39359197 2023-01-01 2023-12-31 39359197 2023-01-01 2023-12-31 1 39359197 2023-01-01 2023-12-31 2 39359197 2022-01-01 2022-12-31 39359197 2023-12-31 39359197 2022-12-31 39359197 2022-12-31 fsa:ContributedCapitalMember 39359197 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 39359197 2023-12-31 fsa:ContributedCapitalMember 39359197 2022-12-31 fsa:RetainedEarningsMember 39359197 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 39359197 2023-12-31 fsa:RetainedEarningsMember 39359197 2023-01-01 2023-12-31 1 39359197 2023-01-01 2023-12-31 1 39359197 2023-01-01 2023-12-31 2 39359197 2023-01-01 2023-12-31 3 39359197 2023-01-01 2023-12-31 4 39359197 2023-01-01 2023-12-31 5 iso4217:DKK xbrli:pure Lars Kolind Lars Kolind Chairman Daniel Jensen Chris Lykke Christiansen William Pollard Linus Dahg Management's statementThe Executive Board and Board of Directors have today considered and adopted the Annual Report of Nøie ApS for the financial year 1 January - 31 December 2023.The Annual Report is prepared in accordance with the Danish Financial Statements Act.In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2023 of the Company and of the results of the Company operations for 2023.We recommend that the Annual Report be adopted at the Annual General Meeting. København V Daniel Jensen CEO To the shareholders of Nøie ApS OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at31 December 2023 and of the results of the Company´s operations for the financial year 1 January - 31December 2023 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Nøie ApS for the financial year 1 January - 31 December 2023,which comprise income statement, balance sheet, statement of changes in equity and notes, including asummary of significant accounting policies (”the Financial Statements”). Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additionalrequirements applicable in Denmark. Our responsibilities under those standards and requirements arefurther described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of ourreport. We are independent of the Company in accordance with the International Ethics Standards Board forAccountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additionalethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the IESBA Code. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion. 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 anyform of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Reviewand, in doing so, consider whether Management’s Review is materially inconsistent with the FinancialStatements 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 informationrequired under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the FinancialStatements and has been prepared in accordance with the requirements of the Danish Financial StatementsAct. We did not identify any material misstatement in Management’s Review. Management’s responsibilities for the Financial StatementsManagement is responsible for the preparation of financial statements that give a true and fair view inaccordance with the Danish Financial Statements Act, and for such internal control as Managementdetermines is necessary to enable the preparation of financial statements that are free from materialmisstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company´s ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using the goinconcern basis of accounting in preparing the Financial Statements unless Management either intends toliquidate the Company or to cease operations, or has no realistic alternative but to do so. Independent Auditor's report Auditor’s responsibilities for the audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are freefrom material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ouropinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted inaccordance with ISAs and the additional requirements applicable in Denmark will always detect a materialmisstatement 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 ofusers taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable inDenmark, 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 orerror, design and perform audit procedures responsive to those risks, and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraud may involvecollusion, 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 thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectivenessof the Company´s internal control.● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimatesand related disclosures made by Management.● Conclude on the appropriateness of Management’s use of the going concern basis of accounting inpreparing the Financial Statements and, based on the audit evidence obtained, whether a materialuncertainty exists related to events or conditions that may cast significant doubt on the Company´s abilityto continue as a going concern. If we conclude that a material uncertainty exists, we are required to drawattention in our auditor’s report to the related disclosures in the Financial Statements or, if suchdisclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor’s report. However, future events or conditions may cause theCompany to cease to continue as a going concern.● Evaluate the overall presentation, structure and contents of the Financial Statements, including thedisclosures, and whether the Financial Statements represent the underlying transactions and events in amanner 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. Hellerup PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Søren Alexander Daniel Sitch State Authorised Public Accountant State Authorised Public Accountan Nøie ApS Skelbækgade 2, 2. th DK-1717 København V København PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup Management's reviewDevelopment in the yearThe income statement of the Company for 2023 shows a loss of DKK 20,806,735 and on 31 December 2023the balance sheet of the Company shows positive equity of DKK 8,960,889.The result is as expected and is characterised by continued marketing and development costs, enhancing theconcept NØIE.2023 was a year focusing and consolidating our business. Due to this, we have been reducing spending to save runway while also rebuilding our growth engine. We have focused on building trust around our brand ba big TV campaign and a clinical study with medical professionals revealing a significantly better result whenusing NØIE than any other OTC brand in the market. The result was astonishing as the solutions we offer topeople with skin conditions literally change their lives. We have also built strong relationships with leading dermatologists and researchers in the scientific community.Capital resourcesIt is the Management’s assessment that there is adequate liquidity to continue the Company’s operations forthe rest of 2024 and pay the liabilities of the company as they fall due.Uncertainty relating to recognition and measurementRecognition and measurement in the Annual Report have not been subject to any uncertainty.Subsequent eventsThe company has secured an additional 3 million DKK in funding from investors to pursue the goals of 2024The funding has been received in Q2 2024 in the form of a loan.SustainabilityIn 2023, we continued to take responsibility for our emissions by actively financing high quality carbon offsets that remove CO2. We are committing 1% of our revenues to carbon removals. We also gained our B Corp certification, which is positioning us further as a company which balances profit and purpose. Key activitiesThe company's key activities comprise conducting industrial business and trade as well as all business whicin the opinion of the Executive Board, is related to this. -5277360 -9778089 12374828 21028048 414291 631855 -2150394 -1218842 0 561297 -20216873 -33218131 4126 44134 593988 546022 -20806735 -33720019 0 -875524 -20806735 -32844495 -20806735 -32844495 88339 115437 0 0 88339 115437 487611 896500 487611 896500 520872 515336 520872 515336 1096822 1527273 3053483 5430511 1249804 1660956 0 307313 4303287 7398780 223836 223885 0 875524 254760 615941 478596 1715350 11472387 27841002 16254270 36955132 17351092 38482405 107747 107723 8853142 29659877 8960889 29767600 3363252 6692394 3363252 6692394 3059000 0 856557 859249 1111394 1163162 5026951 2022411 8390203 8714805 17351092 38482405 107723 29659877 24 0 24 0 -20806735 107747 8853142 2023 2022DKK DKK1. Staff ExpensesWages and salaries12,175,611 20,591,248Pensions62,728 73,932Other social security expenses136,489 362,86812,374,828 21,028,048 20 43 2023 2022DKK DKK2. Write-down of current assets that exceed normal write-downExtraordinary write down of inventory2,150,394 1,218,8422,150,394 1,218,842The result for the year is impacted negatively by DKK 2,150 thousand (DKK 1,219 thousand in 2022)related to the extraordinary write-down of inventory materials. Write-down in 2023 is due to inventorymaterial beyond expiry date and overstock due to business restructuring, whereas write-down in 2022was due to a termination of certain product lines. 2023 2022DKK DKK3. Other operating expensesOther expenses0 561,2970 561,297Other operating expenses in 2022 primarily comprise DKK 426 thousand in losses in connection withsales of fixed assets as part of an office relocation. 2023 2022DKK DKK4. Income tax expenseDeferred tax for the year0 -875,5240 -875,524 5. Intangible fixed assetsAcquiredtrademarks GoodwillDKK DKKCost at 1 January244,469 80,000Cost at 31 December244,469 80,000ÊImpairment losses and amortisation at 1 January129,032 80,000Amortisation for the year27,098 0Impairment losses and amortisation at 31 December156,130 80,000ÊCarrying amount at 31 December88,339 0Ê 6. Property, plant and equipmentOther fixturesand fittings,tools andequipmentDKKCost at 1 January1,624,584Additions for the year39,237Disposals for the year-237,918Cost at 31 December1,425,903ÊImpairment losses and depreciation at 1 January728,083Depreciation for the year387,193Impairment and depreciation of sold assets for the year-176,984Impairment losses and depreciation at 31 December938,292ÊCarrying amount at 31 December487,611Ê 7. Contingent assets, liabilities and other financialobligationsÊThe company has entered into a rental agreement with a total obligation of TDKK 242 as at 31.12.23equivalent to 3 months' of rent.The company has entered into several agreements regarding software. These agreements have a totalobligation of TDKK 73 as at 31.12.23. true true The Financial Statements for 2023 are presented in DKK.Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financialassets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurredto achieve the earnings for the year are recognised in the income statement, including depreciation,amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates ofamounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable tothe asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow outof the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured asdescribed for each item below.Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of aconstant effective interest rate over the maturity period. Amortised cost is calculated as original cost less anyrepayments and with addition/deduction of the cumulative amortisation of any difference between cost andthe nominal amount. In this way, capital losses and gains are allocated over the maturity period.Recognition and measurement take into account predictable losses and risks occurring before thepresentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balancesheet date.Translation policiesTransactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains andlosses arising due to differences between the transaction date rates and the rates at the dates of payment arerecognised in financial income and expenses in the income statement.Receivables, payables and other monetary items in foreign currencies that have not been settled at thebalance sheet date are translated at the exchange rates at the balance sheet date. Any differences between theexchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose arerecognised in financial income and expenses in the income statement.Fixed assets acquired in foreign currencies are measured at the transaction date rates.Income statementRevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have beentransferred to the purchaser, the revenue can be measured reliably and it is probable that the economicbenefits relating to the sale will flow to the Company.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discountsrelating to sales.Cost of goods soldAll costs related to achieving the revenue for the year is recognized in the income statement. These costsinclude the cost price of the product, the cost of processing the payment of the order and the cost of thelogistics to send out the order to the customer.Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales and distributionas well as office expenses, etc.Gross lossWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as asummary of revenue, other operating income, costs of goods sold and other external expenses.Staff expensesStaff expenses comprise wages and salaries as well as payroll expenses.Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment ofintangible assets and property, plant and equipment.Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the mainactivities of the Company, including gains and losses on the sale of intangible assets and property, plant andequipment.Financial income and expensesFinancial income and expenses are recognised in the income statement at the amounts relating to thefinancial year.Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The taxattributable to the profit for the year is recognised in the income statement, whereas the tax attributable toequity transactions is recognised directly in equity.Balance sheetIntangible fixed assetsGoodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over its useful life, which is assessed at 3 year.Patents and licences are measured at the lower of cost less accumulated amortisation and recoverableamount. Patents are amortised over the remaining patent period, and licences are amortised over the licenceperiod; however not exceeding 5-10 years.Development costs and costs relating to rights developed by the Company are recognised in the incomestatement as costs in the year of acquisition.Property, plant and equipmentProperty, plant and equipment are measured at cost less accumulated depreciation and less any accumulatedimpairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time whenthe asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over theexpected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment 3 yearsLeasehold improvements 5 yearsThe fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually.Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewedon an annual basis to determine whether there is any indication of impairment other than that expressed byamortisation and depreciation.If so, the asset is written down to its lower recoverable amount.InventoriesInventories are measured at the lower of cost based on weighted average prices and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of theinventories in the process of normal operations with deduction of selling expenses and costs of completion.The net realisable value is determined allowing for marketability, obsolescence and development in expectedselling price.The cost of goods for resale, raw materials and consumables equals landed cost.The cost of finished goods and work in progress comprises the cost of raw materials, consumables and directlabour.ReceivablesReceivables are measured in the balance sheet at the lower of amortised cost and net realisable value, whichcorresponds to nominal value less provisions for bad debts.PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest.Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differencesarising between the tax bases of assets and liabilities and their carrying amounts for financial reportingpurposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which theasset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferredtax liabilities within the same legal tax entity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislationat the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes indeferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred taxrelates to items recognised in equity.Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income forthe year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments andrepayment under the on-account taxation scheme are recognised in the income statement in financial incomeand expenses.Financial liabilitiesLoans, such as mortgage loans, are recognised initially at the proceeds received net of transaction expensesincurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds andthe nominal value is recognised as an interest expense in the income statement over the loan period.Other debts are measured at amortised cost, substantially corresponding to nominal value. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-01-01 2023-12-31 2022-01-01 2022-12-31 2024-06-26 Reporting class B 39359197 2024-06-26 529900VSWLQF0O3GA946 33771231 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2024-06-26 mne42824 33771231 mne47889 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab