Essential Guide to ApS Financial Statements in Denmark: Deadlines, Requirements, and Tips

Running an Anpartsselskab (ApS) in Denmark comes with a host of responsibilities, one of the most critical being the preparation and submission of annual financial statements. These documents not only ensure compliance with Danish regulations but also provide valuable insights into your company's financial health. Whether you're a new ApS owner or a seasoned entrepreneur, understanding the key deadlines, requirements, and steps involved can save you time, money, and stress. In this guide, we'll walk you through everything you need to know about ApS financial statements in Denmark for 2025, including what to prepare, what to watch out for throughout the year, and when to enlist professional help to avoid last-minute headaches.

What Are ApS Financial Statements in Denmark?

An ApS, or private limited company in Denmark, is required by law to prepare and submit annual financial statements to the Danish Business Authority (Erhvervsstyrelsen). These statements summarize your company's financial performance and position over the fiscal year, typically covering:

• Balance Sheet: Assets, liabilities, and equity.
• Income Statement: Revenue, expenses, and profit/loss.
• Notes: Explanations of key figures and accounting policies.
• Management Report (if applicable): A summary of the company's activities and outlook.

For small ApS companies (those meeting certain criteria, such as fewer than 10 employees, a balance sheet total below DKK 44 million, or net revenue below DKK 89 million), simplified reporting under Class B standards is often sufficient. Larger ApS entities may need to follow Class C or even IFRS standards, depending on their size and complexity.

The financial statements must be prepared in accordance with the Danish Financial Statements Act, ensuring accuracy, transparency, and compliance with local regulations. Failing to submit them on time or with errors can lead to fines, audits, or even forced dissolution of your company.

Key Deadlines for ApS Financial Statements in 2025

Timing is critical when it comes to ApS financial statements. Here are the key deadlines to mark in your calendar for 2025:

• End of Fiscal Year: Most ApS companies use a calendar year (January 1 - December 31) as their fiscal year. If your fiscal year differs, adjust deadlines accordingly.
• Preparation Deadline: Financial statements must be finalized and approved at your Annual General Meeting (AGM) within 5 months after the fiscal year-end. For a calendar year, this means May 31, 2025.
• Submission Deadline: The approved financial statements must be submitted to the Danish Business Authority no later than 6 months after the fiscal year-end, i.e., June 30, 2025, for a calendar year. Digital submission via the Authority's online portal is mandatory.
• Tax Reporting: While separate from financial statements, your corporate tax return (selvangivelse) is typically due around the same time (June/July 2025 for calendar-year companies). Aligning both processes can streamline your compliance efforts.

Tip: Don't wait until May to start preparing. Gathering documents and resolving discrepancies early will prevent costly delays, especially if you're working with an accounting firm.

What Documents Do You Need to Prepare?

To ensure your ApS financial statements are accurate and compliant, you'll need to gather several key documents. Here's a checklist to get you started:

• Bookkeeping Records: Up-to-date ledgers, including all transactions (sales, purchases, expenses, etc.).
• Bank Statements: Full-year statements for all company accounts to verify cash flow and balances.
• Invoices and Receipts: Proof of revenue and expenses, properly categorized.
• Payroll Records: If you have employees, include salary slips, pension contributions, and tax withholdings.
• Asset Inventory: Details of fixed assets (e.g., equipment, vehicles) and their depreciation.
• Loan and Debt Agreements: Contracts for any loans, leases, or liabilities.
• VAT Returns: Copies of quarterly or monthly VAT filings to reconcile with revenue figures.
• Previous Year's Financial Statements: For continuity and comparison.

Important: Ensure all records are complete and accurate. Missing or inconsistent data can delay the process or trigger an audit from SKAT (the Danish Tax Agency).

What to Monitor Throughout the Year

Preparing a high-quality financial statement starts long before the fiscal year ends. By keeping your ApS's finances in order throughout the year, you'll make the reporting process smoother and reduce the risk of errors. Here are key areas to focus on in 2025:

1. Regular Bookkeeping: Update your accounting records weekly or monthly to avoid a backlog. Use software like e-conomic, Dinero, or Billy to stay organized.
2. VAT Compliance: File VAT returns on time (quarterly or monthly, depending on your ApS's setup). Late submissions can lead to penalties and complicate your financial statements.
3. Expense Tracking: Categorize expenses correctly (e.g., travel, office supplies, marketing) to simplify tax deductions and reporting.
4. Revenue Reconciliation: Match sales invoices with bank deposits to ensure all income is accounted for.
5. Employee Records: If you have staff, maintain accurate payroll and tax records to avoid discrepancies in your statements.
6. Asset Management: Keep track of any new assets or disposals, as these affect your balance sheet and depreciation calculations.
7. Debt Monitoring: Review loan repayments and interest to ensure they're properly recorded.

Pro Tip: Schedule a mid-year review with your accountant (e.g., in June or July) to catch potential issues early. This can also help optimize your tax strategy before the year-end rush.

When Should You Contact an Accounting Firm?

While some ApS owners attempt to prepare financial statements themselves, hiring a professional accounting firm can save you time, reduce stress, and ensure compliance with Danish regulations. But when is the best time to reach out to experts like us?

• Ideal Timing: Contact an accounting firm no later than March or April 2025 for a calendar-year ApS. This gives your accountant enough time to:
  • Review your bookkeeping.
  • Identify and resolve discrepancies.
  • Prepare and finalize your financial statements before the May 31 AGM deadline.
• Why Not Wait Until May? Last-minute submissions often lead to errors, rushed work, or missed opportunities for tax optimization. Accounting firms also get busier as deadlines approach, so early engagement ensures you get their full attention.
• What Happens if You Delay? If you contact a firm too late (e.g., June), you risk missing the June 30 submission deadline, which can result in fines (starting at DKK 2,000) or additional scrutiny from the Danish Business Authority.

How We Can Help: At Radner, we specialize in guiding ApS companies through the financial statement process. From organizing your records to filing your reports, we ensure everything is done accurately and on time. Reach out to us by March 2025 to secure your spot and avoid the year-end rush.

Common Pitfalls to Avoid

To ensure your ApS financial statements are flawless, watch out for these common mistakes:

• Incomplete Records: Missing invoices or unrecorded expenses can lead to inaccurate figures and potential audits.
• Late VAT Filings: Unreconciled VAT returns can delay your financial statement preparation.
• Ignoring Small Transactions: Even minor expenses add up and must be accounted for.
• Incorrect Classifications: Mislabeling revenue or expenses can skew your financial picture and raise red flags with authorities.
• Missing Deadlines: Late submissions incur fines and damage your company's reputation.

By staying proactive and working with a trusted accounting partner, you can sidestep these issues and keep your ApS in good standing.

Summary

Preparing and submitting financial statements for your ApS in Denmark doesn't have to be daunting. By understanding the key deadlines (May 31 for approval, June 30 for submission in 2025), gathering the right documents, and maintaining organized records throughout the year, you'll set yourself up for success. Most importantly, don't leave it to the last minute-reach out to a professional accounting firm by March or April to ensure your financial statements are accurate, compliant, and filed on time.

At Radner, we're here to make the process seamless for ApS owners across Denmark. Contact us today to learn how we can help you navigate your 2025 financial reporting with confidence.