361989902018-01-012018-12-31361989902017-01-012017-12-31361989902018-12-31361989902017-12-31361989902018-01-012018-12-310361989902018-01-012018-12-311361989902018-01-012018-12-312361989902018-01-012018-12-313361989902018-01-012018-12-314361989902018-01-012018-12-315361989902018-01-012018-12-31fsa:RetainedEarningsMember361989902017-01-012017-12-31fsa:RetainedEarningsMemberiso4217:DKKsharespure2019-07-31Charlotte Kjølbye JorstKøbenhavn Ø2019-06-04Den uafhængige revisors erklæringer (review)Frederiksberg2019-06-04Regnskabsklasse BtruefalsefalsefalsefalsefalsefalsefalsefalseÅrsrapport36198990Kastel Denmark ApSc/o Plesner Advokatpartnerselskab2100København Ø2018-01-012018-12-312017-01-012017-12-31TimeVision,Godkendt RevisionspartnerselskabFalkoner Allé 1, 6.2000 FrederiksbergToday the Executive Board has discussed and approved the Annual Report of Kastel Denmark ApS for the period 1. januar - 31. december 2018.The Annual Report has been prepared in conformity with the Financial Statements Act.The unaudited Annual Report has been prepared in conformity with the Financial Statements Act. The Executive Board considers the conditions for not performing an audit to have been met.In my opinion, the financial statements give a true and fair view of the Company's assets, equity, liabilities and financial position at 31. december 2018 and of its financial performance for the period 1. januar - 31. december 2018. In my opinion the Management commentary includes a fair review of the matters described.We recommend that the Annual Report be approved by the Annual General Meeting.To the shareholders in Kastel Denmark ApSAuditors' review report We have reviewed the financial statements of Kastel Denmark ApS for the period 1. januar - 31. december 2018, including accounting policies, income statement, balance sheet and notes.Management's responsibility for the financial statements Management is responsible for the preparation and fair presentation of financial statements in conformity with the Danish Financial Statements Act. Management is also responsible for the internal control that it deems necessary for the preparation of financial statements that are free from material misstatement, whether due to fraud or error.Auditor’s responsibility Our responsibility is to express a review conclusion on the financial statements. We have performed the review in accordance with the international standard on engagements to review historical financial statements and additional requirements under Danish audit regulations. The standard and the regulations require that we express a conclusion whether, on the basis of the review, anything has come to our attention that causes us to believe that the financial statements in their entirety have not been prepared, in all material respects, in accordance with the applicable financial reporting framework. The standard and the regulations also require that we comply with ethical requirements.The procedures performed in a review are substantially less in scope than an audit performed in accordance with international auditing standards. Accordingly, we express no audit opinion on the financial statements.Conclusion Based on our review, nothing has come to our attention that causes us to believe that the financial statements do not give a true and fair view of the Company's assets, equity, liabilities and financial position at 31. december 2018 and of its financial performance for the period 1. januar - 31. december 2018 in conformity with the Danish Financial Statements Act.Statement on the Management's review Management is responsible for Management’s Review.Our opinion on the annual management accounts does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our review of the annual management accounts, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the annual management accounts or our knowledge obtained during the review, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required in accordance with the basis of accounting described in the accounting policies.Based on the work we have performed, we conclude that Management’s Review is in accordance with the annual management accounts and has been prepared in accordance with the basis of accounting described in the accounting policies. We did not identify any material misstatement of Management’s Review. OwnershipMain activities of the Company The main activities of the Company were agency trade in textiles, fur, footwear and leather goods.Development in the activities and the financial situation of the Company The Company's status as a going concern depends on the willingness of Kastel Denmark US to continue making available the capital required. This will continue until the company will be closed in 2019. Reference is made to letter of subordination in the financial statements. The Company has lost more than half of the share capital.Material events after the reporting date Events have occurred after the reporting date that may materially affect the financial position of the company.This regards a conversion of debt to parent company to equity of TDKK 6.927.The company expects to be dissolved in 2019.The financial statements of Kastel Denmark ApS for the financial year 2018 have been prepared in conformity with the provisions of the Financial Statements Act on class B enterprises combined with a few rules on class C enterprises.Changes in accounting policies The accounting policies have changed as follows:The annual account for 2018 is made according to the realization principle.Recognition and measurement in general Income is recognised in the income statement when earned. Value adjustments of financial assets and liabilities measured at fair value or amortised cost are also recognised in the income statement. Costs incurred to generate the earnings for the year are also recognised in the income statement, including amortisation, depreciation, impairment losses and provisions as well as reversals resulting from changed accounting estimates of amounts previously recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future financial benefits will flow to the Company and it is possible to obtain a reliable measurement of the individual assets. Liabilities are recognised in the balance sheet when it is probable that future financial benefits will flow from the Company and it is possible to obtain a reliable measurement of the individual liabilities. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item. Anticipated losses and risks arising before the presentation of the financial statements and confirming or disconfirming facts and circumstances known at the reporting date are taken into consideration at recognition and measurement.The functional currency used is Danish kroner. All other currencies are considered foreign currencies. Foreign currency translation Foreign currency transactions are translated at the exchange rates ruling at the transaction dates. Gains and losses arising from movements between the exchange rates at the date of the individual transaction and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, accounts payable and other monetary items denominated in a foreign currency, but not settled at the reporting date, are translated at the exchange rates ruling at the reporting date.Exchange rate differences between the exchange rates at the reporting date and the date of the individual transaction are recognised in the income statement as financial income or financial expenses.Leases Lease payments under operating leases are recognised in the income statement on a straight-line basis over the lease term. The remaining liability is stated under contingent liabilities.INCOME STATEMENT Gross profit is a combination of the items of 'Revenue', 'Change in inventories of finished goods, 'Cost of raw materials and consumables' and 'Other external costs'.Revenue Revenue from the sale of goods for resale and finished goods is recognised in the income statement if the goods have been delivered and the risk has passed to the buyer before year-end. Revenue is recognised exclusive of VAT and net of sales discounts.Change in inventories of finished goods progress The change in inventories of finished goods. Cost of raw materials and consumables Cost of raw materials and consumables includes the cost of goods purchased less discounts and changes in inventories for the year.Other external expenses Other external expenses include costs for sales, advertising, administration, premises, bad debts, rental expenses under operating leases, etc.Staff costs Staff costs include wages, salaries and other pay-related costs, such as sickness benefits for enterprise employees less wage/salary reimbursement from the Government.Financial income and expensesFinancial income and expenses are recognised in the income statement based on the amounts which relate to the financial year. Financial income and expenses include interest revenue and expenses, accounts payable and transactions in foreign currencies, and surcharges and allowances under the tax prepayment scheme.Tax on net profit for the year Tax for the year comprises current tax and changes in deferred tax. The share attributable to the profit or loss for the year is recognised in the income statement, and the share attributable directly to equity is recognised directly in equity. The Company is the administration company of the joint taxation scheme. All Danish taxes on the taxable income are paid by the Company.BALANCE SHEETIntangible assets Patents and licences Patents and licences are measured at the lower of cost less accumulated amortisation and the recoverable amount. Patents are amortised over the remaining patent period, and licences are amortised over the contract period, but never more than 10 years. Gains or losses arising from the sale of patents and licences are determined as the difference between the selling prices less selling costs and the carrying amounts at the time of sale. Gains or losses are recognised in the income statement as other operating income or other operating expense.Property, plant and equipment Property, plant and equipment is measured at cost on initial recognition and subsequently at cost less accumulated depreciation and impairment losses. The depreciable amount is calculated taking into consideration the residual value of the asset at the end of its useful life, reduced by impairment losses, if any. The depreciation period and the residual value are determined at the date of acquisition. If the residual value exceeds the carrying amount of the asset, depreciation is discontinued. Land is not depreciated.In case of changes in depreciation period or residual value, the effect of a change in depreciation period is recognised prospectively in accounting estimates.Cost includes the purchase price and expenses directly related to the acquisition until the time when the asset is ready for use. The cost of self-constructed assets includes costs for materials, components, subcontractors, direct payroll costs and indirect production costs. The cost of a composite asset is disaggregated into components, which are separately depreciated if the useful lives of the individual components differ. User timeResidual valueTools and equipment3 years0 %Patents and licences10 years0 % Impairment losses relating to non-current assets The carrying amounts of intangible assets and property plant and equipment are tested annually to determine whether there is any indication of impairment other than what is expressed by amortisation and depreciation. If so, the assets are tested for impairment to determine whether the recoverable amounts are lower than the carrying amounts and the relevant assets are written down to such lower recoverable amounts. An impairment test is carried out annually of ongoing development projects, whether or not there is any indication of impairment.Investments Deposits Deposits are measured at cost.Inventories Inventories are measured at cost using weighted average prices. Where the net realisable value is lower than cost, the inventories are written down to this lower value. The net realisable value of inventories is calculated as the selling price less costs of completion and costs incurred to perform sales. The value is determined taking into consideration marketability, obsolescence and development in expected selling price.Receivables Receivables are measured at amortised cost, which normally corresponds to the nominal value. The value is reduced by an allowance for expected impairment losses. Impairment of accounts receivable past due is established on individual assessment of receivables.Corporate income tax and deferred tax Deferred tax is measured using the balance-sheet liability method on temporary differences arising between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases. In cases where the tax base can be determined under alternative taxation rules, such as in relation to shares, deferred tax is measured on the basis of the intended use of the asset or settlement of the liability.Payables Other payables, comprising trade payables and amounts owed to Group enterprises and associates and other accounts payable, are measured at amortised cost, which normally corresponds to the nominal value.4086471095298597485-12841360.754209650-20000035161-15402621782077017-161549756046-16715431 Staff costs Number of people employed 1 1 Wages and salaries 417.545 433.112 Other social security costs 3.420 5.121 Staff costs total 420.965 438.233 2 Finished goods and goods for resale Manufactured goods and goods for resale from group enterprises 0 1.049.806 Write-down on inventory 0 -200.000 Finished goods and goods for resale total 0 849.806 3 Trade receivables Trade receivables 0 652.705 Provisions for expected losses 0 -60.000 Trade receivables total 0 592.705 4 Equity Contributed capital 50.000 0 50.000 Share premium 450.000 0 450.000 Retained earnings -5.649.152 -1.671.543 -7.320.695 -5.149.152 -1.671.543 -6.820.695 The share capital is divided as follows: x shares of nom 50.000 50.000 The Companys's share capital amounted to kr. 50.000 divided into shares of kr. 1 or multiples therof. 5 Long-term payables Amounts owed to group enterprises 7.091.978 0 7.091.978 0 6 Letter of subordination The company have received written confirmation from Kastel Denmark (US) that they will continue to fund operations in Kastel Denmark ApS until the annual report for 2019 is made public or the company is dissolved. 7 Contractual obligations and contingencies etc.. The Company has a tax deductable carried forward loss of TDKK 7.442 not recognized in the Company balance. 14849781943577847653-13062521438233912700-17536129870492207569011-996330-54607-94172300000000005402160540216054021654021650000450000-7320695-682069570919787091978910541778792689337360911540216309953099541664166120001200047161849806849806592705135356046650104821121582022162918350000450000-5649152-514915266748896674889160008744610344667783351629183mne623Henning Jensen38267132TimeVision, Godkendt RevisionspartnerselskabRegistreret RevisorCharlotte Kjølbye JorstFormandNæstformandMedarbejdervalgt-1671543-941723