Årsrapport34209936Grant Thornton, Statsautoriseret RevisionspartnerselskabStockholmsgade, 452100, København Ø2021-01-012021-12-312022-01-012022-12-3138585231Tobi ApSSkelbækgade2, 6.1717København V2017-04-18Københavnwww.tobi.dkGrant Thornton, Statsautoriseret Revisionspartnerselskab34209936Kristian Randløv Lydolphstatsautoriseret revisormne47843Stockholmsgade452100København ØDanmark+45 33 110 220info@dk.gt.com2023-06-30Jacob Munk-StanderRegnskabsklasse BAndre erklæringer uden sikkerhedCaseWare fra Revisorgruppen DanmarkanpartshaverenKøbenhavn2023-06-30Copenhagen2023-06-3025476511340422830202400669550196277096-2578451-256436132693955-2581720-2568316-407231-142490-2174489-2425826-2174489-34527000102687428208242457899282082424578997298112947298112942828122246919317608893225942594553180533449374038131577122583106358256456760935378103986637635003509059050000500002200243191716213260461090848357628930580101133692691198118811865724173812187211451049187211451049376350035090592255580238175127440189182283020240066944273099990912536401242731005462008193002820824152901529039963996799272985000050000500005000019171628902882830811026874220024319171621090849114159-2457570-34527002692767442938913260461090848Today, the Managing Director has approved the annual report of Tobi ApS for the financial year 1 January - 31 December 2022. The annual report has been prepared in accordance with the Danish Financial Statements Act. I consider the chosen accounting policy to be appropriate, and in my opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the Company's operations for the financial year 1 January – 31 December 2022. The Managing Director consider the conditions for audit exemption of the 2022 financial statements to be met. Further, in my opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Jacob Munk-StanderWe have compiled the financial statements of Tobi ApS for the financial year 1 January - 31 December 2022 based on the company's bookkeeping and on information you have provided. These financial statements comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), Compilation Engagements. We have applied our expertise in accounting and financial reporting to assist Management in the preparation and presentation of these financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant requirements under the Danish Act on Approved Auditors and Audit Firms and International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) including principles of integrity, objectivity, professional competence and due care. These financial statements and the accuracy and completeness of the information used to compile them 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 these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with the Danish Financial Statements Act. Description of key purpose of the company Like previous years, the conpany's purpose is to develop digital products and services. Uncertainties about recognition or measurement In the year, we continued our previously mentioned dialogue with the Danish Tax Authorities wrt. our current and future VAT position. Though progress was made a final verdict was not delivered before the end of the fiscal year. Completed development projects are depreciated over 5 years from finalization, which is within the framework for applications. There may be uncertainty associated with the lifetime of applications as well as the company's ability to achieve economic benefits from the asset within the depreciation period, thus the valuation is subject to estimates regarding the economic lifetime as well as the valuation. It is the management's assessment that the depreciation period is an expression of the economic life and that the budgets and plans for further business opportunities on the application supports the valuation. Development in activities and financial matters 2022 was a turbulent year in the financial market best illustrated by the volatility of the global stock market. This proved less of an issue for Tobi as our customers have a long time horizon. Specifically, we saw no outflow of funds related to volatility in the stock market. To augment our current revenue stream, we initiated a number of tests of new product offerings towards consumers and businesses. Insights from these will shape Tobi as we look towards future product development. Income or loss from ordinary activities after tax totals DKK -2.174.489 against DKK -2.425.826 last year0,00. Management considers the net profit or loss for the year satisfactory. We have built a credible brand and we have used our technology background to support this at scale with strong customer demand. Thus, since launch we have helped families invest the long term wealth of thousands of childen ensuring they can get a great start to life many years from now. Events occurring after the end of the financial year In connection with note #1 (see below), the Danish Tax Authorities made a final verdict in the beginning of 2023. The verdict goes against the assessment by Tobi and our advisors. Thus, we have appealed this to the National Tax Tribunal. Together with our advisors we are assessing the impact on the annual reports of previous years. No other circumstances have occurred after the balance sheet date that have a material impact on the assessment of the annual report. The annual report for Tobi ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Gross profit Gross profit comprises the revenue, work in progress, own work capitalised, other operating income, and external costs. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Recognition of revenue is exclusive of VAT and taxes and less any discounts relating directly to sales. Own work capitalised Own work capitalised includes staff cost and other internal costs incurred during the financial year and recognised in the cost of proprietary intangible assets. Other operating income comprises items of a secondary nature as regards the principal activites of the enterprise, including profit from the disposal of intagible and tangible assets. Other external costs comprise costs incurred for sales, advertising and administration. Staff costs Staff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Staff costs are less government reimbursements. Depreciation, amortisation, and writedown for impairment Depreciation, amortisation, and writedown for impairment comprise depreciation on, amortisation of, and writedown for impairment of intangible and tangible assets, respectively. Financial income and expenses Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses. Tax on net profit or loss for the year Tax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity. The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. Intangible assets Development projects, patents, and licences Development costs comprise costs directly and indirectly attributable to the company's development activites. Development projects recognised in the balancesheet are meausred at cost less accumulated amortisation and impairment losses. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Useful life Residual value Completed development projects 5 years 0 % Development projects in progress 0 years 0 % Residual value after use has not been included in the depreciation periods, as the intangible assets are not traded on an active market. Development projects are depreciated from completion. Profit and loss from the sale of development projects are measured as the difference between the sales price less sales costs and the carrying amount at the time of sale. Profit or loss are recognised in the income statement as other operating income or other operating expenses, respectively. Property, plant, and equipment Other equipment are measured at cost less accrued depreciation and writedown for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Plant and machinery Useful life 5-10 years Residual value 0-20 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Leases Leases are regarded as operating leases. Payments in connection with operating leases and other lease agreements are recognised in the income statement for the term of the contract. The company's total liabilities concerning operating leases and lease agreements are recognised under contingencies, etc. Impairment loss relating to non-current assets The carrying amount of both intangible and tangible fixed assets are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. Writedown for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Receivables Receivables are measured at amortised cost, which usually corresponds to nominal value. Prepayments and accrued income Prepayments and accrued income recognised under assets comprise incurred costs concerning the following financial year. Cash on hand and demand deposits Cash on hand and demand deposits comprise cash at bank. Equity Reserve for development costs The reserve for development costs comprises recognised development costs less related deferred tax liabilities. The reserve cannot be used as dividends or for covering losses. The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity. Liabilities other than provisions Liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 1. Uncertainties concerning recognition and measurement Completed development projects are depreciated over 5 years from finalization, which is within the framework for applications. There may be uncertainty associated with the lifetime of applications as well as the company's ability to achieve economic benefits from the asset within the depreciation period, thus the valuation is subject to estimates regarding the economic lifetime as well as the valuation. It is the management's assessment that the depreciation period is an expression of the economic life and that the budgets and plans for further business opportunities on the application supports the valuation. 7. Contingencies Contingent liabilities DKK in thousands Other contingent liabilities 1.380 Total contingent liabilities 1.380 Other contingent liabilities: In connection with a VAT check, a dialogue is conducted between the Danish Tax Agency, the Company and the Company's advisers. The potential financial impact for the Company is considered uncertain as the dialogue is ongoing and can, according to the best estimate, be calculated at t.DKK 1.380. It is the management's and its advisor's assessment that there is no legal basis for the demand from the authorities. Joint taxation With Munk-Stander Holding ApS, company reg. no 36 06 34 67 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. 385852312022-01-012022-12-31385852312021-01-012021-12-31385852312021-12-31385852312022-12-31385852312022-01-012022-12-311385852312022-01-012022-12-311385852312022-01-01e:CompletedDevelopmentProjectsMember385852312022-01-012022-12-31e:CompletedDevelopmentProjectsMember385852312022-12-31e:CompletedDevelopmentProjectsMember385852312022-01-012022-12-31e:RestOfOtherReservesMember385852312021-01-012021-12-31e:RestOfOtherReservesMember385852312022-01-012022-12-31e:RetainedEarningsMember385852312021-01-012021-12-31e:RetainedEarningsMember385852312022-01-01e:FixturesFittingsToolsAndEquipmentMember385852312022-01-012022-12-31e:FixturesFittingsToolsAndEquipmentMember385852312022-12-31e:FixturesFittingsToolsAndEquipmentMember385852312022-01-01e:ContributedCapitalMember385852312022-12-31e:ContributedCapitalMember385852312022-01-01e:RetainedEarningsMember385852312022-01-012022-12-31e:RetainedEarningsMember385852312022-12-31e:RetainedEarningsMember385852312021-01-01e:ContributedCapitalMember385852312021-12-31e:ContributedCapitalMember385852312021-01-01e:RetainedEarningsMember385852312021-01-012021-12-31e:RetainedEarningsMember385852312021-12-31e:RetainedEarningsMember385852312022-01-01e:ReserveForDevelopmentExpenditureMember385852312022-01-012022-12-31e:ReserveForDevelopmentExpenditureMember385852312022-12-31e:ReserveForDevelopmentExpenditureMember385852312021-01-01e:ReserveForDevelopmentExpenditureMember385852312021-01-012021-12-31e:ReserveForDevelopmentExpenditureMember385852312021-12-31e:ReserveForDevelopmentExpenditureMemberiso4217:DKKxbrli:pure