xbrli:pureiso4217:DKK252814622023-05-012023-12-31252814622023-05-012023-12-311252814622023-05-012023-12-311252814622023-05-012023-12-311252814622023-05-012023-12-312252814622023-05-012023-12-313252814622023-05-012023-12-31252814622022-05-012023-04-30252814622023-05-012023-12-31fsa:RetainedEarningsMember252814622023-05-012023-12-31fsa:ProposedDividendRecognisedInEquityMember252814622023-12-31252814622023-04-30252814622023-05-01fsa:ContributedCapitalMember252814622023-05-01fsa:RetainedEarningsMember252814622023-05-01fsa:ProposedDividendRecognisedInEquityMember252814622023-05-01252814622023-12-31fsa:ContributedCapitalMember252814622023-12-31fsa:RetainedEarningsMember252814622023-12-31fsa:ProposedDividendRecognisedInEquityMember252814622023-05-012023-12-31fsa:OtherShorttermPayablesMemberGrundlag for konklusionKonklusion2024-04-082024-04-08true339635562022-05-012023-04-30Aalborg900026, 4. salØstre HavnepromenadeDeloitte Statsautoriseret RevisionspartnerselskabAalborgAalborg SV9200Regnskabsklasse BtrueRevisionspåtegning2023-12-312023-05-01<br /><br />10VandmandenTimePlan A/S25281462339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of TimePlan A/S for the financial year 01.05.2023 - 31.12.2023.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2023 and of the results of its operations for the financial year 01.05.2023 - 31.12.2023.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.AalborgRex Archard ClausagerWessel Geoff PloegmakersHenrik BaaschHans Charly ZwemstraTo the shareholders of TimePlan A/SWe have audited the financial statements of TimePlan A/S for the financial year 01.05.2023 -
31.12.2023, 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.
In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2023 and of the results of its operations for the financial year 01.05.2023 - 31.12.2023 in accordance
with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements
applicable in Denmark. Our responsibilities under those standards and requirements are further
described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s
report. 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 audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.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, for disclosing, as applicable, matters related to going concern, and for using the going
concern basis of accounting in preparing the financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
<br />Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Entity’s internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the financial statements, and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the financial statements, including the disclosures
in the notes, and whether the financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.<br />We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.Management is responsible for the management commentary.
Our opinion 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 audit 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 audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required by relevant law and regulations.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with
the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.The company has tranferred funds to its parent company which may be in breach of the company law’s rules on self-financing. Management may incur liability for this.
Interests have been calculated for the transferred funds, based on current terms for such loans. The transferred funds have been paid back in full in 2024 including applied interest.
AalborgRené Winther Pedersenmne34173State Authorised Public AccountantFinancial highlights2023
DKK'0002022/23
DKK'0002021/22
DKK'0002020/21
DKK'0002019/20
DKK'000Key figuresGross profit/loss29,35342,54142,25142,90340,220Operating profit/loss14,63219,71019,78922,16920,910Net financials346(501)2329324Profit/loss for the year11,68314,60015,61217,36416,327Total assets37,32229,80228,85927,82827,076Investments in property,
plant and equipment0019380149Equity12,4098,2269,62611,41417,426RatiosReturn on equity (%)113.23163.57148.40120.4286.33Equity ratio (%)33.2527.6033.3641.0264.36Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%)
:Profit/loss for the year * 100
Average equityEquity ratio (%)
:Equity * 100
Total assetsPrimary activitiesThe Company's primary activities comprise development, sale and implementation of software (primarily the product TimePlan). Development in activities and financesThe company has generated a profit of DKK 11.683 t.DKK in the financial year 2023.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.2935288742541399146064132268655011411814531414632356197095350-155927711587912462956594881497883219208823329539146093061168344114599517-2165591190000011900000750000005000000-21655920995171600230160023014521324478314521324478300003052362447837633535670763353567014339894101092221371146752974364476003807156245362684412912349716055814781733213466207370171642955769137322400298024745000005000009131225690124091318225690500000225690750000082256905000009131119000002765111842765111848889031264270455476739659397192825359581812249123127495732488561821575600248856182157560037322400298024740-7500000-75000001 Staff costs2023
DKK2022/23
DKKWages and salaries13,222,16321,046,953Pension costs1,141,5231,256,743Other social security costs242,727382,85414,606,41322,686,550Average number of full-time employees424142412 Other financial income
2023
DKK2022/23
DKKFinancial income from group enterprises429,435157,820Other interest income163,336971592,771158,7913 Tax on profit/loss for the year2023
DKK2022/23
DKKCurrent tax3,268,9243,965,939Change in deferred tax26,467643,3673,295,3914,609,3064 Intangible assetsAcquired
licences
DKKAdditions174,571Cost end of year174,571Amortisation for the year(14,548)Amortisation and impairment losses end of year(14,548)Carrying amount end of year160,0235 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKCost beginning of year969,515Cost end of year969,515Depreciation and impairment losses beginning of year(724,732)Depreciation for the year(99,570)Depreciation and impairment losses end of year(824,302)Carrying amount end of year145,2136 Financial assetsInvestments in group enterprises
DKKCost beginning of year15Cost end of year15Impairment losses beginning of year(15)Impairment losses end of year(15)Carrying amount end of year0Investments in subsidiariesRegistered inCorporate formEquity
interest
%TimePlan Software GmbHFlensburgGmbH100.00TimePlan Software OYHelsinkiOY100.007 Receivables from group enterprisesThe company has transferred funds to its parent company which may be in breach of the company law’s rules on self-financing. Management may incur liability for this.
Interests have been calculated for the transferred funds, based on current terms for such loans. The transferred funds have been paid back in full in 2024 including applied interest.
8 Other payables2023
DKK2022/23
DKKVAT and duties2,610,7202,483,490Wages and salaries, personal income taxes, social security costs, etc. payable1,205,850139,489Holiday pay obligation693,021958,962Other costs payable2,683,23413,8777,192,8253,595,8189 Unrecognised rental and lease commitments2023
DKK2022/23
DKKLiabilities under rental or lease agreements until maturity in total891,455857,170Monthly payment is 69 t.DKK.10 Contingent liabilitiesThe Entity participates in a Danish joint taxation
arrangement where TimePlan Holding ApS serves as the administration company. According to the joint taxation provisions of
the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is
disclosed in the administration company's financial statements.11 Assets charged and collateralThe Entity has guaranteed a part of TimePlan Internationals bank loans with Nordea. The guarantee is limited to 28.869,5 t.DKK. Bank loans of TimePlan International amounts to 28.870 t.DKK at 31.12.2023.12 Non-arm’s length related party transactionsThe Company has transferred funds to its parent company and is hereby non-compliant with the company law's rules on self-financing.
All other related party transactions in the financial year are conducted on an arm’s length basis. 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.falseConsolidated financial statementsReferring to section 110 of the Danish Financial Statements Act,
no consolidated financial statements have been prepared.Non-comparabilityDuring the financial year, the company changed accounting period. Due to the change in accounting period, the financial statement for 2023 contain 8 months and the comparative numbers in 2022/23 contain 12 months. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year.Gross profit or lossGross profit or loss comprises revenue, cost of raw materials and consumables and external expenses.RevenueRevenue from the sale of goods for resale is recognised in the income statement
when delivery is made and risk has passed to the buyer. Revenue 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, including salary refunds.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal
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, and social security contributions, pension contributions, etc
for entity staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to equipment comprise depreciation, amortisation and impairment losses for the financial year, and gains and losses from the sale of equipment.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual
enterprises’ profit/loss after full elimination of intra-group profits or losses.Other financial incomeOther financial income comprises interest income on receivables from group enterprises and exchange gains on foreing currencies etc.Other financial expensesOther financial expenses comprise interest expenses, including 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 all Danish group enterprises. 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 etc.Intellectual property rights etc. comprise acquired intellectual property rights.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.Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the asset until the time when it is ready to be put into operation.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful life
Other fixtures and fittings, tools and equipment3-15 yearsResidual values represent 0 DKK
Estimated useful lives and residual values are reassessed annually.
Equipment are written down to the lower of recoverable amount and carrying
amount.Investments in group enterprisesInvestments in group enterprises are recognised and measured according to the equity
method. This means that investments are measured at the pro rata share of the enterprises’ equity value.
Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises
are written down to net realisable value based on a specific assessment. If the Parent has a legal
or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such
obligation will involve a loss, a provision is recognised that is measured at present value of the costs
necessary to settle the obligations at the balance sheet date.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
the reserve for net revaluation according to the equity method in equity.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.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 comprise bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for
the financial year is disclosed as a separate item in equity. 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. However, no deferred tax is recognised for amortisation of
goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income.
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.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the
balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for
prepaid tax. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income
is measured at cost.2024-04-08Wessel Geoff Ploegmakers