34224773 2025-01-01 2025-12-31 34224773 2025-01-01 2025-12-31 1 34224773 2025-01-01 2025-12-31 1 34224773 2024-01-01 2024-12-31 34224773 2025-12-31 34224773 2024-12-31 34224773 2025-01-01 c:ContributedCapitalMember 34224773 2025-01-01 c:RetainedEarningsMember 34224773 2025-01-01 2025-12-31 c:RetainedEarningsMember 34224773 2025-12-31 c:ContributedCapitalMember 34224773 2025-12-31 c:RetainedEarningsMember 34224773 2025-01-01 c:FixturesFittingsToolsAndEquipmentMember 34224773 2025-01-01 c:LeaseholdImprovementsMember 34224773 2025-01-01 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 34224773 2025-01-01 2025-12-31 c:LeaseholdImprovementsMember 34224773 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 34224773 2025-12-31 c:LeaseholdImprovementsMember 34224773 2025-01-01 c:DepositsLongtermInvestmentsAndReceivablesMember 34224773 2025-01-01 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember 34224773 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK xbrli:pure true BDO Statsautoriseret Revisionspartnerselskab Havneholmen 2, 6. sal DK-2450 Copenhagen SV 45719375 2026-07-15 Lynsey Ann Blair Årsrapport NOERREPORT CENTRE ApS c/o Regus Denmark Holding ApS 1058 Copenhagen K Den uafhængige revisors erklæring 34224773 2012-02-07 Copenhagen 2025-01-01 2025-12-31 2024-01-01 2024-12-31 BDO Statsautoriseret Revisionspartnerselskab Havneholmen 2, 6. sal 2450 Copenhagen SV Today the Executive Board have discussed and approved the Annual Report of NOERREPORT CENTRE ApS for the fi­nan­ci­al year 1 January  - 31 December 2025. The Annual Report is presented in accor­dance with the Da­nish Fi­nan­ci­al State­ments Act. In my opinion the Fi­nan­ci­al Sta­te­ments give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the fi­nan­ci­al year 1 January  - 31 December 2025. The Management Commentary includes in my opinion a fair presentation of the matters dealt with in the Commentary. I recommend the Annual Report be approved at the Annual General Meeting. København K 2026-07-15 Lynsey Ann Blair To the Shareholder of NOERREPORT CENTRE ApS Konklusion We ha­ve au­di­ted the Fi­nan­ci­al Sta­te­ments of NOERREPORT CENTRE ApS for the fi­nan­ci­al year 1 January - 31 December 2025, which comprise income statement, Balance Sheet, sta­te­ment of chan­ges in e­qui­ty, no­tes and a summary of significant accounting policies. The Fi­nan­ci­al Sta­te­ments are pre­pared in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   In our o­pi­ni­on, the Fi­nan­ci­al Sta­te­ments give a true and fair view of the assets, liabilities and financial position of the Com­pa­ny at 31 December 2025 and of the results of the Com­pa­ny's operations for the fi­nan­ci­al year 1 January - 31 December 2025 in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   Basis for OpinionGrundlag for konklusion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit 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 (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements 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.   Grundlag for konklusion Material uncertainty relating to Going ConcernMaterial uncertainty related to going concern We draw attention to note 1 in the financial statements, describing the Company’s financial situation in which it is stated that material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.   Emphasis of Matter regarding the Audit The Company has become subject to statutory audit requirements with effect from the current financial year. Accordingly, the comparative figures in the financial statements have not been audited, as also disclosed in the financial statements.   Ma­na­ge­ment's Re­spon­si­bi­li­ti­es for the Fi­nan­ci­al Sta­te­ments 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 objectives are to obtain reasonable assurance about whether the Fi­nan­ci­al Sta­te­ments as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Fi­nan­ci­al Sta­te­ments.   As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:   Identify and assess the risks of material misstatement of the Fi­nan­ci­al Sta­te­ments, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.   Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Com­pa­ny's internal control.   Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Ma­na­ge­ment.   Conclude on the appropriateness of Ma­na­ge­ment’s use of the going concern basis of accounting in preparing the Fi­nan­ci­al Sta­te­ments and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Com­pa­ny's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Fi­nan­ci­al Sta­te­ments or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Com­pa­ny to cease to continue as a going concern.   Evaluate the overall presentation, structure and contents of the Fi­nan­ci­al Sta­te­ments, including the disclosures, and whether the Fi­nan­ci­al Sta­te­ments represent the underlying transactions and events in a manner that gives a true and fair view.   We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.   Statement on Management Commentary Management is responsible for Ma­na­ge­ment Com­men­ta­ry.   Our opinion on the Fi­nan­ci­al Sta­te­ments does not cover Ma­na­ge­ment Com­men­ta­ry, and we do not express any form of assurance conclusion thereon.   In connection with our audit of the Fi­nan­ci­al Sta­te­ments, our responsibility is to read Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether Ma­na­ge­ment Com­men­ta­ry is materially inconsistent with the Fi­nan­ci­al Sta­te­ments or our knowledge obtained during the audit, or otherwise appears to be materially misstated.   Moreover, it is our responsibility to consider whether Ma­na­ge­ment Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that Ma­na­ge­ment Com­men­ta­ry 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 of Ma­na­ge­ment Com­men­ta­ry.   Copenhagen 2026-07-15 BDO Statsautoriseret Revisionspartnerselskab 45719375 Annika Raunholt Den uafhængige revisors erklæring State Authorised Public Accountant mne45844 Principal activities The company operates as a provider of office facilities through Regus Management ApS, which company operates as a manager of the Regus activities in Denmark   Recognition and measurement uncertainty As described in Note 1, Information on uncertainty with respect to going concern, and Note 2, Information on significant uncertainties at recognition and measurement, the Company is dependent on support from the Group. Reference is made to Notes 1 and 2 for a further description of these matters.   Significant events after the end of the financial year No events have occurred after the end of the financial year of material importance for the Company's financial position.   -1727695 -38588 353089 353221 0 121514 -2080784 -513323 324 82 1406693 1668829 -3487153 -2182070 -461084 -140031 -3026069 -2042039 -3026069 -2042039 -3026069 -2042039 831509 918803 885022 1088720 1716531 2007523 1045276 1019942 1045276 1019942 2761807 3027465 552782 0 1817761 2807190 1638863 1103241 461084 140031 0 3847524 4470490 7897986 4470490 7897986 7232297 10925451 80000 80000 -20883514 -17750719 -20803514 -17670719 0 468324 26992541 24398193 1043270 547964 28035811 28596170 28035811 28596170 7232297 10925451 DKKSha­re ca­pi­talRetained earningsTotal Equity at 1 January 202580.000-17.857.445-17.777.445 Proposed profit allocation -3.026.069-3.026.069 Equity at 31 December 202580.000-20.883.514-20.803.514 80000 -17857445 -3026069 80000 -20883514 1 | Information on uncertainty with respect to going concern The company has realized a loss in the financial year ending 31 December 2025 and the Company’s current liabilities at this date exceed its current assets.   The company is dependent on IWG Group regularly provide sufficient and necessary liquidity to ensure that the company can fulfill their obligations and liabilities as they fall due until the annual general meeting where the annual report for 2026 will be approved.  No commitment in financial support has been provided from IWG Group, which indicates that a material uncertainty exists and may casts significant doubt on the Company’s ability to continue as a going concern. Management however expects that IWG Group has the ability and intention to provide necessary financial support as in previous years. On this basis the financial statements for the year ended 31 December 2025 have been prepared on a going concern basis. 2 | Information on significant uncertainties at recognition and measurement The measurement of the Receivables from affiliated enterprises is depending on the counterparties’ ability to generate sufficient cash inflows for the company to repay the Receivables from affiliated enterprises which requires that they continue as going concern.  This is dependent from financial support from IWG Group and therefore a related material uncertainty exists as described in note 1. Since management expects that IWG Group has the ability and intention to provide necessary financial support as in previous years these assets have not been impaired. For foreign counterparties we have as of the date of signing of the annual report, not been able to obtain sufficient information about the financial situation of the counterparties. But since management also expects these counterparties will repay the receivables, these assets have not been impaired. 20252024 DKKDKK 3 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees00 The Company has not had any employees during the financial year. This is due to the nature of the Company’s activities, which consist solely of ownership and operation of an office property, where the day-to-day operations, administration, and other operational functions are handled by the Group. 0 0 4 | Other financial income Other interest income 32482 32482 324 82 324 82 5 | Other financial expenses Interest expenses to group enterprises 1.406.3711.668.444 Other interest expenses 322385 1.406.6931.668.829 1406371 1668444 322 385 1406693 1668829 -461084 -140031 7 | Property, plant and equipment DKKOther plant, fixtures and equipmentLeasehold improvements Cost at 1 January 2025 3.165.6882.684.693 Transferred 62.96228.572 Additions 29.8260 Disposals -16.2070 Cost at 31 December 2025 3.242.2692.713.265   Depreciation and impairment losses at 1 January 2025 2.255.0221.595.954 Transferred 3.33120.641 Depreciation for the year 152.407211.648 Depreciation and impairment losses at 31 December 2025 2.410.7601.828.243 Carrying amount at 31 December 2025831.509885.022 3165688 2684693 62962 28572 29826 0 16207 0 3242269 2713265 2255022 1595954 3331 20641 152407 211648 2410760 1828243 831509 885022 8 | Financial non-current assets DKKRent deposit and other receivables Cost at 1 January 2025 1.019.942Additions 25.334Cost at 31 December 2025 1.045.276  Carrying amount at 31 December 20251.045.276 1019942 25334 1045276 1045276 Contingent liabilities Regus Management ApS being the administration company is subject to the Danish scheme of joint taxation and, as from the financial year 2013, unlimited jointly and severally liable with the other jointly taxed companies for the total corporation tax.   As from 2012, the company is unlimited jointly anad severally liable with the other jointly and severally liable with the other jointly taxed companies for the total corporation tax.   Any subsequent adjustments of corporate taxes or withheld taxes etc. may changes in the company's liabilities.   Other rent and lease liabilities as of December 31st 2024: 15,326 tDKK (2023: 18,633 tDKK.) The company is jointly tax registered with other Regus companies and is therefore jointly liable for VAT settlement. The Annual Report of NOERREPORT CENTRE ApS for 2025 has been presented in accor­dance with the pro­vi­sions of the Da­nish Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class B and cer­tain pro­vi­si­ons ap­ply­ing to re­por­ting class C.  Regnskabsklasse B1truetrueThe Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse B true Net revenue Net revenue is recognised in the Income Statement if supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received.   Other external expenses Other external expenses include other production, sales, delivery and administrative costs, including costs of energy, marketing, premises, loss on bad debts, lease expenses, etc   Other operating expenses Other operating expenses include items of a secondary nature in relation to the Group’s and the Company’s activities. Losses from sale of intangible assets and property, plant and equipment are also included.   Financial income and expenses Financial income and expenses include interest income and expenses, realised and unrealised gains and losses arising from securities, debt and transactions in foreign currencies, as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the Income Statement by the share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity. The entity and its Danish group entities are taxed on a joint basis. The danish income tax charge is allocated between profit-making Danish entities in proportion to their taxable income (full allocation method). Jointly taxed companies entitled to a tax refund are, as a minimum, reimbursed by the management company according to the current rates applicable to interest allowances, and jointly taxed companies having paid too little tax pay as a maximum, a surcharge according to the current rates applicable to interest surcharges to the management company.   Property, plant and equipment Land and buildings, production plant and machinery, other plant, fixtures and equipment are measured at cost less accumulated depreciation and impairment losses.   The depreciation base is cost less estimated residual value after end of useful life.   The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the asset is ready to be used.    Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value:   Useful lifeResidual valueOther plant, fixtures and equipment 3-10 years0 DKKLeasehold improvements 10 years or lease period years0 DKK Profit or loss on sale of property, plant and equipment is stated as the difference between the sales price less selling costs and the carrying amount at the date of sale. Profit or loss is recognised in the Income Statement as other operating income or other operating expenses.   Financial non-current assets Deposits include lease deposits which are recognised and measured at amortised cost.   Impairment of fixed assets The carrying amount of pro­per­ty, plant and equip­ment to­get­her with fi­xed as­sets, which are not mea­su­red at fair va­lue,, are assessed annually for indications of impairment other than that reflected by amortisation and depreciation.   In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the recoverable amount.   The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, ad­justed for tax on the taxable income for previous years and taxes paid on account.   Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff against deferred tax liabilities within the same legal tax entity.   Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the Balance Sheet date will be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less transaction costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recog­nised in the Income Statement over the loan period.   The amortised cost of current liabilities corresponds usually to the nominal value.   Accruals, liabilities Accruals recognised as liabilities include payments received regarding income in subsequent years.