xbrli:pureiso4217:DKK413904842023-01-012023-12-31413904842023-01-012023-12-311413904842023-01-012023-12-311413904842023-01-012023-12-311413904842023-01-012023-12-312413904842023-01-012023-12-31413904842022-01-012022-12-31413904842023-01-012023-12-31fsa:RetainedEarningsMember413904842023-12-31413904842022-12-31413904842023-01-01fsa:ContributedCapitalMember413904842023-01-01fsa:ReserveForDevelopmentExpenditureMember413904842023-01-01fsa:RetainedEarningsMember413904842023-01-01413904842023-12-31fsa:ContributedCapitalMember413904842023-12-31fsa:ReserveForDevelopmentExpenditureMember413904842023-12-31fsa:RetainedEarningsMember413904842023-01-012023-12-31fsa:ReserveForDevelopmentExpenditureMember2024-05-152024-05-15true339635562022-01-012022-12-31Aarhus C80002City Tower, VærkmestergadeDeloitte Statsautoriseret RevisionspartnerselskabHerlevHerlev2730Regnskabsklasse BAndre erklæringer uden sikkerhed2023-12-312023-01-013<br /><br />195Herlev HovedgadeBalancial Danmark ApS41390484339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Balancial Danmark ApS for the financial year 01.01.2023 - 31.12.2023.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 31.12.2023 and of the results of its operations for the financial year 01.01.2023 - 31.12.2023.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We consider the preconditions for not auditing the financial statements for the financial year 01.01.2023 - 31.12.2023 to be complied with.We recommend the annual report for adoption at the Annual General Meeting.HerlevBo TandrupLeif Bo ØlgaardLars Erik RåenTo Management of Balancial Danmark ApSWe have compiled the financial statements of Balancial Danmark ApS for the financial year 01.01.2023 - 31.12.2023 based on the Entity’s bookkeeping records and other information Management has provided. ​ ​These financial statements comprise the income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies. ​ ​We performed this compilation engagement in accordance with ISRS 4410, Compilation Engagements. ​ ​We have applied our expertise in accounting and financial reporting to assist Management in the preparation ​and presentation of these financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant provisions of the Danish Public Accountants Act and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code), including principles of integrity, objectivity, professional competence and due care. These financial statements and the accuracy and completeness of the information used to compile the financial ​statements are Management’s responsibility. Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy ​or completeness of the disclosures Management provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion about whether the financial statements ​have been prepared in accordance with the Danish Financial Statements Act. AarhusKasper Vildrich Jessenmne42784State Authorised Public AccountantPrimary activitiesThe company's activities comprise import, storage and distribution of medical cannabis products in Denmark. The company has been granted necessary regulatory license to operate by the Danish Medicines Agency.Development in activities and financesThe income statement for the period shows a loss of t.dkk. -866 The balance sheet shows equity of t.dkk. 7.184 The management considers the net profit for the year as expected. The management expects the loan to the parent company to be converted into shares. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.828529279373158677712248408602080541-844268-102600882931109943024912027-866224-927041-866224-866224-927041625369946598236253699465982331469400511463752238131778442638648352583525835258352565150685007212141320747839650138145470698576851470330631551112382229282582594152355980991092208567021420004200048778853634662226375543732027183640804986442000363466243732028049864420004877885226375552153475181170263801707894197619255805171571925580517157910922085670211243223-124322301 Staff costs2023 DKK2022 DKKWages and salaries1,572,7361,212,683Other social security costs14,04112,1571,586,7771,224,840Average number of full-time employees22222 Other financial income 2023 DKK2022 DKKOther interest income8,293232Exchange rate adjustments0110,7628,293110,9943 Other financial expenses2023 DKK2022 DKKOther interest expenses88512,027Exchange rate adjustments29,364030,24912,027<br />2023 DKK2022 DKKOther interest expenses88512,027Exchange rate adjustments29,364030,24912,0274 Intangible assetsDevelopment projects in progress DKKCost beginning of year4,659,823Additions1,593,876Cost end of year6,253,699Carrying amount end of year6,253,6995 Development projectsThe development project consists of developing a QMS system, facility and organisation to obtain the licenses and authorisations from the Danish Medicines Agency. 6 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKKLeasehold improvements DKKCost beginning of year42,912387,087Cost end of year42,912387,087Depreciation and impairment losses beginning of year(2,861)(163,274)Depreciation for the year(8,582)(77,438)Depreciation and impairment losses end of year(11,443)(240,712)Carrying amount end of year31,469146,3757 Unrecognised rental and lease commitments2023 DKK2022 DKKLiabilities under rental or lease agreements until maturity in total90,21090,213This 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. However with reclassifications.falseRecognition 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 own work capitalised and other external expenses.Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in cost for proprietary intangible assets and property, plant and equipment.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and losses from the sale of intangible assets and property, plant and equipment.Other financial incomeOther financial income comprises interest income etc.Other financial expensesOther financial expenses comprise interest expenses etc.Intellectual property rights etc.Intellectual property rights etc comprise development projects in progress.Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. When recognising development projects as intangible assets, an amount equalling the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced as the development projects are amortised and written down. ​ ​The cost of development projects comprises costs such as salaries and amortisation that are directly and indirectly attributable to the development projects.​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated. 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 Other fixtures and fittings, tools and equipment5 yearsLeasehold improvements5 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.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises bank deposits.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.2024-05-15Lars Erik Råen