39650088 2025-01-01 2025-12-31 39650088 2025-01-01 2025-12-31 1 39650088 2025-01-01 2025-12-31 1 39650088 2024-01-01 2024-12-31 39650088 2025-12-31 39650088 2024-12-31 39650088 2025-01-01 d:ContributedCapitalMember 39650088 2025-01-01 d:RetainedEarningsMember 39650088 2025-01-01 2025-12-31 d:RetainedEarningsMember 39650088 2025-12-31 d:ContributedCapitalMember 39650088 2025-12-31 d:RetainedEarningsMember 39650088 2025-01-01 2025-12-31 1 39650088 2024-01-01 2024-12-31 1 39650088 2025-01-01 d:PrepaymentsForPropertyPlantAndEquipmentMember 39650088 2025-01-01 2025-12-31 d:PrepaymentsForPropertyPlantAndEquipmentMember 39650088 2025-12-31 d:PrepaymentsForPropertyPlantAndEquipmentMember 39650088 2025-12-31 d:LongtermMortgageLoansMember 39650088 2024-12-31 d:LongtermMortgageLoansMember 39650088 2025-12-31 d:LongtermPayablesToGroupEnterprisesMember 39650088 2024-12-31 d:LongtermPayablesToGroupEnterprisesMember 39650088 2025-12-31 d:DepositsLongtermLiabilitiesOtherThanProvisionsMember 39650088 2024-12-31 d:DepositsLongtermLiabilitiesOtherThanProvisionsMember iso4217:DKK xbrli:pure 2024-01-01 CaseWare-FSR Store Kongensgade 40H, 2. false 2025-12-31 Årsrapport Revisionspåtegning false 39188678 false Rödl Audit 1264 København K 2025-01-01 2024-12-31 Lars Frederiksen false Regnskabsklasse B true 2026-06-30 false The Executive Board has today Discussed and approved the annual report of Red Warehouse PropCo ApS for the financial year 1 January - 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 1 January - 31 December 2025. I believe the management commentary contains a fair review of the affairs and conditions referred to therein. I recommend the annual report for adoption at the Annual General Meeting. Lars Frederiksen CEO To the shareholder of Red Warehouse PropCo ApS Opinion We have audited the financial statements of Red Warehouse PropCo ApS for the financial year 1 January - 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 1 January - 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. København K 2026-06-30 RÖDL Audit Bjarne Flyvbjerg Erichsen State Authorised Public Accountant mne47907 Red Warehouse PropCo ApS   1130  København K 39650088 Copenhagen 39188678 Store Kongensgade 40H, 2 1264 Køenhavn K Business reviewThe company's purpose is to accuire, operate and develop real estate Financial review The company's income statement for the year ended 31 December 2025 shows a profit of DKK 1.655.293, and the balance sheet at 31 December 2025 shows negative equity of DKK 59.062.677.The Management has found that the equity is lost as per 31 December 2025.   The Management has found that the equity is lost per 31 December 2025 and that the current liabilities exceeds the current assets in the balance sheet. The investment property is fully leased out at the end of 2025, and Management expects the equity to be restored through future earnings from its investment property and refinancing of mortgage debt.    The Management has presented the annual report on a going concern basis, with the condition that the investment property is fully leased throughout 2026. 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 Red Warehouse PropCo ApS for 2025 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 accounting policies applied are consistent with those of last year.The annual report for 2025 is pre­sen­ted in DKK 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.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. The items revenue, expenses, property and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. The item Other operating income includes items of a secondary nature relative to the company’s activities, including gains on the sale of intangible assets and items of property, plant and equipment, operating losses, indemnities relating to operating losses and conflicts as well as payroll refunds. Indemnities are recognised when it is more probable than not that the company is going to be indemnified. Other external expenses include the year's expenses relating to the Company's core activities,  including expenses relating to distribution, sale, advertising, administration, premises, bad debts,  payment under operating leases, etc.Administrative expenses include expenses incurred in the year for company management and administration, including expenses relating to administrative staff, management, office premises and expenses as well as amortisation/depreciation of assets used for administrative purposes. Property expenses include expenses relating to renting out the company's investment property, including expenses relating to running and maintaning such property. Depreciation, amortisation and impairment of property, plant and equipment comprise the year's depreciation, amortisation and impairment of property, plant and equipment. Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses, financial expenses relating to finance leases, realised and unrealised capital/exchange gains and losses on securities, liabilities and foreign currency transactions, amortisation of financial assets and liabilities and surcharges and allowances under the Danish Tax Prepayment Scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deffered tax adjustments. The portion of the tax for the year that relates to the profit/ loss fot the year is recognised in the income statement, where as the portion that relates to transactions taken to equity is recognised in the equity.    The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between profit/ loss making Danish entities in proportion to their taxable income (full absorption).    Jointly taxed entities entitled to tax refund are reimbursed by the management company based om the rates applicable to interest allowances, and jointly taxed entities which have paid to little tax payable surcharge according to the rates applicable to interest surchages to the management company. On initial recognition, investment property is measured at cost. Investment property is subsequently measured at cost less accumulated depreciation over the useful lifetime, using the straight-line method.Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets:Useful lifeResidual valueInvestment property 50 years20 % Receivables are measured at amortised cost.The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.   An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected 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 Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value. Provisions comprise anticipated expenses relating to warranty commitments, onerous contracts, restructurings, etc. Provisions are recognised when the Company has a legal or constructive obligation at the balance sheet date as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.    Provisions are measured at net realisable value or at fair value if the obligation is expected to be settled far into the future. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.    Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/ loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.   Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.    Other liabilities are measured at net realisable 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.  15895968 16020094 0 0 377042 2740691 15518926 13279403 37477 316886 13901110 18198051 1655293 -4601762 0 0 1655293 -4601762 1655293 -4601762 280546255 280853297 0 0 280546255 280853297 280546255 280853297 7794010 1655535 731111 69759 8525121 1725294 12831680 7450587 21356801 9175881 301903056 290029178 50000 50000 -59112677 -60767971 -59062677 -60717971 762476 762476 762476 762476 186942277 188229686 154524167 149888276 8038041 7179337 349504485 345297299 627047 561928 462819 527719 1545179 1545179 3568827 2052548 4494900 0 10698772 4687374 360203257 349984673 301903056 290029178 50000 -60767970 1655293 50000 -59112677 0 0 The entity has no employees other than Executive Board. The Executive Officer has not received any remuneration. 377042 373787 0 2366904 377042 2740691 Paid out Holdback from aquirement of the building 1494441 0 6132949 9846424 7768161 8350406 0 1221 13901110 18198051 0 0 2366904 0 2366904 2366904 0 2366904 0 175602688 175612185 11339589 12617501 186942277 188229686 627047 561928 154524167 149888276 154524167 149888276 1545179 1545179 7928890 7179337 109151 0 8038041 7179337 0 0 The company is jointly taxed with its parent company, Ruby HoldCo ApS (management company), and has limited and secondary liability together with other jointly taxed entities for payment of income taxes for income year 2025. Land and buildings at a carrying amount of DKK 280.546 thousands at 31 December 2025 have been provided as security for mortgage debt totalling DKK 157.563 thousands.