37860808 2025-01-01 2025-12-31 37860808 2025-01-01 2025-12-31 1 37860808 2025-01-01 2025-12-31 1 37860808 2025-01-01 2025-12-31 2 37860808 2024-01-01 2024-12-31 37860808 2025-12-31 37860808 2024-12-31 iso4217:GBP xbrli:pure Morten Olsen PKA TeesREP Holding ApS Klareboderne 1 1115 Copenhagen 37860808 Copenhagen Weidekampsgade 6 2300 Copenhagen Primary activities The principal activities of the Company in the period under review were to invest in a biomass power plant in Tees-side UK, through its ownership of shares in: • PKA TeesREP Holding (UK) Limited (100%) o Chaptre Holidngs (UK) Limited (50%) Capital resources The company has a negative equity as of 31.12.2025. The parent company PKA Direct II K/S confirms that it is in its interests that the company continues to conduct its businesses, and the parent company intends to provide the nec-essary financial support to secure the going concern of the company for a period of at least 12 months since the ap-proval of the company's annual account as of 31.12.2025. This has been confirmed through a letter of support from the parent company. The Executive Board have today considered and adopted the annual report of PKA TeesREP Holding ApS for the fi-nancial year 1 January 2025 – 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 financial position at 31 December 2025 of the Company and of the results of the Company operations for the financial year 1 January 2025 – 31 December 2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend that the annual report be adopted at the Annual General Meeting. Copenhagen David Jensen Morten Eskild Nordahl Friehling To the Shareholders of PKA TeesREP Holding ApS Opinion We have audited the financial statements of PKA TeesREP Holding ApS for the financial year 01.01.2025 - 31.12.2025, which comprise the income statement, balance sheet and notes, including a summary of significant accounting poli-cies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independ-ent of the Entity 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's responsibilities for the financial statements 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 er-ror. In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements 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. Rea-sonable 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. Mis-statements 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 state-ments. 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 er-ror, 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 misstate-ment 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 Entity’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Independent auditor’s report (continued) • Conclude on the appropriateness of Management’s use of the going concern basis of accounting in prepar-ing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty ex-ists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a go-ing concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audi-tor’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 audi-tor’s report. However, future events or conditions may cause the Entity to cease to continue as a going con-cern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a man-ner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and tim-ing of the audit and significant audit findings, including any significant deficiencies in internal control that we iden-tify during our audit. Statement on the management commentary Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, 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 the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial state-ments or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information re-quired by relevant law and regulations. Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Michael Thorø Larsen State Authorised Public Accountant mne35823 -26000 -5000 4000 3000 -22000 -2000 -22000 -2000 -22000 -2000 0 126000 0 126000 125000 21000 125000 147000 125000 147000 12000 12000 -316000 -294000 -304000 -282000 429000 429000 429000 429000 429000 429000 125000 147000 true true Presentation currency The reporting currency is Pound sterling. All amounts are in thousands of GBP. Recognition and measurement Revenue is recognized in the income statement as it is earned, including value adjustments of financial assets and liabilities measured at fair value or amortized costs. In addition, expenses incurred to achieve the year’s earnings are recognized, including depreciation, write-downs, provisions, and reversals because of changed accounting estimates of amounts previously recognized in the income statement. Assets are recognized in the balance sheet when it is probable because of a prior event that future economic benefits will flow to the company, and the value of the asset can be measured reliably. Liabilities are recognized in the balance sheet when the company has a legal or constructive obligation because of a prior event, and it is probable that future economic benefits will flow out of the company, and the value of the liabilities can be measured. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each accounting item below. Recognition and measurements consider the gains, losses and risks that arise before the annual report is presented and which corroborates or invalidates conditions that existed at the balance sheet date. Foreign currency translation Foreign currency transactions are translated at the exchange rate at the transaction date. Exchange rate differences arising between the exchange rate at the transaction date and the rate at the payment date are recognized in the in-come statement as a financial item. Receivables, payables, and other monetary items in foreign currencies that have not been settled on the balance sheet date are translated at the exchange rate at the balance sheet date. The difference between the exchange rate at the balance sheet date and the exchange rate at the transaction date is recognized in the income statement as a fi-nancial item. Income statement Gross profit / loss Gross loss is calculated with reference to §32 of the Danish Financial Statements Act as a summary of other external costs. Other external costs Other external costs include costs for administration etc. Financial items Financial income and expenses include interest income and expenses, realized and unrealized gains and losses on debt, fair value of investments & loans and transactions in foreign currencies. Tax Income taxes for the year, is recognized in the income statement with the part that can be attributed to the profit for the year. Balance sheet Receivables from group enterprises Receivables from group companies are measured at amortized cost, which usually corresponds to nominal value, less write-down for expected losses and including accrued interests. Cash and cash equivalents Cash comprise cash in bank deposits. Dividend Dividend distributions proposed by the management for the financial year are shown as a separate item under equity. Other financial liabilities Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Note 2 Judgments regarding going concern The company has a negative equity as of 31.12.2025. The parent company PKA Direct II K/S confirms that it is in its interests that the company continues to conduct its businesses, and the parent company intends to provide the nec-essary financial support to secure the going concern of the company for a period of at least 12 months since the ap-proval of the company's annual account as of 31.12.2025. This has been confirmed through a letter of support from the parent company. 0 0 Note 4 Contingent liabilities The company has no contingent liabilities apart from the liabilities already recognized in the balance sheet. Note 5 Consolidated financial statement PKA TeesREP Holding ApS is included in the consolidated financial statement of the parent company PKA Direct II K/S. The consolidated financial statements for PKA Direct II K/S can be obtained at the address: PKA Direct II K/S Klareboderne 1 DK-1115 Copenhagen Denmark Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-06-11 Reporting class B 2016-07-07 2026-06-11 39504308 AIP Management P/S Klareboderne 1 1115 København K Opinion Basis for Opinion 2026-06-11