465841 2023-11-30 2024-09-30 4 44465841 2023-11-30 2024-09-30 5 44465841 2023-11-30 2024-09-30 1 44465841 2024-09-30 44465841 2023-11-30 2024-09-30 fsa:ContributedCapitalMember 44465841 2023-11-30 2024-09-30 fsa:SharePremiumMember 44465841 2023-11-30 2024-09-30 fsa:RetainedEarningsMember 44465841 2023-11-30 2024-09-30 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 44465841 2024-09-30 fsa:ContributedCapitalMember 44465841 2024-09-30 fsa:SharePremiumMember 44465841 2024-09-30 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 44465841 2024-09-30 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure The Board of Directors and the Executive Board have today considered and approved the annual report of CapHold RPG ApS for the financial year 30.11.2023 - 30.09.2024. -6840466 The annual report is presented in accordance with the Danish Financial Statements Act. 1870645 In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 30.09.2024 and of the results of its operations for the financial year 30.11.2023 - 30.09.2024. -8711111 We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. 175782 We recommend the annual report for adoption at the Annual General Meeting. 713138 Copenhagen 4028353 Henrik Deichmann Arent -11850544 Jesper Geisler -698038 Agner Nørgaard Mark -11152506 Chairman -11152506 Martin Jørgensen Vice Chairman 219301396 Søren Grud Rosenmeier 30690411 Louise In Birk Delfs 249991807 Helena Jose Sardinha Petersen 249991807 To the shareholder of CapHold RPG ApS 337347 We have audited the financial statements of CapHold RPG ApS for the financial year 30.11.2023 - 30.09.2024, 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 30.09.2024 and of the results of its operations for the financial year 30.11.2023 - 30.09.2024 in accordance with the Danish Financial Statements Act. 1000 We 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. 89542 Management 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. 698038 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.Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.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. 1125927 3800889 Management 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. 4926816 254918623 Copenhagen 100000 Henrik Hartmann Olesen 153011780 mne34143 131608 State Authorised Public Accountant 29160265 Primary activitiesThe entity's main activities consist of owning shares in foreing companies in the consultancy industry. Right People Group is providing premium IT and business consulting services to companies and organizations. 182403653 Development in activities and financesThe Company was established in 2024 and invested in GLUD GLUDSEN GROUP ApS. The Company's income statement for the first financial year 2023/24 shows a loss of DKK 11.2 million, and the Company's balance sheet as of 30 September 2024 shows equity of DKK 182.4 million. 61255900 Events after the balance sheet dateIn December 2024, the group enterprise Glud Gludsen Group ApS acquired Shareminds ApS. Furthermore, no events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 61255900 This 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. 9000000 Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. 1693909 Non-comparabilityThe financial period is the company's first reporting period comprising the period of 23.12.2023 - 30.09.2024, and further, all subsidiaries has been aquired during the period, therefore the figures in the consolidated income statement represents varying reporting periods. 565161 Recognition 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. 11259070 Business combinationsNewly acquired or newly established enterprises are recognised in the financial statements from the time ​of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the consolidated income statement up to the time of their divestment or winding-up. ​​The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and ​liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the ​enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements.Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets ​and liabilities taken over are recognised in intangible assets, and they are amortised systematically over ​the income statement based on an individual assessment of their useful lives. If the useful life cannot be ​estimated reliably, it is fixed at 10 years. Useful life is reassessed annually.The uniting-of-interests method is applied on acquisition of enterprises, mergers, demergers, contributions ​of assets and exchanges of shares, etc. where the enterprises concerned are controlled by the Parent, under which method the combination is considered completed at the date of acquisition without restatement of comparative figures. Under the uniting-of-interests method, the acquiree’s assets and liabilities are recognised at their carrying amounts, adjusted for any differences in accounting policies and accounting estimates. The difference between the consideration agreed and the carrying amount of the acquiree is recognised in equity. 72514970 254918623 Gross profit or lossGross profit or loss comprises revenue, own work capitalised, other operating income and consumables and external expenses. 40000 RevenueRevenue from the sale of mangemant fee 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. 0 Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets. 0 Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc . for entity staff. 40000 Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses. 60000 Other financial incomeOther financial income comprises interest income, net capital or exchange gains on securities, payables and transactions in foreign currencies, and tax relief under the Danish Tax Prepayment Scheme etc. 153011780 Other financial expensesOther financial expenses comprise interest expenses, , net capital or exchange losses on securities, payables and transactions in foreign currencies, and tax surcharge under the Danish Tax Prepayment Scheme etc. 0 Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Entity is jointly taxed with all Danish group enterprises. 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). 153071780 Investments in group enterprisesInvestments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value plus unamortised goodwill and plus or minus unrealised intra-group profits or losses. Refer to the above section on business combinations for more details about the accounting policies used on acquisitions of investments in group enterprises. Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises are written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation will involve a loss, a provision is recognised that is measured at present value of the costs necessary to settle the obligations at the balance sheet date. Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to the reserve for net revaluation according to the equity method in equity. Goodwill is calculated as the difference between cost and fair value of the pro rata share of assets and liabilities acquired. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. For one amount of goodwill, it has not been possible to estimate useful life reliably, for which reason such useful life has been set at 10 years. For other amounts of goodwill, useful life has been determined based on an assessment of whether the enterprises are strategically acquired enterprises with a strong market position and a long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary nature that cannot be separated and recognised as separate assets. Useful lives are reassessed annually. The amortisation periods used are 20 years. Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. 0 ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and doubtful debts. 0 Joint taxation contributions receivable or payableCurrent joint taxation contributions payable or joint taxation contributions receivable are recognised in the balance sheet, calculated as tax computed on the taxable income for the year, which has been adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement. 44174 CashCash comprises cash in hand and bank deposits. 0 Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. 44174 Grundlag for konklusion 40488553 Konklusion 40488553 2025-03-26 175782 2025-03-26 -11328288 true 33963556 100000 København S 153011780 2300 131608 6 29160265 Weidekampsgade Deloitte Statsautoriseret Revisionspartnerselskab 1 Staff costs2023/24 DKKWages and salaries1,863,432Other social security costs7,2131,870,645Average number of full-time employees3 København 3 København Ø 2 Other financial income 2023/24 DKKFinancial income from group enterprises690,411Other interest income22,680Exchange rate adjustments47713,138 2100 3 Other financial expenses2023/24 DKKOther interest expenses3,966,825Exchange rate adjustments628Other financial expenses60,9004,028,353 Regnskabsklasse B 4 Tax on profit/loss for the year2023/24 DKKRefund in joint taxation arrangement(698,038)(698,038) Revisionspåtegning 5 Financial assetsInvestments in group enterprises​DKKReceivables from group enterprises​DKKAdditions through business combinations etc.219,169,7880Additions030,690,411Cost end of year219,169,78830,690,411Exchange rate adjustments(44,174)0Amortisation of goodwill(6,735,828)0Share of profit/loss for the year6,911,6100Revaluations end of year131,6080Carrying amount end of year219,301,39630,690,411Goodwill or negative goodwill recognised during the financial year195,556,294Carrying amount of goodwill end of year totals DKK 188,820,466.Investments in subsidiariesRegistered inCorporate formEquity​interest​%GLUD GLUDSEN GROUP ApSCopenhagenApS100.00 2024-09-30 6 Joint taxation contribution receivableReceivables from jointly taxed entities in all material respects fall due after more than 12 months from the balance sheet date. It is Managements expecation that the receivables are repaid over a period of 1-2 years. 2023-11-30 7 Non-current liabilities other than provisionsDue within 12 months 2023/24 DKKDue after more than 12 months 2023/24 DKKBank loans9,000,00061,255,9009,000,00061,255,900 8 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where TopCap RPG ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore secondarily liable for income taxes etc. for the jointly taxed entities, which is limited to the equity interest by which the entity participates in the Group, and also secondarily liable 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. 9 Assets charged and collateralThe Entity has guaranteed the group enterprise GLUD GLUDSEN GROUP ApS´s debt with bank connection by surity as outlined above and by way of charged collateral in receivables from group enterprises.​​Bank loans in CapHold RPG ApS group secured by collateral amount to DKK 86.1 million. ​​Bank loans with bank connection are secured by way of charged collateral in financial assets. Shares in GLUDSEN GROUP ApS has been pledged as a part of the loan agreement. The recognised value of the assets charged amounts to a total of DKK 219.4 million, equivalent to the underlying equity value of subsidiaries. 2 10 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group: MidCap RPG ApS, Lyngbyvej 2, 2100 Copenhagen Ø, Denmark Lyngbyvej CapHold RPG ApS 44465841 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab Årsrapport 2025-03-26 Louise In Birk Delfs