426078192024-01-012024-12-31426078192024-01-012024-12-311426078192024-01-012024-12-312426078192024-01-012024-12-311426078192024-01-012024-12-312426078192024-01-012024-12-313426078192024-01-012024-12-311426078192024-12-31426078192023-12-31fsa:ContributedCapitalMember426078192023-12-31fsa:RevaluationReserveMember426078192023-12-31fsa:RetainedEarningsMember426078192023-12-31426078192024-01-012024-12-31fsa:RevaluationReserveMember426078192024-01-012024-12-31fsa:RetainedEarningsMember426078192024-12-31fsa:ContributedCapitalMember426078192024-12-31fsa:RevaluationReserveMember426078192024-12-31fsa:RetainedEarningsMember426078192023-01-012023-12-31iso4217:DKKxbrli:pureThe 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 01.01.2024 - 31.12.2024.94533568006167The annual report is presented in accordance with the Danish Financial Statements Act.50793544694173In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024.15241851868722We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.28498171443272We recommend the annual report for adoption at the Annual General Meeting.2965533791Skive51979202752025-05-0628274931456788Torben Lund Smedegaard615687311755Børge Andersen22118061145033Denis Reuter22118061145033Anke EisermannMenno van den Berg18331762114730To the shareholders of Åge Espersen & Søn A/S50430573033332We have audited the financial statements of Åge Espersen & Søn A/S for the financial year 01.01.2024 - 31.12.2024, 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 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024 accordance with the Danish Financial Statements Act.287398342825We 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.71636315490887Management 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.71636315490887Our 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: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 Entity’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 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.​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.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.9399780814765293997808147652Management 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 by relevant law and regulations.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 in the relevant law and regulations. We did not identify any material misstatement of the management commentary.2008937185902435000291738Kolding112002674002025-05-06158106159268Allan Trolle Pedersen143640146796mne3433923568832724226State Authorised Public Accountant1100011000Primary activitiesThe primary activities of the Company are within the recycling industry, i.e. handling of scrap iron and steel scrap and environmental handling of scrapped vehicles.1100011000Description of material changes in activities and financesProfit for the financial year is DKK 2,212k compared to a profit of DKK 1.145k last year. Included in the net result, is a gain of DKK 905k, recognized from sales of fixed assets. In a decreasing market, the net result for the year is deemed satisfactory. For year 2025 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. 11964041290445Events 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.1296406712173323This 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.2012769817664210Recognition 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.10000001000000Foreign 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. 152448198183Gross 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. 1650203514244494RevenueRevenue 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. 1765448315442677Other 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.8635990183Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns.8635990183Other 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. 38243824Staff costsStaff costs comprise salaries and wages as well as social security contributions, pension contributions, etc for entity staff. 38746744Depreciation, 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. 14181191088354Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including interest income on receivables from group enterprises, net capital gains on securities, payables and transactions in foreign currencies, amortisation of financial assets as well as tax relief under the Danish Tax Prepayment Scheme etc. 279927322591Other 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. 5948743755Tax 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).621625666082Property, plant and equipment​​Land 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:Useful life 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. 23868562131350InventoriesInventories 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. 24732152221533ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.2012769817664210Deferred 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. 10000009PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.198183Other investmentsOther current asset investments comprise unlisted investments measured at the lower of cost and net realisable value.14244494CashCash comprises cash in hand and bank deposits.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.45735Joint 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.-45735Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost.0true2211806Grundlag for konklusionKonklusion1000000true15244833963556165020352023-01-012023-12-311 Staff costs2024 DKK2023 DKKWages and salaries4,089,7044,060,174Pension costs894,653538,816Other social security costs94,99795,1835,079,3544,694,173Average number of full-time employees99Kolding960002 Depreciation, amortisation and impairment losses2024 DKK2023 DKKDepreciation of property, plant and equipment1,524,1851,868,7221,524,1851,868,72243 Other financial expenses2024 DKK2023 DKKOther interest expenses49,72918,036Other financial expenses2,2502,23951,97920,275Egtved Allé4 Tax on profit/loss for the year2024 DKK2023 DKKCurrent tax359,487293,755Change in deferred tax256,20018,000615,687311,755Deloitte Statsautoriseret Revisionspartnerselskab5 Property, plant and equipmentLand and buildings​DKKPlant and machinery​DKKOther fixtures and fittings, tools and equipment​DKKCost beginning of year8,154,00219,271,5641,504,675Additions03,159,43328,560Disposals0(2,227,338)(92,958)Cost end of year8,154,00220,203,6591,440,277Revaluations beginning of year1,924,53100Revaluations end of year1,924,53100Depreciation and impairment losses beginning of year(7,963,803)(16,238,232)(1,161,850)Depreciation for the year(281,554)(1,149,708)(83,987)Reversal regarding disposals02,227,33892,958Depreciation and impairment losses end of year(8,245,357)(15,160,602)(1,152,879)Carrying amount end of year1,833,1765,043,057287,398Carrying amount if assets had not been revalued ​1,637,7305,043,057287,398Skive6 Deferred tax Changes during the year2024 DKK2023 DKKBeginning of year267,400285,400Recognised in the income statement(256,200)(18,000)End of year11,200267,400Skive7 Non-current liabilities other than provisionsDue within 12 months 2024 DKKDue within 12 months 2023 DKKDue after more than 12 months 2024 DKKOutstanding after 5 years 2024 DKKDeferred income3,8243,82486,35971,0633,8243,82486,35971,063Deferred income consists of grants for assets that are recognized as income over the life of the asset 78008 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. Regnskabsklasse BRevisionspåtegning9 Assets charged and collateralAs security for reestablishment, the Company has provided a bank guarantee of DKK 100,000. 2024-12-312024-01-012SvansøvejÅge Espersen & Søn A/S42607819339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapport2025-05-06Denis Reuter