44585731 2025-04-01 2026-03-31 44585731 2025-04-01 2026-03-31 2 44585731 2025-04-01 2026-03-31 1 44585731 2025-04-01 2026-03-31 2 44585731 2025-04-01 2026-03-31 1 44585731 2025-04-01 2026-03-31 2 44585731 2025-04-01 2026-03-31 3 44585731 2025-04-01 2026-03-31 4 44585731 2025-04-01 2026-03-31 5 44585731 2025-04-01 2026-03-31 1 44585731 2024-04-01 2025-03-31 44585731 2026-03-31 44585731 2025-03-31 44585731 2025-04-01 d:ContributedCapitalMember 44585731 2025-04-01 d:OtherStatutoryReservesMember 44585731 2025-04-01 d:RetainedEarningsMember 44585731 2025-04-01 2026-03-31 d:ContributedCapitalMember 44585731 2025-04-01 2026-03-31 d:OtherStatutoryReservesMember 44585731 2025-04-01 2026-03-31 d:RetainedEarningsMember 44585731 2026-03-31 d:ContributedCapitalMember 44585731 2026-03-31 d:OtherStatutoryReservesMember 44585731 2026-03-31 d:RetainedEarningsMember 44585731 2025-04-01 d:ConvertibleProfitYieldingOrDividendYieldingLongtermDebtInstrumentsMember 44585731 2026-03-31 d:ConvertibleProfitYieldingOrDividendYieldingLongtermDebtInstrumentsMember 44585731 2025-04-01 d:OtherLongtermPayablesMember 44585731 2026-03-31 d:OtherLongtermPayablesMember iso4217:DKK xbrli:pure CaseWare-FSR 33167288 false LPOG ApS 2024-04-01 false false false 2026-08-19 33167288 LPOG ApS Kilde Alle 22, 3. sal 3600 Frederikssund 2025-04-01 2026-03-31 2025-03-31 Martin Lavesen Regnskabsklasse B true false Erklæring om udvidet gennemgang Annual report The Board of directors and executive board have today discussed and approved the annual report of Nuterials ApS for the financial year 1 April 2025 - 31 March 2026. 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 company's financial position at 31 March 2026 and of the results of the company's operations for the financial year 1 April 2025 - 31 March 2026. In our 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. Maren Bohl Carla Pauline Guennewig Martin Lavesen chairman Henrik Busch-Larsen Leif Steffen Maren Bohl Carla Pauline Guennewig To the shareholders of Nuterials ApS Opinion We have performed extended review of the financial statements of Nuterials ApS for the financial year 1 April 2025 - 31 March 2026, 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.Based on the performed work it is our opinion, that the financial statements give a true and fair view of the com­pany's financial position at 31 March 2026 and of the results of the company's operations for the financial year 1 April 2025 - 31 March 2026 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our extended review in accordance with the Danish Business Authority's standard on au­di­tor's re­port for small enterprises and FSR - danish auditors' standard on extended review of financial statements in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the “Auditor's responsibilities for the extended review 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 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  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 responsibility is to express a conclusion on the accompanying financial statements. This requires us to perform procedures in order to obtain limited assurance for our conclusion on these financial statements, and in addition perform specifically required supplementary procedures in order to obtain additional assurance for our conclusion.An extended review of financial statements includes procedures primarily consisting of making inquiries of management and others within the entity, as appropriate, applying analytical procedures and the specifically required supplementary procedures, and evaluating the evidence obtained.The procedures performed in an extended review are less than those performed in an audit and accordingly we do not express an audit opinion on these financial statements. 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 extended review 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 extended review, 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. Frederikssund 2026-08-19 LPOG ApS Anders Pedersen State Authorised Public Accountant mne34550 Nuterials ApS Fruebjergvej  3 2100  København Ø 44585731 Copenhagen 33167288 Kilde Alle 22, 3. sal 3600 Frederikssund Business reviewThe company aims to be a pioneer in developing innovative and sustainable biomaterials from upcycled biomass. Financial review The company's income statement for the year ended 31 March 2026 shows a loss of DKK 1.902.509, and the balance sheet at 31 March 2026 shows equity of DKK 122.924. Significant events occurring after the end of the financial yearSubsequent to the balance sheet date, a loan from an external lender with a carrying amount of DKK 566 thousand was converted into equity in the Company. Furthermore, the Company completed a capital increase amounting to DKK 1,500 thousand. These transactions have strengthened the Company's capital base and liquidity position.   Other than the event described above, no events have occurred after the balance sheet date which could significantly affect the company's financial position. Expected development of the company, including specific prerequisites and uncertaintiesAs the product development cycle in the industry typically is years, the company expect to raise additional equity capital, as well as non-dilutive capital from grants and strategic partners, to support the Company prior to commercialization of the companies first product.   With the grants and loans already secured, the Company has the financial resources and liquidity to carry out its planned activities for the next 12 months. The annual report of Nuterials ApS for 2025/26 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. 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. In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross loss reflects an aggregation of revenue, other operating income, costs of research and development costs and other external expenses. Income from the sale of goods for resale and finished goods is recognised in the income statement, provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received.Revenue is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Revenue is net of all types of discounts granted. The company expenses all research costs. In line with industry practice, internal and subcontracted development costs are also expensed as they are incurred, due to significant regulatory uncertainties and other uncertainties inherent in the development of new products. This means that the costs do not qualify for capitalisation as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. The item Other operating income includes items of a secondary nature relative to the company’sactivities.   Compensation and grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received. Other external expenses include expenses related to administration, premises etc. Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees. 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. 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. The carrying amount of intangible assets is tested annually for impairment, other than what is reflected through normal amortisation and depreciation.Where there is evidence of impairment, an impairment test is performed for each individual asset or group of assets. Write-down is made to the lower of the recoverable amount and the carrying amount.The recoverable amount is the higher of the net present value and the value in use less expected costs to sell. The net present value is determined as the present value of the anticipated net cash flows from the use of the asset or group of assets and the anticipated net cash flows from the disposal of the asset or group of assets after the end of their useful life. Receivables are measured at amortised cost.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 is impaired, an impairment loss for that individual asset is recognised. Cash and cash equivalents comprise cash and deposits at banks. Reserve for development costsAn amount corresponding to capitalised development costs is recognised in the reserve. The reserve is reduced as development costs are amortised. 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.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 and other payables, are measured at amortised cost, which is usually equivalent to nominal value. -439610 532000 850565 968000 763885 0 -2054060 -436000 92355 23000 -2146415 -459000 -243906 -114000 -1902509 -345000 -595830 596000 -1306679 -941000 0 764000 0 764000 0 764000 62023 43000 189677 168000 251700 211000 1644422 308000 1896122 519000 1896122 1283000 68561 55000 0 596000 54363 -126000 122924 525000 0 54000 0 54000 0 523000 1021889 0 1021889 523000 566105 0 83934 15000 101270 166000 751309 181000 1773198 704000 1896122 1283000 55379 595830 -125776 13182 0 1486818 -595830 -1306679 68561 0 54363 Subsequent to the balance sheet date, a loan from an external lender with a carrying amount of DKK 566 thousand was converted into equity in the Company. Furthermore, the Company completed a capital increase amounting to DKK 1,500 thousand. These transactions have strengthened the Company's capital base and liquidity position.   As the product development cycle in the industry typically is years, the company expect to raise additional equity capital, as well as non-dilutive capital from grants and strategic partners, to support the Company prior to commercialization of the companies first product.   With the grants and loans already secured, the Company has the financial resources and liquidity to carry out its planned activities for the next 12 months. 845942 1361000 4623 0 850565 968000 2 2 92355 23000 92355 23000 -189677 -114000 -54229 0 523333 566105 566105 0 0 1021889 0 396471 There are no contingent liabilities, commitments or similar obligations. As security for a loan from a third party, the company has granted a floating charge of DKK 1,000 thousand over its operating equipment, goodwill, domain names, intellectual property rights, and trade receivables.