Årsrapport18061635Sønderjyllands Revision, Statsautoriseret revisionsaktieselskabTorvegade, 66330, Padborg2020-01-012020-12-312021-01-012021-12-3134591237Speedware Holding ApSUnder Broen36400Sønderborg2012-06-01Sønderjyllands Revision, Statsautoriseret revisionsaktieselskab18061635Søren KringStatsaut. revisormne31458Torvegade66330PadborgDanmark2022-05-03Karsten RasmussenRegnskabsklasse BErklæring om udvidet gennemgangRevisorgruppen DanmarkanpartshavernePadborg2022-04-21Sønderborg2022-04-21Grundlag for konklusionKonklusion-33530-185000-33530-185000140062757200011810927240001359006383000-5219-1000136422538400011446275720004170000-197402-18800034203962035000342039620350003420396203500042646052191000478651000536255500010149056000352188620910000111000111000263687215070009865729600041700003263529191400024807510600010282710002583571770002583571770003521886209100084030869400092724000Today, the board of directors and the executive board have presented the annual report of Speedware Holding ApS for the financial year 1 January - 31 December 2021. The annual report has been presented in accordance with the Danish Financial Statements Act. We consider the accounting policies appropriate and, in our opinion, the financial statements provide a fair presentation of the company’s assets, equity and liabilities, and financial position at 31 December 2021 and of the company’s results of activities in the financial year 1 January – 31 December 2021. We are of the opinion that the management commentary presents a fair account of the issues dealt with. We recommend that the annual report be approved at the Annual General Meeting. Torben Dueholm RasmussenKarsten Grau RasmussenFredrik Christian ÖsterbergErik Olof DanielssonHans Olof Tommy CarlssonFrederik Christian ÖsterbergKarsten Grau RasmussenTorben Dueholm RasmussenWe have performed an extended review of the financial statements of Speedware Holding ApS for the financial year 1 January - 31 December 2021, which comprise a summary of significant accounting policies, income statement, balance sheet and notes. The financial statements are prepared under the Danish Financial Statements Act. Based on the work performed, in our opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2021 and of the results of the Company's operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises 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 of our report. 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. We believe that the 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 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 opinion on the financial statements. This requires that we plan and perform procedures in order to obtain limited assurance for our opinion on the financial statements and in addition perform specifically required supplementary procedures to obtain further assurance for our opinion. An extended review comprises procedures that primarily consist of making inquiries 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. Statement on the Management’s Review Management is responsible for the Management’s Review. Our opinion on the financial statements does not cover the Management’s Review, and we do not express any form of assurance opinion 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 Statements Act. We did not identify any material misstatement in the Management’s Review. The principal activities of the company Like previous years, the activities consisted in holding companies. Unusual circumstances As the company has not been affected by the closure etc., the financial position and results for the financial year 2021 are not significantly affected by consequences of the corona crisis. Development in activities and financial matters Speedware Holding ApS is the holding company for Speedadmin ApS and PlayAlong AB. As both daughter companies managed to grow on their markets, the management is satisfied with the result in both daughter companies. Income from ordinary activities after tax totals TDKK 1.364 against TDKK 384 last year. The management considers the net profit for the year satisfactory. Equity at 31 December 2021 amounts to TDKK 3.264. Expected developments Economic development in 2022 will depend to a large extent on the type and scale of the restrictions, that the authorities in Denmark maintain or introduce to counter the spread of the coronavirus. The management expects that the company will not be subject to any shutdown, etc., and therefore it is the management's expectation that the company's financial position and results of operations for fiscal year 2022 will not be materially affected by the consequences of the corona crisis. The annual report for Speedware Holding ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in general Income is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, writedowns for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Gross loss Gross loss comprises the revenue, other operating income and external costs. Other external costs comprise costs incurred for administration. Financial income and expenses Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses. Results from equity investment in group companies After full elimination of intercompany profit or loss less amortised consolidated goodwill, the equity investment in the group enterprise is recognised in the income statement as a proportional share of the group enterprises’ post-tax profit or loss. Tax on net profit or loss for the year Tax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity. The parent company and its subsidiaries are subjected to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income. In connection with this, the tax losses from companies that have been able to use this tax loss for their own loss (full allocation with reimbursement of tax losses). Impairment loss relating to non-current assets The carrying amount of equity investment in group companies are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by depreciation. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. Writedown for impairment is done to the recoverable amount if this value is lower than the carrying amount. Investments in group companies Investments in group companies is recognised in the statement of financial position at the proportionate share of the enterprise's equity value. This value is calculated in accordance with the parent's accounting policies. To the extent the equity exceeds the cost, the net revaluation of equity investment in group companies transferred to the reserve under equity for net revaluation according to the equity method. Dividend from group companies expected to be adopted before the approval of this annual report are not subject to a limitation of the revaluation reserve. The reserve is adjusted by other equity movements in group companies. Receivables Receivables are measured at amortised cost, which usually corresponds to nominal value. They are written down to their net realisable value in order to cover expected losses. Cash on hand and demand deposits Cash on hand and demand deposits comprise cash at bank and on hand. Equity Reserve for net revaluation according to the equity method The reserve for net revaluation according to the equity method comprises net revaluation of equity investments in subsidiaries, associates and equity interests proportional to cost. The reserve may be eliminated in the event of losses, realisation of equity investments, or changes in the accounting estimates. The reserve cannot be recognised by a negative amount. Dividend Dividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred tax Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Income tax receivable” or “Income tax payable”. According to the rules of joint taxation, Speedware Holding ApS is proportionally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured using the balance sheet liability method on temporary differences arising between the carrying amount of assets and liabilities for financial reporting purposes and their amounts for tax purposes, based on the expected use of the asset or settlement of the liability. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Liabilities other than provisions Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 2. Contingencies Contingent liabilities Recourse guarantee commitments: The company has guaranteed the bank loans of the group companies. On 31 December 2021, the total bank loans of the group enterprises totalled DKK 0. Joint taxation With Karsten og Torben Holding ApS, company reg. no 41942908 as administration company, the company is subject to the Danish scheme of joint taxation and is proportionally liable for tax claims within the joint taxation scheme. The company is proportionally liable for any obligations to withhold tax on interest, royalties, and dividends of the jointly taxed companies. The liabilities amount to a maximum amount corresponding to the share of the company capital, which is owned directly or indirectly by the ultimate parent company. The total amount due in respect of the joint venture is shown in the annual report of the management company. 345912372021-01-012021-12-31345912372020-01-012020-12-31345912372020-12-31345912372021-12-31345912372021-01-012021-12-311345912372021-01-012021-12-312345912372021-01-012021-12-313345912372021-01-012021-12-314345912372021-01-012021-12-312345912372021-01-012021-12-311345912372021-01-012021-12-313345912372021-01-012021-12-314345912372021-01-012021-12-311345912372021-01-012021-12-31e:ProposedDividendRecognisedInEquityMember345912372020-01-012020-12-31e:ProposedDividendRecognisedInEquityMember345912372021-01-012021-12-31e:ReserveForNetRevaluationAccordingToEquityMethodMember345912372021-01-012021-12-31e:RetainedEarningsMember345912372020-01-012020-12-31e:RetainedEarningsMember345912372020-01-012020-12-31e:ReserveForNetRevaluationAccordingToEquityMethodMemberiso4217:DKK