367341082015-04-292015-12-31367341082015-04-292015-12-313367341082015-04-292015-12-314367341082015-04-292015-12-315367341082015-04-292015-12-312367341082015-04-292015-12-31367341082015-04-292015-12-31367341082015-04-292015-12-31367341082015-04-292015-12-31367341082015-04-292015-12-31367341082015-04-292015-12-31367341082015-04-292015-12-31367341082015-04-292015-12-31fsa:RetainedEarningsMember367341082015-04-292015-12-31367341082015-04-292015-12-31367341082015-04-292015-12-31367341082015-04-292015-12-31367341082015-04-292015-12-31367341081899-12-301899-12-30367341081899-12-301899-12-30fsa:RetainedEarningsMember367341081899-12-301899-12-30367341082015-12-31367341081899-12-30xbrli:purexbrli:pureiso4217:DKKxbrli:shares To the shareholders of PGSC Shipping A/S Report on extended review of Financial Statements We have conducted an extended review of the Financial Statements of PGSC Shipping A/S for the financial year 2015 . The Financial Statements that comprise Accounting Policies, Income Statement, Balance Sheet and Notes are prepared in accordance with the Danish Financial Statements Act. Copenhagen, 26 May 2016 KRESTON CM Statsautoriseret Revisionsinteressentskab CVR-no. 39463113 Jacob Hjort Petersen State Authorised Public Accountant Opinion Based on our work, it is our opinion that the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2015 and of the results of the Company's operations for the financial year29 April 2015 - 31 December 2015 in accordance with the Danish Financial Statements Act. 2016-05-26CopenhagenAuditor's responsibility Our responsibility is to express an opinion on the Financial Statements. We have conducted our extended review in accordance with the Danish Business Authority's report standard for small enterprises and Danish Auditors' (FSR) standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. This requires that we comply with the Danish Act on Auditors and Audit Firms as well as Danish Auditors' (FSR) ethical rules and plan and perform procedures with a view to obtaining limited assurance for our opinion on the Financial Statements and, in addition, perform supplementary procedures specifically required with a view to obtain additional assurance for our opinion. An extended review primarily includes making inquiries to Management and, where appropriate, to others in the company, analytical procedures and specifically required supplementary procedures as well as an assessment of the proof obtained. The scope of procedures conducted in an extended review is smaller than for an audit, and we therefore do no express any audit opinion on the Financial Statements. Our extended review has not resulted in any qualification. Management's responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of the Financial Statements in accordance with the Danish Financial Statements Act, and for such internal controls as Management determines is necessary to enable preparation of Financial Statements that are free from material misstatements, whether due to fraud or error. Statement on Management's Review We have read Management's Review in accordance with the Danish Financial Statements Act. We have not performed any procedures additional to the extended review of the Financial Statements. On this basis, in our opinion, the information provided in the Management's Review is in accordance with the Financial Statements. , We have read Management's Review in accordance with the Danish Financial Statements Act. We have not performed any procedures additional to the extended review of the Financial Statements. On this basis, in our opinion, the information provided in the Management's Review is in accordance with the Financial Statements. Executive Board Michael Fenger Manager Michael Fenger Supervisory Board Masood Tariq Baghpatee Faisal Baghpati Michael Fenger Chairman Masood Tariq BaghpateeFaisal BaghpatiMichael FengerManagerChairmanBoard MemberBoard MemberErklæring om udvidet gennemgang10897250780780Regnskabsklasse B500000010372250300760525000 Reporting Class The Annual Report of PGSC Shipping A/S for 2015 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B. As the financial year 2015 is the Company's first financial year, the Financial Statements with associated notes have been prepared without comparative figures from the previous year. Reporting currency The Annual Report is presented in Danish kroner. General Information Basis of recognition and measurement Income is recognised in the Income Statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortised cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the Income Statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the Income Statement. Assets are recognised in the Balance Sheet when it is probable that future economic benefits attributable to the asset will accrue to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the Balance Sheet when it is probable that future economic benefits attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the Annual Report, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income Statement Gross profit/loss The Company has decided to aggregate certain items of the Income Statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. Revenue Income from delivery of services is recognised as revenue as the service is delivered. Other operating income and expenses Other operating income and expenses comprise items of a secondary nature to the principal activity of the Company. Other external expenses Other external expenses comprise expenses regarding sale and administration. Staff expenses Staff expenses comprise wages and salaries, pensions and social security costs. Other staff expenses are recognised in other external expenses. Financial income and expenses Financial income and expenses are recognised in the Income Statement with the amounts that concern the financial year. Financial income and expenses include interest income and expenses, realised and unrealised capital gains and losses regarding securities, debt and foreign currency transactions, dividends received from other equity investments, amortisation of financial assets and liabilities as well as surcharges and allowances under the tax repayment scheme. Tax on net profit/loss for the year Tax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. Balance Sheet Other investments Deposits are measured at cost. Receivables Receivables are measured at amortised cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Accrued income, assets Accrued income recognised in assets comprises prepaid costs regarding subsequent financial years. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand. Equity Proposed dividend for the year is recognised as a separate item in equity. Deferred tax Deferred tax and the associated adjustments for the year are determined according to the balance-sheet liability method as the tax base of all temporary differences between carrying amounts and the tax bases of assets and liabilities. Deferred tax assets, including the tax base of tax losses allowed for carryforward, are recognised at the value at which they are expected to be used, either by elimination in tax on future earnings or by set-off against deferred tax liabilities in enterprises within the same legal entity and jurisdiction. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Financial liabilities Liabilities are measured at amortised cost which usually corresponds to the nominal value. Current tax liabilities Current tax liabilities and current tax receivables are recognised in the Balance Sheet as calculated tax on the expected taxable income for the year, adjusted for tax on taxable income for previous years as well as for tax prepaid. Contingent assets and liabilities Contingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. 6. Contingent liabilities No contingent liabilities exist at the balance sheet date. 3. Contributed capital Additions during the year 500.000 Balance at the end of the year 500.000 The share capital has remained unchanged since the start of the company. 1. Employee benefits expense Wages and salaries 2.376.143 Post-employement benefit expense 269.475 Social security contributions 7.630 2.653.248 4. Share premium Additions during the year 50.000 Balance at the end of the year 50.000 , 5. Retained earnings Additions during the year 32.282 Balance at the end of the year 32.282 7. Collaterals and securities No securities or mortgages exist at the balance sheet date. 2. Finance expenses Other finance expenses 37.105 37.105 2653248058228202743292010897250507443052500052500037105048509009290710322820-322820-3228205293909004403228205000005074430959147020657016960206570København K, 1304Adelgade 152016-05-262015-04-292016-05-263673410839463113ÅrsrapportMasood Tariq BaghpateePGSC Shipping A/SKRESTON CM, Statsautoriseret Revisionsinteressentskab2015-12-312015-04-29Development in activities and financial matters The Company's Income Statement of the financial year 29. april 2015 - 31. december 2015 shows a result of DKK 32.282 and the Balance Sheet at 31. december 2015 a balance sheet total of DKK 1.089.725 and an equity of DKK 582.282. The Company's principal activities The Company's principal activities consist in shipping trading and business thereto. Post financial year events After the end of the financial year, no events have occurred which may change the financial position of the Company substantially. The Company's principal activities The Company's principal activities consist in shipping trading and business thereto. Development in activities and financial matters The Company's Income Statement of the financial year 29. april 2015 - 31. december 2015 shows a result of DKK 32.282 and the Balance Sheet at 31. december 2015 a balance sheet total of DKK 1.089.725 and an equity of DKK 582.282. Post financial year events After the end of the financial year, no events have occurred which may change the financial position of the Company substantially. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2015 and of the results of the Company's operations for the financial year 29 April 2015 - 31 December 2015. Today, Management has considered and adopted the Annual Report of PGSC Shipping A/S for the financial year 29 April 2015 - 31 December 2015. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. Copenhagen, 26 May 2016We recommend that the Annual Report be adopted at the Annual General Meeting. Today, Management has considered and adopted the Annual Report of PGSC Shipping A/S for the financial year 29 April 2015 - 31 December 2015. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2015 and of the results of the Company's operations for the financial year 29 April 2015 - 31 December 2015. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen, 26 May 2016 Executive Board Michael Fenger Manager Supervisory Board Masood Tariq Baghpatee Faisal Baghpati Michael Fenger Chairman