The supervisory board and executive board have today discussed and approved the annual report of Cornered Audio ApS for the financial year 1 January - 31 December 2024.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 company's financial position at 31 December 2024 and of the results of the company's operations for the financial year 1 January - 31 December 2024.In our opinion, management's review includes a fair review of the matters dealt with in the management's review.Management recommends that the annual report should be approved by the company in general meeting.Hans Viggo MadsenCEOFinn HalkenchairmanHans Viggo MadsenPeter ZachariassenTo the shareholder of Cornered Audio ApSOpinionWe have performed extended review of the financial statements of Cornered Audio ApS for the financial year 1 January - 31 December 2024, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared under the Danish Financial Statements Act. Based on the performed work it is our opinion, that the financial statements give a true and fair view of the company's financial position at 31 December 2024 and of the results of the company's operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act.Basis for OpinionWe conducted our extended review in accordance with the Danish Business Authority's standard on auditor's report for small enterprises and FSR - danish auditors' standard on extended review of financial statements in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the “Auditor's responsibilities for the extended review of the financial statements” section of our report. We are independent of the company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and IESBA Code. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.Our responsibility is to express a conclusion on the accompanying financial statements. This requires us to perform procedures in order to obtain limited assurance for our conclusion on these financial statements, and in addition perform specifically required supplementary procedures in order to obtain additional assurance for our conclusion. An extended review of financial statements includes procedures primarily consisting of making inquiries of management and others within the entity, as appropriate, applying analytical procedures and the specifically required supplementary procedures, and evaluating the evidence obtained. The procedures performed in an extended review are less than those performed in an audit and accordingly we do not express an audit opinion on these financial statements.Statement on management's review Management is responsible for management's review. Our opinion on the financial statements does not cover management's review, and we do not express any form of assurance conclusion thereon. In connection with our extended review of the financial statements, our responsibility is to read management's review and, in doing so, consider whether management's review is materially inconsistent with the financial statements or our knowledge obtained during the extended review, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of management's review.Roskilde2025-06-28BorecoSimon Daniel Elvemandstate authorized public accountantmne45890Business review The company's purpose is to operate with the development, production and sale of speaker systems and related products.Recognition and measurement uncertainties The recognition and measurement of items in the annual report is not associated with any uncertainty.Unusual matters The company's financial position at 31 December 2024 and the results of its operations for the financial year ended 31 December 2024 are not affected by any unusual matters.Financial review The company's income statement for the year ended 31. december 2024 shows a profit of DKK 3.565.288, and the balance sheet at 31 December 2024 shows equity of DKK 2.683.943.Significant events occurring after the end of the financial year No events have occurred after the balance sheet date which could significantly affect the company's financial position.Disclosure of treasury sharesInformation on treasury shares in the company's portfolio Number of treasury shares in the company's portfolio: 168.124 shares Nominal value of treasury shares in the company's portfolio: kr. 168.124 Accounting par value of treasury shares in the company's portfolio: kr. 1.072.404 Percentage of the contributed capital, etc. of treasury shares in the company's portfolio: 40,2 %168124168124107240440.2Information on treasury shares acquired in the financial year Number of treasury shares acquired in the financial year: 168.124 shares Nominal value of treasury acquired in the financial year: kr. 168.124 Percentage of the contributed capital, etc. of treasury shares acquired in the financial year: 40,2 % Total purchase price of treasury shares acquired in the financial year: kr. 1.900.000 Explanation of the reason for the company's acquisition of treasury shares in the financial year: Former owners wanted to sell their shares.16812416812440.21900000Former owners wanted to sell their shares.The annual report of Cornered Audio ApS for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B and applying to reporting class C entities. The accounting policies applied are consistent with those of last year. The annual report for 2024 is presented in DKKIncome is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits 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 from the company and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date.In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross profit reflects an aggregation of revenue, changes in inventories of finished goods and work in progress and other operating income less costs of raw materials and consumables and other external expenses.Revenue from the sale of goods for resale and finished goods is recognised in the income statement, provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received. Revenue is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Revenue is net of all types of discounts granted.Costs of raw materials and consumables include the raw materials and consumables used in generating the year’s revenue.The item Other operating income includes items of a secondary nature relative to the company’s activities, including gains on the sale of intangible assets and items of property, plant and equipment, operating losses, indemnities relating to operating losses and conflicts as well as payroll refunds. Indemnities are recognised when it is more probable than not that the company is going to be indemnified.Other operating expenses comprise items of a secondary nature relative to the company's activities, including losses on the sale of intangible assets and items of property, plant and equipment.Other external costs include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees.Depreciation, amortisation and impairment of intangible assets and property, plant and equipment comprise the year's depreciation, amortisation and impairment of intangible assets and property, plant and equipment.Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Net financials include interest income and expenses, realised and unrealised capital/exchange gains and losses on securities and foreign currency transactionsand surcharges and allowances under the advance-payment-of-tax scheme, etc.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity.Development projects, patents and licences Developments projects recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses. Following the completion of the development work, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually five years. Patents and licences are measured at cost less accumulated amortisation and impairment losses. Patents are amortised on a straight-line basis over the remaining patent period, and licences are amortised over the term of the licence, however not more than 8 years.Stocks are measured at cost using the FIFO method. Where the net realisable value is lower than the cost, inventories are recognised at this lower value. The cost of goods for resale, raw materials and consumables comprises the purchase price plus delivery costs. The net realisable value of stocks is calculated as the expected selling price less direct costs of completion and expenses incurred to effect the sale. The net realisable value is determined taking into account marketability, obsolescence and expected selling price movements.Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised.Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years.Cash and cash equivalents comprise cash and deposits at banks.Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account. Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value. Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value.Financial liabilities are recognised on the raising of the loan at the proceeds received net of transaction costs incurred. On subsequent recognition, the financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest method. Accordingly, the difference between the net proceeds and the nominal value is recognised in the income statement over the term of the loan. Other liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value.56231879114347702948740611137161259854739177-88612861273731789033541614561135-415400995847-882833565288-32711777644-206783487644-306439405811306268375595059044337035685838400384003840038400481770395258342229945407413422299454074120325155699510603609961609841401918402919271455451193267830483538409518258565118285664355690708641845741845731653323888919489533613092683943101865511707011707073000043000073000043000004876502654718110801378005233064719610832192829054223870554584312968705588843156643556907086418457238889361309-19000007764434876444184573165331948953Gain, sale of activity5585442082226489305365446606584865720277029487406111995847-88283176851612312519866515631967181124688-1462248-72535-99122-14594-1561370-8712940581137559The additions to the completed development projects in 2024 consist of the development of products for residential installation, as well as the development of a new amplifier series.3840038400384004456013.75043000073000000 Rent liabilities, 6-month period of interminability 38.400 38.400 Årsrapport36074981BorecoVindingevej 104000 Roskilde2024-01-012024-12-312023-01-012023-12-3132834515Cornered Audio ApSFarum Gydevej65, 1.3520FarumDKDanmark2010-03-12Farum43661088www.cornered.dkBoreco36074981Simon Daniel Elvemandstate authorized public accountantVindingevej104000RoskildeDKDanmark2025-06-28Hans Viggo MadsenRegnskabsklasse BtrueErklæring om udvidet gennemgangCaseWare-FSRfalsefalsefalsefalse328345152024-01-012024-12-31328345152024-01-012024-12-311328345152023-01-012023-12-31328345152023-12-31328345152024-12-31328345152024-01-012024-12-311328345152024-01-012024-12-312328345152024-01-012024-12-313328345152024-01-012024-12-311328345152024-01-01g:ContributedCapitalMember328345152024-12-31g:ContributedCapitalMember328345152024-01-01g:RetainedEarningsMember328345152024-01-012024-12-31g:RetainedEarningsMember328345152024-12-31g:RetainedEarningsMember328345152024-01-01g:CompletedDevelopmentProjectsMember328345152024-01-01g:AcquiredPatentsMember328345152024-01-012024-12-31g:AcquiredPatentsMember328345152024-12-31g:AcquiredPatentsMember328345152024-01-012024-12-31g:CompletedDevelopmentProjectsMember328345152024-12-31g:CompletedDevelopmentProjectsMember328345152024-12-31g:OtherLongtermPayablesMember328345152024-01-01g:OtherLongtermPayablesMember328345152024-01-012024-12-31g:ManagementMember328345152023-01-012023-12-31g:ManagementMember328345152024-01-01g:DepositsLongtermInvestmentsAndReceivablesMember328345152024-12-31g:DepositsLongtermInvestmentsAndReceivablesMember328345152024-12-311328345152024-01-012024-12-311328345152024-01-012024-12-312328345152024-01-012024-12-314328345152024-01-01g:ReserveForDevelopmentExpenditureMember328345152024-01-012024-12-31g:ReserveForDevelopmentExpenditureMember328345152024-12-31g:ReserveForDevelopmentExpenditureMember328345152023-01-012023-12-311328345152024-01-012024-12-311xbrli:sharesiso4217:DKKxbrli:pure