1.\u00a0\u00a0\u00a0\u00a0\u00a0 Summary of material\naccounting policies
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\nThe material\naccounting policies adopted in the preparation of these financial\nstatements are set out below. These policies have been consistently\napplied to all periods presented, unless otherwise\nstated.
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\n1.1\u00a0\u00a0\u00a0\nBasis of preparation
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\nThese\nfinancial statements have been prepared in accordance with the\nrequirements of International Financial Reporting Standards (IFRSs)\nas adopted by the European Union (EU) and with the requirements of\nthe Maltese Companies Act, 1995. The financial statements have been\nprepared under the historical cost convention, except as disclosed\nbelow.
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\nGoing\nConcern
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\nAs at 31\nDecember 2025, the Company has debt securities in issue amounting\nto \u20ac12.86 million bearing interest of 4.75% per annum, payable\nannually every 22 December, and can be redeemed at any date until\n22 December 2027, subject to giving a 30-day prior notice to\nbondholders. GAP Zonqor Limited provided a corporate guarantee to\naffect the due and punctual performance of all payment obligations\nundertaken by the Company. The ability of the Company to meet its\nobligations both in terms of servicing its debt and ultimately\nrepaying the bondholders on the redemption date is dependent on the\nability of the Company to collect amounts due from its\nsubsidiary.\u00a0 The remaining bond balance together with its debt\nservicing obligations, will be paid from sales proceeds which are\nexpected to be received during the course of\n2026.\u00a0\u00a0
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\nThe Group has\nprepared projections for the coming 24-month period ending 31\nDecember 2027, based on forecasts which factor in the current\nmacro-economic environment resulting from a combination of\ninflation and increase in importation costs, uncertainties\nregarding future developments and those inherent to the specific\nindustry in which these companies operate. These forecasts project\npositive cash flows for the Group throughout. At the end of the\ncurrent financial year, the Group has forecasted a cash reserve of\naround \u20ac10 million. The Directors of the Group have concluded\nthat GAP Group should be able to ensure that it does meet its\ncommitments both financial and otherwise, and hence, the\nGroup\u2019s obligations to bondholders and third parties should\nbe met in full.\u00a0 In this respect, the Directors of the Group\nhave assessed that the Group is expected to have the necessary\nfunds to finance the payment of bond interest falling due in\nDecember 2026 and going forward. On this basis, the Board continues\nto adopt the going concern basis in preparing the Group\u2019s and\nthe Company\u2019s financial statements and considers that there\nare no material uncertainties which may cast doubt about the\nability of the Group and the Company to continue operating as a\ngoing concern.
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\nCritical\naccounting estimates and judgements
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\nThe\npreparation of financial statements in conformity with IFRSs as\nadopted by the EU requires the use of certain accounting estimates.\nIt also requires directors to exercise their judgements in the\nprocess of applying the Group\u2019s accounting policies.\nEstimates and judgements are continually evaluated and based on\nhistorical experience and other factors including expectations of\nfuture events that are believed to be reasonable under the\ncircumstances.
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\nIn the opinion\nof the directors, the accounting estimates and judgements made in\nthe course of preparing these financial statements are not\ndifficult, subjective or complex to a degree which would warrant\ntheir description as critical in terms of the requirements of IAS\n1.
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\nStandards,\ninterpretations and amendments to published standards effective in\n2025
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\nThe Group\nadopted new standards, amendments and interpretations to existing\nstandards that are mandatory for the Group\u2019s accounting\nperiod beginning on 1st January 2025. The adoption of these\nrevisions to the requirements of IFRSs as adopted by the EU did not\nresult in substantial changes to the Group\u2019s accounting\npolicies.
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\nStandards,\namendments and interpretations to existing standards that are not\nyet effective and have not been adopted early by the\nGroup
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\nAt the date of\nauthorisation of these financial statements, certain new standards,\nand amendments to existing standards have been published by the\nIASB that are not yet effective, and have not been adopted early by\nthe Group.
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\nThe Group has\nnot early adopted these revisions to the requirements of the IFRSs\nas adopted by the EU and the Directors are of the opinion that\nthere are no requirements which will have a possible material\nimpact on the Group\u2019s and Company\u2019s financial\nstatements in the period of initial application, other than what is\ndescribed below.
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\nIFRS 18\n\u2018Presentation and Disclosure in Financial Statements\u2019\n(effective for annual period beginning on or after 1 January\n2027)
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\nIFRS 18\n(issued on 9 April 2024) was endorsed for use in the European Union\non 16 February 2026 and is set to replace IAS 1 Presentation of\nfinancial statements, introducing new requirements that will help\nto achieve comparability of the financial performance of similar\nentities and provide more relevant information and transparency to\nusers. Even though IFRS 18 will not impact the recognition of\nmeasurement of items in the financial statements, its impacts on\npresentation and disclosure are expected to be pervasive, in\nparticular those related to the statement of financial performance.\nIFRS 18 will also require the disclosure of management-defined\nperformance measures within the financial statements.
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\nManagement is\ncurrently assessing the detailed implications of applying the new\nstandard on the Group\u2019s and Company\u2019s financial\nstatements.
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\nThe new\nstandard will be applicable from its mandatory effective date of 1\nJanuary 2027, with retrospective application, meaning that\ncomparative information will be restated to reflect the new\npresentation and disclosure requirements introduced.
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\n1.2\u00a0\u00a0\u00a0\nSegment reporting
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\nOperating\nsegments are reported in a manner consistent with the internal\nreporting provided to the chief operating decision-maker. The chief\noperating decision-maker, who is responsible for allocating\nresources and assessing performance of the operating segments has\nbeen identified as the board of directors, responsible for making\nstrategic decisions. The board of directors considers the Company\nto be made up of one segment, that is raising financial resources\nfrom capital markets to finance the capital projects of the\nCompany. All the Company\u2019s revenue and expenses are generated\nin Malta and revenue is mainly earned from the development of\nimmovable property.
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\n1.3\u00a0\u00a0\u00a0\nForeign currency translation
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\n(a)\u00a0\nFunctional and presentation currency
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\nItems included\nin these Financial Statements are measured using the currency of\nthe primary economic environment in which the entity operates (the\nfunctional currency). These Financial Statements are presented in\nEuro, which is the company\u2019s functional currency and\npresentation currency.
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\n(b)\u00a0\nTransactions and Balances
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\nForeign\ncurrency transactions are translated into functional currency using\nthe exchange rates prevailing at the dates of the transactions.\nForeign exchange gains and losses resulting from the settlement of\nsuch transactions and from the translation at year-end exchange\nrates of monetary assets and liabilities denominated in foreign\ncurrencies are recognised in the statement of comprehensive income.\nTranslation differences on non-monetary items, such as equities,\nare reported as part of the fair value gain or loss.
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\n1.4\u00a0\u00a0\u00a0\nFinancial Instruments
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\n1.4.1 Financial\nInstruments Classification
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\nThe Group\nclassifies its financial assets as measured at amortised cost, as\ndesignated at fair value through other comprehensive income (FVOCI)\nand as designated at fair value through profit or loss (FVTPL). The\nclassification is based on the business model in which a financial\nasset is managed and its contractual cash flows.
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\nThe group\nclassified its financial liabilities at initial recognition, as\nfinancial liabilities at fair value through profit or loss, loans\nand borrowings, payables (both measured at amortised cost) or as\nderivatives designated as hedging instruments in an effective\nhedge, as appropriate.
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\nAll financial\nliabilities are recognised initially at fair value and, in the case\nof loans and borrowings and payables, net of directly attributable\ntransaction costs. The Company\u2019s financial liabilities\ninclude debt securities in issue.
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\n1.4.2 Recognition and\nmeasurement
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\nA financial\nasset is measured at amortised cost if it meets both of the\nfollowing conditions and is not designated at FVTPL:
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\n| \n i. \n | \n\n the asset is held within a\nbusiness model whose objective is to hold assets to collect\ncontractual cash flows; and \n | \n
| \n ii. \n | \n\n the contractual terms of\nthe financial asset give rise on specified dates to cash flows that\nare Solely Payments of Principle and Interest\n(\u201cSPPI\u201d). \n | \n
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\nA debt\ninstrument is measured at FVOCI only if it meets both of the\nfollowing conditions and is not designated as FVTPL:
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\n| \n i. \n | \n\n the asset is held within a\nbusiness model whose objective is achieved by both collecting\ncontractual cash flows and selling financial assets; and \n | \n
| \n ii. \n | \n\n the contractual terms of\nthe financial asset give rise on specified dates to cash flows that\nare SPPI. \n | \n
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\nOn initial\nrecognition of an equity investment that is not held-for-trading,\nthe Group may irrevocably elect to present subsequent changes in\nfair value in OCI. This election is made on an\ninvestment-by-investment basis.
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\nAll other\nfinancial assets are classified as measured at FVTPL.
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\nIn addition,\non initial recognition, the Group may irrevocably designate a\nfinancial asset that otherwise meets the requirements to be\nmeasured at amortised cost or at FVOCI at FVTPL if doing so\neliminates or significantly reduces an accounting mismatch that\nwould otherwise arise.
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\nAfter initial\nrecognition, financial liabilities are subsequently measured at\namortised cost using the effective interest (\u2018EIR\u2019)\nmethod. Gains and losses are recognised in profit or loss when the\nliabilities are derecognised as well as through the EIR\namortisation process. Amortised cost is calculated by taking into\naccount any discount or premium on acquisition and fees or costs\nthat are an integral part of the EIR. The EIR amortisation is\nincluded as interest expense in the statement of profit or\nloss.
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\n1.4.3\nDerecognition
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\nThe Company\nderecognises a financial asset when:
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\n| \n \u2022 \n | \n\n The contractual right to\nthe cash flows from the financial asset expire ; or \n | \n
| \n \u2022 \n | \n\n It transfers the rights to\nreceive the contractual cash flows in a transaction which\neither: \n | \n
| \n \u00a0\u00a0 - \n | \n\n Substantially all of the\nrisks and rewards of ownership of the financial assets are\ntransferred; or \n | \n
| \n \u00a0\u00a0 - \n | \n\n The Company neither\ntransfers nor retains substantially all of the risks and rewards of\nownership and it does not retain control of the financial\nasset. \n | \n
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\nThe company\nenters into transactions whereby it transfers assets recognised in\nits statement of financial position, but retains either all or\nsubstantially all of the risks and rewards of the transferred\nassets. In these cases, the transferred assets are not\nderecognised.
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\nThe Company\nderecognises a financial liability when its contractual obligations\nare discharged or cancelled, or expired. The Company also\nderecognises a financial liability when its terms are modified and\nthe cash flows of the modified liability are substantially\ndifferent, in which case a new financial liability based on the\nmodified terms is recognised at fair value.
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\nOn\nderecognition of a financial liability, the difference between the\ncarrying amount extinguished and the consideration paid (including\nany non-cash assets transferred or liabilities assumed) is\nrecognised in profit or loss.
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\n1.4.4\nImpairment
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\nThe Group\nassesses on a forward-looking basis the expected credit losses\n(ECL) associated with its debt instruments carried at amortised\ncost. The impairment methodology applied depends on whether there\nhas been a significant increase in credit risk. The company\u2019s\nfinancial assets are subject to the expected credit loss\nmodel.
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\nExpected\ncredit loss model
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\nThe company\nmeasures loss allowances at an amount equal to lifetime ECLs,\nexcept for the following, which are measured at 12-month\nECLs:
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\n| \n i. \n | \n\n debt securities that are\ndetermined to have low credit risk at the reporting date;\nand \n | \n
| \n ii. \n | \n\n other debt securities and\nbank balances for which credit risk has not increased significantly\nsince initial recognition. \n | \n
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\nWhen\ndetermining whether the credit risk of a financial asset has\nincreased significantly since initial recognition and when\nestimating ECLs, the Group considers reasonable and supportable\ninformation that is relevant and available without undue cost or\neffort. The Group assumes that the credit risk on a financial asset\nhas increased significantly if it is more than 30 days past due\ndate and it considers a financial asset to be in default when the\nborrower is unlikely to pay its credit obligations to the Group in\nfull, without recourse by the Group to actions such as realising\nsecurity (if any is held) or the financial asset is more than 90\ndays past due date.
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\nLifetime ECLs\nare the ECLs that result from all possible default events over the\nexpected life of a financial instrument: 12-month ECLs are the\nportion of ECLs that result from default events that are possible\nwithin the 12 months after the reporting date (or a shorter period\nif the expected life of the instrument is less than 12 months). The\nmaximum period considered when estimating ECLs is the maximum\ncontractual period over which the Group is exposed to credit\nrisk.
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\nECLs are\nprobability-weighted estimate of credit losses. Credit losses are\nmeasured as the present value of all cash shortfalls. ECLs are\ndiscounted at the effective interest rate of the financial\nasset.
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\nAt each\nreporting date, the company assesses whether financial assets\ncarried at amortised cost are credit-impaired. A financial asset is\ncredit-impaired when one or more events that have a detrimental\nimpact on the estimated future cash flows of the financial asset\nhave occurred. Evidence that a financial asset is credit-impaired\nincludes observable data such as significant financial difficult of\nthe borrower or issuer or a breach of contract such as default or\nbeing more than 90 days past due date.
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\nLoss\nallowances for financial assets measured at amortised cost are\ndeducted from the gross carrying amount of the assets.
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\nSimplified\napproach model
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\nFor loans and\ntrade and other receivables, the Group applies the simplified\napproach required by IFRS 9, which required expected lifetime\nlosses to be recognised from initial recognition of the\nreceivables.
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\nThe expected\nloss rates are based on the payment profiles of sales over a period\nof 12 months before 31 December 2025 or 1 January 2025 respectively\nand the corresponding historical credit losses experienced within\nthis period. The historical loss rates are adjusted to reflect\ncurrent and forward-looking information on macroeconomic factors\naffecting the liability of the customers to settle the receivable.\nReceivables are written off when there is no reasonable expectation\nof recovery. Indicators that there is no reasonable expectation of\nrecovery include, among others, the probability of insolvency or\nsignificant financial difficulties of the debtor. Impaired debts\nare derecognised when they are assessed as\nuncollectible.
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\n1.5\u00a0\u00a0\u00a0\nConsolidation
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\nSubsidiary\nundertakings, which are those companies in which the Group,\ndirectly or indirectly, has an interest of more than one half of\nthe voting rights or otherwise has power to govern the financial\nand operating policies have been consolidated. Subsidiaries are\nconsolidated from the date on which effective control is\ntransferred to the Group and are no longer consolidated from the\ndate of disposal.\u00a0 Inter-company transactions, balances and\nunrealised gains on transactions between subsidiaries are\neliminated. Unrealised losses are also eliminated. Accounting\npolicies of subsidiaries have been changed where necessary to\nensure consistency with the policies adopted by the Group. The\nGroup financial statements include the financial statements of the\nparent Company and all its subsidiaries.
\n\u00a0
\nThe Company\nacquired the shares in its subsidiaries during the period ended\n31st December 2016 and the period ended 31st December 2019. The\nsubsidiaries acquired during the years 2016 and 2019 were acquired\nat the net asset value of the subsidiaries existing and adjusted\nwith the increase in the value of the immovable property arising\nfrom a revaluation of the immovable property at market value. The\nCompany incorporated two subsidiaries in the Group in 2021 and\n2022.
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\nIn the\nCompany's financial statements investments in subsidiaries are\naccounted for on the basis of the direct equity interest and are\nstated at cost less any accumulated impairment losses. Dividends\nfrom investments are recognised in the profit or loss.
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\nThe Group\naccounts for business combinations using the acquisition method\nwhen control is transferred to the Group. The consideration\ntransferred in the acquisition is measured at fair value as are the\nidentifiable net assets acquired.
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\n1.6\u00a0\u00a0\u00a0\nShare Capital
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\nOrdinary\nshares are classified as equity. Incremental costs directly\nattributable to the issue of new shares are shown in equity as a\ndeduction, net of tax, from the proceeds.
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\n1.7\u00a0\u00a0\u00a0\nOffsetting financial instruments
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\nFinancial\nassets and liabilities are offset, and the net amount is reported\nin the statement of financial position when there is a legally\nenforceable right to set off the recognised amounts and there is an\nintention to settle on a net basis, or realise the asset and settle\nthe liability simultaneously.
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\n1.8\u00a0\u00a0\u00a0\nProvisions
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\nProvisions are\nrecognised when the Company has a present legal or constructive\nobligation as a result of past events, it is possible that an\noutflow of resources embodying economic benefits will be required\nto settle the obligation, and a reliable estimate of the amount of\nthe obligation can be made.
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\n1.9\u00a0\u00a0\u00a0\nRevenue and cost recognition
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\nRevenue\ncomprises the fair value of the consideration received or\nreceivable for the sale of goods and services in the ordinary\ncourse of the Company\u2019s activities. Revenue is shown net of\nvalue added tax, returns, rebates and discounts.\u00a0 The Company\nrecognises revenue when the amount of revenue can be reliably\nmeasured, it is probable that future economic benefits will flow to\nthe entity and when the specific criteria have been met as\ndescribed below.
\n\u00a0
\nSales of\nproperty are recognised when the significant risks and rewards of\nownership of the property being sold effectively transferred to the\nbuyer. This is generally considered to occur at the later of the\ncontract of sale and the date when all the Company\u2019s\nobligations relating to the property are completed and the\npossession of the property can be transferred in the manner\nstipulated by the contract of sale. Amounts received in respect of\nsales that have not yet been recognised in the financial\nstatements, due to the fact that the significant risks and rewards\nof ownership still rest with the company, are treated as payments\nreceived on account and presented within trade and other\npayable.
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\nOther\noperating income consisting of the following is recognised on an\naccruals basis:
\nInterest
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\nDividends\nreceivable are accounted for on a cash basis
\n\u00a0
\nCosts are\nrecognised when the related goods and services are sold, consumed\nor allocated, or when their future useful lives cannot be\ndetermined.
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\n1.10\u00a0 Borrowing\ncosts
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\nBorrowing\ncosts directly attributable to the acquisition and construction of\nproperty are capitalised as part of the cost of the project and are\nincluded in its carrying amount. Capitalisation of borrowing costs\nceases when substantially all the activities necessary to prepare\nany distinct part of the project for its sale or intended use is\ncompleted. Borrowing costs which are incurred for the purpose of\nacquiring or constructing qualifying property, plant and equipment\nor investment property are capitalized as part of its cost.\nBorrowing costs are capitalized which acquisition or construction\nis actively underway and cease once the asset is substantially\ncomplete, or suspended if the development of the asset is\nsuspended. All other borrowing costs are recognized as an expense\nin the profit and loss account in the period as\nincurred.
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\n1.11\u00a0 Trade and\nother payables
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\nTrade payables\nare obligations to pay for goods or services that have been\nacquired in the ordinary course of business from suppliers.\nAccounts payable are classified as current liabilities if payment\nis due within one year or less (or in the normal operating cycle of\nthe business if longer). If not, they are presented as non-current\nliabilities.
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\nTrade and\nother payables are recognised initially at fair value and\nsubsequently measured at amortised cost using the effective\ninterest method.
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\n1.12\u00a0 Other\nfinancial liabilities
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\nOther\nfinancial liabilities are recognized initially at fair value of\nproceeds received, net of transaction costs incurred. Other\nfinancial liabilities are subsequently measured at amortised cost\nusing the effective interest method unless the effect of\ndiscounting is immaterial. Any difference between the proceeds, net\nof transaction costs, and the settlement or redemption of other\nborrowings is recognised in profit or loss over the term of the\nborrowings, unless the interest on such borrowings is capitalised\nin accordance with the company\u2019s accounting policy on\nborrowing costs.
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\nRepurchases of\nBonds issued by the company - If the company repurchases a part of\na financial liability, the company allocates the previous carrying\namount of the financial liability between the part that continues\nto be recognised and the part that is derecognised based on the\nrelative fair values of those parts on the date of the repurchase.\nThe difference between the carrying amount allocated to the part\nderecognised and the consideration paid, including any non-cash\nassets transferred or liabilities assumed, for the part\nderecognised shall be recognised in profit or loss.
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\n1.13\u00a0 Property,\nplant and equipment
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\nAll property,\nplant and equipment are initially recorded at cost and subsequently\nstated at cost less depreciation.
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\nCost includes\nexpenditure that is directly attributable to the acquisition of the\nitems. Subsequent costs are included in the asset\u2019s carrying\namount when it is probable that future economic benefits associated\nwith the item will flow to the company and the cost of the item can\nbe measured reliably. Expenditure on repairs and maintenance of\nproperty, plant and equipment is recognised as an expense when\nincurred.
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\nProperty,\nplant and equipment are stated at cost or valuation less\naccumulated depreciation. Depreciation is provided for on the\nstraight-line method in order to write off cost over the expected\nuseful economic lives of the assets as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n Motor Vehicles \n | \n\n 5 \n | \n
\u00a0
\nThe assets'\nresidual values and useful lives are reviewed and adjusted if\nappropriate, at each statement of financial position\ndate.
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\nGains and\nlosses on disposal of property, plant and equipment are determined\nby comparing proceeds with the carrying amount, and are taken into\naccount in determining operating profit.
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\nAn asset's\ncarrying amount is written down immediately to its recoverable\namount if its carrying amount is greater than its estimated\nrecoverable\namount.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
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\n1.14\u00a0 Inventory\n\u2013 Development project
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\nThe main\nobject of the Company is the development of land acquired for\ndevelopment and resale. This development is intended in the main\nfor resale purposes, and is accordingly classified in the financial\nstatements as Inventory. Any elements of a project which are\nidentified for business operation or long-term investment\nproperties are transferred at their carrying amount to Property,\nplant and equipment or investment properties when such\nidentification is made and the cost thereof can reliably be\nsegregated.
\n\u00a0
\nThe\ndevelopment is carried at the lower of cost and net realisable\nvalue.\u00a0 Cost comprises the purchase cost of acquiring the land\ntogether with other costs incurred during its subsequent\ndevelopment, including:
\n\u00a0
\n| \n (i) \n | \n\n The cost incurred on\ndevelopment works, including demolition, site clearance,\nexcavation, construction, etc., together with the costs of\nancillary activities such as site security. \n | \n
| \n (ii) \n | \n\n The cost of various design\nand other studies conducted in connection with the project,\ntogether with all other expenses incurred in connection\ntherewith.\u00a0 \n | \n
| \n (iii) \n | \n\n Any borrowing costs,\nincluding imputed interest, attributable to the development phases\nof the project. \n | \n
\u00a0
\nThe purchase\ncost of acquiring the land represents the cash equivalent of the\ncontracted price.\u00a0 This was determined at date of purchase by\ndiscounting to present value the future cash outflows comprising\nthe purchase consideration.
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\nNet realisable\nvalue is the estimated selling price in the ordinary course of\nbusiness, less the costs of completion and selling\nexpenses.
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\nAs stated in\nnote 1.5 the Group accounts for business combinations using the\nacquisition method. Accordingly, at group level, the identifiable\nnet assets acquired, including inventory held by the newly-acquired\nsubsidiary, are measured at fair value as at date of acquisition of\nsubsidiary. Therefore, at consolidated group level, inventory cost\nrepresents the fair value of inventory held by the acquired\nsubsidiary as at date of acquisition of subsidiary, together with\nadditional development and borrowing costs incurred following date\nof acquisition.
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\n1.15\u00a0 Cash and\ncash equivalents
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\nCash and cash\nequivalents as shown in the cashflow statement comprise cash in\nhand and deposits repayable on demand less bank overdrafts. Bank\noverdrafts are included in the statement of financial position as\nborrowings under current liabilities.
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\n1.16\u00a0 Current and\ndeferred tax
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\nThe tax\nexpense for the period comprises current and deferred tax. Tax is\nrecognised in profit or loss, except to the extent that it relates\nto items recognised in other comprehensive income or directly in\nequity. In this case, the tax is also recognised in other\ncomprehensive income or directly in equity,\nrespectively.
\n\u00a0
\nDeferred tax\nis recognised, using the liability method, on temporary differences\narising between the tax bases of assets and liabilities and their\ncarrying amounts in the financial statements. However, deferred tax\nliabilities are not recognised if they arise from the initial\nrecognition of goodwill; deferred tax is not accounted for if it\narises from initial recognition of an asset or liability in a\ntransaction other than a business combination that at the time of\nthe transaction affects neither accounting nor taxable profit or\nloss. Deferred tax is determined using tax rates (and laws) that\nhave been enacted or substantively enacted by the end of the\nreporting period and are expected to apply when the related\ndeferred tax asset is realised or the deferred tax liability is\nsettled.
\n\u00a0
\nDeferred tax\nassets are recognised only to the extent that it is probable that\nfuture taxable profit will be available against which the temporary\ndifferences can be utilised.
\n\u00a0
\nDeferred tax\nassets and liabilities are offset when there is a legally\nenforceable right to offset current tax assets against current tax\nliabilities and when the deferred tax assets and liabilities relate\nto income taxes levied by the same taxation authority on either the\nsame taxable entity or different taxable entities where there is an\nintention to settle the balance on a net basis.
\n\u00a0
\n1.17\u00a0 Dividend\ndistribution
\n\u00a0
\nDividend\ndistribution to the Company\u2019s shareholders is recognised as a\nliability in the Company\u2019s financial statements in the period\nin which the dividends are approved by the Company\u2019s\nshareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "uL0CjYAizV": { "value": "1.1\u00a0\u00a0\u00a0\nBasis of preparation
\n\u00a0
\nThese\nfinancial statements have been prepared in accordance with the\nrequirements of International Financial Reporting Standards (IFRSs)\nas adopted by the European Union (EU) and with the requirements of\nthe Maltese Companies Act, 1995. The financial statements have been\nprepared under the historical cost convention, except as disclosed\nbelow.
\n\u00a0
\nGoing\nConcern
\n\u00a0
\nAs at 31\nDecember 2025, the Company has debt securities in issue amounting\nto \u20ac12.86 million bearing interest of 4.75% per annum, payable\nannually every 22 December, and can be redeemed at any date until\n22 December 2027, subject to giving a 30-day prior notice to\nbondholders. GAP Zonqor Limited provided a corporate guarantee to\naffect the due and punctual performance of all payment obligations\nundertaken by the Company. The ability of the Company to meet its\nobligations both in terms of servicing its debt and ultimately\nrepaying the bondholders on the redemption date is dependent on the\nability of the Company to collect amounts due from its\nsubsidiary.\u00a0 The remaining bond balance together with its debt\nservicing obligations, will be paid from sales proceeds which are\nexpected to be received during the course of\n2026.\u00a0\u00a0
\n\u00a0
\nThe Group has\nprepared projections for the coming 24-month period ending 31\nDecember 2027, based on forecasts which factor in the current\nmacro-economic environment resulting from a combination of\ninflation and increase in importation costs, uncertainties\nregarding future developments and those inherent to the specific\nindustry in which these companies operate. These forecasts project\npositive cash flows for the Group throughout. At the end of the\ncurrent financial year, the Group has forecasted a cash reserve of\naround \u20ac10 million. The Directors of the Group have concluded\nthat GAP Group should be able to ensure that it does meet its\ncommitments both financial and otherwise, and hence, the\nGroup\u2019s obligations to bondholders and third parties should\nbe met in full.\u00a0 In this respect, the Directors of the Group\nhave assessed that the Group is expected to have the necessary\nfunds to finance the payment of bond interest falling due in\nDecember 2026 and going forward. On this basis, the Board continues\nto adopt the going concern basis in preparing the Group\u2019s and\nthe Company\u2019s financial statements and considers that there\nare no material uncertainties which may cast doubt about the\nability of the Group and the Company to continue operating as a\ngoing concern.
\n\u00a0
\nCritical\naccounting estimates and judgements
\n\u00a0
\nThe\npreparation of financial statements in conformity with IFRSs as\nadopted by the EU requires the use of certain accounting estimates.\nIt also requires directors to exercise their judgements in the\nprocess of applying the Group\u2019s accounting policies.\nEstimates and judgements are continually evaluated and based on\nhistorical experience and other factors including expectations of\nfuture events that are believed to be reasonable under the\ncircumstances.
\n\u00a0
\nIn the opinion\nof the directors, the accounting estimates and judgements made in\nthe course of preparing these financial statements are not\ndifficult, subjective or complex to a degree which would warrant\ntheir description as critical in terms of the requirements of IAS\n1.
\n\u00a0
\nStandards,\ninterpretations and amendments to published standards effective in\n2025
\n\u00a0
\nThe Group\nadopted new standards, amendments and interpretations to existing\nstandards that are mandatory for the Group\u2019s accounting\nperiod beginning on 1st January 2025. The adoption of these\nrevisions to the requirements of IFRSs as adopted by the EU did not\nresult in substantial changes to the Group\u2019s accounting\npolicies.
\n\u00a0
\nStandards,\namendments and interpretations to existing standards that are not\nyet effective and have not been adopted early by the\nGroup
\n\u00a0
\nAt the date of\nauthorisation of these financial statements, certain new standards,\nand amendments to existing standards have been published by the\nIASB that are not yet effective, and have not been adopted early by\nthe Group.
\n\u00a0
\nThe Group has\nnot early adopted these revisions to the requirements of the IFRSs\nas adopted by the EU and the Directors are of the opinion that\nthere are no requirements which will have a possible material\nimpact on the Group\u2019s and Company\u2019s financial\nstatements in the period of initial application, other than what is\ndescribed below.
\n\u00a0
\nIFRS 18\n\u2018Presentation and Disclosure in Financial Statements\u2019\n(effective for annual period beginning on or after 1 January\n2027)
\n\u00a0
\nIFRS 18\n(issued on 9 April 2024) was endorsed for use in the European Union\non 16 February 2026 and is set to replace IAS 1 Presentation of\nfinancial statements, introducing new requirements that will help\nto achieve comparability of the financial performance of similar\nentities and provide more relevant information and transparency to\nusers. Even though IFRS 18 will not impact the recognition of\nmeasurement of items in the financial statements, its impacts on\npresentation and disclosure are expected to be pervasive, in\nparticular those related to the statement of financial performance.\nIFRS 18 will also require the disclosure of management-defined\nperformance measures within the financial statements.
\n\u00a0
\nManagement is\ncurrently assessing the detailed implications of applying the new\nstandard on the Group\u2019s and Company\u2019s financial\nstatements.
\n\u00a0
\nThe new\nstandard will be applicable from its mandatory effective date of 1\nJanuary 2027, with retrospective application, meaning that\ncomparative information will be restated to reflect the new\npresentation and disclosure requirements introduced.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "_2bK8bmBSQ": { "value": "1.1\u00a0\u00a0\u00a0\nBasis of preparation
\n\u00a0
\nThese\nfinancial statements have been prepared in accordance with the\nrequirements of International Financial Reporting Standards (IFRSs)\nas adopted by the European Union (EU) and with the requirements of\nthe Maltese Companies Act, 1995. The financial statements have been\nprepared under the historical cost convention, except as disclosed\nbelow.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "eWAKlBd7Zs": { "value": "Critical\naccounting estimates and judgements
\n\u00a0
\nThe\npreparation of financial statements in conformity with IFRSs as\nadopted by the EU requires the use of certain accounting estimates.\nIt also requires directors to exercise their judgements in the\nprocess of applying the Group\u2019s accounting policies.\nEstimates and judgements are continually evaluated and based on\nhistorical experience and other factors including expectations of\nfuture events that are believed to be reasonable under the\ncircumstances.
\n\u00a0
\nIn the opinion\nof the directors, the accounting estimates and judgements made in\nthe course of preparing these financial statements are not\ndifficult, subjective or complex to a degree which would warrant\ntheir description as critical in terms of the requirements of IAS\n1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "Sr0ByzJXCM": { "value": "1.2\u00a0\u00a0\u00a0\nSegment reporting
\n\u00a0
\nOperating\nsegments are reported in a manner consistent with the internal\nreporting provided to the chief operating decision-maker. The chief\noperating decision-maker, who is responsible for allocating\nresources and assessing performance of the operating segments has\nbeen identified as the board of directors, responsible for making\nstrategic decisions. The board of directors considers the Company\nto be made up of one segment, that is raising financial resources\nfrom capital markets to finance the capital projects of the\nCompany. All the Company\u2019s revenue and expenses are generated\nin Malta and revenue is mainly earned from the development of\nimmovable property.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "wWRxFlteIN": { "value": "1.3\u00a0\u00a0\u00a0\nForeign currency translation
\n\u00a0
\n(a)\u00a0\nFunctional and presentation currency
\n\u00a0
\nItems included\nin these Financial Statements are measured using the currency of\nthe primary economic environment in which the entity operates (the\nfunctional currency). These Financial Statements are presented in\nEuro, which is the company\u2019s functional currency and\npresentation currency.
\n\u00a0
\n(b)\u00a0\nTransactions and Balances
\n\u00a0
\nForeign\ncurrency transactions are translated into functional currency using\nthe exchange rates prevailing at the dates of the transactions.\nForeign exchange gains and losses resulting from the settlement of\nsuch transactions and from the translation at year-end exchange\nrates of monetary assets and liabilities denominated in foreign\ncurrencies are recognised in the statement of comprehensive income.\nTranslation differences on non-monetary items, such as equities,\nare reported as part of the fair value gain or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "qLEvJkT2Za": { "value": "1.4\u00a0\u00a0\u00a0\nFinancial Instruments
\n\u00a0
\n1.4.1 Financial\nInstruments Classification
\n\u00a0
\nThe Group\nclassifies its financial assets as measured at amortised cost, as\ndesignated at fair value through other comprehensive income (FVOCI)\nand as designated at fair value through profit or loss (FVTPL). The\nclassification is based on the business model in which a financial\nasset is managed and its contractual cash flows.
\n\u00a0
\nThe group\nclassified its financial liabilities at initial recognition, as\nfinancial liabilities at fair value through profit or loss, loans\nand borrowings, payables (both measured at amortised cost) or as\nderivatives designated as hedging instruments in an effective\nhedge, as appropriate.
\n\u00a0
\nAll financial\nliabilities are recognised initially at fair value and, in the case\nof loans and borrowings and payables, net of directly attributable\ntransaction costs. The Company\u2019s financial liabilities\ninclude debt securities in issue.
\n\u00a0
\n1.4.2 Recognition and\nmeasurement
\n\u00a0
\nA financial\nasset is measured at amortised cost if it meets both of the\nfollowing conditions and is not designated at FVTPL:
\n\u00a0
\n| \n i. \n | \n\n the asset is held within a\nbusiness model whose objective is to hold assets to collect\ncontractual cash flows; and \n | \n
| \n ii. \n | \n\n the contractual terms of\nthe financial asset give rise on specified dates to cash flows that\nare Solely Payments of Principle and Interest\n(\u201cSPPI\u201d). \n | \n
\u00a0
\nA debt\ninstrument is measured at FVOCI only if it meets both of the\nfollowing conditions and is not designated as FVTPL:
\n\u00a0
\n| \n i. \n | \n\n the asset is held within a\nbusiness model whose objective is achieved by both collecting\ncontractual cash flows and selling financial assets; and \n | \n
| \n ii. \n | \n\n the contractual terms of\nthe financial asset give rise on specified dates to cash flows that\nare SPPI. \n | \n
\u00a0
\nOn initial\nrecognition of an equity investment that is not held-for-trading,\nthe Group may irrevocably elect to present subsequent changes in\nfair value in OCI. This election is made on an\ninvestment-by-investment basis.
\n\u00a0
\nAll other\nfinancial assets are classified as measured at FVTPL.
\n\u00a0
\nIn addition,\non initial recognition, the Group may irrevocably designate a\nfinancial asset that otherwise meets the requirements to be\nmeasured at amortised cost or at FVOCI at FVTPL if doing so\neliminates or significantly reduces an accounting mismatch that\nwould otherwise arise.
\n\u00a0
\nAfter initial\nrecognition, financial liabilities are subsequently measured at\namortised cost using the effective interest (\u2018EIR\u2019)\nmethod. Gains and losses are recognised in profit or loss when the\nliabilities are derecognised as well as through the EIR\namortisation process. Amortised cost is calculated by taking into\naccount any discount or premium on acquisition and fees or costs\nthat are an integral part of the EIR. The EIR amortisation is\nincluded as interest expense in the statement of profit or\nloss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ln002Vhisk": { "value": "1.4.3\nDerecognition
\n\u00a0
\nThe Company\nderecognises a financial asset when:
\n\u00a0
\n| \n \u2022 \n | \n\n The contractual right to\nthe cash flows from the financial asset expire ; or \n | \n
| \n \u2022 \n | \n\n It transfers the rights to\nreceive the contractual cash flows in a transaction which\neither: \n | \n
| \n \u00a0\u00a0 - \n | \n\n Substantially all of the\nrisks and rewards of ownership of the financial assets are\ntransferred; or \n | \n
| \n \u00a0\u00a0 - \n | \n\n The Company neither\ntransfers nor retains substantially all of the risks and rewards of\nownership and it does not retain control of the financial\nasset. \n | \n
\u00a0
\nThe company\nenters into transactions whereby it transfers assets recognised in\nits statement of financial position, but retains either all or\nsubstantially all of the risks and rewards of the transferred\nassets. In these cases, the transferred assets are not\nderecognised.
\n\u00a0
\nThe Company\nderecognises a financial liability when its contractual obligations\nare discharged or cancelled, or expired. The Company also\nderecognises a financial liability when its terms are modified and\nthe cash flows of the modified liability are substantially\ndifferent, in which case a new financial liability based on the\nmodified terms is recognised at fair value.
\n\u00a0
\nOn\nderecognition of a financial liability, the difference between the\ncarrying amount extinguished and the consideration paid (including\nany non-cash assets transferred or liabilities assumed) is\nrecognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "kOp_pAzmnT": { "value": "1.4.4\nImpairment
\n\u00a0
\nThe Group\nassesses on a forward-looking basis the expected credit losses\n(ECL) associated with its debt instruments carried at amortised\ncost. The impairment methodology applied depends on whether there\nhas been a significant increase in credit risk. The company\u2019s\nfinancial assets are subject to the expected credit loss\nmodel.
\n\u00a0
\nExpected\ncredit loss model
\n\u00a0
\nThe company\nmeasures loss allowances at an amount equal to lifetime ECLs,\nexcept for the following, which are measured at 12-month\nECLs:
\n\u00a0
\n| \n i. \n | \n\n debt securities that are\ndetermined to have low credit risk at the reporting date;\nand \n | \n
| \n ii. \n | \n\n other debt securities and\nbank balances for which credit risk has not increased significantly\nsince initial recognition. \n | \n
\u00a0
\nWhen\ndetermining whether the credit risk of a financial asset has\nincreased significantly since initial recognition and when\nestimating ECLs, the Group considers reasonable and supportable\ninformation that is relevant and available without undue cost or\neffort. The Group assumes that the credit risk on a financial asset\nhas increased significantly if it is more than 30 days past due\ndate and it considers a financial asset to be in default when the\nborrower is unlikely to pay its credit obligations to the Group in\nfull, without recourse by the Group to actions such as realising\nsecurity (if any is held) or the financial asset is more than 90\ndays past due date.
\n\u00a0
\nLifetime ECLs\nare the ECLs that result from all possible default events over the\nexpected life of a financial instrument: 12-month ECLs are the\nportion of ECLs that result from default events that are possible\nwithin the 12 months after the reporting date (or a shorter period\nif the expected life of the instrument is less than 12 months). The\nmaximum period considered when estimating ECLs is the maximum\ncontractual period over which the Group is exposed to credit\nrisk.
\n\u00a0
\nECLs are\nprobability-weighted estimate of credit losses. Credit losses are\nmeasured as the present value of all cash shortfalls. ECLs are\ndiscounted at the effective interest rate of the financial\nasset.
\n\u00a0
\nAt each\nreporting date, the company assesses whether financial assets\ncarried at amortised cost are credit-impaired. A financial asset is\ncredit-impaired when one or more events that have a detrimental\nimpact on the estimated future cash flows of the financial asset\nhave occurred. Evidence that a financial asset is credit-impaired\nincludes observable data such as significant financial difficult of\nthe borrower or issuer or a breach of contract such as default or\nbeing more than 90 days past due date.
\n\u00a0
\nLoss\nallowances for financial assets measured at amortised cost are\ndeducted from the gross carrying amount of the assets.
\n\u00a0
\nSimplified\napproach model
\n\u00a0
\nFor loans and\ntrade and other receivables, the Group applies the simplified\napproach required by IFRS 9, which required expected lifetime\nlosses to be recognised from initial recognition of the\nreceivables.
\n\u00a0
\nThe expected\nloss rates are based on the payment profiles of sales over a period\nof 12 months before 31 December 2025 or 1 January 2025 respectively\nand the corresponding historical credit losses experienced within\nthis period. The historical loss rates are adjusted to reflect\ncurrent and forward-looking information on macroeconomic factors\naffecting the liability of the customers to settle the receivable.\nReceivables are written off when there is no reasonable expectation\nof recovery. Indicators that there is no reasonable expectation of\nrecovery include, among others, the probability of insolvency or\nsignificant financial difficulties of the debtor. Impaired debts\nare derecognised when they are assessed as\nuncollectible.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fHPRHCdpat": { "value": "1.5\u00a0\u00a0\u00a0\nConsolidation
\n\u00a0
\nSubsidiary\nundertakings, which are those companies in which the Group,\ndirectly or indirectly, has an interest of more than one half of\nthe voting rights or otherwise has power to govern the financial\nand operating policies have been consolidated. Subsidiaries are\nconsolidated from the date on which effective control is\ntransferred to the Group and are no longer consolidated from the\ndate of disposal.\u00a0 Inter-company transactions, balances and\nunrealised gains on transactions between subsidiaries are\neliminated. Unrealised losses are also eliminated. Accounting\npolicies of subsidiaries have been changed where necessary to\nensure consistency with the policies adopted by the Group. The\nGroup financial statements include the financial statements of the\nparent Company and all its subsidiaries.
\n\u00a0
\nThe Company\nacquired the shares in its subsidiaries during the period ended\n31st December 2016 and the period ended 31st December 2019. The\nsubsidiaries acquired during the years 2016 and 2019 were acquired\nat the net asset value of the subsidiaries existing and adjusted\nwith the increase in the value of the immovable property arising\nfrom a revaluation of the immovable property at market value. The\nCompany incorporated two subsidiaries in the Group in 2021 and\n2022.
\n\u00a0
\nIn the\nCompany's financial statements investments in subsidiaries are\naccounted for on the basis of the direct equity interest and are\nstated at cost less any accumulated impairment losses. Dividends\nfrom investments are recognised in the profit or loss.
\n\u00a0
\nThe Group\naccounts for business combinations using the acquisition method\nwhen control is transferred to the Group. The consideration\ntransferred in the acquisition is measured at fair value as are the\nidentifiable net assets acquired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "wj1PqXSftl": { "value": "1.5\u00a0\u00a0\u00a0\nConsolidation
\n\u00a0
\nSubsidiary\nundertakings, which are those companies in which the Group,\ndirectly or indirectly, has an interest of more than one half of\nthe voting rights or otherwise has power to govern the financial\nand operating policies have been consolidated. Subsidiaries are\nconsolidated from the date on which effective control is\ntransferred to the Group and are no longer consolidated from the\ndate of disposal.\u00a0 Inter-company transactions, balances and\nunrealised gains on transactions between subsidiaries are\neliminated. Unrealised losses are also eliminated. Accounting\npolicies of subsidiaries have been changed where necessary to\nensure consistency with the policies adopted by the Group. The\nGroup financial statements include the financial statements of the\nparent Company and all its subsidiaries.
\n\u00a0
\nThe Company\nacquired the shares in its subsidiaries during the period ended\n31st December 2016 and the period ended 31st December 2019. The\nsubsidiaries acquired during the years 2016 and 2019 were acquired\nat the net asset value of the subsidiaries existing and adjusted\nwith the increase in the value of the immovable property arising\nfrom a revaluation of the immovable property at market value. The\nCompany incorporated two subsidiaries in the Group in 2021 and\n2022.
\n\u00a0
\nIn the\nCompany's financial statements investments in subsidiaries are\naccounted for on the basis of the direct equity interest and are\nstated at cost less any accumulated impairment losses. Dividends\nfrom investments are recognised in the profit or loss.
\n\u00a0
\nThe Group\naccounts for business combinations using the acquisition method\nwhen control is transferred to the Group. The consideration\ntransferred in the acquisition is measured at fair value as are the\nidentifiable net assets acquired.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "PVOn9FW5ax": { "value": "1.6\u00a0\u00a0\u00a0\nShare Capital
\n\u00a0
\nOrdinary\nshares are classified as equity. Incremental costs directly\nattributable to the issue of new shares are shown in equity as a\ndeduction, net of tax, from the proceeds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "CGMSEFh71W": { "value": "1.7\u00a0\u00a0\u00a0\nOffsetting financial instruments
\n\u00a0
\nFinancial\nassets and liabilities are offset, and the net amount is reported\nin the statement of financial position when there is a legally\nenforceable right to set off the recognised amounts and there is an\nintention to settle on a net basis, or realise the asset and settle\nthe liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "FwW2s7oRT0": { "value": "1.8\u00a0\u00a0\u00a0\nProvisions
\n\u00a0
\nProvisions are\nrecognised when the Company has a present legal or constructive\nobligation as a result of past events, it is possible that an\noutflow of resources embodying economic benefits will be required\nto settle the obligation, and a reliable estimate of the amount of\nthe obligation can be made.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "QZfyFywLQO": { "value": "1.9\u00a0\u00a0\u00a0\nRevenue and cost recognition
\n\u00a0\u00a0\u00a0\u00a0\u00a0
\nRevenue\ncomprises the fair value of the consideration received or\nreceivable for the sale of goods and services in the ordinary\ncourse of the Company\u2019s activities. Revenue is shown net of\nvalue added tax, returns, rebates and discounts.\u00a0 The Company\nrecognises revenue when the amount of revenue can be reliably\nmeasured, it is probable that future economic benefits will flow to\nthe entity and when the specific criteria have been met as\ndescribed below.
\n\u00a0
\nSales of\nproperty are recognised when the significant risks and rewards of\nownership of the property being sold effectively transferred to the\nbuyer. This is generally considered to occur at the later of the\ncontract of sale and the date when all the Company\u2019s\nobligations relating to the property are completed and the\npossession of the property can be transferred in the manner\nstipulated by the contract of sale. Amounts received in respect of\nsales that have not yet been recognised in the financial\nstatements, due to the fact that the significant risks and rewards\nof ownership still rest with the company, are treated as payments\nreceived on account and presented within trade and other\npayable.
\n\u00a0
\nOther\noperating income consisting of the following is recognised on an\naccruals basis:
\nInterest
\n\u00a0
\nDividends\nreceivable are accounted for on a cash basis
\n\u00a0
\nCosts are\nrecognised when the related goods and services are sold, consumed\nor allocated, or when their future useful lives cannot be\ndetermined.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p92ETfS--i": { "value": "1.10\u00a0 Borrowing\ncosts
\n\u00a0
\nBorrowing\ncosts directly attributable to the acquisition and construction of\nproperty are capitalised as part of the cost of the project and are\nincluded in its carrying amount. Capitalisation of borrowing costs\nceases when substantially all the activities necessary to prepare\nany distinct part of the project for its sale or intended use is\ncompleted. Borrowing costs which are incurred for the purpose of\nacquiring or constructing qualifying property, plant and equipment\nor investment property are capitalized as part of its cost.\nBorrowing costs are capitalized which acquisition or construction\nis actively underway and cease once the asset is substantially\ncomplete, or suspended if the development of the asset is\nsuspended. All other borrowing costs are recognized as an expense\nin the profit and loss account in the period as\nincurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "WiRohuaEAQ": { "value": "1.11\u00a0 Trade and\nother payables
\n\u00a0
\nTrade payables\nare obligations to pay for goods or services that have been\nacquired in the ordinary course of business from suppliers.\nAccounts payable are classified as current liabilities if payment\nis due within one year or less (or in the normal operating cycle of\nthe business if longer). If not, they are presented as non-current\nliabilities.
\n\u00a0
\nTrade and\nother payables are recognised initially at fair value and\nsubsequently measured at amortised cost using the effective\ninterest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "N7cq52CGZn": { "value": "1.12\u00a0 Other\nfinancial liabilities
\n\u00a0
\nOther\nfinancial liabilities are recognized initially at fair value of\nproceeds received, net of transaction costs incurred. Other\nfinancial liabilities are subsequently measured at amortised cost\nusing the effective interest method unless the effect of\ndiscounting is immaterial. Any difference between the proceeds, net\nof transaction costs, and the settlement or redemption of other\nborrowings is recognised in profit or loss over the term of the\nborrowings, unless the interest on such borrowings is capitalised\nin accordance with the company\u2019s accounting policy on\nborrowing costs.
\n\u00a0
\nRepurchases of\nBonds issued by the company - If the company repurchases a part of\na financial liability, the company allocates the previous carrying\namount of the financial liability between the part that continues\nto be recognised and the part that is derecognised based on the\nrelative fair values of those parts on the date of the repurchase.\nThe difference between the carrying amount allocated to the part\nderecognised and the consideration paid, including any non-cash\nassets transferred or liabilities assumed, for the part\nderecognised shall be recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "j.b9B02w9H": { "value": "1.13\u00a0 Property,\nplant and equipment
\n\u00a0
\nAll property,\nplant and equipment are initially recorded at cost and subsequently\nstated at cost less depreciation.
\n\u00a0
\nCost includes\nexpenditure that is directly attributable to the acquisition of the\nitems. Subsequent costs are included in the asset\u2019s carrying\namount when it is probable that future economic benefits associated\nwith the item will flow to the company and the cost of the item can\nbe measured reliably. Expenditure on repairs and maintenance of\nproperty, plant and equipment is recognised as an expense when\nincurred.
\n\u00a0
\nProperty,\nplant and equipment are stated at cost or valuation less\naccumulated depreciation. Depreciation is provided for on the\nstraight-line method in order to write off cost over the expected\nuseful economic lives of the assets as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n Motor Vehicles \n | \n\n 5 \n | \n
\u00a0
\nThe assets'\nresidual values and useful lives are reviewed and adjusted if\nappropriate, at each statement of financial position\ndate.
\n\u00a0
\nGains and\nlosses on disposal of property, plant and equipment are determined\nby comparing proceeds with the carrying amount, and are taken into\naccount in determining operating profit.
\n\u00a0
\nAn asset's\ncarrying amount is written down immediately to its recoverable\namount if its carrying amount is greater than its estimated\nrecoverable\namount.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "h1B7jJKcNq": { "value": "1.14\u00a0 Inventory\n\u2013 Development project
\n\u00a0
\nThe main\nobject of the Company is the development of land acquired for\ndevelopment and resale. This development is intended in the main\nfor resale purposes, and is accordingly classified in the financial\nstatements as Inventory. Any elements of a project which are\nidentified for business operation or long-term investment\nproperties are transferred at their carrying amount to Property,\nplant and equipment or investment properties when such\nidentification is made and the cost thereof can reliably be\nsegregated.
\n\u00a0
\nThe\ndevelopment is carried at the lower of cost and net realisable\nvalue.\u00a0 Cost comprises the purchase cost of acquiring the land\ntogether with other costs incurred during its subsequent\ndevelopment, including:
\n\u00a0
\n| \n (i) \n | \n\n The cost incurred on\ndevelopment works, including demolition, site clearance,\nexcavation, construction, etc., together with the costs of\nancillary activities such as site security. \n | \n
| \n (ii) \n | \n\n The cost of various design\nand other studies conducted in connection with the project,\ntogether with all other expenses incurred in connection\ntherewith.\u00a0 \n | \n
| \n (iii) \n | \n\n Any borrowing costs,\nincluding imputed interest, attributable to the development phases\nof the project. \n | \n
\u00a0
\nThe purchase\ncost of acquiring the land represents the cash equivalent of the\ncontracted price.\u00a0 This was determined at date of purchase by\ndiscounting to present value the future cash outflows comprising\nthe purchase consideration.
\n\u00a0
\nNet realisable\nvalue is the estimated selling price in the ordinary course of\nbusiness, less the costs of completion and selling\nexpenses.
\n\u00a0
\nAs stated in\nnote 1.5 the Group accounts for business combinations using the\nacquisition method. Accordingly, at group level, the identifiable\nnet assets acquired, including inventory held by the newly-acquired\nsubsidiary, are measured at fair value as at date of acquisition of\nsubsidiary. Therefore, at consolidated group level, inventory cost\nrepresents the fair value of inventory held by the acquired\nsubsidiary as at date of acquisition of subsidiary, together with\nadditional development and borrowing costs incurred following date\nof acquisition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "sXzgmClUcQ": { "value": "1.15\u00a0 Cash and\ncash equivalents
\n\u00a0
\nCash and cash\nequivalents as shown in the cashflow statement comprise cash in\nhand and deposits repayable on demand less bank overdrafts. Bank\noverdrafts are included in the statement of financial position as\nborrowings under current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "kuruxY2gBX": { "value": "1.16\u00a0 Current and\ndeferred tax
\n\u00a0
\nThe tax\nexpense for the period comprises current and deferred tax. Tax is\nrecognised in profit or loss, except to the extent that it relates\nto items recognised in other comprehensive income or directly in\nequity. In this case, the tax is also recognised in other\ncomprehensive income or directly in equity,\nrespectively.
\n\u00a0
\nDeferred tax\nis recognised, using the liability method, on temporary differences\narising between the tax bases of assets and liabilities and their\ncarrying amounts in the financial statements. However, deferred tax\nliabilities are not recognised if they arise from the initial\nrecognition of goodwill; deferred tax is not accounted for if it\narises from initial recognition of an asset or liability in a\ntransaction other than a business combination that at the time of\nthe transaction affects neither accounting nor taxable profit or\nloss. Deferred tax is determined using tax rates (and laws) that\nhave been enacted or substantively enacted by the end of the\nreporting period and are expected to apply when the related\ndeferred tax asset is realised or the deferred tax liability is\nsettled.
\n\u00a0
\nDeferred tax\nassets are recognised only to the extent that it is probable that\nfuture taxable profit will be available against which the temporary\ndifferences can be utilised.
\n\u00a0
\nDeferred tax\nassets and liabilities are offset when there is a legally\nenforceable right to offset current tax assets against current tax\nliabilities and when the deferred tax assets and liabilities relate\nto income taxes levied by the same taxation authority on either the\nsame taxable entity or different taxable entities where there is an\nintention to settle the balance on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "_m8_mSb.Ye": { "value": "Deferred tax\nis recognised, using the liability method, on temporary differences\narising between the tax bases of assets and liabilities and their\ncarrying amounts in the financial statements. However, deferred tax\nliabilities are not recognised if they arise from the initial\nrecognition of goodwill; deferred tax is not accounted for if it\narises from initial recognition of an asset or liability in a\ntransaction other than a business combination that at the time of\nthe transaction affects neither accounting nor taxable profit or\nloss. Deferred tax is determined using tax rates (and laws) that\nhave been enacted or substantively enacted by the end of the\nreporting period and are expected to apply when the related\ndeferred tax asset is realised or the deferred tax liability is\nsettled.
\n\u00a0
\nDeferred tax\nassets are recognised only to the extent that it is probable that\nfuture taxable profit will be available against which the temporary\ndifferences can be utilised.
\n\u00a0
\nDeferred tax\nassets and liabilities are offset when there is a legally\nenforceable right to offset current tax assets against current tax\nliabilities and when the deferred tax assets and liabilities relate\nto income taxes levied by the same taxation authority on either the\nsame taxable entity or different taxable entities where there is an\nintention to settle the balance on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "VXSj1D4We3": { "value": "1.17\u00a0 Dividend\ndistribution
\n\u00a0
\nDividend\ndistribution to the Company\u2019s shareholders is recognised as a\nliability in the Company\u2019s financial statements in the period\nin which the dividends are approved by the Company\u2019s\nshareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "EXq8L0-Nqt": { "value": "2.\u00a0\u00a0\u00a0\u00a0\u00a0 Financial risk\nmanagement
\n\u00a0
\n2.1\u00a0\u00a0\u00a0\nFinancial risk factors
\n\u00a0
\nThe\nGroup\u2019s activities potentially expose it to a variety of\nrisks: market risk, economic risk, counter-party risk, credit risk\nand liquidity risk. Where possible, the board provides principles\nfor overall risk management, as well as policies to mitigate these\nrisks in the most prudent way.
\n\u00a0
\n(i) The Group\nis subject to market and economic conditions generally
\n\u00a0
\nThe Group is\nsubject to the general market and economic risks that may have a\nsignificant impact on the projects of the subsidiaries, the timely\ncompletion of the said projects and budgetary constraints. These\ninclude factors such as the state of the local property market,\ninflation, and fluctuations in interest rates, exchange rates,\nproperty prices and other economic and social factors affecting\ndemand for real estate generally. If general economic conditions\nand property market conditions experience a downturn which is not\ncontemplated in the Group\u2019s planning during the construction\nand completion of the projects, this shall have an adverse impact\non the financial condition of the Group and the ability of the\nCompany to meet its obligations.
\n\u00a0
\n\u00a0(ii) The\nproperty market is a very competitive market that can influence the\nsales of units in the Projects
\n\u00a0
\nThe real\nestate market in Malta is very competitive in nature. An increase\nin supply and/or a reduction in demand in the property segments in\nwhich the Group operates and targets to sell the remaining units in\nstock and the properties being developed, may cause sales of units\nforming part of the projects to sell at prices which are lower than\nis being anticipated by the Group or that sales of such units are\nin fact slower than is being anticipated. If these risks were to\nmaterialise, particularly if due to unforeseen circumstances there\nis a delay in the tempo of sales envisaged by the Group, they could\nhave a material adverse impact on the Group and the Issuer\u2019s\nability to meet its obligations.
\n\u00a0
\n(iii) The\nGroup depends on third parties in connection with its business,\ngiving rise to counterparty risks
\n\u00a0
\nThe Group\nrelies upon third-party service providers such as architects,\nbuilding contractors and suppliers for the construction and\ncompletion of each of the projects of its subsidiaries. The Group\nhas engaged the services of third party contractors for the\ndevelopment of the projects including, excavation, construction and\nfinishing of the developments in a timely manner and within agreed\ncost parameters. This gives rise to counter-party risks in those\ninstances where such third parties do not perform in line with the\nGroup\u2019s expectations and in accordance with their contractual\nobligations. If these risks were to materialise, the resulting\ndevelopment delays in completion could have an adverse impact on\nthe Group\u2019s businesses, and their respective financial\ncondition, results of operations and prospects, that could have a\nmaterial adverse impact on the Issuer\u2019s ability to meet its\nobligations.
\n\u00a0
\n(iv) Material\nrisks relating to real estate development may affect the economic\nperformance and value of the Projects
\n\u00a0
\nThere are\nseveral factors that commonly affect the real estate development\nindustry, many of which are beyond the Group\u2019s control, and\nwhich could adversely affect the economic performance and value of\nthe Group\u2019s projects. Such factors include:
\n\u00a0
\n| \n - \n | \n\n changes in European and\nglobal economic conditions; \n | \n
| \n - \n | \n\n changes in the general\neconomic conditions in Malta; \n | \n
| \n - \n | \n\n general industry trends,\nincluding the cyclical nature of the real estate market; \n | \n
| \n - \n | \n\n changes in local market\nconditions, such as an oversupply of similar properties; \n | \n
| \n - \n | \n\n a reduction in demand for\nreal estate or change of local preferences and tastes; \n | \n
| \n - \n | \n\n possible structural and\nenvironmental problems; \n | \n
| \n - \n | \n\n changes in the prices,\nsupply of raw materials; \n | \n
| \n - \n | \n\n acts of nature that may\ndamage any of the properties or delay development\nthereof. \n | \n
\u00a0
\n(v) The Group\nmay be exposed to environmental liabilities attaching to real\nestate property
\n\u00a0
\nThe Group may\nbecome liable for the costs of removal, investigation, or\nremediation of any hazardous or toxic substances that may be\nlocated on, or in or which may have migrated from, a property owned\nor occupied by it, which costs may be substantial. The Group may\nalso be required to remove or remedy any hazardous substances that\nit causes or knowingly permits at any property that it owns or may\nin future own. Laws and regulations, which may be amended over\ntime, may also impose liability for the presence of certain\nmaterials or substances or the release of certain materials or\nsubstances into the air, land or water or the migration of certain\nmaterials or substances from a real estate investment, including\nasbestos, and such presence, release or migration could form the\nbasis for liability to third parties for personal injury or other\ndamages. These environmental liabilities, if realised, could have\nan adverse effect on the Group\u2019s operations and financial\nposition.
\n\u00a0
\n(vi) Property\nvaluations may not reflect actual market values
\n\u00a0
\nThe valuations\nof the properties on which the share acquisitions were based were\nprepared by an independent qualified architect in accordance with\nthe valuation standards published by the Royal Institution of\nChartered Surveyors (RICS). In providing a market value of the\nrespective properties, the independent architect has made certain\nassumptions which ultimately may cause the actual values to be\nmaterially different from any future values that may be expressed\nor implied by such forward-looking statements or anticipated on the\nbasis of historical trends as reality may not match the\nassumptions. There can be no assurance that such property\nvaluations and property-related assets will reflect actual market\nvalues.
\n\u00a0
\n(vii) General\nexposure to funding risks
\n\u00a0
\nThe funding of\neach project is partly dependent on the proceeds from the gradual\nsale of the units in each development.\u00a0 If the projected sale\nof the units is not attained or is delayed, the Group may well not\nhave sufficient funds to complete all the projects within the\nprojected time-frames or to pay the contractors for works\nperformed.
\n\u00a0
\n(viii) The\nGroup may be exposed to cost overruns and delays in completion of\nthe projects
\n\u00a0
\nEach of the\nprojects being undertaken by the Group is prone to certain risks\ninherent in real estate development, most notably the risk of\ncompleting each project within its scheduled completion date and\nwithin the budgeted cost for that development. If either or both\nrisks were to materialise they could have a significant impact on\nthe financial condition of the respective subsidiary and/or the\nGroup, and the ability of the latter to meet its obligations. The\nrisks of delays and cost overruns, could cause actual sales\nrevenues and costs to differ from those projected and which are\naffected, amongst others, by factors attributable to\ncounter-parties, general market conditions, and competition which\nare beyond the Group\u2019s control. Delays in the time scheduled\nfor completion of one or more of the projects may also cause\nsignificant delays in the tempo of the sales forecasted by the\nGroup for units within the Project or Projects affected by such\ndelay, which can have a significant adverse impact on the\nGroup\u2019s financial condition and cash flows. Similarly, if any\none or more of the projects were to incur significant cost overruns\nthat were not anticipated, the Group may have difficulties in\nsourcing the funding required for meeting such cost overruns and\ntherefore may risk not completing one or more of the projects,\nwhich shall have a material adverse impact on the cash flows\ngenerated from sales of units in that Project and a material\nadverse impact on the financial condition of the specific\nsubsidiary and ultimately the Issuer. The directors are closely\nmonitoring closely inflationary risks resulting from the conflict\nin Ukraine and the Middle East.
\n\u00a0
\n(ix) Foreign\nExchange risk
\n\u00a0
\nForeign\nexchange risk arises from future commercial transactions and\nrecognised assets and liabilities which are denominated in a\ncurrency that is not the entity's functional currency. As at\nreporting date, the Group has no currency risk since all assets and\nliabilities are denominated in Euro.
\n\u00a0
\n(x) Fair value\ninterest rate risk
\n\u00a0
\nThe Group is\nexposed to risks associated with the effects of fluctuations in the\nprevailing levels of the market interest rates on its interest\nbearing financial instruments.
\n\u00a0
\nAs at the\nreporting date, the Company holds available for sale investments\nwhich are limited to Corporate bonds and bank deposits. The 4.75%\nSecured Bonds 2025 \u2013 2027 which represent about 100% of the\nGroup\u2019s third-party borrowings are subject to fixed interest\nrates. Based on the above, the board considers the potential impact\non profit or loss of a defined interest rate shift at the reporting\ndate to be quite contained.
\n\u00a0
\n(xi) Liquidity\nrisk
\n\u00a0
\nThe Group is\nexposed to liquidity risk in relation to meeting future obligations\nassociated with its financial liabilities, which comprise\nprincipally trade and other payables and borrowings. Prudent\nliquidity risk management includes maintaining sufficient cash to\nensure the availability of an adequate amount of funding to meet\nthe Company's financial obligations and to safeguard the\nGroup\u2019s ability to continue as a going concern, in particular\nto complete of the Group\u2019s projects in a timely\nmanner.
\n\u00a0
\nIn the next 12\nmonths, the Group requires to raise further funding to finish its\nongoing projects. The funding should be available from own\nReserves. In the absence of that, the Group will seek bank\nfinance.\u00a0 There is no certainty that the Group will be able to\nobtain the full capital it requires, and this may effect the\nability of the Group to deliver these projects on time.
\n\u00a0
\nNotwithstanding these challenges, the company has ample\nexperience in the industry and has always managed to obtain the\nappropriate funding and completed projects within pre-determined\ntime-frames.
\n\u00a0
\nMaturity\nanalysis
\n\u00a0
\nThe\nGroup\u2019s trade and other payables with the exception of\nspecific liabilities (refer to Note 10) are entirely repayable\nwithin one year from the end of the reporting period. The following\ntable analyses the Group\u2019s borrowings, lease liabilities and\ndeposits arising under operating leases classified as other\npayables into relevant maturity groupings based on the remaining\nperiod from the end of the reporting period to the contractual\nmaturity date. The amounts disclosed in the table are the\ncontractual undiscounted cash flows.
\n\u00a0
\n| \n | \n CARRYING\nAMOUNT \n | \n\n LESS THAN 1\nYEAR \n | \n\n BETWEEN 1 AND 2\nYEARS \n | \n\n BETWEEN 2 AND 5\nYEARS \n | \n\n TOTAL CONTRACTUAL CASH\nFLOWS \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n 31st December\n2025 \n | \n\n | \n | \n | \n | \n |
| \n Debt\nsecurities \n | \n\n 12,855,100 \n | \n\n 13,465,717 \n | \n\n - \n | \n\n - \n | \n\n 13,465,717 \n | \n
| \n Other payables \n | \n\n 2,390,481 \n | \n\n 2,390,481 \n | \n\n - \n | \n\n - \n | \n\n 2,390,481 \n | \n
| \n Contracted\nPOSAs \n | \n\n 1,070,050 \n | \n\n 10,700,500 \n | \n\n - \n | \n\n - \n | \n\n 10,700,500 \n | \n
| \n | \n | \n | \n | \n | \n |
| \n | \n | \n | \n | \n | \n |
| \n | \n CARRYING\nAMOUNT \n | \n\n LESS THAN 1\nYEAR \n | \n\n BETWEEN 1 AND 2\nYEARS \n | \n\n BETWEEN 2 AND 5\nYEARS \n | \n\n TOTAL CONTRACTUAL CASH\nFLOWS \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n 31st December\n2024 \n | \n\n | \n | \n | \n | \n |
| \n Bank loans \n | \n\n 5,320,000 \n | \n\n 5,439,700 \n | \n\n - \n | \n\n - \n | \n\n 5,439,700 \n | \n
| \n Debt\nsecurities \n | \n\n 22,857,686 \n | \n\n 16,092,500 \n | \n\n 8,190,000 \n | \n\n - \n | \n\n 24,282,500 \n | \n
| \n Other payables \n | \n\n 4,857,809 \n | \n\n 4,857,809 \n | \n\n - \n | \n\n - \n | \n\n 4,857,809 \n | \n
| \n Contracted\nPOSAs \n | \n\n 1,220,480 \n | \n\n 12,204,800 \n | \n\n - \n | \n\n - \n | \n\n 12,204,800 \n | \n
\u00a0
\n(xii) Capital\nrisk management
\n\u00a0
\nThe\nGroup\u2019s objectives when managing capital are to safeguard the\nGroup\u2019s ability to continue as a going concern; to maximise\nthe return to stakeholders through the optimisation of the debt and\nequity balance and to comply with the requirements of the\nProspectus issued in relation to the 4.75% Secured Bonds 2025\n\u2013 2027.
\n\u00a0
\nThe capital\nstructure consists of items presented within equity in the\nstatement of financial position. The company monitors the level of\ndebt against total capital on an ongoing basis.
\n\u00a0
\n(xiii) Credit\nrisk
\n\u00a0
\nCredit risk is\nthe risk that a counterparty will not meet its obligations under a\nfinancial instrument leading to a financial loss.
\n\u00a0
\nThe Group is\nnot significantly exposed to credit risk arising in the course of\nits principal activity relating to the sale of residential units in\nview of the way promise of sale agreements are handled through\nreceipt of payments on account at established milestones up to\ndelivery.\u00a0 The Group monitors the performance of the purchases\nthroughout the term of the related agreement in relation to meeting\ncontractual obligations and ensures that contract amounts are fully\nsettled prior to delivery of the residential unit.
\n\u00a0
\nCredit risk\nmainly arises from financial assets held in the Reserve Account,\ncash and cash equivalents and available for sale investments.\u00a0\nCredit risk relating to financial assets is addressed through\ncareful selection of the issuers of securities bought by the\nCompany.\u00a0 All such transactions have been carried out solely\nby the Company\u2019s stockbroker (and Sponsor/Manager of the\n4.75% Secured Bonds 2025-2027). During the year under review, the\navailable for sale investments were limited to purchases in\nreliable Corporate Bonds - \u20ac2.5 Million (2024 - \u20ac3.8\nMillion) whilst the cash at Bank was held with local quality\nfinancial institutions - \u20ac10.3 Million (2024 - \u20ac9.7\nMillion).\u00a0 The Reserve Account is administered by the Security\nTrustee of the 4.75% Secured Bonds 2025 \u2013 2027. Bonds issues\nand funds are held in a bank account of high standing.
\n\u00a0
\nFurthermore,\nthe Group manages its credit risk exposure in relation to\nreceivables from fellow companies in an active manner, at\narm\u2019s length and with accrued interest charges thereon.\u00a0\nThe Board retains direct responsibility for affecting and\nmonitoring the investments made by the fellow companies.\u00a0 The\nBoard considers these receivables to be fully performing and\nrecoverable.
\n\u00a0
\n(xiv) Amounts\nowed by related parties and other receivables
\n\u00a0
\nThe\nGroup\u2019s and the Company\u2019s receivables also include\namounts owed by related parties forming part of the Gap Group,\nassociates and other related parties (refer to Note 12). The\nGroup\u2019s treasury monitors intra-Group credit exposures on a\nregular basis and ensures timely performance of these assets in the\ncon text of overall Group liquidity Management. The Group assesses\nthe credit quality of these related parties taking into account\nfinancial position, performance and other factors. The Group takes\ncognisance of the related party relationship with these entities\nand Management does not expect any losses from non-performance or\ndefault. With respect to the Group\u2019s and the Company\u2019s\ncurrent amounts owed by related parties and other receivables,\nsince such balances are repayable on demand, expected credit losses\nare based on the assumption that repayment of the balance is\ndemanded at the reporting date. In this respect, the directors\nconsidered such balances to have low credit risk and a low risk of\ndefault. Accordingly, the expected credit loss allowance\nattributable to amounts owed by related parties and other\nreceivables was deemed immaterial as at 31 December 2025 and\n2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "g_N.JCbJ.B": { "value": "(xi) Liquidity\nrisk
\n\u00a0
\nThe Group is\nexposed to liquidity risk in relation to meeting future obligations\nassociated with its financial liabilities, which comprise\nprincipally trade and other payables and borrowings. Prudent\nliquidity risk management includes maintaining sufficient cash to\nensure the availability of an adequate amount of funding to meet\nthe Company's financial obligations and to safeguard the\nGroup\u2019s ability to continue as a going concern, in particular\nto complete of the Group\u2019s projects in a timely\nmanner.
\n\u00a0
\nIn the next 12\nmonths, the Group requires to raise further funding to finish its\nongoing projects. The funding should be available from own\nReserves. In the absence of that, the Group will seek bank\nfinance.\u00a0 There is no certainty that the Group will be able to\nobtain the full capital it requires, and this may effect the\nability of the Group to deliver these projects on time.
\n\u00a0
\nNotwithstanding these challenges, the company has ample\nexperience in the industry and has always managed to obtain the\nappropriate funding and completed projects within pre-determined\ntime-frames.
\n\u00a0
\nMaturity\nanalysis
\n\u00a0
\nThe\nGroup\u2019s trade and other payables with the exception of\nspecific liabilities (refer to Note 10) are entirely repayable\nwithin one year from the end of the reporting period. The following\ntable analyses the Group\u2019s borrowings, lease liabilities and\ndeposits arising under operating leases classified as other\npayables into relevant maturity groupings based on the remaining\nperiod from the end of the reporting period to the contractual\nmaturity date. The amounts disclosed in the table are the\ncontractual undiscounted cash flows.
\n\u00a0
\n| \n | \n CARRYING\nAMOUNT \n | \n\n LESS THAN 1\nYEAR \n | \n\n BETWEEN 1 AND 2\nYEARS \n | \n\n BETWEEN 2 AND 5\nYEARS \n | \n\n TOTAL CONTRACTUAL CASH\nFLOWS \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n 31st December\n2025 \n | \n\n | \n | \n | \n | \n |
| \n Debt\nsecurities \n | \n\n 12,855,100 \n | \n\n 13,465,717 \n | \n\n - \n | \n\n - \n | \n\n 13,465,717 \n | \n
| \n Other payables \n | \n\n 2,390,481 \n | \n\n 2,390,481 \n | \n\n - \n | \n\n - \n | \n\n 2,390,481 \n | \n
| \n Contracted\nPOSAs \n | \n\n 1,070,050 \n | \n\n 10,700,500 \n | \n\n - \n | \n\n - \n | \n\n 10,700,500 \n | \n
| \n | \n | \n | \n | \n | \n |
| \n | \n | \n | \n | \n | \n |
| \n | \n CARRYING\nAMOUNT \n | \n\n LESS THAN 1\nYEAR \n | \n\n BETWEEN 1 AND 2\nYEARS \n | \n\n BETWEEN 2 AND 5\nYEARS \n | \n\n TOTAL CONTRACTUAL CASH\nFLOWS \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n 31st December\n2024 \n | \n\n | \n | \n | \n | \n |
| \n Bank loans \n | \n\n 5,320,000 \n | \n\n 5,439,700 \n | \n\n - \n | \n\n - \n | \n\n 5,439,700 \n | \n
| \n Debt\nsecurities \n | \n\n 22,857,686 \n | \n\n 16,092,500 \n | \n\n 8,190,000 \n | \n\n - \n | \n\n 24,282,500 \n | \n
| \n Other payables \n | \n\n 4,857,809 \n | \n\n 4,857,809 \n | \n\n - \n | \n\n - \n | \n\n 4,857,809 \n | \n
| \n Contracted\nPOSAs \n | \n\n 1,220,480 \n | \n\n 12,204,800 \n | \n\n - \n | \n\n - \n | \n\n 12,204,800 \n | \n
(xii) Capital\nrisk management
\n\u00a0
\nThe\nGroup\u2019s objectives when managing capital are to safeguard the\nGroup\u2019s ability to continue as a going concern; to maximise\nthe return to stakeholders through the optimisation of the debt and\nequity balance and to comply with the requirements of the\nProspectus issued in relation to the 4.75% Secured Bonds 2025\n\u2013 2027.
\n\u00a0
\nThe capital\nstructure consists of items presented within equity in the\nstatement of financial position. The company monitors the level of\ndebt against total capital on an ongoing basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ZNDnLNlYnT": { "value": "(xiii) Credit\nrisk
\n\u00a0
\nCredit risk is\nthe risk that a counterparty will not meet its obligations under a\nfinancial instrument leading to a financial loss.
\n\u00a0
\nThe Group is\nnot significantly exposed to credit risk arising in the course of\nits principal activity relating to the sale of residential units in\nview of the way promise of sale agreements are handled through\nreceipt of payments on account at established milestones up to\ndelivery.\u00a0 The Group monitors the performance of the purchases\nthroughout the term of the related agreement in relation to meeting\ncontractual obligations and ensures that contract amounts are fully\nsettled prior to delivery of the residential unit.
\n\u00a0
\nCredit risk\nmainly arises from financial assets held in the Reserve Account,\ncash and cash equivalents and available for sale investments.\u00a0\nCredit risk relating to financial assets is addressed through\ncareful selection of the issuers of securities bought by the\nCompany.\u00a0 All such transactions have been carried out solely\nby the Company\u2019s stockbroker (and Sponsor/Manager of the\n4.75% Secured Bonds 2025-2027). During the year under review, the\navailable for sale investments were limited to purchases in\nreliable Corporate Bonds - \u20ac2.5 Million (2024 - \u20ac3.8\nMillion) whilst the cash at Bank was held with local quality\nfinancial institutions - \u20ac10.3 Million (2024 - \u20ac9.7\nMillion).\u00a0 The Reserve Account is administered by the Security\nTrustee of the 4.75% Secured Bonds 2025 \u2013 2027. Bonds issues\nand funds are held in a bank account of high standing.
\n\u00a0
\nFurthermore,\nthe Group manages its credit risk exposure in relation to\nreceivables from fellow companies in an active manner, at\narm\u2019s length and with accrued interest charges thereon.\u00a0\nThe Board retains direct responsibility for affecting and\nmonitoring the investments made by the fellow companies.\u00a0 The\nBoard considers these receivables to be fully performing and\nrecoverable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pGxWuA8i4Y": { "value": "3.\u00a0\u00a0\u00a0\u00a0\u00a0 Revenue
\n\u00a0
\nRevenue\nrepresents the sale of property held for development and resale,\nand is made up as follows:
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n | \n | \n | \n | \n |
| \n Sale of property held for\nDevelopment and resale \n | \n\n 24,697,410 \n | \n\n 48,181,299 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 24,697,410 \n | \n\n 48,181,299 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
4.\u00a0\u00a0\u00a0\u00a0\u00a0 Profit/(loss) for the\nyear
\n\u00a0
\nProfit for the\nyear is stated after charging:
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n | \n | \n | \n | \n |
| \n Directors\u2019 fees\n(Note 6) \n | \n\n 168,000 \n | \n\n 167,288 \n | \n\n 168,000 \n | \n\n 18,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Employment costs (Note\n5) \n | \n\n 168,694 \n | \n\n 162,655 \n | \n\n - \n | \n\n 20,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Depreciation (Note\n11) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Audit fees \u2013 Annual\nstatutory audit \n | \n\n 52,089 \n | \n\n 52,092 \n | \n\n 15,021 \n | \n\n 16,697 \n | \n
\u00a0
\nNo non-audit\nfees have been provided by the auditor to the Group and\nCompany.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "EGn1QNLoS1": { "value": "4.\u00a0\u00a0\u00a0\u00a0\u00a0 Profit/(loss) for the\nyear
\n\u00a0
\nProfit for the\nyear is stated after charging:
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n | \n | \n | \n | \n |
| \n Directors\u2019 fees\n(Note 6) \n | \n\n 168,000 \n | \n\n 167,288 \n | \n\n 168,000 \n | \n\n 18,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Employment costs (Note\n5) \n | \n\n 168,694 \n | \n\n 162,655 \n | \n\n - \n | \n\n 20,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Depreciation (Note\n11) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Audit fees \u2013 Annual\nstatutory audit \n | \n\n 52,089 \n | \n\n 52,092 \n | \n\n 15,021 \n | \n\n 16,697 \n | \n
\u00a0
\nNo non-audit\nfees have been provided by the auditor to the Group and\nCompany.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "LLrtk1W2p_": { "value": "5.\u00a0\u00a0\u00a0\u00a0\u00a0 Employees
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Employment costs\ncomprise: \n | \n\n | \n | \n | \n |
| \n Wages and salaries\n\u2013 administration \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 20,000 \n | \n
| \n Wages and salaries\n\u2013 allocated to cost of sales \n | \n\n 165,864 \n | \n\n 158,184 \n | \n\n - \n | \n\n - \n | \n
| \n Social security costs\n\u2013 allocated to cost of sales \n | \n\n 2,830 \n | \n\n 4,471 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 168,694 \n | \n\n 162,655 \n | \n\n - \n | \n\n 20,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n The average weekly number\nof persons employed by the Group/Company during the year\nwas: \n | \n\n 7 \n | \n\n 7 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Wages and salaries\n\u2013 subcontracted from related parties (allocated to cost of\nsales) \n | \n\n 384,462 \n | \n\n 371,499 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 384,462 \n | \n\n 371,499 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
6.\u00a0\u00a0\u00a0\u00a0\u00a0 Directors\u2019\nemoluments
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Directors\u2019 salary\n\u2013 allocated to cost of sales \n | \n\n - \n | \n\n 149,288 \n | \n\n - \n | \n\n - \n | \n
| \n Directors\u2019\nRemuneration \n | \n\n 168,000 \n | \n\n 18,000 \n | \n\n 168,000 \n | \n\n 18,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 168,000 \n | \n\n 167,288 \n | \n\n 168,000 \n | \n\n 18,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
7.\u00a0\u00a0\u00a0\u00a0\u00a0 Finance costs
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n | \n | \n | \n | \n |
| \n Bond buy back\nexpenses \n | \n\n - \n | \n\n - \n | \n\n 108,633 \n | \n\n 86,919 \n | \n
| \n Interest and amortisation\ncosts \n | \n\n - \n | \n\n 66,715 \n | \n\n 1,095,326 \n | \n\n 2,097,060 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n - \n | \n\n 66,715 \n | \n\n 1,203,959 \n | \n\n 2,183,979 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Finance costs\nallocated to cost of sales (Inventories \u2013 Property\ndevelopment ) \n | \n\n | \n | \n | \n |
| \n | \n | \n | \n | \n |
| \n At 1\nst January \n | \n\n 3,424,081 \n | \n\n 2,733,260 \n | \n\n - \n | \n\n - \n | \n
| \n Interest capitalised\nduring the year \n | \n\n 1,379,774 \n | \n\n 2,324,123 \n | \n\n - \n | \n\n - \n | \n
| \n At 31\nst December \n | \n\n (3,916,067) \n | \n\n (3,424,081) \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Charge of capitalised\ninterest for the year \n | \n\n 887,788 \n | \n\n 1,633,302 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Loss on disposal of\ninvestments \n | \n\n 27,078 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 27,078 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
8.\u00a0\u00a0\u00a0\u00a0\u00a0 Finance income
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n | \n | \n | \n | \n |
| \n Interest receivable from\nrelated parties \n | \n\n 238,113 \n | \n\n 192,000 \n | \n\n 238,113 \n | \n\n 192,000 \n | \n
| \n Interest receivable from\nsubsidiaries \n | \n\n - \n | \n\n - \n | \n\n 1,176,882 \n | \n\n 2,117,264 \n | \n
| \n Interest receivable from\ninvestments \n | \n\n 130,013 \n | \n\n 256,252 \n | \n\n 130,013 \n | \n\n 256,252 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 368,126 \n | \n\n 448,252 \n | \n\n 1,545,008 \n | \n\n 2,565,516 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
9.\u00a0\u00a0\u00a0\u00a0\u00a0 Tax expense
\n\u00a0
\nThe parent\nCompany and Group\u2019s income tax charge for the year has been\narrived at as follows:
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n | \n | \n | \n | \n |
| \n Current income\ntax \n | \n\n | \n | \n | \n |
| \n Income tax on taxable\nincome at 15% \n | \n\n 19,502 \n | \n\n 32,168 \n | \n\n 19,502 \n | \n\n 21,668 \n | \n
| \n Income tax subject to\nfinal tax of 5% and 8% on sales of immovable property \n | \n\n | \n | \n | \n |
| \n | \n 1,922,690 \n | \n\n 3,743,395 \n | \n\n - \n | \n\n - \n | \n
| \n Income tax subject to\n35% \n | \n\n 4,867 \n | \n\n 4,310 \n | \n\n 4,867 \n | \n\n 4,310 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Tax charge \n | \n\n 1,947,059 \n | \n\n 3,779,873 \n | \n\n 24,369 \n | \n\n 25,978 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nThe accounting\nprofits and the tax charge for the year are reconciled as shown\nhereunder:
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n | \n | \n | \n | \n |
| \n Net profit for the\nyear \n | \n\n 8,822,784 \n | \n\n 18,126,086 \n | \n\n 116,843 \n | \n\n 156,770 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Income tax thereon at\n35% \n | \n\n 3,087,974 \n | \n\n 6,344,130 \n | \n\n 40,895 \n | \n\n 54,870 \n | \n
| \n Deferred tax not\naccounted for \n | \n\n (11,624) \n | \n\n 7,390 \n | \n\n - \n | \n\n - \n | \n
| \n Difference arising from\ninterest received \n | \n\n (26,003) \n | \n\n (42,892) \n | \n\n (26,003) \n | \n\n (28,892) \n | \n
| \n Expenses disallowed for\ntax purposes \n | \n\n 139,455 \n | \n\n 275,852 \n | \n\n - \n | \n\n - \n | \n
| \n Difference arising on\nincome subject to 5-8% withholding tax on sales of immovable\nproperty \n | \n\n | \n | \n | \n |
| \n | \n | \n | \n | \n |
| \n | \n (1,252,220) \n | \n\n (2,804,607) \n | \n\n - \n | \n\n - \n | \n
| \n Difference arising on\nadjustment to revaluation of inventories \n | \n\n | \n | \n | \n |
| \n | \n 9,477 \n | \n\n - \n | \n\n 9,477 \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 1,947,059 \n | \n\n 3,779,873 \n | \n\n 24,369 \n | \n\n 25,978 \n | \n
10.\u00a0\u00a0\u00a0\nFair value adjustment
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Difference arising on\namortised cost on \n | \n\n | \n | \n | \n |
| \n interest free loan given\nto Gap Holdings Limited (Note 14) \n | \n\n | \n | \n | \n |
| \n | \n | \n | \n | \n |
| \n | \n | \n | \n | \n |
| \n | \n | \n | \n | \n |
| \n Amount as at 31\nst December \n | \n\n 2,773,669 \n | \n\n 2,666,989 \n | \n\n - \n | \n\n - \n | \n
| \n Amount as at 1\nst January \n | \n\n (2,666,989) \n | \n\n (2,564,413) \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 106,680 \n | \n\n 102,576 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
11.\u00a0\u00a0\u00a0\nProperty, plant and equipment
\n\u00a0
\n| \n Group \n | \n\n | \n | \n | \n |
| \n | \n | \n | \n Motor Vehicles \n | \n\n Total \n | \n
| \n | \n | \n | \n \u20ac \n | \n\n \u20ac \n | \n
| \n Cost \n | \n\n | \n | \n | \n |
| \n At 1 st\nJanuary 2025 \n | \n\n | \n | \n 10,000 \n | \n\n 10,000 \n | \n
| \n | \n | \n | \n | \n |
| \n Additions during the\nyear \n | \n\n | \n | \n - \n | \n\n - \n | \n
| \n | \n | \n | \n | \n |
| \n Disposals \n | \n\n | \n | \n (10,000) \n | \n\n (10,000) \n | \n
| \n | \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 31 st\nDecember 2025 \n | \n\n | \n | \n - \n | \n\n - \n | \n
| \n | \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Depreciation \n | \n\n | \n | \n | \n |
| \n At 1 st\nJanuary 2025 \n | \n\n | \n | \n 9,999 \n | \n\n 9,999 \n | \n
| \n | \n | \n | \n | \n |
| \n Charge for the\nyear \n | \n\n | \n | \n - \n | \n\n - \n | \n
| \n | \n | \n | \n | \n |
| \n Released \u2013\ndisposal \n | \n\n | \n | \n (9,999) \n | \n\n (9,999) \n | \n
| \n | \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 31 st\nDecember 2025 \n | \n\n | \n | \n - \n | \n\n - \n | \n
| \n | \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Net book\nvalue \n | \n\n | \n | \n | \n |
| \n At 31 st\nDecember 2025 \n | \n\n | \n | \n - \n | \n\n - \n | \n
| \n | \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 31 st\nDecember 2024 \n | \n\n | \n | \n 1 \n | \n\n 1 \n | \n
| \n | \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Company \n | \n\n | \n | \n | \n |
| \n | \n | \n | \n Motor Vehicles \n | \n\n Total \n | \n
| \n | \n | \n | \n \u20ac \n | \n\n \u20ac \n | \n
| \n Cost \n | \n\n | \n | \n | \n |
| \n At 1 st\nJanuary 2025 \n | \n\n | \n | \n 10,000 \n | \n\n 10,000 \n | \n
| \n | \n | \n | \n | \n |
| \n Additions during the\nyear \n | \n\n | \n | \n - \n | \n\n - \n | \n
| \n | \n | \n | \n | \n |
| \n Disposal \n | \n\n | \n | \n (10,000) \n | \n\n (10,000) \n | \n
| \n | \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 31 st\nDecember 2025 \n | \n\n | \n | \n - \n | \n\n - \n | \n
| \n | \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Depreciation \n | \n\n | \n | \n | \n |
| \n At 1 st\nJanuary 2025 \n | \n\n | \n | \n 9,999 \n | \n\n 9,999 \n | \n
| \n | \n | \n | \n | \n |
| \n Charge for the\nyear \n | \n\n | \n | \n - \n | \n\n - \n | \n
| \n | \n | \n | \n | \n |
| \n Released \u2013\nDisposal \n | \n\n | \n | \n (9,999) \n | \n\n (9,999) \n | \n
| \n | \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 31 st\nDecember 2025 \n | \n\n | \n | \n - \n | \n\n - \n | \n
| \n | \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Net book\nvalue \n | \n\n | \n | \n | \n |
| \n At 31 st\nDecember 2025 \n | \n\n | \n | \n - \n | \n\n - \n | \n
| \n | \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 31 st\nDecember 2024 \n | \n\n | \n | \n 1 \n | \n\n 1 \n | \n
12.\u00a0\u00a0\u00a0\nInvestments in subsidiary undertakings
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Shares in subsidiary\nundertakings \n | \n\n | \n | \n | \n |
| \n | \n | \n | \n | \n |
| \n | \n | \n | \n | \n |
| \n Geom Developments Limited\n(C50805) - 2,000 ordinary shares of \u20ac1 each representing 100 %\nholding (PLAN Group Head Office, Triq il-Wirt Naturali, Bahar\nic-Caghaq, Naxxar. ) \n | \n\n - \n | \n\n - \n | \n\n 10,580,444 \n | \n\n 10,580,444 \n | \n
| \n | \n | \n | \n | \n |
| \n Geom Holdings Limited\n(C64409) - 1,997 ordinary shares of \u20ac1 each representing 100 %\nholding (PLAN Group Head Office, Triq il-Wirt Naturali, Bahar\nic-Caghaq, Naxxar. ) \n | \n\n - \n | \n\n - \n | \n\n 2,651,130 \n | \n\n 2,651,130 \n | \n
| \n | \n | \n | \n | \n |
| \n Gap Gharghur Limited\n(C72015) - 320,000 ordinary shares of \u20ac1 each representing 100\n% holding (PLAN Group Head Office, Triq il-Wirt Naturali, Bahar\nic-Caghaq, Naxxar. ) \n | \n\n - \n | \n\n - \n | \n\n 3,838,626 \n | \n\n 3,838,626 \n | \n
| \n | \n | \n | \n | \n |
| \n Gap Mellieha (I) Limited\n(C72013) - 1,200 ordinary shares of \u20ac1 each representing 100 %\nholding (PLAN Group Head Office, Triq il-Wirt Naturali, Bahar\nic-Caghaq, Naxxar. ) \n | \n\n - \n | \n\n - \n | \n\n 4,487,174 \n | \n\n 4,487,174 \n | \n
| \n | \n | \n | \n | \n |
| \n Gap Group Contracting\nLimited (C75879) - 1,200 ordinary shares of \u20ac1 each\nrepresenting 100 % holding (PLAN Group Head Office, Triq il-Wirt\nNaturali, Bahar ic-Caghaq, Naxxar. ) \n | \n\n - \n | \n\n - \n | \n\n 1,200 \n | \n\n 1,200 \n | \n
| \n | \n | \n | \n | \n |
| \n Gap Luqa Limited (C32225)\n- 600 ordinary shares of \u20ac2.33 each representing 100 % holding\n(PLAN Group Head Office, Triq il-Wirt Naturali, Bahar ic-Caghaq,\nNaxxar. ) \n | \n\n - \n | \n\n - \n | \n\n 12,775,000 \n | \n\n 12,775,000 \n | \n
| \n | \n | \n | \n | \n |
| \n Gap QM Limited (C96686) -\n5,000 ordinary shares of \u20ac1 each representing 100 % holding\n(PLAN Group Head Office, Triq il-Wirt Naturali, Bahar ic-Caghaq,\nNaxxar. ) \n | \n\n - \n | \n\n - \n | \n\n 5,000 \n | \n\n 5,000 \n | \n
| \n | \n | \n | \n | \n |
| \n Gap Qawra\nLimited(C100513) - 5,000 ordinary shares of \u20ac1 each\nrepresenting 100 % holding (PLAN Group Head Office, Triq il-Wirt\nNaturali, Bahar ic-Caghaq, Naxxar. ) \n | \n\n - \n | \n\n - \n | \n\n 5,000 \n | \n\n 5,000 \n | \n
| \n | \n | \n | \n | \n |
| \n Gap Zonqor Limited\n(C103533) \u2013 1,200 ordinary shares of \u20ac1 each\nrepresenting 100% holding (PLAN Group Head Office, Triq il-Wirt\nNaturali, Bahar ic-Caghaq, Naxxar. ) \n | \n\n - \n | \n\n - \n | \n\n 1,200 \n | \n\n 1,200 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n - \n | \n\n - \n | \n\n 34,344,774 \n | \n\n 34,344,774 \n | \n
| \n Total \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nGeom\nDevelopments Limited (C50805) is the parent company of Gap Group\nFinance Limited (C54352) which is the parent company of Manikata\nHoldings Limited (C53818) and Gap Properties Limited (C47928). The\nGroup owns all the shares with the exception of a few shares which\nare owned by third parties. The amount attributable to the minority\ninterest is reflected in note 24.
\n\u00a0
\nThe principal\nactivity of all the subsidiaries, except for Gap Group Contracting\nLimited, is the acquisition of property for development and resale.\nThe activity of Gap Group Contracting Limited is to provide\nservices to the entities within the Group related to their trading\nactivity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "qc8XVn06fs": { "value": "13.\u00a0\u00a0\u00a0\nInvestments
\n\u00a0
\n| \n Investments - FVOCI \n | \n\n Interest rate \n | \n\n Redemption\ndate \n | \n\n Group \n | \n\n Company \n | \n
| \n | \n | \n | \n 2025 \n | \n|
| \n | \n | \n | \n \u20ac \n | \n\n \u20ac \n | \n
| \n Corporate\nBonds \n | \n\n 3.85% \n | \n\n 2028 \n | \n\n 241,800 \n | \n\n 241,800 \n | \n
| \n Corporate\nBonds \n | \n\n 3.65-3.8% \n | \n\n 2029 \n | \n\n 2,245,300 \n | \n\n 2,245,300 \n | \n
| \n | \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n | \n | \n 2,487,100 \n | \n\n 2,487,100 \n | \n
| \n | \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Investments - FVOCI \n | \n\n Interest rate \n | \n\n Redemption\ndate \n | \n\n Group \n | \n\n Company \n | \n
| \n | \n | \n | \n 2024 \n | \n|
| \n | \n | \n | \n \u20ac \n | \n\n \u20ac \n | \n
| \n Corporate\nBonds \n | \n\n 3.25% \n | \n\n 2026 \n | \n\n 250,000 \n | \n\n 250,000 \n | \n
| \n Corporate\nBonds \n | \n\n 3.85% \n | \n\n 2028 \n | \n\n 686,000 \n | \n\n 686,000 \n | \n
| \n Corporate\nBonds \n | \n\n 3.65-3.80% \n | \n\n 2029 \n | \n\n 2,815,000 \n | \n\n 2,815,000 \n | \n
| \n | \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n | \n | \n 3,751,000 \n | \n\n 3,751,000 \n | \n
| \n | \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
14.\u00a0\u00a0\u00a0\nOther financial assets
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Amount receivable from\nGap Holdings Limited - Maturity date 2027 \n | \n\n 2,773,669 \n | \n\n 2,666,989 \n | \n\n - \n | \n\n - \n | \n
| \n Amount receivable from\nGap Holdings Limited - Maturity date 2027 \n | \n\n 3,498,437 \n | \n\n 4,992,000 \n | \n\n 3,498,437 \n | \n\n 4,992,000 \n | \n
| \n Amount receivable from\nthird party \n | \n\n - \n | \n\n 2,184,000 \n | \n\n - \n | \n\n 2,184,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 6,272,106 \n | \n\n 9,842,989 \n | \n\n 3,498,437 \n | \n\n 7,176,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nAt 31st\nDecember 2025, the amount due by Gap Holdings Limited of\n\u20ac2,773,669 (2024 - \u20ac2,666,989) is non-interest bearing\nand is expected to be repaid by December 2027. The nominal amount\nof the loan is \u20ac3,000,000.
\n\u00a0
\nThe amount due\nby Gap Holdings Limited of \u20ac3,498,437 (2024 - \u20ac4,992,000)\nis expected to be repaid by December 2027 and is unsecured. The\namount receivable bears interest at 4.0% per annum.
\n\u00a0
\nThe amount\nreceivable from third party was received during the\nyear.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ua38i0LKdT": { "value": "15.\u00a0\u00a0\u00a0\nReserve Account
\n\u00a0
\n| \n The Reserve fund is\nmade up as follows: \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n
| \n Amount held by the\ntrustee for redemption of the bonds (See Note 18) \n | \n\n 50,000 \n | \n\n 50,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n |
| \n | \n 50,000 \n | \n\n 50,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
22.\u00a0\u00a0\u00a0\nRevaluation reserve
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Gain on amortisation of\nlong-term interest free loan receivable \n | \n\n | \n | \n | \n |
| \n | \n 743,618 \n | \n\n 636,938 \n | \n\n - \n | \n\n - \n | \n
| \n (Loss) on revaluation of\ninvestments at year end rates \n | \n\n | \n | \n | \n |
| \n | \n (126,578) \n | \n\n (96,978) \n | \n\n (126,578) \n | \n\n (96,978) \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 617,040 \n | \n\n 539,960 \n | \n\n (126,578) \n | \n\n (96,978) \n | \n
16.\u00a0\u00a0\u00a0\nInventory \u2013 Development project
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Property cost of land and\ndevelopment costs \n | \n\n 39,182,454 \n | \n\n 46,347,527 \n | \n\n - \n | \n\n - \n | \n
| \n Capitalised borrowing\ncosts (See Note 7) \n | \n\n 3,916,067 \n | \n\n 3,424,081 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 43,098,521 \n | \n\n 49,771,608 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
17.\u00a0\u00a0\u00a0\nTrade and other receivables
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Amounts\nreceivable \n | \n\n 309,907 \n | \n\n 354,595 \n | \n\n - \n | \n\n - \n | \n
| \n Amounts due from Parent\nCompany \n | \n\n 9,803,007 \n | \n\n 9,803,007 \n | \n\n 6,061,216 \n | \n\n 6,061,216 \n | \n
| \n Amounts due from\nsubsidiaries \n | \n\n - \n | \n\n - \n | \n\n 30,535,825 \n | \n\n 32,181,332 \n | \n
| \n Amounts due from related\nparties \n | \n\n 1,727,059 \n | \n\n 1,357,987 \n | \n\n 688,690 \n | \n\n 688,690 \n | \n
| \n Accrued interest\nreceivable \n | \n\n 30,447 \n | \n\n 457,546 \n | \n\n 30,447 \n | \n\n 457,546 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 11,870,420 \n | \n\n 11,973,135 \n | \n\n 37,316,178 \n | \n\n 39,388,784 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nThe amounts\ndue from parent company, subsidiaries and related parties are\ninterest free and repayable on demand. The balances were analysed\nto test aging, ECL tables and allowances movements in note 2.1\n(xiv).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "q9qW41.buX": { "value": "18.\u00a0\u00a0\u00a0\nCash and cash equivalents
\n\u00a0
\nCash and cash\nequivalents included in the cash flow statement\ncomprise:
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n | \n | \n | \n | \n |
| \n Cash at bank and in\nhand \n | \n\n 440,207 \n | \n\n 322,187 \n | \n\n - \n | \n\n - \n | \n
| \n Bank deposits \n | \n\n 9,838,594 \n | \n\n 9,380,652 \n | \n\n 4,526,672 \n | \n\n 3,952,564 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 10,278,801 \n | \n\n 9,702,839 \n | \n\n 4,526,672 \n | \n\n 3,952,564 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
19.\u00a0\u00a0\u00a0\nShare capital
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Authorised \n | \n\n | \n | \n | \n |
| \n 2,500,000 Ordinary shares\nof \u20ac1 each \n | \n\n 2,500,000 \n | \n\n 2,500,000 \n | \n\n 2,500,000 \n | \n\n 2,500,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 2,500,000 \n | \n\n 2,500,000 \n | \n\n 2,500,000 \n | \n\n 2,500,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Issued and fully paid\nup \n | \n\n | \n | \n | \n |
| \n | \n | \n | \n | \n |
| \n | \n | \n | \n | \n |
| \n 2,500,000 Ordinary shares\nof \u20ac1 each \n | \n\n 2,500,000 \n | \n\n 2,500,000 \n | \n\n 2,500,000 \n | \n\n 2,500,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 2,500,000 \n | \n\n 2,500,000 \n | \n\n 2,500,000 \n | \n\n 2,500,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
20.\u00a0\u00a0\u00a0\nEarnings per share
\n\u00a0
\nEarnings per\nshare is calculated by dividing the result attributable to owners\nof the Company by the weighted average number of ordinary shares in\nissue during the year.
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Profit for the\nyear \n | \n\n 6,875,725 \n | \n\n 14,346,213 \n | \n\n 92,474 \n | \n\n 130,792 \n | \n
| \n | \n | \n | \n | \n |
| \n Weighted average share in\nissue \n | \n\n 2,500,000 \n | \n\n 2,500,000 \n | \n\n 2,500,000 \n | \n\n 2,500,000 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Earnings per\nshare \n | \n\n 2.75 \n | \n\n 5.74 \n | \n\n 0.04 \n | \n\n 0.05 \n | \n
\u00a0
\nThe company\nhas not issued any dilutive instruments in the past, and therefore\nthe basic and diluted earnings per share are equal.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "QGBHUB46Yp": { "value": "21.\u00a0\u00a0\u00a0\nSubordinated shareholders\u2019 loan \u2013 Quasi\nequity
\n\u00a0
\n| \n | \n | \n | \n Group &\nCompany \n | \n|
| \n | \n | \n | \n 2025 \n | \n\n 2024 \n | \n
| \n | \n | \n | \n \u20ac \n | \n\n \u20ac \n | \n
| \n Shareholders\u2019\nloan \n | \n\n | \n | \n 2,500,000 \n | \n\n 2,500,000 \n | \n
| \n | \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n | \n | \n 2,500,000 \n | \n\n 2,500,000 \n | \n
| \n | \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nThe\nshareholders\u2019 loan, classified as \u201cSubordinated\nshareholders\u2019 loan-Quasi equity\u201d was advanced to the\ncompany by the shareholders in connection with the raising of funds\nthrough the first bond issue (see note 23). The amount is interest\nfree and is only repayable to the shareholders after the settlement\nof the amount due to the Bond holders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "JowAnwWHP4": { "value": "23.\u00a0\u00a0\u00a0\nBorrowings
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Short term \u2013\nfalling due within one year \n | \n\n | \n | \n | \n |
| \n Bank loans \n | \n\n - \n | \n\n 5,320,020 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Total short-term\nborrowings \n | \n\n - \n | \n\n 5,320,020 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nGap Mellieha\n(I) Limited had a bank loan of NIL (2024 - \u20ac5,320,020) which\nbore interest at 4.5% per annum. The loan was repaid during the\nyear from sales proceeds of immovable property.
\n\u00a0
\nThe facilities\nwere secured by a general and special hypothecs on the immovable\nproperties of the relative subsidiaries.
\n\u00a0
\nDebt\nsecurities in issue
\n\u00a0
\nThe bonds are\nmeasured at the amount of net proceeds adjusted for the\namortisation of the difference between the net proceeds and the\nredemption value of such bonds, using effective yield method as\nfollows:
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n | \n | \n | \n | \n |
| \n | \n | \n | \n | \n |
| \n Face\nvalue \n | \n\n | \n | \n | \n |
| \n 4.75% Secured Bonds\n2025-2027 \n | \n\n 12,855,100 \n | \n\n 23,000,000 \n | \n\n 12,855,100 \n | \n\n 23,000,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 12,855,100 \n | \n\n 23,000,000 \n | \n\n 12,855,100 \n | \n\n 23,000,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Amortised Cost \n | \n\n | \n | \n | \n |
| \n Issue of bond\ncosts \n | \n\n 426,938 \n | \n\n 426,938 \n | \n\n 426,938 \n | \n\n 426,938 \n | \n
| \n Issue of bond costs\namortised \n | \n\n (426,938) \n | \n\n (284,624) \n | \n\n (426,938) \n | \n\n (284,624) \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n - \n | \n\n 142,314 \n | \n\n - \n | \n\n 142,314 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n | \n | \n | \n |
| \n | \n | \n | \n | \n |
| \n Amortised cost \n | \n\n 12,855,100 \n | \n\n 22,857,686 \n | \n\n 12,855,100 \n | \n\n 22,857,686 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nThe effective\ninterest rates at the end of the year were as follows:
\n\u00a0
\n| \n Face\nvalue \n | \n\n | \n | \n | \n |
| \n | \n | \n | \n 2025 \n | \n\n 2024 \n | \n
| \n | \n | \n | \n \u20ac \n | \n\n \u20ac \n | \n
| \n Secured Bonds\n2025-2027 \n | \n\n | \n | \n 4.75% \n | \n\n 4.75% \n | \n
\u00a0
\nDuring the\ncurrent year, the 4.75% Secured Bonds 2025-2027 amounting to\n\u20ac12,855,100 were classified as current.
\n\u00a0
\nDuring the\nyear 2025, the company purchased back bonds from the 4.75% Secured\nBond 2025-2027 which amounted to \u20ac3,211,700.\u00a0 The company\nalso opted for an early redemption and resolved to redeem 35% of\nthe principle held as at 21 November 2025.\u00a0 The early\nredemption option was exercised on 22 December 2025, and the\ncompany redeemed bonds amounting to \u20ac6,933,200.
\n\u00a0
\nOn 5 December\n2022, GAP Group p.l.c. issued up to 23,000,000 4.75% Secured Bonds\n2025-2027 of a nominal value of \u20ac100 per Bond issued at par.\nThe bond interest is payable annually in arrears on 21 December.\nThe bonds are redeemable at par and are due for redemption at any\ndate falling between 22 December 2025 and 21 December 2027, at the\nsole option of the Issuer, by giving not less than 30 days\u2019\nnotice. The bonds are guaranteed by GAP Zonqor Limited, which has\nbound itself for the payment of the bonds and interest thereon,\npursuant to and subject to the terms and conditions in the\nProspectus. The bonds have been admitted to the Stock exchange on\n29 December 2024. The quoted market price as at 31 December 2025\nfor the bonds was \u20ac100.00. In the opinion of the directors,\nthese market prices fairly represent the fair value of these\nfinancial liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "To1tuUc2Ln": { "value": "24.\u00a0\u00a0\u00a0\nTrade and other payables
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Trade and other\npayables \n | \n\n | \n | \n | \n |
| \n Trade creditors and\naccruals \n | \n\n 2,386,582 \n | \n\n 4,813,550 \n | \n\n 207,017 \n | \n\n 205,813 \n | \n
| \n Advance deposits received\non promise of sale agreements \n | \n\n | \n | \n | \n |
| \n | \n 1,070,050 \n | \n\n 1,220,480 \n | \n\n - \n | \n\n - \n | \n
| \n Other\ncreditors \n | \n\n 1,900 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Other taxation \n | \n\n 1,999 \n | \n\n 44,259 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 3,460,531 \n | \n\n 6,078,289 \n | \n\n 207,017 \n | \n\n 205,813 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Other Financial\nliabilities \n | \n\n | \n | \n | \n |
| \n Amounts due to\nsubsidiaries \n | \n\n - \n | \n\n - \n | \n\n 57,286,246 \n | \n\n 53,740,635 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n - \n | \n\n - \n | \n\n 57,286,246 \n | \n\n 53,740,635 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Non-current\nliabilities\u00a0 \n | \n\n | \n | \n | \n |
| \n Minority\ninterests \n | \n\n 4,907 \n | \n\n 4,907 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 4,907 \n | \n\n 4,907 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Total trade and other\npayables\u00a0\u00a0 \n | \n\n 3,465,438 \n | \n\n 6,083,196 \n | \n\n 57,493,263 \n | \n\n 53,946,448 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nThe amounts\ndue to subsidiaries are interest free and repayable on\ndemand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "iuwkIUR8I5": { "value": "24.\u00a0\u00a0\u00a0\nTrade and other payables
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Trade and other\npayables \n | \n\n | \n | \n | \n |
| \n Trade creditors and\naccruals \n | \n\n 2,386,582 \n | \n\n 4,813,550 \n | \n\n 207,017 \n | \n\n 205,813 \n | \n
| \n Advance deposits received\non promise of sale agreements \n | \n\n | \n | \n | \n |
| \n | \n 1,070,050 \n | \n\n 1,220,480 \n | \n\n - \n | \n\n - \n | \n
| \n Other\ncreditors \n | \n\n 1,900 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Other taxation \n | \n\n 1,999 \n | \n\n 44,259 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 3,460,531 \n | \n\n 6,078,289 \n | \n\n 207,017 \n | \n\n 205,813 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Other Financial\nliabilities \n | \n\n | \n | \n | \n |
| \n Amounts due to\nsubsidiaries \n | \n\n - \n | \n\n - \n | \n\n 57,286,246 \n | \n\n 53,740,635 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n - \n | \n\n - \n | \n\n 57,286,246 \n | \n\n 53,740,635 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Non-current\nliabilities\u00a0 \n | \n\n | \n | \n | \n |
| \n Minority\ninterests \n | \n\n 4,907 \n | \n\n 4,907 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n 4,907 \n | \n\n 4,907 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Total trade and other\npayables\u00a0\u00a0 \n | \n\n 3,465,438 \n | \n\n 6,083,196 \n | \n\n 57,493,263 \n | \n\n 53,946,448 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nThe amounts\ndue to subsidiaries are interest free and repayable on\ndemand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Vx.XbiBGHP": { "value": "25.\u00a0\u00a0\u00a0\nTransactions with related parties
\n\u00a0
\nAll companies\nforming part of Gap Group p.l.c. are considered by the directors to\nbe part of the Group. Companies having the same shareholders and\ndirectors are considered by the directors to be related parties.\nDuring the course of the year, the Company and the Group entered\ninto transactions with related undertakings all of which arise in\nthe ordinary course of business. The related party transactions\nwere:
\n\u00a0
\n| \n | \n Group \n | \n\n Company \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Other financial\nassets \n | \n\n | \n | \n | \n |
| \n | \n | \n | \n | \n |
| \n Amounts receivable from\nother related parties\u00a0 \n | \n\n 6,272,106 \n | \n\n 7,658,989 \n | \n\n 3,498,437 \n | \n\n 4,992,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Trade and other\nreceivables \n | \n\n | \n | \n | \n |
| \n | \n | \n | \n | \n |
| \n Amounts due from\nsubsidiaries \n | \n\n - \n | \n\n - \n | \n\n 30,535,825 \n | \n\n 32,181,332 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Amounts due from parent\ncompany \n | \n\n 9,803,007 \n | \n\n 9,803,007 \n | \n\n 6,061,216 \n | \n\n 6,061,216 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Amounts due from related\nparties \n | \n\n 1,727,059 \n | \n\n 1,357,987 \n | \n\n 688,690 \n | \n\n 688,690 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Finance\nincome\u00a0\u00a0 \n | \n\n | \n | \n | \n |
| \n | \n | \n | \n | \n |
| \n Interest receivable from\nsubsidiaries \n | \n\n - \n | \n\n - \n | \n\n 1,176,882 \n | \n\n 2,117,264 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n | \n | \n | \n | \n |
| \n Interest receivable from\nrelated parties \n | \n\n 238,113 \n | \n\n 192,000 \n | \n\n 238,113 \n | \n\n 192,000 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Other financial\nliabilities \n | \n\n | \n | \n | \n |
| \n | \n | \n | \n | \n |
| \n Amounts due to\nsubsidiaries \n | \n\n - \n | \n\n - \n | \n\n 57,286,246 \n | \n\n 53,740,635 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n |
| \n Administration\nexpenses \n | \n\n | \n | \n | \n |
| \n | \n | \n | \n | \n |
| \n Subcontracting\nwages \n | \n\n 384,462 \n | \n\n 371,499 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
26.\u00a0\u00a0\u00a0\nContingent liabilities
\n\u00a0
\nOne of the\nGroup\u2019s subsidiaries, Geom Developments Limited, is party to\na pending court case which may give rise to litigation costs\nestimated at approximately \u20ac75,000. Based on legal advice\nobtained, no provision has been recognised as the obligation is not\nconsidered probable at this stage. Accordingly, the possible\nobligation has been disclosed as a contingent liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "jRVbkw.Ubl": { "value": "27.\u00a0\u00a0\u00a0\nCommitments
\n\u00a0
\nAs at December\n2025, the Group has entered into promise of sale agreements with\nadvance deposits amounting to \u20ac1,070,050 (2024 -\n\u20ac1,220,480). These agreements are expected to generate sales\namounting to \u20ac10,700,500 (2024 - \u20ac12,204,800).
\n\u00a0
\nAs at 31\nDecember 2025, the Group had bank guarantees amounting to\n\u20ac265,424 (2024- \u20ac271,936) in favour of third\nparties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "qUZfgvwH5E": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Ps5dC0FTxj": { "value": "incorporated and\ndomiciled in Malta", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "wh0Qy5uDbS": { "value": "Malta", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "ELTGYr-hMF": { "value": "its registered address at PLAN Group Head\nOffice, Triq il-Wirt Naturali, Bahar ic-Caghaq, Naxxar", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "rIaiZcbmEa": { "value": "Gap Group Investments II Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "oFbVAtApu4": { "value": "As at year\nend, the Company\u2019s issued share capital is held equally by\nthree shareholders, Mr Paul Attard (33\u2153%), Mr Adrian Muscat\n(33\u2153%) and the heirs of Mr George Muscat (33\u2153%), all\nof whom are resident in Malta. The shares attributable to the heirs\nof Mr George Muscat are widely held among the heirs, who together\nare treated as a single shareholder for ownership and control\npurposes.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "FXA-C8v2NB": { "value": "29.\u00a0\u00a0\u00a0\nEvents after reporting period
\n\u00a0
\nThe Directors\nhave assessed events occurring after the reporting date and up to\nthe date of authorisation of these financial statements. Based on\nthis assessment, no events have occurred that require adjustment\nto, or disclosure in, the financial statements for the year ended\n31 December 2025, in accordance with the requirements of IAS 10\nEvents After the Reporting Period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ikCrJ0JJWQ": { "value": "Gap\nGroup p.l.c.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800NHMAPF7JZ8CO50", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }