xbrli:pureiso4217:DKK408301702019-09-182020-12-31408301702019-09-182020-12-311408301702019-09-182020-12-311408301702019-09-182020-12-311408301702019-09-182020-12-312408301702019-09-182020-12-313408301702019-09-182020-12-314408301702019-09-182020-12-315408301702019-09-182020-12-31408301702019-09-182020-12-31fsa:RetainedEarningsMember408301702019-09-182020-12-31fsa:RetainedEarningsMember408301702020-12-31408301702020-12-31fsa:ContributedCapitalMember408301702020-12-31fsa:SharePremiumMember408301702020-12-31fsa:ReserveForDevelopmentExpenditureMember408301702020-12-31fsa:RetainedEarningsMember408301702019-09-182020-12-31fsa:ContributedCapitalMember408301702019-09-182020-12-31fsa:SharePremiumMember408301702019-09-182020-12-31fsa:ReserveForDevelopmentExpenditureMembertrue33963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabKøbenhavn SKøbenhavn S2300Regnskabsklasse BErklæring om udvidet gennemgang2020-12-312019-09-183<br /><br />44StrandlodsvejWorkee ApS40830170339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Workee ApS for the financial year 18.09.2019 - 31.12.2020.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 31.12.2020 and of the results of its operations for the financial year 18.09.2019 - 31.12.2020.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.Copenhagen2021-06-10Vera ReshetinaCEOTommy Valther HansenDavid Munch-AndersenSøren Østergaard AndersenMichael RittoYauheniya BeraziukChairmanBoard memberBoard memberBoard memberBoard memberTo the shareholders of Workee ApSWe have performed an extended review of the financial statements of Workee ApS for the ​financial year 18.09.2019 - 31.12.2020, 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. ​Based on our extended review, in our opinion, the financial statements give a true and fair view of the Entity’s ​financial position at. 31.12.2020 and of the results of its operations for the financial year 18.09.2019 - 31.12.2020 in accordance with the Danish Financial Statements Act.We conducted our extended review in accordance with the assurance engagement standard for small enterprises as issued by the Danish Business Authority and the standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act as issued by FSR - Danish Auditors. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the extended review of the financial statements” section. We are independent of the Entity 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. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.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, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.Our responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures to obtain limited assurance about our conclusion on the financial statements and that we also perform specifically required supplementary procedures for the purpose of obtaining additional assurance about our conclusion. An extended review consists of making inquiries, primarily of management and, if appropriate, of other entity personnel, performing analytical and the specifically required supplementary procedures as well as evaluating the evidence obtained. The procedures performed in an extended review are less in scope than in an audit, and accordingly we do not express an audit opinion on the financial statements.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 extended review 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 extended review 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 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.Copenhagen2021-06-10Claus Jorch Andersenmne33712State Authorised Public AccountantPrimary activitiesWorkee is a Danish job marketplace that connects job-seekers with companies around them. Following its motto “Less is more,” Workee has made the hiring process as simple and fast as possible. This approach has been especially popular with fast turnover jobs in the service industries, such as restaurants, retail and construction. Among the 1,000 Danish companies hiring through Workee are brands like 7-Eleven, Domino's Pizza, Rema 1000 and others. According to customers' feedback, they consider the app to be the fastest and most effective way to close their job openings. In November of 2020 Workee closed a seed round. The funding was provided by several business angels including Michael Ritto, former CEO at Nordisk Film, and seasoned business people from the Keystones network. Together with a matching loan from the Danish state fund Vaekstfonden, the investment totals 2.25 million DKK (€300K). Workee has also received two grants from Innovation Fund Denmark. The new financing will be used primarily for bolstering the company’s position in Denmark and enhancing its offering for large recruiters. Development in activities and financesThis is the first annual report of the company covering the period 18.09.2019 - 31.12.2020 The company has realized a loss of DKK 84 thousand for the financial period, which the management considers as expected.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.-4933171643-1209749210-130184-45936-84248-84248-8424830120730120714823148233160301383662666764920179982085647240167747312234941523499805752473120234941523499203302033013959451395945113676659741796501575595240167740000004000073128426880850000-84268884268800234941-23494101 Staff costs2019/20 DKKWages and salaries69,554Other social security costs1,515Other staff costs57471,643Average number of full-time employees882 Other financial expenses2019/20 DKKOther interest expenses1,770Other financial expenses7,4409,210<br />2019/20 DKKOther interest expenses1,770Other financial expenses7,4409,2103 Tax on profit/loss for the year2019/20 DKKCurrent tax(66,266)Change in deferred tax20,330(45,936)4 Intangible assetsDevelopment projects in progress DKKAdditions301,207Cost end of year301,207Carrying amount end of year301,2075 Development projectsDevelopment projects in progress comprise investment in the Company's IT project system. The Company expects to utilise the development projects in progress over a time period of 5 years from completed. 6 Non-current liabilities other than provisionsDue after more than 12 months 2019/20 DKKOutstanding after 5 years 2019/20 DKKConvertible and dividend-yielding debt instruments1,395,9451,395,9451,395,9451,395,945This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of certain provisions for reporting class C.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.Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, own work capitalised, other operating income, cost of raw materials and consumables and external expenses.RevenueRevenue from the sale of services is recognised in the income statement when delivery is made 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.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. Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.Other financial expensesOther financial expenses comprise interest expenses, payables and transactions in foreign currencies, 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.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.Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. When recognising development projects as intangible assets, an amount equalling the costs incurred less deferred tax is taken to equity under Reserve for development costs that is reduced as the development projects are amortised and written down. ​ ​The cost of development projects comprises costs such as salaries and amortisation that are directly and indirectly attributable to the development projects. ​Completed development projects are amortised on a straight-line basis using their estimated useful lives which are determined based on a specific assessment of each development project. If the useful life cannot be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 3-10 years. ​ ​Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and doubtful debts.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax.CashCash comprises cash in hand and bank deposits.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. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income. 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.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.2021-06-10Vera Reshetina