BDO Statsautoriseret revisionsaktieselskabNørrebro 15DK-9800 Hjørring20222670Årsrapport72024-09-09Martin MikaelsenKeatech ApSSprogøvej 29800 HjørringErklæring om udvidet gennemgangkeatech.commm@keatech.com384473782017-02-24Hjørring2023-07-012024-06-302022-07-012023-06-30BDO Statsautoriseret revisionsaktieselskabNørrebro159800HjørringSpar Nord BankØstergade 89800HjørringHjørring2024-09-09Martin MikaelsenKonklusionGrundlag for konklusionHjørring2024-09-09BDO Statsautoriseret revisionsaktieselskab20222670BDO Statsautoriseret revisionsaktieselskab20222670Claus MuhligMarc L. KongerslevErklæring om udvidet gennemgangState Authorised Public AccountantState Authorised Public Accountantmne26711mne4905699367125304000629239232280001372222107600042366021500018484387850002160439019105000140963568000042807015500098156552500098156552500098156552500016339072136000163390721360006398423336100063984233361000229300690002293006900082616305566000169497913170001694979131700059433061370009631816600060396243030001253557700078599581697000161215887263000500005000012744481665000-61123-143400012633252810004410001960004410001960001200000120000039055201590552120000030058532189000119309104000202734019230005040198346000128267115586000144172636786000161215887263000500001665964-1434204981565-391516391516500001274448-6112311556983153027000540212149000311591900022706330006292392322800031225701267621050004390191050003905520375181550003513615351361513777645019441879708163390745154394331466722961812394411545442993018702781725521639842349499229300494992293002293000Regnskabsklasse BtruetrueToday the Executive Board have discussed and approved the Annual Report of Keatech ApS for the financial year 1 July 2023 - 30 June 2024. The Annual Report is presented in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements give a true and fair view of the Company's assets, liabilities and financial position at 30 June 2024 and of the results of the Company's operations for the financial year 1 July 2023 - 30 June 2024. The Management Commentary includes in my opinion a fair presentation of the matters dealt with in the Commentary. I recommend the Annual Report be approved at the Annual General Meeting. To the Shareholder of Keatech ApS We have performed an extended review of the Financial Statements of Keatech ApS for the financial year 1 July 2023 - 30 June 2024, which comprise income statement, Balance Sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The Financial Statements are prepared under the Danish Financial Statements Act. Based on the work performed in our opinion, the Financial Statements give a true and fair view of the Company's financial position at 30 June 2024 and of the results of the Company's operations for the financial year 1 July 2023 - 30 June 2024 in accordance with the Danish Financial Statements Act. Basis for Conclusion Grundlag for konklusion We conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of Financial Statements prepared 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’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the financial statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Management's Responsibilities for the Financial Statements 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 Financial Statements. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the Financial Statements and in addition perform specifically required supplementary procedures to obtain further assurance for our conclusion. An extended review comprises procedures that primarily consist of making inquiries of Management and others within the Company, as appropriate, analytical procedures and the specifically required supplementary procedures as well as evaluation of 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 the Financial Statements. Statement on the Management Commentary Management is responsible for the Management Commentary. Our conclusion 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 extended review 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 during the extended review, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management Commentary provides the information required under the Danish Financial Statements Act. 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 of the Danish Financial Statements Act. We did not identify any material misstatement in the Management Commentary. Principal activities The principal activities comprise rental of tracking devices. Development in activities and financial and economic position Keatech have also this year had a satisfactory development in activities and earnings. The result meets the management´s expectations for the financial year. Management expects to continue the company’s growth in the years to come. Significant events after the end of the financial year No events have occurred after the end of the financial year of material importance for the company's financial position. DKK Share Capital Reserve for development costs Retained profit Total Equity at 1 July 2023 50.000 1.665.964 -1.434.204 281.760 Proposed profit allocation 981.565 981.565 Other legal bindings Capitalized development costs -391.516 391.516 0 Equity at 30 June 2024 50.000 1.274.448 -61.123 1.263.325 Staff costs 1 Average number of full time employees 11 5 Wages and salaries 5.698.315 3.027 Pensions 540.212 149 Social security costs 31.159 19 Other staff costs 22.706 33 6.292.392 3.228 Other financial expenses 2 Interest group enterprises 312.257 0 173.107 Other interest expenses 126.762 105 439.019 105 Intangible assets 4 DKK Development projects completed Cost at 1 July 2023 3.513.615 Cost at 30 June 2024 3.513.615 Amortisation at 1 July 2023 1.377.764 Amortisation for the year 501.944 Amortisation at 30 June 2024 1.879.708 Carrying amount at 30 June 2024 1.633.907 The Company’s development projects relate to the development of a softwareplatform for GPS tracking. The development phase was finished in 2021/22 according to the development plan. Current sales results and market research shows a demand for the product and service. Property, plant and equipment 5 DKK Other plant, machinery, tools and equipment Cost at 1 July 2023 4.515.439 Additions 4.331.466 Disposals -722.961 Cost at 30 June 2024 8.123.944 Depreciation and impairment losses at 1 July 2023 1.154.544 Reversal of depreciation of assets disposed of -299.301 Depreciation for the year 870.278 Depreciation and impairment losses at 30 June 2024 1.725.521 Carrying amount at 30 June 2024 6.398.423 Financial non-current assets 6 DKK Rent deposit and other receivables Cost at 1 July 2023 49.499 Additions 229.300 Disposals -49.499 Cost at 30 June 2024 229.300 Carrying amount at 30 June 2024 229.300 Long-term liabilities 7 30/6 2024 Repayment Debt outstanding 30/6 2023 DKK total liabilities next year after 5 years total liabilities Payables to group enterprises 1.200.000 0 0 1.200.000 535.400 535.400.01 Corporation tax 390.552 0 0 0 534.100 534.100.01 1.590.552 0 0 1.200.000 Contingent liabilities The company is commited to carleasing contracts with a residual maturity of 3-36 months. The remaining leasing obligation constitutes 1,233 tDKK on June 30th, 2024. The company is commited to rent of office property with a residual maturity of 3-61 months. The remaining rent obligation constitutes 2,194 tDKK on June 30th, 2024. Joint liabilities The company is jointly and severally liable together with the parent company and the other group companies in the joint taxable group for tax on the Group’s joint taxable income and for certain possible withholding taxes, such as dividend tax, etc. Tax payable on the Group’s joint taxable income is stated in the annual report of Fam. Mikaelsen Holding ApS, which serves as management company for the joint taxation. Charges and securities 9 The company has not pledged any of its assets. The Annual Report of Keatech ApS for 2023/24 has been presented in accordance with the provisions of the Danish Financial Statements Act for enterprises in reporting class B and certain provisions applying to reporting class C. Regnskabsklasse B1 true true The Annual Report is prepared consistently with the accounting principles used last year. Net revenue Net revenue from sale of goods is recognised in the Income Statement if supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received. Sale of services is generally recognised on the basis of a measurable degree of completion, using straight-line recognition of services delivered over time in a regular pattern. Where the degree of completion is not measurable or the sales value or the total costs of completion are uncertain, revenue is recognised by the amount that the enterprise as a maximum believes to have a right to claim and is expected to be received for services delivered at the Balance Sheet date. Net revenue is recognised exclusive of VAT and less duties and discounts related to the sale. Cost of sales Cost of sales comprise costs incurred to achieve the net revenue for the year, including direct and indirect costs of merchandise and consumables. Other external expenses Other external expenses include cost of sales, advertising, administration, premisses, bad debts, operational lease expenses, etc. Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions and other costs for social security etc. for the company’s employees. Other operating expenses Other operating expenses include items of a secondary nature in relation to the enterprises' principal activities, including loss from sale of intangible and tangible fixed assets. Financial income and expenses Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from investments in financial assets, debt and transactions in foreign currencies, amortisation of financial assets and liabilities as well as charges and allowances under the tax-on-account scheme etc. Financial income and expenses are recognised in the income statement by the amounts that relate to the financial year. Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the income statement by the portion that may be attributed to the profit for the year, and is recognised directly in the equity by the portion that may be attributed to entries directly to the equity. Intangible fixed assets Acquired goodwill is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over the expected useful life which is estimated to 5 years. The period of amortisation is determined based on an assessment of the acquired company’s position in the market and earnings profile, and the industry-specific conditions. Profit or loss from sale of intangible fixed assets is calculated at the difference between the sales price and the carrying amount at the time of the sale. Profit and loss are recognised in the Income Statement under other operating income or other operating expenses. Tangible fixed assets Other plants, fixtures and equipment are measured at cost less accumulated depreciation and impairment losses. The depreciation base is cost less estimated residual value after end of useful life. The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the asset is ready to be used. As regards self-manufactured assets, the cost price includes cost of materials, components, subcontractors, direct payroll and indirect production costs. Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value: Useful lifeResidual value Other plant, fixtures and equipment 3-5 years 0 % Profit or loss on disposal of tangible fixed assets is stated as the difference between the sales price less selling costs and the carrying amount at the time of sale. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Financial non-current assets Deposits include rental deposits which are recognised and measured at amortised cost. Deposits are not depreciated. Impairment of fixed assets The carrying amount of intangible fixed and tangible assets together with fixed assets, which are not measured at fair value, are valued on an annual basis for indications of impairment other than that reflected by amortisation and depreciation. In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the net realisable value is lower than the carrying amount, the assets are written down to the lower value. The recoverable amount is calculated at the higher of net selling price and capital value. The capital value is determined as the fair value of the expected net cash flows from the use of the asset or group of assets and the expected net cash flows from sale of the asset or group of assets after the end of its useful life. Inventories Inventories are measured at cost using the FIFO-principle. If the net realisable value is lower than cost, the inventories are written down to the lower value. The cost of merchandise and consumables is calculated at acquisition price with addition of transportation and similar costs. The net realisable value of inventories is stated at sales price less completion costs and costs incurred to execute the sale and is determined with due regard to marketability, obsolescence and development in expected sales price. Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses. Write-off is performed to provide for losses when an objective indication has been assessed to have incurred that a receivable or a portfolio of receivables are impaired. If there is an objective indication that an individual receivable is impaired, the write-off is performed at individual level. Accruals, assets Accruals recognised as assets include costs incurred relating to the subsequent financial year. Cash and cash equivalents Cash includes bankdeposits. Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the balance sheet as the calculated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and taxes paid on account. The Company is subject to joint taxation with Danish group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the on account tax scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively. Deferred tax is measured on the temporary differences between the carrying amount and the tax value of assets and liabilities. Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the expected realisable value of the asset, either by set-off against tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the balance sheet date would be applicable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity. Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less borrowing costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recognised in the income statement over the term of loan. Amortised cost of current liabilities usually corresponds to nominal value. 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