45434702 2025-02-26 2025-12-31 45434702 2025-02-26 2025-12-31 2 45434702 2025-02-26 2025-12-31 1 45434702 2025-02-26 2025-12-31 2 45434702 2025-02-26 2025-12-31 1 45434702 2025-12-31 45434702 2025-02-26 d:ContributedCapitalMember 45434702 2025-02-26 d:RestOfOtherReservesMember 45434702 2025-02-26 d:RetainedEarningsMember 45434702 2025-02-26 2025-12-31 d:ContributedCapitalMember 45434702 2025-02-26 2025-12-31 d:RestOfOtherReservesMember 45434702 2025-02-26 2025-12-31 d:RetainedEarningsMember 45434702 2025-12-31 d:ContributedCapitalMember 45434702 2025-12-31 d:RestOfOtherReservesMember 45434702 2025-12-31 d:RetainedEarningsMember 45434702 2025-02-26 d:FixturesFittingsToolsAndEquipmentMember 45434702 2025-02-26 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 45434702 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 45434702 2025-12-31 d:OtherLongtermPayablesMember iso4217:DKK xbrli:pure 2025-12-31 CaseWare-FSR false Regnskabsklasse B Simon Ming Du Jensen Rytter false false PricewaterhouseCoopers 33771231 false 44969718 GoCollective Holding A/S Skøjtevej 26 2770 Kastrup 2025-02-26 false 2026-04-30 Revisionspåtegning false Annual report The Executive Board has today discussed and approved the annual report of Busdan Leasing ApS for the financial year 26 February - 31 December 2025. 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 2025 and of the results of the company's operations for the financial year 26 February - 31 December 2025. 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. Henrik la Cour Director Markus Honner director To the shareholder of Busdan Leasing ApS Opinion In our opinion, the Financial Statements give a true and fair view of the  financial position of the Company at 31 December 2025, and of the results of the Company's operations for the financial year 26 February - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Busdan Leasing ApS for the financial year 26 February - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equi­ty and notes (''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. Statement on Management's ReviewManagement 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 audit 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 audit, 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, in our view 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 Management's Review. 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 2026-04-30 PricewaterhouseCoopers Maj-Britt Nørskov Nannestad State Authorized Public Accountant mne32198 Jacob Dannefer State Authorized Public Accountant mne47886 Busdan Leasing ApS Skøjtevej  26 2770  Kastrup 45434702 Tårnby 33771231 Strandvejen 44 2900 Hellerup Business reviewThe company's purpose is to operate a leasing business with assets necessary for operation and related activities. Financial review The company's income statement for the year ended 31 December 2025 shows a loss of TDKK 254, and the balance sheet at 31 December 2025 shows equity of TDKK 86. The annual report for Busdan Leasing for 2025 has been submitted in accordance with the provisions of the Danish Financial Statements Act for companies in accounting class B with optional provisions in class C.The annual report for 2025 is pre­sen­ted in TDKK.As 2025 is the company's first reporting period, no comparatives have been presented. Income 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. The net revenue includes the period's income from operational leasing. Other external expenses include expenses related to administration. Financial income and expenses consist of interest, which is recognized in the income statement with the amounts relating to the financial year. On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use tax losses to reduce their own taxable profits.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. Items of  plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.The depreciable amount is cost less the expected residual value at the end of the useful life.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets:   Other fixtures and fittings, tools and equipment8 years  Assets costing less than TDKK 50 are expensed in the year of acquisition. Leases for items of property, plant and equipment that transfer substantially all the risks and rewards incident to ownership to the company (finance leases) are recognised in the balance sheet as assets. On initial recognition, assets are measured at estimated cost, corresponding to the lower of fair value of the leased asset and the present value of the future lease payments. In calculating the net present value of the future lease payments, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently depreciated as the company's other non-current assets.The capitalised residual lease commitment is recognised in the balance sheet as a liability, and the interest element of the lease payment is recognised in the income statement over the term of the lease.All other leases are operating leases. Payments relating to operating leases and any other leases are recognised in the income statement over the term of the lease. The company's total liabilities relating to operating leases and other rent agreements are disclosed under 'Contingencies, etc.'. Receivables are measured at amortised cost. 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 is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity.Changes in deferred tax, as a result of changes in tax rates, are recognized in the income statement. Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. 0 40000 -40000 209000 -249000 5000 -254000 -254000 2257000 2257000 2257000 686000 1996000 2682000 143000 2825000 5082000 40000 46000 86000 1901000 1901000 2610000 5000 480000 3095000 4996000 5082000 40000 0 0 0 300000 0 0 -300000 300000 0 -254000 40000 0 46000 To support the Company's short-term operational needs and planned investment expansions, reliance is placed on internal financing. This funding is anticipated to remain accessible through GoCollective Holding A/S, the Company’s ultimate Danish parent company. Additionally, the Company has obtained a letter of support from its parent, GoCollective Bus A/S, which assures that intercompany debt will not be called in the short term unless there is sufficient liquidity.   The letter also guarantees that sufficient funds will be provided to meet the Company's short-term debt obligations as they arise, at least until the next annual general meeting in 2027.   Based on the letter of support, Management has determined that there is no significant uncertainty concerning the Company's ability to sustain operations.   Therefore, the financial statements have been prepared on this basis. 79000 130000 209000 5000 0 0 2257000 2257000 2257000 917000 984000 1901000 480000 The company is subject to joint taxation with the ultimate Danish parent company, GoCollective Holding A/S, and other Danish group companies.