10064627 2022-01-01 2022-12-31 10064627 2022-01-01 2022-12-31 0 10064627 2022-01-01 2022-12-31 0 10064627 2022-01-01 2022-12-31 1 10064627 2022-01-01 2022-12-31 2 10064627 2021-01-01 2021-12-31 10064627 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 10064627 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 10064627 2022-12-31 10064627 2021-12-31 10064627 2022-01-01 2022-12-31 0 iso4217:DKK xbrli:pure 2022-01-01 2022-12-31 2023-05-31 Bassem Radwan Saleh <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Today, the Board of directors and the managing director have presented the annual report of TFS</td></tr><tr><td colspan="1">Trial Form Support ApS for the financial year 1 January - 31 December 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been presented in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We consider the accounting policies appropriate and, in our opinion, the financial statements provide</td></tr><tr><td colspan="1">a fair presentation of the company’s assets, equity and liabilities, and financial position at 31</td></tr><tr><td colspan="1">December 2022 and of the company’s results of activities in the financial year 1 January - 31</td></tr><tr><td colspan="1">December 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We are of the opinion that the management commentary presents a fair account of the issues dealt</td></tr><tr><td colspan="1">with.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the Annual General Meeting.</td></tr></table> Søborg 2023-05-30 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of TFS Trial Form Support ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the financial statements of TFS Trial Form Support ApS for the financial year 1</td></tr><tr><td colspan="1">January - 31 December 2022, which comprise a summary of significant accounting policies, income</td></tr><tr><td colspan="1">statement, statement of financial position, statement of changes in equity and notes. The financial</td></tr><tr><td colspan="1">statements have been prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the financial statements present a fair view of the company's assets, equity and</td></tr><tr><td colspan="1">liabilities, and financial position at 31 December 2022 and of the results of the company's activities for</td></tr><tr><td colspan="1">the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements</td></tr><tr><td colspan="1">Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis of opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with international standards on auditing and the additional</td></tr><tr><td colspan="1">requirements applicable in Denmark. Our responsibilities under those standards and requirements are</td></tr><tr><td colspan="1">further described in the section “Auditor’s responsibilities for the audit of the financial statements”. We</td></tr><tr><td colspan="1">are independent of the company in accordance with the International Ethics Standards Board for</td></tr><tr><td colspan="1">Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the</td></tr><tr><td colspan="1">additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical</td></tr><tr><td colspan="1">responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit</td></tr><tr><td colspan="1">evidence we have obtained is sufficient and appropriate to provide a basis for our Opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Responsibilities of management and those charged with governance for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of financial statements that provide a fair view in</td></tr><tr><td colspan="1">accordance with the Danish Financial Statements Act. Management is also responsible for such</td></tr><tr><td colspan="1">internal control as the management determines is necessary to enable the preparation of financial</td></tr><tr><td colspan="1">statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, management is responsible for assessing the company's ability</td></tr><tr><td colspan="1">to continue as a going concern, disclosing, as applicable, matters related to going concern and using</td></tr><tr><td colspan="1">the going concern basis of accounting unless management either intends to liquidate the company or</td></tr><tr><td colspan="1">to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the financial statements, as a</td></tr><tr><td colspan="1">whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor’s</td></tr><tr><td colspan="1">report including an opinion. Reasonable assurance is a high level of assurance, but is not a guarantee</td></tr><tr><td colspan="1">that an audit conducted in accordance with international standards on auditing, and the additional</td></tr><tr><td colspan="1">requirements applicable in Denmark, will always detect a material misstatement when it exists.</td></tr><tr><td colspan="1">Misstatements can arise from fraud or error and are considered material if, individually or in the</td></tr><tr><td colspan="1">aggregate, they could reasonably be expected to influence the economic decisions of users taken on</td></tr><tr><td colspan="1">the basis of these financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with international standards on auditing, and the</td></tr><tr><td colspan="1">additional requirements applicable in Denmark, we exercise professional judgment and maintain</td></tr><tr><td colspan="1">professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">• Identify and assess the risks of material misstatement of the financial statements, whether due</td></tr><tr><td colspan="1">to fraud or error, design and perform audit procedures responsive to those risks, and obtain</td></tr><tr><td colspan="1">audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of</td></tr><tr><td colspan="1">not detecting a material misstatement resulting from fraud is higher than for one resulting from</td></tr><tr><td colspan="1">error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the</td></tr><tr><td colspan="1">override of internal control.</td></tr><tr><td colspan="1">• Obtain an understanding of the internal control relevant to the audit in order to design audit</td></tr><tr><td colspan="1">procedures that are appropriate in the circumstances, but not for the purpose of expressing an</td></tr><tr><td colspan="1">opinion on the effectiveness of the company's internal control.</td></tr><tr><td colspan="1">• Evaluate the appropriateness of accounting policies used and the reasonableness of</td></tr><tr><td colspan="1">accounting estimates and related disclosures made by management.</td></tr><tr><td colspan="1">• Conclude on the appropriateness of management’s preparation of the financial statements</td></tr><tr><td colspan="1">using the going concern basis of accounting and, based on the audit evidence obtained,</td></tr><tr><td colspan="1">whether a material uncertainty exists arising from events or conditions that may cast significant</td></tr><tr><td colspan="1">doubt on the company's ability to continue as a going concern. If we conclude that a material</td></tr><tr><td colspan="1">uncertainty exists, we are required to draw attention in our auditor’s report to the related</td></tr><tr><td colspan="1">disclosures in the financial statements or, if such disclosures are inadequate, to modify our</td></tr><tr><td colspan="1">opinion. Our conclusions are based on the audit evidence obtained up to the date of our</td></tr><tr><td colspan="1">auditor’s report. However, future events or conditions may cause the company to cease to</td></tr><tr><td colspan="1">continue as a going concern.</td></tr><tr><td colspan="1">• Evaluate the overall presentation, structure, and contents of the financial statements, including</td></tr><tr><td colspan="1">disclosures in notes, and whether the financial statements reflect the underlying transactions</td></tr><tr><td colspan="1">and events in a manner that presents a fair view.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned</td></tr><tr><td colspan="1">scope and timing of the audit and significant audit findings, including any significant deficiencies in the</td></tr><tr><td colspan="1">internal control that we identify during our audit.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the management commentary, and we</td></tr><tr><td colspan="1">express no assurance opinion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, it is our responsibility to read the management</td></tr><tr><td colspan="1">commentary and to consider whether the management commentary is materially inconsistent with the</td></tr><tr><td colspan="1">financial statements or the evidence obtained during the audit, or whether it otherwise appears to</td></tr><tr><td colspan="1">contain material misstatement.</td></tr><tr><td colspan="1">Furthermore, it is our responsibility to consider whether the Management’s Review provides the</td></tr><tr><td colspan="1">information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we believe that Management’s Review is consistent with the</td></tr><tr><td colspan="1">financial statements and that it has been prepared in accordance with the provisions of the Danish</td></tr><tr><td colspan="1">Financial Statement Act. We did not discover any material misstatement in the Management’s</td></tr><tr><td colspan="1">Review.</td></tr></table> Frederiksberg 2023-05-30 TFS Trial Form Support ApS Gyngemose Parkvej 50, 9. tv. 2860 Søborg 10064627 2001-01-01 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's review</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management commentary</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The principal activities of the company</td></tr><tr><td colspan="1">TFS Trial Form Support ApS is a subsidiary under the Swedish companmy TFS International Clinical</td></tr><tr><td colspan="1">Development Services AB.</td></tr><tr><td colspan="1">The company is a private research company whose main activity is to carry out contract based clinical</td></tr><tr><td colspan="1">research projects. The company's customers are major pharmaceutical and biotech companies. The</td></tr><tr><td colspan="1">objective is to offer the company's customers a professional research support of optimal quality.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in activities and financial matters</td></tr><tr><td colspan="1">The company has continued its normal operations. There have been no significant events in the</td></tr><tr><td colspan="1">financial year that require disclosure in the Management commentary.</td></tr><tr><td colspan="1">Management considers the development and results for the year satisfactory.</td></tr></table> Regnskabsklasse B <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr><tr><td colspan="1">The annual report for TFS Trial Form Support ApS has been presented in accordance with the Danish</td></tr><tr><td colspan="1">Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the</td></tr><tr><td colspan="1">company has decided to comply with certain rules applying to reporting class C enterprises.</td></tr><tr><td colspan="1">The accounting policies are unchanged from last year, and the annual report is presented in DKK.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Recognition and measurement in general</td></tr><tr><td colspan="1">Income is recognised in the income statement concurrently with its realisation, including the</td></tr><tr><td colspan="1">recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in</td></tr><tr><td colspan="1">the income statement, including depreciations amortisations, writedowns for impairment, provisions,</td></tr><tr><td colspan="1">and reversals due to changes in estimated amounts previously recognised in the income statement.</td></tr><tr><td colspan="1">Assets are recognised in the statement of financial position when it seems probable that future</td></tr><tr><td colspan="1">economic benefits will flow to the company and the value of the asset can be reliably measured.</td></tr><tr><td colspan="1">Liabilities are recognised in the statement of financial position when it is seems probable that future</td></tr><tr><td colspan="1">economic benefits will flow out of the company and the value of the liability can be reliably measured.</td></tr><tr><td colspan="1">Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are</td></tr><tr><td colspan="1">measured as described below for each individual accounting item.</td></tr><tr><td colspan="1">Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective</td></tr><tr><td colspan="1">interest rate to be recognised during the useful life of the asset or liability. Amortised cost is</td></tr><tr><td colspan="1">recognised as the original cost less any payments, plus/less accrued amortisations of the difference</td></tr><tr><td colspan="1">between cost and nominal amount. In this way, capital losses and gains are allocated over the useful</td></tr><tr><td colspan="1">life of the liability.</td></tr><tr><td colspan="1">Upon recognition and measurement, allowances are made for such predictable losses and risks which</td></tr><tr><td colspan="1">may arise prior to the presentation of the annual report and concern matters that exist on the reporting</td></tr><tr><td colspan="1">date.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">Transactions in foreign currency are translated by using the exchange rate prevailing at the date of</td></tr><tr><td colspan="1">the transaction. Differences in the rate of exchange arising between the rate at the date of transaction</td></tr><tr><td colspan="1">and the rate at the date of payment are recognised in the profit and loss account as an item under net</td></tr><tr><td colspan="1">financials.</td></tr><tr><td colspan="1">Receivables, payables, and other foreign currency monetary items are translated using the closing</td></tr><tr><td colspan="1">rate. The difference between the closing rate and the rate at the time of the occurrence or initial</td></tr><tr><td colspan="1">recognition in the latest financial statements of the receivable or payable is recognised in the income</td></tr><tr><td colspan="1">statement under financial income and expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Gross profit</td></tr><tr><td colspan="1">Gross profit comprises the revenue, other operating income and other external costs.</td></tr><tr><td colspan="1">Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken</td></tr><tr><td colspan="1">place before the end of the year and if the income can be determined reliably and inflow is</td></tr><tr><td colspan="1">anticipated. Recognition of revenue is exclusive of VAT and taxes and less any discounts relating</td></tr><tr><td colspan="1">directly to sales.</td></tr><tr><td colspan="1">A contract is split up into individual transactions when the fair value of each individual sales</td></tr><tr><td colspan="1">transaction can be calculated reliably and when each individual sales transaction has a separate</td></tr><tr><td colspan="1">value for the purchaser. Sales transactions are deemed to have a separate value for the purchaser</td></tr><tr><td colspan="1">when the transaction is individually identifiable and is usually sold separately.</td></tr><tr><td colspan="1">Other operating income comprises items of a secondary nature as regards the principal activities of</td></tr><tr><td colspan="1">the enterprise, including profit from the disposal of intangible and tangible assets.</td></tr><tr><td colspan="1">Other external costs comprise costs incurred for distribution, sales, advertising, administration,</td></tr><tr><td colspan="1">premises, loss on receivables, and operational leasing costs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Staff costs</td></tr><tr><td colspan="1">Staff costs include salaries and wages, including holiday allowances, pensions, and other social</td></tr><tr><td colspan="1">security costs, etc., for staff members. Staff costs are less government reimbursements.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Depreciation, amortisation, and writedown for impairment</td></tr><tr><td colspan="1">Depreciation, amortisation, and writedown for impairment comprise depreciation on, amortisation of,</td></tr><tr><td colspan="1">and writedown for impairment of intangible and tangible assets, respectively.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses comprise interest, realised and unrealised capital gains and losses</td></tr><tr><td colspan="1">concerning financial assets and liabilities, amortisation of financial assets and liabilities, additions and</td></tr><tr><td colspan="1">reimbursements under the Danish tax prepayment scheme, etc. Financial income and expenses are</td></tr><tr><td colspan="1">recognised in the income statement with the amounts concerning the financial year.</td></tr><tr><td colspan="1">Tax on net profit or loss for the year</td></tr><tr><td colspan="1">Tax for the year comprises the current income tax for the year and changes in deferred tax and is</td></tr><tr><td colspan="1">recognised in the income statement with the share attributable to the net profit or loss for the year and</td></tr><tr><td colspan="1">directly in equity with the share attributable to entries directly in equity.</td></tr><tr><td colspan="1">The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises.</td></tr><tr><td colspan="1">The current Danish income tax is allocated among the jointly taxed companies proportional to their</td></tr><tr><td colspan="1">respective taxable income (full allocation with reimbursement of tax losses).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement of financial position</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3">Other fixtures and fittings, tools and equipment</td></tr><tr><td colspan="3">Other fixtures and fittings, tools and equipment are measured at cost less accrued depreciation and</td></tr><tr><td colspan="3">writedown for impairment.</td></tr><tr><td colspan="3">The depreciable amount is cost less any expected residual value after the end of the useful life of the</td></tr><tr><td colspan="3">asset. The amortisation period and the residual value are determined at the acquisition date and</td></tr><tr><td colspan="3">reassessed annually. If the residual value exceeds the carrying amount, the depreciation is</td></tr><tr><td colspan="3">discontinued.</td></tr><tr><td colspan="3">If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be</td></tr><tr><td colspan="3">recognised as a change in the accounting estimates.</td></tr><tr><td colspan="3">The cost comprises acquisition cost and costs directly associated with the acquisition until the time</td></tr><tr><td colspan="3">when the asset is ready for use.</td></tr><tr><td colspan="3">The cost of a total asset is divided into separate components. These components are depreciated</td></tr><tr><td colspan="3">separately, the useful lives of each individual components differing, and the individual component</td></tr><tr><td colspan="3">representing a material part of the total cost.</td></tr><tr><td colspan="3">Depreciation is done on a straight-line basis according to an assessment of the expected useful life</td></tr><tr><td colspan="3">and the residual value of the individual assets</td></tr><tr><td /><td>Useful life</td><td>Residual value</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td>Other fixtures and fittings, tools and equipment</td><td>3-5 years</td><td>0%</td></tr><tr><td colspan="3">Minor assets with an expected useful life of less than 1 year are recognised as costs in the income</td></tr><tr><td colspan="3">statement in the year of acquisition.</td></tr><tr><td colspan="3">Profit or loss derived from the disposal of property, land, and equipment is measured as the difference</td></tr><tr><td colspan="3">between the sales price less selling costs and the carrying amount at the date of disposal. Profit or</td></tr><tr><td colspan="3">loss is recognised in the income statement as other operating income or other operating expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Leases</td></tr><tr><td colspan="1">Leases are regarded as operating leases. Payments in connection with operating leases and other</td></tr><tr><td colspan="1">lease agreements are recognised in the income statement for the term of the contract. The company's</td></tr><tr><td colspan="1">total liabilities concerning operating leases and lease agreements are recognised under</td></tr><tr><td colspan="1">contingencies, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Impairment loss relating to non-current assets</td></tr><tr><td colspan="1">The carrying amount of both intangible and tangible fixed assets are subject to annual impairment</td></tr><tr><td colspan="1">tests in order to disclose any indications of impairment beyond those expressed by amortisation and</td></tr><tr><td colspan="1">depreciation respectively.</td></tr><tr><td colspan="1">If indications of impairment are disclosed, impairment tests are carried out for each individual asset or</td></tr><tr><td colspan="1">group of assets, respectively. Writedown for impairment is done to the recoverable amount if this</td></tr><tr><td colspan="1">value is lower than the carrying amount.</td></tr><tr><td colspan="1">The recoverable amount is the higher value of value in use and selling price less expected selling</td></tr><tr><td colspan="1">cost. The value in use is calculated as the present value of the expected net cash flows from the use</td></tr><tr><td colspan="1">of the asset or the asset group and expected net cash flows from the sale of the asset or the asset</td></tr><tr><td colspan="1">group after the end of their useful life.</td></tr><tr><td colspan="1">Previously recognised impairment losses are reversed when conditions for impairment no longer</td></tr><tr><td colspan="1">exist.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Deposits</td></tr><tr><td colspan="1">Deposits are measured at amortised cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost, which usually corresponds to nominal value.In order to</td></tr><tr><td colspan="1">meet expected losses, impairment takes place at the net realisable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Prepayments and accrued income</td></tr><tr><td colspan="1">Prepayments and accrued income recognised under assets comprise incurred costs concerning the</td></tr><tr><td colspan="1">following financial year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash on hand and demand deposits</td></tr><tr><td colspan="1">Cash on hand and demand deposits comprise cash at bank and on hand.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income tax and deferred tax</td></tr><tr><td colspan="1">Current tax liabilities and current tax receivable are recognised in the statement of financial position</td></tr><tr><td colspan="1">as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable</td></tr><tr><td colspan="1">income and for tax paid on account.</td></tr><tr><td colspan="1">The company is jointly taxed with consolidated Danish companies. The current corporate income tax</td></tr><tr><td colspan="1">is distributed between the jointly taxed companies in proportion to their taxable income and with full</td></tr><tr><td colspan="1">distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the</td></tr><tr><td colspan="1">Danish tax prepayment scheme.</td></tr><tr><td colspan="1">Joint taxation contributions payable and receivable are recognised in the statement of financial</td></tr><tr><td colspan="1">position as ”Tax receivables from group enterprises" or “Tax payables to group enterprises”.</td></tr><tr><td colspan="1">According to the rules of joint taxation, TFS Trial Form Support ApS is unlimitedly, jointly, and</td></tr><tr><td colspan="1">severally liable to pay the Danish tax authorities the total income tax, including withholding tax on</td></tr><tr><td colspan="1">interest, royalties, and dividends, arising from the jointly taxed group of companies.</td></tr><tr><td colspan="1">Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on</td></tr><tr><td colspan="1">the statement of financial position. Deferred tax is measured at net realisable value.</td></tr><tr><td colspan="1">Deferred tax is measured based on the tax rules and tax rates applying under the legislation</td></tr><tr><td colspan="1">prevailing in the respective countries on the reporting date when the deferred tax is expected to be</td></tr><tr><td colspan="1">released as current tax. Changes in deferred tax due to changed tax rates are recognised in the</td></tr><tr><td colspan="1">income statement, except for items included directly in the equity.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at</td></tr><tr><td colspan="1">the value at which they are expected to be realisable, either by settlement against tax of future</td></tr><tr><td colspan="1">earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax</td></tr><tr><td colspan="1">assets are measured at net realisable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities other than provisions</td></tr><tr><td colspan="1">Other liabilities concerning payables to suppliers, group enterprises, and other payables are</td></tr><tr><td colspan="1">measured at amortised cost which usually corresponds to the nominal value.</td></tr><tr><td colspan="1">Accruals and deferred income</td></tr><tr><td colspan="1">Payments received concerning future income are recognised under accruals and deferred income.</td></tr><tr><td colspan="1">TFS Trial</td></tr></table> 19049475 20999335 21689 -1971549 164 118828 -2090213 -525427 -1564786 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Statement of changes in equity</b></td></tr><tr><td width="42%" ></td><td width="31%" colspan="1" align="right" valign="middle" ><b>Contributed capital</b></td><td width="26%" colspan="1" align="right" valign="middle" >Retained earnings</td><td width="1%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>All amounts in DKK.</b></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Equity 1 January 2021</td><td width="31%" align="right" valign="middle" > 125.000 </td><td width="26%" align="right" valign="middle" > 4.499.022 </td><td width="1%" align="right" valign="middle" > 4.624.022 </td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Profit or loss for the year brought forward</td><td width="31%" align="right" valign="middle" > - </td><td width="26%" align="right" valign="middle" >- 1.872.419 </td><td width="1%" align="right" valign="middle" >- 1.872.419 </td></tr><tr><td colspan="4"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Equity 1 January 2022</td><td width="31%" align="right" valign="middle" > 125.000 </td><td width="26%" align="right" valign="middle" > 2.626.604 </td><td width="1%" align="right" valign="middle" > 2.751.604 </td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Profit or loss for the year brought forward</td><td width="31%" align="right" valign="middle" > - </td><td width="26%" align="right" valign="middle" >- 1.564.786 </td><td width="1%" align="right" valign="middle" >- 1.564.786 </td></tr><tr><td width="42%" ></td><td width="31%" align="right" valign="middle" > 125.000 </td><td width="26%" align="right" valign="middle" > 1.061.818 </td><td width="1%" align="right" valign="middle" > 1.186.818 </td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Notes</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Staff costs</b></td></tr><tr><td width="54%" ></td><td width="22%" align="right" valign="middle" >2022</td><td width="24%" align="right" valign="middle" >2021</td></tr><tr><td width="54%" colspan="1" align="left" valign="middle" >Salaries and wages</td><td width="22%" align="right" valign="middle" > 18.937.267 </td><td width="24%" align="right" valign="middle" > 16.230.469 </td></tr><tr><td width="54%" colspan="1" align="left" valign="middle" >Pension costs</td><td width="22%" align="right" valign="middle" > 1.855.209 </td><td width="24%" align="right" valign="middle" > 1.247.910 </td></tr><tr><td width="54%" colspan="1" align="left" valign="middle" >Other costs for social security</td><td width="22%" align="right" valign="middle" > 206.859 </td><td width="24%" align="right" valign="middle" > 124.075 </td></tr><tr><td width="54%" ></td><td width="22%" align="right" valign="middle" > 20.999.335 </td><td width="24%" align="right" valign="middle" > 17.602.454 </td></tr><tr><td colspan="3"></td></tr><tr><td width="54%" colspan="1" align="left" valign="middle" >Average number of employees</td><td width="22%" align="right" valign="middle" >26</td><td width="24%" align="right" valign="middle" >21</td></tr></table> 26 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Contingencies</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Contingent liabilities</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Lease liabilities</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company has entered into operational leases for office supplies with monthly lease payments of</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >DKK 5.369. The leases have 39 months to maturity and total outstanding lease payments total DKK</td></tr><tr><td width="100%" align="right" valign="middle" >290379</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Liability regarding office lease amounts to DKK 170.240 equivalent to lease payments for 6 months.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Joint taxation</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >With RF af 20.12.2005 A/S, company reg. no 29211116 as administration company, the company is</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >the other jointly taxed companies, for the total corporation tax.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies,</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >for any obligations to withhold tax on interest, royalties, and dividends.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Consolidated financial statements</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>The company is included in the consolidated financial statements of</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >TFS Trial Form Support International AB</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Medicon Village</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Scheeletorget 1, building 601, 4th floor</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >SE-223 81 Lund</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Sweden</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Other financial costs</b></td></tr><tr><td width="54%" ></td><td width="22%" align="right" valign="middle" >2022</td><td width="24%" align="right" valign="middle" >2021</td></tr><tr><td width="54%" colspan="1" align="left" valign="middle" >Other financial costs</td><td width="22%" align="right" valign="middle" > 118.828 </td><td width="24%" align="right" valign="middle" > 49.612 </td></tr><tr><td width="54%" ></td><td width="22%" align="right" valign="middle" > 118.828 </td><td width="24%" align="right" valign="middle" > 49.612 </td></tr></table> Årsrapport 34209936 Grant Thornton, Statsautoriseret Revisionspartnerselskab Stockholmgade 45 2100 København Ø xWizard version 1.1.1211.0, by EasyX Aps. www.easyx.eu 2021-01-01 2021-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Bassem Radwan Saleh CEO Bassem Radwan Saleh Patrik Darsund Jesper Hjort 15272961 17602454 19093 -2348586 115 49612 -2398083 -525664 -1872419 21 -1564786 -1872419 1788 1788 132773 132773 134561 6756834 7340860 7294 0 55522 11660 984448 15156618 0 15156618 15291179 125000 1061818 1186818 298280 11302231 2454204 49646 14104361 14104361 15291179 23479 23479 188185 188185 211664 4637357 2360533 5084 97619 436114 104511 526812 8168030 496070 8664100 8875764 125000 2626604 2751604 188748 3198559 2722765 14088 6124160 6124160 8875764 TimeVision 38267132 Gert Hunosøe Registered public accountant mne17802 Godkendt Revisionspartnerselskab Park Allé 295 2605 Brøndby