42060526 2025-01-01 2025-12-31 42060526 2025-01-01 2025-12-31 1 42060526 2024-01-01 2024-12-31 42060526 2025-12-31 42060526 2024-12-31 42060526 2025-01-01 2025-12-31 d:ParticipatingInterestsMember 42060526 2024-01-01 2024-12-31 d:ParticipatingInterestsMember 42060526 2025-12-31 d:ParticipatingInterestsMember 42060526 2024-12-31 d:ParticipatingInterestsMember 42060526 2025-01-01 2025-12-31 d:OtherRelatedEntitiesMember 1 42060526 2025-12-31 d:OtherRelatedEntitiesMember 1 42060526 2025-01-01 d:OtherInvestmentsMember 42060526 2025-12-31 d:OtherInvestmentsMember 42060526 2025-01-01 2025-12-31 d:ManagementMember 42060526 2025-01-01 d:ContributedCapitalMember 42060526 2024-01-01 d:ContributedCapitalMember 42060526 2025-12-31 d:ContributedCapitalMember 42060526 2024-12-31 d:ContributedCapitalMember 42060526 2025-01-01 d:RetainedEarningsMember 42060526 2024-01-01 d:RetainedEarningsMember 42060526 2025-01-01 2025-12-31 d:RetainedEarningsMember 42060526 2024-01-01 2024-12-31 d:RetainedEarningsMember 42060526 2025-12-31 d:RetainedEarningsMember 42060526 2024-12-31 d:RetainedEarningsMember 42060526 2025-01-01 2025-12-31 1 iso4217:DKK xbrli:pure Årsrapport 32093272 Ullits & Winther, Statsautoriseret Revisionspartnerselskab Agerlandsvej, 1 8800, Viborg 2024-01-01 2024-12-31 2025-01-01 2025-12-31 42060526 Phoenicia Development ApS Ragnagade 7 2100 København Ø 2021-01-26 Ullits & Winther, Statsautoriseret Revisionspartnerselskab 32093272 Lasse Lei Kjærsgaard statsautoriseret revisor mne42772 Agerlandsvej 1 8800 Viborg Danmark 86629222 uw@uw.dk 2026-06-29 Hassan Ali Bazzi Regnskabsklasse B Andre erklæringer uden sikkerhed Ja CaseWare fra Revisorgruppen Danmark anpartshaveren Viborg 2026-06-29 København Ø 2026-06-29 -56688 -6250 -56688 -6250 1987 3743 11252 0 -65953 -2507 -65953 -2507 -65953 -2507 16000 0 14508 14508 30508 14508 30508 14508 0 39870 0 39870 0 39870 30508 54378 0 46797 46797 -64622 1331 -17825 48128 10750 6250 26331 0 11252 0 48333 6250 48333 6250 30508 54378 0 0 16000 0 16000 0 16000 0 Just Learn ApS Aarhus 40 -7849 -47849 14508 14508 14508 10.00 68188 46797 46797 46797 46797 1331 3838 -65953 -2507 -64622 1331 Today, the Managing Director has approved the annual report of Phoenicia Development ApS for the financial year 1 January - 31 December 2025. 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 2025 and of the results of the Company's operations for the financial year 1 January – 31 December 2025. The Managing Director consider the conditions for audit exemption of the 2025 financial statements to be met. 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. Hassan Ali Bazzi We have compiled the financial statements of Phoenicia Development ApS for the financial year 1 January - 31 December 2025 based on the company's bookkeeping and on information you have provided. These financial statements comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), Compilation Engagements. We have applied our expertise in accounting and financial reporting to assist Management in the preparation and presentation of these financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant requirements under the Danish Act on Approved Auditors and Audit Firms and International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) including principles of integrity, objectivity, professional competence and due care. These financial statements and the accuracy and completeness of the information used to compile them are your responsibility. Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with the Danish Financial Statements Act. Description of key activities of the companyLike previous years, the purpose of the company is to act as a holding company for ownership of companies and other related operation which, in the opinion of the manegement, are connected to this. Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. The profit and loss account covers 1 January to 31 December and shows a result of DKK -65.953 against DKK -2.507 last year. The balance sheet shows equity of DKK -17.825. The company has lost more than 50% of its equity and is therefore subject to the capital provisions set out in Section 119 of the Danish Companies Act. Management expects the equity to be restored through future operating profits and cash flows. The annual report for Phoenicia Development 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, however individual items have been changed due to reclassification. 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 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. Gross lossGross loss comprises other external costs. Other external costs comprise expenses incurred for administration. Results from participating interestDividend from participating interest is recognised in the financial year in which the dividend is declared. If the dividend received exceeds the proportionate share of the year's result, this is considered an indication of impairment, which entails a requirement to prepare an impairment test. 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 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.  Participating interestParticipating 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 instrumentsOther unlisted financial instruments are measured at cost. Write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Liabilities other than provisionsLiabilities are measured at amortised cost which usually corresponds to the nominal value.