iso4217:DKK371310162020-01-012020-12-31371310162020-01-012020-12-311371310162020-01-012020-12-311371310162020-01-012020-12-311371310162020-01-012020-12-312371310162020-01-012020-12-313371310162020-01-012020-12-31371310162019-01-012019-12-31371310162020-01-012020-12-31fsa:RetainedEarningsMember371310162019-01-012019-12-31fsa:RetainedEarningsMember371310162020-01-012020-12-31fsa:RetainedEarningsMember371310162020-12-31371310162019-12-31371310162020-01-01fsa:ContributedCapitalMember371310162020-01-01fsa:RetainedEarningsMember371310162020-01-01371310162020-12-31fsa:ContributedCapitalMember371310162020-12-31fsa:RetainedEarningsMember2021-04-292021-04-29true2019-01-012019-12-3133963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabFredericiaFredericia7000Regnskabsklasse BRevisionspåtegning2020-12-312020-01-01 34StrevelinsvejFirst Arctic A/S37131016339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of First Arctic A/S for the financial year 01.01.2020 - 31.12.2020.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 31.12.2020 and of the results of its operations for the financial year 01.01.2020 - 31.12.2020.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.FredericiaSvend Stenberg MølholtAnders ØstergaardSvend Stenberg MølholtRasmus Ravnholdt KnudsenTo the shareholder of First Arctic A/SWe have audited the financial statements of First Arctic A/S for the financial year 01.01.2020 - 31.12.2020, 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 31.12.2020 and of the results of its operations for the financial year 01.01.2020 - 31.12.2020 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board of Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 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: 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.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. 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.CopenhagenKåre Kansonen Valtersdorfmne34490State Authorised Public AccountantPrimary activitiesThe main activity of the Company is shipping, equity investment and other related activities.Development in activities and financesThe financial year shows a profit of DKK 3,331. The profit for the year is satisfactory. The Company has lost its share capital. As a result, the Company now falls within the provisions of section 119 of the Danish Companies Act governing loss of capital. This entails a requirement for Management to make sure that a general meeting is held no later than six months after the point in time when the loss of the share capital was established. The shareholder's has made a statement of support to secure the operation and financing through out the next year. Events after the balance sheet dateManagement follows the development of the current Covid-19 health situation closely and the impact on our business and employees. We are following governmental guidelines throughout the world and adjusting our daily work and routines accordingly. We have not experienced any material impact on our business or financial performance, however, Management acknowledges increased uncertainty related to global trade volumes, flow and supplies, which may affect our activity level as the situation develops. Furthermore, we have not seen any negative development in our customers’ ability to pay or changes to our financing. After the balance sheet date the Company has received capital contribution of DKK 50,000 from the parent company. Further, the Company has been subject to debt conversion of the payable amount to the parent company of DKK 422,861 to reestablish the Equity. No other events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. -25000-25803-25000-25803-283311782993331-2041023331-204102333155000550005500055000500000500000-929861-933192-429861-433192500000-933192-433192500000-9298614228614081921250025000435361433192435361433192550001 Going concernThe Company has lost its share capital. As a result, the Company now falls within the provisions of section 119 of the Danish Companies Act governing loss of capital. With reference to the Management commentary the Company has after the balance sheet date received capital contribution of DKK 50,000 from the parent company. Further, the Company has been subject to debt conversion of the payable amount to the parent company of DKK 422,861 to reestablish the Equity. 2 Tax on profit/loss for the year2020 DKK2019 DKKChange in deferred tax(28,331)178,299(28,331)178,2993 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Endearvour Invest ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the entity is therefore liable for income taxes etc. for the jointly taxed entities, and obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. Corporate income tax payable for the Danish jointly taxed companies amounted to DKK 0m at 31 December 2020 (2019: DKK 0m)4 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group: Monjasa Holding A/S, FredericiaThis annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of certain 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.Gross profit or lossGross profit or loss comprises external expenses. Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for stationery and office supplies, etc. This item also includes writedowns of receivables recognised in current assets. 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.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.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. 2021-04-29Rasmus Ravnholdt Knudsen