Årsrapport30700228Ernst & Young Godkendt RevisionspartnerselskabOsvald Helmuths Vej 4Postboks 250, 2000 Frederiksberg2015-01-012015-12-312016-07-0727560873Veldhoven Denmark ApSA.P. Møllers Allé 39 A, st. tv.2791Dragør2003-12-15Dragør33170560Nordea Bank DanmarkOsvald Helmuths Vej 42000Frederiksberg2016-07-07Martijn R. A. VeldhovenRegnskabsklasse BRevisionspåtegningGrundlag for konklusion med forbeholdKonklusion med forbehold2016-07-072016-07-07Copenhagen, Martijn R. A. VeldhovenCopenhagen, Henrik ReedtzState Authorised Public Accountant5000025730630145372299015182801737235-1649688-444253600-1649688-4442536-1649688-4442536203579504414203579504414203579504414157711322736207529992713598192783652988503305610034941997254275097475303610785915107255781098949411229992500000500000-54264869-52615181-53764869-5211518103417566463709662592928117267410489647543636334517364754363633451731098949411229992500000-52615181-1649688500000-54264869016856100265874056549500005650305000025730631086321141870043195931853515182801737235500000500000The Executive Board has today discussed and approved the annual report of Veldhoven Denmark ApS for the financial year 1 January - 31 December 2015.The annual report is prepared 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 2015 and of the results of the Company's operations for the financial year 1 January - 31 December 2015.Further, in my opinion, the Management's review gives a fair review of the matters discussed in the Management's review.I recommend that the annual report be approved at the annual general meeting.To the shareholders of Veldhoven Denmark ApSWe have audited the financial statements of Veldhoven Denmark ApS for the financial year 1 January - 31 December 2015, which comprise an 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.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.Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulations. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company's preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.We were unable to obtain sufficient appropriate audit evidence about the Company’s VAT receivable at 31 December 2015. Accordingly, we were unable to confirm or verify the completeness and existence of other receivables of DKK 249 thousand. As a result of these matters, we were unable to determine whether any adjustments may have been necessary in respect of recorded or unrecorded VAT receivables and the related effect on gross profit/loss for 2015 as well as the implications on the statement of changes in equity. Our auditors' report on the financial statements for 2013 included a qualification regarding the measurement of the Company's trade receivables which, in our opinion, had been overstated by DKK 1,500 thousand. Consequently, our auditors' report on the financial statements for 2015 also included a qualification regarding the impact of the above on the comparative figures in the income statement for 2014.Qualified opinion In our opinion, except for the possible effects regarding the completeness and existence of other receivabels and the effect on the comparative figures in the income statement referred to in the paragraph 'Basis for qualified opinion', the financial statements give a true and fair view of the Company's financial position at 31 December 2015 and of the results of its operations for the period 1 January - 31 December 2015 in accordance with the Danish Financial Statements Act.Without qualifying our opinion, we wish to draw attention to note 2 to the financial statements, which describes that the Company's operations and negative shareholders equity are being financed via intra-group loans and that the Company's parent Company has issued a letter of financial support undertaking to provide the Company with financial support to meet its obligations as they fall due until 1 June 2017.The Company has not filed a correct basis for VAT returns with the relevant authorities in due time. As a result, Management may be held liable. Management has not complied with its obligations under the Danish Companies Act to convene a general meeting within six months after the Company's capital loss has been recorded and to give an account of the Company’s financial position and, if required, propose any appropriate measures to be taken. Management may be held liable in this respect. As the Company's annual report was not submitted within the deadlines stipulated in the Danish Financial Statements Act, Management may be held liable.Pursuant to the Danish Financial Statements Act, we have read the Management's review. We have not performed any other procedures in addition to the audit of the financial statements. On this basis, it is our opinion that the information provided in the Management's review is consistent with the financial statements.The main objective of the Company is to carry on wholesaling of women's fashion and related activities, including retail shops.Going concern The Company's has losts its share capital and shareholder's equity is negative by DKK 54 million at 31 December 2015, and the Company's operations are financed fully through intra-group loans from, Veldhoven B.V. The Company's parent, Veldhoven International AG, has issued a letter of financial support, dated 22 June 2016, undertaking to provide the Company with financial support to meet its obligations as they fall due until 1 June 2017. On this basis, Management has presented the financial statements on a going concern assumption.The income statement for 2015 shows a loss of DKK 1,649,688 against a loss of DKK 4,442,536 last year, and the balance sheet at 31 December 2015 shows negative equity of DKK 53,764,869. Beside the matters referred to in the section "Going concern" above, no events have occurred subsequent to the balance sheet date which could significantly affect the Company's financial position.The annual report of Veldhoven Denmark ApS for 2015 has been prepared in accordance with the provisions applying to reporting class B enterprises under the Danish Financial Statements Act.The accounting policies applied by he Company are consistent with those of last year.Income from the sale of goods for resale and finished goods is recognised in revenue once the risk passes to the buyer. VAT, indirect taxes and discounts are excluded from revenue. Revenue is measured at fair value of the agreed consideration exclusive of VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Gross profit/loss With reference to section 32 of the Danish Financial Statements Act, the items 'Revenue', 'Costs of sale', 'Other external expenses' and 'Other operating income' are consolidated into one item designated 'Gross profit/loss'.Other external expenses include expenses related to distribution, sale, advertising, administration, premises, bad debts, lease payments under operating leases, etc.Financial income and expenses are recognised in the income statement at the amounts that relate to the reporting period. Net financials include interest income and expenses, realised and unrealised capital and exchange gains and losses on foreign currency transactions.Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments less the share of the tax for the year that concerns changes in equity. Current and deferred taxes related to items recognised directly in equity are taken directly to equity.Receivables are measured at amortised cost, which usually corresponds to the nominal value, less provisions for impairment losses. An impairment loss is recognised if there is objective indication that a receivable or a group of receivables is impaired. If there is objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Write-downs are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received.Prepayments comprise prepaid expenses regarding subsequent financial reporting years.Cash comprise cash and short-term marketable securities which are subject to an insignificant risk of changes in value.Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Provisions for deferred tax are calculated at 25% of all temporary differences between carrying amounts and tax values, with the exception of temporary differences occurring at the time of acquisition of assets and liabilities neither affecting the results of operations nor the taxable income, and temporary differences on non-amortisable goodwill. Deferred tax assets are recognised at the value at which they are expected to be utilised, either through elimination against tax on future earnings or a set-off against deferred tax liabilities.Financial liabilities, comprising trade payables, payables to group entities and other payables, are measured at net realisable value.The Company's has losts its share capital and shareholder's equity is negative by DKK 54 million at 31 December 2015, and the Company's operations are financed fully through intra-group loans from, Veldhoven B.V. The Company's parent, Veldhoven International AG, has issued a letter of financial support, dated 22 June 2016, undertaking to provide the Company with financial support to meet its obligations as they fall due until 1 June 2017. On this basis, Management has presented the financial statements on a going concern assumption. Beside the matters referred to in note 2 above, no events have occurred subsequent to the balance sheet date which could significantly affect the Company's financial position.The Company's share capital has remained DKK 500,000 over the past 5 years. Other rent and lease liabilities: Rent and lease liabilities 0 227,843 275608732015-01-012015-12-31275608732014-01-012014-12-31275608732014-12-31275608732015-12-31275608732015-12-311275608732015-01-012015-12-311275608732015-01-012015-12-311275608732015-01-012015-12-31d:RetainedEarningsMember275608732014-01-012014-12-31d:RetainedEarningsMember275608732015-01-01d:ContributedCapitalMember275608732015-12-31d:ContributedCapitalMember275608732015-01-01d:RetainedEarningsMember275608732015-01-012015-12-31d:RetainedEarningsMember275608732015-12-31d:RetainedEarningsMember275608732014-12-311iso4217:DKK