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Annual report
2026-04-29
Thomas Olufsen Meyer
The Executive Board has today considered and approved the annual report of Ronstan Denmark ApS for the financial year 01.01.2025 - 31.12.2025.
The annual report is presented 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 31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025.
We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.
We recommend the annual report for adoption at the Annual General Meeting.
Vejle
2026-04-29
Thomas Olufsen Meyer
Scot P. West
Fabrice Pierre Emil Didden
To the shareholders of Ronstan Denmark ApS
We have audited the financial statements of Ronstan Denmark ApS for the financial year01.01.2025 -
31.12.2025, 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 at31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance
with the Danish Financial Statements Act.
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.
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.
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.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.
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.
Kolding
2026-04-29
Deloitte Statsautoriseret Revisionspartnerselskab
33963556
Thomas Aamand Lund
State Authorised Public Accountant
mne47764
Primary activitiesThe Company's primary activities consist in development, production and sale of boat equipment.
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1 Staff costs2025DKK2024DKKWages and salaries14,111,3256,860,881Pension costs1,334,709512,767Other social security costs221,954123,35415,667,9887,497,002Average number of full-time employees3028
30
28
2 Depreciation, amortisation and impairment losses2025DKK2024DKKAmortisation of intangible assets8,2134,107Depreciation of property, plant and equipment2,339,0081,159,2592,347,2211,163,366
3 Other financial expenses2025DKK2024DKKFinancial expenses from group enterprises110,15972,226Other interest expenses196,794116,542Exchange rate adjustments59,6157,479366,568196,247
4 Tax on profit/loss for the year2025DKK2024DKKChange in deferred tax(17,258)(328,200)Adjustment concerning previous years04,118(17,258)(324,082)
5 Intangible assetsAcquiredpatentsDKKAcquiredrightsDKKGoodwillDKKCost beginning of year5,522,55012,410,92110,000,000Cost end of year5,522,55012,410,92110,000,000Amortisation and impairment losses beginning of year(5,508,174)(12,410,921)(10,000,000)Amortisation for the year(8,213)00Amortisation and impairment losses end of year(5,516,387)(12,410,921)(10,000,000)Carrying amount end of year6,16300
6 Property, plant and equipmentLand and buildingsDKKPlant and machineryDKKOther fixtures and fittings, tools and equipmentDKKLeasehold improvementsDKKProperty, plant and equipment in progressDKKCost beginning of year14,364,54228,213,5723,824,9722,335,960339,929Transfers0842,259(502,330)0(339,929)Additions0282,68674,19400Disposals00(11,450)00Cost end of year14,364,54229,338,5173,385,3862,335,9600Depreciation and impairment losses beginning of year(9,208,389)(24,104,895)(3,346,203)(2,335,960)0Transfers0(35,885)35,88500Depreciation for the year(1,473,180)(850,239)(15,589)00Reversal regarding disposals0011,45000Depreciation and impairment losses end of year(10,681,569)(24,991,019)(3,314,457)(2,335,960)0Carrying amount end of year3,682,9734,347,49870,92900Recognised assets not owned by entity3,682,9730000
7 Non-current liabilities other than provisionsDue within 12 months
2025DKKDue within 12
months
2024DKKDue after more than 12 months2025DKKOutstanding after 5 years2025DKKLease liabilities1,503,4011,413,1982,437,9510Other payables45,04001,082,864671,4931,548,4411,413,1983,520,815671,493
8 Assets charged and collateral
The Company’s bank has issued a guarantee of DKK 844k as security for rental obligations.
9 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group:Ronstan International Pty. Ltd., 19 Park Way, Braeside, Victoria, Australia.
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.The accounting policies applied to these financial statements are consistent with those applied last year.
Non-comparabilityThis financial year covers the financial period 01.01.2025 - 31.12.2025, while the last financial year included the financial period 01.07.2024 - 31.12.2024. As a result, there is no comparability between this year's figures andcomparative figures in the annual report.
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.
Gross profit or lossGross profit or loss comprises revenue, production costs and other operating income.
RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement
when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and
sales discounts and is measured at fair value of the consideration fixed.
Production costsProduction: Production costs comprise expenses incurred to earn revenue for the financial
year. Production costscomprise direct and indirect costs for raw materials and consumables, wages and
salaries, rent and lease, and amortisation, depreciation and impairment losses relating to intangible
assets and property, plant and equipment included in the production process. In addition, the item includes
ordinary write-down of inventories.
Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal
inventory writedowns.
Distribution costsDistribution costs comprise costs incurred for sale and distribution of the Entity’s products, including advertising costs, travelling and entertainment expenses, etc, and amortisation, depreciation and impairment losses relating to intangible assets and property, plant and
equipment involved in the distribution process.
Administrative expensesAdministrative expenses comprise expenses incurred for the Entity’s administrative functions, including wages
and salaries for administrative staff and Management, stationery and office supplies, and amortisation,
depreciation and impairment losses relating to intangible assets and property, plant and equipment used for
administration of the Entity.
Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds.
Other financial incomeOther financial income comprises, interest income, including
interest income on receivables from group enterprises, net capital or exchange gains on securities, payables
and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish
Tax Prepayment Scheme etc.
Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies,
amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.
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.
GoodwillGoodwill in connection with the take-over of the activity is measured at cost less accumulated amorti-sation and impairment losses. Goodwill is amortised straight-line over its estimated useful life which is fixed based on the experience gained by Management for each business area. Useful life is 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 intangi-ble resources of a temporary nature that cannot be separated and recognised as separate assets. Use-ful lives are reassessed on an annual basis. The amortisation periods used are 7 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.
Intellectual property rights etc.Acquired patents are measured at cost less accumulated amortization and impairment losses. The amortization period for patents exceeds 5 years as the patents are amortized over the remaining term of the patent which is normally 7-15 years.
Patents are written down to the lower of recoverable amount and carrying amount.
Acquired similar rights comprise acquired rights, trademark and know-how. The acquired similar rights are measured at cost less accumulated amortisation and impairment losses. The amortisation period is 3-7 years. Management evaluated that the useful life of the trademark and know-how exceeds 5 years for which reason the amortization period is 7 years.Acquired similar rights are written down to the lower of recoverable amount and carrying amount.
Property, plant and equipmentPlant and machinery as well as other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:
Useful life
Buildings4 yearsPlant and machinery3-13 yearsOther fixtures and fittings, tools and equipment2-5 yearsLeasehold improvements3-8 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed
the contract period. Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.Leased assets
On initial recognition, leased assets are measured at an amount equal to the sum of the calculated lease liability,
payments made before the commencement of the lease term with deduction of incentive benefits from the
lessor and direct costs incurred at the inception of the lease.
Leased assets are depreciated over the shorter of the lease terms and the useful lives of the underlying assets. In
leases where the ownership of leased assets is transferred upon expiry or a purchase option is expected to be
exercised, the leased assets are depreciated over their useful lives. Depreciation is initiated at the
commencement of the lease term.
Leased assets are written down to the lower of recoverable amount and carrying amount.
Leased assets are adjusted by remeasuring lease liabilities, see below under lease liabilities.
Leased assets are recognised under fixed assets in the items under which the underlying assets of the leases
would be presented had they been owned by the Company.
InventoriesInventories are measured at the lower of cost using the standard cost price and net realisable value.
Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists of costs of raw materials, con¬sumables, direct labour costs and indirect production costs.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale.
ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and
doubtful debts.
Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each
asset. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and
temporary differences arising at the date of acquisition that do not result from a business combination and
that do not have any effect on profit or loss or on taxable income.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.
Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.
PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.
CashCash comprises cash in hand and bank deposits.
Lease liabilitiesLease commitments relating to assets held under finance leases are recognised in the balance sheet as
liabilities other than provisions, and, at the time of inception of the lease, measured at the present value of
future lease payments. Subsequent to initial recognition, lease commitments are measured at amortised
cost. The difference between present value and nominal amount of the lease payments is recognised in the
income statement as a financial expense over the term of the leases.On initial recognition, lease liabilities are measured at the present value of lease payments that have not been
paid at the commencement of the lease term, discounted using the internal rate of the lease. If this rate cannot
be calculated, the marginal borrowing rate of the Company is used.
Lease payments included in the measurement of lease liabilities comprise:
• Fixed lease payments with deduction of incentive benefits from lessor to lessee.
• Variable lease payments based on an indexation or a percentage rate. On initial recognition of the liability, this is
measured based on the index or rate at the commencement of the lease term.
• The amount expected to be paid under residual value guarantees.
• The exercise price of purchase options if it is reasonably certain that such options will be exercised.
• The price of exercising the option for early termination of the lease if the lease term reflects that the option is
expected to be exercised.
Variable lease payments that are not dependent on an indexation or a percentage rate are recognised in the
income statement in the item ”Other external expenses” in the period of the occurrence of the event or the
matter triggering these payments.
At the subsequent measurement, the lease liabilities are adjusted for interest accrued and instalments paid
applying the effective interest method.
Lease liabilities are remeasured, and an equal adjustment of the related leased assets is made when:
• The lease term changes, e.g. due to a change in the assessment as to whether an extension option or a
purchase option will be exercised. Remeasurement takes place by discounting the changed lease payments using
a discount rate which is updated at the time of the change of the lease.
• Lease payments change due to changes in an index or a rate or a change in expected payment under a
guaranteed residual value. Remeasurement takes place by discounting the revised lease payments using the
original discount rate; however, an updated discount rate is used if the change is due to a change in the floating
interest rate.
• There is a modification of the lease which is not to be treated as a separate lease for accounting purposes.
Remeasurement takes place by discounting the revised lease payments using an updated discount rate.
If the remeasurement results in a reduction of a lease liability that exceeds the carrying amount of the related
leased asset, the excess amount is recognised in the income statement.
Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.
true
Grundlag for konklusion
Konklusion
true
2024-07-01
2024-12-31
Kolding
6000
4
Egtved Allé
Vejle
Vejle
7100
Regnskabsklasse B
Revisionspåtegning
2025-12-31
2025-01-01
36
Jægervænget
Ronstan Denmark ApS
25941772
33963556
2300 København S
Weidekampsgade 6
Deloitte Statsautoriseret Revisionspartnerselskab