13688532 2025-01-01 2025-12-31 13688532 2025-01-01 2025-12-31 2 13688532 2025-01-01 2025-12-31 1 13688532 2025-01-01 2025-12-31 1 13688532 2025-01-01 2025-12-31 2 13688532 2025-01-01 2025-12-31 3 13688532 2025-01-01 2025-12-31 1 13688532 2024-01-01 2024-12-31 13688532 2025-12-31 13688532 2024-12-31 13688532 2025-01-01 d:ContributedCapitalMember 13688532 2025-01-01 d:RetainedEarningsMember 13688532 2025-01-01 2025-12-31 d:RetainedEarningsMember 13688532 2025-12-31 d:ContributedCapitalMember 13688532 2025-12-31 d:RetainedEarningsMember 13688532 2025-01-01 d:LongtermPayablesToShareholdersAndManagementMember 13688532 2025-12-31 d:LongtermPayablesToShareholdersAndManagementMember 13688532 2025-01-01 d:OtherLongtermPayablesMember 13688532 2025-12-31 d:OtherLongtermPayablesMember iso4217:DKK xbrli:pure 2024-01-01 false Baker Tilly Denmark 35257691 Regnskabsklasse B Revisionspåtegning Baker Tilly Denmark 35257691 Poul Bundgaards Vej 1, 1. 2025-12-31 2500 Valby 2025-01-01 2024-12-31 Christoffer Galbo true 2026-06-29 CaseWare-FSR false false false false Annual report The supervisory board and executive board have today discussed and approved the annual report of CT-TECHNOLOGIES ApS for the financial year 1 January - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the company's financial position at 31 December 2025 and of the results of the company's operations for the financial year 1 January - 31 December 2025. In our opinion, management's review includes a fair review of the matters dealt with in the management's review. Management recommends that the annual report should be approved by the company in general meeting. Carsten Thorsen Director Peter Thorsen chairman Beway Bakir Carsten Thorsen To the shareholder of CT-TECHNOLOGIES ApS Qualified Opinion We have audited the financial statements of CT-TECHNOLOGIES ApS for the financial year 1 January - 31 December 2025, 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.In our opinion, except for the potential effects of the matter(s) described in the “Basis for Qualified Opinion” paragraph, the financial statements give a true and fair view of the com­pa­ny's financial position 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 Qualified Opinion The investments in the Pilippine subsidiary are recognised at DKK thousand 4,607. The subsidiary's accounts for 2025 show a loss of DKK thousand 115 and an equity of DKK thousand 342. This indicates a need for impairment in relation to the value recognised per 31 December 2025. It has not been possible to obtain sufficient and appropriate audit evidence for a specific amount, and we have therefore not been able to determine whether a change in this amount is necessary. Accordingly, we express a qualified opinion for the valuation of the investment as at 31 December 2025 and 31 December 2024.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' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. Emphasis of matterWe would like to draw attention to the fact that there is a significant uncertainty that may raise significant doubts about the Company's ability to continue its operations. We refer to note 1 in the Financial Statements, from which it appears that the company's financial situation is strained and that continued operations are dependent on the company's central credit institution maintaining the existing facilities. It is the management's assessment that such a commitment will be achieved, which is why the Annual Report have accordingly been prepared assuming the Company's continued operation. Ouropinion is not modified based on this matter. 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 the 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 judgement and maintain professional scepticism 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 reviewManagement 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 Statements Act. We did not identify any material misstatement of management's review. Copenhagen 2026-06-29 Baker Tilly Denmark Peter Aagesen State Authorised Public Accountant mne41287 CT-TECHNOLOGIES ApS Staktoften  20, 1. 2950  Vedbæk 13688532 Rudersdal 35257691 Poul Bundgaards Vej 1, 1. 2500 Valby Business reviewThe company's main activity consists of conducting consultancy, trade and industry, as well as other related activities. Financial review The company's income statement for the year ended 31 December 2025 shows a loss of DKK 520.368, and the balance sheet at 31 December 2025 shows negative equity of DKK 362.564.It is expected the equity can be re-established in 2026 and 2027 based on ongoing projects. Significant events occurring after the end of the financial yearNo events have occurred after the balance sheet date which could significantly affect the company's financial position. 2123506 4221012 1312747 1761536 810759 2459476 0 -223734 181281 4998 1304432 1312002 -312392 928738 207976 1278957 -520368 -350219 -520368 -350219 4607065 4607065 29299 20107 4636364 4627172 4636364 4627172 2130163 8350959 3923919 1037486 830639 0 255675 538432 270000 270000 684699 0 8095095 10196877 43250 63906 8138345 10260783 12774709 14887955 187500 187500 -550064 -29695 -362564 157805 221584 655933 221584 655933 2460 35312 972991 949951 975451 985263 7343 29692 3230901 3925836 1365865 1354112 7200156 6962199 135973 817115 11940238 13088954 12915689 14074217 12774709 14887955 187500 -29696 -520368 187500 -550064 The Company's financial situation is strained, and continued operations until the end of the financial year 2026 is conditional on the Company's central credit institution maintaining the existing facilities. The Company has received a statement from the Company's credit institution that it will, under certain conditions, continue the engagement with the current credits and guarantees until at least 31 December 2026. The Company's Management expects to be able to meet the bank's conditions and that sufficient commitment from the credit institution to be able to continue operations for a minimum of 12 months from the balance sheet date. Based on this, the Company submits the Annual Report under the assumption of continued operation, although subject to uncertainty herof. 1298500 1747801 14247 13735 1312747 1761536 1 1 4770 0 167150 4998 9361 0 181281 4998 1234351 1094270 70081 217732 1304432 1312002 207976 1278957 Work in progress, selling price 3.923.9191.037.486 949951 972991 0 0 35312 2460 0 0 The company has recognized an investment in an equity interest at a carrying amount of DKK 4.6 million. At the reporting date, the underlying entity’s equity is significantly lower than the carrying amount of the investment. This condition represents an indicator of potential impairment and gives rise to significant uncertainty regarding the recoverability of the carrying amount of the investment. Management has assessed that no impairment is required and has therefore maintained the carrying value of the equity interest. This assessment is based on expectations of future positive operating results in the underlying entity, which are anticipated to restore its financial position over time. However, these expectations are inherently subject to significant uncertainty, including the realization of projected earnings and the entity’s ability to execute its business plans successfully. As a result, there is material uncertainty associated with the measurement of the investment, and the carrying amount may be subject to adjustment if actual results differ from management’s assumptions. Joint taxationThe company is jointly taxed with its parent company, Global Temperature Control Technologies ApS (management company), and jointly and severally liable with other jointly taxed entities for payment of income taxes for income year 2025 onwards as well as for payment of withholding taxes on dividends, interest and royalties,Special itemsThe company are doing business in Benin and are, due to extended work, obliged to pay taxes. As such the company has already paid DKK 1.279 thousand. In addition the company have provided for the tax burden for 2025 amounting to DKK 208 thousand.Both amounts have been recognised in the income statement under Tax on net profit or loss for the year. The annual report of CT-TECHNOLOGIES ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act ap­plying to en­ter­pri­ses of re­por­ting class B, as well as provisions applying to reporting class C entities.The accounting policies applied are consistent with those of last year.The annual report for 2025 is pre­sen­ted in DKK. Income 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, changes in inventories of finished goods and work in progress and other operating income less costs of raw materials and consumables and other external expenses. 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. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales.Revenue is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Revenue is net of all types of discounts granted.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. Costs of raw materials and consumables include the raw materials and consumables used in generating the year’s revenue. Other external expenses 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. Dividend from investments is recognised in the reporting year in which the dividend is declared.Dividend from participating interests is recognised in the financial year in which the dividend is declared. 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, financial expenses relating to finance leases, realised and unrealised capital/exchange gains and losses on securities, liabilities and foreign currency transactions, amortisation of financial assets and liabilities and surcharges and allowances under the Danish Tax Prepayment Scheme, etc. The company is subject to the Danish rules on compulsory joint taxation.On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use tax losses to reduce their own taxable profits.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Investment in subsidiaries are measured at cost. If cost exceeds the recoverable amount, a write-down is made to this lower value. Other securities, which include mortgages which management expects will be kept to maturity, are measured at amortised cost. By amortised cost is meant the outstanding receivable recognised at a price calculated as the market value (fair value) on acquisition with a surcharge/allowance of the difference between this value and the redemption price. Receivables are measured at amortised cost. Contract work in progress is measured at the selling price of the work performed. The selling price is measured by reference to the stage of completion at the balance sheet date and the expected aggregate income from the individual work in progress. The stage of completion is determined as the share of the expenses incurred relative to the expected total expenses for the individual work in progress.Where the selling price of work in progress cannot be estimated reliably, the selling price is measured at the lower of costs incurred and net realisable value.The individual work in progress is recognised in the balance sheet under receivables or payables. Net assets comprise the sum of work in progress where the selling price of the work performed exceeds invoicing on account. Net liabilities comprise the sum of work in progress where invoicing on account exceeds the selling price.Selling costs and costs incurred in securing contracts are recognised in the income statement as incurred. Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years. Cash and cash equivalents comprise cash and deposits at banks. Provisions comprise expected expenses relating to warranty commitments, losses on work in progress, restructuring, etc. Provisions are recognised when, as a result of a past event, the company has a legal or constructive obligation and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.The company and all its Danish group entities are taxed on a joint basis. The current income tax charge is allocated between the jointly taxed entities relative to their taxable income. Tax losses are allocated based on the full absorption method. The jointly taxed entities are eligible for the Danish Tax Prepayment Scheme.Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value. Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value.