26796555 2022-01-01 2022-12-31 26796555 2021-01-01 2021-12-31 26796555 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 26796555 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 26796555 2022-12-31 26796555 2021-12-31 26796555 2022-01-01 2022-12-31 0 26796555 2022-01-01 2022-12-31 1 iso4217:DKK xbrli:pure 2022-01-01 2022-12-31 698643 1218331 104811 -624499 0 18381 -642880 0 -642880 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="15%" colspan="1" align="center" valign="middle" ><b>Caffé River Scandinavia ApS</b></td><td width="18%" colspan="1" align="center" valign="middle" ><b></b></td><td width="2%" colspan="1" align="center" valign="middle" ><b></b></td><td width="14%" colspan="1" align="center" valign="middle" ><b></b></td><td width="1%" colspan="1" align="center" valign="middle" ><b></b></td><td width="14%" colspan="1" align="center" valign="middle" ><b></b></td><td width="1%" colspan="1" align="center" valign="middle" ><b></b></td><td width="14%" colspan="1" align="center" valign="middle" ><b></b></td><td width="1%" colspan="1" align="center" valign="middle" ><b></b></td><td width="20%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td colspan="10"></td></tr><tr><td width="15%" colspan="1" align="center" valign="middle" ><b>Equity Statement</b></td><td width="18%" colspan="1" align="center" valign="middle" ><b></b></td><td width="2%" colspan="1" align="center" valign="middle" ><b></b></td><td width="14%" colspan="1" align="center" valign="middle" ><b></b></td><td width="1%" colspan="1" align="center" valign="middle" ><b></b></td><td width="14%" colspan="1" align="center" valign="middle" ><b></b></td><td width="1%" colspan="1" align="center" valign="middle" ><b></b></td><td width="14%" colspan="1" align="center" valign="middle" ><b></b></td><td width="1%" colspan="1" align="center" valign="middle" ><b></b></td><td width="20%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td colspan="10"></td></tr><tr><td width="15%" ></td><td width="18%" ></td><td width="2%" ></td><td width="14%" ></td><td width="1%" ></td><td width="14%" colspan="1" align="center" valign="middle" ><b>Retained</b></td><td width="1%" colspan="1" align="center" valign="middle" ><b></b></td><td width="14%" colspan="1" align="center" valign="middle" ><b>Proposed</b></td><td width="1%" colspan="1" align="center" valign="middle" ><b></b></td><td width="20%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td width="15%" ></td><td width="18%" ></td><td width="2%" ></td><td width="14%" colspan="1" align="center" valign="middle" ><b>Share capital</b></td><td width="1%" colspan="1" align="center" valign="middle" ><b></b></td><td width="14%" colspan="1" align="center" valign="middle" ><b>earnings</b></td><td width="1%" colspan="1" align="center" valign="middle" ><b></b></td><td width="14%" colspan="1" align="center" valign="middle" ><b>dividend</b></td><td width="1%" colspan="1" align="center" valign="middle" ><b></b></td><td width="20%" colspan="1" align="center" valign="middle" ><b>Total</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="35%" colspan="3" align="left" valign="middle" >Equity 1. januar 2021</td><td width="14%" align="right" valign="middle" >125.000</td><td width="1%" ></td><td width="14%" align="right" valign="middle" >-5.783.089</td><td width="1%" ></td><td width="14%" align="right" valign="middle" >0</td><td width="1%" ></td><td width="20%" align="right" valign="middle" >-5.658.089</td></tr><tr><td width="35%" colspan="3" align="left" valign="middle" >Dividends paid</td><td width="14%" align="right" valign="middle" >0</td><td width="1%" ></td><td width="14%" align="right" valign="middle" >0</td><td width="1%" ></td><td width="14%" align="right" valign="middle" >0</td><td width="1%" ></td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="35%" colspan="3" align="left" valign="middle" >Profit of the year</td><td width="14%" align="right" valign="middle" >0</td><td width="1%" ></td><td width="14%" align="right" valign="middle" >-703.364</td><td width="1%" ></td><td width="14%" align="right" valign="middle" >0</td><td width="1%" ></td><td width="20%" align="right" valign="middle" >-703.364</td></tr><tr><td colspan="10"></td></tr><tr><td width="35%" colspan="3" align="left" valign="middle" ><b>Equity 31. december 2021</b></td><td width="14%" align="right" valign="middle" ><b>125.000</b></td><td width="1%" ></td><td width="14%" align="right" valign="middle" ><b>-6.486.453</b></td><td width="1%" ></td><td width="14%" align="right" valign="middle" ><b>0</b></td><td width="1%" ></td><td width="20%" align="right" valign="middle" ><b>-6.361.453</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="35%" colspan="3" align="left" valign="middle" >Equity 1. januar 2022</td><td width="14%" align="right" valign="middle" >125.000</td><td width="1%" ></td><td width="14%" align="right" valign="middle" >-6.486.453</td><td width="1%" ></td><td width="14%" align="right" valign="middle" >0</td><td width="1%" ></td><td width="20%" align="right" valign="middle" >-6.361.453</td></tr><tr><td width="35%" colspan="3" align="left" valign="middle" >Dividends paid</td><td width="14%" align="right" valign="middle" >0</td><td width="1%" ></td><td width="14%" align="right" valign="middle" >0</td><td width="1%" ></td><td width="14%" align="right" valign="middle" >0</td><td width="1%" ></td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="35%" colspan="3" align="left" valign="middle" >Profit of the year</td><td width="14%" align="right" valign="middle" >0</td><td width="1%" ></td><td width="14%" align="right" valign="middle" >-642.880</td><td width="1%" ></td><td width="14%" align="right" valign="middle" >0</td><td width="1%" ></td><td width="20%" align="right" valign="middle" >-642.880</td></tr><tr><td colspan="10"></td></tr><tr><td width="35%" colspan="3" align="left" valign="middle" ><b>Equity 31. december 2022</b></td><td width="14%" align="right" valign="middle" ><b>125.000</b></td><td width="1%" ></td><td width="14%" align="right" valign="middle" ><b>-7.129.333</b></td><td width="1%" ></td><td width="14%" align="right" valign="middle" ><b>0</b></td><td width="1%" ></td><td width="20%" align="right" valign="middle" ><b>-7.004.333</b></td></tr><tr><td colspan="10"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="5%" colspan="1" align="center" valign="middle" ><b>Caffé River Scandinavia ApS</b></td><td width="1%" colspan="1" align="center" valign="middle" ><b></b></td><td width="14%" colspan="1" align="center" valign="middle" ><b></b></td><td width="17%" colspan="1" align="center" valign="middle" ><b></b></td><td width="3%" colspan="1" align="center" valign="middle" ><b></b></td><td width="17%" colspan="1" align="center" valign="middle" ><b></b></td><td width="3%" colspan="1" align="center" valign="middle" ><b></b></td><td width="17%" colspan="1" align="center" valign="middle" ><b></b></td><td width="3%" colspan="1" align="center" valign="middle" ><b></b></td><td width="20%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td colspan="10"></td></tr><tr><td width="5%" colspan="1" align="center" valign="middle" ><b>Notes</b></td><td width="1%" colspan="1" align="center" valign="middle" ><b></b></td><td width="14%" colspan="1" align="center" valign="middle" ><b></b></td><td width="17%" colspan="1" align="center" valign="middle" ><b></b></td><td width="3%" colspan="1" align="center" valign="middle" ><b></b></td><td width="17%" colspan="1" align="center" valign="middle" ><b></b></td><td width="3%" colspan="1" align="center" valign="middle" ><b></b></td><td width="17%" colspan="1" align="center" valign="middle" ><b></b></td><td width="3%" colspan="1" align="center" valign="middle" ><b></b></td><td width="20%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td colspan="10"></td></tr><tr><td width="5%" ></td><td width="1%" ></td><td width="14%" ></td><td width="17%" ></td><td width="3%" ></td><td width="17%" ></td><td width="3%" ></td><td width="17%" align="center" valign="middle" >2022</td><td width="3%" ></td><td width="20%" align="center" valign="middle" >2021</td></tr><tr><td colspan="10"></td></tr><tr><td width="5%" ></td><td width="1%" ></td><td width="94%" colspan="8" align="left" valign="middle" ><b>Employee expense</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="5%" ></td><td width="1%" ></td><td width="54%" colspan="5" align="left" valign="middle" >Wages and salaries</td><td width="17%" align="right" valign="middle" >1.043.791</td><td width="3%" ></td><td width="20%" align="right" valign="middle" >1.165.395</td></tr><tr><td width="5%" ></td><td width="1%" ></td><td width="54%" colspan="5" align="left" valign="middle" >Pensions</td><td width="17%" align="right" valign="middle" >174.540</td><td width="3%" ></td><td width="20%" align="right" valign="middle" >162.049</td></tr><tr><td colspan="10"></td></tr><tr><td width="5%" ></td><td width="1%" ></td><td width="14%" ></td><td width="17%" ></td><td width="3%" ></td><td width="17%" ></td><td width="3%" ></td><td width="17%" align="right" valign="middle" ><b>1.218.331</b></td><td width="3%" ></td><td width="20%" align="right" valign="middle" ><b>1.327.444</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="5%" ></td><td width="1%" ></td><td width="54%" colspan="5" align="left" valign="middle" ><b>The average number of full-time employees</b></td><td width="17%" align="right" valign="middle" ><b>3</b></td><td width="3%" ></td><td width="20%" align="right" valign="middle" ><b>3</b></td></tr><tr><td colspan="10"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="8" align="left" valign="middle" ><b>Depreciations</b></td></tr><tr><td colspan="8"></td></tr><tr><td width="57%" colspan="5" align="left" valign="middle" >Fixtures, fittings and equipment</td><td width="18%" align="right" valign="middle" >104.811</td><td width="3%" ></td><td width="22%" align="right" valign="middle" >207.216</td></tr><tr><td colspan="8"></td></tr><tr><td width="15%" ></td><td width="18%" ></td><td width="3%" ></td><td width="18%" ></td><td width="3%" ></td><td width="18%" align="right" valign="middle" ><b>104.811</b></td><td width="3%" ></td><td width="22%" align="right" valign="middle" ><b>207.216</b></td></tr><tr><td colspan="8"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="8" align="left" valign="middle" ><b>Financial expences</b></td></tr><tr><td colspan="8"></td></tr><tr><td width="57%" colspan="5" align="left" valign="middle" >Net foreign exchange transaction losses</td><td width="18%" align="right" valign="middle" >2.601</td><td width="3%" ></td><td width="22%" align="right" valign="middle" >8</td></tr><tr><td width="57%" colspan="5" align="left" valign="middle" >Other interest expenses</td><td width="18%" align="right" valign="middle" >15.780</td><td width="3%" ></td><td width="22%" align="right" valign="middle" >14.568</td></tr><tr><td colspan="8"></td></tr><tr><td width="15%" ></td><td width="18%" ></td><td width="3%" ></td><td width="18%" ></td><td width="3%" ></td><td width="18%" align="right" valign="middle" ><b>18.381</b></td><td width="3%" ></td><td width="22%" align="right" valign="middle" ><b>14.576</b></td></tr><tr><td colspan="8"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="8" align="left" valign="middle" ><b>Financial income</b></td></tr><tr><td colspan="8"></td></tr><tr><td width="57%" colspan="5" align="left" valign="middle" >Other interest income</td><td width="18%" align="right" valign="middle" >0</td><td width="3%" ></td><td width="22%" align="right" valign="middle" >110.590</td></tr><tr><td colspan="8"></td></tr><tr><td width="15%" ></td><td width="18%" ></td><td width="3%" ></td><td width="18%" ></td><td width="3%" ></td><td width="18%" align="right" valign="middle" ><b>0</b></td><td width="3%" ></td><td width="22%" align="right" valign="middle" ><b>110.590</b></td></tr><tr><td colspan="8"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="8"></td></tr><tr><td width="15%" ></td><td width="18%" ></td><td width="3%" ></td><td width="18%" ></td><td width="3%" ></td><td width="18%" align="center" valign="middle" >2022</td><td width="3%" ></td><td width="22%" align="center" valign="middle" >2021</td></tr><tr><td colspan="8"></td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" ><b>Fixtures, fittings, tools and equipment</b></td></tr><tr><td colspan="8"></td></tr><tr><td width="57%" colspan="5" align="left" valign="middle" >Cost, beginning of the year</td><td width="18%" align="right" valign="middle" >1.177.027</td><td width="3%" ></td><td width="22%" align="right" valign="middle" >1.266.707</td></tr><tr><td width="57%" colspan="5" align="left" valign="middle" >Additions for the year</td><td width="18%" align="right" valign="middle" >98.136</td><td width="3%" ></td><td width="22%" align="right" valign="middle" >69.000</td></tr><tr><td width="57%" colspan="5" align="left" valign="middle" >Disposal for the year</td><td width="18%" align="right" valign="middle" >806.216</td><td width="3%" ></td><td width="22%" align="right" valign="middle" >158.680</td></tr><tr><td colspan="8"></td></tr><tr><td width="57%" colspan="5" align="left" valign="middle" >Cost, end of the year</td><td width="18%" align="right" valign="middle" >468.947</td><td width="3%" ></td><td width="22%" align="right" valign="middle" >1.177.027</td></tr><tr><td colspan="8"></td></tr><tr><td width="57%" colspan="5" align="left" valign="middle" >Amortisation, beginning af the year</td><td width="18%" align="right" valign="middle" >967.627</td><td width="3%" ></td><td width="22%" align="right" valign="middle" >986.357</td></tr><tr><td width="57%" colspan="5" align="left" valign="middle" >Depreciation for the year</td><td width="18%" align="right" valign="middle" >104.811</td><td width="3%" ></td><td width="22%" align="right" valign="middle" >139.950</td></tr><tr><td width="57%" colspan="5" align="left" valign="middle" >Reversed depreciations on disposal for the year</td><td width="18%" align="right" valign="middle" >806.216</td><td width="3%" ></td><td width="22%" align="right" valign="middle" >158.680</td></tr><tr><td colspan="8"></td></tr><tr><td width="57%" colspan="5" align="left" valign="middle" >Depreciations, end of the year</td><td width="18%" align="right" valign="middle" >266.222</td><td width="3%" ></td><td width="22%" align="right" valign="middle" >967.627</td></tr><tr><td colspan="8"></td></tr><tr><td width="57%" colspan="5" align="left" valign="middle" ><b>Carrying amount, end of the year</b></td><td width="18%" align="right" valign="middle" ><b>202.725</b></td><td width="3%" ></td><td width="22%" align="right" valign="middle" ><b>209.400</b></td></tr><tr><td colspan="8"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="8" align="left" valign="middle" ><b>Short-term payables to group enterprises</b></td></tr><tr><td colspan="8"></td></tr><tr><td width="57%" colspan="5" align="left" valign="middle" >Payables to group enterprise</td><td width="18%" align="right" valign="middle" >7.765.247</td><td width="3%" ></td><td width="22%" align="right" valign="middle" >6.587.653</td></tr><tr><td width="57%" colspan="5" align="left" valign="middle" >Of this transferred to long-term debt (subordinate loan capital)</td><td width="18%" align="right" valign="middle" >-7.129.333</td><td width="3%" ></td><td width="22%" align="right" valign="middle" >-6.486.453</td></tr><tr><td colspan="8"></td></tr><tr><td width="15%" ></td><td width="18%" ></td><td width="3%" ></td><td width="18%" ></td><td width="3%" ></td><td width="18%" align="right" valign="middle" ><b>635.914</b></td><td width="3%" ></td><td width="22%" align="right" valign="middle" ><b>101.200</b></td></tr><tr><td colspan="8"></td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" ><b>Subordinate loan capital</b></td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >The Company’s controlling shareholder has issued a letter of subordination to other creditors in an</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >amount corresponding to the Company’s retained loss. The letter of subordination applies until</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >the sharecapital has been restored or until 31 December 2023, depending on which event comes</td></tr><tr><td width="100%" colspan="8" align="left" valign="middle" >first.</td></tr><tr><td colspan="8"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Contingent liabilities</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >There are no liabilities</td></tr></table> 26796555 2023-04-24 Marco Dalla Ragione Caffé River Scandinavia ApS Skudehavnsvej 34 B 2150 Nordhavn Danske Bank <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Review</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Description of significant activities of entity</td></tr><tr><td colspan="1">The Company´s objective is trade in coffee, related products and equipment and related business areas.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Significant changes in the company’s activities and financial affairs</td></tr><tr><td colspan="1">Apart from the below mentioned there has been no significant changes in the activities and financial position during the financial year.</td></tr><tr><td colspan="1">The owners have decided to transfer the liquidity necessary for the company to pay all demands the coming year. Furthermore the owners have agreed to step back with their demands on the company so other creditors shall be paid in advance of the owners claim.</td></tr><tr><td colspan="1">The Annual Report has been prepared under the going concern assumption.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Subsequent events</td></tr><tr><td colspan="1">No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Statement on the Annual Report</td></tr><tr><td colspan="1">The Board of Directors and the Executive Board have today discussed and approved the Annual Report 2022 of Caffé River Scandinavia ApS.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report was prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the Annual Report gives a true and fair view of the Company’s financial position at 31 December 2022 and the results of operations for the financial year 1 January - 31 December 2022 of the Company.</td></tr><tr><td colspan="1">In our opinion, the Management’s review includes a fair review of the matters discussed in the Management review.</td></tr><tr><td colspan="1">The Management considers the conditions for opting out of auditing to be met.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be approved at the annual general meeting.</td></tr></table> Copenhagen 2023-04-24 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting Policies</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3">Balance Sheet</td></tr><tr><td colspan="3">Fixtures, fittings, tools and equipment</td></tr><tr><td colspan="3">Other fixtures, fittings, tools and equipment are measured at cost less accumulated depreciation and amortization.</td></tr><tr><td colspan="3">Depreciation is based on cost reduced by any expected residual value after the period of use.</td></tr><tr><td colspan="3">Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.</td></tr><tr><td colspan="3">Depreciation is calculated on a straight-line basis over the expected useful lives of the assets, which are</td></tr><tr><td>Other fixtures, fittings, tools and equipment</td><td>5,0</td><td>Years</td></tr><tr><td colspan="3">Gains or losses on sale of property, plant and equipment are calculated as the difference between the sales price less sales expenses and the carrying amount at the time of the sale.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Inventories</td></tr><tr><td colspan="1">Inventories are measured at cost or net realizable value when this is lower. Write-down is made on obsolete goods including slow-mowing goods.</td></tr><tr><td colspan="1">Cash at bank and in hand</td></tr><tr><td colspan="1">Cash at bank and in hand comprise cash and bank balances.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost, which usually corresponds to the nominal value. Provisions are made for bad debts because of objective evidence that a receivable or a group of receivables are impaired. Write-downs are made to the lower of the net realisable value and the carrying amount. Investments comprise rent deposits, which is measured at cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash and cash equivalents</td></tr><tr><td colspan="1">Cash and cash equivalents comprise cash and short-term marketable securities, which are subject to an insignificant risk of chances in value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporation tax and deferred tax</td></tr><tr><td colspan="1">Current tax liabilities and current tax receivable are recognised in the balance sheet as calculated tax on the taxable income for the year adjusted for tax on previous years’ taxable income as well as for taxes paid on account.</td></tr><tr><td colspan="1">Deferred tax is measured under the balance sheet liability method in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. In cases, of concerning shares, where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured based on the intended use of the asset or settlement of the liability, respectively.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be either realised, by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity and jurisdiction. Any deferred net tax assets are measured at net realisable value.</td></tr><tr><td colspan="1">Deferred tax is measured based on 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 crystallised as current tax.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Debt</td></tr><tr><td colspan="1">Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.</td></tr><tr><td colspan="1">Other liabilities are measured at net realisable value.</td></tr></table> Årsrapport 33241763 Aaen & Co. Statsautoriserede revisorer p/s Kongevejen 3 3000 Helsingør xWizard version 1.1.1192.0, by EasyX Aps. www.easyx.eu 2021-01-01 2021-12-31 Ingen bistand Regnskabsklasse B 3 668016 1327444 139950 -799378 110590 14576 -703364 0 -703364 -642880 -703364 202725 202725 801011 801011 250778 175261 426039 201540 1428590 1631315 125000 -7129333 -7004333 7129333 7129333 635914 208385 662016 1506315 8635648 1631315 209400 209400 502363 502363 184129 109969 294098 493814 1290275 1499675 125000 -6486453 -6361453 6486453 6486453 101200 2076 1271399 1374675 7861128 1499675 Marco Dalla Ragione Mads Bordinggaard Madsen