Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M 2021-01-01 2021-12-31 2020-01-01 2020-12-31 38404008 Accutics ApS Dalumvej 16 5250 Odense SV 2017-02-09 Odense EY Godkendt Revisionspartnerselskab 30700228 Cortex Park Vest 3 5230 Odense M 2022-04-01 Michael Lindebjerg Møller Regnskabsklasse B Revisionspåtegning Grundlag for konklusion Konklusion true 2022-04-01 2022-04-01 CaseWare Working Papers Odense Kasper Rasmussen Torben Frigaard Rasmussen Michael Lindebjerg Møller Kasper Rasmussen Odense Søren Smedegaard Hvid State Authorised Public Accountant mne31450 5967578 2166622 3910516 1950136 1209235 675230 847827 -458744 59501 0 129 13 758785 235396 148672 -694127 587276 123435 -438604 -817562 1594036 948022 -2032640 -1765584 5229415 3185780 5229415 3185780 135172 75671 0 69547 135172 145218 5364587 3330998 1190921 1080215 1262147 322923 429982 143956 8651173 61681 71952 7803 11606175 1616578 1566827 3481484 13173002 5098062 18537589 8429060 110000 110000 4078944 2484908 -4582038 -2549398 -393094 45510 1150471 133213 1150471 133213 9234174 1713072 3260517 3064917 449343 181575 12944034 4959564 362588 328066 0 2165 2545379 1681937 21805 130851 1906406 1147754 4836178 3290773 17780212 8250337 18537589 8429060 110000 1536886 -783814 0 -1311911 948022 -1765584 110000 2484908 -2549398 1594036 -2032640 110000 4078944 -4582038 412958 360235 6398011 3467643 219737 63393 83359 51288 2790591 1632188 3910516 1950136 12 7 -429982 -143956 1017258 267391 587276 123435 4372678 3252870 7625548 1186898 1209235 2396133 5229415 75671 69547 0 69547 75671 0 5425 0 54076 59501 0 135172 0 Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Accutics ApS for the financial year 1 January - 31 December 2021. 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 of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 1 January - 31 December 2021. 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 shareholders of Accutics ApS We have audited the financial statements of Accutics ApS for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including 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 financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' 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. 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance as to 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 the 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 Company'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 Company'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 Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, 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's review. Our opinion on the financial statements does not cover the Management's review, 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's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. The company's main activity is development and sale of marketing software and related consulting services. Accutics is a SaaS company with its main activity being development and sale of the Accutics Platform to larger businesses. The Platform offers a variety of solutions in support of data driven marketing. One of two main services is the Tracking Code Creator that enable businesses to align tracking of their digital marketing activities across all their platforms (e.g. Google Ads and Facebook). The second main service is the Cost Importer that automatically extracts cost, clicks and views from across all marketing platforms and combine it in one place to provide a full performance overview. The company has changed its accounting policy on recognition of income from software licences. Going forward, software licences were recognised over the term of the contract. Previously, software licences were recognised at the date of invoicing provided that transfer of risk to the buyer has taken place. The change had a negative effect of DKK 1.312 thousand on the Company's equity at 1 January 2021. The change also negatively affected profit/loss before tax for 2021 by DKK 2.545 thousand (2020: DKK 1.682 thousand). Comparative figures have been restated to reflect the policy change. The income statement for 2021 shows a loss of DKK 438,604 against a loss of DKK 817,562 last year, and the balance sheet at 31 December 2021 shows a negative equity of DKK 393,094. Management considers the Company's financial performance in the year as expected. the company has lost equity and is familiar with the rules in the Danish Financial Statements Act. The company are going to invest in development projects that will gain profit to re-establish equity. COVID-19 is not expected to have a significant impact on the coming financial year. No other events materially affecting the Company's financial position have occurred subsequent to the financial year-end. The annual report of Accutics ApS for 2021 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. The company has changed its accounting policy on recognition of income from software licences. Going forward, software is recognised over the term of the contract. Previously, software licences were recognised at the date of invoicing provided that transfer of risk to the buyer has taken place. The background for the change in practice is that the new accounting policy better reflects and supports the company's business model and therefore provides a more accurate picture of the company's activity and financial development. The change had a negative effect of DKK 1.312 thousand on the Company's equity at 1 January 2021 (1. january 2020: DKK 1.029 thousand) The change also negatively affected profit/loss before tax for 2021 by DKK 2.545 thousand (2020: DKK 1.682 thousand) and deferred tax byDKK 560 thousand (2020: DKK 370 thousand) The accounting policies used in the preparation of the financial statements are otherwise consistent with last year. Comparative figures have been restated to reflect the policy change. Reporting currency The financial statements are presented in Danish kroner (DKK). Income from the rendering of services is recognised as revenue as the services are rendered. Accordingly, revenue corresponds to the market value of the services rendered during the year (percentage-of-completion method). Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. The items revenue, change in inventories of finished goods and work in progress, other operating income and external expenses have been aggregated into one item in the income statement called gross margin in accordance with section 32 of the Danish Financial Statements Act. Other operating income comprise items of a secondary nature relative to the Company's core activities, including gains on the sale of fixed assets. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. 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: Development projects 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 and associates are presented as separate line items in the income statement. Full elimination of intra-group gains/losses is made for equity investments in subsidiaries. Only proportionate elimination of intra-group gains/losses is made for equity investments in associates. 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. 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 5 years and cannot exceed 10 years. Investments which include deposits is measured to fair value. Equity investments in subsidiaries and associates are measured according to the equity method. On initial recognition, equity investments in subsidiaries 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. The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies less or plus unrealised intra-group gains/losses. 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 measured at net asset value are subject to impairment test requirements if there is any indication of impairment. The carrying amount of intangible assets, property, plant and equipment and investments in subsidiaries and associates is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed. 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. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value. 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. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively. Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases. Other liabilities are measured at net realisable value. Prepayments comprises payments received concerning income in subsequent financial reporting years. the company has lost equity and is familiar with the rules in the Danish Financial Statements Act. The company are going to invest in development projects that will gain profit to re-establish equity. Other operating income includes grants from Innobooster. Based on the current development projects the company expects a significant increase in activities the coming years. The company has made a simple valuation of the company based on the expected revenue going forward. Management has not identified any evidence of impairment relative to the carrying amount. Other receivables consist of deposits in the companys tax account. Of the long-term liabilities, DKK 11,124 thousand falls due for payment after more than 5 years after the balance sheet date. Other payables consist primaliry of payable salaries and payable VAT. Other contingent liabilities None contingent liabilities at 31. december 2021. As security for the Company's debt to banks, creditors and other suppliers, the Company has provided security or other collateral in its assets for at total amount of DKK 2,000 thousand. 38404008 2021-01-01 2021-12-31 38404008 2020-01-01 2020-12-31 38404008 2020-12-31 38404008 2021-12-31 38404008 2021-01-01 2021-12-31 1 38404008 2021-01-01 2021-12-31 2 38404008 2021-01-01 2021-12-31 3 38404008 2021-01-01 2021-12-31 1 38404008 2021-01-01 2021-12-31 1 38404008 2021-01-01 e:CompletedDevelopmentProjectsMember 38404008 2021-01-01 2021-12-31 e:CompletedDevelopmentProjectsMember 38404008 2021-12-31 e:CompletedDevelopmentProjectsMember 38404008 2021-01-01 2021-12-31 e:RestOfOtherReservesMember 38404008 2020-01-01 2020-12-31 e:RestOfOtherReservesMember 38404008 2021-01-01 2021-12-31 e:RetainedEarningsMember 38404008 2020-01-01 2020-12-31 e:RetainedEarningsMember 38404008 2021-12-31 e:ReceivablesFromOwnersAndManagementMember 38404008 2021-01-01 e:InvestmentsInGroupEnterprisesMember 38404008 2021-01-01 2021-12-31 e:InvestmentsInGroupEnterprisesMember 38404008 2021-12-31 e:InvestmentsInGroupEnterprisesMember 38404008 2020-01-01 e:ContributedCapitalMember 38404008 2021-01-01 e:ContributedCapitalMember 38404008 2021-12-31 e:ContributedCapitalMember 38404008 2021-01-01 e:RetainedEarningsMember 38404008 2021-01-01 2021-12-31 e:RetainedEarningsMember 38404008 2021-12-31 e:RetainedEarningsMember 38404008 2020-01-01 e:RetainedEarningsMember 38404008 2020-01-01 2020-12-31 e:RetainedEarningsMember 38404008 2021-01-01 2021-12-31 1 38404008 2020-01-01 2020-12-31 1 38404008 2021-01-01 e:DepositsLongtermInvestmentsAndReceivablesMember 38404008 2021-01-01 2021-12-31 e:DepositsLongtermInvestmentsAndReceivablesMember 38404008 2021-12-31 e:DepositsLongtermInvestmentsAndReceivablesMember 38404008 2020-01-01 2020-12-31 e:DistributionsMember 38404008 2021-01-01 e:ReserveForDevelopmentExpenditureMember 38404008 2021-01-01 2021-12-31 e:ReserveForDevelopmentExpenditureMember 38404008 2021-12-31 e:ReserveForDevelopmentExpenditureMember 38404008 2020-01-01 e:ReserveForDevelopmentExpenditureMember 38404008 2020-01-01 2020-12-31 e:ReserveForDevelopmentExpenditureMember iso4217:DKK xbrli:pure