Årsrapport34209936Grant Thornton, Statsautoriseret RevisionspartnerselskabNordstensvej, 113400, Hillerød2015-08-102016-12-312017-06-0936994886Precision Makers A/S under frivillig likvidationKøbmagergade60, 3.1150København K2015-08-10KøbenhavnGrant Thornton, Statsautoriseret Revisionspartnerselskab34209936Claus Koskelinstatsautoriseret revisorNordstensvej113400HillerødDanmark+45 33 110 220info@dk.gt.com2017-06-09Simon Falbe-HansenRegnskabsklasse BRevisionspåtegningkapitalejerenHillerød2017-06-09trueKøbenhavn K2017-06-09Grundlag for konklusion med forbeholdKonklusion med forbehold-4115554249138540603-664754269000773777363001-7715320-7715320-77153201400231400231400231164860116486031097314758331615856500000375000-375000-8090320-759032065597966575871892610920617692061761615856230235382493560510093424913852Simon Falbe-HansenThe liquidator has today presented the annual report of Precision Makers A/S under frivillig likvidation for the financial year 10 August 2015 to 31 December 2016. The annual report has been presented in accordance with the Danish Financial Statements Act. I consider the accounting policies used appropriate, and in my opinion the annual accounts provide a true and fair view of the company's assets and liabilities and its financial position as on 31 December 2016 and of the company's results of its activities in the financial year 10 August 2015 to 31 December 2016. I am of the opinion that the liquidator's review includes a fair description of the issues dealt with. The annual report is recommended for approval by the general meeting. We have audited the annual accounts of Precision Makers A/S under frivillig likvidation for the financial year 10 August 2015 to 31 December 2016, which comprise accounting policies used, profit and loss account, balance sheet and notes. The annual accounts are prepared in accordance with the Danish Financial Statements Act. Except for the possible effect of the matter described in the paragraph "Basis for qualified opinion", it is our opinion that the annual accounts give a true and fair view of the company's assets, liabilities and financial position at 31 December 2016 and of the results of the company's operations for the financial year 10 August 2015 to 31 December 2016 in accordance with the Danish Financial Statements Act. The company has chosen to begin liquidation after the end of the financial year. It has not been possible for us to obtain confirmations from the company's debtors or see check subsequent payments. Significant write-downs have been made to the debtors according to usual principles, but due to the lack of audit evidence, we must make reservations for the debtors presence and valuation. We conducted our audit in accordance with international standards on auditing and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the below section “Auditor’s responsibilities for the audit of the annual accounts”. We are independent of the company in accordance with international ethics standards for accountants (IESBA's Code of Ethics) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these standards and requirements. We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our qualified opinion. We conducted our audit in accordance with international standards on auditing and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the below section “Auditor’s responsibilities for the audit of the annual accounts”. We are independent of the company in accordance with international ethics standards for accountants (IESBA's Code of Ethics) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these standards and requirements. We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our qualified opinion. Material uncertainties concerning the enterprise's ability to continue as a going concern Without effecting our conclusion, we draw attention to the uncertainty regarding the company's ability to continue its operations. We refer to Note 1, which explains uncertainty about the company's ability to continue operations, as the basis for continued operations is that agreement with the parent company is reached. Emphasis of matter Without effecting to our conclusion, please see Note 3 where contingent liablities are described. The management is responsible for the preparation of annual accounts that give a true and fair view in accordance with the Danish Financial Statements Act. The management is also responsible for such internal control as the management determines is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error. In preparing the annual accounts, the management is responsible for evaluating the company’s ability to continue as a going concern, and, when relevant, disclosing matters related to going concern and using the going concern basis of accounting when preparing the annual accounts, unless the management either intends to liquidate the company or to cease operations, or if it has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report including an opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with international standards on auditing and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements may arise due to fraud or error and may be considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions made by users on the basis of the annual accounts As part of an audit conducted in accordance with international standards on auditing and the additional requirements applicable in Denmark, we exercise professional evaluations and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement in the annual accounts, whether due to fraud or error, design and perform audit procedures in response 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 the risk of not detecting a misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of the 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 by the management and the reasonableness of accounting estimates and related disclosures made by the management. Conclude on the appropriateness of the management’s preparation of the annual accounts being based on the going concern principle and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may raise significant doubt about 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 annual accounts 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 annual accounts, including the disclosures in the notes, and whether the annual accounts reflect 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 the internal control that we identify during our audit. Conclude on the appropriateness of the management’s preparation of the annual accounts being based on the going concern principle and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may raise significant doubt about 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 annual accounts 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. Statement on the management's review The management is responsible for the management's review. Our opinion on the annual accounts does not cover the management’s review, and we do not express any kind of assurance opinion on the management's review. In connection with our audit of the annual accounts, our responsibility is to read the management’s review and in that connection consider whether the management’s review is materially inconsistent with the annual accounts or our knowledge obtained during the audit, or whether it otherwise appears to contain material misstatement. Furthermore, it is our responsibility to consider whether the management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we believe that the management's review is in accordance with the annual accounts and that it has been prepared in accordance with the requirements of the Danish Financial Statement Acts. We did not find any material misstatement in the management's review. Violation of the bookkeeping act In our opinion, the company has not complied with the accounting legislation's requirements for the bookkeeping to be organized and executed in accordance with good accounting practice, taking into account the nature and extent of the company. The principal activities of the company The purpose of the company is to trade in farming equipment and hereby related business. Development in activities and financial matters The gross loss for the year is tDKK -4.116. The results for the year after tax are tDKK -7.715. The management consider the results unsatisfactory. The annual report for Precision Makers A/S under frivillig likvidation is presented in accordance with those regulations of the Danish Financial Statements Act concerning companies identified as class B enterprises. The annual accounts are presented in Danish kroner (DKK). Gross loss The gross loss comprises the net turnover, changes in inventories of finished goods and work in progress, work performed for own purposes and capitalised, other operating income, and external costs. The net turnover comprises the value of services provided during the year, including outlay for customers less VAT and price reductions directly associated with the sale. The turnover is recognised in the profit and loss account when the sale has been completed. This is generally considered to be the case when: The service has been provided before the end of the financial year There is a binding sales agreement The sales price has been determined The payment has been received, or it can with reasonable assurance be expected to be received. Hereby, it is ensured that recognition does not take place until the total income and costs as well as the scope of completion on the balance sheet date can be determined reliably, and when it is likely that the economic benefits, including payments, will be received by the enterprise. Costs of sales includes costs for the purchase of raw materials and consumables less discounts and changes in inventories. Other operating income and costs comprise accounting items of secondary nature in proportion to the principal activities of the enterprise. Other external costs comprise costs for distribution, sales, advertisement, administration, premises, loss on debtors, and operational leasing costs. Staff costs Staff costs include salaries and wages including holiday allowances, pensions and other costs for social security etc. for staff members. Staff costs are less public reimbursements. Depreciation, amortisation and writedown Depreciation, amortisation and writedown comprise depreciation, amortisation and writedown for the year and gains and losses on disposal of intangible and tangible fixed assets. Net financials Net financials comprise interest, realised and unrealised capital gains and losses concerning financial assets and liabilities, amortisation of financial assets and liabilities, additions and reimbursements under the Danish tax prepayment scheme, etc. Financial income and expenses are recognised in the profit and loss account with the amounts that concerns the financial year. Tax of the results for the year The tax for the year comprises the current tax for the year and the changes in deferred tax, and it is recognised in the profit and loss account with the share referring to the results for the year and directly in the equity with the share referring to entries directly on the equity. Tangible fixed assets Tangible fixed assets are measured at cost with deduction of accrued depreciation and writedown. The basis of depreciation is cost with deduction of any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the book value, the amortisation discontinues. If the amortisation period or the residual value is changed, the effect on amortisation will in the future be recognised as a change in the accounting estimates. The cost comprises the acquisition cost and costs directly attached to the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing. Depreciation takes place on a straight line basis and based on an evaluation of the expected useful life: Other plants, operating assets, fixtures and furniture 3-5 years Minor assets with an expected useful life of less than 1 year are recognised as costs in the profit and loss account in the year of acquisition. Profit or loss deriving from the sales of tangible fixed assets is measured as the difference between the sales price reduced by the selling costs and the book value at the time of the sale. Profit or loss is recognised in the profit and loss account under depreciation. Debtors Debtors are measured at amortised cost which usually corresponds to face value. In order to meet expected losses, writedown takes place at the net realisable value. Available funds Available funds comprise cash at bank and in hand. Equity Dividend Dividend expected to be distributed for the year is recognised as a separate item under the equity. Proposed dividend is recognised as a liability at the time of approval by the general meeting (the time of declaration). Dividend Dividend expected to be distributed for the year is recognised as a separate item under the equity. Proposed dividend is recognised as a liability at the time of approval by the general meeting (the time of declaration). Corporate tax and deferred tax Current tax receivable and tax liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on previous years' taxable income and prepaid taxes. Tax receivable and tax liabilities are set off to the extent that legal right of set-off exists and if the items are expected to be settled net or simultaneously. Deferred tax is measured on the basis of all temporary differences in assets and liabilities with a balance sheet focus. Deferred tax is measured based on the tax rules and tax rates applying under the legislation on the balance sheet date and prevailing when the deferred tax is expected to be released as current tax. Liabilities Other liabilities are measured at amortised cost which usually corresponds to the nominal value. 1. Uncertainties concerning the enterprise's ability to continue as a going concern There is uncertainty about the company's ability to continue operations. The company relies on the parent company's commitment to financial support throughout the winding-up period. Management has estimated that they will receive the adequate financial support and, on the basis of these, prepare the accounts subject to continued operation. 3. Contingencies Contingent liabilities The company is part in a pending case claiming t.kr. 1,087 from a supplier, where it is the management assessment that there is predominantly likelihood that the amount will be reduced to the amount booked in the accounts of t.kr. 395. 369948862015-08-102016-12-31369948862016-12-31369948862015-08-102016-12-311369948862015-08-102016-12-311369948862015-08-102016-12-31e:RetainedEarningsMemberiso4217:DKKxbrli:pure