Årsrapport32285201Martinsen, Statsautoriseret RevisionspartnerselskabJupitervej, 46000, Kolding2020-10-012021-09-302021-10-012022-09-3040421734StyleStore.com A/SSydkrogen127300Jelling2019-04-04Nordea Danmark, Filial af Nordea Bank Abp, FinlandØstergade4 - 67400HerningDahl AdvokatpartnerselskabÅboulevarden178000Århus CMartinsen, Statsautoriseret Revisionspartnerselskab32285201Line Kovstedstatsautoriseret revisormne34178Jupitervej46000KoldingDanmark76 30 18 002023-03-28Jesper RasmussenRegnskabsklasse BAndre erklæringer uden sikkerhedCaseWare fra Revisorgruppen DanmarkaktionærerneKolding2023-03-28Jelling2023-03-283458015382577382038333992992548322299540728396-617200-397507249670481872430334871-591833-3961756-591833-3961756-528617-3764626-63216-197130339415420461339415420461325778403855325778403855800000800000800000800000146519316243169718509589315697185095893156164040412955392529855247725243762754375540451154511585916498193446106809818551851937825615941787208434491756610301921924130000056743070327960327960-63216024470122975629103079874603589558569037439473191718692924287774081067318904080781200789357201637976945527175805422893251053546212962514208434491756610334028103082904327664245938899097045738203833399299991300000130000062192401921924130000056743070567430703279603911750-63215327960327960-632160-63216029756296874170-528617-389854124470122975629Today, the board of directors and the managing director have presented the annual report of StyleStore.com A/S for the financial year 2021/22. The annual report has been presented in accordance with the Danish Financial Statements Act. We consider the accounting policies appropriate and, in our opinion, the financial statements provide a fair presentation of the company’s assets, equity and liabilities, and financial position at 30 September 2022 and of the company’s results of activities in the financial year 1 October 2021 – 30 September 2022. The board of directors and the managing director consider the conditions for audit exemption of the 2021/22 financial statements to be met. We are of the opinion that the management commentary presents a fair account of the issues dealt with. We recommend that the annual report be approved at the Annual General Meeting. Jesper RasmussenJesper RasmussenPernille MogensenFinn MogensenWe have compiled the financial statements of StyleStore.com A/S for the financial year 1 October 2021 - 30 September 2022 based on the company's bookkeeping and on information you have provided. These financial statements comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies. 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. The principal activities of the company StyleStore.com is a unique online fashion universe, created by passionate enthusiasts with lifelong experience in the fashion industry. We are passionate about offering a safe choice for the modern and stylish woman when it comes to the feminine luxury wardrobe, where style and sophisticated edge are always the defining characteristics. Development in activities and financial matters We are pleased to present the finalized financial report for the third year of operation. The results show an increase in turnover of TDKK 5.058 and a corresponding increase in gross profitof TDKK 3.075. All in all, it has been an exciting and challenging year for our company, but also a year of significant progress on all fronts. Despite some challenges in the market and a small negative result, the management remains very optimistic about the future and expects similar progress in this financial year despite great uncertainty in the market. We are pleased to report that our turnover has increased significantly in the past year. This is mainly due to our international expansion, where we have seen strong growth in our mainmarkets and key segments. We have also succeeded in maintaining and expanding our market position in our main markets despite increasing competition and difficult conditions. Our investments in digitalization, logistics and green transition have also paid off. We now have a more digitalized and efficient infrastructure and distribution, as well as a better category mix and a higher degree of more sustainable products in our assortment. This has given us an advantage in service levels compared to our competitors and has made us more attractive to our customers, ensuring preferences and greater demand for ourproducts. As mentioned, we have unfortunately had a small negative result in the past year. This is mainly due to rising freight and logistics costs, which have had a negative impact on our bottomline. However, we have already taken measures to reduce costs and increase efficiency, and at the same time we are experiencing decreasing freight and logistics prices this year, which will strengthen the result this year. We would like to thank our employees, customers and partners for their support and commitment over the past year. We will continue to work hard to deliver high-quality, sustainable productsand services to our customers while creating value for our shareholders. 4. Charges and security The company has guaranteed a mortgage loan in Nordea Kredit, principal nom. 1.200,000. The loan has been granted to an associated company and the outstanding debt on this loan is DKK 995.867 per. 30/9 2022. The annual report for StyleStore.com A/S 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. Changes in the accounting policies The item “Staff costs” has been reclassified so that certain types of expenses previously recognised under “Staff costs” will, in the future, be recognised under the item “Other external charges”. The change in classification has no effect on the net profit or loss for the year, nor on the statement of financial position, neither for the current financial year, nor the previous financial year. The comparative figures have been adjusted in accordance with the reclassification. Except for the above, the accounting policies for the financial statements remain unchanged from last year. Recognition and measurement in general Income is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, writedowns for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Gross profit Gross profit comprises the revenue, changes in inventories of finished goods, and work in progress, own work capitalised, other operating income, and external costs. The enterprise will be applying IAS 18 as its basis of interpretation for the recognition of revenue. 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. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets, operating loss and conflict compensation as well as salary reimbursements received. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Other external costs comprise costs incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costs Staff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. 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. Other operating costs Other operating costs comprise items of secondary nature as regards the principal activities of the enterprise, including losses on the disposal of intangible and tangible assets. 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, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Results from equity investment in subsidiarie Dividend from equity investment in subsidiarie is recognised in the financial year in which the dividend is declared. 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. The company acts as an administration company in relation to the joint taxation. This means that the total Danish tax payable by the Danish consolidated companies is paid to the tax authorities by the company. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Intangible assets Development project and trademarks Development costs and trademarks are measured at cost less accrued depreciation and writedown for impairment. Depreciation develop projects over 6 years and trademarks over 10 years. Property, plant, and equipment Other property, plant, and equipment are measured at cost less accrued depreciation and writedown for impairment. 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: Other fixtures and fittings, tools and equipment Useful life 3-7 years 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. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Investments in subsidiarie Investments in subsidiarie is recognised and measured at cost. If the recoverable amount is lower than the cost price, it shall be written down for impairment to this lower value. Inventories Inventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. Costs of goods for resale, raw materials, and consumables comprise acquisition costs plus delivery costs. 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 and on hand. Equity Share premium Share premium comprises premium payments made in connection with the issue of shares. Costs incurred for carrying through an issue are deducted from the premium. The premium reserve can be used for dividend, for issuing bonus shares, and for covering losses. 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 Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 404217342021-10-012022-09-30404217342020-10-012021-09-30404217342021-09-30404217342022-09-30404217342021-10-012022-09-301404217342021-10-012022-09-302404217342021-10-012022-09-303404217342021-10-012022-09-301404217342021-10-012022-09-301404217342021-10-012022-09-30e:RetainedEarningsMember404217342020-10-012021-09-30e:RetainedEarningsMember404217342021-10-01e:ContributedCapitalMember404217342021-10-012022-09-30e:ContributedCapitalMember404217342022-09-30e:ContributedCapitalMember404217342021-10-012022-09-30e:SharePremiumMember404217342022-09-30e:SharePremiumMember404217342021-10-01e:RetainedEarningsMember404217342021-10-012022-09-30e:RetainedEarningsMember404217342022-09-30e:RetainedEarningsMember404217342021-10-012022-09-30e:OtherStatutoryReservesMember404217342022-09-30e:OtherStatutoryReservesMember404217342021-10-012022-09-30e:OtherStatutoryReservesMember404217342020-10-012021-09-30e:OtherStatutoryReservesMember404217342020-10-01e:ContributedCapitalMember404217342020-10-012021-09-30e:ContributedCapitalMember404217342021-09-30e:ContributedCapitalMember404217342020-10-012021-09-30e:SharePremiumMember404217342021-09-30e:SharePremiumMember404217342020-10-01e:RetainedEarningsMember404217342020-10-012021-09-30e:RetainedEarningsMember404217342021-09-30e:RetainedEarningsMember404217342020-10-012021-09-30e:OtherStatutoryReservesMember404217342021-09-30e:OtherStatutoryReservesMember404217342021-10-01e:ReserveForDevelopmentExpenditureMember404217342021-10-012022-09-30e:ReserveForDevelopmentExpenditureMember404217342022-09-30e:ReserveForDevelopmentExpenditureMember404217342020-10-01e:ReserveForDevelopmentExpenditureMember404217342020-10-012021-09-30e:ReserveForDevelopmentExpenditureMember404217342021-09-30e:ReserveForDevelopmentExpenditureMemberiso4217:DKKxbrli:pure