34087288 2024-07-01 2025-06-30 2 34087288 2024-07-01 2025-06-30 3 34087288 2024-07-01 2025-06-30 34087288 2024-07-01 2025-06-30 1 34087288 2023-07-01 2024-06-30 34087288 2025-06-30 34087288 2024-06-30 34087288 2024-07-01 2025-06-30 d:ManagementMember 34087288 2023-07-01 2024-06-30 d:ManagementMember 34087288 2024-07-01 d:CompletedDevelopmentProjectsMember 34087288 2024-07-01 2025-06-30 d:CompletedDevelopmentProjectsMember 34087288 2025-06-30 d:CompletedDevelopmentProjectsMember 34087288 2024-07-01 d:FixturesFittingsToolsAndEquipmentMember 34087288 2024-07-01 2025-06-30 d:FixturesFittingsToolsAndEquipmentMember 34087288 2025-06-30 d:FixturesFittingsToolsAndEquipmentMember 34087288 2024-07-01 d:InvestmentsInGroupEnterprisesMember 34087288 2023-07-01 d:InvestmentsInGroupEnterprisesMember 34087288 2024-07-01 2025-06-30 d:InvestmentsInGroupEnterprisesMember 34087288 2023-07-01 2024-06-30 d:InvestmentsInGroupEnterprisesMember 34087288 2025-06-30 d:InvestmentsInGroupEnterprisesMember 34087288 2024-06-30 d:InvestmentsInGroupEnterprisesMember 34087288 2024-07-01 d:DepositsLongtermInvestmentsAndReceivablesMember 34087288 2024-07-01 2025-06-30 d:DepositsLongtermInvestmentsAndReceivablesMember 34087288 2025-06-30 d:DepositsLongtermInvestmentsAndReceivablesMember 34087288 2025-06-30 d:LongtermDebtToOtherCreditInstitutionsMember 34087288 2025-06-30 d:LongtermDebtToBanksMember 34087288 2025-06-30 d:OtherLongtermPayablesMember 34087288 2024-07-01 d:ContributedCapitalMember 34087288 2023-07-01 d:ContributedCapitalMember 34087288 2025-06-30 d:ContributedCapitalMember 34087288 2024-06-30 d:ContributedCapitalMember 34087288 2024-07-01 d:ReserveForDevelopmentExpenditureMember 34087288 2023-07-01 d:ReserveForDevelopmentExpenditureMember 34087288 2024-07-01 2025-06-30 d:ReserveForDevelopmentExpenditureMember 34087288 2023-07-01 2024-06-30 d:ReserveForDevelopmentExpenditureMember 34087288 2025-06-30 d:ReserveForDevelopmentExpenditureMember 34087288 2024-06-30 d:ReserveForDevelopmentExpenditureMember 34087288 2024-07-01 d:RetainedEarningsMember 34087288 2023-07-01 d:RetainedEarningsMember 34087288 2024-07-01 2025-06-30 d:RetainedEarningsMember 34087288 2023-07-01 2024-06-30 d:RetainedEarningsMember 34087288 2025-06-30 d:RetainedEarningsMember 34087288 2024-06-30 d:RetainedEarningsMember 34087288 2024-07-01 2025-06-30 1 34087288 2024-07-01 2025-06-30 1 34087288 2024-07-01 2025-06-30 2 34087288 2024-07-01 2025-06-30 3 34087288 2024-07-01 2025-06-30 4 34087288 2024-07-01 2025-06-30 5 34087288 2022-01-01 2022-12-31 34087288 2021-01-01 2021-12-31 34087288 2020-01-01 2020-12-31 34087288 2022-12-31 34087288 2021-12-31 34087288 2020-12-31 iso4217:DKK xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Hostrupsvej, 26 3400, Hillerød 2023-07-01 2024-06-30 2024-07-01 2025-06-30 34087288 Goodiebox ApS Artillerivej 86, 5 2300 Copenhagen 2011-12-15 København Grant Thornton, Godkendt Revisionspartnerselskab 34209936 Claus Koskelin statsautoriseret revisor mne30140 Hostrupsvej 26 3400 Hillerød Danmark +45 33 110 220 info@dk.gt.com 2025-09-23 Morten Mathiesen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejerne Hillerød 2025-09-23 København 2025-09-23 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:Solvency ratio Equity, closing balance x 100 / Total assets, closing balance 22230375 34125857 15883424 22561106 3985073 4239748 0 7480 2361878 7317523 355416 296365 187199 42993 0 447643 2636190 3240030 268303 3969208 264895 1000000 3408 2969208 3408 2969208 8408192 9588558 8408192 9588558 55424 24749 55424 24749 0 1 431583 421057 431583 421058 8895199 10034365 18143998 22233188 423600 947232 18567598 23180420 4850719 5670284 20445850 20963005 12630000 12894895 204681 81353 38131250 39609537 907304 1625485 57606152 64415442 66501351 74449807 0 120931 120931 5906637 7479075 1870136 294290 7897704 7894296 3033614 5916473 873211 3434074 2947852 3934729 6854677 13285276 5705454 6978213 8535272 8193026 5703138 5916407 24160812 23738639 7644294 8443950 51748970 53270235 58603647 66555511 66501351 74449807 15457927 21982920 133739 182990 291758 395196 15883424 22561106 0 1174406 0 1174406 31 47 2636190 3240030 2636190 3240030 25469868 2766583 28236451 15881310 3946949 19828259 8408192 1870161 68800 1938961 1845412 38125 1883537 55424 447644 0 0 447644 447644 0 0 447644 -447643 0 -447643 0 0 -447643 0 -447643 0 1 421057 10526 431583 431583 2898157 0 1667000 0 1140297 2947852 120931 120931 120931 120931 7479075 8847218 -1572438 -1368143 5906637 7479075 294290 -4043061 3408 2969208 1572438 1368143 1870136 294290 Today, the Board of Directors and the Managing Director have approved the annual report of Goodiebox ApS for the financial year 1 July 2024 - 30 June 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 June 2025 and of the results of the Company's operations for the financial year 1 July 2024 – 30 June 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Nikolaj Hjulmand Leonhard-Hjorth Morten Mathiesen Anders Hegelund Bjørnsbo Karsten Frost Mathiesen Morten Pedersen Mikkel Berg Kjærsgaard We have audited the financial statements of Goodiebox ApS for the financial year 1 July 2024 - 30 June 2025, which comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 June 2025, and of the results of the Company's operations for the financial year 1 July 2024 - 30 June 2025 in accordance with the Danish Financial Statements Act. 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. Material Uncertainty Related to Going ConcernWe refer to note 1 describing the assumptions on which the annual report is submitted on the principles of going concern. We draw attention to the fact that if there is a negative deviation from the plan and management is not able to adjust the plan, in this event, considerable doubt may be raised about the company’s ability to continue operations. Our opinion is not modified in respect of this matter. 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 judgment and maintain professional skepticism 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. Statement on Management’s ReviewManagement 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 Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. -1259000 24641000 26203000 -44089000 -28896000 -33610000 -2094000 -3348000 -5333000 -1663000 -4153000 -49422000 -36979000 -33763000 84103000 120837000 130860000 69000 0 0 259000 164000 4925000 19347000 22326000 70 90 0 11.9 10.6 5.9 16.0 17.1 Description of key activities of the companyGoodiebox continues as a happy moments company providing its community of members with subscriptions on beauty boxes and related non-subscription-based products. Goodiebox’s activity is also within software development and brand reinforcement. Uncertainties connected with recognition, measurement and going concernGoodiebox is currently in a developmental stage, introducing an elevated level of uncertainty in assessing various assets such as inventory and tax assets. This uncertainty arises primarily due to the dependence on future earnings, as elaborated in detail in note 1 of the annual report. As of June 30 2025, Goodiebox has accounted for t.DKK 18.568 as inventory and t.DKK 12.630 as deferred tax assets. Development in activities and financial mattersThe gross profit for the year totals t.DKK 22.230 against t.DKK 34.126 last year. Profit or loss from ordinary activities after tax totals t.DKK 3 against t.DKK 2.969 last year. Management considers the net profit or loss for the year satisfactory. Research and development activitiesGoodiebox 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 Goodiebox will be able to achieve the goals of growth and expand its market position in the years to come. Development for the year relative to the expectationsThe fiscal year has been a turning point for Goodiebox. We are pleased to confirm that the turnaround was successfully completed during the year, and we have now maintained monthly profitability for more than 18 months. This consistent track record manifests our long-term business model and the company continues to show quarter-by-quarter improvements. EBITDA-results are t.DKK 6.340 which is a bit above expectation and confirms the ongoing process of securing a sustainable and profitable business-model in line with the revised strategy announced back in summer 2023. Additionally, cost savings were identified by analyzing the organization, particularly the management structure. To ensure the turnaround, an ongoing staff reduction exercise was initiated, resulting in a reduction in staff costs by t.DKK 21.809 during the previous 24 months, as the average number of employees decreased from 70 to 31.  At the same time, improving the product and customer experience has been a challenging but rewarding exercise. Both internal product score schemes and Trustpilot have shown significant improvement over the last 12 months. Therefore, management and the board are reassured about the enforced strategy, and the new fiscal year has confirmed the positive trend. Expected developmentsGoing forward, Goodiebox will focus not on further cost-cutting, but on profitable growth and development. The company’s main objective is to strengthen performance by reducing its debt burden, which today prevents an even healthier financial position. This will allow us to accelerate investments in innovation and customer experience. Goodiebox is no longer just a subscription service – we are building and nurturing a true community of members. To support this ambition, we have invested in a mobile app that has been warmly welcomed by our customers.  Our Goodiebox App has been downloaded more than 100,000 times, and all active members use the app an average of 4.2 times per month. The app has an App Store rating of 4.6 out of 5. This underpins our strategy to create more engagement and value for our members. With the reduced cost base, strong organizational setup, and continued profitability, management expects further improvements in income and profit for the coming year. This defines the “new Goodiebox”: a company focused solely on profitable growth, customer care and community building. Knowledge resourcesSince its inception, Goodiebox has built up knowledge within the beauty industry, subscription models, and digital advertising. Environmental issuesIn our dedication to combat climate change and address biodiversity loss, the Goodiebox Group have made a substantial investment in three Danish forestation projects, covering a total of 100 hectares of land. Our investment is a step forward on our path to making a positive contribution to the environment. To reduce our carbon footprint, we are rethinking our entire value chain, while simultaneously supporting climate friendly initiatives. These initiatives are managed in collaboration with the Danish company Aeon Group A/S, which enables businesses to invest in local, credible, and transparent Greenhouse Gas mitigation projects. Through our partnership with Aeon Group A/S, we gain access to detailed data insights from the project area, ensuring the credibility and progress of our forestation projects. Aeon Group A/S comprises experts in forest management, carbon sequestration methodologies, and cutting-edge technology. This collaboration reinforces our commitment to reducing our environmental footprint and guarantees a consistent, measurable climate impact. It further enhances our long-term value proposition to our stakeholders. AcknowledgementsFinally, we would like to express our sincere gratitude to our employees. Their dedication and contribution have been essential in transforming Goodiebox into an AI-driven, community-based company that places its members at the center – a company that is fundamentally different from the growth-focused organization of just a few years ago. Events occurring after the end of the financial yearNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. The continues positive trend from the last 18 months continues to date and exceed our budgeted figures. 1.Uncertainties concerning recognition and measurementAs  Goodiebox  is  a  company  in  a  developing  phase,  there  is  therefore  a  higher  than  usual uncertainty  associated  with  the  measurement  of  a  variety  of  assets  including inventory and tax assets as this measurement in part is based on future earnings. As of 30 June 2025, Goodiebox has recognized t.DKK 18.568 as inventory and t.DKK 12.630 as deferred tax assets. The value of inventory and tax assets depends on Goodiebox’s ability to develop, market and sell subscriptions and own beauty products at a profitable level. Goodiebox has initiated a strategy to make the company profitable in the long term by stabilizing the revenue and  a  number  of  efficiency  improvements  that  leads  to  cost  savings.  Management  believes  that Goodiebox  will  realize  the  implementation  of  its  plans  or  adapt  accordingly  to  meet  the  target. Accordingly,  Management  has  deemed  the  valuation  sound.  If  Goodiebox’s  sales  and  growth deviate  significantly  from  the  current  plans,  there  is  however  uncertainty  associated  with  the valuation. Goodiebox ApS has a receivable amount of t.DKK 10.652 from Goodiebox B.V. The receivable amount is not expected to be repaid in short term and Goodiebox B.V. has negative equity. Goodiebox Holding ApS has however issued a guarantee on the full receivable amount. Goodiebox Holding ApS does not hold liquid funds to support the guarantee and the main asset is therefore the value of Goodiebox which is depended on future earnings.  9.Deferred tax assetsDeferred tax assets 1 July 202412.894.89515.800.000Deferred tax of the net profit or loss for the year-264.895-2.905.105 12.630.00012.894.895 The following items are subject to deferred tax: Intangible assets-1.666.000-2.109.000 Property, plant, and equipment514.00072.300 Other temporary differences-88.000-88.000 Losses carried forward to next years (deficit limitation)42.700.00043.500.000 Impairment-28.830.000-28.480.405 12.630.00012.894.895 The 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 realise the implementation of its plans within a foreseeable future. Accodinly, management has deemed the valuation sound. If the companys sales and groth deviate significantly from the current plans, there may be uncertainty associated with the valuation.  12.Charges and securityAs collateral for debt obtained from EIFO, there is a registeres corporate mortage amounting to t.DKK 15.500 and for debt obtained from Danske Bank, there is a registeres corporate mortage amounting to t.DKK 15.000. The securities are a joint security which includes goodwill, intagible assets, operating equipment and fixures, inventories and trade receivables, representing a carrying amount t.DKK 33.426 as of 30. june 2025 (2023/24 t.DKK 40.586) 13.Contractual obligations and contingencies, etc.Contractual obligations and contingent liabilitiesLease and leasing liabilities:The company has entered into an office lease which has a 6-month notice of termination. The total liability amount to t.DKK 411. The company has remaining leasing liability amount to t.DKK 25 on 30 June 2025. Joint taxationWith Goodiebox Holding ApS, company reg. no 41104651 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. The jointly taxed enterprises' total known net liability to the Danish tax authorities emerges from the financial statements of the administration company. Any subsequent adjustments of corporate taxes or withholding tax, etc., may result in changes in the company's liabilities. 14.Related partiesControlling interest Goodiebox Holding ApS, company reg. no 41 10 46 51, Copenhagen Majority shareholder Consolidated financial statementsThe company is included in the consolidated financial statements of Goodiebox Holding ApS, Artillerivej 86, 2300 Copenhagen, reg. no 41 10 46 51. The annual report for Goodiebox ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium sized enterprises).   The accounting policies are unchanged from last year, and the annual report is presented in DKK. No consolidated financial statements have been prepared pursuant to section 112 (1) of the Danish Financial Statements Act. The financial statements of Goodiebox ApS and its group enterprises are included in the consolidated financial statements for Goodiebox Holding ApS, København, CVR nr. 41 10 46 51. Pursuant to section 86 (4) of the Danish Financial Statements Act, no statement of cash flows for the enterprise has been prepared, as the relevant information is included in the consolidated financial statements of Goodiebox Holding ApS. Change in accounting estimatesFor the financial year 2024/25, management has reassessed the useful life of parts of the completed development projects based on their expected usage. Consequently, the amortisation profile for certain completed development projects has been changed from 3 years to 6 years, as management considers this period more appropriate since it aligns with the projects’ period of use. The reassessment of the amortisation period has positively impacted the result for the year by t.DKK 830. As a consequence, the company’s completed development projects have increased by t.DKK 830. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of  the transaction. When recognising foreign group enterprises which are integral units, the monetary items are translated using the closing rate. Non-monetary items are translated using the exchange rate prevailing at the time of acquisition or at the time of the subsequent revaluation or write-down for impairment of the asset. Income statement items are translated using the exchange rate prevailing at the date of the transaction. However, items in the income statement derived from non-monetary items are translated using historical prices. Gross profitGross profit comprises the revenue, changes in inventories of finished goods, and work in progress, own work capitalised, other operating income, and external costs. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Own work capitalised includes staff cost and other internal costs incurred during the financial year and recognised in the cost of proprietary intangible and tangible fixed assets.   Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets, operating loss and conflict compensation as well as salary reimbursements received. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Other operating expensesOther operating expenses comprise items of secondary nature as regards the principal activities of the enterprise, including losses on the disposal of intangible and tangible assets. Results from investments in group enterprisesDividend from investments in group enterprises is recognised in the financial year in which the dividend is declared. If the dividend received exceeds the proportionate share of the year's result, this is considered an indication of impairment, which entails a requirement to prepare an impairment test. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Intangible assetsDevelopment projects, patents, and licencesDevelopment costs comprise salaries, wages, and amortisation directly or indirectly attributable to development activities. Clearly defined and identifiable development projects are recognised as intangible assets provided that they are proven to be technically practicable, that sufficient resources and a potential market or development opportunity exist, and insofar as the intention is to produce, market or utilise the project. It is, however, a condition that the cost can be reliably calculated and that a sufficiently high degree of certainty indicates that future earnings will cover the costs of production, sales, and administration. Other development costs are recognised in the income statement concurrently with their realisation. Development costs recognised in the statement of financial position are measured at cost less accrued amortisations and write-downs for impairment. After completion of the development work, capitalised development costs are amortised on a straight-line basis over the estimated useful economic life. The amortisation period is usually 3-5 years. Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. Land is not subject to depreciation. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Useful lifeResidual valueOther fixtures and fittings, tools and equipment3-5years0-20 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. LeasesLeases are regarded as operating leases. Payments in connection with operating leases and other lease agreements are recognised in the income statement for the term of the contract. The company's total liabilities concerning operating leases and lease agreements are recognised under contingencies, etc. Investments in group enterprisesInvestments in group enterprises are recognised and measured at cost. If the recoverable amount is lower than the cost price, it shall be written down for impairment to this lower value. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets as well as equity investments in group enterprises are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist.  InventoriesInventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. Costs of goods for resale, raw materials, and consumables comprise acquisition costs plus delivery costs. Costs of manufactured goods and work in progress comprise the cost of raw materials, consumables, direct wages, and indirect production costs. Indirect production costs comprise indirect materials and wages, maintenance and depreciation of machinery, factory buildings, and equipment used in the production process, and costs for factory administration and factory management. Borrowing expenses are not recognised in cost. The net realisable value for inventories is recognised as the estimated selling price less costs of completion and selling costs. The net realisable value is determined with due consideration of negotiability, obsolescence, and the development of expected market prices. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. EquityReserve for development costsThe reserve for development costs comprises recognised development costs less related deferred tax liabilities. The reserve cannot be used as dividends or for covering losses. The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" According to the rules of joint taxation, Goodiebox ApS is unlimitedly, jointly, and severally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsFinancial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Mortgage loans and bank loans are thus measured at amortised cost which, for cash loans, corresponds to the outstanding payables. For bond loans, the amortised cost corresponds to an outstanding payable calculated as the underlying cash value at the date of borrowing, adjusted by amortisation of the market value on the date of the borrowing effectuated over the repayment period. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value.