xbrli:pureiso4217:DKK284811362021-01-012021-12-31284811362021-01-012021-12-311284811362021-01-012021-12-311284811362021-01-012021-12-31284811362020-01-012020-12-31284811362021-01-012021-12-31fsa:RetainedEarningsMember284811362020-01-012020-12-31fsa:RetainedEarningsMember284811362021-01-012021-12-31fsa:RetainedEarningsMember284811362021-12-31284811362020-12-31284811362021-01-01fsa:ContributedCapitalMember284811362021-01-01fsa:ReserveForDevelopmentExpenditureMember284811362021-01-01fsa:RetainedEarningsMember284811362021-01-01284811362021-12-31fsa:ContributedCapitalMember284811362021-12-31fsa:ReserveForDevelopmentExpenditureMember284811362021-12-31fsa:RetainedEarningsMember284811362021-01-012021-12-31fsa:ReserveForDevelopmentExpenditureMemberGrundlag for konklusionKonklusion2022-07-052022-07-05true2020-01-012020-12-3133963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabKøbenhavnKøbenhavn K1253Regnskabsklasse BErklæring om udvidet gennemgang2021-12-312021-01-01<br /><br />18ToldbodgadeWaveCrest Denmark ApS28481136339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Executive Board has today considered and approved the annual report of WaveCrest Denmark ApS for the financial year 01.01.2021 - 31.12.2021. 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 Entity’s financial position at 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021.I believe that the management commentary contains a fair review of the affairs and conditions referred to therein.I recommend to the Annual General Meeting that the financial statements for the next financial year not be audited.I recommend the annual report for adoption at the Annual General Meeting.CopenhagenJens BrinckTo the shareholders of WaveCrest Denmark ApSWe have performed an extended review of the financial statements of WaveCrest Denmark ApS for the ​financial year 01.01.2021 - 31.12.2021, 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. ​Based on our extended review, in our opinion, the financial statements give a true and fair view of the Entity’s ​financial position at. 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021 in accordance with the Danish Financial Statements Act.We conducted our extended review in accordance with the assurance engagement standard for small enterprises as issued by the Danish Business Authority and the standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act as issued by FSR - Danish Auditors. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the extended review of the financial statements” section. 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 evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.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, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.Our responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures to obtain limited assurance about our conclusion on the financial statements and that we also perform specifically required supplementary procedures for the purpose of obtaining additional assurance about our conclusion. An extended review consists of making inquiries, primarily of management and, if appropriate, of other entity personnel, performing analytical and the specifically required supplementary procedures as well as evaluating the evidence obtained. The procedures performed in an extended review are less in scope than in an audit, and accordingly we do not express an audit opinion on the financial statements.Management is responsible for the management commentary. Our conclusion 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 extended review 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 extended review 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 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.CopenhagenClaus Jorch Andersenmne33712State Authorised Public AccountantPrimary activitiesThe Company’s main activities are promotion and demonstration activities aimed at distributors and end consumers focusing on knowledge-based projects. I November 2020 the company, together with the sister company SaleMate Europe ApS, merged it’s activities with Brandiators ApS to strengthen it’s Nordic position and to materialize synergies both on client management and cost structures. From 2022 Gorm Larsen Nordic ApS will be the continuing company, under new name WaveCrest Denmark ApS. ​ ​Profit for the year amounts to DKK 700 thousand against a loss on DKK 806 thousand in 2020. Profit for the year is as expected. 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. 5296717402994138769934568971577596644260842128-118329012394307355501012957799512-116551299855-359950699657-805562699657-80556269965713107281071444418808376013526081155204067103067103135260812223072702753225092610791459540210140003781898321894712000071273649819053231683633451344539901250001250001022368835726149502-3635131296870597213125000835726-3635135972131250001022368149502220000410002200004100042483531963542483531963510244913946319895971850281140132823693432505705743771269464439280834961424817643381577763345134453990186642-18664201 Gross profit /lossGross profit includes other operating income related to the COVID-19 crisis comprising cost compensation of DKK 94 thousand (2020: 195 thousand).2 Staff costs2021 DKK2020 DKKWages and salaries2,521,2584,024,993Pension costs522,143476,319Other social security costs58,59267,6593,101,9934,568,971Staff costs classified as assets775,00003,876,9934,568,971Average number of full-time employees79793 Depreciation, amortisation and impairment losses2021 DKK2020 DKKAmortisation of intangible assets577,596644,260577,596644,2604 Tax on profit/loss for the year2021 DKK2020 DKKChange in deferred tax179,000(355,000)Adjustment concerning previous years(79,145)(4,950)99,855(359,950)5 Intangible assetsCompleted development projects DKKAcquired intangible assets DKKCost beginning of year2,279,370209,400Additions775,0000Cost end of year3,054,370209,400Amortisation and impairment losses beginning of year(1,207,926)(125,640)Amortisation for the year(535,716)(41,880)Amortisation and impairment losses end of year(1,743,642)(167,520)Carrying amount end of year1,310,72841,8806 Development projectsCompleted development projects comprise digital development of a sales portal that the Company uses in its operations. Customers and staff are able to use this system. 7 Other payables2021 DKK2020 DKKHoliday pay obligation424,835319,635424,835319,635Other payables include the Company’s frozen holiday allowance and other costs payable. The holiday pay obligation falls due as employees leave the labour market. Consequently, the outstanding debt after five years has been estimated based on when the Company’s employees are expected to leave the labour market considering their retirement age8 Unrecognised rental and lease commitments2021 DKK2020 DKKLiabilities under rental or lease agreements until maturity in total48,000105,0009 Contingent liabilitiesThe Company has undertaken joint and several guarantee of payment for the agreement entered into by the Group maximising bankdebt of DKK 1 million. The Company participates in a Danish joint taxation arrangement in which SEN Group Holding ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Company is therefore liable for income taxes etc. for the jointly taxed companies and also for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed companies. The jointly taxed companies’ total known net liability in the joint taxation arrangement is stated in the financial statements of the administration company. 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.falseForeign 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. Gross profit or lossGross profit or loss comprises revenue, other operating income, cost of sales and other 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.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory writedowns. 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 as well as social security contributions, pension contributions, etc for entity staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible assets comprise depreciation, amortisation and impairment losses for the financial year, as well as gains and losses from the sale of intangible assets as well as property, plant and equipment. Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises etc. Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital or exchange losses on transactions in foreign currencies 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. The Entity is jointly taxed with the Danish Parent. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). Intellectual property rights etcIntellectual property rights etc comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets. 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. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 5 years. Intellectual property rights acquired are measured at cost less accumulated amortisation. Intellectual property rights etc 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.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises cash in hand and bank deposits.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset or the planned settlement of each liability Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease.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. 2022-07-05Jens Brinck