18195496 2022-05-01 2023-04-30 fsa:RetainedEarningsMember 18195496 2021-05-01 2022-04-30 fsa:RetainedEarningsMember 18195496 2021-05-01 2022-04-30 fsa:ProposedDividendRecognisedInEquityMember 18195496 2022-05-01 2023-04-30 fsa:ProposedDividendRecognisedInEquityMember 18195496 2022-05-01 2023-04-30 18195496 2023-04-30 18195496 2021-05-01 2022-04-30 18195496 2022-04-30 18195496 2022-05-01 2023-04-30 1 18195496 2022-05-01 2023-04-30 2 18195496 2022-05-01 2023-04-30 3 18195496 2022-05-01 2023-04-30 1 18195496 2022-05-01 2023-04-30 1 18195496 2022-05-01 2023-04-30 2 iso4217:DKK xbrli:pure 2022-05-01 2023-04-30 2023-08-09 2023-07-13 2023-07-13 Glostrup inforevision statsautoriseret revisionsaktieselskab 2860 Søborg Tecsys A/S Buddingevej 312 Stationsparken 25 2600 Søborg 18195496 2021-05-01 2022-04-30 The company's primary activities are: Equipment for automatic data capture The company supplies hardware, service and consulting for automatic data capture used in warehousing, retail stores and mobile solutions. Warehouse management The company develops software solutions and offers consulting for warehouse management. Solutions are based on own in-house developed standard software i.e. WMS, voice picking, bar-code labeling and data collection with bar codes and RFID. Transport management systems The company supplies mobile solutions for transportation and distribution. Among others the solutions include TMS, route optimization, fleet management, proof of delivery and navigation. The results of the company's activities in the financial year amounted to a profit of DKK 1.294.912 against DKK -135.941 in last financial year. The equity at the balance sheet date amounted to DKK 3.072.063. Management consider the results as satisfactory. The Board of Directors and The Executive Board have today considered and adopted the annual report for 1 May 2022 - 30 April 2023 for Tecsys A/S. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the the company's financial position at 30 April 2023 and of the results of its operations for the financial year 1 May 2022 - 30 April 2023. We believe that the Management's review contains a fair review of the affairs and conditions referred to therein. We recommend that the annual report be adopted at the Annual General Meeting. To the shareholder in Tecsys A/S We have audited the financial statements of Tecsys A/S for the financial year 1 May 2022 - 30 April 2023, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the company's financial position as at 30 April 2023 and of the results of the company's operations for the financial year 1 May 2022 - 30 April 2023 in accordance with the Danish Financial Statements Act. 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 company 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 and IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 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 company'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 company 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 company'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 company'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 company 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. Management is responsible for Management’s Review.Our opinion on the financial statements does not cover Management’s Review, 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 Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financials Statements Act.Based on the work we have performed, in our view, Management’s Review 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 in Management’s Review. The annual report has been prepared in accordance with Danish financial statement legislation as well as generally accepted accounting principles. The annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing Reporting class B.Some provisions from reporting class C has been adopted.The accounting policies have been changed from last year. Accounting policies are changes in relation to classification of salary compensations from public authorities. Salary compensations from public authorities have in previous years been recognised as a reduction to staff costs. Changing the accounting policies, salary compensations from public authorities are recognised as Other operating income. The change in accounting policies has no effect on profit/loss for the financial year, equity or total assets. Comparative figures have been changed as Other operating income and staff costs for the financial year 2021/22 is adjusted by DKK 71.346 and DKK -71.346, respectively. The financial statements have been prepared based on historical cost.The income is recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. 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 flow 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 will flow out of the company, and the value of the liability can be measured reliably.Assets and liabilities are initially 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 maturity period. Amortised cost is calculated as original cost less any repayments and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period.Recognition and measurement take into account predictable losses and risks occurring before the presentation of the annual report which confirm or invalidate affairs and conditions existing at the balance sheet date.The functional currency is Danish Kroner. All other currencies are considered foreign currencies. During the year, transactions in foreign currencies have been translated applying the exchange rate at the transaction date. If currency positions are considered hedge of future cash flows, the value adjustments are recognised directly in equity.Receivables and debt denominated in foreign currencies have been recognised at the exchange rate of the balance sheet date.Realised and unrealised exchange gains and losses have been recognised in the income statement under other financial income and expenses. Gross profit/loss includes "Revenue""Cost of sales""Other operating income""External expenses". Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration Tecsys expects to receive in exchange for the products or services. Revenue is recognized net of VAT, taxes etc. collected on behalf of third parties and discounts. When acting as an agent in a transaction, revenue is recognized as fee earned for facilitating the transfer of goods or services. Multiple-element arrangements includes e.g. sale of software and hardware, related professional services regarding customization of the products and post contract services related to subsequent support, updates and services. When entering into Multiple-element arrangements the Company identifies and determine whether each product or service is distinct and accounted for as a separate deliverable or whether the products and services performs one deliverable and is accounted for together. In determine whether each product or service is distinct, the key judgement is whether the clients has the ability to use and obtain substantially all the benefits from the delivered product or service. For multi-element arrangements, the basis for revenue recognition is an assessment of the standalone selling prices for the identified performance obligations, including rebates, discounts, allowances, and inherent interest. Revenue is recognized either at a point in time or over time. Most of the Company’s products and services qualify as separate deliverables and revenue is recognised when the generally criteria are met and in accordance following with policies: Software and hardware products: Sale of standard software and hardware products are recognised when the products are delivered. License agreements entered into by the Company is assess as the right to use the software. License revenue is therefore generally recognized at that point in time. Delivery occurs at the point where the control of the sold product and risk of loss have passed to the customer which generally are at the point of finalizing the product installation. Professional services and consulting: Revenue generated from professional services regarding customization of software and consulting services comprise the invoiced revenue for the year reduced by prepayments and with addition for contract work in progress measured at market value. Measurement of the market value of contract work in progress is based on a percentage of completion which hence to delivering of professional services and consulting hours is determined based on the number of hours incurred to date in relation to the total expected hours of services. Losses on contract work in progress are recognised when known. Support and update agreements, service agreements and hosting agreements: Support and update as well as service agreements for software licences obligates the Company to provide periodic hotline technical support, internal hardware service and unspecified software updates. Revenues from these agreements as well as and hosting services agreements are recognized ratably over the term of the agreement. Cost of sales comprise expenses incurred to earn revenue for the year including changes in goods for resale and consumables used as well as packaging in the year. Other operating income comprises income of a secondary nature as viewed in relation to the company's primary activities, including payments received from public authorities. External expenses comprises Selling costsCost of premisesAdministrative expenses. Staff costs include wages and salaries including holiday pay and pensions and other social security costs etc. to the company's employees. Financial income is recognised with amounts concerning the financial year. Financial income comprise interest, realised and unrealised exchange gains. Financial expenses is recognised with amounts concerning the the financial year. Financial expenses comprise interest, realised and unrealised exchange losses as well as interest surcharge under the Danish Tax Prepayment Scheme. Tax on profit or loss for the year represents 22% of the book profit or loss adjusted for non-taxable and non-deductible items. Tax on profit or loss for the year consists of the anticipated tax portion of the taxable income for the year adjusted for the changes for the year in deferred tax. Changes in deferred taxes due to adjustments of tax rates is recognised in the income statement. Tax on profit or loss for the year is recognised in the income statement by the portion attributable to the profit or loss for the year and recognised directly in equity by the portion attributable to entries directly in equity. The company is subject to the Danish Tax Prepayment Scheme. Interest reimbursement and interest surcharge have been recognised in financial income and expenses. The balance sheet has been presented in account form. Property, plant and equipment are measured at cost less accumulate depreciation. The basis of depreciation is cost less estimated residual value after the end of useful life. Cost comprises the acquisition price as well as costs directly related to the acquisition until the time when the asset is ready to be put into operation. The costprice for an asset is divided into separate components, that are depreciated separately, if the useful life of the individual components is significantly different. Depreciation is initiated when the assets are ready to be taken into operation. Assets are depreciated on a straight-line basis over their estimated useful lives with following residual values:Category Period Residual value Fixtures, fittings, tools and equipment 5 years 0% Minor purchases with useful lives below one year have been recognised as an expense in the income statement in external expenses.Profit/loss on sale or retirement has been included in the income statement under  other operating income and other operating expenses.The carrying amounts of property, plant and equipment are reviewed annually for indication of impairment for losses, apart from what is expressed by usual depreciation. If this applies, impairment for loss is made of each asset or group of assets, respectively, to lower recoverable amount. As recoverable amount, the higher of expected net selling price and net present value is applied. The net present value is calculated as the present value of the expected cash flows from the use of the asset or the group of assets.Impairment for loss for the year is recognised in the income statement as amortisation, depreciation and impairment for loss of property, plant and equipment and intangible assets. Deposits recognised as fixed assets are measured at amortised cost, which usually corresponds to nominal amount. Inventories are measured at cost according to the FIFO method. In the event of cost exceeding net realisable value, writedown is made to this lower value. Cost of goods for resale comprises purchase price plus delivery costs. The net realisable value of inventories is calculated at the estimated selling price less completion costs and expected costs to execute sale. The net realisable value is determined allowing for marketability, obsolescence and development in expected sales price. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Provisions for bad debts are determined on the basis of an individual assessment of each receivable. Contract work in progress has been recognised according to the percentage-of-completion method, according to which contract work in progress is measured at the market value of the work performed. The market value is measured on the basis of the stage of completion at the balance sheet date and the total expected income from each contract work in progress. Stage of completion is calculated as the proportion of the costs incurred in relation to the expected total costs of the individual contract work in progress. When the market value of the individual contract work in progress cannot be measured reliably, the market value is recognised at cost or net realisable value, if this value is lower. Each contract work in progress is recognised in the balance sheet as receivables or liabilities other than provisions depending on the net value of the selling price less prepayments.Costs in connection with sales work and contracting are recognised in the income statement as incurred. Any finance costs of financing of contract work in progress are included in financial expenses.When it is probable that the total cost will exceed the total income from a contract work in progress an expected loss is immediately recognised as a provision. Prepayments comprise costs incurred relating to subsequent financial years. Deferred tax is measured using the balance sheet liability method. Provision has been made for deferred tax by 22% on all temporary differences between carrying amount and tax-based value of assets and liabilities. Deferred tax is also measures with respect of the planned use of the asset and the settlement of the liability. The tax value of the tax losses to be carried forward are included in the calculation of deferred taxes if it is probable that the losses can be used. Deferred tax assets are measured at net realisable value.The company is jointly taxed with other Danish group enterprises with TECSYS Denmark Holding ApS as Management company. The tax effect of the joint taxation is allocated among the group enterprises in ratio to their taxable income according to the rules on full allocation with a refund for tax losses of the Danish Corporation Tax Act. Joint tax contributions between the jointly taxed companies which have not been settled at the balance sheet date are classified as joint tax contributions in receivables or liabilities other than provisions. Short-term debts are measured at amortised cost, substantially corresponding to nominal value. Deferred income comprise income received relating to subsequent financial years. 80933971 73141873 5838597 1720872 45761880 41669456 5283791 4448592 35726897 28744697 33996514 28479217 65644 149237 1664739 116243 11243 0 16991 290477 1658991 -174234 364079 -38293 1294912 -135941 1294912 -135941 40670 106313 40670 106313 396182 369437 396182 369437 436852 475750 475878 441001 475878 441001 13316006 8130574 819335 840159 408039 0 492819 0 0 60709 424489 394364 15460688 9425806 2708347 5525824 18644913 15392631 19081765 15868381 500000 500000 2572063 1277151 3072063 1777151 163189 0 163189 0 194548 0 6834135 5928439 2873897 2807546 0 6252 3102986 2142810 2840947 3206183 15846513 14091230 15846513 14091230 19081765 15868381 0 0 STATEMENT OF CHANGES IN EQUITY Contributed capital Retained earnings Proposed dividend recognised in equity Total DKK DKK DKK DKK Equity at 1 May 2021 500,000 1,413,092 4,500,000 6,413,092 Dividends paid 0 -4,500,000 -4,500,000 Distributed profit/loss for the year -135,941 0 -135,941 Equity at 1 May 2022 500,000 1,277,151 0 1,777,151 Distributed profit/loss for the year 1,294,912 0 1,294,912 Equity at 30 April 2023 500,000 2,572,063 0 3,072,063 30225902 25433327 1797813 1562364 545000 433350 1427799 1050176 48 42 STAFF COSTS 2022/23 2021/22 DKK DKK Wages and salaries 30,225,902 25,433,327 Pensions 1,797,813 1,562,364 Other social security costs 545,000 433,350 Other staff cost 1,427,799 1,050,176 Total 33,996,514 28,479,217 Average number of full-time employees 48 42 DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS 2022/23 2021/22 DKK DKK Depreciation of property, plant and equipment 65,643 149,237 Total 65,643 149,237 TAX EXPENSE Corporation tax Deferred tax Tax on profit/loss for the year 2021/22 DKK DKK DKK DKK Payables at 1 May 2022 6,252 -60,709 Adjustment previous year  0 -508 -508 0 Paid in respect of previous years -331,252 Tax on profit/loss for the year 140,181 224,406 364,587 -38,293 Prepaid tax -308,000 Payables at 30 April 2023 -492,819 163,189 Tax on profit/loss for the year recognised in the income statement 364,079 -38,293 Recognition in balance sheet: Short-term receivables (current asset) -492,819 0 Provisions 163,189 Total -492,819 163,189 PROPERTY, PLANT AND EQUIPMENT Fixtures, fittings, tools and equipment Total 2021/22 DKK DKK DKK Cost at 1 May 2022 1,336,881 1,336,881 1,279,135 Additions for the year 0 0 57,746 Cost at 30 April 2023 1,336,881 1,336,881 1,336,881 Depreciation and impairment losses at 1 May 2022 -1,230,568 -1,230,568 -1,081,331 Depreciation for the year -65,643 -65,643 -149,237 Depreciation and impairment losses at 30 April 2023 -1,296,211 -1,296,211 -1,230,568 Carrying amount at 30 April 2023 40,670 40,670 106,313 INVESTMENTS Deposits Total 2021/22 DKK DKK DKK Cost at 1 May 2022 369,437 369,437 361,619 Additions for the year 26,745 26,745 7,818 Cost at 30 April 2023 396,182 396,182 369,437 Carrying amount at 30 April 2023 396,182 396,182 369,437 CONTRACT WORK IN PROGRESS 2022/23 2021/22 DKK DKK Sales value of contract work in progress 1,267,287 840,159 Prepayments regarding contract work in progress -642,500 0 Total 624,787 840,159 The gross values above are recognised as follows in the balance sheet: Contract work in progress 819,335 840,159 Contract work in progress, liabilities -194,548 0 Total 624,787 840,159 CONTINGENT LIABILITIES Tecsys A/S are jointly tax with other group companies and are severally liable for tax on the jointly taxed incomes etc. of the group. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of tax on interest, dividend tax and tax on royalty payments. Any subsequent adjustments of corporation taxes and withholding taxes may increase the the company's liability. UNRECOGNISED CONTRACTUAL COMMITMENTS 2022/23 DKK The company has entered into rental commitment regarding rent of premises. The notice period is 6 months. The total commitment represents 479,388 The company has entered into operational lease commitment regarding IT equipment, cars and other operating equipment . The lease commitments expire within 4-36 months. The total lease commitment represents 1,725,719 Total rental and lease obligations 2,205,107 Grundlag for konklusion Konklusion Regnskabsklasse B Årsrapport Revisionspåtegning Klaus Juhl Formand Martin Wulff Fog Bestyrelsesmedlem Mark Joseph Bentler Bestyrelsesmedlem Martin Wulff Fog Administrerende Direktør Mark Joseph Bentler mne33718 Kenny Madsen inforevision statsautoriseret revisionsaktieselskab 19263096 mne34318 Lasse Sværke inforevision statsautoriseret revisionsaktieselskab 19263096