36397268 2022-01-01 2022-12-31 36397268 2022-01-01 2022-12-31 auditor_1 36397268 2022-01-01 2022-12-31 memberOfBoardIdentifier_1 36397268 2022-01-01 2022-12-31 memberOfBoardIdentifier_1 36397268 2022-01-01 2022-12-31 memberOfBoardIdentifier_2 36397268 2022-01-01 2022-12-31 memberOfBoardIdentifier_3 36397268 2021-01-01 2021-12-31 36397268 2022-01-01 2022-12-31 fsa:ExtraordinaryDistributionsMember 36397268 2021-01-01 2021-12-31 fsa:ExtraordinaryDistributionsMember 36397268 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 36397268 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 36397268 2022-12-31 36397268 2021-12-31 36397268 2021-12-31 fsa:ContributedCapitalMember 36397268 2021-12-31 fsa:ReserveForDevelopmentExpenditureMember 36397268 2021-12-31 fsa:RetainedEarningsMember 36397268 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 36397268 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 36397268 2022-01-01 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 36397268 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 36397268 2022-01-01 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 36397268 2022-12-31 fsa:ContributedCapitalMember 36397268 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 36397268 2022-12-31 fsa:RetainedEarningsMember 36397268 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK pure Årsrapport 2022-01-01 2021-01-01 2022-12-31 2021-12-31 2023-05-17 36397268 2023-05-17 2014-10-02 Reporting class B KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's reports (Other non-assurance reports) Copenhagen 2023-05-17 KPMG 25578198 true Debasish Chakraborty The Board of Directors and the Executive Board have today discussed and approved the annual report for RENCAT ApS for the financial year 1 January - 31 December 2022. The annual report, which has not been audited, is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2022 and of the results of the Company's operations for the financial year 1 January - 31 December 2022.Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Management confirms that the Company fulfils the requirement to be exempt from audit. Debasish Chakraborty CEO Bjarne Henning Jensen Debasish Chakraborty Ib Chorkendorff Auditor's report on compilation of financial statements To the Management of RENCAT ApS We have compiled the financial statements of RENCAT ApS for the financial year 1 January - 31 December 2022 based on the Company's bookkeeping records and other information provided by you.The financial statements comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies.We performed our work in accordance with ISRS 4410 Compilation Engagements.We have applied our professional expertise in accounting and financial reporting to assist you 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 Auditor Act, including the requirements for independence, and International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code), which is based on fundamental principles of integrity, objectivity, professional competence and due care.These financial statements and the accuracy and completeness of the information used to compile them are your responsibility. Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion as to whether these financial statements are prepared in accordance with the Danish Financial Statements Act. Morten Høgh-Petersen mne34283 RENCAT ApS Oksemosen 10 DK-2840 Holte Rudersdal Principal activities RENCAT's main activity is to commercialise a patent pending fuel processing technology to process ammonia to Proton Exchange Fuel Cell (PEMFC) grade hydrogen. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2022. Development in activities and financial positionThe Company's income statement for 2022 shows a profit of DKK 582,402 as against a profit of DKK 104,494 in 2021. Equity in the Company's balance sheet at 31 December 2022 stood at DKK 167,452 as against DKK 2,585,050 at 31 December 2021. In the spring of 2022, Rencat sold its assets to Alfa Laval. Subsequent to the sale, the Company will close its activity and expects to make a solvent liquadation within the coming years. 4259645 149459 100000 0 4159645 149459 3371776 0 787869 149459 10511 3223 777358 146236 194956 41742 582402 104494 3000000 0 -2417598 104494 0 3371776 0 14916 0 3386692 48276 0 0 23922 31604 7816 79880 31738 333526 79784 413406 111522 413406 3498214 50001 50001 0 2358957 117451 176092 167452 2585050 0 741790 245214 62500 0 98450 0 2843 740 0 0 7581 245954 171374 413406 3498214 50001 2358957 176092 0 0 -2358957 2358957 0 0 -2417598 3000000 0 -3000000 50001 0 117451 0 The annual report of RENCAT ApS for 2022 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.The accounting policies used in the preparation of the financial statements are consistent with those of last year. Revenue Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts granted are deducted from revenue. Other operating income Other operating income comprises items secondary to the activities of the Company, including gains on the disposal of intangible assets. Other external costs Other external costs comprise costs for distribution and sales costs, costs for advertising, administrative expenses, costs of premises, bad debts, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Other operating costs Other operating costs comprise items secondary to the activities of the entities, including losses on the disposal of intangible assets. Financial income and expenses Financial income and expenses comprise interest income and expense, etc. Tax on profit for the year Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit for the year is recognised in the income statement at the amount attributable to the profit for the year and directly in equity at the amount attributable to entries directly in equity. Intangible assets Development costs comprise costs, wages, salaries and amortisation directly and indirectly attributable to development activities. Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities are evidenced, and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses as well development costs. Other development costs are recognised in the income statement as incurred. Impairment of fixed assets The carrying amount of intangible assets is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast 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. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. EquityReserve for development costs The reserve for development costs comprises capitalised development costs. The reserve cannot be used for dividends, distribution or to cover losses. If the recognised development costs are sold or in other ways excluded from the Company's operations, the reserve will be dissolved and transferred directly to the distributable reserves under equity. If the recognised development costs are written down, the part of the reserve corresponding to the write-down of the development costs will be reversed. If a write-down of development costs is subsequently reversed, the reserve will be re-established. The reserve is reduced by amortisation of capitalised development costs on an ongoing basis. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences relating to office buildings non-deductible for tax purposes and other items where temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; 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. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with 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. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Liabilities other than provisions Liabilities are measured at amortised cost. 100000 0 1 0 Current tax for the year912,8248,843Deferred tax adjustment for the year-717,86832,899194,956 41,742