35233563 2024-06-30 35233563 2023-06-30 35233563 2023-07-01 fsa:ContributedCapitalMember 35233563 2023-07-01 fsa:RetainedEarningsMember 35233563 2023-07-01 fsa:ProposedDividendRecognisedInEquityMember 35233563 2024-06-30 fsa:ContributedCapitalMember 35233563 2024-06-30 fsa:RetainedEarningsMember 35233563 2024-06-30 fsa:ProposedDividendRecognisedInEquityMember 35233563 2023-07-01 fsa:FixturesFittingsToolsAndEquipmentMember 35233563 2024-06-30 fsa:FixturesFittingsToolsAndEquipmentMember 35233563 2023-07-01 fsa:InvestmentsInGroupEnterprisesMember 35233563 2022-07-01 fsa:InvestmentsInGroupEnterprisesMember 35233563 2024-06-30 fsa:InvestmentsInGroupEnterprisesMember 35233563 2023-06-30 fsa:InvestmentsInGroupEnterprisesMember 35233563 2024-06-30 1 fsa:SubsidiaryMember 35233563 2024-06-30 fsa:LongtermTaxPayablesMember 35233563 2023-06-30 fsa:LongtermTaxPayablesMember 35233563 2024-06-30 fsa:LongtermTaxPayablesToGroupEnterprisesMember 35233563 2023-06-30 fsa:LongtermTaxPayablesToGroupEnterprisesMember 35233563 2023-07-01 2024-06-30 35233563 2023-07-01 2024-06-30 1 35233563 2023-07-01 2024-06-30 memberOfBoardIdentifier_executive_board_1 35233563 2023-07-01 2024-06-30 memberOfBoardIdentifier_executive_board_2 35233563 2022-07-01 2023-06-30 35233563 2023-07-01 2024-06-30 fsa:ContributedCapitalMember 35233563 2023-07-01 2024-06-30 fsa:RetainedEarningsMember 35233563 2023-07-01 2024-06-30 fsa:ProposedDividendRecognisedInEquityMember 35233563 2023-07-01 2024-06-30 fsa:FixturesFittingsToolsAndEquipmentMember 35233563 2023-07-01 2024-06-30 1 fsa:SubsidiaryMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2023-07-01 2022-07-01 2024-06-30 2023-06-30 35233563 Devote Consulting ApS Langebrogade 3F, 2. 1411 København K 2013-04-29 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2024-12-06 Thomas Rasmussen Regnskabsklasse B Revisionspåtegning The Executive Board has today considered and adopted the Annual Report of Devote Consulting ApS for the financial year 1 July 2023 - 30 June 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 financial position at 30 June 2024 of the Company and of the results of the Company operations for 2023/24. We recommend that the Annual Report be adopted at the Annual General Meeting. 2024-12-06 København K Thomas Rasmussen Executive Officer Dortea Engelund Møllekær Executive Officer To the shareholders of Devote Consulting ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company 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. We have audited the Financial Statements of Devote Consulting 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”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 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 (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. 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 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 Company´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 Company´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 Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, 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. Hellerup 2024-12-06 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Ulrik Ræbild State Authorised Public Accountant mne33262 62064059 45056888 53209212 40709834 69692 75083 8785155 4271971 481391 163441 219701 376556 9046845 4058856 2424435 896924 6622410 3161932 3000000 0 3622410 3161932 169060 238752 169060 238752 63431 63431 63431 63431 232491 302183 20039972 10827586 8782742 7186013 108544 1713 28931258 18015312 3537343 742454 32468601 18757766 32701092 19059949 80000 80000 13675384 10052974 3000000 0 16755384 10132974 2041 5656 40000 40000 42041 45656 2257012 0 652634 0 2909646 0 3189270 59893 1089057 2213946 204096 76735 0 98983 0 350000 0 882148 8511598 5199614 12994021 8881319 15903667 8881319 32701092 19059949 80000 10052974 0 0 3622410 3000000 80000 13675384 3000000 After the year-end, the Company decided to terminate an executive employment contract, compensating for non-exercised warrants as a result. The total compensation is significant to the Company. Management has determined that the termination is a non-adjusting event and, therefore, has not recognized a provision for it in the Annual Report for 2023/24. The company's purpose i to operate a business with consultancy services, as well as any related business. 49016657 37992883 2264073 1341934 402056 287504 1526426 1087513 53209212 40709834 54 42 297765 163441 1516 0 182110 0 481391 163441 0 98983 123548 34727 96153 242846 219701 376556 2432012 897820 -3615 -896 -3962 0 2424435 896924 347993 36459 311534 109241 69692 36459 142474 169060 63431 63431 63431 63431 63431 63431 Devote Consulting Inc Seattle 100 Investments in subsidiaries are specified as follows: 0 0 2257012 0 2257012 0 0 882148 652634 0 652634 0 0 0 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below: Corporation tax Payables to group enterprises relating to corporation tax Rental and lease obligations Lease obligations 5794150 7881467 The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of SOK Holding ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability. The Annual Report of Devote Consulting ApS for 2023/24 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2023/24 are presented in DKK. true With reference to section 110 of the Danish Financial Statements Act, no consolidated financial statements are prepared. 1 Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset 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 out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Revenue from the sale of services is recognised when the risks and rewards relating to the services sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company. Revenue is measured at the consideration received and is recognised exclusive of VAT. Other external expenses comprise expenses for premises, sales and distribution as well as office expenses, etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, expenses for secondary suppliers and other external expenses. Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment losses comprise depreciation and impairment of property, plant and equipment. Dividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 5 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by depreciation. If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Dividend distribution proposed by Management for the year is disclosed as a separate Dividend item. Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Company has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in 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 will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Other debts are measured at amortised cost, substantially corresponding to nominal value.