xbrli:pureiso4217:DKK340872882021-06-012022-05-31340872882021-06-012022-05-311340872882021-06-012022-05-311340872882021-06-012022-05-311340872882021-06-012022-05-312340872882021-06-012022-05-313340872882021-06-012022-05-314340872882021-06-012022-05-315340872882021-06-012022-05-316340872882021-06-012022-05-312340872882021-06-012022-05-31340872882020-06-012021-05-31340872882021-06-012022-05-31fsa:RetainedEarningsMember340872882021-06-012022-05-31fsa:RetainedEarningsMember340872882020-06-012021-05-31fsa:RetainedEarningsMember340872882022-05-31340872882021-05-31340872882021-06-01fsa:ContributedCapitalMember340872882021-06-01fsa:ReserveForDevelopmentExpenditureMember340872882021-06-01fsa:RetainedEarningsMember340872882021-06-01340872882022-05-31fsa:ContributedCapitalMember340872882022-05-31fsa:ReserveForDevelopmentExpenditureMember340872882022-05-31fsa:RetainedEarningsMember340872882021-06-012022-05-31fsa:ReserveForDevelopmentExpenditureMember340872882021-06-012022-05-31fsa:ShorttermPrepaymentsOfWorkInProgressMember340872882021-06-012022-05-31fsa:OtherShorttermPayablesMemberGrundlag for konklusionKonklusion2022-11-302022-11-30Regnskabsklasse C, mellemstor virksomhed2020-06-012021-05-3133963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabCopenhagenCopenhagen S2300Revisionspåtegning2022-05-312021-06-015<br /><br />86ArtillerivejGoodiebox ApS34087288339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Goodiebox ApS for the financial year 01.06.2021 - 31.05.2022.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 31.05.2022 and of the results of its operations for the financial year 01.06.2021 - 31.05.2022.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.CopenhagenRasmus SchmiegelowMorten Qvist StrungeNikolaj Leonhard-HjorthRasmus SchmiegelowClaus ZibrandtsenNegin YeganegyJoel PalixchairmanTo the shareholders of Goodiebox ApSWe have audited the financial statements of Goodiebox ApS for the financial year 01.06.2021 -
31.05.2022, 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 31.05.2022 and of the results of its operations for the financial year 01.06.2021 - 31.05.2022 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.
CopenhagenClaus Jorch AndersenAnders Theilgaard Iversenmne33712mne47797State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2021/22
DKK'0002020/21
DKK'0002019/20
DKK'0002018/19
DKK'000Key figuresGross profit/loss24,08826,203(14,007)485Operating profit/loss(28,979)(33,610)(59,829)(14,354)Net financials(1,579)(4,153)(1,430)(853)Profit/loss for the year(36,979)(33,763)(34,217)(22,479)Total assets120,837130,860101,05048,350Investments in property,
plant and equipment259164701915Equity19,34722,3263,08912,306RatiosEquity ratio (%)16.0117.063.0625.45Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Equity ratio (%)
:Equity * 100
Total assetsPrimary activitiesGoodiebox is a happy moments company providing its community of members with subscriptions on beauty
boxes, related non-subscription based products as well as its own beauty products.Development in activities and financesThe loss after tax for the period of DKK 36,979 thousand (compared to DKK 33,763 thousand in the previous
period).
The Company’s gross profit decreased in the period with DKK 2,115 thousand compared to the previous period, while Operating result and Loss before tax both improved with respectively DKK 4,630 thousand and DKK 7,204 thousand. During 2022 the Company has expanded its geographical footprint to four additional European countries (France, Poland, Italy and Spain) and is now present in 13 markets whereof the Company holds a leading position in five of them.
The balance sheet shows equity of DKK 19,347 thousand and at the end of the period, the cash position was DKK 1.937 thousand. Considering recent track record and current credit facilities etc. management considers the cash position to be appropriate to support current business plans.
Profit/loss for the year in relation to expected developmentsFactoring in the effects of increasing inflation and adjustments entailed due to Covid-19 the operating income of the year is more in line with management’s expectations and the Company’s business plan but still below expectations. Uncertainty relating to recognition and measurementAs the Company is a development company, there is a natural uncertainty associated with the measurement of
the Company’s development activities and future earnings. At 31 May 2022, the Company has recognised DKK
561 thousand regarding ongoing development projects and DKK 9,621 thousand regarding completed
developments projects. Furthermore DKK 15,800 thousand has been recognised as deferred tax assets.
The value of the development projects and tax assets depends on the Company’s ability to develop, market an
sell subscriptions and own beauty products at a profitable level. Management believes that the Company will
realize the implementation of its plans within a foreseeable future. Accordingly, Management has deemed the
valuation sound. If the Company’s sales and growth deviate significantly from the current plans, there may be
uncertainty associated with the valuation.
As described in the accounting policies 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. Entailed by the latest updated business plan and based on recent track record considering short term impact from inflation etc. the amount of deferred tax assets with expected usage within 3-4 years has resulted in a decrease deferred tax asset of DKK 7,5m.
OutlookThe main objective for the Company in the coming period is to manifest the position as European market leader
within beauty subscription boxes and continue to grow sustainably its revenue and operating profit. The Company will focus on profitability as opposed to growth at all costs but will continue to expand its market coverage through international expansion.
The management has instigated appropriate changes to the hiring, spending, and marketing activities to respond to current events and the trajectories expect the cash runway to last well beyond this period. Due to the significant uncertainty related to wider global conditions, the impact on the Company’s revenue and cost base in the current markets, the above-mentioned guidance is understandably connected with material uncertainty.
Management expects a significant improvement in income for the coming year but still negative expectations to operating loss in the range of DKK 10m.
Research and development activitiesThe Company conducts research and development of software on an ongoing basis. Management plans to keep making investments into these activities. The purpose of these investments is to ensure, that the Company will be able to achieve the goals of growth and expand its market position in the years to come.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.2408798826202985487387355587223543283863940329-28979133-336095796652470050006322445543653258-30558440-377629006420498-4000000-36978938-33762900-36978938-36978938-337629009621274100506355613585613581018263210611993531108824571531108824571835792841346158000002327700016635792241183462734953235554910634559864062971087990680607506433589248690460135677821492115112029403141940818238802857377941873168623272152523256959219366101404519893487754953052501208372861308601601209311209317942451827735411283517139275521934689922325837120931827735413927552223258371209317942451112835173333333010637576122032399127430480769023098339170109293394774254806484753160881481018726479394543603215520513830597533869168697293055977778392048915233941014903871085343231208372861308601603400000034000000-3349033349030Goodiebox ApS has received group contribution of DKK 34,000 thousand in 2021/22 from Goodiebox Holding
ApS.
1 Events after the balance sheet dateNo material events have occurred after the balance sheet date to this date, which would influence the annual
report.2 Uncertainty relating to recognition and measurement
As the Company is a development company, there is a natural uncertainty associated with the measurement of
the Company’s development activities and future earnings. At 31 May 2022, the Company has recognised DKK
561 thousand regarding ongoing development projects and DKK 9,621 thousand regarding completed
developments projects. Furthermore DKK 15,800 thousand has been recognised as deferred tax assets.
The value of the development projects and tax assets depends on the Company’s ability to develop, market and
sell subscriptions and own beauty products at a profitable level. Management believes that the Company will
realize the implementation of its plans within a foreseeable future. Accordingly, Management has deemed the
valuation sound. If the Company’s sales and growth deviate significantly from the current plans, there may be
uncertainty associated with the valuation.
As described in the accounting policies 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. Entailed by the latest updated business plan and based on recent track record
considering short term impact from inflation etc. the amount of deferred tax assets with expected usage within 3-
4 years has resulted in a decrease deferred tax asset of DKK 7,5m. 3 Staff costs2021/22
DKK2020/21
DKKWages and salaries46,165,03155,646,072Pension costs347,281253,486Other social security costs1,309,1741,637,803Other staff costs3,636,8484,175,58351,458,33461,712,944Staff costs classified as assets(2,719,599)(5,840,709)48,738,73555,872,235Average number of full-time employees90101With reference to section 98b (3)(2) of the Danish Financial Statements Act, the remuneration to Management has not been disclosed separately.
901014 Depreciation, amortisation and impairment losses2021/22
DKK2020/21
DKKAmortisation of intangible assets3,776,1752,485,779Impairment losses on intangible assets0890,543Depreciation of property, plant and equipment552,211564,0074,328,3863,940,3295 Other financial income2021/22
DKK2020/21
DKKExchange rate adjustments665,2470665,24706 Other financial expenses2021/22
DKK2020/21
DKKOther interest expenses1,317,4873,232,253Exchange rate adjustments0311,690Other financial expenses927,067109,3152,244,5543,653,258<br />2021/22
DKK2020/21
DKKOther interest expenses1,317,4873,232,253Exchange rate adjustments0311,690Other financial expenses927,067109,3152,244,5543,653,2587 Tax on profit/loss for the year2021/22
DKK2020/21
DKKChange in deferred tax7,477,000(4,000,000)Adjustment concerning previous years(1,056,502)06,420,498(4,000,000)8 Proposed distribution of profit and loss2021/22
DKK2020/21
DKKRetained earnings (36,978,938)(33,762,900) (36,978,938)(33,762,900)9 Intangible assetsCompleted development projects
DKKDevelopment projects in progress
DKKCost beginning of year14,401,006561,358Additions3,346,8140Cost end of year17,747,820561,358Amortisation and impairment losses beginning of year(4,350,371)0Amortisation for the year(3,776,175)0Amortisation and impairment losses end of year(8,126,546)0Carrying amount end of year9,621,274561,35810 Development projectsCapitalized development costs include development
of IT infrastructure, development and
optimisation of member databases, as well as
development of Webshop etc.
There is continuous development and
adjustments in order to continue the growth and
expansion of the company. The projects are continuously completed and put to use, after which amortisation is commenced.
With reference to section 83(2) of the Danish Financial Statement Act, deferred tax is set off against the capitalised costs for development projects in the reserve for development costs under equity. .
11 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKCost beginning of year2,061,367Additions258,748Cost end of year2,320,115Depreciation and impairment losses beginning of year(1,236,796)Depreciation for the year(552,211)Depreciation and impairment losses end of year(1,789,007)Carrying amount end of year531,10812 Financial assetsDeposits
DKKDeferred tax
DKKCost beginning of year841,34623,277,000Additions21,1500Disposals(26,704)0Cost end of year835,79223,277,000Impairment losses for the year0(7,477,000)Impairment losses end of year0(7,477,000)Carrying amount end of year835,79215,800,000<br />Deposits
DKKDeferred tax
DKKCost beginning of year841,34623,277,000Additions21,1500Disposals(26,704)0Cost end of year835,79223,277,000Impairment losses for the year0(7,477,000)Impairment losses end of year0(7,477,000)Carrying amount end of year835,79215,800,00013 Deferred tax 2021/22
DKKIntangible assets(2,240,000)Property, plant and equipment21,000Tax losses carried forward17,931,000Other deductible temporary differences88,000Deferred tax15,800,000
Changes during the year2021/22
DKKBeginning of year23,277,000Recognised in the income statement(7,477,000)End of year15,800,000Deferred tax assetsThe value of the tax assets depends on the Company’s ability to develop, market and
sell subscriptions and own beauty products at a profitable level. Management believes that the Company will realize the implementation of its plans within a foreseeable future. Accordingly, Management has deemed the
valuation sound. If the Company’s sales and growth deviate significantly from the current plans, there may be
uncertainty associated with the valuation.
The Company has DKK 15,955 thousand in contingent asset, which is related to tax losses carried forward.
14 PrepaymentsPrepayments comprise incurred cost relating to subsequent financial years such as subscriptions, membership
fees, service agreements and insurance15 Non-current liabilities other than provisionsDue within 12 months
2021/22
DKKDue within 12
months
2020/21
DKKDue after more than 12 months
2021/22
DKKOutstanding after 5 years
2021/22
DKKBank loans1,666,66703,333,3330Debt to other credit institutions1,728,1072,548,06410,637,5760Other payables009,127,430327,2823,394,7742,548,06423,098,339327,28216 Prepayments received from customersPrepayments received from customers comprises received income for recognition in subsequent financial year and Goodiepoints.
17 Other payables2021/22
DKK2020/21
DKKVAT and duties7,141,28820,627,352Wages and salaries, personal income taxes, social security costs, etc payable1,598,5232,067,969Holiday pay obligation1,865,9042,854,968Other costs payable6,264,0145,009,48816,869,72930,559,77718 Unrecognised rental and lease commitments2021/22
DKK2020/21
DKKLiabilities under rental or lease agreements until maturity in total999,4701,037,44319 Contingent liabilitiesThe Entity participates in a Danish joint taxation
arrangement where Goodiebox Holding ApS serves as the
administration company. According to the joint taxation provisions of
the Danish Corporation Tax Act, the Entity
is therefore liable for income taxes etc 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.20 Assets charged and collateralAs security for debt obtained from Vækstfonden,
there is a registered corporate mortgage amounting
to DKK
15,500 thousand, and as security for debt obtained from Danske Bank, there is a registered corporate
mortgage
amounting to DKK 15,000 thousand. The securities are a joint security, which includes goodwill, intangible assets, operating
equipment and fixtures, inventories and trade receivables.
The carrying amount is DKK 90,277 thousand (2020/21: 76,175 thousand) .21 Related parties with controlling interestGoodiebox Holding ApS, CVR-nr. 41104651, Copenhagen owns all shares in the Entity, thus exercising control. 22 Non-arm’s length related party transactionsGoodiebox ApS has recieved group contribution of DKK 34,000 thousand from Goodiebox Holding ApS. Other than the group contribution no other related party transactions have been conducted on a non-arm’s length basis in the financial year.23 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group:
Goodiebox Holding ApS, CVR-nr. 41104651, Copenhagen.This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).Changes in accounting policiesIn the comparative figures an amount of DKK 15,422 thousand has been reclassified from “debt to other credit institutions” to “payables to group enterprises”. The change in classification has no effect on the net profit or loss and equity for last year or current year. The balance sheet total in comparative figures have been reduced by DKK 8,884 thousand since the reclassification amount is partly offset against receivables from group enterprises. The reason for the reclassification is due to the fact that some loans recognized last year was with Goodiebox Holding ApS as the legal debtor. 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.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the
transaction date. Receivables, payables and other monetary items denominated in foreign currencies that
have not been settled at the balance sheet date are translated using the exchange rate at the balance
sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect
at the payment date, or the rate at the balance sheet date, are recognised in the income statement as
financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and
other non-monetary assets that have been purchased in foreign currencies are translated using historical
rates.
When recognising foreign subsidiaries and associates that are independent entities, the income statements
are translated at average exchange rates for the months that do not significantly deviate from the rates at
the transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill is considered belonging to the independent foreign entity and is translated using the exchange
rate at the balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’
equity at the beginning of the year at the balance sheet date exchange rates and out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognised directly in translation reserve in equity.
Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered
part of the total investment in the subsidiary in question, are recognised directly in translation reserve in equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are
translated using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are
translated at the exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown.
The items of the income statement are translated at the average rates of the months; however, items
deriving from non-monetary assets and liabilities are translated using the historical rates applicable to the
relevant non-monetary items.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 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 ordinary
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, interest income, net capital or exchange gains on securities, payables
and
transactions in foreign currencies.Financial expenses from group enterprisesFinancial expenses from group enterprises comprise interest expenses etc from payables to group
enterprises.<br />Other financial expensesOther financial expenses comprise interest expenses, 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.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.
Indirect production costs in the form of indirectly attributable staff costs used in the development process are
recognised
in cost based on time spent on each project.
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 3-5 years.
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.
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
YearsResidual value
%Other fixtures and fittings, tools and equipment3-5 years0 %For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed
the contract period.
Estimated 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.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.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.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises cash in hand and bank deposits.Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over
the term of the lease.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.Cash flow statementWith reference to section 86 (4) of the Danish Financial Statements Act, the cash flow statement has not been prepared.
2022-11-30Rasmus Schmiegelow