iso4217:DKK242214152023-04-012024-03-31242214152023-04-012024-03-311242214152023-04-012024-03-311242214152023-04-012024-03-311242214152023-04-012024-03-312242214152023-04-012024-03-313242214152023-04-012024-03-31242214152022-04-012023-03-31242214152023-04-012024-03-31fsa:RetainedEarningsMember242214152024-03-31242214152023-03-31242214152023-04-01fsa:ContributedCapitalMember242214152023-04-01fsa:RetainedEarningsMember242214152023-04-01242214152024-03-31fsa:ContributedCapitalMember242214152024-03-31fsa:RetainedEarningsMemberGrundlag for konklusionKonklusion2024-09-202024-09-20true2022-04-012023-03-31CopenhagenKøbenhavn K1364Regnskabsklasse BRevisionspåtegning2024-03-312023-04-014 13Nørre FarimagsgadeBT Denmark ApS24221415339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportKPMG Statsautoriseret Revisionspartnerselskab Dampfærgevej 282100 Copenhagen25578198The Board of Directors and the Executive Board have today considered and approved the annual report of BT Denmark ApS for the financial year 01.04.2023 - 31.03.2024.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 Entity’s financial position at 31.03.2024 and of the results of its operations for the financial year 01.04.2023 - 31.03.2024.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.CopenhagenWai Ming TengCEOMarit Anke Wilhelmina Cremers-WitWai Ming TengRasmus Johannes JungeTo the shareholders of BT Denmark ApSWe have audited the financial statements of BT Denmark ApS for the financial year 01.04.2023 - 31.03.2024, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.03.2024 and of the results of its operations for the financial year 01.04.2023 - 31.03.2024 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 Entity 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 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 Entity’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 Entity 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 Entity’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 Entity’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 Entity 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 the management commentary. Our opinion on the financial statements does not cover the management commentary, 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 the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the management commentary 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 of the management commentary.CopenhagenKenn Wolff Hansenmne30154State Authorised Public AccountantPrimary activitiesThe company's business comprised of offering telecommunication and network security services to major corporate customers in the Danish market.Development in activities and financesBT Denmark Aps reported total revenues of 37 million DKK for the financial year 2023/24. External revenues saw a significant increase, reaching 17 million DKK, up from 12 million DKK in 2022/23. This growth is attributed to newly signed contracts with a multinational manufacturer of pump solutions and a global supplier of innovative technical textiles. Additionally, managed network contracts in the logistics sector contributed 5.3 million DKK to the overall revenue generation of BT Denmark Aps. The financial year 2024/25 may present challenges for existing contracts and revenue streams due to general price erosion and business consolidation in the global ICT market. However, it is anticipated that revenues will remain stable, with overall profit expected to be on par with the financial year 2023/24. Events after the balance sheet dateNo events of significance to the annual report have occurred after the balance sheet date. 366772783087358930627883262362536049395463733644263843340084162301112972526234293755725572118351056688111479223315432510782353478968582353482353478968570568888150572705688881505727056888815057253736874679799919161838879231537951180022200741044721401821393483286322401393483286322402099172016782812137064137064729973364761997436797661326313706464761996613263137064729973311603011603014617025177432104635863612646176348015944752611312822378533581354332010169549135549231016954920991720167828121 Other financial income 2023/24 DKK2022/23 DKKOther interest income6,2349,297Exchange rate adjustments020,0786,23429,3752 Other financial expenses2023/24 DKK2022/23 DKKFinancial expenses from group enterprises332,15338,736Other interest expenses126,986173,099Exchange rate adjustments113,4180572,557211,835 2023/24 DKK2022/23 DKKFinancial expenses from group enterprises332,15338,736Other interest expenses126,986173,099Exchange rate adjustments113,4180572,557211,8353 Tax on profit/loss for the year2023/24 DKK2022/23 DKKCurrent tax313,436195,888Change in deferred tax(80,282)49,308Adjustment concerning previous years079,911233,154325,1074 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKKCost beginning of year30,096,483Additions3,332,700Cost end of year33,429,183Depreciation and impairment losses beginning of year(21,945,911)Depreciation for the year(4,426,384)Depreciation and impairment losses end of year(26,372,295)Carrying amount end of year7,056,8885 Non-current liabilities other than provisionsDue after more than 12 months 2023/24 DKKDeferred income11,60311,6036 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any remuneration. 7 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group: British Telecommunications Plc, 81 Newgate street, London, EX1A7AJ, United KingdomThis annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year.falseRecognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates.RevenueRevenue are recognised when risks and rewards are transferred to the client or a service has been provided. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Cost of salesCost of sales comprises goods and services consumed in the financial year measured at cost.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment comprise depreciation, amortisation and impairment losses for the financial year.Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises and gains on payables and transactions in foreign currencies and tax relief under the Danish Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprises interest expenses, including intereset expenses on payables to group enterpriceses and exchange losses on transactions in foreign currencies and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment4-7 yearsEstimated useful lives and residual values are reassessed annually. Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost.2024-09-20Wai Ming Teng