Store Kongensgade 40D 2
1264 København K
1 January 2020 - 31 December 2020
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Management has today considered and approved the annual report for the financial year 01. January 2020 - 31. December 2020 for Mrs Wordsmith ApS.
The annual report, which has not been audited, is presented in accordance with the Danish Financial Statements Act.
Management believes that the financial statements give a true and fair view of the company's assets, liabilities and financial position and of the result.
The annual report is submitted for approval by the General Assembly.
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Principal activities
The objective of the Company is to conduct services including but not limited to the development of educational material and games and any other such business as the management board of the Company may from time to time decide.
Development in activities and economic conditions
The Company considers the result for the year to be in line with expectations.
The equity has been lost and attempts are being made to restore the equity in 2021 by ordinary business activities.
The Company's financial statements for 2019 have been significantly erroneous and as a result, comparative figures for 2019 for the income statement and balance sheet have been corrected. The result has been changed from DKK 0 to DKK -14,654 and the equity has been changed from DKK -4,338 to DKK 25,684.
Events after the end of the financial year
In March 2021 the parent company in the UK went into administration and Mrs Wordsmith ApS was acquired by Hatch House Games Limited.
Aside from the above, no events have occurred after the end of the financial year that could significantly affect the company's financial position.
The accounting policies are unchanged compared to last year.
The figures for 2019 are not comparative as they represent only a few months.
The annual report for 2020 is presented in DKK.
Material error in the financial statements
The Company's financial statements for 2019 have been significantly erroneous and as a result, comparative figures for 2019 for the income statement and balance sheet have been corrected. The result has been changed from DKK 0 to DKK -14,654 and the equity has been changed from DKK -4,338 to DKK 25,684.
GENERAL
Income is recognised in the income statement as earned.
All expenses, including depreciation, amortisation and impairment, are recognised in the income statement.
Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the Company and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when it is likely that future economic benefits will flow out of the company and when the value of the liability can be measured reliably.
On initial recognition assets and liabilities are recognised at cost. Subsequently, assets and liabilities are measured as described in the below for each item.
INCOME STATEMENT
Gross result
The Company applies the provision in Section 32 of the Danish Financial Statemens Act, according to which the Company's revenue is not disclosed. Gross result is a summary of net sales as well as other operating income less other external costs.
Net revenue
Net revenue is measured at the fair value of the agreed remuneration, excluding VAT and taxes. All forms of discounts made are deducted from net sales.
Other external costs
Other external costs include cost of distribution, sales, advertising, administration, premises, etc.
Financial income and financial expenses
Financial income and financial expenses include interest, financial expenses in connection with capital leases, realised and unrealised exchange rate gains and losses of securities, loans and transactions in foreign currencies, write-off of financial assets and financial commitments, and on account transactions, etc. Financial income and expenses are recognised in the income statement with the amounts concerning the financial year.
Tax for the year
The tax for the year consists of the current tax, corrections from previous years and the deferred tax for the year. The tax relating to the results is recognised in the income statement, whereas the tax directly relating to equity entries is taken directly to equity.
BALANCE SHEET
Other receivables
Receivables are measured at amortised cost, which usually corresponds to nominal value. The value is reduced by a write-down to meet expected losses.
Deferred assets
Deferred assets include prepaid expenses relating to subsequent financcial years.
Tax payable and deferred tax
Current tax liabilities and tax receivables are recognised in the balance sheet as calculated tax on the taxable income for the year and for on-account taxes paid.
Deferred tax is measured by temporary differences between the carrying amount and the tax value of assets and liabilities. Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by offsetting in tax on future earnings or by offsetting in deferred tax liabilities within the same legal tax unit.
Deferred tax is measured on the basis of the tax rules and tax rates that, with the legislation at the balance sheet date, will apply when the deferred tax is expected to be released as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement other than items recognised directly in equity.
Trade payables
Trade payables include debt to suppliers and other debt, measured at amortized cost, which usually corresponds to nominal value.
Translation of foreign currencies
Transactions in foreign currencies are translated at exchange rates approximating those in effect at the date of each transaction. Exchange rate differences arising between the transaction date rates and the rates at the date of payment are recognised under financial income and expenses in the income statement.
Receivables, payables and other monetary items in foreign exchange not settled at the balance sheet date are translated at the average of the buy and sell exchange rates available at the close of business on the balance sheet date. Differences between the exchange rates at the balance sheet date and the transaction date rates are recognised under financial income and expenses in the income statement.
Disclosure | 2020 | 2019 | |
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kr. | kr. | ||
Gross profit (loss) |
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Wages and salaries |
- |
- |
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Profit (loss) from ordinary operating activities |
- |
- |
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Other finance expenses |
- |
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Profit (loss) from ordinary activities before tax |
- |
- |
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Tax expense |
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Profit (loss) |
- |
- |
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Proposed distribution of results | |||
Retained earnings |
- |
- |
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Proposed distribution of profit (loss) |
- |
- |
Disclosure | 2020 | 2019 | |
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kr. | kr. | ||
Receivables from group enterprises |
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Current deferred tax assets |
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Receivables from vat and duties |
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Other receivables |
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Deferred income assets |
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Receivables |
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Cash and cash equivalents |
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Current assets |
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Total assets |
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Disclosure | 2020 | 2019 | |
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kr. | kr. | ||
Contributed capital |
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Retained earnings |
- |
- |
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Total equity |
- |
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Trade payables |
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Other payables, including tax payables, liabilities other than provisions |
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Short-term liabilities other than provisions, gross |
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Liabilities other than provisions, gross |
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Liabilities and equity, gross |
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The Company has lost all of the share capital. The management expects the share capital to be restored through the Company's operations. The Company has received a letter of support from the parent company.
The company has signed a rental agreement which can be terminated by giving 3 months notice.
Futher to the above the Company has no contingent liabilities and has not provided any securities.
2020 | |||
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Average number of employees |
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