44973952 2024-07-17 2025-12-31 44973952 2024-07-17 2025-12-31 1 44973952 2025-12-31 44973952 2024-07-17 2025-12-31 d:ContributedCapitalMember 44973952 2025-12-31 d:ContributedCapitalMember 44973952 2024-07-17 2025-12-31 d:RetainedEarningsMember 44973952 2025-12-31 d:RetainedEarningsMember 44973952 2024-07-17 2025-12-31 1 44973952 2024-07-17 2025-12-31 2 iso4217:DKK xbrli:pure Årsrapport 32093272 Ullits & Winther, Statsautoriseret Revisionspartnerselskab Agerlandsvej, 1 8800, Viborg 2024-07-17 2025-12-31 44973952 Just Learn ApS True Møllevej 7 8381 Tilst 2024-07-17 Ullits & Winther, Statsautoriseret Revisionspartnerselskab 32093272 Lasse Lei Kjærsgaard statsautoriseret revisor mne42772 Agerlandsvej 1 8800 Viborg Danmark 86629222 uw@uw.dk 2026-06-25 Jacob Harboe Kristensen Regnskabsklasse B Andre erklæringer uden sikkerhed Ja CaseWare fra Revisorgruppen Danmark anpartshaverne Viborg 2026-06-25 Tilst 2026-06-25 -47701 -47701 148 -47849 -47849 -47849 1193 1193 1193 0 40000 -47849 -7849 5000 4042 9042 9042 1193 0 42 106 148 40000 40000 -47849 -47849 Today, the Executive Board has approved the annual report of Just Learn ApS for the financial year 17 July 2024 - 31 December 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 31 December 2025 and of the results of the Company's operations for the financial year 17 July 2024 – 31 December 2025. The Executive Board consider the conditions for audit exemption of the 2024/25 financial statements to be met. 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. Hassan Ali Bazzi Jacob Harboe Kristensen We have compiled the financial statements of Just Learn ApS for the financial year 17 July 2024 - 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 companyThe company's activities comprise the development of software, including software for digital education and learning, and any activities which, in the opinion of the management, are associated. Significant changes in the company's activities and financial mattersThe financial year represents the Company’s first reporting period. The Company has not engaged in any material activities and has had no significant operations during the year. The profit and loss account covers 17 July 2024 to 31 December 2025 and shows a result of DKK -47.849. The balance sheet shows equity of DKK -7.849. The company has lost more than 50% of its equity and is therefor subject to the capital provisions set out in the 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 Just Learn 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 annual report is presented in DKK. The annual report comprises the first financial year and hence comparative figures are not available. 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 external costs. Other external expenses comprise expenses incurred for administration. 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. 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.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Cash and cash equivalentsCash and cash equivalents comprise cash at bank. 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. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" According to the rules of joint taxation, Just Learn ApS is proportionally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. 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 provisionsLiabilities are measured at amortised cost which usually corresponds to the nominal value. 3.ContingenciesJoint taxationWith Common Sense Capital ApS, company reg. no 41013370 as administration company, the company is subject to the Danish scheme of joint taxation and is proportionally liable for tax claims within the joint taxation scheme. The company is proportionally liable for any obligations to withhold tax on interest, royalties, and dividends of the jointly taxed companies. The jointly taxed enterprises' total known net liability to the Danish tax authorities emerges from the financial statements of the administration company.