35472762 2024-07-01 2025-06-30 2 35472762 2024-07-01 2025-06-30 35472762 2024-07-01 2025-06-30 1 35472762 2023-07-01 2024-06-30 35472762 2025-06-30 35472762 2024-06-30 35472762 2024-07-01 d:CompletedDevelopmentProjectsMember 35472762 2024-07-01 2025-06-30 d:CompletedDevelopmentProjectsMember 35472762 2025-06-30 d:CompletedDevelopmentProjectsMember 35472762 2024-07-01 d:DevelopmentProjectsInProgressMember 35472762 2024-07-01 2025-06-30 d:DevelopmentProjectsInProgressMember 35472762 2025-06-30 d:DevelopmentProjectsInProgressMember 35472762 2024-07-01 d:DepositsLongtermInvestmentsAndReceivablesMember 35472762 2025-06-30 d:DepositsLongtermInvestmentsAndReceivablesMember 35472762 2024-07-01 d:ContributedCapitalMember 35472762 2023-07-01 d:ContributedCapitalMember 35472762 2025-06-30 d:ContributedCapitalMember 35472762 2024-06-30 d:ContributedCapitalMember 35472762 2024-07-01 d:ReserveForDevelopmentExpenditureMember 35472762 2023-07-01 d:ReserveForDevelopmentExpenditureMember 35472762 2024-07-01 2025-06-30 d:ReserveForDevelopmentExpenditureMember 35472762 2023-07-01 2024-06-30 d:ReserveForDevelopmentExpenditureMember 35472762 2025-06-30 d:ReserveForDevelopmentExpenditureMember 35472762 2024-06-30 d:ReserveForDevelopmentExpenditureMember 35472762 2024-07-01 d:RetainedEarningsMember 35472762 2023-07-01 d:RetainedEarningsMember 35472762 2024-07-01 2025-06-30 d:RetainedEarningsMember 35472762 2023-07-01 2024-06-30 d:RetainedEarningsMember 35472762 2025-06-30 d:RetainedEarningsMember 35472762 2024-06-30 d:RetainedEarningsMember 35472762 2024-07-01 2025-06-30 1 35472762 2024-07-01 2025-06-30 1 35472762 2024-07-01 2025-06-30 2 iso4217:DKK xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2023-07-01 2024-06-30 2024-07-01 2025-06-30 35472762 LEAPCRAFT ApS Strandgade 54, 1. 1401 København K Grant Thornton, Godkendt Revisionspartnerselskab 34209936 Morten Høgh-Petersen statsautoriseret revisor mne34283 Lautrupsgade 11 2100 København Ø Danmark +45 33 110 220 info@dk.gt.com 2026-01-13 Vinay Venkatraman Regnskabsklasse B Erklæring om udvidet gennemgang Ja CaseWare fra Revisorgruppen Danmark anpartshaverne København 2026-01-13 København K 2026-01-13 Grundlag for konklusion Konklusion 946135 -583500 1476698 1168239 9198933 734231 -9729496 -2485970 10287126 6460 49521 277617 508109 -2757127 -2533158 -424555 3041267 -2332572 -5971033 -4158580 9012300 1826008 7948130 375700 1569943 16797543 9518073 17173243 69454 56129 69454 56129 9587527 17229372 550631 753751 550631 753751 54619 237467 330075 257655 2470286 179663 1014970 2914264 0 70215 7038 34137 3876988 3693401 1247195 3544060 5674814 7991212 15262341 25220584 0 128101 128101 7424097 13395130 7107300 -1905000 14659498 11618231 89421 1976379 89421 1976379 147460 870155 0 10310443 312551 356246 53411 89130 513422 11625974 513422 11625974 15262341 25220584 1454911 1139585 21787 28654 1476698 1168239 4 4 7342306 4647028 11989334 2842271 1198933 4041204 7948130 12673208 1543763 -4647028 9569943 8000000 8000000 1569943 69454 69454 69454 128101 128101 128101 128101 13395130 11569122 -5971033 1826008 7424097 13395130 -1905000 2253580 9012301 -4158580 -1 0 7107300 -1905000 Today, the Board of Directors and the Managing Director have approved the annual report of LEAPCRAFT ApS for the financial year 1 July 2024 - 30 June 2025. 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 30 June 2025 and of the results of the Company's operations for the financial year 1 July 2024 – 30 June 2025. 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. Vinay Venkatraman Vinay Venkatraman Casper Falten Zelmer We have performed an extended review of the financial statements of LEAPCRAFT ApS for the financial year 1 July 2024 - 30 June 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. Based on the work performed, in our opinion, the financial statements give a true and fair view of the Company's financial position at 30 June 2025 and of the results of the Company's operations for the financial year 1 July 2024 - 30 June 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe 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 ReviewManagement 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 Leapcraft is an innovation provider working with artificial intelligence, big data and sensor technology deployment with a user-centred approach to design. Leapcraft harnesses design and technology offerings to building new solutions with the Internet of things, advanced sensors integration and predictive analytics. The Company has built a vertical focus on environmental sensing technologies for air quality, thermal comfort and acoustics for smart building and smart city application. Significant changes in the company's activities and financial mattersDuring the financial period, a debt restructuring was agreed, which led to a significant financial income for the company. Furthermore, an impairment of intangible assets has been made based on managements assesment that deployment of technology solutions will be affected by changed external growth factors. Despite of the debt relief the company has a limited liquidity of 1.2 million DKK at 30th June 2025. Management have closely monitored the companies liquidity and asses that the company has sufficient funds for planned operations during the coming year.  The annual report for LEAPCRAFT 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 generalIncome 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. Foreign currency translationTransactions 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 profitGross profit comprises the revenue, changes in inventories of finished goods, and work in progress, own work capitalised, other operating income, and external costs. The enterprise will be applying IAS 11 and IAS 18 as its basis of interpretation for the recognition of revenue. 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. Contract work in progressContract work in progress concerning construction contracts is recognised in the revenue concurrently with the production process. Thus, the revenue corresponds to the selling price of the total yearly production (the production method). The revenue is recognised when the total income and costs of the contract and the stage of completion on the reporting date. When the results of a contract cannot be reliably validated, the revenue is recognised solely on a cost basis to the extent that it seems probable that the costs will be recovered. Cost of salesCost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other external expenseOther external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Financial income and expensesFinancial 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, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax 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 assetsDevelopment projects, patents, and licences Development costs comprise costs, wages, salaries and amortisation directly and indirectly attributable to development activities.  Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities are evidenced, and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses as well development costs.  Other development costs are recognised in the income statement as incurred. Development costs recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses. Upon completion of development work, development costs are amortised on a straight-line basis over the estimated useful lives. The amortisation period is usually 10 years. Deposits are measured at amortised cost and represent lease deposits, etc. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets 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. Impairment relating to goodwill is not reversed. InventoriesInventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis.  Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Contract work in progressContract work in progress is measured at the selling price of the work performed. The selling price is measured on the basis of the stage of completion on the reporting date and the total expected income from the individual work in progress. The stage of completion is calculated as the share of costs incurred in proportion to the estimated total costs of the individual work in progress. When the selling price of the individual work in progress cannot be determined reliably, the selling price is measured at the costs incurred or at net realisable value, if this is lower. The individual work in progress is recognised in the statement of financial position under accounts receivables or liabilities. Net assets consist of the sum of the work in progress, where the selling price of the work performed exceeds invoicing on account. Net liabilities consist of the sum of the work in progress, where invoicing on account exceeds the selling price. Costs in connection with sales work and the procurement of contracts are recognised in the income statement when incurred. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. EquityReserve for development costsThe 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. Income tax and deferred taxCurrent 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 provisionsFinancial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. Deferred incomePayments received concerning future income are recognised under deferred income. Disclosure of assumptions related to development projects The company has capitalized development costs, which represent several years of development work on new products and solutions. Management sees significant market interest and expects substantial future growth in sales in the ventilation market. Based on this, management believes that future income will support the current value. However, based on managements assesment of external growth factors, a partial impairment has been made of DKK 8 million in 2024/25, reflecting a delay in deployment.  7.Charges and securityThe company has made collateral (virksomhedspant), for an amount of DKK 500 thousand towards its main bank. 8.ContingenciesContingent liabilitiesLease liabilities The company has operational leases for both vehicles and office premises. The total outstanding lease payments amount to DKK 138 thousand for vehicles and DKK 68 thousand for office rent, corresponding to the minimum lease commitment for each contract.