iso4217:DKKxbrli:pure368992712017-01-012017-12-31368992712017-01-012017-12-311368992712017-01-012017-12-311368992712016-01-012016-12-31368992712017-01-012017-12-31fsa:RetainedEarningsMember368992712016-01-012016-12-31fsa:RetainedEarningsMember368992712017-12-31368992712016-12-31368992712017-01-01fsa:ContributedCapitalMember368992712016-01-01fsa:ContributedCapitalMember368992712017-12-31fsa:ContributedCapitalMember368992712016-12-31fsa:ContributedCapitalMember368992712017-01-01fsa:RetainedEarningsMember368992712016-01-01fsa:RetainedEarningsMember368992712017-12-31fsa:RetainedEarningsMember368992712016-12-31fsa:RetainedEarningsMember368992712017-01-012017-12-31fsa:RetainedEarningsMember368992712016-01-012016-12-31fsa:RetainedEarningsMemberAnnual reportAuditor's report on audited financial statementsfalseReporting class BtruefalsetrueTX Copenhagen ApSSilkegade 171113København KDanmarkDK368992712015-05-20Copenhagen32017-01-012017-12-312016-01-012016-12-312018-03-13Sten SenkelSten SenkelKallermann Revision A/S - statsautoriseret revisionsfirmaStationspladsen1 og 33000HelsingørDanmarkDK30195264Kallermann Revision A/S - statsautoriseret revisionsfirmaStationspladsen 1 og 33000 Helsingør30195264The Executive Board have today considered and approved the annual report for the financial year 1 January - 31 December 2017 for TX Copenhagen ApS.The annual report is presented in accordance with the Danish Financial Statements Act.In my opinion the financial statements give a true and fair view of the Company's financial position at 31 December 2017 and of its financial performance for the financial year 1 January - 31 December 2017.I believe that the management commentary contains a fair review of the affairs and conditions referred to therein.I recommend the annual report for adoption at the Annual General Meeting.Copenhagen2018-01-12To the shareholders of TX Copenhagen ApSWe have audited the Financial Statements of TX Copenhagen ApS for the financial year 1 January - 31 December 2017, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for the Company. The Financial Statements are prepared in accordance with the Danish Financial Statements Act.<br/><br/>In our opinion the Financial Statements give a true and fair view of the Company's financial position at 31 December 2017 and of the result of the Company's operations for the financial year 1 January - 31 December 2017 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements. 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. <br/><br/>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 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 of accounting information taken on the basis of these Financial Statements. <br/><br/>As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: <br/><br/>• Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or<br/> error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is<br/> sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement<br/> resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery,<br/> intentional omissions, misrepresentations, or the override of internal control.<br/><br/>• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are<br/> appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of<br/> the Company’s internal control. <br/><br/>• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates<br/> and related disclosures made by Management. <br/><br/>• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing<br/> the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists<br/> related to events or conditions that may cast significant doubt on the Company’s ability to continue as a<br/> going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our<br/> auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to<br/> modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s<br/> report. However, future events or conditions may cause the Company to cease to continue as a going<br/> concern.<br/><br/>• Evaluate the overall presentation, structure and contents of the Financial Statements, including the<br/> disclosures, and whether the Financial Statements represent the underlying transactions and events in a<br/> manner that gives a true and fair view. <br/><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 Management’s Review. <br/><br/>Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. <br/><br/>In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.<br/><br/>Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. <br/><br/>Based on the work we have performed, we conclude that 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 Management’s Review.Elsinore2018-01-12Peter KallermannState Authorized Public Accountantmne8285The Company’s primary activities are trading with precious metal and services related thereto.The financial report is not affected by uncertainty in recognition and measurement.The result for the year shows a loss of 8.183 DKK, which is considered to be satisfactory. The equity amounts to 55.159 DKK at 31 December 2017.No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.This annual report of TX Copenhagen ApS for 2017 has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with additional choice of a few rules from class C enterprises.The accounting policies applied for these financial statements are consistent with those applied last year.Income is recognised in the income statement when earned, hereunder valuation adjustment concerning financial assets and liabilities. Costs are also recognised in the income statement, hereunder depreciations and amortisations.<br/><br/>Assets 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 Company, and the value of the assets can be measured reliably.<br/><br/>Liabilities are recognised in the balance sheet when the Company 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 Company, and the value of the liabilities can be measured reliably.<br/><br/>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.<br/><br/>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.<br/><br/>Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date or the rate at the balance sheet date are recognised in the income statement as financial income or financial expenses.Revenue deducted other external costs is summarized in the income statement as gross profit according to the rules in the Danish Financial Statements Act, section 32.<br/><br/>Revenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts.Other external expenses comprise expenses for distribution, sale, marketing, administration, premises, bad debts, operational costs etc.These items comprise interest income and expenses, financial costs concerning financial leasing, realised and unrealised capital gains and losses on securities, payables and transactions in foreign currencies, amortisation premium or allowance on mortgage debt etc as well as tax surcharge and tax relief under the Danish Tax Prepayment Scheme.Tax 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. <br/><br/>Current tax liabilities or tax receivables are included in the balance sheet as calculated tax of the year’s taxable income, regulated for paid tax on account.<br/><br/>Deferred tax is recognised on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset.<br/><br/>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.<br/><br/>The Parent Company is jointly taxed with all of its wholly owned Danish subsidiaries. The current Danish income tax is allocated among the jointly taxed companies proportionally to their taxable income. The Parent Company acts as administration company for the jointly taxed companies and manages payment of the tax to the Danish authorities.Securites are measured at fair value at the balance sheet date if they are listed, and measured at estimated fair value, if they are not listed.Tax 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 on equity by the portion attributable to entries directly on equity. The portion of the tax taken to the income statement, which relates to extraordinary profit/loss for the year, is allocated to this entry whereas the remaining portion is taken to the year’s profit/loss from ordinary activities.<br/> <br/>Deferred tax is recognised on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset.<br/><br/>Deferred tax is measured on basis of the tax rules and tax rates which are valid when deferred tax is expected to be current tax. Changes in deferred tax as a consequence of changes in tax rates are recognised in the income statement. The current tax rate is 22 per cent.Other financial liabilities are measured at amortised cost which usually corresponds to nominal value.-5532-58867055144997065846-8183-1028300-8183-10283-8183-102837607600172460172466008351721601596896760159689678000080000-24841-16658551596334280000800008000080000-16658-6375-24841-1665850005625500056255000562560159689678183102830000None.None.