6The executive board has today discussed and approved the annual report of Axvac Composit ApS for the financial year 1 January - 31 December 2022.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 company's financial position at 31 December 2022 and of the results of the company's operations for the financial year 1 January - 31 December 2022.In my opinion, management's review includes a fair review of the matters dealt with in the management's review.The financial statements have not been audited. Management considers the criteria for not auditing the financial statements to be met.Management recommends that the annual report should be approved by the company in general meeting.Lars LemanTo the shareholder of Axvac Composit ApSWe have compiled the financial statements of Axvac Composit ApS for the financial year 1 January - 31 December 2022 based on the company's bookkeeping records and other information made available by enterprise. The financial statements comprises a statement by management, managements review, a summary of significant accounting policies, income statement, balance sheet and notes. We performed the engagement in accordance with ISRS 4410, Compilation Engagements. We have applied our professional expertise to assist the enterprise in the preparation and presentation of the financial statements in accordance with the Danish Financial Statements Act. We complied with the relevant provisions of the Danish Act on Approved Auditors and with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code), including principles relating to integrity, objectivity, professional competence and due care. The financial statements and the accuracy and completeness of the information used to compile the financial statements are the enterprise´s responsibility. As a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information provided by enterprise for our compilation of the financial statements. Accordingly, we do not express an audit or a review conclusion on whether the financial statements have been prepared in accordance with the Danish Financial Statements Act.Hillerød2023-02-06RTSBo Wulffsbergstatsautoriseret revisormne33215Business review The company's activity consists of the sale of environmentally friendly industrial adhesives, cleaning products and equipment for this.Unusual matters During the preparation of the annual report for 2022, it has been established that in the balance sheet as of On 31 December 2021, a creditor debt of DKK 195,444 has not been recognized. The error has been recognized as a fundamental error directly on the equity and comparative figures have been corrected.Financial review The company's income statement for the year ended 31 December 2022 shows a loss of DKK 299.177, and the balance sheet at 31 December 2022 shows negative equity of DKK 991.475.Significant events occurring after the end of the financial year No events have occurred after the balance sheet date which could significantly affect the company's financial position.206091-208072461083337703-254992-545775570926554989441026-299177-584146-299177-58414607400074000740014337582791433758279554464434431289346758038785573574850675716945433465716945507465000050000-1041475-742298-991475-692298625519584160442804258232318007289633176839111019156316912430441563169124304457169455074644886432834676186206460131514610833377031150000-5468540-195444-29917750000-1041475Operating lease liabilities. Total future lease payments: Within 1 year 2.365 14.645 After 5 years 0 0 2.365 14.645Årsrapport34879753RTS statsautoriseret revisionsaktieselskabSlotsgade 14A, 1. sal3400 Hillerød2022-01-012022-12-312021-01-012021-12-3138745603Axvac Composit ApSØrebakken22A3000HelsingørDKDanmark2017-06-20ElsinoreRTS34879753Bo Wulffsbergstatsautoriseret revisorSlotsgade14A, 1. sal3400HillerødDKDanmark48168686ts@tsas.dk2023-06-19Lars LemanRegnskabsklasse BAndre erklæringer uden sikkerhedCaseWare-FSRThe annual report of Axvac Composit ApS for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B. The accounting policies applied are consistent with those of last year. The annual report for 2022 is presented in DKKIncome 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. Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date.In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross profit reflects an aggregation of revenue and other operating income less costs of raw materials and consumables and other external expenses.Income from the sale of goods for resale and finished goods is recognised in the income statement, provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received. Revenue is measured at fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. Revenue is net of all types of discounts granted.Costs of raw materials and consumables include the raw materials and consumables used in generating the year’s revenue.Other external costs include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees.Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses, realised and unrealised capital/exchange gains and losses on liabilities and foreign currency transactions and surcharges and allowances under the Danish Tax Prepayment Scheme, etc.Stocks are measured at cost using the FIFO method. Where the net realisable value is lower than the cost, inventories are recognised at this lower value. The cost of goods for resale, raw materials and consumables comprises the purchase price plus delivery costs. The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct cost of labour and production/production overheads. The net realisable value of stocks is calculated as the expected selling price less direct costs of completion and expenses incurred to effect the sale. The net realisable value is determined taking into account marketability, obsolescence and expected selling price movements.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 is impaired, an impairment loss for that individual asset is recognised.Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years.Cash and cash equivalents comprise cash and deposits at banks.Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value.387456032022-01-012022-12-31387456032022-01-012022-12-311387456032021-01-012021-12-31387456032022-01-012022-12-31h:RetainedEarningsMember387456032021-01-012021-12-31h:RetainedEarningsMember387456032021-12-31387456032022-12-31387456032022-01-012022-12-311387456032022-01-01h:ContributedCapitalMember387456032022-01-012022-12-31h:ContributedCapitalMember387456032022-12-31h:ContributedCapitalMember387456032022-01-01h:RetainedEarningsMember387456032022-01-012022-12-31h:RetainedEarningsMember387456032022-12-31h:RetainedEarningsMemberiso4217:DKKxbrli:pure