Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Bavnehøjvej 5 6700 Esbjerg 2024-01-01 2024-12-31 2023-01-01 2023-12-31 71361411 Tanaco Danmark A/S Glentevej 11 6705 Esbjerg Ø 1982-12-22 Esbjerg EY Godkendt Revisionspartnerselskab 30700228 Bavnehøjvej 5 6700 Esbjerg 2025-06-24 Henrik Rene Raarup Regnskabsklasse B Erklæring om udvidet gennemgang Grundlag for konklusion Konklusion true true 2025-06-24 2025-06-24 CaseWare Working Papers Esbjerg Henrik Rene Raarup Jean-Francois Bouveyron Chairman Claire Elizabetch Larcombe Henrik Rene Raarup Esbjerg Mads Klausen State Authorised Public Accountant mne46588 9754200 8345999 8266801 9726544 710989 914837 776410 -2295382 220559 -171647 23522 86591 260337 65563 760154 -2446001 0 0 760154 -2446001 220559 -171647 539595 -2274354 468230 1025327 468230 1025327 34678 60915 34678 60915 320616 100057 320616 100057 823524 1186299 5103194 5101325 5103194 5101325 4711359 4078578 900786 98588 35426 93923 5647571 4271089 6532 53182 10757297 9425596 11580821 10611895 500000 500000 240616 20057 1901147 1361552 2641763 1881609 300000 0 300000 0 1450566 1788495 5869338 5625309 1319154 1316482 8639058 8730286 8639058 8730286 11580821 10611895 500000 191704 3635906 -171647 -2274354 500000 20057 1361552 220559 539595 500000 240616 1901147 8119149 9106863 31992 472796 115660 146885 8266801 9726544 15 18 18844 77474 4678 9117 193060 7188 67277 58375 4380245 127654 4507899 3354918 684751 4039669 468230 789334 789334 728419 26237 754656 34678 80000 80000 20057 180145 40414 240616 320616 Tanaco Production ApS Esbjerg, Denmark 100 Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Tanaco Danmark A/S for the financial year 1 January - 31 December 2024. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024. 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. To the shareholder of Tanaco Danmark A/S We have conducted an extended review of the financial statements of Tanaco Danmark A/S for the financial year 1 January - 31 December 2024, which comprise 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 we have performed, in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We conducted our extended review in accordance with the Danish Business Authority's standard on extended review for Small entities 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 responsibilities for the extended review of the financial statements" section. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Independence 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. 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. Our responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures to obtain limited assurance for our conclusion on the financial statements and perform specifically required supplementary procedures to obtain additional assurance for our conclusion. An extended review comprises procedures that primarily consist of making enquiries of Management and others within the Company, as appropriate, analytical procedures and the specifically required supplementary procedures as well as evaluation of 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 the financial statements. 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. The principal activity of the Company is the supply and distribution of pest control products into the Nordic professional pest control and retail markets. The income statement for 2024 shows a profit of DKK 760,154 against a loss of DKK 2,446,001 last year, and the balance sheet at 31 December 2024 shows equity of DKK 2,641,763. Management considers the Company's financial performance in the year satisfactory. Financing The Company is a sales company within the Pelsis Group. Due to integration with the Pelsis Group, the Company is primarily financed by and embedded in the overall financing arrangements of the Pelsis Group. Similar to previous years, the parent company has confirmed that Pelsis Holding (UK) Limited will continue to make financial resources available to the Company in order for the Company to meets its financial and contractual obligations as they fall. This includes that Pelsis Holding (Limited) does not require repayment of any intercompany loans for a period of at least 12 months from approval of the financial statements for 2024. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. The Company's share capital has remained DKK 500,000 in the past 5 years. The annual report of Tanaco Danmark A/S for 2024 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. Pursuant to section 110(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currency The financial statements are presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate 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 and payables and other monetary items denominated in foreign currencies are translated at the exchange rate 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 most recent financial statements is recognised in the income statement as financial income or financial expenses. The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition. Income from the sale of finished goods is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms® 2020. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. The items revenue, cost of sales, other operating income and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. Other operating income comprise items secondary to the principal activities of the Company, including group recharges, rental income, compensation, government grants, refund of wages and salaries, gains on the disposal of intangible assets and property, plant and equipment, etc. Compensation and grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received. Cost of sales includes the cost of goods used in generating the year's revenue. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. The item comprises amortisation/depreciation of intangible assets and property, plant and equipment. Acquired intangible assets: The basis of amortisation, which is calculated as cost less any residual value, is amortised on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows: Acquired intangible assets 3-10 years Aquired intangible assets comprise acquired licenses and software. Property, plant and equipment: The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows: Fixtures and fittings, other plant and equipment 3-5 years Leasehold improvements 5 years The income statement includes the proportional share of the underlying companies' profit or loss after elimination of internal profit/loss and after tax. In group entities, the full elimination of internal profit and loss is carried out without regard to ownership shares. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. The Company and its Danish group entities are jointly taxed. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption). Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Other intangible assets includes acquired intangible rights, including software licences and distribution rights. Other intangible assets are measured at cost less accumulated amortisation and impairment losses. Property, plant and equipment Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use. Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. The Company has chosen IAS 17 as interpretation for classification and recognition of leases. Leases that do not transfer substantially all the risks and rewards incident to the ownership to the Company are classified as operating leases. Payments relating to operating leases and any other rent agreements are recognised in the income statement over the term of the lease. The Company's aggregate liabilities relating to operating leases and other rent agreements are disclosed under "Contingent liabilities". Equity investments in subsidiaries are measured according to the equity method. On initial recognition, equity investments in subsidiaries are measured at cost, i.e. plus transaction costs. The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies less or plus unrealised intra-group gains/losses. Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies for the assets and liabilities to which they can be attributed. Negative goodwill is recognised in the income statement. Dividend received is deduced from the carrying amount. Equity investments in group entities measured at net asset value are subject to impairment test requirements if there is any indication of impairment. The carrying amount of intangible assets, property, plant and equipment and investments in subsidiaries is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables. Receivables are measured at amortised cost, usually equalling nominal value less writedowns for expected losses. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value. Given the nature of the Group's cash pool arrangement, cash pool balances are not considered cash, but are recognised under "Receivables from group entities". Reserve for net revaluation according to the equity method The net revaluation reserve according to the equity method includes net revaluations of investments in subsidiaries relative to cost. The reserve can be eliminated in case of losses, realisation of investments or a change in accounting estimates. The reserve cannot be recognised at a negative amount. Proposed dividends Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Provisions comprise anticipated expenses relating to comitted return allowances. Provisions are recognised when the Company has a legal or constructive obligation at the balance sheet date as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Provisions are measured at net realisable value or at fair value if the obligation is expected to be settled far into the future. Other payables Other payables are measured at net realisable value. The Company is a sales company within the Pelsis Group. Due to integration with the Pelsis Group, the Company is primarily financed by and embedded in the overall financing arrangements of the Pelsis Group. Similar to previous years, the parent company has confirmed that Pelsis Holding (UK) Limited will continue to make financial resources available to the Company in order for the Company to meets its financial and contractual obligations as they fall. This includes that Pelsis Holding (Limited) does not require repayment of any intercompany loans for a period of at least 12 months from approval of the financial statements for 2024. Other contingent liabilities As management company, the Company is jointly taxed with other Danish group entities and is jointly and severally liable for payment of income taxes, as well as withholding taxes on interest, royalties and dividends falling due for payment. Rent obligations include a rent obligation totalling DKK 256 thousand with remaining contract terms of 6 months. Further, the Company has liabilities under operating leases for cars and IT equipment, totalling DKK 418 thousand, with remaining contract terms of 1-3 years. The Company has not provided any security or other collateral in assets at 31 December 2024. 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