360638582016-01-012016-12-31360638582014-08-132015-12-31360638582016-12-31360638582015-12-31360638582016-01-012016-12-310360638582016-01-012016-12-311360638582016-01-012016-12-312360638582016-01-012016-12-313360638582016-01-012016-12-314360638582016-01-012016-12-315360638582016-01-012016-12-31fsa:ProposedExtraordinaryDividendRecognisedInEquityMember360638582016-01-012016-12-31fsa:ProposedDividendRecognisedInLiabilitiesMember360638582016-01-012016-12-31fsa:RetainedEarningsMember360638582014-08-132015-12-31fsa:ProposedExtraordinaryDividendRecognisedInEquityMember360638582014-08-132015-12-31fsa:ProposedDividendRecognisedInLiabilitiesMember360638582014-08-132015-12-31fsa:RetainedEarningsMemberiso4217:DKKsharespure2017-02-24Béla BenedekFrederiksberg2017-02-24RevisionspåtegningFrederiksberg2017-02-24Regnskabsklasse BfalseÅrsrapport36063858ANC Group ApSco/ Revision København, Nimbusparken 24, 3. sal2000Frederiksberg2014-08-13Uspecificeretbela.vince@anc.hu2016-01-012016-12-312014-08-132015-12-31Revision København,Godkendt RevisionspartnerselskabNimbusparken 24, 3.2000 FrederiksbergToday the Executive Board has discussed and approved the Annual Report of ANC Group ApS for the period 1. januar - 31. december 2016.The Annual Report has been prepared in conformity with the Financial Statements Act.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 2016 and of its financial performance for the period 1. januar - 31. december 2016.We recommend that the Annual Report be approved by the Annual General Meeting.To the shareholders in ANC Group ApSConclusion We have audited the Financial Statements of ANC Group ApS for the period 1. januar - 31. december 2016, which comprise income statement, balance sheet and notes, including a summary of significant accounting policies. The Financial Statements are prepared under the Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31. december 2016, and of the results of the Company operations for the period 1. januar - 31. december 2016 in accordance with the Danish Financial Statements Act.Basis for conclusion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 our report. We are independent of the company in accordance with the International Ethics Standards Board for 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.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. In preparing the financial statements, Management is responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and 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.Auditor responsible for auditing the financial statements 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 judgment and maintain professional skepticism 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 company 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 contents of the financial statements, including the disclosures, 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.Statement on Management commentary 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 Financial Statements Act. Based on the work we have performed, we conclude that Management's Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statement Acts. We did not identify any material misstatement of Management's Review.00000000OwnershipMain activityThe company's main activity is wholesale trade with corn and similar products Principal activities of the Company As in previous years, the main activities of the Company is wholesale trade with corn and similar products.Unusual circumstances There has not been any significant events during the financial year, which has been of considerable importance, that it has to be mentioned in the management's review. Disclosure related to the company's revenue are omitted due to competetive considerations.Uncertainty connected with recognition or measurement During the financial year there has not been ascertained any considerable uncertainty connected with recognition or measurement.Development in the activities and the financial situation of the Company The company has continued its operations and has presented an unsatisfactory result, and therefore reduces the company's equity. The Company's status as a going concern depends on the willingness of the bank and other external creditors to continue making available the capital required. We expect this to be the case.Material events after the reporting date No events have occurred after the reporting date that may materially affect the financial position of the company.Pending litigationThe company has been denied a deduction of input VAT for DKK 11.150.269. The company's lawyer do not believe, that there is a considerable basis for denying the company this deduction. Because of the justified uncertainty regarding future decisions made, the debt doesn't meets the requirements for recognition.IN GENERAL The annual financial statement of ANC Group ApS for 2016 is prepared in accordance with the recognition and measurement criteria stipulated for accounting class B in the Financial Statements Act. The current year is the first financial period of the Company, for which reason no comparative figures are disclosed in the income statement, balance sheet and notes.Recognition and measurement in general The financial statements have been prepared under the historical cost convention. 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.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.Other operating income and expensesOther operating income and expenses comprise items relating to activities secondary to the activities of the enterprise, including profit and loss from the disposal of property, plant and equipment.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, finance charges in respect of finance leases, realised and unrealised capital gains and losses on securities, accounts payable and transactions in foreign currencies, repayment on mortgage loans, and surcharges and allowances under the tax prepayment scheme. Dividends from other equity investments are recognised as income in the financial year in which the dividends are declared.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. Any change in deferred tax as a result of changes in the tax rate is recognised in the income statement.BALANCE SHEETReceivablesReceivables are measured at amortised cost, which normally corresponds to the nominal value. The value is reduced by an allowance for expected impairment losses.DividendsProposed dividends for the year are recognised as a separate item under equity. Proposed dividends are recognised as a liability when approved by the Annual General Meeting.Corporate income tax and deferred taxCurrent tax liabilities and current tax receivables are recognized in the balance sheet as tax calculated on the taxable income for the year adjusted for tax on the taxable income for previous years and for prepaid taxes.Deferred tax is measured using the balance-sheet liability method on any temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. 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 relevant asset or settlement of the liability.Deferred tax assets, including the tax base of tax losses allowed for carryforward, are measured at their anticipated realizable values, either by elimination in tax on future earnings or by being offset against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at their net realizable values.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.10182481717910846457441817351391617-539007-115830-4231771 Staff costs Wages and salaries 169.992254.472 Other social security costs 1.7991.350 171.791255.822 2 Tax on net profit for the year Calculated tax on net profit for the year 024.464 Adjustment of deferred tax -115.8300 -115.83024.464 3 Equity Contributed capital 50.000 0 050.000 Retained earnings 11.227 0 -1.073.177-1.061.950 Proposed dividends for the year 45.000 -695.000 650.0000 106.227 -695.000 -423.177-1.011.950 The share capital is divided as follows: 50 shares of nom 1.000 50.000 50.000 4 The company has been denied a deduction of input VAT for DKK 11.150.269,-. The company's lawyer do not believe, that there is a considerable basis for denying the company this deduction. Because of the justified uncertainty regarding future decisions made, the debt doesn't meet the requirements for recognition. 5 Charges and securities The company has not pawned or provide security of any kind 0000000034609725582251089765009074806912446456227406802210155479197911583005291378425175333895533389550000-10619500-101195061329470212898634584563458455333895517931088339045446710607378043681865105186510550000112274500010622716457232556587590175887817588781865105Brian Hansen34619654Revision København, Godkendt RevisionspartnerselskabRegistreret revisor, Cand.merc.aud. FSR - Danske RevisorerBéla BenedekFormandNæstformandMedarbejdervalgt6500000-107317704500011227