iso4217:DKKxbrli:pure329334912023-01-012023-12-31329334912023-01-012023-12-311329334912023-01-012023-12-311329334912023-01-012023-12-311329334912023-01-012023-12-312329334912023-01-012023-12-313329334912023-01-012023-12-312329334912023-12-31329334912023-01-012023-12-31329334912022-01-012022-12-31329334912023-01-012023-12-31fsa:RetainedEarningsMember329334912023-01-012023-12-31fsa:ProposedDividendRecognisedInEquityMember329334912022-12-31329334912023-01-01fsa:ContributedCapitalMember329334912023-01-01fsa:RetainedEarningsMember329334912023-01-01fsa:ProposedDividendRecognisedInEquityMember329334912023-01-01329334912023-12-31fsa:ContributedCapitalMember329334912023-12-31fsa:RetainedEarningsMember329334912023-12-31fsa:ProposedDividendRecognisedInEquityMemberGrundlag for konklusionKonklusion2024-02-072024-02-07Regnskabsklasse C, stor virksomhed339635562022-01-012022-12-31Kolding60004Egtved AlléDeloitte Statsautoriseret RevisionspartnerselskabKoldingKolding6000Revisionspåtegning2023-12-312023-01-01<br /><br />24EjlersvejMos Mosh A/S32933491339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Mos Mosh A/S for the financial year 01.01.2023 - 31.12.2023.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2023 and of the results of its operations for the financial year 01.01.2023 - 31.12.2023.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.KoldingDavid SkjødtCEOPeter Sextus RasmussenJón BjörnssonKim HyldahlTo the shareholders of Mos Mosh A/SWe have audited the financial statements of Mos Mosh A/S for the financial year 01.01.2023 -
31.12.2023, which comprise the income statement, balance sheet, statement of changes in equity and
notes, including a
summary of significant accounting policies. The financial statements are prepared in
accordance with the
Danish Financial Statements Act.
In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2023 and of the results of its operations for the financial year 01.01.2023 - 31.12.2023 in accordance
with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s
report. We are independent of the Entity 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 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 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 Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going
concern basis of accounting in preparing the financial statements unless Management either intends to liquidate
the Entity 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:<br />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.
<br />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 Entity’s internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />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 Entity’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
Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the financial statements, including the disclosures
in the notes, and whether the financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.<br />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.Management is responsible for the management commentary.
Our opinion on the financial statements does not cover the management commentary, 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 the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary 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 the management commentary.KoldingMorten Gade SteinmetzMorten Almtoft Lundmne34145mne41365State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2023
DKK'0002022
DKK'0002021
DKK'0002020
DKK'0002019
DKK'000Key figuresRevenue600,193598,104466,414412,521450,572Gross profit/loss143,768145,949123,604107,952130,242Operating profit/loss106,764115,24799,12385,824112,196Net financials(1,713)(189)143(1,528)(55)Profit/loss for the year81,88189,70277,36365,72087,400Total assets223,421369,759277,028172,072167,698Investments in property,
plant and equipment1,3652,5461,9121,3981,699Equity114,109264,228204,526127,163105,443RatiosGross margin (%)23.9524.4026.5026.1728.91EBIT margin (%)17.7919.2721.2520.8024.90Net margin (%)13.6415.0016.5915.9319.40Return on equity (%)43.2838.2746.6556.5181.88Equity ratio (%)51.0771.4673.8373.9062.88Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Gross margin (%)
:Gross profit/loss * 100
RevenueEBIT margin (%):Operating profit/loss
* 100
RevenueNet margin (%)
:Profit/loss for the year * 100
RevenueReturn on equity (%)
:Profit/loss for the year * 100
Average equityEquity ratio (%)
:Equity * 100
Total assetsPrimary activitiesThe company’s primary activity consists in developing, manufacturing, sale and distribution of fashion clothing. Development in activities and financesThe net revenue is DKK 600,193k which is a growth of 2,089K from 2022 and thereby as expected. The profit after tax for the year amounted to DKK 81,881k.
The management is satisfied with both the revenue and the profit.
Profit/loss for the year in relation to expected developments2023 has been characterized by very high consumer uncertainty, declining demand, and stressed retailers. At the same time, there are high demands from both authorities and customers on the company regarding the sustainability agenda. MOS MOSH views this development positively but also recognize that it requires significant organizational and financial investments to meet the reporting requirements.
The management is pleased that the company has managed to balance these matters and has been able to maintain and even strengthen its relevance and competitiveness in a difficult market.
OutlookThe revenue is expected to be in same level as in 2023 with an expected growth of 1-2 %.
MOS MOSH Gallery has been well received by stores all over Europe and we expect that development to continue in 2024.
The digitalization strategy has already shown good results in 2023 and will be continued in 2024. Our ESG initiatives will be further reinforced with focus on compliance and due diligence, achieving the objectives we have set in our ESG strategy and developing further on a strategy about limitation of greenhouse gas emission in both scope 1, 2 and 3.
Statutory report on corporate social responsibilityMOS MOSH takes our responsibility as a company seriously. It is an integrated part of how we do business.
We strive to make a positive impact on society and the environment. We are aware that it will take time before this can be accomplished but until then, we can at least strive to continuously reduce the negative derived effects from our activities. We are devoted to embedding sustainability and social responsibility practices across our entire supply chain.
Our main business activities consist of designing, selling, and distributing fashion clothing. Our products are mainly produced in Europe which enables us to meet both our own expectations and the increasing legislation demands within the fields of sustainability, responsibility, and governance, due to the closeness.
We recognize the significance of understanding and addressing the challenges our industry faces, striving to be a catalyst for change. Our ESG reporting will center around the three core areas environmental considerations, social impact, and good governance practices, and we will address them in this order.
MOS MOSH acknowledges the environmental and climate-related risk within our industry, with one of the most significant challenges being our carbon emissions. The Textile production has the biggest climate impact when it comes to the sourcing of materials, manufacturing, and the transportation.
At MOS MOSH, we are committed to reduce our climate footprint. As a part of this we have in 2023 started the process of mapping our CO2 emissions to have a reference for future objectives and benchmarks.
We have mapped our scope 1 and scope 2 emissions for 2022 using “Klimakompasset” a tool made by Erhvervsstyrelsen.
• scope 1 emissions 56,11t CO2e
• scope 2 emissions 13,70t CO2e
91% of our scope 1 emissions comes from company cars. Based on this MOS MOSH has decided that all company cars leased from 2024 and on shall be electrical. It is not possible to estimate or report the exact effect of this, but we know it will be positive. Studies from Green NCAP indicates a reduction of 25-40 % going from a fossil fuel driven car to an electric driven car in same category but numbers are without the emission that originates from production.
Our scope 2 emissions come from heating and electricity at our office facilities, here we strive to buy from renewable sources and all the electricity that MOS MOSH have bought in 2023 came from renewable sources. We will continue this policy and will be looking for ways to further reduce or offset our emission.
We remain committed to annually track our CO2 emissions. While our assessment of scope 3 emissions has yet to be mapped and measured, we recognize that this area is where our biggest impact regarding carbon emissions is. Measuring our scope 3 emissions present a challenging and intricate task as we navigate through our supply chain, and we must simply state that it is an impossible task for us at present time. Our goal is that we by the end of 2025 we will be able to map and measure our scope 3 emissions with help from new methods and our suppliers.
Despite the challenges in measuring the scope 3 emission and thereby also the results, MOS MOSH is committed reduce our scope 3 emissions.
MOS MOSH are aware of the big environmental impact that we have, we acknowledge the environmental challenges and risks we face, particularly concerning the choice of materials. The extraction processes are often intensive and resource-consuming and are posing a substantial risk of overexploitation and environmental degradation. In addition, the use of chemicals in the processes also poses a significant environmental risk, adversely affecting water quality and our ecosystems. It is therefore natural for us to have focus on reducing the impact on the environment that comes from our products.
The choice of materials is a significant factor when it comes to product quality but also when it comes to the circular process and to reduce our environmental footprint. Over the past years, MOS MOSH has intensified our efforts to increase the content of more sustainable fibers in our products. Each collection we create at MOS MOSH we try to increase the number of styles containing better and more sustainable fibers.
Today our fibers are categorized in 3 categories: 1. Fibers we prefer, 2. Fibers we like and 3. Fibers we try to limit. The categorization of the fibers is based on animal welfare and the environmental footprint.
As a naturally consequence of which fibers are categorizing where, we are using an increasingly number of certified fibers. These certifications serve multiple purposes. Firstly, the certificates that we have on some of our products, are helping us guarantee a reduced environmental impact throughout our processes. Secondly some of them uphold social responsibility standards by securing ethical labor practices, fair wages, appropriate working hours and safe working conditions at the factories. Furthermore, we have certificates that focuses on animal welfare which ensure animals involved in our supply chain are treated humanely and with respect of animal rights.
We also see certificates as a way to make it easier for the consumers to make informed choices when buying clothes.
In 2023 we have used fibers with the following certifications: GOTS (Global Organic Textile Standard), GCS (Good Cashmere Standard), GRS (Global Recycled Standard), Lenzing EvoVero (responsible viscose), OSC (Organic tent Standard), RDS (Responsible Down Standard), RWS (Responsible Wool Standard) and BCI (Better Cotton Initiative).
In 2023 we have incorporated a new certification to the line of certificates we can apply to our products, which is LWG (Leather Working Group).
In 2023 50% of the styles designed by MOS MOSH had one of the above-mentioned certificates. This is an increase from previous year, where only 20% of the styles in our collections carried a certification. Our goal for 2023 was that 20% of all the designed styles should carry a certification, so we are very proud that we have achieved this goal and even already realized our goal for 2025 which is that 40% of the styles designed by MOS MOSH should be certified.
BCI is the most used certificate. In 2023, 27% of our designs were certified by BCI making a substantial increase from the previous year where only 12% of our styles carried this certification.
In 2023, 25% of the fiber volume (measured as weight) used in the collections are categorized as either ”Fibers we like” or “Fibers we prefer”. Our goal for 2023 was that 60% of the fibers should be placed in the categories “fibers we like” or “fibers we prefer” so we have unfortunately not been able to live up to our own objective.
However, we have also ascertained that our calculation method has not been able to capture all our consumption of certified fibers. This primarily concerns the part of styles, where both certified and not-certified fibers are included in the different components of the clothes. We believe that we are closer to the goals than the numbers show and our clear ambition for 2024 is to reach our goal of 60 % and to improve our methods in order to secure a valid and transparent reporting.
Our goal for 2025 is still to have more than 60% of the fibers that we use placed in category 1 and 2 even removing BCI from the “Fibers we like” category in 2025. We have opted to exclude BCI from 2025 due to our evolving perception of BCI as a general certification focusing on making cotton production more climate-resilient and environmentally friendly rather than a certification tied directly to the individual product itself.
The love for what we do and the respect for the people involved with MOS MOSH, is what makes MOS MOSH truly unique. All people, who in one way or another are involved in our activities, should be treated with respect and decency, and no one should experience their basic human rights being suppressed. MOS MOSH acknowledge the challenges and potential risks associated with ensuring human rights and good social conditions throughout our supply chain, especially given that a big part of our supply chain is beyond our direct control and located in what is defined as high-risk countries. Therefor there is a risk that basis rights and working conditions are violated in our supply chain.
Our collaboration with suppliers is characterized as long-term relationships in which we rely on carefully selected suppliers who are familiar with our values and expectations. A significant aspect of MOS MOSH’s social responsibility pertains to the conditions in the factories where our products are being manufactured. MOS MOSH does not have own manufacturing facilities but are depending on our external producers having working conditions that live up to our standards.
In 2023 we have joined Amfori BSCI - The BSCI initiative is developed to improve social standards with the suppliers by providing a code of conduct and monitoring system for businesses involved in global supply chains. Amfori BSCI conducts audits, assessments, and capacity-building programs to support companies in improving working conditions and social standards.
Prior to joining Amfori BSCI MOS MOSH had made own Code of Conduct, upon becoming a part of Amfori BSCI we have adopted their Code of Conduct. However, we have decided to maintain our own chemical policy along with a policy about animal welfare, which we still require that our suppliers sign. Our chemical policy applies to both SVHC “substances of very high concern” list, and the European Union REACH regulation. When signing our chemical policy our suppliers commit to test garments before shipment, the tests must be performed by a 3rd party test laboratory appointed by MOS MOSH. Our Chemical Policy commits us to test 4-5% of all styles, which are selected based on risk assessment.
At the end of 2023 82% of our suppliers had signed our code of conduct, this is an increase from 69 % in 2021. Our goal for 2023 was that all our suppliers had signed our code of conduct and additional policies, unfortunately we have not succeeded with this.
We will keep it as a goal for 2024, that all our suppliers sign the new Amfori BSCI code of conduct alongside or policies regarding chemicals and animal welfare.
MOS MOSH relies on principles about fairness, respect, and transparency, when interacting with people. MOS MOSH sells products to more than 2.400 customers and produces at 15-20 suppliers. There will be a risk of corruption involved in all business where individuals or organizations can gain advantages from it. The reasons for high risk can vary but business culture, lack of effective institutions to combat corruption and low economical development. MOS MOSH suppliers are in countries with a CPI score from Transparency Internationals between 40 and 60 which indicates a moderate risk of corruption.
In response to our commitment to combating human rights violations, harassment, bullying, humiliating behavior and other unwanted behavior, and the risk of potential bribery within our organization, a whistleblower arrangement was introduced in 2022 and remains in place. The anonymous arrangement is described in our Employee Handbook, which has been handed out to all employees at MOS MOSH.
The whistleblower arrangement has been expanded with an online platform which will be integrated with a newly implemented APV App solution in Q1 2024.
At MOS MOSH, we maintain a strict policy concerning gifts and entertainment. We support this policy by day-to-day management behavior and believe that a healthy culture is the strongest guarantee for honest and prober behavior. We emphasize the practice of neither giving nor receiving personal gifts related to business partnerships. Additionally, we ensure that corporate entertainment remains modest and entirely at a professional level.
MOS MOSH tries to ensure good governance in our decision-making by actively involving primarily employees but also suppliers and customers. By seeking their input and letting the principle of “The best argument wins”, we seek transparent and fair decision-making.
The cross organizational Data-team was established in 2022 and has in 2023 been working both strategically and operationally and has become crucial for the digital development of MOS MOSH. In 2023, we have established a cross organizational ESG-team, which have the same decision-making competence and it will become an anchor in the forthcoming work with the ESG agenda.
There have not been any breaches of policy or instances of attempted bribery in 2023 to our knowledge. The ESG-team is working with CoC implementation and there will be no exceptions from the requirement to be member of BSCI or similar organization. Placing the execution within the ESG team means that there is a very low risk that a supplier can evade the requirement by exploiting a personal relation.
It is a clear objective to conduct our business 100 % free of bribery and nepotism. This involves a combination of our policies, training, and monitoring. Monitoring is a fundamental part of our due diligence work in 2024.
Statutory report on the underrepresented gender2023Supreme management bodyTotal number of members3Underrepresented gender (%)0.00Target figures (%)40.00Year of expected achievement of target figures2025The company was sold to a new group of owners in 2023. In relation to this, the board positions were filled with representatives from the new ownership. Therefore, an expansion of the board was postponed and now planned for 2025. In MOS MOSH we wish to advance diversity in all levels of our organization to ensure a diverse company. Achieving a balanced representation of genders across various organizational levels not only reflects a commitment to equality but it is also contributing to a more dynamic work environment.
There are total 61 employees at MOS MOSH, 82% females and 18% males.
To ensure diversity at all levels of our organization, and as a mean to achieve our targets, we work actively in our recruitment processes to limit bias behavior. When using external recruitment agencies, it is a request from MOS MOSH that the agencies must introduce candidates of both genders.
We strive in our employee development processes to focus on competencies and personal qualities without gender bias. We use competency-based assessments in our 1-1 development talks that focus on skills and performance rather than gender and provide equal access to all training and development opportunities regardless of gender.
These means are considered appropriate to reach the targets together with an expansion of the board of directors.
2023Other management levelsTotal number of members9Underrepresented gender (%)33.33Target figures (%)40.00Year of expected achievement of target figures2024The management team will be expanded in 2024 and efforts will focus on finding a female candidate, according to means listed above. Other management level is defined as C-level and mid-level management. 30.0040.002025The company was sold to a new group of owners in 2023. In relation to this, the board positions were filled with representatives from the new ownership. Therefore, an expansion of the board was postponed and now planned for 2025. In MOS MOSH we wish to advance diversity in all levels of our organization to ensure a diverse company. Achieving a balanced representation of genders across various organizational levels not only reflects a commitment to equality but it is also contributing to a more dynamic work environment.
There are total 61 employees at MOS MOSH, 82% females and 18% males.
To ensure diversity at all levels of our organization, and as a mean to achieve our targets, we work actively in our recruitment processes to limit bias behavior. When using external recruitment agencies, it is a request from MOS MOSH that the agencies must introduce candidates of both genders.
We strive in our employee development processes to focus on competencies and personal qualities without gender bias. We use competency-based assessments in our 1-1 development talks that focus on skills and performance rather than gender and provide equal access to all training and development opportunities regardless of gender.
These means are considered appropriate to reach the targets together with an expansion of the board of directors.
933.3340.002024The management team will be expanded in 2024 and efforts will focus on finding a female candidate, according to means listed above. Other management level is defined as C-level and mid-level management. Statutory report on data ethics policyThis report describes how we have conducted our data activities in accordance with our policy for data ethics.
Our data activities include the collection, storage, use, sharing and deletion of data. This is aimed at all our stakeholders, including our management, employees, customers, suppliers, authorities, and the community.
We have collected and stored data for the following purposes:
• Product management
• Supplier management, including booking and payment of invoices.
• Sales and order management, including booking of receivables.
• Delivery of goods and services.
• Web shop activities.
• Organizing employees including payout of salaries.
• Recruitment, including the handling of incoming applications.
We have complied with our principles of data ethics, policies, and standards, as well as the applicable laws, standards and regulations for data protection, data security and data quality in all our data activities.
We have not harmed, discriminated against, manipulated, or exploited anyone with our data activities, and we have handled our data in an ethically responsible way. We have identified and mitigated the potential risk associated with our data activities such as legal, economical, operational, reputational, and social risk. We have implemented appropriate controls for our data activities such as data governance, data auditing and regular meetings in our Master Data Team.
We have also adhered to the applicable laws, regulations and standards for data protection and data security in our data storage. We have applied with accounting laws which regulate our ERP data storage. We have ensured that our data storage is necessary, relevant, and proportional to our purposes.
Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this
annual report.6001925235981036121500000042111418341759525336810470345592701437678701459490893476789128850776223619318511821067637861152471317228219760592436247116532310505036011505786723169089253563198188127189701548-190118729227000000450000001209853045461209853045461648071200730013884601716683303653137239831010105010501016834122964010178941230700417541052592299648494910096095919679937368744531161648861378354123292444842753676833403322662328301275934966801997275397660735389916474597936769060517920488221924540736450008722342081736975931650000050000068609270258727999450000005000000114109270264227999500000258727999050000002642279995000006860927004500000026332744472756616890766854830025500000429308271232501415620025318665462067228985141093115471055313171093115471055313172234208173697593160-5000000-50000000-227000000-2270000001 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this
annual report.2 Revenue2023
DKK2022
DKKDACH area249,818,195253,924,173Scandinavia area192,177,147196,615,119Benelux area53,652,05354,320,260Other countries104,545,12893,244,060Total revenue by geographical market600,192,523598,103,612The Company only have one activity from sale of clothes.3 Fees to the auditor appointed by the Annual General MeetingFor an overview of fees to auditor appointed by the Annual General Meeting refer to the annual report for Colonel Holding ApS, Kolding.4 Staff costs2023
DKK2022
DKKWages and salaries29,364,55124,076,898Pension costs3,404,8542,745,915Other social security costs697,715638,561Other staff costs1,300,7711,389,40234,767,89128,850,776Average number of full-time employees5446Remuneration of Management2023
DKKRemuneration of Management
2022
DKKTotal amount for management categories1,908,3161,879,1221,908,3161,879,1225446Remuneration of Management2023
DKKRemuneration of Management
2022
DKKTotal amount for management categories1,908,3161,879,1221,908,3161,879,122190831618791225 Depreciation, amortisation and impairment losses2023
DKK2022
DKKAmortisation of intangible assets183,561460,984Depreciation of property, plant and equipment2,052,6321,388,194Profit/loss from sale of intangible assets and property, plant and equipment02,0042,236,1931,851,1826 Other financial income2023
DKK2022
DKKOther interest income722,821379,182Exchange rate adjustments0596,877722,821976,0597 Other financial expenses2023
DKK2022
DKKOther interest expenses110,591718,542Exchange rate adjustments2,325,656446,7812,436,2471,165,323<br />2023
DKK2022
DKKOther interest expenses110,591718,542Exchange rate adjustments2,325,656446,7812,436,2471,165,3238 Tax on profit/loss for the year2023
DKK2022
DKKCurrent tax23,268,52525,318,665Change in deferred tax(99,436)37,65423,169,08925,356,3199 Proposed distribution of profit and loss2023
DKK2022
DKKOrdinary dividend for the financial year45,000,0005,000,000Extraordinary dividend distributed in the financial year227,000,0000Retained earnings(190,118,729)84,701,548 81,881,27189,701,5482270000000-1901187298470154810 Intangible assetsAcquired intangible assets
DKKCost beginning of year1,543,464Cost end of year1,543,464Amortisation and impairment losses beginning of year(1,238,918)Amortisation for the year(183,561)Amortisation and impairment losses end of year(1,422,479)Carrying amount end of year120,98511 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKLeasehold improvements
DKKCost beginning of year7,974,8244,367,842Additions959,024406,156Cost end of year8,933,8484,773,998Depreciation and impairment losses beginning of year(5,967,524)(2,651,159)Depreciation for the year(1,318,253)(734,379)Depreciation and impairment losses end of year(7,285,777)(3,385,538)Carrying amount end of year1,648,0711,388,46012 Financial assetsInvestments in group enterprises
DKKOther investments
DKKDeposits
DKKCost beginning of year101,0501,229,640Additions00310,690Disposals00(523,496)Cost end of year101,0501,016,834Carrying amount end of year101,0501,016,834Investments in subsidiariesRegistered inCorporate formEquity
interest
%Mos Mosh UK LtdLondonLtd100.00<br />Investments in group enterprises
DKKOther investments
DKKDeposits
DKKCost beginning of year101,0501,229,640Additions00310,690Disposals00(523,496)Cost end of year101,0501,016,834Carrying amount end of year101,0501,016,83413 Inventories14 Deferred tax2023
DKK2022
DKKIntangible assets(26,617)(67,000)Property, plant and equipment335,418276,365Financial assets23,46523,465Deferred tax332,266232,830
Changes during the year2023
DKK2022
DKKBeginning of year232,830270,484Recognised in the income statement99,436(37,654)End of year332,266232,830Deferred tax assetsDeferred tax consists of differences between accounting and tax values.15 PrepaymentsPrepayments relate to various prepaid items.16 Share capitalNumberPar value
DKKNominal
value
DKKShare capital500,000500,000500,000500,000500,00017 Unrecognised rental and lease commitments2023
DKK2022
DKKLiabilities under rental or lease agreements until maturity in total2,569,3453,460,74118 Contingent liabilities2022
DKKOther contingent liabilities2,974,657Contingent liabilities 2,974,657Other contingent liabilities consists of letters of credit in Sydbank A/S. The Entity participates in a Danish joint taxation
arrangement where Kate Acquisition ApS serves as the
administration company until 13.06.2023. From 14.06.2023 Colonel Holding ApS serves as the administration company. According to the joint taxation provisions of
the Danish Corporation Tax Act, the Entity
is therefore liable from thr financiel year 2013 for income taxes etc for the jointly taxed entities, and from 1 July
2012 for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly
taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is
disclosed
in the administration company's financial statements.19 Assets charged and collateralThe Entity's bank has a company mortgage on DKK 8.000K nominal. The mortgage are secured by inventories and
trade receivables. Carrying amount of mortgaged assets are DKK 149.089 k.20 Transactions with related partiesThe annual report discloses only transactions with related parties that have not been conducted on arms
length terms. No such transactions have been carried out during the financial year.21 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group:
Colonel Holding ApSName and registered office of the Parent preparing consolidated financial statements for the smallest group:
Colonel Holding ApSThis annual report has been presented in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (large).The accounting policies applied to these financial statements are consistent with those applied last year.falseConsolidated financial statementsReferring to section section 112 of the Danish Financial Statements Act,
no consolidated financial statements have been prepared.Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year.RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement
when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and
sales
discounts and is measured at fair value of the consideration fixed.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal
inventory writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for
premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of
receivables recognised in current assets.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc
for entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and
losses from the sale of intangible assets and property, plant and equipment.Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including
interest income on receivables from group enterprises, net capital or exchange gains on securities, payables
and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish
Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies,
amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the
portion attributable to entries directly in equity.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated
among the
jointly taxed entities proportionally to their taxable income (full allocation with a refund
concerning tax losses).Intellectual property rights etcIntellectual property rights etc comprise development projects completed and in progress with related
intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are
amortised
on a straight-line basis over their remaining duration, and licences are amortised over the term of the agreement.
Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentOther fixtures and fittings, tools and equipment are
measured at cost less accumulated depreciation and
impairment losses.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the
asset until the time when it is ready to be put into operation. development process are recognised
in cost based on time spent on each asset.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful life
Other fixtures and fittings, tools and equipment2-5 yearsLeasehold improvements2-5 yearsEstimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the
lower of recoverable amount and carrying amount.Other investmentsOther investments comprise listed securities which are measured at fair value (market price) at the balance
sheet date, and nlisted equity investments measured at the lower of cost and net realisable value.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and
doubtful debts.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each
asset.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises cash in hand and bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for
the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial
year is recognised directly in equity when distributed and disclosed as a separate item in Management's
proposal for distribution of profit/loss.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the
goods agreed or completion of the service agreed.Tax receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.<br />Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the
balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for
prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.Cash flow statementReferring to section 86(4) of the Danish Financial Statements Act, the Entity has prepared no cash flow statement as such statement is included in the consolidated cash flow statement of Colonel Holding ApS2024-02-07Kim Hyldahl