43134795 2025-01-01 2025-12-31 43134795 2025-01-01 2025-12-31 0 43134795 2024-01-01 2024-12-31 43134795 2025-12-31 43134795 2024-12-31 iso4217:DKK xbrli:pure Regnskabsklasse B Årsrapport 33241763 Aaen & Co statsautoriserede revisorer p/s Kongevejen 3 3000 Helsingør xWizard version 1.1.1505.0, by EasyX Aps. www.easyx.eu 2024-01-01 2024-12-31 Den uafhængige revisors erklæring Grundlag for konklusion Konklusion 43134795 2026-04-15 Allan Muff WOW Innovation ApS Filmbyen 16 2650 Hvidovre Aaen & Co Statsautoriserede revisorer P/S Management’s Review   The Company´s business review   WOW Innovation is part of STATE OF WOW®, a trusted B2B sourcing partner. The core business is to create   beautiful, functional caps and accessories that meet real needs. The business model is built on strong cus-   tomer relationships, service concepts, and a passion for what we do.   WOW Innovation’s objective is to develop, source, and produce headwear and essential accessories for Pri-   vate Label, OEM, and SMU customers, as well as to engage in service activities and other related endeavors.   Significant changes in the company’s activities and financial affairs   Management considers the results for 2025 to be in line with guidance; however, they are not satisfactory to   our ambitions. Improvements are expected in 2026.   Management’s Statement on the Annual Report   The Executive Board have today discussed and approved the Annual Report 2025 of WOW Innovation ApS.   The Annual Report was prepared in accordance with the Danish Financial Statements Act.   In our opinion, the Annual Report gives a true and fair view of the Company’s financial position at 31 December   2025 and the results of operations for the financial year 1 January 2025 - 31 December 2025 of the Company.In our opinion, the Management’s review includes a fair review of the matters discussed in the Management   review.   2025-01-01 2025-12-31 be approved at the annual general meeting. Hvidovre 2026-04-15 To the shareholders of WOW Innovation ApS: Opinion   We have performed an extended review of the financial statements of WOW Innovation ApS for the financial   year 1 January – 31 December 2025, which comprise income statement, balance sheet, statement of changes   in equity and notes, including a summary of significant accounting policies. The financial statements are pre-   pared 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 31 December 2025 and of the results of the Company's operations for the financial year 1   January – 31 December 2025 in accordance with the Danish Financial Statements Act.   Basis for Opinion   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 pre-   pared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards   and requirements are further described in the "Practitioner's responsibilities for the extended review of the fi-   nancial statements" section of our report. We are independent of the Company in accordance with the Inter-   national Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants   (IESBA Code), and the additional ethical requirement applicable in Denmark, and we have fulfilled our other   ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the evi-   dence 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 accord-   ance 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 con-   tinue as a going concern, disclosing, as applicable, matters related to going concern and using the going con-   cern 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.   Auditor's responsibilities for the extended review of the financial statements   Our responsibility is to express a conclusion on the financial statements. This requires that we plan and per-   form procedures in order to obtain limited assurance for our conclusion on the financial statements and in ad-   dition 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 oth-   ers 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 Management’s Review   Management is responsible for the Management's review.   Our conclusion on the financial statements does not cover the 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 the Manage-   ment's review and, in doing so, consider whether the Management's review is materially inconsistent with the   financial statements or our knowledge obtained during the extended review, or otherwise appears to be mate-   rially misstated.   Moreover, it is our responsibility to consider whether the Management's review provides the information re-   quired under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that the 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 in the Management's review.   Elsinore 2026-04-15 33241763 Søren Appelrod State Authorised Public Accountant mne23301 Accounting Policies Basis of accounting   The Annual Report of WOW Innovation ApS has been prepared in accordance with the provisions of the Danish   Financial Statements Act applying to enterprises of reporting class B. Management has chosen to follow certain   rules from reporting class C.   The Annual Report is presented in DKK.   The accounting policies applied by the company are consistent with those of last year.   Recognition and measurement   Revenues are recognised in the income statement as earned, which includes recognition of value adjustments   of financial assets and liabilities. Furthermore, all expenses incurred, including depreciation, amortisation and   impairment losses, are 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 de-   scribed for each item below.   Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a con-   stant effective interest rate over the maturity period. Amortised cost is calculated as original cost less any de-   ductions and with addition/deduction of the cumulative amortisation of any difference between cost and the   nominal amount. In this way, capital losses and gains are allocated over the maturity period.   Recognition and measurement take into account predictable losses and risks occurring before the presentation   of the Annual Report, which confirm or invalidate affairs and conditions existing at the balance sheet date.   Translation policies   Transactions in foreign currencies are translated at the exchanges rates at the dates of transaction. Exchange   differences 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. If foreign exchange positions 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. The difference between the exchange   rate at the balance sheet date and the rate at the time of origin of the receivable or debt is recognised in financial   income and expenses in the income statement.   Gross profit   With reference to section 32 of the Danish financial statements act, the items “Revenue”, “Other external ex-   penses” and “Other operating income” are consolidated into one item designated “Gross profit”.   Revenue   Income from the rendering of services is recognised as revenue as the services are rendered, implying that revenue   corresponds to the market value of the services rendered in the year (percentage-of-completion method). Revenue   is measured at fair value of the agreed consideration exclusive of VAT and taxes charged on behalf of third parties.   All discounts and rebates granted are recognised in revenue.   Other external expenses   Other external expenses include the year´s expenses relating to the entity´s core activities, including expenses   relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases,   etc.   Employee expenses   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. The items is net of refunds made by public authori-   ties.   Financial income and expenses   Financial income and expenses are recognised in the income statement with the amounts relating to the finan-   cial year. Financial income and expenses comprise interest income and expenses, realised and unrealised   exchange gains and losses concerning debt and transactions in foreign currencies as well as extra payments   and repayment under the on-account taxation scheme.   Corporation tax   Tax for the year includes current tax on the year´s expected taxable income and the year´s deferred tax adjust-   ments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income   statement, whereas the portion that relates to transactions taken to equity is recognised in equity.   The entity and its Danish group entities are taxed on a joint basis. The Danish income tax charge is allocated   between profit-making and loss-making Danish entities in proportion to their taxable income (full allocation   method).   Inventories   Inventories are measured at cost according to the FIFO method. In case the net realizable value is lower than   cost, write-down is made to this lower value.   The cost of goods for resale, raw materials and consumables equals landed cost.   The cost of finished goods and work in progress comprises the cost of raw materials, consumables, direct labour   and direct production costs.   The net realisable value of inventories is stated as sales price less expenses for finalisation and expenses paid   to effect sales and is determined considering saleability, obsolescence and development in expected sales   price.   Receivables   Receivables are measured at amortised cost which usually corresponds to nominal value. The value is reduced   by provision for bad debts.   Cash and cash equivalents   Cash and cash equivalents comprise cash and bank balances.   Corporation tax and deferred tax   Current tax liabilities and current tax receivable are recognised in the balance sheet as calculated tax on the   taxable income for the year adjusted for tax on previous years’ taxable income as well as for taxes paid on   account.   Deferred tax is measured under the balance sheet liability method in respect of all temporary differences be-   tween the carrying amount and the tax base of assets and liabilities. In cases, of concerning shares, where the   computation of the tax base may be made according to alternative tax rules, deferred tax is measured based   on the intended use of the asset or 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 either realised, by elimination in tax on future earnings or by set-off against deferred   tax liabilities within the same legal tax entity and jurisdiction. Any deferred net tax assets are measured at net   realisable value.   Deferred tax is measured based on 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 crystallised as current tax.   Debt   Other debt is measured at amortised cost corresponding to nominal value.   5012469 5287013 3367344 2701343 1645125 2585670 706545 438741 346656 514505 1912929 2417821 423731 543720 1489198 1874101 1489198 0 1874101 0 1489198 1874101 723809 1006764 723809 1006764 2270776 2337410 4663 2662992 3232613 0 56445 53692 4669294 5949297 152014 8305 5545117 5545117 6964366 6964366 40000 40000 0 0 1489198 1874101 1529198 1914101 423731 2719773 525005 543720 2947976 1123089 435480 347410 4015919 4015919 5545117 5050265 5050265 6964366 Equity Statement   Retained   Proposed   Total   Share capital   earnings   dividend   Equity   Equity 1 January 2024   40.000   0 1.863.372   1.903.372   Dividend paid   0 0 -1.863.372   -1.863.372   Profit for the year   0 0 1.874.101   1.874.101   Equity 31 December 2024   40.000   0 1.874.101   1.914.101   Equity 1 January 2025   40.000   0 1.874.101   1.914.101   Dividend paid   0 0 -1.874.101   -1.874.101   Profit for the year   0 0 1.489.198   1.489.198   Equity 31 December 2025   40.000   0 1.489.198   1.529.198   Notes to the annual accounts   2025   2024   1 Employee expense   Wages and salaries   3.040.546   2.399.720   Pensions   301.850   276.081   Other social security costs   24.948   25.542   Staff expenses total   3.367.344   2.701.343   Average number of employees   7 7 7 7 2 Financial income   Other interest income   706.545   346.656   706.545   346.656   3 Financial expenses   Other interest expenses   438.741   514.505   438.741   514.505   4 Tax expense on ordinary activities   Tax on the taxable income for the period   423.731   543.720   423.731   543.720   Notes to the annual accounts   5 Collaterals   No collateral is given.   7 Contingent liabilities   The company is jointly taxed with its parent, Allan Muff Holding ApS, which acts as management   company. The company is jointly and severally liable with the other jointly taxed Group companies for   payment of withholding taxes payable and for corporate taxes.