GG St. Kongensgade 100 og 106 P/S - Annual Report 2019 - 28.05.20 - News

GG St. Kongensgade 100 og 106 P/S

Østergade 1, 1.

1100 Copenhagen

CVR No. 38306847

Annual report 2019

The Annual General Meeting adopted the annual report on 28.05.2020

Jacob Kruse Rasmussen

Chairman of the General Meeting

ARIVA.DE Börsen-Geflüster

Kurse

KONGENSGADE 19/20 FLR

-

0,00%

Contents

Entity details 2

Statement by Management 3

Independent auditor's report 4

Management commentary 7

Income statement for 2019 8

Balance sheet at 31.12.2019 9

Statement of changes in equity for 2019 11

Notes 12

Accounting policies 13

Entity details

Entity

GG St. Kongensgade 100 og 106 P/S Østergade 1, 1.
1100 Copenhagen

CVR No.: 38306847

Registered oﬃce: Copenhagen Financial year: 01.01.2019 - 31.12.2019

Board of Directors Camilla Dalum, Chairman Thomas Færch
Jens Rytter

Executive Board

Thomas Færch, CEO

Auditors

Deloitte Statsautoriseret Revisionspartnerselskab Weidekampsgade 6
P. O. Box 1600

0900 Copenhagen C

Statement by Management

The Board of Directors and the Executive Board have today considered and approved the annual report of GG St. Kongensgade 100 og 106 P/S for the ﬁnancial year 01.01.2019 - 31.12.2019.

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 31.12.2019 and of the results of its operations for the ﬁnancial year 01.01.2019 - 31.12.2019.

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. Copenhagen, 28.05.2020

Executive Board

Thomas Færch

CEO

Board of Directors

Camilla Dalum

Chairman

Thomas Færch

Jens Rytter

Independent auditor's report

To the shareholders of GG St. Kongensgade 100 og 106 P/S Opinion

We have audited the ﬁnancial statements of GG St. Kongensgade 100 og 106 P/S for the ﬁnancial year 01.01.2019

- 31.12.2019, 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 31.12.2019 and of the results of its operations for the ﬁnancial year 01.01.2019 - 31.12.2019 in accordance with the Danish Financial Statements Act.

Basis for opinion

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 of 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 responsibilities for the ﬁnancial statements

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.

Auditor's responsibilities for the audit of 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 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.

Statement on the management commentary

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.

Copenhagen, 28.05.2020

Deloitte

Statsautoriseret Revisionspartnerselskab CVR No. 33963556

Lars Andersen

State Authorised Public Accountant Identiﬁcation No (MNE) mne27762

Management commentary

Primary activities

The principal activities of the company are commerce with real estate or real estate companies and related activities.

Development in activities and ﬁnances

The result from ordinary activities is a loss of DKK 321,323 against a loss of DKK 4,698 last year. The management consider the result as expected.

Events after the balance sheet date

No events have occurred after the balance sheet date which would inﬂuence the evaluation of the annual

report. The outbreak and the spreading of the COVID-19 disease in early 2020 have not had and are not expected to have any material impact on the Entity’s ﬁnancial position.

Income statement for 2019

	Notes	2019 DKK	2018 DKK
Gross proﬁt/loss		(421,876)	(4,698)
Other ﬁnancial income	1	109,820	0
Other ﬁnancial expenses	2	(9,267)	0
Proﬁt/loss for the year		(321,323)	(4,698)
Proposed distribution of proﬁt and loss
Retained earnings		(321,323)	(4,698)
Proposed distribution of proﬁt and loss		(321,323)	(4,698)

Balance sheet at 31.12.2019

Assets
	Notes	2019 DKK	2018 DKK
Work in progress		200,976,415	124,655,508
Inventories	3	200,976,415	124,655,508
Other receivables		0	6,233
Receivables		0	6,233
Cash	4	94,084,723	8,824
Current assets		295,061,138	124,670,565
Assets		295,061,138	124,670,565

Equity and liabilities
	Notes	2019 DKK	2018 DKK
Contributed capital		1,000,000	1,000,000
Retained earnings		(346,734)	(25,411)
Equity		653,266	974,589
Loans raised by the issuance of bonds		232,692,140	0
Trade payables		2,916,056	79,489
Payables to group enterprises		56,186,349	123,560,862
Other payables		2,613,327	55,625
Current liabilities other than provisions		294,407,872	123,695,976
Liabilities other than provisions		294,407,872	123,695,976
Equity and liabilities		295,061,138	124,670,565
Working conditions	5
Contingent liabilities	6
Assets charged and collateral	7
Group relations	8

Statement of changes in equity for 2019

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