xbrli:pureiso4217:DKK369040892021-10-012022-09-30369040892021-10-012022-09-301369040892021-10-012022-09-301369040892021-10-012022-09-301369040892021-10-012022-09-302369040892021-10-012022-09-303369040892021-10-012022-09-304369040892021-10-012022-09-305369040892021-10-012022-09-30369040892020-10-012021-09-30369040892021-10-012022-09-30fsa:RetainedEarningsMember369040892020-10-012021-09-30fsa:RetainedEarningsMember369040892021-10-012022-09-30fsa:RetainedEarningsMember369040892022-09-30369040892021-09-30369040892021-10-01fsa:ContributedCapitalMember369040892021-10-01fsa:SharePremiumMember369040892021-10-01fsa:ReserveForDevelopmentExpenditureMember369040892021-10-01fsa:RetainedEarningsMember369040892021-10-01369040892022-09-30fsa:ContributedCapitalMember369040892022-09-30fsa:SharePremiumMember369040892022-09-30fsa:ReserveForDevelopmentExpenditureMember369040892022-09-30fsa:RetainedEarningsMember369040892021-10-012022-09-30fsa:ContributedCapitalMember369040892021-10-012022-09-30fsa:SharePremiumMember369040892021-10-012022-09-30fsa:ReserveForDevelopmentExpenditureMemberGrundlag for konklusionKonklusion2023-02-222023-02-22true2020-10-012021-09-3033963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabCopenhagenFrederiksberg C1801Regnskabsklasse BRevisionspåtegning2022-09-302021-10-01<br /><br />21Rahbeks AlleTiimo A/S36904089339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Tiimo A/S for the financial year 01.10.2021 - 30.09.2022.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 30.09.2022 and of the results of its operations for the financial year 01.10.2021 - 30.09.2022.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.CopenhagenHelene Lassen NørlemCEOSteen Ulf JensenHelene Lassen NørlemMelissa Würtz AzariChristian Damsgaard TostHelga ValfellschairmanTo the shareholders of Tiimo A/SWe have audited the financial statements of Tiimo A/S for the financial year 01.10.2021 - 30.09.2022, 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 30.09.2022 and of the results of its operations for the financial year 01.10.2021 - 30.09.2022 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 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.CopenhagenAnders Theilgaard Iversenmne47797State Authorised Public AccountantPrimary activitiesThe activities of the Company include the development and sale of applications. This year’s results come to a loss of DKK 2,745 thousand compared to a loss last year of DKK 3,134 thousand. Management considers the performance in line with expectations given that the Company is still at a stage of development. Equity is positive by DKK 18,890 thousand at the balance sheet date. 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.1522233-6226122654817193397919446561253329-3077240-3809920358365319291-3435605-4129211-690583-995012-2745022-3134199-2745022-3134199-274502252451814038440524518140384406192185756192185758000043260800004326053313734100275433671346494523842130923121673699501295010218375014724291946819011083812165194025808102698331366810856691414386454091242314998314129510-416781818889893-57919043864503149983-4167818-5791906691410409124214129510347081638106222162485764606411282792114328192466629392413343750515661241570832498786290633776185295012376522825939828093420726027526983313668108523049622263609022494105-222636092226360900-280000-2800000941259-9412590For the purpose of offering incentive pay in the form of share options, the Company’s Board of Directors is authorised for the period until 31 December 2024 once or several times to increase the Company’s share capital with up to nominally 285,591 shares in total without pre-emption right for the Company’s shareholders. The authorisation empowers the Board of Directors to determine the terms for the granted share options, including the exercise price. 1 Uncertainty relating to recognition and measurement The value of the recognized development projects depends on the Company's ability to continue developing the ​platform the company uses in its operations, as well as attracting enough customers, who through the platform generate positive earnings that could yield the total investment. The management believes that the company will succeed in doing so in the coming years.2 Staff costs2021/22 DKK2020/21 DKKWages and salaries4,856,2823,629,912Other social security costs88,08482,967Other staff costs142,76295,6525,087,1283,808,531Staff costs classified as assets(2,432,311)(1,874,552)2,654,8171,933,979Average number of full-time employees1191193 Depreciation, amortisation and impairment losses2021/22 DKK2020/21 DKKAmortisation of intangible assets1,932,2731,240,946Depreciation of property, plant and equipment12,38312,3831,944,6561,253,3294 Other financial expenses2021/22 DKK2020/21 DKKOther interest expenses335,859275,235Exchange rate adjustments22,50644,056358,365319,291<br />2021/22 DKK2020/21 DKKOther interest expenses335,859275,235Exchange rate adjustments22,50644,056358,365319,2915 Tax on profit/loss for the year2021/22 DKK2020/21 DKKCurrent tax(690,583)(995,012)(690,583)(995,012)6 Intangible assetsCompleted development projects DKKCost beginning of year6,159,585Additions3,139,014Cost end of year9,298,599Amortisation and impairment losses beginning of year(2,121,145)Amortisation for the year(1,932,273)Amortisation and impairment losses end of year(4,053,418)Carrying amount end of year5,245,1817 Development projectsThe development project comprise digital development of a digital platform (App) which the Company uses in its operations. The platform is used by the Company’s customers and employees. The platform is still undergoing development but the underlying projects are continuously put to use, after which the amortisation is started. With reference to section 83(2) of the Danish Financial Statement Act, deferred tax is set off against the capitalised costs for development projects in the reserve for development costs under equity.8 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKKCost beginning of year37,150Cost end of year37,150Depreciation and impairment losses beginning of year(18,575)Depreciation for the year(12,383)Depreciation and impairment losses end of year(30,958)Carrying amount end of year6,1929 Financial assetsDeposits DKKCost beginning of year43,260Additions80,000Disposals(43,260)Cost end of year80,000Carrying amount end of year80,00010 Share capitalNumberPar value DKKNominal value DKKA-shares438,6451438,645B-shares230,9471230,947669,592669,59211 Non-current liabilities other than provisionsDue within 12 months 2021/22 DKKDue within 12 months 2020/21 DKKDue after more than 12 months 2021/22 DKKDebt to other credit institutions003,470,816Other payables623,008325,821216,248Deferred income301,125111,684641,128924,133437,5054,328,19212 Unrecognised rental and lease commitments2021/22 DKK2020/21 DKKLiabilities under rental or lease agreements until maturity in total80,00042,00013 Contingent liabilitiesThe Company have two Business Angel matching loans from Vækstfonden. The total principal amounts to DKK 3,450,000. The loans involves a high degree of certainty for the lender. It has been agreed, to ensure a balance between risk and return, that in case a founder’s or investor’s investments in the borrower (individually an “original investment”) are transferred at gross proceeds per investment, which are more than four times (4x) as high as the price per investment relative to the equity investment (a “qualified sale”), the borrower must then pay a bonus to the lender corresponding to the principal (“the bonus”). If gross proceeds per investment do not constitute a qualified sale, the Company should not pay the bonus. If a qualified sale exists, the loan amount will also be due for full and final repayment at the same time as the bonus is paid.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. Public grantsPublic grants are recognised when a final commitment has been received from the grantor and it is probable that the conditions of the grant will be fulfilled. Grants are recognised as income in the income statement as earned. Gross profit or lossGross profit or loss comprises revenue, cost of sales, other operating income and external expenses.RevenueRevenue from the sale of services is recognised in the income statement when delivery is made 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.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, and social security contributions, pension contributions, etc for entity staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to intangible assets comprise depreciation, amortisation and impairment losses for the financial year as well as gains and losses from the sale of intangible assets.Other financial expensesOther financial expenses comprise interest expenses 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.Intellectual property rights etc.Intellectual property rights etc comprise development projects completed.Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. When recognising development projects as intangible assets, an amount equalling the costs incurred less deferred tax is taken to equity under Reserve for development costs that is reduced as the development projects are amortised and written down. ​ ​The cost of development projects comprises costs such as salaries and amortisation that are directly and indirectly attributable to the development projects. ​ ​Completed development projects are amortised on a straight-line basis using their estimated useful lives which are determined based on a specific assessment of each development project. If the useful life cannot be estimated reliably, it is fixed at 10 years. The amortisation periods used are 4 years.​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentOther 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 less 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 ​YearsOther fixtures and fittings, tools and equipment3 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.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises cash in hand and bank deposits.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the goods agreed or completion of the service agreed.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost.2023-02-22Anders Markvardt