Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2020-01-01 2020-12-31 2019-01-01 2019-12-31 36544589 SafePay ApS Strandvejen 100 2900 Hellerup 2015-02-16 København EY Godkendt Revisionspartnerselskab 30700228 Dirch Passers Allé 36 2000 Frederiksberg 2021-05-21 Lars Kallestrup Regnskabsklasse B Andre erklæringer uden sikkerhed true true 2021-05-21 2021-05-21 CaseWare Working Papers Hellerup Lars Kallestrup Mark Højgaard Chair Lars Kallestrup Copenhagen Thomas Hjortkjær Petersen State Authorised Public Accountant mne33748 -826286 443257 2106266 802417 2928509 1894888 -5861061 -2254048 0 -4417 39626 22575 591027 621141 -6412462 -2857031 -1570457 -529002 -4842005 -2328029 -368577 4766750 -4473428 -7094779 13017140 13489674 13017140 13489674 13017140 13489674 624284 1033095 545363 1758593 312077 664289 0 54000 1481724 3509977 24442 569 1506166 3510546 14523306 17000220 114701 88599 12540781 3571401 10153369 10521946 -19965016 -15491588 2843835 -1309642 1660237 2690379 1660237 2690379 0 3060000 4789088 438290 500000 0 0 19865 5289088 3518155 820652 0 1883542 1235536 762463 10189365 1263489 676427 4730146 12101328 10019234 15619483 14523306 17000220 88599 3571401 10521946 -15491588 26102 8969380 0 -368577 -4473428 114701 12540781 10153369 -19965016 2584215 1605367 192051 -2950 670000 800000 2106266 802417 4 3 2928509 1894888 2928509 1894888 -540315 -1674128 -1030142 1145126 -1570457 -529002 15638022 2455975 18093997 2148348 2928509 5076857 13017140 SafePay GTC ApS Denmark 100 5609740 820652 4789088 648365 500000 0 500000 500000 Today, the Board of Directors and the Executive Board have discussed and approved the annual report of SafePay ApS for the financial year 1 January - 31 December 2020. The annual report, which has not been audited, has been prepared in accordance with the provisions of the Danish Financial Statements Act. The Board of Directors and the Executive Board have considered the criteria for omission of audit to be met. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2020 and of the results of the Company's operations for the financial year 1 January - 31 December 2020. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. To the general management of SafePay ApS We have compiled the financial statements of SafePay ApS for the financial year 1 January - 31 December 2020 based on the Company's bookkeeping and other information provided. The financial statements comprise an income statement, balance sheet, statement of changes in equity and notes, including accounting policies. We performed this compilation engagement in accordance with ISRS 4410 Compilation Engagements. We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of the financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant ethical requirements in the Danish act on approved auditors and audit firms and FSR - Danish Auditors' code of ethics, including principles of integrity, objectivity, professional competence and due care. The financial statements and the accuracy and completeness of the information used to compile the financial statements are your responsibility. Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile the financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether the financial statements are prepared in accordance with the Danish Financial Statements Act. The objective of the company is to sell virtual and physical payment and loyalty cards in cooperation with international suppliers. Going concern The parent company, Ascension ApS has declared that they guarantee to provide liquidity to the Company, if necessary to meet the current obligations. Reference is made to note 2 for more details. The income statement for 2020 shows a loss of DKK 4,842,005 against a loss of DKK 2,328,029 last year, and the balance sheet at 31 December 2020 shows equity of DKK 2,843,835. Management considers the Company's financial performance for the year below the expectations. The COVID-19 outbreak had a significant impact on several of our clients and some of our payment programs have been terminated - one termination is not related to the COVID-19 - The company are claiming a compensation of DKK 3.6 million which is expected to be received in 2021. None of these expectations are recognized in the balance sheet at 31 December 2020. In May 2021 in connection with the annual Assembly the company strengthened it´s capital base through a conversion of debt to equity of DKK 1,549,320 (debt amount per 31 December 2020). During the first quarter of 2021, the company has generally realized results corresponding to Mangements expectations. Apart from the above, no events of significant importance have taken place after the balance sheet date. The annual report of SafePay ApS for 2020 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. In accordance with section 110(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currency The financial statements are presented in Danish kroner (DKK). Income from the sale of goods for resale and finished goods is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. The items revenue, cost of sales and external expenses have been aggregated into one item in the income statement called gross profit/loss in accordance with section 32 of the Danish Financial Statements Act. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to sale and administration. Staff costs include wages and salaries, including compensated absence and pension to the Company's employees, as well as other social security contributions, etc. The item is net of refunds from public authorities. The item comprises amortisation of intangible assets. The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows: Intagible assets 5 years A proportionate share of the underlying entities' profit/loss after tax is recognised in the income statement according to the equity method. Shares of profit/loss after tax in subsidiaries are presented as separate line items in the income statement. Full elimination of intra-group gains/losses is made for equity investments in subsidiaries. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption). Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Intangible assets are measured at cost. Other intangible assets like licenses, acquired rights etc. are recognized at cost with deduction of accumulated depreciation. Development costs comprise expenses, salaries and amortisation directly or indirectly attributable to development activities. Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities areidentifiable and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses and development costs. Other development costs are recognised in the income statement as incurred. Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses. On completion of a development project, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually # years and cannot exceed # years. Development costs and internally accumulated rights are recognised in the income statement as costs in the year of acquisition. Gains and losses on the sale of intangible assets are recognised in the income statement under "Other operating income" or "Other operating expenses", respectively. Gains and losses are calculated as the difference between the selling price less selling expenses and the carrying amount at the time of sale. Equity investments in subsidiaries and associates are measured according to the equity method. On initial recognition, equity investments in subsidiaries and associates are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method; see the accounting policies regarding business combinations. Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies for the assets and liabilities to which they can be attributed. Negative goodwill is recognised in the income statement. Dividend received is deduced from the carrying amount. Equity investments in subsidiaries and associates measured at net asset value are subject to impairment test requirements if there is any indication of impairment. Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Reserve for development costs The reserve for development costs comprises recognised development costs. The reserve cannot be used to distribute dividend or cover losses. The reserve will be reduced or dissolved if the recognised development costs are amortised or are no longer part of the Company's operations by a transfer directly to the distributable reserves under equity. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Financial liabilities are recognized at amortised cost, which typically is corresponding to the capitalised value. The parent company, Ascension ApS has declared that they guarantee to provide liquidity to the Company, if necessary to meet the current obligations. Other contingent liabilities The Company is jointly taxed with its parent, Ascension ApS, which acts as management company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes withholding taxes on interest, royalties and dividends falling due for payment The Company has not provided any security or other collateral in assets at 31 December 2020. 36544589 2020-01-01 2020-12-31 36544589 2019-01-01 2019-12-31 36544589 2019-12-31 36544589 2020-12-31 36544589 2020-01-01 2020-12-31 1 36544589 2020-01-01 2020-12-31 2 36544589 2020-01-01 2020-12-31 1 36544589 2020-01-01 2020-12-31 1 36544589 2020-01-01 e:CompletedDevelopmentProjectsMember 36544589 2020-01-01 2020-12-31 e:CompletedDevelopmentProjectsMember 36544589 2020-12-31 e:CompletedDevelopmentProjectsMember 36544589 2020-01-01 2020-12-31 e:OtherStatutoryReservesMember 36544589 2019-01-01 2019-12-31 e:OtherStatutoryReservesMember 36544589 2020-01-01 2020-12-31 e:RetainedEarningsMember 36544589 2019-01-01 2019-12-31 e:RetainedEarningsMember 36544589 2020-01-01 e:ContributedCapitalMember 36544589 2020-01-01 2020-12-31 e:ContributedCapitalMember 36544589 2020-12-31 e:ContributedCapitalMember 36544589 2020-01-01 e:SharePremiumMember 36544589 2020-01-01 2020-12-31 e:SharePremiumMember 36544589 2020-12-31 e:SharePremiumMember 36544589 2020-01-01 e:RetainedEarningsMember 36544589 2020-01-01 2020-12-31 e:RetainedEarningsMember 36544589 2020-12-31 e:RetainedEarningsMember 36544589 2020-12-31 e:LongtermDebtToOtherCreditInstitutionsMember 36544589 2020-01-01 2020-12-31 e:SubsidiaryMember 1 36544589 2020-12-31 e:SubsidiaryMember 1 36544589 2020-12-31 e:LongtermPayablesToShareholdersAndManagementMember 36544589 2020-01-01 e:ReserveForDevelopmentExpenditureMember 36544589 2020-01-01 2020-12-31 e:ReserveForDevelopmentExpenditureMember 36544589 2020-12-31 e:ReserveForDevelopmentExpenditureMember iso4217:DKK xbrli:pure