361989902017-01-012017-12-31361989902016-01-012016-12-31361989902017-12-31361989902016-12-31361989902017-01-012017-12-310361989902017-01-012017-12-311361989902017-01-012017-12-312361989902017-01-012017-12-313361989902017-01-012017-12-314361989902017-01-012017-12-315361989902017-01-012017-12-31fsa:RetainedEarningsMember361989902016-01-012016-12-31fsa:RetainedEarningsMemberiso4217:DKKsharespure2018-05-31Charlotte Kjølbye JorstSilkeborg2018-03-22Andre erklæringer uden sikkerhedFrederiksberg2018-03-22Regnskabsklasse BtruefalsefalsefalsefalsefalsefalsefalsefalsefalseÅrsrapport36198990Kastel Denmark ApSNordtoften 308600Silkeborg2017-01-012017-12-312016-01-012016-12-31TimeVision,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 2017.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 2017 and of its financial performance for the period 1. januar - 31. december 2017. 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.Audit of financial statementsThe Company meets the requirements of section 135 of the Financial Statements Act and may therefore present unaudited financial statements. Management proposes to the General Meeting a resolution that the financial statements of the Company not be audited in future.Chairman's notesThe General Meeting has today discussed and adopted Management's proposal not to audit financial statements. To Management of Kastel Denmark ApSWe have compiled these financial statements of Kastel Denmark ApS for the period 1. januar - 31. december 2017 based on the bookkeeping records of the Company and other information provided by you. We have compiled the consolidated financial statements and the financial statements of Kastel Denmark ApS for the period 1. januar - 31. december 2017 based on the bookkeeping records of the Company and other information provided by you. The financial statements include accounting policies, income statement, balance sheet and notes. We have performed the compilation in accordance with ISRS 4410, Compilation Engagements. We have applied our professional expertise to assist you in preparing and presenting the financial statements in conformity with the Danish Financial Statements Act. We have observed the relevant provisions of the Danish Act on Approved Auditors and Audit Firms and the Code of Ethics for Professional Accountants issued by FSR - Danish Auditors, including the principles of integrity, objectivity, professional competence and due care. The financial statements and the accuracy and completeness of the information used to compile the financial statements are your responsibility. As a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us for use in the compilation of these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether the financial statements have been prepared in conformity with the Danish Financial Statements Act.OwnershipPrincipal 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 for the coming year. Reference is made to letter of subordination in the financial statements. The Company has lost more than half of the share capital, but expects to restore its capital through earnings.Material events after the reporting date No events have occurred after the reporting date that may materially affect the financial position of the company.The company expects to close down activities in 2018 and plan to close down the company.GENERAL INFORMATIONThe financial statements of Kastel Denmark ApS for the financial year 2017 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. The accounting policies applied in the financial statements are consistent with those of the previous year. The reporting currency is Danish kroner.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 General informationCertain income and expenses have been aggregated in the item designated 'Gross profit' with reference to section 32 of the Financial Statements Act.Gross profitGross profit is a combination of the items of 'Revenue', 'Change in inventories of finished goods, work in progress and goods for resale', 'Other operating income', '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 and work in progressThe change in inventories of finished goods and work in progress is changes in inventories. Cost of raw materials and consumablesCost of raw materials and consumables includes the cost of goods purchased less discounts and changes in inventories for the year.Other external expensesOther 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 yearTax 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 are measured at cost less accumulated depreciation and impairment losses. The depreciable amount is cost less estimated residual value at the end of the useful life of the relevant asset.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 assets produced in-house includes costs for materials, components, subcontractors, direct payroll costs and indirect production costs. Depreciation is computed using the straight-line method over the following estimated useful lives of the individual assets and their residual values: User timeResidual valueTools and equipment3 years0 %Patents and licences10 years0 % 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.ReceivablesReceivables 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.PrepaymentsPrepayments recognised under assets include costs already defrayed but relating to the subsequent financial year.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.114849781943577847653-13062524382339127-17536129870492207569011-996330-54607-9417231 Staff costs Number of people employed 1 0 Wages and salaries 433.112 821.515 Other social security costs 5.121 10.710 Staff costs total 438.233 832.225 2 Finished goods and goods for resale Manufactured goods and goods for resale from group enterprises 1.049.806 1.973.873 Write-down on inventory -200.000 -200.000 Finished goods and goods for resale total 849.806 1.773.873 3 Trade receivables Trade receivables 652.705 408.513 Provisions for expected losses -60.000 -60.000 Trade receivables total 592.705 348.513 4 Equity Contributed capital 50.000 0 50.000 Share premium 450.000 0 450.000 Retained earnings -4.707.429 -941.723 -5.649.152 -4.207.429 -941.723 -5.149.152 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 6.674.889 0 6.674.889 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 2018 is made public. 7 Contractual obligations and contingencies etc.. The Company has a tax deductable carried forward loss of TDKK 5.573 not recognized in the Company balance. The Company has a rent commitment with a notice of 3 months which amounts to TDKK 54. 0163386013279731401538-10956518322259127-19370035578516499416110-2062322-1507-20608153099530995416641661200012000471618498068498065927051353560460650104821121582022162918350000450000-5649152-5149152667488966748891600087446103446677833516291833512235122916691661200012000562881773873177387334851301439470913970431827322353648240993650000450000-4707429-420742965075136507513210838876910985266173652409936mne623Henning Jensen38267132TimeVision, Godkendt RevisionspartnerselskabRegistreret RevisorCharlotte Kjølbye JorstFormandNæstformandMedarbejdervalgt-941723-2060815