284977922017-07-012018-06-30284977922017-07-012018-06-30Direktionsmedlem 01284977922017-07-012018-06-30Bestyrelsesmedlem 1284977922017-07-012018-06-30Bestyrelsesmedlem 2284977922018-06-30284977922017-06-30284977922016-07-012017-06-30284977922017-06-30fsa:LongtermDebtToBanksMember284977922017-07-012018-06-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember284977922016-07-012017-06-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember284977922017-07-012018-06-30fsa:RetainedEarningsMember284977922016-07-012017-06-30fsa:RetainedEarningsMember284977922017-07-012018-06-30fsa:RetainedEarningsMember284977922016-07-012017-06-30fsa:RetainedEarningsMember284977922017-07-012018-06-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember284977922016-07-012017-06-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember284977922018-06-30fsa:ContributedCapitalMember284977922017-06-30fsa:ContributedCapitalMember284977922018-06-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember284977922017-06-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember284977922018-06-30fsa:RetainedEarningsMember284977922017-06-30fsa:RetainedEarningsMember284977922017-07-012018-06-30fsa:ParentOfSmallestGroupInWhichReportingEntityIsSubsidiaryMember284977922018-06-30fsa:FixturesFittingsToolsAndEquipmentMember284977922017-06-30fsa:FixturesFittingsToolsAndEquipmentMember284977922017-06-30fsa:LeaseholdImprovementsMember284977922017-06-30fsa:AcquiredLicencesMember284977922018-06-30fsa:InvestmentsInGroupEnterprisesMember284977922017-06-30fsa:InvestmentsInGroupEnterprisesMember284977922017-07-012018-06-30Revisionsvirksomhed 01284977922017-07-012018-06-30Revisionsvirksomhed 01 - Revisor 01284977922018-06-30fsa:DepositsLongtermInvestmentsAndReceivablesMember284977922017-06-30fsa:DepositsLongtermInvestmentsAndReceivablesMemberiso4217:DKKpureThe Company’s primary activity consists of commercial and investing activities as well as related activities. Gross profit for the year amounts to DKK 21,673k against DKK 16,164k last year. Profit from ordinary activities after tax amounts to DKK 1,734k against DKK 2,710k last year. Management considers profit for the year satisfactory. The Company is expected to be closed in the next financial year. All of the activities have been transferred to another Company in group.No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.Allan Træholt AndersenThe Board of Directors and the Executive Board have today considered and approved the annual report of GHD Scandinavia ApS for the financial year 01.07.2017 - 30.06.2018.The annual report is presented in accordance with the Danish Financial Statements Act. We recommend the annual report for adoption at the Annual General Meeting. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. Michael Joseph HewettAllan Træholt Andersen743441970422713576005787261825238755123004812541427783406388654632887942275092767922917313561872095650541306748576661501731907096844671295335760057872618317133580196182157681236448251500152171489108483867186881981056968723007550007311724977691281714547962323203179241243373949908723247069100031200033292368082282092746609238211104511216727581616414013581632008652217806731873111786712912338840511244559815133780147822751011702471Assets 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 sheet 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.Intellectual property rights etc comprise acquired intellectual property rights. Intellectual property rights acquired are measured at cost less accumulated amortisation. Software are amortised over the term of the agreement, but over no more than 4 years. Plant and machinery as well as other 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. For assets held under finance leases, cost is the lower of the asset’s fair value and present value of future lease payments. 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: Cars 3-5 years Other fixtures and fittings, tools and equipment 4-5 years Leasehold improvements 5 years For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed the contract period. Estimated 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. Inventories are measured at the lower of cost using the weighted average prices method and net realisable value. Cost consists of purchase price plus delivery costs. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale. Receivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts. 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. 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. Current tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid taxPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. Cash comprises cash in hand and bank deposits. Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Other external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets. Income from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses. Other financial income from group enterprises comprises interest income etc on receivables from group enterprises. Other financial income comprises interest income, including tax relief under the Danish Tax Prepayment Scheme etc. Other financial expenses comprise interest expenses, including tax surcharge under the Danish Tax Prepayment Scheme etc. 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. Staff costs comprise salaries and wages as well as social security contributions, pension contributions, etc for entity staff. Amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment comprise amortisation, depreciation and impairment losses for the financial year, calculated on the basis of the residual values and useful lives of the individual assets and impairment testing as well as gains and losses from the sale of intangible assets as well as property, plant and equipment. 55000478179480054-34000-230028150015217128497792GHD Scandinavia ApSBrøndby2018-11-30 Allan Træholt Andersen In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 30.06.2018 and of the results of its operations for the financial year 01.07.2017 - 30.06.2018.2018-11-30Viby JGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, own work capitalised, other operating income, cost of raw materials and consumables and external expenses. Changes in inventories of finished goods and work in progress comprise decreases or increases for the financial year in inventories of finished goods. This item includes ordinary writedowns of such inventories. The Entity serves as the administration company in a Danish joint taxation arrangement. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for these entities.Collateral security provided for subsidiaries and other group enterprises The Entity has guaranteed the subsidiaries’ (GHD Sverige AB) bankdebt. 33963556Deloitte Statsautoriseret RevisionspartnerselskabWeidekampsgade 0900 København C413067485783934038865463288794221890205017677449125000125000772770967768591104934110775590127521563228685000119000119021551328623007186881981054668017338882709557192631641374894810514314065404441794777549508501134813783038157474417338882709557-50928795085011348137830381574744125000125000772770967768591104934110775590Jemella Group Ltd., Leeds, England. 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity 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 taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit 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 Entity’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. 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. We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board of 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 requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We have audited the financial statements of GHD Scandinavia ApS for the financial year 01.07.2017 - 30.06.2018, which comprise the 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. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 30.06.2018 and of the results of its operations for the financial year 01.07.2017 - 30.06.2018 in accordance with the Danish Financial Statements Act. Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the management commentary 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 of the management commentary. Other provisions comprise anticipated costs of non-recourse guarantee commitments. 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. Årsrapport748576661501731904130670968446712953Regnskabsklasse BTo the shareholders of GHD Scandinavia ApSCopenhagen2018-11-30Kirkebjerg Parkvej92605BrøndbyWeidekampsgade60900København C337575329318Revisionspåtegning17338882709557The accounting policies applied to these financial statements are consistent with those applied last year. Investments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value plus or minus unamortised goodwill and plus or minus unrealised intra-group profits or losses. Group enterprises with negative equity value are measured at DKK 0. Any receivables from these en-terprises are written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation is imminent, a provision is recognised that is measured at present value of the costs deemed necessary to incur to settle the obligation. Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to Reserve for net revaluation according to the equity method under equity. State Authorised Public AccountantJan Larsen36 10 20 302017-07-012018-06-302017-06-302016-07-01mne1654133757532931833963556Deloitte Statsautoriseret Revisionspartnerselskab