BDO Statsautoriseret revisionsaktieselskabHavneholmen 29DK-1561 København V20222670Årsrapport2023-06-27Lars Bang PedersenFrida Group ApSFruebjergvej 32100 CopenhagenAndre erklæringer uden sikkerhed427000452021-09-23Copenhagen2021-09-232022-12-31BDO Statsautoriseret revisionsaktieselskabHavneholmen291561Copenhagen VCopenhagen2023-06-27Lars Bang PedersenCopenhagen2023-06-27BDO Statsautoriseret revisionsaktieselskab20222670Mads Juul HansenAndre erklæringer uden sikkerhedState Authorised Public Accountantmne44386-29296524011205629-333640181712-3418113-345080-3073033-3073033-30730333658636586365869537345080354617659442105064540485-2075635-203515075709323265483085795308579510506454000000-307303348599951800-2120-999518999518404850-20756351384707173414679401120-34508042215422155629562936586Regnskabsklasse BtruetrueToday the Executive Board have discussed and approved the Annual Report of Frida Group ApS for the financial year 23 September 2021 - 31 December 2022. The Annual Report is presented in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2022 and of the results of the Company's operations for the financial year 23 September 2021 - 31 December 2022. The Management Commentary includes in my opinion a fair presentation of the matters dealt with in the Commentary. The Executive Board remain of the opinion that the conditions for opting out of audit have been fulfilled. I recommend the Annual Report be approved at the Annual General Meeting. To the Shareholders of Frida Group ApS We have compiled these Financial Statements of Frida Group ApS for the financial year 23 September 2021 - 31 December 2022 based on the Company's accounting records and other information provided by Management. These Financial Statements comprise income statement, balance sheet, statement of changes in equity, notes and accounting policies. We performed this compilation engagement in accordance with the International Standard, Compilation Engagements. We have applied our professional expertise 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 statutory provisions of the Danish Audit Act and International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), including principles of integrity, objectivity, professional behaviour, and due care. These Financial Statements and the accuracy and completeness of the information used to compile these Financial Statements are Management’s responsibility. Since an engagement to compile financial information is not an assurance engagement, we are not required to verify the accuracy or completeness of the information provided by Management 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. Principal activities The Frida Group's main activities include production and sales as well as financing and related business. Significant events after the end of the financial year No events have occurred after the end of the financial year of material importance for the Company's financial position. Share capital Share Premium Retained earnings Total Equity at 23 September 2021 40.000 0 0 40.000 Proposed profit allocation -3.073.033 -3.073.033 Transactions with owners Capital increase 485 999.518 1.000.003 Cost of capital increase -2.120 -2.120 Transfers Transfer from other items -999.518 999.518 0 Equity at 31 December 2022 40.485 0 -2.075.635 -2.035.150 Staff costs 1 Average number of employees 1 Wages and salaries 384.707 Social security costs 1.734 Other staff costs 14.679 401.120 Property, plant and equipment 3 Other plant, machinery tools and equipment Additions 42.215 Cost at 31 December 2022 42.215 Depreciation for the year 5.629 Depreciation and impairment losses at 31 December 2022 5.629 Carrying amount at 31 December 2022 36.586 Uncertainty with respect to going concern 4 Management expects to secure additional funding to the company, which will ensure the company's liquidity. Management have therefore provided the annual report as going concern. The Annual Report of Frida Group ApS for 2021/22 has been presented in accordance with the provisions of the Danish Financial Statements Act for enterprises in reporting class B and certain provisions applying to reporting class C. Regnskabsklasse B1 true true The Annual Report is prepared with the following accounting principles. Cost of sales Cost of sales comprise costs incurred to achieve the net revenue for the year, including direct and indirect costs of raw materials and consumables. Other external expenses Other external expenses include other production, sales, delivery and administrative costs, including costs of energy, marketing, premises, loss on bad debts, lease expenses, etc Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the Company's employees. Financial income and expenses Financial income and expenses include interest income and expenses, as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices. Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the Income Statement by the share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity. Tangible fixed assets Land and buildings, production plant and machinery, other plant, fixtures and equipment are measured at cost less accumulated depreciation and impairment losses. The depreciation base is cost less estimated residual value after end of useful life. The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the asset is ready to be used. Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value: Useful lifeResidual value Other plant, fixtures and equipment 5 years 0 % Impairment of fixed assets The carrying amount of tangible assets, are assessed annually for indications of impairment other than that reflected by amortisation and depreciation. In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the recoverable amount. The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry. Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses. Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and taxes paid on account. Deferred tax is measured on the temporary differences between the carrying amount and the tax value of assets and liabilities. Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the Balance Sheet date will be applicable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity. Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less transaction costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recognised in the Income Statement over the loan period. 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