MK Projektentwicklung Nr. 4 ApS

MK Projektentwicklung Nr. 4 ApS

Hamburg

Befreiender Jahresabschluss zum Geschäftsjahr vom 01.01.2023 bis zum 31.12.2023

MK Projektentwicklung Nr. 4 ApS

Hammel/Dänemark

Balance Sheet

none

Management Report

Primary activities

MK Projektentwicklung ApS' primary activities is to make investment in real estate, including developing real estate for rental and sale.

Development in the Company's activities and finances

In the year 2015, the company acquired 1 building plot in Hamburg. Work is underway to develop the site so that permission can be obtained for the construction of a small residential property. The plot is located in an attractive area in Hamburg.

In the spring of 2020, a conditional building permit was obtained. After discoussion with the neighbour, Russa's occupation of Ukraine coms on the agenda, which has led to uncertainty in the supply chains and major challenges with the energy supply. The construction was originally planned with heating via gas and solar on the roof. We have succeeded in securing heat supply via district heating in autumn 2025. The construction is expected to start in the second quarter of 2025, in this way, it can align with the future energy supply.

Financially, the case looks sensible, regardless of whether the construction ends with a sale or rental. For safty teasons is the project has been written down approx Eur 100.000. The group of owners is considering a capital increase to reduce the interest-bearing debt. Work is underway to clarify this in 2024.

The book value of the project matches the market price for a smaller project with the possibility of district heating in a good residential area. The value is checked by a real estate agent.

The year's result shows a deficit of Euro 94.000 and an equity of Euro 206.000 after offsetting the year's deficit.

Events after the end of the financial statements

After the status date, there have been no significant events that change the assessment of the company's financial position.

Outlook

A smaller deficit is also expected in 2024, as income is recognized in line with the delivery of the apartments.

NOTES

Accounting policies

The annual report has been prepared in accordance with Danish financial statements legislation and with Statements Act of class B.

The annual report has been prepared in Euro.

In the profit and loss statement statement, income is recognized as it is earned, including value adjustments of financial assets and liabilities. All costs, including depreciation and write-downs, are also recognized in the income statement.

Assets are recognized 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.

On initial recognition, assets and liabilities are measured at cost price. Subsequently, assets and liabilities are measured as described for each individual accounting item below.

When recognizing and measuring, account is taken of foreseeable losses and risks that arise before the annual report is submitted, and confirms and/or refutes conditions that existed on the balance sheet date.

Income statement

Gross profit/loss

The gross profit includes costs of sales, advertising, administration, premises, losses on debtors, operational leasing costs etc.

Financial income and costs are recognized in the income statement with the amounts that relate to the financial year. Financial items include interest income and costs, financial costs of financial leasing, realized and unrealized capital gains and losses regarding securities, debt and transactions in foreign currency, amortization of mortgage loans as well as allowances and reimbursements under the advance tax scheme, etc.

Tax on profit

The year's tax, which consists of the year's current tax and shift in deferred tax, is recognized in the income statement with the part that can be attributed to the year's result, and directly in the equity with the part that can be attributed to entries directly in the equity.

Balance

Products being manufactured

Goods under manufacture are recorded at cost price or net realization price, if this is lower. Accrued financing costs are included in the cost price.

Deferred liabilities

Liabilities are recognized when, as a result of an event occurring at the latest on the balance sheet date, the company has a legal or actual obligation, and it is likely that financial benefits will have to be provided to meet the obligations.

Corporation tax and deferred tax

Current tax liabilities and deferred tax are recognized in the balance sheet as calculated tax on the year's taxable income, adjusted for tax on previous years' taxable income and for taxes paid in advance.

Deferred tax is measured using the balance sheet liability method of all temporary differences between the accounting and tax values of assets and liabilities.

Deferred tax is measured on the basis of the tax rules and tax rates that will apply with the balance sheet date's legislation when the deferred tax is expected to be triggered as current tax.

Financial liabilities

Other liabilities other than provisions have been measured at amortised cost which corresponds to nominal value.

Income Statement 1. January - 31. December 2023

Die Feststellung bzw. Billigung des Jahresabschlusses erfolgte am: 12. Juni 2024