FarrowTech ApS

Kastebjergvej 18

2750 Ballerup


Annual report

2 March 2015 - 30 June 2016

The annual report has been presented and approved on the company's general meeting the
21/09/2016
Jakob Skårhøj
Chairman of general meeting

Company information

Reporting companyFarrowTech ApS
Kastebjergvej 18
2750 Ballerup
Phone number:20722052
e-mail:jakob.skaarhoej@farrowtech.dk
CVR-nr:36554290
Reporting period:02/03/2015 - 30/06/2016
Main financial institutionNordea
Prinsensgade 15
9000 Aalborg
DK Denmark

Statement by Management

The Management    has    today discussed and approved the annual report for the annual report for the financial year 2 March 2015 – 30 June 2016  of FarrrowTech ApS. The annual report has been presented in accordance with the Danish Financial Statements Act.

 

It is our opinion that the financial statements give a true and fair view of the Company's financial position at

30 June 2016 and of the results of the Company's operations for the financial year 2 March 2015 – 30 June 2016.

 

We recommend that the annual report be approved at the annual general meeting.

 


Ballerup, the 19/08/2016

Executive board
Jakob Boss Skårhøj
CEO
Morten Bo Lindholm Mikkelsen
CTO



Management’s Review

Main activity

FarrowTech is a startup company developing an automatic supervision system for farrowing sows. The system being developed recognizes the beginning of the farrowing process and counts the number of born piglets, but also records the time interval between subsequent piglet births and transmits a warning message to a mobile device if there is risk of birth complications. The farmer is provided with an overview of the status of all the farrowing sows, and he can thus decide whether his interaction is required.

 

Development in the year

FarrowTech was founded 2015. This year the company has mainly focused on developing the prototype. The development has progressed as planned.

 

FarrowTech has participated in different innovation contests. FarrowTech was among received an award from Agro Business Park for the valuable work being done towards finding solution to solve the problem of large piglet mortality in Danish pig production.

 

Expectation for the coming year

FarrowTech expects to finalize the prototype, have it tested and sell the first devises for reaches. Final product maturation will be initiated.

 

The company expect to commence dialogue with various potential investors to find a strategy to scale and grow.

 

Subsequent events

There have been no significant subsequent events at the time of submitting the annual report.


Accounting Policies

The annual report has been prepared in accordance with the regulation applying to Reporting class B.

 

The annual report has been prepared in accordance with the regulation applying to Reporting class B.

 

Accounting policies

 

The annual report for 2015/2016    has been prepared in accordance with the provisions applying to reporting class B enterprises under the Danish Financial Statements Act.

 

Income statement

 

Revenue

 

Income from the sale of services is recognised in the income statement provided that delivery and transfer of risk to the buyer have taken place, the income may be reliably measured and is expected to be received.

 

Revenue is measured at fair value of the agreed remuneration excluding VAT and taxes charged on behalf of third parties. All forms of discounts granted are deducted from revenue.

 

Staff costs

Staff costs comprise salaries and wages, including holiday allowance, pension and other social security costs, etc. to the Company's employees excluding refunds from public authorities.

 

Other operating costs

 

Other operating costs comprise items secondary to the Company's activities, including loss on the sale of intangible assets and property, plant and equipment.

 

Financial income and expenses

 

Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Financial items comprise interest income and interest expense.

Dividends from investments in subsidiaries are recognised in the income statement in the year when the dividends are declared.

 

Tax on profit/loss for the year

 

The Company is comprised by the Danish rules on compulsory joint taxation of the Group's Danish companies. The Company serves as the administrative company for the joint taxation and consequently settles all payments of corporation tax with the tax authorities. Current Danish corporation tax is allocated by the settlement of joint taxation contributions between the jointly taxed enterprises in proportion to their taxable income. In relation thereto, enterprises with tax losses receive joint taxation contributions from enterprises which have been able to use this loss to reduce their tax loss.

 

Tax for the year comprises current tax and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity.

 

Balance sheet

 

Equipment

 

 

IT equipment,    fixtures and fittings are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.

 

Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.

 

The basis of depreciation, which is calculated as cost less any residual values after the end of the useful life, is depreciated on a straight-line basis over the estimated useful life. .

 

Receivables

 

Receivables are measured at amortised cost, which corresponds to nominal value. The value is reduced by write-down for bad debts.

 

Prepayments

 

Prepayments comprise costs incurred concerning subsequent financial years.

 

Equity

 

 

 

Dividends

 

Proposed dividends are recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). The expected dividend payment for the year is disclosed as a separate item under equity.

 

Corporation tax and deferred tax

 

Current tax payable and receivable is recognised on the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability.

Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of

their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Deferred net assets are measured at net realisable value.

Deferred tax is measured in accordance with the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement and in equity.

 

Liabilities

 

Financial liabilities are recognised at cost at the date of borrowing, equivalent to proceeds received less transaction costs paid. Other liabilities are measured at net realisable value.

 

Income statement 2 Mar 2015 - 30 Jun 2016

Disclosure 2015/16 -
kr. kr.
Revenue 0
Cost of production 0
Gross Result 0
Distribution costs 0
Administrative expenses -2,651
Other operating income 159,200
Other operating expenses -142,278
Profit (loss) from ordinary operating activities 14,271
Other finance income from group enterprises 0
Other finance income 0
Other finance expenses 0
Profit (loss) from ordinary activities before tax 14,271
Tax expense 0
Profit (loss) 14,271
Proposed distribution of profit (loss)
Proposed dividend recognised in equity 14,271
Reserve for net revaluation according to equity method 0
Retained earnings 0
Gross 14,271

Balance sheet 30 June 2016

Assets

Disclosure 2015/16 -
kr. kr.
Goodwill 0
Intangible assets 0
Land and buildings 0
Plant and machinery 0
Fixtures, fittings, tools and equipment 0
Property, plant and equipment 0
Investments in group enterprises 0
Investments in associates 0
Other investments 0
Investments 0
Total non-current assets 0
Raw materials and consumables 0
Manufactured goods and goods for resale 0
Inventories 0
Trade receivables 0
Contract work in progress 0
Receivables from group enterprises 0
Receivables from associates 0
Tax receivables 13,987
Other receivables 0
Receivables 13,987
Other investments 0
Investments 0
Cash and cash equivalents 50,284
Current assets 64,271
Total assets 64,271

Balance sheet 30 June 2016

Liabilities and equity

Disclosure 2015/16 -
kr. kr.
Contributed capital 50,000
Retained earnings 14,271
Total equity 64,271
Provisions for deferred tax 0
Provisions, gross 0
Mortgage debt 0
Debt to banks 0
Long-term liabilities other than provisions, gross 0
Liabilities other than provisions, gross 0
Liabilities and equity, gross 64,271

Statement of changes in equity 2 Mar 2015 - 30 Jun 2016

Contributed capital Retained earnings Proposed dividend recognised in equity Total
kr. kr. kr. kr.
Equity, beginning balance 50,000 50,000
Betalt udbytte 0 0
Årets resultat 14,271 14,271
Equity, ending balance 50,000 14,271 0 64,271

Disclosures

1. Disclosure of ownership

Ownership

 

The company has registered the following owners with a share of more than 5% of the companies shares:

 

JB Skaarhoej Holding IVS, Kastebjergvej 18, 2750 Ballerup

MBLM Holding, Søparkvej 3, 8220 Brabrand

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