Årsrapport29442789Redmark, Godkendt RevisionspartnerselskabHasseris Bymidte, 69000, Aalborg2023-01-012023-12-312024-01-012024-12-3139630680Captego ApSNiels Jernes Vej109220Aalborg ØstRedmark, Godkendt Revisionspartnerselskab29442789Alex Hoffmann Kristensenstatsautoriseret revisormne33705Hasseris Bymidte69000AalborgDanmark98183333aalborg@redmark.dk2025-07-04Bjarke Schou BentzenRegnskabsklasse BRevisionspåtegningCaseWare fra Revisorgruppen DanmarkanpartshaverneAalborg2025-07-04Aalborg Øst2025-07-04Grundlag for konklusionKonklusionThe key figures appearing from the survey have been calculated as follows: / / / / / / 348190136500043257026960000962090811000165940-1822485-7406000-1297738-23820001007146000746589834000-3865805-10476000-3865805-10476000-3865805-104760002273223283400022732232834000227829900022782990002296005293300055156345300059318038370610006492515140002827311740000931982225400032279875187000022191418300017731141857000-11925809-9281000-9930781-724100010295649962400010295649962400001000269558173000961720102700016318411603000286311928040001315876812428000322798751870003910207641400038975542000025740126000432570269600007107465898340007465898340004776970401750517872019434079620902905497227322318349884000384169900022191418300018569962490000-83882-63300017731141857000-9281392-4695000-3865805-1047600012213885890000-11925809-9281000Today, the Board of Directors and the Managing Director have approved the annual report of Captego ApS for the financial year 1 January - 31 December 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and 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. Further, in our 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. Bjarke Schou BentzenJeremy Anthony Simon SparrowLars Rabe TønnesenBalder Nikolai KringelbachBjarke Schou BentzenWe have audited the financial statements of Captego ApS for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies, for the Company. The financial statements are prepared under the Danish Financial Statements Act. 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. Basis for Opinion 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 (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 audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 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’s Review Management is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, 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’s Review and, in doing so, consider whether Management’s Review 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’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that 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 Management’s Review. Description of key activities of the company Since its incorporation, Captego's core activities have been and continue to be the development of software designed to help people document, analyze and report data. Captego's customers operate within a wide range og industries, including insurance and the construction industry. During the fiscal year 2024, Catego continued the development of its app, improving efficiency and accuracy and expanding into new markets with a focus on scalability. Uncertainties about recognition or measurement The company's development projects concerns the development of its app Captego. Based on the interest and the argeements entered into with business partners and customers, the management assesses that the technology has considerable commercial potential. Significant changes in the company's activities and financial matters There have been no significant changes in activities and financial matters. Financial resources The Company has entered into an agreement with financing partners that ensures liquidity for the rest of 2025 Expected developments 2024 marked a pivotal year for Captego as we focused on stabilising the company and progressing toward a cash flow-neutral position. Through a disciplined and targeted effort, we successfully reduced our operating costs particularly staffing while preserving our revenue base and continuing to enhance the value of our platform. We streamlined our product offering, resulting in a more focused and effective solution for our clients, despite operating with a leaner team. This shift has reinforced our position as a data-driven platform delivering actionable insights. Captego ended the year with a loss of DKK 3.9 million, a significant improvement from the DKK 10.5 million loss in 2023. This reduction is largely attributable to cost-cutting measures implemented throughout the year. Importantly, the majority of this year’s deficit is tied to legacy cost structures and obligations in the first half, which no longer impact our operations going forward. Gross profit increased nearly tenfold to DKK 3.5 million, primarily driven by operational efficiency a reduction in reliance on promotional discounts. Staff costs were reduced by 40%, reflecting our leaner operating model. At yearend, cash was DKK 283,000, and equity stood at DKK -9.9 million, both of which underscore the need for continued financial discipline. The fourth quarter demonstrated our ability to build a stable, scalable business with limited resources. In 2025, we will continue to focus on product development and operational optimisation in the first half, followed by a shift toward structured sales execution, particularly in the construction and service sectors in Denmark and the UK. We remain committed to sustainable, value-driven growth as we move into 2025. Thank you for your continued support and belief in our journey. Treasury shares The holding of treasury shares is afterwards 2.553,24 shares at DKK 1 each, corresponding to 1,15 % of the contributed capital. 1. Uncertainties concerning recognition and measurement The company's development projects concerns the development of the app Captego. Based on the interest and the argeements entered into with business partners and customers, the management assesses that the technology has considerable commercial potential. 2. Special items Special items include significant expenses of a special nature relative to the enterprise's ordinary operating activities. Special items also include other significant amounts of a nonrecurring nature. Special items for the year are specified below, indicating where they are recognised in the income statement. 2024 2023 Expenses: Impairment of non-current assets 1.297.738 2.382.437 1.297.738 2.382.437 Special items are recognised in the following items in the financial statements: Income from equity investments in group enterprises -1.297.738 -2.382.437 Profit of special items, net -1.297.738 -2.382.437 9. Charges and security For the company's loan from The Danish Growth Fund, TDKK 3.513, the company has provided security in company assets representing a nominal value of TDKK 3.000. This security comprises the assets below, stating the carrying amounts. DKK in thousands Trade receivables 551 The annual report for Captego 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, writedowns 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. 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. 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. Gross profit Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Recognition of revenue is exclusive of VAT and taxes and less any discounts relating directly to sales. Productioncosts Productionscosts comprise costs which has been included to attain this years revenue. Included in costprice is raw materials and consumables, direct staff cost and indirect productioncosts, as maintenance and writedown etc. as well as operation, administration and management of facories. Distributioncosts Distributioncosts comprise cost in the form of salary to sales and distributionpersonnel, advertising and marketingcosts as well as auto-operation and writedown etc. Administrationcosts Administrationcosts comprise cost to the management, administrative personnel, officecosts etc. Staff costs Staff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and writedown for impairment Depreciation, amortisation, and writedown for impairment comprise amortisation of intangible assets. Other operating expenses Other operating expenses comprise items of secondary nature as regards the principal activities of the enterprise, including losses on the disposal of intangible and tangible assets. 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 debt and transactions in foreign currency. Results from investments in subsidiaries Dividend from investments in subsidiaries 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. Intangible assets Development projects, patents, and licences Development costs and internally generated rights are recognised in the income statement as costs in the acquisition year. Clearly defined and identifiable development projects are recognised as intangible assets provided that they are proven to be technically practicable, that sufficient resources and a potential market or development opportunity exist, and insofar as the intention is to produce, market or utilise the project. It is, however, a condition that the cost can be reliably calculated and that a sufficiently high degree of certainty indicates that future earnings will cover the costs of production, sales, and administration. Other development costs are recognised in the income statement concurrently with their realisation. Development costs recognised in the statement of financial position are measured at cost less accrued amortisations and writedowns for impairment. After completion of the development work, capitalised development costs are amortised on a straightline basis over the estimated useful economic life. Development costs is deployed via the appropriation of net profit to "Reserve for development cost" under equity. The reserve is reduced by the deferred tax asset of the accounted development costs. The basis of the writedown, which is calculated as cost less possible residual value, is amortised on a straightline basis over the estimated useful economic life. Deposits Deposits are measured at amortised cost and represent lease deposits, etc. Impairment loss relating to non-current assets The carrying amount of both intangible and tangible fixed assets as well as equity investments in subsidiaries 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. Writedown 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. Impairment relating to goodwill is not reversed. Receivables Receivables are measured at amortised cost or a lower net realisable value, which corresponds to the denominated value less writedown of expected losses. Writedown of expected losses is calcualted on an individual level of the individual account. Prepayments Prepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalents Cash and cash equivalents comprise cash at bank. Equity Reserve for development costs The reserve for development costs comprises recognised development costs less related deferred tax liabilities. The reserve cannot be used as dividends or for covering losses. The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity. Liabilities other than provisions Liabilities other than provisions relating to investment properties are measured at amortised cost which usually corresponds to nominal value. 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