xbrli:pureiso4217:DKK426078192021-01-012021-12-31426078192021-01-012021-12-311426078192021-01-012021-12-311426078192021-01-012021-12-312426078192021-01-012021-12-311426078192021-01-012021-12-312426078192021-01-012021-12-313426078192021-01-012021-12-31426078192020-01-012020-12-31426078192021-01-012021-12-31fsa:RetainedEarningsMember426078192020-01-012020-12-31fsa:RetainedEarningsMember426078192021-01-012021-12-31fsa:RetainedEarningsMember426078192021-12-31426078192020-12-31426078192021-01-01fsa:ContributedCapitalMember426078192021-01-01fsa:RevaluationReserveMember426078192021-01-01fsa:RetainedEarningsMember426078192021-01-01426078192021-12-31fsa:ContributedCapitalMember426078192021-12-31fsa:RevaluationReserveMember426078192021-12-31fsa:RetainedEarningsMember426078192021-01-012021-12-31fsa:RevaluationReserveMemberGrundlag for konklusionKonklusiontrue339635562020-01-012020-12-31Kolding60004Egtved AlléDeloitte Statsautoriseret RevisionspartnerselskabSkiveSkive7800Regnskabsklasse BRevisionspåtegning2021-12-312021-01-01<br /><br />2SvansøvejÅge Espersen & Søn A/S42607819339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Åge Espersen & Søn A/S for the financial year 01.01.2021 - 31.12.2021.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021.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.Skive2022-05-31Florian PriesTorben Lund SmedegaardDenis ReuterAnke EisermannJørgen Quade AndersenTo the shareholders of Åge Espersen & Søn A/SWe have audited the financial statements of Åge Espersen & Søn A/S for the financial year 01.01.2021 -
31.12.2021, 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 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021 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.Kolding2022-05-31Allan Trolle Pedersenmne34339State Authorised Public AccountantPrimary activitiesThe primary activities of the Company are within the recycling industry, i.e. handling of scrap iron and
steel scrap and enviromental handling of scrapped vehicles. Development in activities and financesProfit for the financial year is DKK 3.021k compared to a profit of DKK 731k last year.
The result for 2021 is deemed satisfactory, and is a result of favorable market conditions and continued focus on cost reductions.
For year 2022 a profit is expected.
Management has evaluated the company’s capital resources and it is Managements assessment that the Company has the needed capital resources to fund its activities.
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.109370277812482480832944784832127020215091602200400167811808831249902410253876688939858855665208871302102373098730210237309873021023254559028252633516507500247527502933232063371268160058633712681600585455318289369354553182893693137071095190220000365764336000300500228419274295117360115283207248920077441100011350110001135019551024117234949390990300211583103517190079100000010000002896523353861117221481054571246186694408431000000335386810545794408431000000289652111722140330090033009065255483613130002221592563126023325491165161471130216795735533691697419146336916977492361583103517190079-457344573401 Staff costs2021
DKK2020
DKKWages and salaries4,169,9403,893,873Pension costs499,917457,138Other social security costs92,51287,501Other staff costs45,96039,9714,808,3294,478,483Average number of full-time employees99992 Depreciation, amortisation and impairment losses2021
DKK2020
DKKDepreciation of property, plant and equipment2,127,0202,150,9162,127,0202,150,9163 Other financial expenses2021
DKK2020
DKKFinancial expenses from group enterprises73,42619,998Other interest expenses35,446210,161Exchange rate adjustments14,1188,866Other financial expenses2,0002,000124,990241,025<br />2021
DKK2020
DKKFinancial expenses from group enterprises73,42619,998Other interest expenses35,446210,161Exchange rate adjustments14,1188,866Other financial expenses2,0002,000124,990241,0254 Tax on profit/loss for the year2021
DKK2020
DKKCurrent tax891,165161,471Change in deferred tax(35,500)47,400855,665208,8715 Property, plant and equipmentLand and buildings
DKKPlant and machinery
DKKOther fixtures and fittings, tools and equipment
DKKCost beginning of year8,028,64616,695,8111,300,389Additions0397,8700Disposals0(250,000)0Cost end of year8,028,64616,843,6811,300,389Revaluations beginning of year1,924,53100Revaluations end of year1,924,53100Depreciation and impairment losses beginning of year(7,127,914)(11,693,336)(968,069)Depreciation for the year(279,673)(1,731,060)(57,291)Reversal regarding disposals097,2220Depreciation and impairment losses end of year(7,407,587)(13,327,174)(1,025,360)Carrying amount end of year2,545,5903,516,507275,029Carrying amount if asset had not been revalued
2,174,2063,516,507275,0296 Deferred tax
Changes during the year2021
DKK2020
DKKBeginning of year300,500347,900Recognised in the income statement35,500(47,400)End of year336,000300,5007 Unrecognised rental and lease commitments2021
DKK2020
DKKLiabilities under rental or lease agreements until maturity in total96,900158,1008 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement in which TSR Danmark ApS serves as the
administration company. According to the joint taxation provisions of the the Danish Corporation Tax Act,
the Entity is therefore liable from the financial year 2013 for income taxes etc for the jointly taxed companies and from 1 July 2012 also for obligations, if any, relating to the withholding of tax on interest,
royalties and dividend for the jointly taxed companies.
9 Assets charged and collateralAs security for reestablishment, the Company has provided a bank guarantee of DKK 100,000. This annual report has been presented in accordance with the provisions of the Danish Financial Statements
Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year.falseRecognition 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 nonmonetary assets that have been purchased in foreign currencies are translated using historical rates. Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, other
operating income, cost of raw materials and consumables and external expenses. RevenueRevenue from the sale of manufactured goods and 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, including gains from the sale of intangible assets and property, plant and equipment.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 as well as social security contributions, pension contributions, etc
for entity staff. Depreciation, amortisation and impairment lossesAmortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment comprise amortisation, depreciation and impairment losses for the financial year, calculated on the
basis of the residual values and useful lives of the individual assets and impairment testing. Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s
primary activities.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital losses on securities, payables and transactions in foreign currencies, amortisation of
financial liabilities as well as 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 TSR Danmark ApS. 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).Property, plant and equipmentLand and buildings are measured at cost #plus revaluation, and for buildings, less accumulated depreciation
and impairment losses. Revaluation is calculated on the basis of regular, independent fair value measurements.
Plant and machinery, and other 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 plus revaluation and minus 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:Buildings10 - 25 yearsPlant and machinery2,5 - 15 yearsOther fixtures and fittings, tools and equipment2 - 8 yearsEstimated 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. InventoriesInventories are measured at the lower of cost using the weighted average method and net realisable value.
Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists
of costs of raw materials, consumables, direct labour costs and indirect production 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.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and tax-based value of
assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each
asset.
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. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.Other investmentsOther current asset investments comprise unlisted investments measured at the lower of cost and net realisable value.CashCash comprises cash in hand and bank deposits.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the
balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for
prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.2022-05-31Denis Reuter