Årsrapport34209936Grant Thornton, Godkendt RevisionspartnerselskabLautrupsgade, 112100, København Ø2023-01-012023-12-312024-01-012024-12-3136470607Amaliegade 12 ApSLønholtvej33480Fredensborg2014-12-17FredensborgGrant Thornton, Godkendt Revisionspartnerselskab34209936Claus Koskelinstatsautoriseret revisormne30140Lautrupsgade112100København ØDanmark+45 33 110 220info@dk.gt.com2025-07-09Carsten Viggo BækRegnskabsklasse BErklæring om udvidet gennemgangCaseWare fra Revisorgruppen DanmarkkapitalejerenKøbenhavn2025-07-09Fredensborg2025-07-09Grundlag for konklusionKonklusionThe key figures appearing from the survey have been calculated as follows: / / / / / / 18418581677820000002200000218418530167781806300-15756505527072657129720457612119522729-1768069-4813605-698328-1011596-1069741-3802009-1069741-3802009112500000110500000112500000110500000011175886736957266026867369573777841211736951178777844930417180414874315087497915103312874505125612157242022892491217461151201670330600006000032751626338213673281162633881367379966144979893799661449798944303602404815983248232633369478525815564273461823245013048192997578916653874673689544023017311880981572318300185315032048532871024851348288178767712174611512016703315430267949343421818515733865761211952272970816727708167273968327320000004168327311250000011175800111758111758001117580111758Kapitalinteresse 100060423606042360122366614076692631335867369587467328742020600006000060000600003382136737623376-1069741-38020093275162633821367Today, the Managing Director has approved the annual report of Amaliegade 12 ApS for the financial year 1 January - 31 December 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. I consider the chosen accounting policy to be appropriate, and 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 true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Carsten Viggo BækWe have performed an extended review of the financial statements of Amaliegade 12 ApS for the financial year 1 January - 31 December 2024, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared under the Danish Financial Statements Act. Based on the work performed, in our opinion, the financial statements give a true and fair view of the Company's financial position 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. Basis for conclusion We conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises 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 "Practitioner's responsibilities for the extended review 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 evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. 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 responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the financial statements and in addition perform specifically required supplementary procedures to obtain further assurance for our conclusion. An extended review comprises procedures that primarily consist of making inquiries 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. Statement on the Management’s Review 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 Statements Act. We did not identify any material misstatement in the Management’s Review. Description of key activities of the company The company's purpose is to acquire, manage, develop and rent out properties in Denmark. Significant changes in the company's activities and financial matters There have been no significant changes in activities and financial matters. The gross profit for the year totals t.DKK 184 against t.DKK 817 last year. Net loss for the year totals t.DKK -1.070 against t.DKK -3.802 last year. Management considers the net loss for the year unsatisfactory. Financial resources The company has limited liquidity available as of 31 December 2024, to meet its financial obligations. The management of the company is aware of this situation, and a letter of support has been issued by the company's owners and management regarding the company's liquidity requirements. The annual report for Amaliegade 12 ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in general Income is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Fair value hierarchy The company applies the concept of fair value when recognising the value of investment properties. Fair value is defined as the amount at which an asset or a liability could be exchanged in an arm’s length transaction between knowledgeable, willing parties. Measurement at fair value is based on a primary market. Four levels in the fair value hierarchy are used to calculate this value: Calculation based on fair value in a similar market Calculation according to accepted valuation methods on the basis of observable market information Calculation based on accepted valuation methods and reasonable estimates. Cost Foreign currency translation Transactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of the transaction. Group enterprises abroad, associates, and equity investments are considered to be independent entities. The income statements are translated at an average exchange rate for the month, and the balance sheet items are translated at the closing rates. Currency translation differences, arising from the translation of the equity of group enterprises abroad at the beginning of the year to the closing rate and from the translation of income statements from average prices to the closing rate, are recognised directly in equity in the fair value reserve in the Consolidated Financial Statement. This also applies to differences arising from translation of income statements from average exchange rate to closing rate. Translation adjustment of balances with group enterprises abroad that are considered part of the total investment in group enterprises are recognised directly in equity in the fair value reserve. Likewise, foreign exchange gains and losses on loans and derived financial instruments for currency hedging independent group enterprises abroad are recognised directly in equity. When recognising foreign group enterprises which are integral units, the monetary items are translated using the closing rate. Non-monetary items are translated using the exchange rate prevailing at the time of acquisition or at the time of the subsequent revaluation or write-down for impairment of the asset. Income statement items are translated using the exchange rate prevailing at the date of the transaction. However, items in the income statement derived from non-monetary items are translated using historical prices. Gross profit Gross profit comprises the lease income, other operating income, value adjustment of investment property, cost concerning investment properties and external costs. Lease income comprises income from the lease of property and from overhead costs collected and is recognised in the income statement for the period relating to the lease payment. Income from the heating account is recognised in the statement of financial position as a balance with lessees. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including operating loss and conflict compensation as well as salary reimbursements received. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Other external expenses comprise sales, administration and loss on receivables. Expenses concerning investment properties comprise operating expenses, repair and maintenance expenses, taxes, charges, and other expenses. Expenses concerning the heating accounts are recognised in the statement of financial position as a balance with lessees. Value adjustment of investment property Value adjustment of investment property comprises value adjustments of properties at fair value and profit or loss from the disposal of properties. Financial income and expenses Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency and amortisation of financial assets and liabilities. Results from investments in group enterprises and participating interest Dividend from investments in group enterprises and participating interest is recognised in the financial year in which the dividend is declared. Tax on net profit or loss for the year Tax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity. Investment properties At the initial recognition, investment properties are measured at cost, comprising the cost price of the property and any directly related costs. Investment properties are subsequently measured at fair value, corresponding to the amount for which the individual property is estimated to be able to sell for on the balance sheet date to an independent buyer. The fair value is calculated using a return-based model based on the budgeted net earnings for the following year, restated according to normal earnings and by applying a required rate of return reflecting the market’s actual required rate of return of similar properties. The value is adjusted for factors that are not reflected in normalized earnings, such as actual rent loss due to vacancy, major refurbishment work, etc. Compared to the latest financial year, the methods of measurement used have not been changed. Costs adding new or improved qualities to an investment property compared to its condition at the time of acquisition, thereby improving the future return on the property, are added to the cost as an improvement. Costs which do not add new or improved qualities to an investment property are recognized in the income statement under the item ”Costs concerning investment property”. Like other property, plant, and equipment except for land, investment property has a limited economic life. The impairment taking place concurrently with the ageing of the investment property is reflected in the continuing measurement of the investment property at fair value. Therefore, no systematic depreciations are made over the useful life of the investment property. Value adjustments are recognized in the income statement under the item ”Value adjustments of property”. Investments in group enterprises and participating interest Investments in group enterprises and participating interest are recognised and measured at cost. If the recoverable amount is lower than the cost price, it shall be written down for impairment to this lower value. Other financial instruments Financial instruments recognised under non-current assets comprise listed bonds and shares measured at fair value on the reporting date. Impairment loss relating to non-current assets The carrying amount of equity investments in group enterprises og participating interest are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. ReceivablesCash and cash equivalents Cash and cash equivalents comprise cash at bank. EquityDividend Dividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred tax Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisions Mortgage loans and bank loans are thus measured at amortised cost which, for cash loans, corresponds to the outstanding payables. For bond loans, the amortised cost corresponds to an outstanding payable calculated as the underlying cash value at the date of borrowing, adjusted by amortisation of the market value on the date of the borrowing effectuated over the repayment period. Liabilities other than provisions relating to investment properties are measured at amortised cost. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 1. Uncertainties relating to going concern The company has limited liquidity available as of 31 December 2024, to meet its financial obligations. The management of the company is aware of this situation, and a letter of support has been issued by the company's owners and management regarding the company's liquidity requirements. In this context, the management prepares the financial statements based on the assumption of going concern. 2. Uncertainties concerning recognition and measurement The company's activity includes real estate investment to generate income through rental and value appreciation of the properties. To continuously reflect the development of the value of the company's properties in the annual report, the company has chosen fair value as the measurement method for property value, which means that the company's management must annually assess the value of the company's properties. The management is aware that there is an inherent uncertainty in this valuation, and that it can change in both upward and downward directions. For further information, please refer to note 4. 8. Disclosures on fair value Investment property Unlisted securities and equity investments Fair value at 31 December 2024 112.500.000 8.673.695 Unrealised change in fair value of the year recognised in the statement of financial activity 2.000.000 1.407.669 9. Charges and security For mortgage credit institutes the company has provided security in company assets. This security comprises the assets below, stating the carrying amounts: DKK in thousands Investment poperty 105.000 The company has issued owner mortgage bonds totaling DKK 5,000,000 secured by investment property as collateral for the company and CVB Invest ApS. The carrying amount of the pledged asset is DKK 7,500,000. 10. Contingencies Contingent liabilities The company has invested in a K/S where it has a contribution commitment of t.USD 105. 364706072024-01-012024-12-31364706072023-01-012023-12-31364706072023-12-31364706072024-12-31364706072024-01-012024-12-311364706072024-01-012024-12-311364706072024-01-01e:OtherInvestmentsMember364706072024-01-012024-12-31e:OtherInvestmentsMember364706072024-12-31e:OtherInvestmentsMember364706072024-01-01e:InvestmentPropertyMember364706072024-01-012024-12-31e:InvestmentPropertyMember364706072024-12-31e:InvestmentPropertyMember364706072024-01-01e:ContributedCapitalMember364706072024-12-31e:ContributedCapitalMember364706072024-01-01e:RetainedEarningsMember364706072024-01-012024-12-31e:RetainedEarningsMember364706072024-12-31e:RetainedEarningsMember364706072024-12-31e:LongtermMortgageLoansMember364706072023-01-01e:ContributedCapitalMember364706072023-12-31e:ContributedCapitalMember364706072023-01-01e:RetainedEarningsMember364706072023-01-012023-12-31e:RetainedEarningsMember364706072023-12-31e:RetainedEarningsMember364706072024-01-01e:ParticipatingInterestsMember364706072024-01-012024-12-31e:ParticipatingInterestsMember364706072024-12-31e:ParticipatingInterestsMember364706072023-01-01e:ParticipatingInterestsMember364706072023-01-012023-12-31e:ParticipatingInterestsMember364706072023-12-31e:ParticipatingInterestsMember364706072024-01-012024-12-31e:OtherRelatedEntitiesMember1364706072024-12-31e:OtherRelatedEntitiesMember1iso4217:DKKxbrli:pure