Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M 2024-01-01 2024-12-31 2023-01-01 2023-12-31 39127563 Allset Holding ApS Liljevænget 3 Hjerting 6710 Esbjerg V 2017-11-28 Esbjerg EY Godkendt Revisionspartnerselskab 30700228 Cortex Park Vest 3 5230 Odense M 2025-04-22 Jesper Muff Jacobsen Regnskabsklasse B Erklæring om udvidet gennemgang Grundlag for konklusion Konklusion true true 2025-04-22 2025-04-22 CaseWare Working Papers Esbjerg Jesper Muff Jacobsen Odense Anders Flou State Authorised Public Accountant mne32777 -76937 -7901 11216824 8406157 -13502 -31250 537270 55390 52792 141218 11610863 8281178 89459 -12136 11521404 8293314 3000000 2000000 16970851 6374904 -8449447 -81590 31948728 19928182 205248 218750 32153976 20146932 32153976 20146932 0 1030 5246515 8146480 3875745 2781251 10588 245 9132848 10929006 6672 135923 9139520 11064929 41293496 31211861 501250 501250 22486496 14035645 79797 9244 3000000 2000000 26067543 16546139 81407 148885 11549342 10034915 0 1825482 3595204 2654118 0 2322 15225953 14665722 15225953 14665722 41293496 31211861 501250 7627523 90834 1500000 6374904 -81590 2000000 0 33218 0 0 0 1500000 501250 14035645 9244 2000000 16970851 -8449447 3000000 -8520000 8520000 0 2000000 501250 22486496 79797 3000000 536167 55243 1103 147 0 27228 52792 75271 0 38719 89459 -12133 0 -3 897473 250000 7 0 897480 250000 19030709 -31250 2000000 0 14020539 -13502 31051248 -44752 31948728 205248 Allest Industries A/S Esbjerg 100 Allest Invest ApS Esbjerg 100 Allest Industries GmbH Stuttgart 100 Allest Renewables ApS Esbjerg 100 Allest Industries Pte Ltd Singapore 75 Allest Industries Pty Ltd Perth, Australia 75 Allset Industries Inc. New York, USA 100 Ultraguard EU A/S Esbjerg 50 Today, the Executive Board has discussed and approved the annual report of Allset Holding ApS for the financial year 1 January - 31 December 2024. The annual report is prepared in accordance with the Danish Financial Statements Act. In my opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024. Further, in my opinion, the Management's review gives a fair review of the matters discussed in the Management's review. I recommend that the annual report be approved at the annual general meeting. To the shareholders of Allset Holding ApS We have conducted an extended review of the financial statements of Allset Holding ApS for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. Based on the work we have performed, in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We conducted our extended review in accordance with the Danish Business Authority's standard on extended review for Small entities and FSR - Danish Auditors' standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the extended review of the financial statements" section. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Independence 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. 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 that 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 responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures to obtain limited assurance for our conclusion on the financial statements and perform specifically required supplementary procedures to obtain additional assurance for our conclusion. An extended review comprises procedures that primarily consist of making enquiries of Management and others 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. 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 Management'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 materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required 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 Statement Act. We did not identify any material misstatement of the Management's review. The income statement for 2024 shows a profit of DKK 11,521,404 against a profit of DKK 8,293,314 last year, and the balance sheet at 31 December 2024 shows equity of DKK 26,067,543. Management considers the annual result satisfactory. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. The line "Proposed dividends from group enterprises is an expression of proposed dividends in the subsidiaries annual reports and thus an expression of the application of the so-called principle of simultaneity. The annual report of Allset Holding ApS for 2024 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. Pursuant to section 110(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currency The financial statements are presented in Danish kroner (DKK). The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition. Income from the rendering of services is recognised as revenue as the services are rendered. Accordingly, revenue corresponds to the market value of the services rendered during the year (percentage-of-completion method). Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. The items revenue and external expenses have been aggregated into one item in the income statement called gross profit/loss in accordance with section 32 of the Danish Financial Statements Act. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. The income statement includes the proportional share of the underlying companies' profit or loss after elimination of internal profit/loss and after tax. In group entities, the full elimination of internal profit and loss is carried out without regard to ownership shares. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. The parent company is covered by the Danish rules on mandatory joint taxation of the Group's Danish group entities. Group entities are included in the joint taxation arrangement from the date at which they are included in the consolidated financial statements and up to the date when they are no longer consolidated. The parent company acts as management company for the joint taxation arrangement and consequently settles all corporate income tax payments with the tax authorities. On payment of joint taxation contributions, the Danish corporate income tax charge 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 the tax losses to reduce their own taxable income. Tax for the year, which comprises the current income tax charge, joint taxation contributions and deferred tax adjustments, including adjustments arising from changes in tax rates, 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. The Company has chosen IAS 17 as interpretation for classification and recognition of leases. Leases that do not transfer substantially all the risks and rewards incident to the ownership to the Company are classified as operating leases. Payments relating to operating leases and any other rent agreements are recognised in the income statement over the term of the lease. The Company's aggregate liabilities relating to operating leases and other rent agreements are disclosed under "Contingent liabilities". Equity investments in group entities are measured according to the equity method. On initial recognition, equity investments in group entities are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method; see the accounting policies regarding business combinations. The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies less or plus unrealised intra-group gains/losses. Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies for the assets and liabilities to which they can be attributed. Negative goodwill is recognised in the income statement. Dividend received is deduced from the carrying amount. Equity investments in group entities measured at net asset value are subject to impairment test requirements if there is any indication of impairment. Gains and losses on disposal of group entities and associates are made up as the difference between the sales price and the carrying amount of net assets at the date of disposal including non-amortised goodwill and anticipated costs of disposal. Gains or losses are recognised in the income statement as financial income or financial expenses. The carrying amount of investments in group entities is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised impairment losses are reversed when the reason for recognition no longer exists. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables. Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash and cash equivalents comprise cash at bank. Reserve for net revaluation according to the equity method The net revaluation reserve according to the equity method includes net revaluations of investments in group entities and associates relative to cost. The reserve can be eliminated in case of losses, realisation of investments or a change in accounting estimates. The reserve cannot be recognised at a negative amount. Proposed dividends Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively. Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. As management company for all the entities in the joint taxation arrangement, the parent company is liable for payment of the group entities' income taxes vis à vis the tax authorities as the group entities pay their joint taxation contributions. Joint taxation contributions payable or receivable are recognised in the balance sheet as income tax receivables or payables. Other payables Other payables are measured at net realisable value. The Company has no employees. As management company, the Company is jointly taxed with other Danish group entities and is jointly and severally with other jointly taxed group entities for payment of income taxes as well as withholding taxes on interest, royalties and dividends. Other rent and lease liabilities: Rent and lease liabilities 0 126,057 The company has provided a guarantee of payment to the bank for group entities debt to banks. As of 31 December 2024, the debt amounts to DKK 17,106 thousand. As security against the bank, the company has pledged shares in group entities and joint ventures, where the carring amount is DKK 32,154 thousand. 39127563 2024-01-01 2024-12-31 39127563 2023-01-01 2023-12-31 39127563 2023-12-31 39127563 2024-12-31 39127563 2024-01-01 2024-12-31 1 39127563 2024-01-01 2024-12-31 1 39127563 2024-01-01 e:InvestmentsInGroupEnterprisesMember 39127563 2024-01-01 2024-12-31 e:InvestmentsInGroupEnterprisesMember 39127563 2024-12-31 e:InvestmentsInGroupEnterprisesMember 39127563 2023-01-01 e:ContributedCapitalMember 39127563 2023-01-01 2023-12-31 e:ContributedCapitalMember 39127563 2024-01-01 e:ContributedCapitalMember 39127563 2024-12-31 e:ContributedCapitalMember 39127563 2024-01-01 e:ReserveForNetRevaluationAccordingToEquityMethodMember 39127563 2024-01-01 2024-12-31 e:ReserveForNetRevaluationAccordingToEquityMethodMember 39127563 2024-12-31 e:ReserveForNetRevaluationAccordingToEquityMethodMember 39127563 2023-01-01 e:ReserveForNetRevaluationAccordingToEquityMethodMember 39127563 2023-01-01 2023-12-31 e:ReserveForNetRevaluationAccordingToEquityMethodMember 39127563 2024-01-01 e:RetainedEarningsMember 39127563 2024-01-01 2024-12-31 e:RetainedEarningsMember 39127563 2024-12-31 e:RetainedEarningsMember 39127563 2023-01-01 e:RetainedEarningsMember 39127563 2023-01-01 2023-12-31 e:RetainedEarningsMember 39127563 2024-01-01 e:ProposedDividendRecognisedInEquityMember 39127563 2024-01-01 2024-12-31 e:ProposedDividendRecognisedInEquityMember 39127563 2024-12-31 e:ProposedDividendRecognisedInEquityMember 39127563 2023-01-01 e:ProposedDividendRecognisedInEquityMember 39127563 2023-01-01 2023-12-31 e:ProposedDividendRecognisedInEquityMember 39127563 2024-01-01 2024-12-31 e:SubsidiaryMember 1 39127563 2024-01-01 2024-12-31 e:SubsidiaryMember 2 39127563 2024-01-01 2024-12-31 e:SubsidiaryMember 3 39127563 2024-01-01 2024-12-31 e:SubsidiaryMember 4 39127563 2024-01-01 2024-12-31 e:SubsidiaryMember 5 39127563 2024-01-01 2024-12-31 e:SubsidiaryMember 6 39127563 2024-01-01 2024-12-31 e:SubsidiaryMember 7 39127563 2024-12-31 e:SubsidiaryMember 1 39127563 2024-12-31 e:SubsidiaryMember 2 39127563 2024-12-31 e:SubsidiaryMember 3 39127563 2024-12-31 e:SubsidiaryMember 4 39127563 2024-12-31 e:SubsidiaryMember 5 39127563 2024-12-31 e:SubsidiaryMember 6 39127563 2024-12-31 e:SubsidiaryMember 7 39127563 2024-01-01 e:InvestmentsInJointVenturesMember 39127563 2024-01-01 2024-12-31 e:InvestmentsInJointVenturesMember 39127563 2024-12-31 e:InvestmentsInJointVenturesMember 39127563 2024-01-01 2024-12-31 e:PartnershipOrLimitedPartnershipEntitiesInWhichReportingEntityIsPartnerOrGeneralPartnerMember 1 39127563 2024-12-31 e:PartnershipOrLimitedPartnershipEntitiesInWhichReportingEntityIsPartnerOrGeneralPartnerMember 1 iso4217:DKK xbrli:pure