Årsrapport29442789Redmark, Godkendt RevisionspartnerselskabDirch Passers Allé, 762000, Frederiksberg2020-01-012020-12-312021-01-012021-12-3135240314OSKA Danmark ApSSilkegade211113København K2013-05-03Jyske Bank A/SRedmark, Godkendt Revisionspartnerselskab29442789Mark Leerdrup Hansenstatsautoriseret revisormne19802Dirch Passers Allé762000FrederiksbergDanmark39163636copenhagen@redmark.dk2022-04-19Ingo BehnRegnskabsklasse BErklæring om udvidet gennemgangRevisorgruppen DanmarkanpartshaverenKøbenhavn2022-04-19København K2022-04-19Grundlag for konklusionKonklusion482756526658487444774431115371115371-120059-3631440117226291514943-182974-366365-182974-366365-182974-3663654748813082247488130822810231130618102311306123523523765723523523765736374648154022262826773122262826773127248219822372763453824364533444101972294585499814550657869517914403135105708000080000-3091918-2908944-3011918-282894449441549010549441549010527920310578322480032189241791861603943431906368989639263214180001914403135105747496775802355867195689192134874447744311246757026582407917629151494380000800008000080000-2908944-2542579-182974-366365-3091918-2908944Today, the managing director has presented the annual report of OSKA Danmark ApS for the financial year 2021. The annual report has been presented in accordance with the Danish Financial Statements Act. I consider the accounting policies appropriate and, in my opinion, the financial statements provide a fair presentation of the company’s assets, equity and liabilities, and financial position at 31 December 2021 and of the company’s results of activities in the financial year 1 January – 31 December 2021. I am of the opinion that the management commentary presents a fair account of the issues dealt with. We recommend that the annual report be approved at the Annual General Meeting. Ingo BehnWe have performed an extended review of the financial statements of OSKA Danmark ApS for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies,. The financial statements are prepared under the Danish Financial Statements Act. Based on the work performed, in our opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2021 and of the results of the Company's operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of financial statements prepared 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’ 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 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 opinion on the financial statements. This requires that we plan and perform procedures in order to obtain limited assurance for our opinion on the financial statements and in addition perform specifically required supplementary procedures to obtain further assurance for our opinion. An extended review comprises procedures that primarily consist of making inquiries of Management and others within the Company, as appropriate, analytical procedures and the specifically required supplementary procedures as well as evaluation of 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 the financial statements. Statement on the Management’s Review Management is responsible for the Management’s Review. Our opinion on the financial statements does not cover the Management’s Review, and we do not express any form of assurance opinion thereon. In connection with our extended review of the financial statements, our responsibility is to read the Management’s Review and, in doing so, consider whether the 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 the Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the 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 in the Management’s Review. The principal activities of the company The company's main activity is retail sales of clothing and related activities. Development in activities and financial matters The results from ordinary activities after tax are DKK -182.974 against DKK -366.365 last year. Management considers the result for the year as excpected. The company's acitivities in 2021 has been significantly affected by covid-19 restrictions. The company has received covid-19 compensatio which amounts to 222 T.DKK and is presented in the annual report under Other operating income. Specification of this can be found in note 2 on special items. Capital resources The company has negative net equity. The company's capital is expected to be restored within the next years through positive results. Going Concern The financial statements have been prepared under the assumption of continued operation. For further description of assumptions for the assessment of going concern, reference is made to the financial statements Note 1. Events subsequent to the financial year No events have occurred subsequent to the balance sheet date, which would have material impact on the financial position of the company. 1. Uncertainties concerning the enterprise's ability to continue as a going concern The Company's management has prepared the financial statement under the assumption of continued operation. Management believes that there is no significant risk to the company's continued operation. The basis for this assessment is that OSKA Textilvertriebs GmbH has submitted a letter of support and subordination of their receivables for the period until 31 December 2022. OSKA Textilvertriebs GmbH declares that they will support the company with sufficient liquidity. 2. Special items Special items include significant income and expenses of a special nature relative to the enterprise's ordinary operating activities, such as the cost of extensive structuring of processes and fundamental structural adjustments and any related gains on disposal and losses which, over time, have a significant impact. Special items also include other significant amounts of a nonrecurring nature. As mentioned in the management commentary, the net profit or loss for the year is affected by a number of factors that differ from what is considered by management to be part of operating activities. Special items for the year are specified below, indicating where they are recognised in the income statement. 2021 2020 Income: COVID-19 Compensation 222.016 180.174 222.016 180.174 Special items are recognised in the following items in the financial statements: Gross profit 222.016 180.174 Profit of special items, net 222.016 180.174 5. Charges and security There are no mortgages and securities. 6. Contingencies Contingent liabilities The company has a rent commitment as per 31-12-2021 forf 6 months rent equivalent to 276.000 DKK. The annual report for OSKA Danmark 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 accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in general Income 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, writedowns 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 is 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. Foreign currency translation Transactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Gross profit Gross profit comprises the revenue, changes in inventories of finished goods, other operating income, and external costs. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Recognition of revenue is exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of sales Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other operating income Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise. Other external costs Other external costs comprise costs incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costs Staff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Staff costs are less government reimbursements. Depreciation, amortisation, and writedown for impairment Depreciation, amortisation, and writedown for impairment comprise depreciation, amortisation, and writedown for the year and profit and loss on the disposal of intangible and tangible assets. Financial income and expenses Financial 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, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the year Tax 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. Intangible assets Goodwill Acquired goodwill is measured at cost less accumulated amortisation. Given that it is impossible to make a reliable estimate of the useful life, the amortisation period is set at 10 years. Property, plant, and equipment Property, plant, and equipment are measured at cost less accrued depreciation and writedown for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. Depreciation is done on a straight-line basis according to an assessment of the expected useful life: Other fixtures and fittings, tools and equipment Useful life 3-5 years Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement under depreciation. Deposits Deposits are measured at amortised cost and represent lease deposits, etc. Inventories Inventories are measured at cost according to the weighted average method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. Prepayments and accrued income Prepayments and accrued income recognised under assets comprise incurred costs concerning the following financial year. Cash on hand and demand deposits Cash on hand and demand deposits comprise cash at bank and on hand. EquityIncome tax and deferred tax Current 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. 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. Liabilities other than provisions Financial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 352403142021-01-012021-12-31352403142020-01-012020-12-31352403142020-12-31352403142021-12-31352403142021-01-012021-12-311352403142021-01-012021-12-311352403142021-01-012021-12-31e:RetainedEarningsMember352403142020-01-012020-12-31e:RetainedEarningsMember352403142021-01-01e:ContributedCapitalMember352403142021-12-31e:ContributedCapitalMember352403142021-01-01e:RetainedEarningsMember352403142021-01-012021-12-31e:RetainedEarningsMember352403142021-12-31e:RetainedEarningsMember352403142020-01-01e:ContributedCapitalMember352403142020-12-31e:ContributedCapitalMember352403142020-01-01e:RetainedEarningsMember352403142020-01-012020-12-31e:RetainedEarningsMember352403142020-12-31e:RetainedEarningsMemberiso4217:DKKxbrli:pure