Årsrapport16119040BUUS JENSEN, Statsautoriserede revisorerLersø Parkalle, 1122100, København Ø2013-11-012014-12-312015-04-2035524363Parsifal Services ApSStrandvejen602900Hellerup2013-11-01Hellerupwww.parsifalservices.dkBUUS JENSEN, Statsautoriserede revisorer16119040Ulrik Nørskovstatsautoriseret revisorLersø Parkalle1122100København ØDanmark2015-05-27Karsten KiellandRegnskabsklasse BRevisionspåtegninganpartshaverneKøbenhavn2015-04-20Hellerup2015-04-208447422168053-132331121518374-1341470-288000-1053470-1053470410041004100367548288000136437791985169012960997965097240000-513470-2734702078672775034853704005152752027748075319712385679650972095550139475855621680531326751071837480000160000240000540000-540000-1053470540000-513470Jan Egon JarlbækPeter Kim Broadbent DanielsenKenneth Douglas Plummer (President)Peter Kim Broadbent DanielsenHenning Bøgelund HansenChristian Vest HansenKarsten KiellandSonny SchürerThe board of directors and the executive board have today presented the annual report of Parsifal Services ApS for the financial year 1 November 2013 to 31 December 2014. The annual report has been presented in accordance with the Danish Financial Statements Act. We consider the accounting policies used appropriate, and in our opinion the annual accounts provide a true and fair view of the company's assets and liabilities and its financial position as on 31 December 2014 and of the company's results of its activities in the financial year 1 November 2013 to 31 December 2014. We are of the opinion that the management's review includes a fair description of the issues dealt with. The annual report is recommended for approval by the general meeting. We have audited the annual accounts of Parsifal Services ApS for the financial year 1 November 2013 to 31 December 2014, which comprise accounting policies used, profit and loss account, balance sheet and notes. The annual accounts are prepared in accordance with the Danish Financial Statements Act. The management is responsible for the preparation of annual accounts that give a true and fair view in accordance with the Danish Financial Statements Act. Furthermore, the management is responsible for such internal control as it determines necessary in order to prepare annual accounts that are free from material misstatement, whether due to fraud or error. Our responsibility is to express an opinion on the annual accounts based on our audit. We conducted our audit in accordance with international standards on auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the annual accounts are free from material misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual accounts. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatements in the annual accounts, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company's preparation of annual accounts 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 the management, as well as the overall presentation of the annual accounts. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. The audit has not resulted in any qualification. In our opinion, the annual accounts give a true and fair view of the company's assets, liabilities and financial position at 31 December 2014 and of the results of the company's operations for the financial year 1 November 2013 to 31 December 2014 in accordance with the Danish Financial Statements Act. Without qualifying our opinion, we draw attention to note 1 in the annual accounts in which the management outlines the company's cash resources. The management expects that the enterprise is able to maintain sufficient cash resources to carry out the operating activities planned for the coming financial year. It is a precondition for maintaining sufficient cash resources that the management's earnings expectations for positive operations during the next financial year be realised. Accordingly, the management of the company presents the annual accounts on the assumption that the company is a going concern. Without qualifying our opinion, we draw attention to note 1 in the annual accounts in which the management outlines its expectations to the significantly improved earnings that are a precondition for the value of the tax asset of DKK 288,000 recognised in the balance sheet. Pursuant to the Danish Financial Statements Act, we have read the management's review. We have not performed any further procedures in addition to the audit of the annual accounts. On this basis, it is our opinion that the information provided in the management's review is consistent with the annual accounts. The significant activities of the enterprise The companys principal activities is exploration, consulting and training company and other related activities. Unusual matters The company has not been affected by unusual circumstances during the financial year. Uncertainties in relation to recognition and measurement It is estimated that no specific uncertainties are related to recognition and measurement of the financial items in the annual accounts Development in activities and financial affairs The results from ordinary activities after tax are DKK -1.053.470. The management consider the results unsatisfactory. As a consequence of the operating loss realised for the year, the company's liquidity is tight. The management expects positive results and deriving cash flow from operations for the coming financial year. The management also expects to conclude ad hoc payment arrangements with creditors of the company to the extent necessary. On this basis, the management expects that the enterprise is able to maintain sufficient cash resources to carry out the operating activities planned for the coming financial year, but at the same time, it acknowledges the necessity of the earnings expectations being realised. On the balance sheet date, the company had a negative equity and, therefore, it is comprised by the Danish Companies Act's provisions on negative equity. The management expects to re-establish the capital base by means of the company's own earnings. The management expects a positive result for the coming financial year. Events subsequent to the end of the financial year No events have occurred subsequent to the balance sheet date, which would have material impact on the financial position of the company. The annual report for Parsifal Services ApS is presented in accordance with those regulations of the Danish Financial Statements Act concerning companies identified as class B enterprises. The annual accounts are presented in Danish kroner (DKK). Recognition and measurement in general Income is recognised in the profit and loss account concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs, these including depreciation, amortisation, writedown, provisions, and reversals which are due to changes in estimated amounts previously recognised in the profit and loss account are recognised in the profit and loss account. Assets are recognised in the balance sheet when the company is liable to achieve future, financial benefits and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the company is liable to loose future, financial benefits and the value of the liability can be measured reliably. At the first recognition, assets and liabilities are measured at cost. Later, assets and liabilities are measured as described below for each individual accounting item. Certain fixed asset investments and liabilities are measured at amortised cost, by which method a fixed, effective interest is recognised during the useful life of the asset or the liability. Amortised cost is recognised as the original cost with deduction of any payments and additions/deductions of the accrued amortisation of the difference between cost and nominal amount. In this way capital losses and capital profits are spread over the useful life. At recognition and measurement, such predictable losses and risks are taken into consideration, which may appear before the annual report is presented, and which concerns matters existing on the balance sheet date. Gross profit The gross profit comprises the net turnover, costs of sales, and other external costs. The net turnover is recognised in the profit and loss account if delivery and risk transfer to the buyer have taken place before the end of the year, and if the income can be determined reliably and is expected to be received. The net turnover is recognised exclusive of VAT and taxes and with the deduction of any discounts granted in connection with the sale. Costs of sales comprise costs for subcontractors, equipment, etc. Other external costs comprise costs for distribution, sales, advertisement, administration, premises, loss on debtors, and operational leasing costs. Staff costs Staff costs include salaries and wages including holiday allowances, pensions and other costs for social security etc. for staff members. Staff costs are less public reimbursements. Net financials Net financials include interest income, interest expenses, and realised and unrealised capital gains and losses on financial assets and liabilities. Net financials are recognised in the profit and loss account with the amounts concerning the financial year. Tax of the results for the year The tax for the year comprises the current tax for the year and the changes in deferred tax, and it is recognised in the profit and loss account with the share referring to the results for the year and directly in the equity with the share referring to entries directly on the equity. Debtors Debtors are measured at amortised cost which usually corresponds to face value. In order to meet expected losses, writedown takes place at the net realisable value. Available funds Available funds comprise cash at bank and in hand. Corporate tax and deferred tax Current tax receivable and tax liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on previous years' taxable income and prepaid taxes. Tax receivable and tax liabilities are set off to the extent that legal right of set-off exists and if the items are expected to be settled net or simultaneously. Deferred tax is measured on the basis of all temporary differences in assets and liabilities with a balance sheet focus. Deferred tax is measured based on the tax rules and tax rates applying under the legislation on the balance sheet date and prevailing when the deferred tax is expected to be released as current tax. In the period 2014 to 2016, the corporate tax rate will be reduced gradually from 25 % to 22 %, which will affect the deferred tax liabilities and deferred tax assets. Unless a recognition with a different tax rate than 22 % will result in a significant material deviation in the estimated deferred tax liability or tax asset, deferred tax liabilities and assets are recognised by 22 %. Liabilities Other liabilities are measured at amortised cost which usually corresponds to the nominal value. Accrued expenses and deferred income Received payments concerning income during the following years are recognised under accrued expenses and deferred income. 1. Uncertainties concerning the enterprise's ability to continue as a going concern As a consequence of the operating loss realised for the year, the company's liquidity is tight. The management expects positive results and deriving cash flow from operations for the coming financial year. The management also expects to conclude ad hoc payment arrangements with creditors of the company to the extent necessary. On this basis, the management expects that the enterprise is able to maintain sufficient cash resources to carry out the operating activities planned for the coming financial year, but at the same time, it acknowledges the necessity of the earnings expectations being realised. 9. Contingencies Operational leasing In addition to financial leasing contracts, the company has entered into operational leasing contracts with an average annual leasing payment of DKK 60 thousands. The leasing contracts have 27 months left to run, and the total outstanding leasing payment is DKK 135 thousands. 10. Related parties Ownership According to the company's list of shareholders, the following shareholders own a minimum of 5 % of the voting rights or a minimum of 5 % of the share capital: AS Solution A/S, Herlev Holdingselskabet af 1/11-2013 ApS, København Ø 2P Investeringsselskab ApS, København Ø Kim Broadbent, Kgs. Lyngby 355243632013-11-012014-12-31355243632014-12-31355243632013-11-012014-12-311355243632013-11-012014-12-312355243632013-11-012014-12-313355243632013-11-012014-12-314355243632013-11-012014-12-315355243632013-11-012014-12-316355243632013-11-012014-12-312355243632013-11-012014-12-311355243632013-11-012014-12-311355243632013-11-012014-12-31e:RetainedEarningsMember355243632013-11-012014-12-31e:ContributedCapitalMember355243632014-12-31e:ContributedCapitalMember355243632013-11-012014-12-31e:SharePremiumMember355243632013-11-012014-12-31e:RetainedEarningsMember355243632014-12-31e:RetainedEarningsMember355243632013-11-01e:UnpaidContributedCapitalMemberiso4217:DKK