45289435 2024-12-20 2025-12-31 45289435 2024-12-20 2025-12-31 2 45289435 2024-12-20 2025-12-31 1 45289435 2024-12-20 2025-12-31 1 45289435 2025-12-31 45289435 2024-12-20 d:ContributedCapitalMember 45289435 2024-12-20 d:RevaluationReserveMember 45289435 2024-12-20 d:RetainedEarningsMember 45289435 2024-12-20 2025-12-31 d:RevaluationReserveMember 45289435 2024-12-20 2025-12-31 d:RetainedEarningsMember 45289435 2025-12-31 d:ContributedCapitalMember 45289435 2025-12-31 d:RevaluationReserveMember 45289435 2025-12-31 d:RetainedEarningsMember 45289435 2024-12-20 d:InvestmentsInGroupEnterprisesMember 45289435 2024-12-20 2025-12-31 d:InvestmentsInGroupEnterprisesMember 45289435 2025-12-31 d:InvestmentsInGroupEnterprisesMember 45289435 2024-12-20 2025-12-31 d:SubsidiaryMember 1 45289435 2025-12-31 d:SubsidiaryMember 1 xbrli:pure iso4217:DKK 2900 Hellerup true false 2024-12-20 2026-06-04 Crowe 33256876 33256876 Crowe Rygårds Allé 104 2025-12-31 Henrik Deigaard Regnskabsklasse B false Revisionspåtegning CaseWare-FSR false false false Annual report 1 The executive board has today discussed and approved the annual report of Ivan Ivanov 5 ApS for the financial year 20 December 2024 - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In my 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 20 December 2024 - 31 December 2025. In my 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. Henrik Deigaard Director To the shareholder of Ivan Ivanov 5 ApS Opinion We have audited the financial statements of Ivan Ivanov 5 ApS for the financial year 20 December 2024 - 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, 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 20 December 2024 - 31 December 2025 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' 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 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 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. Hellerup 2026-05-21 Søren Jonassen State Authorised Public Accountant mne18488 Ivan Ivanov 5 ApS C/O Øens Virksomhedsadministration ApS  2300  København S 45289435 Copenhagen Crowe 33256876 Rygårds Allé 104 2900 Hellerup Business reviewThe company's purpose is to own properties and, at the management's discretion, related business. Financial review The company's income statement for the year ended 31 December 2025 shows a loss of DKK 47.216, and the balance sheet at 31 December 2025 shows equity of DKK 12.220.359. 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. The annual report of Ivan Ivanov 5 ApS for 2024/25 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 annual report for 2024/25 is pre­sen­ted in DKKAs 2024/25 is the company's first reporting period, no comparatives have been presented. 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 loss reflects an aggregation of other external costs. Other external costs include expenses related to administration. Financial income and expenses are recognised in the income statement at the amounts that relate to thefinancial year. Net financials include interest income and expenses, liabilities and foreign currencytransactions. 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. Fair value is adjusted directly over the equity. Investments in subsidiaries are measured at the proportionate share of the net asset value of the entities fair market value, calculated on the basis of the group's accounting policies, plus or less unrealised intra-group gains or losses and plus or less any remaining value of positive or negative goodwill stated according to the purchase method.Net revaluations of investments in subsidiaries measured at fair value in excess of cost are recognised in the revaluation reserve. Dividends from subsidiaries which are expected to be declared before the annual report of Ivan Ivanov 5 ApS is adopted are not recognised in the revaluation reserve. Cash and cash equivalents comprise cash and deposits at banks. Fair value reserveThe reserve for net revaluation according to the fair market method in the company's financial statements comprises net revaluation of investments in subsidiaries relative to the cost. 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. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Foreign subsidiaries, associates and participating interests are considered separate entities. The income statements are translated at the average exchange rates for the month, and the balance sheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differences arising on translation of such entities opening equity at closing rate and on translation of the income statements from the exchange rates at the transaction date to closing rate are taken directly to the fair value reserve under 'Equity' in the consolidated financial statements. -47218 2 -47216 0 -47216 -47216 12227613 12227613 12227613 33239 33239 12260852 40000 12227575 -47216 12220359 40493 40493 40493 12260852 40000 0 0 12227575 0 0 -47216 40000 12227575 -47216 1 2 2 0 0 38 38 0 12227575 12227575 12227613 NameRegistered officeOwnership interestIvanov 5 EOODSofia, Bulgaria100% Ivanov 5 EOOD Sofia, Bulgaria 100 Ivan Ivanov 5 ApS are jointly taxed with the Danish companies in See Residential A/S. The joint taxation also covers withholding taxes in the form of dividend tax, royalty tax and interest tax. The Danish companies are jointly and severally liable for the joint taxation. Any subsequent adjustments to income taxes and withholding taxes may lead to a larger liability. The tax for the individual companies is allocated in full on the basis of the expected taxable income. The company has no issued securities or pladged assets.