61786414 2023-01-01 2023-12-31 61786414 2023-01-01 2023-12-31 auditor_1 61786414 2023-01-01 2023-12-31 memberOfBoardIdentifier_1 61786414 2023-01-01 2023-12-31 memberOfBoardIdentifier_1 61786414 2022-01-01 2022-12-31 61786414 2023-12-31 61786414 2022-12-31 61786414 2022-12-31 fsa:ContributedCapitalMember 61786414 2022-12-31 fsa:RetainedEarningsMember 61786414 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 61786414 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 61786414 2023-01-01 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 61786414 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 61786414 2023-12-31 fsa:ContributedCapitalMember 61786414 2023-12-31 fsa:RetainedEarningsMember 61786414 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK pure Årsrapport 2023-01-01 2022-01-01 2023-12-31 2022-12-31 2024-06-03 61786414 2024-06-03 1980-05-01 Reporting class B KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on extended review Copenhagen 2024-06-03 KPMG 25578198 Dampfærgevej 28 2100 true Birthe Elkjær The Board of Directors and the Executive Board have today discussed and approved the annual report for Schilling ApS for the financial year 1 January - 31 December 2023. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2023 and of the results of the Company's operations for the financial year 1 January - 31 December 2023.Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Annette Millner Birthe Elkjær Chairman Independent auditor's extended review report on the financial statements To the shareholder of Schilling ApS Opinion We have performed an extended review of the financial statements of Schilling ApS for the financial year 1 January - 31 December 2023 comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. Based on the work performed, it is our opinion that the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2023 and of the results of the Company's operations for the financial year 1 January - 31 December 2023 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 responsibility 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's responsibility for the financial statementsManagement 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. 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. Auditor's responsibility for the extended review of the financial statementsOur responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the financial statements and in addition perform specifically required supplementary procedures in order to obtain further assurance for our conclusion.An extended review comprises procedures primarily consisting of making enquiries of Management and others within the entity, as appropriate, applying analytical procedures and the specifically required supplementary procedures, and evaluating 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 these financial statements. Statement on the Management's ReviewManagement is responsible for the Management's Review.Our conclusion on the financial statements does not cover the 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 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 Statement Act. We did not identify any material misstatement of the Management's review. Martin Eiler mne32271 Schilling ApS Roholmsvej 12F, 1. DK-2620 Albertslund Albertslund Principal activities The Company's purpose is to provide IT software and other related business. Development in activities and financial position The Company's income statement for 2023 shows a profit of DKK 5,851 thousand as against a profit of DKK 2,322 thousand in 2022. Equity in the Company's balance sheet at 31 December 2023 stood at DKK 9,633 thousand as against DKK 5,932 thousand at 31 December 2022. The financial year was in line with forecast, and results for the year are considered satisfactory. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2023. 25586000 24082000 18507000 20626000 62000 215000 7017000 3241000 0 152000 7017000 3089000 494000 151000 7000 276000 7504000 2964000 1653000 642000 5851000 2322000 7500000 2150000 -1649000 172000 165000 261000 165000 261000 2304000 3163000 673000 2006000 81000 81000 197000 212000 532000 503000 3787000 5965000 16838000 7966000 20625000 13931000 20790000 14192000 1001000 1001000 1132000 2781000 7500000 2150000 9633000 5932000 387000 512000 3761000 3624000 445000 156000 1070000 148000 1779000 605000 3715000 3215000 10770000 7748000 20790000 14192000 1001000 2781000 2150000 0 -2150000 0 -1649000 7500000 1001000 1132000 7500000 The annual report of Schilling ApS for 2023 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.The accounting policies used in the preparation of the financial statements are consistent with those of last year. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Revenue Income from the sale of goods for resale and finished goods is recognised in the income statement, provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received. Income from customised products is recognised as production is carried out, implying that revenue corresponds to the selling price of contracts completed in the year (percentage-of-completion method). This method is applied where the total income and expenses relating to the contract and the stage of completion at the balance sheet date can be estimated reliably and it is probable that future economic benefits will flow to the Company. Cost of sales Cost of sales comprises costs incurred to generate revenue for the year. This item also comprises direct costs for goods for resale and changes to inventory of goods for resale. Other operating income Other operating income comprises items secondary to the activities of the Company, including payroll refunds. Other external costs Other external costs comprise distribution costs and costs related to sales, sales campaigns, administration, office premises, operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs, etc., to the Company's employees Other operating costs Other operating costs comprise items secondary to the activities of the entity, including losses on the disposal of intangible assets and property, plant and equipment. Financial income and expenses Financial income and expenses comprise interest income and expense, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Tax on profit for the year The Company is subject to the Danish rules on compulsory joint taxation On payment of joint taxation contributions, current Danish corporation tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have used the losses to reduce their own taxable profit. Tax for the year comprises current corporation tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity. Property, plant and equipmentFixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:Fixtures, fittings, tools and equipment3-5 yearsThe useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Impairment of fixed assets The carrying amount of fixed assets is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an 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 receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Contract work in progress Contract work in progress is measured at the selling price of the work performed. The selling price is measured by reference to the stage of completion at the balance sheet date and the expected aggregate income from the individual work in progress. The stage of completion is determined as the share of the expenses incurred relative to the expected total expenses for the individual work in progress. Where the selling price of work in progress cannot be estimated reliably, the selling price is measured at the lower of costs incurred and net realisable value. The individual work in progress is recognised in the balance sheet under receivables or payables. Net assets comprise the sum of work in progress where the selling price of the work performed exceeds invoicing on account. Net liabilities comprise the sum of work in progress where invoicing on account exceeds the selling price. Selling costs and costs incurred in securing contracts are recognised in the income statement as incurred. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. EquityDividends The expected dividend payment for the year is disclosed as a separate item under equity. Corporation tax and deferred tax 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. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences relating to office buildings non-deductible for tax purposes and other items where temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Liabilities other than provisions Financial liabilities are recognised at cost at the date of borrowing, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost using the effective interest method. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Other liabilities are measured at amortised cost. 18325000 20466000 182000 160000 22000 24000 0 151000 315000 0 179000 0 7000 276000 Contingent liabilitiesThe Company is jointly taxed with other danish group companies, and has limited and secondary liability together with the other jointly taxed entities for the payment of income taxes for income years 2013 onwards and withholding taxes on dividends, interest and royalties falling due for payment on or after 1 July 2012.Operating lease obligations The Company has an obligation for rental with a remaining term of 48 months and an average yearly rental payment of DKK 217 thousand, totalling of DKK 868 thousand. Schilling ApS' related parties comprise the following:ControlTSS Denmark ApS is the legal owner (100%) of the Company.Schilling ApS is part of the consolidated financial statements of Constellation Software Inc. (largest) and Topicus.com Coöperatief U.A. (smallest).The consolidated financial statements of Constellation Software Inc. can be obtained on the webpage https://www.csisoftware.com/category/stat-filings The Consolidated financial statements of Topicus.com Coöperatief U.A. (smallest) can be obtained on the webpage www.kvk.nl