38330896 2022-01-01 2022-12-31 38330896 2022-01-01 2022-12-31 1 38330896 2022-01-01 2022-12-31 1 38330896 2022-01-01 2022-12-31 2 38330896 2021-01-01 2021-12-31 38330896 2022-12-31 38330896 2021-12-31 38330896 2021-12-31 fsa:ContributedCapitalMember 38330896 2021-12-31 fsa:SharePremiumMember 38330896 2021-12-31 fsa:RetainedEarningsMember 38330896 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 38330896 2022-12-31 fsa:ContributedCapitalMember 38330896 2022-12-31 fsa:SharePremiumMember 38330896 2022-12-31 fsa:RetainedEarningsMember iso4217:DKK SLA DENMARK 1 APS NYBROGADE 12 1203 KØBENHAVN K Ole Meier Sørensen 38330896 Copenhagen EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 2000 Frederiksberg Today the Executive Board have discussed and approved the Annual Report of SLA Denmark 1 ApS forthe financial year1 January - 31 December 2022.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 Company's assets, liabilities andfinancial position at 31 December 2022 and of the results of the Company's operations for the financialyear1 January - 31 December 2022.The Management Commentary includes in our opinion a fair presentation of the matters dealt with inthe Commentary.We recommend the Annual Report be approved at the Annual General Meeting. Ole Meier Sørensen Caspar Schultz Copenhagen To the Shareholders of SLA Denmark 1 ApS OpinionWe have audited the Financial Statements of SLA Denmark 1 ApS for the financial year1 January - 31December 2022, which comprise income statement, Balance Sheet, statement of changes in equity,notes and a summary of significant accounting policies. The Financial Statements are prepared inaccordance with the Danish Financial Statements Act.In our opinion, theFinancial Statements give a true and fair view of the assets, liabilities and financialposition of the Company at 31 December 2022 and of the results of the Company's operations for thefinancial year1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and theadditional requirements applicable in Denmark. Our responsibilities under those standards andrequirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Sta-tements” section of our report. We believe that the evidence we have obtained is sufficient andappropriate to provide a basis for our conclusion. IndependenceWe are independent of the Company in accordance with the International Ethics Standards Board forAccountants’ International Code of Ethics for Professional Accountants (including InternationalIndependence Standards) (IESBA Code), together with the ethical requirements that are relevant to ouraudit of the financial statements in Denmark, and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the IESBA Code. Management's Responsibilities for the Financial StatementsManagement is responsible for the preparation of Financial Statements that give a true and fair view inaccordance with the Danish Financial Statements Act and for such Internal control as Managementdetermines is necessary to enable the preparation of Financial Statements that are free from materialmisstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company's abilityto continue as a going concern, disclosing, as applicable, matters related to going concern and usingthe going concern basis of accounting in preparing the Financial Statements unless Management eitherintends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the Financial Statements as a wholeare free from material misstatement, whether due to fraud or error, and to issue an auditor’s reportthat includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranteethat an audit conducted in accordance with ISAs and the additional requirements applicable inDenmark will always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if, individually or in the aggregate, they could reasonablybe expected to influence the economic decisions of users taken on the basis of these Financial State-ments.As part of an audit conducted in accordance with ISAs and the additional requirements applicable inDenmark, we exercise professional judgment and maintain professional skepticism throughout theaudit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resulting from erroras fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the overrideof internal control. Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting inpreparing the Financial Statements and, based on the audit evidence obtained, whether a materialuncertainty exists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty exists, we arerequired to draw attention in our auditor’s report to the related disclosures in the Financial State-ments or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based onthe audit evidence obtained up to the date of our auditor’s report. However, future events orconditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, includingthe disclosures, and whether the Financial Statements represent the underlying transactions andevents in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the plannedscope and timing of the audit and significant audit findings, including any significant deficiencies ininternal control that we identify during our audit. Statement on Management CommentaryManagement is responsible for Management Commentary.Our opinion on the Financial Statements does not cover Management Commentary, and we do notexpress any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read ManagementCommentary and, in doing so, consider whether Management Commentary is materially inconsistentwith the Financial Statements or our knowledge obtained during the audit, or otherwise appears to bematerially misstated.Moreover, it is our responsibility to consider whether Management Commentary provides theinformation required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that Management Commentary is in accordancewith the Financial Statements and has been prepared in accordance with the requirements of theDanish Financial Statements Act. We did not identify any material misstatement of Management Com-mentary. 30700228 Kennet Hartmann State Authorised Public Accountant mne40036 Copenhagen Principal activitiesThe objects of the company are acquisition, sale and letting out of real property. Recognition and measurement uncertaintyAs the company’s purpose is investment in properties, the Company is affected by changes in theproperty market, including the general economic conditions. The market situation in the real estate sector is affected by uncertainty, as a result high inflation andincreasing interest rates. However, the company's activities have not been significantly affected bythis.The uncertainty related to interest rates and yields has created a gap between buyers’ and sellers’expectation to sales prices of properties which is reflected in the lower transaction volume forinvestment properties in late 2022. This has been reflected in the valuation of the company's properties.Significant events after the end of the financial yearNo events have occurred after the end of the financial year of material importance for the Company'sfinancial position. 4338787 4327999 1527801 1527801 2810986 2800198 1556849 2172247 1254137 627951 5318 266147 1248819 361804 1248819 361804 1248819 361804 86810836 88338637 86810836 88338637 86810836 88338637 495789 0 410903 8763 174000 0 0 237609 1080692 246372 6062613 2889526 7143305 3135898 93954141 91474535 51000 51000 18999000 18999000 2757400 1508581 21807400 20558581 556156 280061 556156 280061 70800089 69277580 70800089 69277580 144556 156500 0 655864 645940 545949 790496 1358313 71590585 70635893 93954141 91474535 51000 18999000 1508581 20558581 1248819 1248819 51000 18999000 2757400 21807400 20222021DKKDKKOther financial expensesGroup enterprises.........................................................................................................................1.522.5091.552.059Other interest expenses.........................................................................................................................34.340620.1881.556.8492.172.247 Tax on profit/loss for the yearAdjustment of tax in previous years.........................................................................................................................-270.7770Adjustment of deferred tax.........................................................................................................................276.095266.1475.318266.147 Property, plant and equipmentInvestmentpropertiesCost at 1 January 2022........................................................................................................................91.394.239Cost at 31 December 2022........................................................................................................................91.394.239Depreciation and impairment losses at 1 January 2022........................................................................................................................3.055.602Depreciation for the year........................................................................................................................1.527.801Depreciation and impairment losses at 31 December 2022........................................................................................................................4.583.403Carrying amount at 31 December 2022.........................................................................................................................86.810.836 Long-term liabilitiesDebt31/12 2022Repaymentoutstanding31/12 2021total liabilitiesnext yearafter 5 yearstotal liabilitiesPayables to group enterprises.........................................................................................................................70.800.0890069.277.58070.800.0890069.277.580 Contingencies etc.Joint liabilitiesThe Danish companies of the group is jointly and severally liable for tax on the group’s jointlytaxed income and for certain possible withholding taxes such as dividend tax and royalty tax,and for the joint registration of VAT.Tax payable of the group’s jointly taxed income amounts to DKK (‘000) 0 at the Balance Sheetdate. Consolidated Financial StatementsThe results of the Company are consolidated in the group accounts of Phoenix Group HoldingPlc, registered at 20 Old Bailey, London, England, EC4M 7AN. The copies of the consolidatedfinancial statements of the ultimate controlling party can be obtained atwww.phoenixgroup.com true true INCOME STATEMENTRental incomeRental income and expenses have been accrued to cover the period up to the end of the financial year.Payments charged to cover heating are not included in rental income.Other external expensesOther external expenses include cost of sales, advertising, administration, buildings, bad debts andoperating lease expenses, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, the items Revenue, Other externalexpenses and other operating income are consolidated into one item designated Gross profit/ loss.Financial income and expensesFinancial income and expenses include interest income and expenses, financial expenses of financeleases, realised and unrealised gains and losses arising from investments in financial assets, debt andtransactions in foreign currencies, amortisation of financial assets and liabilities, as well as charges andallowances under the tax-on-account scheme etc. Financial income and expenses are recognised in theIncome Statement by the amounts that relate to the financial year.TaxThe tax for the year, which consists of the current tax for the year and changes in deferred tax, isrecognised in the income statement by the portion that may be attributed to the profit for the year,and is recognised directly in the equity by the portion that may be attributed to entries directly to theequity.Reporting currencyThe financial statements are presented in Danish kroner (DKK).BALANCE SHEETInvestment propertiesInvestment properties are measured at cost less accumulated depreciation and impairment losses. Landis not depreciated.The depreciation base is cost less estimated residual value after end of useful life.The cost includes the acquisition price and costs incurred directly in connection with the acquisitionuntil the time when the asset is ready to be used. Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of theassets and their residual value:Useful life Residual valueBuildings.....................................................................................................................................50 years0 %Profit or loss on disposal of tangible fixed assets is stated as the difference between the sales price lessselling costs and the carrying amount at the time of sale. Profit or loss is recognised in the incomestatement as other operating income or other operating expenses.Impairment of fixed assetsThe carrying amount of tangible assets are valued on an annual basis for indications of impairmentother than that reflected by amortisation and depreciation. In the event of impairment indications, an impairment test is made for each asset or group of assets,respectively. If the recoverable amount is lower than the carrying amount, the asset is written down tothe carrying amount.The recoverable amount is calculated at the higher of net selling price and capital value. The capitalvalue is determined as the fair value of the expected net cash flows from the use of the asset or groupof assets and the expected net cash flows from sale of the asset or group of assets after the end of itsuseful life. ReceivablesReceivables are measured at amortised cost which usually corresponds to nominal value. The value iswritten down to meet expected losses.CashCash comprise cash.Tax payable and deferred taxCurrent tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculatedtax on the taxable income for the year, adjusted for tax on the taxable income for previous years andtaxes paid on account.The Company is subject to joint taxation with Danish group companies. The current corporation tax isdistributed among the joint taxable companies in proportion to their taxable income and with fullallocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the BalanceSheet under current assets and liabilities, respectively.Deferred tax is measured on the temporary differences between the carrying amount and the tax valueof assets and liabilities.Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the expectedrealisable value of the asset, either by set-off against tax on future earnings or by set-off againstdeferred tax liabilities within the same legal tax entity.Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in forceon the Balance Sheet date will be applicable when the deferred tax is expected to crystallise as currenttax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the incomestatement, except from items recognised directly in equity.LiabilitiesFinancial liabilities are recognised at the time of borrowing by the amount of proceeds received lessborrowing costs. In subsequent periods, the financial liabilities are measured at amortised cost equal tothe capitalised value when using the effective interest, the difference between the proceeds and thenominal value being recognised in the Income Statement over the term of loan.Amortised cost for short-term liabilities usually corresponds to the nominal value. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-06-07 Reporting class B 2017-01-01 2023-06-07 21243434 Citco (Denmark) ApS NYBROGADE 12 1203 KØBENHAVN K Opinion Basis for Opinion 2023-06-07