Årsrapport33771231PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabStrandvejen 442900 Hellerup2020-12-032021-12-3141922702Hubb ApSKlosterstræde9 st.1157København KKøbenhavn22 32 46 81PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab33771231Strandvejen442900HellerupDanmark2022-07-13Alexander ChalmerRegnskabsklasse B1RevisionspåtegningThe Executive Board has today considered and adopted the Annual Report of Hubb ApS for the financial year 3 December 2020 - 31 December 2021.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 financial position at 31 December 2021 of the Company and of the results of the Company operations for 2021.In my opinion, Management's Review includes a true and fair account of the matters addressed in the Review.I recommend that the Annual Report be adopted at the Annual General Meeting.Copenhagen2022-07-13Alexander ChalmerCEOTo the Shareholders of Hubb ApSOpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2021 and of the results of the Company’s operations for the financial year 3 December 2020 - 31 December 2021 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Hubb ApS for the financial year 3 December 2020 - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for OpinionWe 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’ 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 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 Financials Statements Act. Based on the work we have performed, in our view, 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 Management’s Review. 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 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. Copenhagen2022-07-13Copenhagen2022-07-13PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabSøren AlexanderState Authorised Public Accountantmne42824Alexander Oliver DuschekState Authorised Public Accountantmne47774Key activities The company's purpose is to operate business that makes life easier and better for many people through fast delivery of all groceries to the home and other related activity Development in the year The income statement of the Company for 3 December 2020 - 31 December 2021 shows a loss of DKK 5,124,172, and at 31 December 2021 the balance sheet of the Company shows negative equity of DKK 436,908. Capital resources The Company has prepared liquidity forecasts for 2022. The forecast shows a substantial liquidity balance at year-end. The forecast is to a certain degree dependent on the ambitious sales forecast materialises according to plan and that planned cost savings yield the expected effects. Should the Company not perform according to the forecasts, Management has identified various ways to cut investments and capex to ensure that the Company may honour its commitments as they fall due. On this basis, the Financial Statements have been prepared in accordance with the going concern principle. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The management has considered the economical effect and possible risks on the financial statements arising from the Russian Military's invasion of Ukraine. The implications of the invasion is considered a subsequent event occurred after the balance sheet date (31 December 2021), which is therefore a non-adjusting event to the company. The Company is not materially exposed to any risks derived from the invasion.-172405433801916286-511053113641-51241720-5124172-5124172385923385923496428496428431165431165131351673767104896686860225412101716890446619954013308917100000100000308738-845646-4369082058342058341875000763487192048823003539991374582533089170000420000058000496726400-38000000308738-3087380-5124172-496726449672641000000308738-845646The Company has prepared liquidity forecasts for 2022. The forecast shows a substantial liquidity balance at year-end. The forecast is to a certain degree dependent on the ambitious sales forecast materialises according to plan and that planned cost savings yield the expected effects. Should the Company not perform according to the forecasts, Management has identified various ways to cut investments and capex to ensure that the Company may honour its commitments as they fall due. On this basis, the Financial Statements have been prepared in accordance with the going concern principle.325054550493791533380191120385923385923385923 Development projects relate to the development of new software products. The first edition of the Company's ordering system was completed in Q1 2022 and is operating effectively. The projects are progressing according to plan through the use of the resources allocated by Management to the development. The software is expected to be used in all of the Company's existing and future operating sites.Hubb ApS has no contingent assets, liabilities or other financial obligations besides the stated rental and lease obligations. Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 653,398 Between 1 and 5 years 858,000 1,511,398The Annual Report of Hubb ApS for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The Financial Statements for 2020/21 are presented in DKK.Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset 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 out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates.Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year.Other external expenses comprise rental contracts, repairs and maintenance expenses, marketing costs etc.With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, expenses for raw materials and consumables and other external expenses.Staff expenses comprise wages and salaries as well as payroll expenses.Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment.Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.Development costs and costs relating to rights developed by the Company are recognised as development projects in the year of acquisition. Development costs comprise salaries and invoices atributable to the company's development activities. Development projects are clearly defined and identifiable, where the technical usablity, sufficient ressources and a potential future market og improvement of the company's exsisting activities can demonstrated, and where the intention is to manufacture, market or use the project. Development costs that do not fulfill the criterias for recognition as an intangible asset are recognized as expenses in the income statement in the year of acquisition. Completed development projects are recognized at cost less accumulated amortizations and less accumulated impairment. Completed Development projects are amortized on a straight-line basis over the expected useful lives of the projects, which is assessed at 5 years.Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 5 - 15 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually.The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount.Fixed asset investments consist of deposits in connection with rental contracts.Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts.Prepayments comprise prepaid expenses concerning rental of premises, insurance etc.Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses.Loans are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Loans from investors are measured at amortised cost, substantially corresponding to nominal value.419227022020-12-03e:ContributedCapitalMember419227022020-12-032021-12-31e:ContributedCapitalMember419227022021-12-31e:ContributedCapitalMember419227022020-12-03e:SharePremiumMember419227022020-12-032021-12-31e:SharePremiumMember419227022021-12-31e:SharePremiumMember419227022020-12-03e:RetainedEarningsMember419227022020-12-032021-12-31e:RetainedEarningsMember419227022021-12-31e:RetainedEarningsMember419227022020-12-032021-12-31419227022020-12-032021-12-312419227022020-12-032021-12-311419227022020-12-032021-12-311419227022020-12-032021-12-31e:RetainedEarningsMember419227022021-12-31419227022020-12-03e:DevelopmentProjectsInProgressMember419227022020-12-032021-12-31e:DevelopmentProjectsInProgressMember419227022021-12-31e:DevelopmentProjectsInProgressMember419227022020-12-03e:ReserveForDevelopmentExpenditureMember419227022020-12-032021-12-31e:ReserveForDevelopmentExpenditureMember419227022021-12-31e:ReserveForDevelopmentExpenditureMemberiso4217:DKKxbrli:pure