Årsrapport 2023-01-01 2022-01-01 2023-12-31 2022-12-31 2024-07-04 39584867 2024-07-04 2018-05-16 Reporting class B KPMG 9000 Aalborg Østre Havnegade 22D 25578198 Auditor's report on extended review Aalborg 2024-07-04 KPMG 25578198 true 39584867 2023-12-31 39584867 2022-12-31 39584867 2022-12-31 fsa:ContributedCapitalMember 39584867 2022-12-31 fsa:SharePremiumMember 39584867 2022-12-31 fsa:RetainedEarningsMember 39584867 2023-12-31 fsa:ContributedCapitalMember 39584867 2023-12-31 fsa:SharePremiumMember 39584867 2023-12-31 fsa:RetainedEarningsMember 39584867 2023-01-01 2023-12-31 39584867 2023-01-01 2023-12-31 memberOfBoardIdentifier_1 39584867 2023-01-01 2023-12-31 memberOfBoardIdentifier_2 39584867 2023-01-01 2023-12-31 auditor_1 39584867 2022-01-01 2022-12-31 39584867 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 39584867 2023-01-01 2023-12-31 fsa:SharePremiumMember 39584867 2023-01-01 2023-12-31 fsa:RetainedEarningsMember iso4217:EUR pure
Swapfiets Denmark ApS

Nordre Fasanvej 17

DK-2000 Frederiksberg
CVR no. 39 58 48 67

Annual report 2023

The annual report was presented and approved at the Company's annual general meeting on

4 July 2024

Chairman of the annual general meeting

Swapfiets Denmark ApS

Annual report 2023

CVR no. 39 58 48 67

Contents

Statement by the Executive Board

Independent auditor's extended review report on the financial statements

Management's review

Company details

Operating review

Financial statements 1 January – 31 December

Income statement

Balance sheet

Statement of changes in equity

Notes

Swapfiets Denmark ApS

Annual report 2023

CVR no. 39 58 48 67

Statement by the Executive Board

The Executive Board has today discussed and approved the annual report for Swapfiets Denmark ApS for the financial year 1 January - 31 December 2023.
The annual report has been prepared in accordance with the Danish Financial Statements Act.
In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2023 and of the results of the Company's operations for the financial year 1 January - 31 December 2023.
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.

Frederiksberg, 4 July 2024

Executive Board:

Andre Illmer

CEO

Jasper Zonnenberg

CEO

Swapfiets Denmark ApS

Annual report 2023

CVR no. 39 58 48 67

Independent auditor's extended review report on the financial statements

To the shareholder of Swapfiets Denmark ApS

Opinion

We have performed an extended review of the financial statements of Swapfiets Denmark ApS for the financial year 1 January - 31 December 2023 comprising 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.
Based on the work performed, it is our opinion that the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2023 and of the results of the Company's operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act.

Basis for Opinion

We conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibility for the extended review of the financial statements" section of our report.
We are independent of the Company 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 opinion.

Management's responsibility for the financial statements

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 that 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.

Auditor's responsibility for the extended review of the financial statements

Our responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the financial statements and in addition perform specifically required supplementary procedures in order to obtain further assurance for our conclusion.
An extended review comprises procedures primarily consisting of making enquiries of Management and others within the entity, as appropriate, applying analytical procedures and the specifically required supplementary procedures, and evaluating the evidence obtained.
The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on these financial statements.

Statement on the Management's Review

Management is responsible for the Management's Review.
Our conclusion 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 extended review 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 extended review, 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.

Aalborg, 4 July 2024

KPMG

Statsautoriseret Revisionspartnerselskab

CVR no. 25 57 81 98

Steffen S. Hansen

State Authorised Public Accountant

mne32737

Swapfiets Denmark ApS

Annual report 2023

CVR no. 39 58 48 67

Management's review

Company details

Swapfiets Denmark ApS
Nordre Fasanvej 17
DK-2000 Frederiksberg
Telephone: 78 79 31 58
E-mail: info@swapfiets.dk
CVR no.: 39 58 48 67
Established: 16 May 2018
Registered office: Frederiksberg
Financial year: 1 January - 31 December

Executive Board
Andre Illmer, CEO
Jasper Zonnenberg, CEO

Auditor
KPMG
Statsautoriseret Revisionspartnerselskab
Østre Havnegade 22D
DK-9000 Aalborg
CVR no. 25 57 81 98

Swapfiets Denmark ApS

Annual report 2023

CVR no. 39 58 48 67

Management's review

Operating review

Principal activities

The Company's main activities is rental and leasing of goods for leisure and sports, as well as rent of bicycles and mobility subscriptions offers and hereto related activities.

Development in activities and financial position

The Company's income statement for 2023 shows a profit of EUR 323,158 as against a profit of EUR 179,135 in 2022. Equity in the Company's balance sheet at 31 December 2023 stood at EUR 693,712 as against EUR 370,554 at 31 December 2022.

The financial year was in line with forecast, and results for the year are considered satisfactory.

Events after the balance sheet date

No events have occurred after the balance sheet date of material importance to the annual report for 2023.

Swapfiets Denmark ApS

Annual report 2023

CVR no. 39 58 48 67

Financial statements 1 January – 31 December

Income statement

EUR Note 2023 2022

Gross profit

 3,579,426 3,579,426 2,884,709 2,884,709

Staff costs

 2 -3,106,721 3,106,721 -2,501,576 2,501,576

Depreciation of property, plant and equipment

 -108,263 108,263 -89,358 89,358

Profit before financial income and expenses

 364,442 364,442 293,775 293,775

Other financial income

 50,984 50,984 0 0

Other financial expenses

 3 -15,045 15,045 -64,114 64,114

Profit before tax

 400,381 400,381 229,661 229,661

Tax on profit for the year

 4 -77,223 77,223 -50,526 50,526

Profit for the year

 323,158 323,158 179,135 179,135

Proposed profit appropriation

Retained earnings

 323,158 323,158 179,135 179,135
323,158 179,135

Swapfiets Denmark ApS

Annual report 2023

CVR no. 39 58 48 67

Financial statements 1 January – 31 December

Balance sheet

EUR Note 31/12 2023 31/12 2022

ASSETS

Fixed assets

Property, plant and equipment

Fixtures, fittings, tools and equipment

 425,689 425,689 499,564 499,564

Financial assets

Deposits

 232,450 232,450 218,917 218,917

Total fixed assets

 658,139 658,139 718,481 718,481

Current assets

Receivables

Trade receivables

 305,619 305,619 351,358 351,358

Receivables from associates

 1,286,695 1,286,695 8,279 8,279

Prepayments

 58,856 58,856 58,351 58,351
1,651,170 1,651,170 417,988 417,988

Cash at bank and in hand

 852,023 852,023 832,824 832,824

Total current assets

 2,503,193 2,503,193 1,250,812 1,250,812

TOTAL ASSETS

 3,161,332 3,161,332 1,969,293 1,969,293

Swapfiets Denmark ApS

Annual report 2023

CVR no. 39 58 48 67

Financial statements 1 January – 31 December

Balance sheet

EUR Note 31/12 2023 31/12 2022

EQUITY AND LIABILITIES

Equity

Contributed capital

 6,748 6,748 6,748 6,748

Share premium

 25,000 25,000 25,000 25,000

Retained earnings

 661,964 661,964 338,806 338,806

Total equity

 693,712 693,712 370,554 370,554

Provisions

Provisions for deferred tax

 8,731 8,731 5,330 5,330

Total provisions

 8,731 5,330

Liabilities other than provisions

Current liabilities other than provisions

Trade payables

 84,267 84,267 0 0

Payables to group entities

 1,612,002 1,612,002 1,020,070 1,020,070

Corporation tax

 172,308 172,308 98,486 98,486

Other payables, including taxes payable

 590,312 590,312 474,853 474,853
2,458,889 2,458,889 1,593,409 1,593,409

Total liabilities other than provisions

 2,458,889 1,593,409

TOTAL EQUITY AND LIABILITIES

 3,161,332 3,161,332 1,969,293 1,969,293

Swapfiets Denmark ApS

Annual report 2023

CVR no. 39 58 48 67

Financial statements 1 January – 31 December

Statement of changes in equity

EUR Contributed cap­i­tal Share pre­mi­um Retained earnings To­tal

Equity at 1 January 2023

 6,748 6,748 25,000 25,000 338,806 338,806 370,554 370,554

Transferred over the profit appropriation

 0 0 0 0 323,158 323,158 323,158 323,158

Equity at 31 December 2023

 6,748 6,748 25,000 25,000 661,964 661,964 693,712 693,712

Swapfiets Denmark ApS

Annual report 2023

CVR no. 39 58 48 67

Financial statements 1 January – 31 December

Notes

1

Accounting policies

The annual report of Swapfiets Denmark ApS for 2023 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.
The accounting policies used in the preparation of the financial statements are consistent with those of last year.

Foreign currency translation

On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.
Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.

Income statement

Revenue

Revenue from rental income is recognised when the income can be reliably measured and is expected to be received. Revenue is measured ex. VAT and taxes charged on behalf of third parties.

Other external costs

Other external costs comprise costs for distribution and sales costs, costs for advertising, administrative expenses, costs of premises, bad debts, operating leases, etc.

Staff costs

Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs, etc., to the Company's employees, excluding reimbursements from public authorities.

Financial income and expenses

Financial income and expenses comprise interest income and expense, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc.

Tax on profit for the year

Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity.

Balance sheet

Property, plant and equipment

Fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.
Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.
Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.
The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:
Fixtures, fittings, tools and equipment 3-5 years
The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.
Land is not depreciated.
The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.
Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively.

Investments

Deposits are measured at cost.

Impairment of fixed assets

The carrying amount of intangible assets and property, plant and equipment as well as equity investments in subsidiaries and participating interests (including associates) is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation.
Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount.
The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life.
Previously recognised write-downs are reversed when the basis for the write-down no longer exists.

Receivables

Receivables are measured at amortised cost.
Write-down is made for bad debt losses based on an individual assessment of receivables.

Prepayments

Prepayments comprise prepayment of costs incurred relating to subsequent financial years.

Cash at bank and in hand

Cash at bank and in hand comprise cash and bank deposits.

Corporation tax and deferred tax

Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.
Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities based on the planned use of the asset or settlement of the liability.
Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; 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. Any deferred net assets are measured at net realisable value.

Liabilities other than provisions

Other liabilities are measured at amortised cost.

2

Staff costs

EUR20232022

Wages and salaries

 2,778,125 2,778,125 2,318,352 2,318,352

Pensions

 263,224 263,224 156,263 156,263

Other social security costs

 65,372 65,372 26,961 26,961
3,106,721 2,501,576

Average number of full-time employees

 59 51

3

Other financial expenses

EUR 2023 2022

Interest paid to group entities

 0 0 42,700 42,700

Exchange losses

 1,638 1,638 884 884

Other financial expenses

 13,407 13,407 20,530 20,530
15,045 64,114

4

Tax on profit for the year

EUR 2023 2022

Current tax for the year

77,223 50,526

77,223 50,526

5

Contractual obligations, contingencies, etc.

Rent and operating lease obligations

Remaining rent and operating lease obligations at the balance sheet date fall due at DKK 835 thousand within 1-3 years.

6

Related parties

Swapfiets Denmark ApS' related parties comprise the following:

Control

Swapfiets Denmark ApS is part of the consolidated financial statements of SwapThis Holding BV, Amsteldjik 216, 1079LK Amsterdam, Holland which is the smallest and largest group, respectively, in which the Company is included as a subsidiary.