27976468 2023-01-01 2023-12-31 27976468 2023-01-01 2023-12-31 1 27976468 2023-01-01 2023-12-31 2 27976468 2022-01-01 2022-12-31 27976468 2023-01-01 2023-12-31 fsa:DistributionAfterAttributableToMinorityInterestMember 27976468 2022-01-01 2022-12-31 fsa:DistributionAfterAttributableToMinorityInterestMember 27976468 2023-12-31 27976468 2022-12-31 27976468 2022-12-31 fsa:ContributedCapitalMember 27976468 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 27976468 2023-12-31 fsa:ContributedCapitalMember 27976468 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 27976468 2023-01-01 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 27976468 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 27976468 2022-12-31 fsa:RetainedEarningsMember 27976468 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 27976468 2023-12-31 fsa:RetainedEarningsMember 27976468 2023-01-01 2023-12-31 1 27976468 2023-01-01 2023-12-31 1 27976468 2023-01-01 2023-12-31 2 27976468 2023-01-01 2023-12-31 3 iso4217:DKK xbrli:pure Steen Overgaard Sørensen Climatic A/S Skelstedet 13 2950 Vedbæk 27976468 Rudersdal Strandvejen 44 2900 Hellerup Board Member Board Member CEO Michael Gaarmann Erik Koch Boyter Steen Overgaard Sørensen Erik Koch Boyter Chairman The Board of Directors and the Executive Board have today considered and approved the annual report of Climatic A/S for the financial year 01.01.2023 - 31.12.2023.The annual report is presented in accordance with the Danish Financial Statement Act.In our opinion, the financial statements give a true and fair view of the Entity's financial position at 31.12.2023 and the result of its operations for the financial year 01.01.2023-31.12.2023.We belive that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting. Vedbæk, Our responsibility is to express a conclusion on the Financial Statements. This requires that we plan and perform procedures to obtain limited assurance in respect of our conclusion on the Financial Statements and, moreover, that we perform supplementary procedures specifically required to obtain additional assurance in respect of our conclusion.An extended review consists of making inquiries, primarily of Management and others within the enterprise, as appropriate, and applying analytical procedures and the supplementary procedures specifically required as well as assessing the evidence obtained.An extended review is less in scope than an audit and, consequently, we do not express an audit opinion on the Financial Statements. 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 ”Practitioner'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 conclusion. To the shareholder of Climatic A/S We have performed an extended review of the Financial Statements of Climatic A/S for the financial year 1 January - 31 December 2023, which comprise income statement, balance sheet, statement of changes in equity, and notes, including a summary of significant accounting policies. The Financial Statements are prepared in accordance with the Danish Financial Statements Act.Based on the work performed, in our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2023 and of the results of the Company operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act. 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.Management is responsible for Management’s Review.Our opinion on the Financial Statements does not cover 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 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 extended review, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financials Statements Act.Based on the work we have performed, in our view, 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 Management’s Review. Hellerup, Christian Møller Gyrsting PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Rebin Menmi mne44111 State Authorised Public Accountant mne49873 33771231 Primary ActivitiesThe primary activity of Climatic A/S is to sell, project, mount and service turnkey, access and anti-fall equipment. Solutions comprise mainly of hardware. Climatic A/S are selling the solutions primarily to the Danish market, with some export sale to selected markets. Development in activities and financesLoss for the year after tax amounts to DKK -0.4m against profit of DKK -0.3m in 2022.The financial performance 2023 has been affected by several elements/events:•The acquisition by WindowMaster A/S by 1st of January 2021 was a significant action to pursue the strategic ambitions in the Nordic region. The aim is to get more synergies on resources and support from a well-functioning group to execute projects including the option to do cross selling – as many of the customers are the same. •Full implementation of platform from WindowMaster to support the sales development in Climatic A/S has contributed positively in 2023. Both within marketing, lead-generation and in execution have benefited the sales – based on the knowledge from WindowMaster. Under the above mentioned circumstances, the result of the year is considered satisfactory.OutlookIt is Management’s expectation that profit for 2024, from ordinary activities, will exceed the level of 2023. And is expected to reach between 0.5m to 1.0m dkk in 2024. Growth is generated by general market growth on existing markets due to a solid setup within the WindowMaster Group.Particular risksThe Company is affected by building life cycles on the Danish market as well as the selected Export markets.The Company has not significant risks relating to individual customers or cooperative partners other than the usual business risks as well as generally occurring customer/supplier relationships.The Company is reviewing all potential actions to accommodate these risks and has established corrective actions to secure that the supply chain is up and running with limited interruptions in deliveries to end customers. Events after the balance sheet dateAside from the above mentioned, no events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 3395906 2283911 3055980 2084831 583090 459728 -243164 -260648 20314 373 279946 66577 -502796 -326852 -98434 -71826 -404362 -255026 -404362 -255026 -404362 -255026 0 20000 374137 374137 374137 394137 528758 515699 1231600 588942 0 0 1760358 1104641 123763 73763 123763 73763 112643 14210 2370901 1586751 1651451 1234557 1651451 1234557 3657871 1202272 201714 186921 0 6843548 6900 0 35883 24109 3902368 8256850 589151 546088 6142970 10037495 8513871 11624246 3230000 3230000 291827 291827 -944874 -540512 2576953 2981315 823802 389579 340332 451063 1164134 840642 0 1018871 440056 210152 15222 2197 1425868 16993 715155 825148 581529 4673569 0 165591 1594954 889768 4772784 7802289 5936918 8642931 8513871 11624246 3230000 291827 -532097 0 0 -8415 -8415 0 0 -404362 3230000 291827 -944874 2981315 3230000 291827 -540512 2023 2022DKK DKKStaff costsWages and salaries 2.843.140 1.838.713Pension cost 182.169 207.712Other social security cost 30.671 38.4063.055.980 2.084.831Remuneration of management is not disclosed due to the use of the one-member exception. The Board of Directors is not remunerated. 5 6 Other financial expensesFinancial expenses arising from group enterprises 6.468 23.568Other financial expenses 273.478 43.009279.946 66.577 Tax on profit/loss for the yearCurrent tax 0 0Changes in deferred tax -98.434 -71.826-98.434 -71.826 Development projects in progressGoodwillDKK DKKIntangible assetsCost beginning of year 374.137 50.000Additions 0 0Cost end of year 374.137 50.000Amortisation and impairment losses beginning of year 0 -30.000Amortisation for the year 0 -20.000Amortisation and impairment losses end of year0 -50.000Carrying amount end of year 374.137 0The aim of development projects is to further develop the Company's products. During the financial year, the Company has completed a series of projects. It is expected that the development projects in progress are completed within 1 - 3 years. Other fixtures and fittings, Leasehold tools and improve-equipmentmentsDKK DKKProperty, plant and equipmentCost beginning of year 1.218.653 113.415Additions 277.446 0Disposals 0 -113.415Cost end of year 1.496.099 0Depreciation and impairment losses beginning of year -702.954 -113.415Deprciation for the year -264.387 0Reversal regarding disposals 0 113.415Depreciation and impairment losses end of year -967.341 0Carrying amount end of year 528.758 02023 2022Right-of-use-assets DKK DKKBuildings 183.281 288.013Vehicles 711.397 237.737Other 336.922 63.192Total right-of-use-assets 1.231.600 588.942Additions to the right-of-use-assets during the 2023 financial year were 888,790 DKK (2022: 284,676 DKK).Lease liabilitiesCurrent 440.056 210.152Non-current 823.802 389.579Total lease liabilities 1.263.858 599.731The statement of profit and loss shows the following amount related to leases:Depreciation charge of right-to-use-assetsBuildings 104.732 104.732Vehicles 155.518 34.314Other 38.453 4.213Total depreciation charge of right-to-use-assets 298.703 143.259Interest expenses (included in finance expense) 46.388 13.131Expenses relating to leases of low-value assets (included in external costs)0 0Expenses relating to variable lease payments not included in lease liabilities (included in external costs)0 0 Contract work in progressSales value of production of the period 3.547.076 3.312.043Payments received on account -4.771.230 -3.142.115-1.224.154 169.928Recognised as follows in the balance sheet:Contract work in progress under assets 201.714 186.921Contract work in progress under liabilities -1.425.868 -16.993-1.224.154 169.928 Deferred taxIntangible assets -82.310 -84.823Property, plant and equiment 23.340 11.731Lease liabilities less right-to-use-assets 2.374 2.374Receivables -258.970 -156.582Tax losses carried forward 428.209 241.510112.643 14.210 2023 2022DKK DKKOther short-term payablesVAT and duties 804.702 420.345 Wages and salaries, personal income taxes, social security costs, 377.951 300.574 etc payableHoliday pay obligation 194.863 74.409 Other costs payable 217.438 94.440 1.594.954 889.768 Due after Due within 1 Due within 2-more than 5 year5 yearsyearsDKK DKK DKKLiabilities other than provisionsOther payables 0 114.025 226.3070 114.025 226.307Other payables consists of long-term holdiday pay obligations and postponed salary taxes. 10Contingent liabilitiesThe Group participates in a Danish joint taxation arrangement with Berkshire Boyter Holding ApS serving as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act. the total known net liabilities of the jointly taxed companies in the joint taxation are shown in the management company's annual accounts.There are provided guarantees on performed work at DKK 234,025 (2022: DKK 388,871) 11Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group: WindowMaster International A/S, Skelstedet 13, 2950 Vedbæk true Adoption of IFRS standardsRevenueThe Company has decided to adopt IFRS 15 Revenue from Contracts with Customers for the financial year ending 31 December 2022 as permitted under the Danish Financial Statements Act. This is a change of the Company's accounting policies as revenue was previously recognised and measured in accordance with the general requirements in the Danish Financial Statements Ast. Due to the change of accounting policies the comparative figures has been adjusted to give the financial statement a true and fair view.The adoption of IFRS 15 have had no effect on the profit and loss or equity.LeasesThe Company has decided to adopt IFRS 16 Leases for the financial year ending 31 December 2022 as permitted under the Danish Financial Statements Act. This is a change of the Company's accounting policies as leases was previously recognised and measured in accordance with the general requirements in the Danish Financial Statements Ast. Due to the change of accounting policies the comparative figures has been adjusted to give the financial statement a true and fair view.The adoption of IFRS 16 have had a negative effect on the restated profit and loss for 2022 of DKK 8,415. The restated profit and loss equals DKK -255,026 (2022 before IFRS adoption DKK -246,611). The adoption of IFRS 16 have had an effect on the assets and liabilities of DKK 591,316.Company accounting policiesRecognation and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item.Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance date are considered at recognition and measurement.Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Income statementGross profit or lossGross profit or loss comprises revenue, cost of sales and external expenses.Staff CostsStaff costs comprise salaries and wages as well as social security contributions, pension contributions, etc for entity staff.Depreciation, amortisation and impairment lossesDepreciation relating to tangible assets comprise depreciation and impairment losses for the financial year, as well as gains and losses from the sale of tangible assets.Other financial incomeOther financial income comprises interest income or exchange gains on payables and transactions in foreign currencies etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises or exchange losses on payables and transactions in foreign currencies etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.BalanceGoodwillGoodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. Useful life is determined based on an assessment of whether the enterprises are strategically acquired enterprises with a strong market position and a long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary nature that cannot be separated and recognised as separate assets. If the useful life cannot be estimated reliably, it is fixed at 10 years. Useful lives are reassessed annually. The amortisation period is 5 years.Goodwill is written down to the lower of recoverable amount and carrying amount.Development projectsCosts associated with research are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the group are recognised as intangible assets where the following criteria are met: - it is technically feasible to complete the software so that it will be available for use - management intends to complete the software and use or sell it - there is an ability to use or sell the software - it can be demonstrated how the software will generate probable future economic benefits - adequate technical, financial and other resources to complete the development and to use or sell the software are available, and - the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalised as part of a development project include employee costs and an appropriate portion of relevant overheads.Capitalised development costs are amortised from the point at which the asset is ready for use.Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation.The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Other fixtures and fittings, tools and equipment 3-5 yearsEstimated useful lives and residual values are reassessed annually.Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists of costs of raw materials, consumables, direct labour costs and indirect production costs. Indirect production costs comprise indirect materials and labour costs, costs of maintenance, depreciation of machinery, factory buildings and equipment used in the manufacturing process, and costs of factory administration and management. Financial costs are not included in cost.The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale.Contract assetsContract assets are measured at the selling price of the work carried out at the balance date.The selling price is measured based on the stage of completion and the total estimated income from the individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total budgeted consumption of resources.If the selling price of a project in progress cannot be made up reliably, it is measured at the lower of costs incurred and net realisable value.Each contract in progress is recognised in the balance sheet under receivables or liabilities other than provisions, depending on whether the net value, calculated as the selling price less prepayments received, is positive or negative.Costs of sales work and of securing contracts as well as financecosts are recognised in the income statement as incurred.Trade receivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.Other receivablesOther receivables consist of accrual accounting, deposits and other accounts receivable.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.DividendDividend is recognised in the balance sheet as a liability when adopted at the annual general meeting. Proposed but not yet paid dividend for the financial year is recognised in equity until approved by the shareholders at the general meeting.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset or the planned settlement of each liability. Deferred tax assets, including the tax base of tax loss carry forwards, 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.CashCash comprises cash in hand and bank deposits.ProvisionsOther provisions comprise anticipated costs of non-recourse guarantee commitments and loss on contract work in progress.Other provisions are recognised and measured as the best estimate of the expenses required to settle the liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the balance sheet date are measured at their discounted value.Non-recourse guarantee commitments comprise commitments to remedy defects and deficiencies within the guarantee period.Once it is probable that total costs will exceed total income from a contract in progress, provision is made for the total loss estimated to result from the relevant contract.Trade and other payablesThese amounts represent liabilities for goods and services provided to the group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.BorrowingsBorrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Income tax receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax calculated on this year's taxable income, adjusted for prepaid tax.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. true Annual report Auditor's report on extended review ParsePort XBRL Converter 2023-01-01 2023-12-31 2022-01-01 2022-12-31 2024-06-17 Reporting class B 2024-06-17 27976468 Climatic A/S Skelstedet 13 2950 Vedbæk Opinion Basis for Opinion 2024-06-17 State Authorised Public Accountant 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup