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These financial statements set out on pages 19 to 63 were approved by the Board of Directors and authorised for issue on 23 April 2026 and signed on its behalf by Edward Vella (Chairman) and Sarah Cassar (Managing Director) as per Directors\u2019 declaration on ESEF Annual Report submitted in conjunction with Annual Report 2025.
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0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11964967": { "value": "-186210.0", "decimals": 0, "dimensions": { "concept": "ext:ProceedsFromBankLoans", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11964968": { "value": "3010860.0", "decimals": 0, "dimensions": { "concept": "ext:ProceedsFromBankLoans", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11964969": { "value": "1498918.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashRepaymentsOfAdvancesAndLoansFromRelatedParties", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11964970": { "value": "4820663.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashRepaymentsOfAdvancesAndLoansFromRelatedParties", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11964971": { "value": "-1685128.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11964972": { "value": "-1809803.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11964973": { "value": "370764.0", "decimals": 0, "dimensions": { "concept": "ext:NetMovementInCashAndCashEquivalentsOtherThanTheEffectOfECLOnCashAndCashEquivalentsBalances", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11964974": { "value": "87120.0", "decimals": 0, "dimensions": { "concept": "ext:NetMovementInCashAndCashEquivalentsOtherThanTheEffectOfECLOnCashAndCashEquivalentsBalances", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11964975": { "value": "2046934.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11964976": { "value": "1958927.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11964977": { "value": "2230.0", "decimals": 0, "dimensions": { "concept": "ext:ECLOnCashAndCashEquivalentsBalances", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11964978": { "value": "-887.0", "decimals": 0, "dimensions": { "concept": "ext:ECLOnCashAndCashEquivalentsBalances", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11964979": { "value": "2415468.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11964980": { "value": "2046934.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "v1-page28-cflshid_9700-tag11964719": { "value": "St. Anthony Co. p.l.c.
3
FUNCTIONAL AND PRESENTATION CURRENCY
These financial statements are presented in Euro, which is also the Group and Company\u2019s functional currency (being the currency of the primary economic environment in which the company operates).
6
ACCOUNTING POLICIES
6.1PRINCIPLES OF CONSOLIDATION
6.1.1Subsidiaries
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the holding company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_9700-tag11964720": { "value": "St. Anthony Co. p.l.c. ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_9700-tag11964721": { "value": "public limited liability company ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_9715-tag11964722": { "value": "Malta", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_9715-tag11964723": { "value": "Malta", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_9691-tag11964726": { "value": "
2
BASIS OF ACCOUNTING
2.1Accounting Standards
The Company\u2019s and the Group\u2019s financial statements are prepared in accordance with IFRSs as adopted by the European Union. They were authorised for issue by the Company\u2019s board of directors on 23 April 2026.
The financial statements have been prepared on the historical cost basis, except for land and buildings, which are stated at their revalued amounts.
The preparation of financial statements in conformity with IFRSs as adopted by the EU requires the use of certain accounting estimates. It also requires directors to exercise their judgement in the process of applying the Company\u2019s and the Group\u2019s accounting policies. Estimates and judgements are continually evaluated and based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Details of the significant judgements and estimates are included in Note 5.
Details of the material accounting policies are included in Note 6.
2.2Going Concern
As at 31 December 2025, the Group\u2019s current assets exceeded its current liabilities by \u20ac232,994 (2024: current liabilities exceeded its current assets \u20ac1,079,997). Additionally, the Group\u2019s total assets exceeded its total liabilities by \u20ac26,770,938 (2024: \u20ac25,807,123). As at 31 December 2025, the Company\u2019s current assets exceeded its current liabilities by \u20ac1,001,870 (2024: \u20ac389,994) .
The average occupancy level at The Imperial for the year ended 31 December 2025 stood at 98% (2024: 94%), resulting in an improvement of 4 percentage points. On the other hand, the average occupancy level for the year ended 31 December 2025 at Casa Antonia stood at 97% (2024: 96%) resulting in an improvement of 1 percentage point.
The Group\u2019s corporate and operational structure gives rise to a high level of interaction and reciprocal reliance between the various Group companies. For this reason, the Company\u2019s financial position assumes the continued support of the parent company and each of the individual asset-owning and operating companies.
These financial statements have been prepared on a going concern basis, which assumes that the Group will continue in operations for the foreseeable future and that its liabilities will continue to be settled as and when they fall due.
On the basis of the financial projections prepared by management, it would appear that the Group will be in a position to sustain its operations and debt servicing obligations for the reasonably foreseeable future.
For this reason, the directors believe that the preparation of these financial statements, on a going concern basis, remains appropriate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_9691-tag11964724": { "value": "
2
BASIS OF ACCOUNTING
2.1Accounting Standards
The Company\u2019s and the Group\u2019s financial statements are prepared in accordance with IFRSs as adopted by the European Union. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_9691-tag11964725": { "value": "
2
BASIS OF ACCOUNTING
2.2Going Concern
As at 31 December 2025, the Group\u2019s current assets exceeded its current liabilities by \u20ac232,994 (2024: current liabilities exceeded its current assets \u20ac1,079,997). Additionally, the Group\u2019s total assets exceeded its total liabilities by \u20ac26,770,938 (2024: \u20ac25,807,123). As at 31 December 2025, the Company\u2019s current assets exceeded its current liabilities by \u20ac1,001,870 (2024: \u20ac389,994) .
The average occupancy level at The Imperial for the year ended 31 December 2025 stood at 98% (2024: 94%), resulting in an improvement of 4 percentage points. On the other hand, the average occupancy level for the year ended 31 December 2025 at Casa Antonia stood at 97% (2024: 96%) resulting in an improvement of 1 percentage point.
The Group\u2019s corporate and operational structure gives rise to a high level of interaction and reciprocal reliance between the various Group companies. For this reason, the Company\u2019s financial position assumes the continued support of the parent company and each of the individual asset-owning and operating companies.
These financial statements have been prepared on a going concern basis, which assumes that the Group will continue in operations for the foreseeable future and that its liabilities will continue to be settled as and when they fall due.
On the basis of the financial projections prepared by management, it would appear that the Group will be in a position to sustain its operations and debt servicing obligations for the reasonably foreseeable future.
For this reason, the directors believe that the preparation of these financial statements, on a going concern basis, remains appropriate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page29-cflshid_10112-tag11964834": { "value": "
3
FUNCTIONAL AND PRESENTATION CURRENCY
These financial statements are presented in Euro, which is also the Group and Company\u2019s functional currency (being the currency of the primary economic environment in which the company operates).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page29-cflshid_10112-tag11964823": { "value": "
3
FUNCTIONAL AND PRESENTATION CURRENCY
These financial statements are presented in Euro, which is also the Group and Company\u2019s functional currency (being the currency of the primary economic environment in which the company operates).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page29-cflshid_10112-tag11964728": { "value": "
4
APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSs) New standards, interpretations and amendments adopted from 1 January 2025
During the year ended 31 December 2025, the Group has applied a number of amendments to IFRS issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on 1 January 2025. Their adoption did not have any material impact on the disclosures or on the amounts reported in these financial statements.
Lack of exchangeability (Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates)
On 15 August 2023, the IASB issued Lack of Exchangeability which amended IAS 21 The Effects of Changes in Foreign Exchange Rates (the Amendments). The Amendments introduce requirements to assess when a currency is exchangeable into another currency and when it is not. The Amendments require a company to estimate the spot exchange rate when it concludes that a currency is not exchangeable into another currency.
There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods and that the Group has decided not to adopt early.
The following amendments are expected to be effective for the annual reporting period beginning 1 January 2026 (following the EU endorsement process):
\u2022Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)
\u2022Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS7)
\u2022Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
The following standards and amendments are expected to be effective for the annual reporting period beginning 1 January 2027 (following the EU endorsement process):
\u2022IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new accounting standard introduces the following key new requirements.
\u2212Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required 'to present a newly defined operating profit subtotal. Entities' net profit will not change.
\u2212Management-defined performance measures (MPMs} are disclosed in a single note in the financial statements.
\u2212Enhanced guidance is provided on how to group information in the financial statements
In addition, all entities are required 'to use the operating profit subtotal as 'the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.
The Group is still in the process of assessing the impact of the new accounting standard, particularly with respect 'to 'the structure of 'statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements.
\u2022IFRS 19 Subsidiaries without Public Accountability: Disclosures (standard issued on 9 May 2024 and amendments issued on 21 August 2025)
\u2022Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (issued on 13 November 2025)
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page29-cflshid_10112-tag11964727": { "value": "
4
APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSs) New standards, interpretations and amendments adopted from 1 January 2025
During the year ended 31 December 2025, the Group has applied a number of amendments to IFRS issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on 1 January 2025. Their adoption did not have any material impact on the disclosures or on the amounts reported in these financial statements.
Lack of exchangeability (Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates)
On 15 August 2023, the IASB issued Lack of Exchangeability which amended IAS 21 The Effects of Changes in Foreign Exchange Rates (the Amendments). The Amendments introduce requirements to assess when a currency is exchangeable into another currency and when it is not. The Amendments require a company to estimate the spot exchange rate when it concludes that a currency is not exchangeable into another currency.
There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods and that the Group has decided not to adopt early.
The following amendments are expected to be effective for the annual reporting period beginning 1 January 2026 (following the EU endorsement process):
\u2022Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)
\u2022Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS7)
\u2022Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
The following standards and amendments are expected to be effective for the annual reporting period beginning 1 January 2027 (following the EU endorsement process):
\u2022IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new accounting standard introduces the following key new requirements.
\u2212Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required 'to present a newly defined operating profit subtotal. Entities' net profit will not change.
\u2212Management-defined performance measures (MPMs} are disclosed in a single note in the financial statements.
\u2212Enhanced guidance is provided on how to group information in the financial statements
In addition, all entities are required 'to use the operating profit subtotal as 'the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.
The Group is still in the process of assessing the impact of the new accounting standard, particularly with respect 'to 'the structure of 'statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements.
\u2022IFRS 19 Subsidiaries without Public Accountability: Disclosures (standard issued on 9 May 2024 and amendments issued on 21 August 2025)
\u2022Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (issued on 13 November 2025)
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964755": { "value": "
5
USE OF JUDGEMENTS AND ESTIMATES
In preparing these financial statements, management has made judgements and estimates that affect the application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
5.1Judgements
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements is included in the following Notes:
-Estimation of current tax payable and current tax expense \u2013 Note 9
-Estimated useful life of property, plant and equipment \u2013 Note 11.2
-Recognition of deferred tax assets/(liabilities) \u2013 Note 11.4 and 11.5
-Estimated fair value of land and buildings \u2013 Note 11.3
9
INCOME TAX
9.1
Income tax recognised in profit or loss
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current tax:
Current tax on taxable income for the year156391 156391
Deferred tax:
Temporary differences arising on items of property,
plant and equipment163,433168,547--
Temporary differences arising on tax losses 32,73385,321--
Unabsorbed capital allowances386,241128,703--
Total income tax recognised in the current year582,563382,962156391
9.2
Reconciliation of income tax
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Profit before tax1,599,2101,058,234724,727779,336
Theoretical taxation expense at 35%559,724370,382253,654272,768
Tax effect of:
Rental income(8,183)(7,038)--
Other differences(67,613)48,831)(279,789)(288,770)
Disallowable expenses98,63568,44926,29116,393
Income tax credit582,563382,962156391
11
NON-FINANCIAL ASSETS AND LIABILITIES
11.2Depreciation
Depreciation commences when the depreciable assets are available for use and is charged to profit or loss. Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of the residual values, over the estimated useful lives, as follows:
%
Buildings and finishings1 \u2013 2
Buildings fixtures10
Plant, machinery and other equipment5 \u2013 25
Furniture and fittings5 \u2013 10
No depreciation is charged on land.
11.3Fair value measurement of the Group\u2019s land and buildings
The Group\u2019s land and building are stated at their revalued amounts, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and any subsequent accumulated impairment losses.
The entity classifies its fair value measurements using a three-level hierarchy based on the inputs used in the valuation techniques to measure fair value. The levels are defined as follows:
\u2022Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\u2022Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
\u2022Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The following table provides a reconciliation from the opening balances to the closing balances for assets measured at fair value and categorised within Level 3 of the fair value hierarchy. The reconciliation includes changes during the period attributable to total gains or losses recognised in profit or loss and other comprehensive income:
GroupFair Value Fair Value
Level 3Level 3
20252024
\u20ac\u20ac
Land and buildings:
Casa Antonia, Pope Alexander V11 Junction, Balzan Malta 20,158,72919,852,411
The Imperial, 1, Rudolph Street, Sliema, Malta 34,773,05030,307,864
Opening Balance at 1 January54,931,77950,160,275
Additions83,49734,938
Depreciation(365,730)(365,730)
Total Gains/(Losses) Recognised in Other Comprehensive Income (Revaluation Reserve)(112,526)5,102,296
Closing Balance at 31 December54,537,02054,931,779
Casa Antonia, Pope Alexander V11 Junction, Balzan, Malta20,936,71120,158,729
The Imperial, 1, Rudolph Street, Sliema, Malta33,600,30934,773,050
There were no purchases, sales, issues, or settlements during the period. Transfers between levels of the fair value hierarchy are recognised at the end of the reporting period during which the change occurred. This policy is consistently applied for transfers into and out of each level. During the reporting period, there were no transfers into or out of Level 3 of the fair value hierarchy.
The amount of total gains or losses for the period included in other comprehensive income, that is attributable to the change in unrealised gains or losses relating to assets held at the end of the reporting period is a loss of \u20ac112,526 (2024: gain of \u20ac5,863,945).
The Group selects valuation techniques based on the nature of the asset and the availability of relevant inputs. For the valuation of land and buildings, the Group:
\u2022uses a mix of the market comparable approach and the discounted cash flow approach
\u2022engages independent, qualified external valuers with relevant experience.
The Group\u2019s land and buildings were valued independently by Architect and Civil Engineer Charles Buhagiar as at 31 December 2025. These were found to be consistent with the Group\u2019s fair value measurement.
The Group\u2019s methodology for property valuation is based on the following:
1.Land value: This considers the physical area, location, and permitted development according to relevant Planning Authority Local Plans. It also includes the present-day capitalisation of revenue derived from income streams over a ten-year period, based on financial forecasts related to the type of development the property is used for.
2.Capital investment: This encompasses the value of investments made in the property including the construction of the building on the property and the building services and finishes.
3.Operational contents: This involves the necessary contents required to carry out the operations for which the building is utilised.
4.Discount rate: Applied to future cash flows when using the discounted cash flow method to estimate fair value. The discount rate reflects market-based borrowing rates, the specific risk profile of the property, and expected future economic conditions.
The table below includes further information about the Group\u2019s Level 3 fair value measurements.
Type of PropertyValuation TechniqueInputsSensitivity
The Imperial Commercial property amounting to \u20ac34.6m (excluding plant, equipment, fixtures and furniture of \u20ac10.7m)Income capitalisation approachIncome capitalisation approach: total projected stabilised EBITDA \u20ac3.4m using an average growth of 2.5% and discount rate of future income of 9% (2024 - 8%).The higher the capitalisation rate the lower the fair value. The higher the rental income and growth rate the higher the fair value
Casa AntoniaCommercial property amounting to \u20ac19.7m (excluding plant, equipment, fixtures and furniture of \u20ac0.9m)Income capitalisation approachIncome capitalisation approach: total projected stabilised EBITDA \u20ac1.7m using an average growth of 2.5% and discount rate of future income of 9% (2024 -7.5%)The higher the capitalisation rate the lower the fair value. The higher the rental income and growth rate the higher the fair value
The carrying amount of land and buildings that would have been included in the \ufb01nancial statements had these assets been carried at cost less accumulated depreciation and accumulated impairment losses is \u20ac35,710,817 (2024: \u20ac37,333,344).
11.4Deferred tax asset
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Opening balance:
Other temporary differences601,055983,626--
For the year:
Other temporary differences(582,408)(382,571)--
Closing balance:
Other temporary difference 18,647601,055--
11.5Deferred tax liability
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Acquired by the Group
Temporary difference on property, plant and equipment3,910,2293,400,000--
Movement for the year
Temporary difference on property, plant and equipment(11,254)510,229--
Closing balance:
Temporary difference on property, plant and equipment3,898,9763,910,229--
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964756": { "value": "5USE OF JUDGEMENTS AND ESTIMATESIn preparing these financial statements, management has made judgements and estimates that affect the application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.5.1JudgementsInformation about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements is included in the following Notes:-Estimation of current tax payable and current tax expense \u2013 Note 9-Estimated useful life of property, plant and equipment \u2013 Note 11.2-Recognition of deferred tax assets/(liabilities) \u2013 Note 11.4 and 11.5-Estimated fair value of land and buildings \u2013 Note 11.39INCOME TAX9.1Income tax recognised in profit or lossGroupCompany2025202420252024\u20ac\u20ac\u20ac\u20acCurrent tax:Current tax on taxable income for the year156391 156391Deferred tax:Temporary differences arising on items of property,plant and equipment163,433168,547--Temporary differences arising on tax losses 32,73385,321--Unabsorbed capital allowances386,241128,703--Total income tax recognised in the current year582,563382,9621563919.2Reconciliation of income taxGroupCompany2025202420252024\u20ac\u20ac\u20ac\u20acProfit before tax1,599,2101,058,234724,727779,336Theoretical taxation expense at 35%559,724370,382253,654272,768Tax effect of:Rental income(8,183)(7,038)--Other differences(67,613)48,831)(279,789)(288,770)Disallowable expenses98,63568,44926,29116,393Income tax credit582,563382,96215639111NON-FINANCIAL ASSETS AND LIABILITIES11.2DepreciationDepreciation commences when the depreciable assets are available for use and is charged to profit or loss. Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of the residual values, over the estimated useful lives, as follows:%Buildings and finishings1 \u2013 2Buildings fixtures10Plant, machinery and other equipment5 \u2013 25Furniture and fittings5 \u2013 10No depreciation is charged on land.11.3Fair value measurement of the Group\u2019s land and buildingsThe Group\u2019s land and building are stated at their revalued amounts, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and any subsequent accumulated impairment losses.The entity classifies its fair value measurements using a three-level hierarchy based on the inputs used in the valuation techniques to measure fair value. The levels are defined as follows:\u2022Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.\u2022Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.\u2022Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).The following table provides a reconciliation from the opening balances to the closing balances for assets measured at fair value and categorised within Level 3 of the fair value hierarchy. The reconciliation includes changes during the period attributable to total gains or losses recognised in profit or loss and other comprehensive income:GroupFair Value Fair Value Level 3Level 320252024\u20ac\u20acLand and buildings:Casa Antonia, Pope Alexander V11 Junction, Balzan Malta 20,158,72919,852,411The Imperial, 1, Rudolph Street, Sliema, Malta 34,773,05030,307,864Opening Balance at 1 January54,931,77950,160,275Additions83,49734,938Depreciation(365,730)(365,730)Total Gains/(Losses) Recognised in Other Comprehensive Income (Revaluation Reserve)(112,526)5,102,296Closing Balance at 31 December54,537,02054,931,779Casa Antonia, Pope Alexander V11 Junction, Balzan, Malta20,936,71120,158,729The Imperial, 1, Rudolph Street, Sliema, Malta33,600,30934,773,050There were no purchases, sales, issues, or settlements during the period. Transfers between levels of the fair value hierarchy are recognised at the end of the reporting period during which the change occurred. This policy is consistently applied for transfers into and out of each level. During the reporting period, there were no transfers into or out of Level 3 of the fair value hierarchy.The amount of total gains or losses for the period included in other comprehensive income, that is attributable to the change in unrealised gains or losses relating to assets held at the end of the reporting period is a loss of \u20ac112,526 (2024: gain of \u20ac5,863,945).The Group selects valuation techniques based on the nature of the asset and the availability of relevant inputs. For the valuation of land and buildings, the Group:\u2022uses a mix of the market comparable approach and the discounted cash flow approach\u2022engages independent, qualified external valuers with relevant experience.The Group\u2019s land and buildings were valued independently by Architect and Civil Engineer Charles Buhagiar as at 31 December 2025. These were found to be consistent with the Group\u2019s fair value measurement. The Group\u2019s methodology for property valuation is based on the following:1.Land value: This considers the physical area, location, and permitted development according to relevant Planning Authority Local Plans. It also includes the present-day capitalisation of revenue derived from income streams over a ten-year period, based on financial forecasts related to the type of development the property is used for.2.Capital investment: This encompasses the value of investments made in the property including the construction of the building on the property and the building services and finishes.3.Operational contents: This involves the necessary contents required to carry out the operations for which the building is utilised.4.Discount rate: Applied to future cash flows when using the discounted cash flow method to estimate fair value. The discount rate reflects market-based borrowing rates, the specific risk profile of the property, and expected future economic conditions.The table below includes further information about the Group\u2019s Level 3 fair value measurements. Type of PropertyValuation TechniqueInputsSensitivityThe Imperial Commercial property amounting to \u20ac34.6m (excluding plant, equipment, fixtures and furniture of \u20ac10.7m)Income capitalisation approachIncome capitalisation approach: total projected stabilised EBITDA \u20ac3.4m using an average growth of 2.5% and discount rate of future income of 9% (2024 - 8%).The higher the capitalisation rate the lower the fair value. The higher the rental income and growth rate the higher the fair value Casa AntoniaCommercial property amounting to \u20ac19.7m (excluding plant, equipment, fixtures and furniture of \u20ac0.9m)Income capitalisation approachIncome capitalisation approach: total projected stabilised EBITDA \u20ac1.7m using an average growth of 2.5% and discount rate of future income of 9% (2024 -7.5%)The higher the capitalisation rate the lower the fair value. The higher the rental income and growth rate the higher the fair value The carrying amount of land and buildings that would have been included in the \ufb01nancial statements had these assets been carried at cost less accumulated depreciation and accumulated impairment losses is \u20ac35,710,817 (2024: \u20ac37,333,344).11.4Deferred tax assetGroupCompany2025202420252024\u20ac\u20ac\u20ac\u20acOpening balance:Other temporary differences601,055983,626--For the year:Other temporary differences(582,408)(382,571)--Closing balance:Other temporary difference 18,647601,055--11.5Deferred tax liabilityGroupCompany2025202420252024\u20ac\u20ac\u20ac\u20acAcquired by the GroupTemporary difference on property, plant and equipment3,910,2293,400,000--Movement for the yearTemporary difference on property, plant and equipment(11,254)510,229--Closing balance:Temporary difference on property, plant and equipment3,898,9763,910,229--", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964811": { "value": "
5
USE OF JUDGEMENTS AND ESTIMATES
5.1Judgements
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements is included in the following Notes:
-Estimation of current tax payable and current tax expense \u2013 Note 9
-Estimated useful life of property, plant and equipment \u2013 Note 11.2
-Recognition of deferred tax assets/(liabilities) \u2013 Note 11.4 and 11.5
-Estimated fair value of land and buildings \u2013 Note 11.3
11
NON-FINANCIAL ASSETS AND LIABILITIES
11.1PROPERTY, PLANT & EQUIPMENT
GroupFreehold land and buildingsPlant, machinery and equipmentFurnitureTotal
Cost / revalued amount
\u20ac\u20ac\u20ac\u20ac
At 1 January 202451,109,75110,834,1191,868,40263,812,272
Additions 34,938387,693108,999531,630
Revaluation5,102,296--5,102,296
At 31 December 202456,246,98511,221,8121,977,40169,446,198
At 1 January 202556,246,98511,221,8121,977,40169,446,198
Additions 83,497305,64195,425484,563
Revaluation(112,526)--(112,526)
At 31 December 202556,217,95611,527,4532,072,82669,818,235
Depreciation
At 1 January 2024949,476 1,193,565243,8522,386,893
Charge for the year 365,730681,233155,6931,202,656
Reversal of revaluation -(42,073)(4,851)(46,924)
At 31 December 20241,315,2061,832,725394,6943,542,625
At 1 January 20251,315,2061,832,725394,6943,542,625
Charge for the year365,730684,885160,8831,211,498
Reversal of revaluation-(42,073)(6,367)(48,440)
At 31 December 20251,680,9362,475,537549,2104,705,683
Carrying amounts
Carrying amount at 31 December 202454,931,7799,389,0871,582,70765,903,573
Carrying amount at 31 December 202554,537,0209,051,9161,523,61665,112,552
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964779": { "value": "
5
USE OF JUDGEMENTS AND ESTIMATES
5.1Judgements
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements is included in the following Notes:
-Estimation of current tax payable and current tax expense \u2013 Note 9
-Estimated useful life of property, plant and equipment \u2013 Note 11.2
-Recognition of deferred tax assets/(liabilities) \u2013 Note 11.4 and 11.5
-Estimated fair value of land and buildings \u2013 Note 11.3
11
NON-FINANCIAL ASSETS AND LIABILITIES
11.3Fair value measurement of the Group\u2019s land and buildings
The Group\u2019s land and building are stated at their revalued amounts, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and any subsequent accumulated impairment losses.
The entity classifies its fair value measurements using a three-level hierarchy based on the inputs used in the valuation techniques to measure fair value. The levels are defined as follows:
\u2022Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\u2022Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
\u2022Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The following table provides a reconciliation from the opening balances to the closing balances for assets measured at fair value and categorised within Level 3 of the fair value hierarchy. The reconciliation includes changes during the period attributable to total gains or losses recognised in profit or loss and other comprehensive income:
GroupFair Value Fair Value
Level 3Level 3
20252024
\u20ac\u20ac
Land and buildings:
Casa Antonia, Pope Alexander V11 Junction, Balzan Malta 20,158,72919,852,411
The Imperial, 1, Rudolph Street, Sliema, Malta 34,773,05030,307,864
Opening Balance at 1 January54,931,77950,160,275
Additions83,49734,938
Depreciation(365,730)(365,730)
Total Gains/(Losses) Recognised in Other Comprehensive Income (Revaluation Reserve)(112,526)5,102,296
Closing Balance at 31 December54,537,02054,931,779
Casa Antonia, Pope Alexander V11 Junction, Balzan, Malta20,936,71120,158,729
The Imperial, 1, Rudolph Street, Sliema, Malta33,600,30934,773,050
There were no purchases, sales, issues, or settlements during the period. Transfers between levels of the fair value hierarchy are recognised at the end of the reporting period during which the change occurred. This policy is consistently applied for transfers into and out of each level. During the reporting period, there were no transfers into or out of Level 3 of the fair value hierarchy.
The amount of total gains or losses for the period included in other comprehensive income, that is attributable to the change in unrealised gains or losses relating to assets held at the end of the reporting period is a loss of \u20ac112,526 (2024: gain of \u20ac5,863,945).
The Group selects valuation techniques based on the nature of the asset and the availability of relevant inputs. For the valuation of land and buildings, the Group:
\u2022uses a mix of the market comparable approach and the discounted cash flow approach
\u2022engages independent, qualified external valuers with relevant experience.
The Group\u2019s land and buildings were valued independently by Architect and Civil Engineer Charles Buhagiar as at 31 December 2025. These were found to be consistent with the Group\u2019s fair value measurement.
The Group\u2019s methodology for property valuation is based on the following:
1.Land value: This considers the physical area, location, and permitted development according to relevant Planning Authority Local Plans. It also includes the present-day capitalisation of revenue derived from income streams over a ten-year period, based on financial forecasts related to the type of development the property is used for.
2.Capital investment: This encompasses the value of investments made in the property including the construction of the building on the property and the building services and finishes.
3.Operational contents: This involves the necessary contents required to carry out the operations for which the building is utilised.
4.Discount rate: Applied to future cash flows when using the discounted cash flow method to estimate fair value. The discount rate reflects market-based borrowing rates, the specific risk profile of the property, and expected future economic conditions.
The table below includes further information about the Group\u2019s Level 3 fair value measurements.
Type of PropertyValuation TechniqueInputsSensitivity
The Imperial Commercial property amounting to \u20ac34.6m (excluding plant, equipment, fixtures and furniture of \u20ac10.7m)Income capitalisation approachIncome capitalisation approach: total projected stabilised EBITDA \u20ac3.4m using an average growth of 2.5% and discount rate of future income of 9% (2024 - 8%).The higher the capitalisation rate the lower the fair value. The higher the rental income and growth rate the higher the fair value
Casa AntoniaCommercial property amounting to \u20ac19.7m (excluding plant, equipment, fixtures and furniture of \u20ac0.9m)Income capitalisation approachIncome capitalisation approach: total projected stabilised EBITDA \u20ac1.7m using an average growth of 2.5% and discount rate of future income of 9% (2024 -7.5%)The higher the capitalisation rate the lower the fair value. The higher the rental income and growth rate the higher the fair value
The carrying amount of land and buildings that would have been included in the \ufb01nancial statements had these assets been carried at cost less accumulated depreciation and accumulated impairment losses is \u20ac35,710,817 (2024: \u20ac37,333,344).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964777": { "value": "
5
USE OF JUDGEMENTS AND ESTIMATES
5.1Judgements
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements is included in the following Notes:
-Estimation of current tax payable and current tax expense \u2013 Note 9
9
INCOME TAX
9.1
Income tax recognised in profit or loss
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current tax:
Current tax on taxable income for the year156391 156391
Deferred tax:
Temporary differences arising on items of property,
plant and equipment163,433168,547--
Temporary differences arising on tax losses 32,73385,321--
Unabsorbed capital allowances386,241128,703--
Total income tax recognised in the current year582,563382,962156391
9.2
Reconciliation of income tax
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Profit before tax1,599,2101,058,234724,727779,336
Theoretical taxation expense at 35%559,724370,382253,654272,768
Tax effect of:
Rental income(8,183)(7,038)--
Other differences(67,613)48,831)(279,789)(288,770)
Disallowable expenses98,63568,44926,29116,393
Income tax credit582,563382,962156391
11
NON-FINANCIAL ASSETS AND LIABILITIES
11.4Deferred tax asset
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Opening balance:
Other temporary differences601,055983,626--
For the year:
Other temporary differences(582,408)(382,571)--
Closing balance:
Other temporary difference 18,647601,055--
11.5Deferred tax liability
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Acquired by the Group
Temporary difference on property, plant and equipment3,910,2293,400,000--
Movement for the year
Temporary difference on property, plant and equipment(11,254)510,229--
Closing balance:
Temporary difference on property, plant and equipment3,898,9763,910,229--
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964776": { "value": "
5
USE OF JUDGEMENTS AND ESTIMATES
5.1Judgements
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements is included in the following Notes:
-Estimation of current tax payable and current tax expense \u2013 Note 9
9
INCOME TAX
9.1
Income tax recognised in profit or loss
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current tax:
Current tax on taxable income for the year156391 156391
Deferred tax:
Temporary differences arising on items of property,
plant and equipment163,433168,547--
Temporary differences arising on tax losses 32,73385,321--
Unabsorbed capital allowances386,241128,703--
Total income tax recognised in the current year582,563382,962156391
9.2
Reconciliation of income tax
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Profit before tax1,599,2101,058,234724,727779,336
Theoretical taxation expense at 35%559,724370,382253,654272,768
Tax effect of:
Rental income(8,183)(7,038)--
Other differences(67,613)48,831)(279,789)(288,770)
Disallowable expenses98,63568,44926,29116,393
Income tax credit582,563382,962156391
11
NON-FINANCIAL ASSETS AND LIABILITIES
11.4Deferred tax asset
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Opening balance:
Other temporary differences601,055983,626--
For the year:
Other temporary differences(582,408)(382,571)--
Closing balance:
Other temporary difference 18,647601,055--
11.5Deferred tax liability
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Acquired by the Group
Temporary difference on property, plant and equipment3,910,2293,400,000--
Movement for the year
Temporary difference on property, plant and equipment(11,254)510,229--
Closing balance:
Temporary difference on property, plant and equipment3,898,9763,910,229--
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6
ACCOUNTING POLICIES
6.1PRINCIPLES OF CONSOLIDATION
6.1.1Subsidiaries
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the holding company.
Subsidiaries are entities over which the parent company has control. The parent company controls an entity when it is exposed to, or has the right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
Unless the Group applies a different accounting policy for combinations of entities or businesses under common control, the acquisition of subsidiaries is accounted for by applying the acquisition method. The consideration is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the acquirer in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred, except for costs to issue debt or equity securities.
The acquiree\u2019s identifiable assets and liabilities that meet the conditions for recognition are recognised at their fair values at the acquisition date, except as otherwise required by IFRS 3.
A contingent liability assumed in a business combination is recognised at the acquisition date if there is a present obligation that arises from past events and its fair value can be measured reliably. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.
The accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the parent company.
Non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets or at fair value.
The choice of measurement basis is made on an acquisition-by-acquisition basis. All other components of non-controlling interests shall be measured at their acquisition-date fair values unless another measurement basis is required. After initial recognition, non-controlling interests in the net assets consist of the amount of those interests at the date of the original business combination and the non-controlling interests\u2019 share of changes in equity since the date of the combination.
Non-controlling interests in the net assets of consolidated subsidiaries are presented separately from the holding company\u2019s owners\u2019 equity therein. Non-controlling interests in the profit or loss and other comprehensive income of consolidated subsidiaries are also disclosed separately. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.
No non-controlling interests arose as at 31 December 2025 and 31 December 2024.
Combinations of entities or businesses under common control
For combinations of entities or businesses under common control, the acquisition of subsidiaries is accounted for by applying predecessor accounting. Under predecessor accounting, the acquiree\u2019s assets and liabilities are recognised at their carrying amounts (as adjusted, where necessary, to align accounting policies), without any adjustments to reflect fair values. No new goodwill is recognised as a result of the combination and the difference between the payable consideration and the carrying amounts of assets and liabilities is recognised directly in equity within Reorganisation Reserves.
6.2GOODWILL
Goodwill arising in a business combination is recognised as an asset on the date that control is acquired (the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree and in a business combination achieved in stages, the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.
If, after reassessment, the Group\u2019s interest in the fair value of the acquiree\u2019s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. Goodwill is tested for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination.
Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. The business combinations undertaken by the Group up to 31 December 2025 (and up to the prior reported period) did not result in the recognition of goodwill.
While the business combinations undertaken by the Group up to 31 December 2025 (and up to the prior reporting period) have been assessed in line with the above, they did not result in the recognition of goodwill.
6.3
REVENUE RECOGNITION
The Group recognizes revenue through the operation and management of two residential care homes, providing services that include accommodation, personal care, and nursing support to residents. Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer, and excludes returns, trade allowances, rebates, and amounts collected on behalf of third parties.
Revenue is recognised as the Group satisfies its performance obligations, which are assessed based on the nature of the services provided. The Group\u2019s performance obligations are satisfied over time, as residents simultaneously receive and consume the benefits of the services as they are delivered.
Fees charged to residents are based on the terms of their respective agreements and are invoiced in advance. Revenue is recognised on a straight-line basis over the period of service, reflecting the continuous transfer of control of services to the resident. The straight-line recognition over the period of service appropriately reflects the stage of completion of the performance obligations under IFRS 15 Revenue from Contracts with Customers, as it best represents the Group\u2019s progress in transferring the promised services to residents.
Any amounts received in advance of services being rendered are recognised as liabilities represented within the trade and other payables on the statement of financial position and released to revenue as the services are delivered. The Group does not have significant elements of variable consideration, financing components, or costs to obtain or fulfil contracts with customers that require separate recognition.
6.4
FOREIGN CURRENCY AMOUNTS
The financial statements of the Company are presented in its functional currency, the Euro, being the currency of the primary economic environment in which the Company operates.
Transactions in currencies other than the Company\u2019s functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences arising on the settlement and on the re-translation of monetary items are recognised in profit or loss in the period in which they arise. Exchange differences arising on the translation of non-monetary items carried at fair value are included in profit or loss for the period, except for differences arising on the re-translation of non-monetary items in respect of which gains and losses are recognised in other comprehensive income. For such non-monetary items, any exchange component of that gain or loss is also recognised in other comprehensive income.
Foreign exchange gains and losses are included within operating profit, except in the case of significant exchange differences arising in investing or financing activities, which are classified within investment income, investment losses or finance costs as appropriate.
6.5
BORROWING COSTS
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
During the current and previous financial years, there were no such instances of the borrowing costs being capitalised, yet capitalised borrowing costs are to be included within the Non-Current Assets of the Group.
6.6
INCOME TAX
The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the Maltese tax laws enacted or substantively enacted at the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the balance sheet liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill.
Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.
Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in subsidiaries where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. No amounts of deferred tax balances have been offset during the current and the prior period.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
6.7
PROPERTY, PLANT AND EQUIPMENT
The company\u2019s property, plant, and equipment are classified into the following categories: freehold land and buildings, plant, machinery and equipment and furniture.
Property, plant and equipment are initially measured at cost.
Land and buildings are held for use in the production or supply of goods or services or administrative purposes.
Subsequent to initial recognition, land and buildings are stated at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are made for the entire class of land and buildings and with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the end of the reporting period.
All other property, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Cost may also include transfers from equity of any gains or losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of any component accounted for as an asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
Increases in the carrying amounts arising on revaluation of land and buildings are recognised, net of tax, in other comprehensive income and accumulated in equity under the heading of revaluation reserve. To the extent that the increase reverses a decrease previously recognised in profit or loss for the same asset, the increase is first recognized in profit or loss to the extent of the decrease previously charged. Decreases that reverse previous increases of the same asset are first recognised in other comprehensive income to the extent of the remaining surplus attributable to the asset; all other decreases are charged to profit or loss.
Each year, the difference between depreciation based on the revalued carrying amount of the asset charged to profit or loss and depreciation based on the asset\u2019s original cost, net of tax, is reclassified from the property, plant and equipment revaluation surplus to retained earnings.
The depreciation methods and useful lives used by the Group are disclosed in Note 11.2. The depreciation method applied, and the assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount as further disclosed in Note 6.8. Impairment are derecognised on disposal or when no future economic benefits are expected from their use or disposal. Gains and losses arising from derecognition are determined by comparing the net disposal proceeds, if any, with the carrying amount. These are included in profit or loss in the period of derecognition. When revalued assets are derecognised, it is the Group\u2019s policy to transfer any attributable revaluation remaining in the revaluation reserve in respect of those assets to retained earnings.
6.8
IMPAIRMENT
When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash\u2011generating units, or otherwise they are allocated to the smallest Group of cash generating units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount.
An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
6.9
INVENTORIES
Inventories held by the Group are made up of foods, beverages, and supplies which are stated at the lower of cost and net realisable value. Costs of inventories are determined using the weighted average cost basis. Net realisable value represents the estimated selling price for inventories in the ordinary course of business, less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
When the net realisable value of inventories falls below cost, a write-down is recognised in profit or loss. Any subsequent increase in net realisable value, up to the amount of the original write-down, is recognised as a reversal of the write-down in the period in which the increase occurs.
6.11
FINANCIAL INSTRUMENTS
Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
Financial assets
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.
All recognised financial assets are measured subsequently in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.
Classification of financial assets
Debt instruments that meet the following conditions are measured subsequently at amortised cost:
\u2022the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows;
\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Debt instruments that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI):
\u2022the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets;
\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL).
Despite the foregoing, the group may make the following irrevocable election / designation at initial recognition of a financial asset:
\u2022the group may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if certain criteria are met;
\u2022the group may irrevocably designate a debt investment that meets the amortised cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.
Financial assets at FVTPL
Financial assets that do not meet the criteria for being measured at amortised cost or FVTOCI are measured at FVTPL. Specifically:
\u2022investments in equity instruments are classified as at FVTPL, unless the group designates an equity investment that is neither held for trading nor a contingent consideration arising from a business combination as at FVTOCI on initial recognition;
\u2022debt instruments that do not meet the amortised cost criteria or the FVTOCI criteria are classified as at FVTPL.
In addition, debt instruments that meet either the amortised cost criteria or the FVTOCI criteria may be designated as at FVTPL upon initial recognition if such designation eliminates or significantly reduces a measurement or recognition inconsistency (so called \u2018accounting mismatch\u2019) that would arise from measuring assets or liabilities or recognising the gains and losses on them on different bases. The Company has designated the preference shares held with subsidiary as FVTPL.
Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss to the extent they are not part of a designated hedging relationship.
The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset and is included in the \u2018other gains and losses\u2019. Fair value is determined in the manner described in note 14.4.
6.12
ECLs
A loss allowance for ECLs is recognised on financial assets measured at amortised cost, contract assets and debt instruments measured at FVTOCI (if any). The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition.
For trade receivables and contract assets that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the simplified approach is applied and lifetime ECL is recognised.
Where a collective basis is applied, the ECLs on these financial assets are estimated using a provision matrix based on the historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
For all other financial instruments, the general approach is applied and lifetime ECL is recognised when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the loss allowance for that financial instrument is measured at an amount equal to 12-month ECL (\u201812m ECL\u2019). The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring.
Lifetime ECL represents the ECLs that will result from all possible default events over the expected life of a financial instrument. In contrast, 12m ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. An impairment gain or loss is recognised in profit or loss for all financial assets with a corresponding adjustment to their carrying, except for investments in debt instruments that are measured at FVTOCI (if any), for which the loss allowance is recognised in other comprehensive income and accumulated in the Fair value reserve and does not reduce the carrying amount of the financial asset in the statement of financial position.
Significant increase in credit risk
In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the risk of a default occurring on the financial instrument as at the reporting date is compared with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, both quantitative and qualitative information that is reasonable and supportable, (including historical experience and forward- looking information that is available without undue cost or effort and, where applicable, the financial position of the counterparties) are considered.
Irrespective of the outcome of the above assessment, the credit risk on a financial asset is presumed to have increased significantly since initial recognition when contractual payments are more than 30 days past due, unless there is reasonable and supportable information that is available without undue cost or effort, that demonstrates otherwise. Despite the above assessment, it is assumed that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. Accordingly, for these financial assets, the loss allowance is measured at an amount equal to 12m ECL.
Definition of default
The following are considered as constituting an event of default for internal credit risk management purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable:
-when there is a breach of financial covenants by the counterparty or
-information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors in full (without taking into account any collateral held).
Irrespective of the above analysis, default is considered to have occurred when a financial asset is more than 365 days past due. The 90 days past due presumption is rebutted by the Company and the Group since there is reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
Evidence that a financial asset is credit-impaired includes observable data about the following events:
a)significant financial difficulty of the issuer or the borrower
b)a breach of contract, such as a default or past due event
c)the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider
d)it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation or
e)the disappearance of an active market for that financial asset because of financial difficulties.
A financial asset is written off when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example when the counterparty has entered into bankruptcy or in the case of trade receivables, when the amounts are over 3 years passed due, whichever occurred sooner.
Measurement and recognition of ECLs
For financial assets, the credit loss is the difference between all contractual cash flows that are due in accordance with the contract and all the cash flows that are expected to be received, discounted at the original effective interest rate. ECLs represent the weighted average of credit losses with the respective risks of a default occurring as the weights.
The assessment of the probability of default and loss given default is based on historical data adjusted by forward- looking information, where applicable. Where applicable, the financial position of the counterparties is also taken into consideration.
Collective basis
If evidence of a significant increase in credit risk at the individual instrument level is not yet available, the assessment of significant increases in credit risk is performed on a collective basis by considering information on, for example, a Group or sub-Group of financial instruments. Where reasonable and supportable information that is available without undue cost or effort to measure lifetime ECL on an individual instrument basis is not available, lifetime ECL is measured on a collective basis. In such instances, the financial instruments are Grouped on the basis of shared credit risk characteristics. The Grouping is regularly reviewed by management to ensure the constituents of each Group continue to share similar credit risk characteristics.
6.13
FINANCIAL LIABILITIES
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities measured at amortised cost are the Group\u2019s primary category of financial liabilities and include borrowings, bonds, trade and other payables. These are subsequently measured using the effective interest method.
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Company has not designated any financial liability as at fair value through profit or loss.
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings. For more information, refer to Note 12.3.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.
Trade payables
Trade payables are classified under current liabilities and are stated at their nominal value unless the effect of discounting is material. In such cases, trade payables are measured at amortised cost using the effective interest method.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
6.14
PROVISIONS
Provisions are recognised when an entity has a present obligation (legal or constructive) as a result of a past event, it is probable that the entity will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation. For the provision of care home services, potential obligations may arise from matters such as employee benefits, legal claims, compliance with regulatory requirements, and service commitments.
However, the Group has assessed that no such obligations existed at the reporting date and as at the prior reporting period that would require recognition.
6.15
SHARE CAPITAL
Ordinary shares issued by the Company are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.
Dividends to holders of equity instruments are recognised as liability in the period in which they are declared. Dividends to holders of equity instruments are recognised directly in equity.
6.16
FINANCE INCOME AND FINANCE COST
Finance income and finance cost are accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable.
Finance income is recognised to the extent that it is probable that future economic benefits will flow to the Company and these can be measured reliably.
Finance costs include interest incurred on bank loans, bonds issued by the Group, and amounts due to the ultimate parent company, as well as the amortisation of bond issue costs and other charges related to financing arrangements. Borrowing costs are expensed in the period in which they are incurred, unless they relate to the acquisition, construction, or production of a qualifying asset, in which case they are capitalised.
6.17
DIVIDEND INCOME
Dividend income is recognised when the shareholder\u2019s right to receive payment is established. Dividend income is recognised to the extent that it is probable that future economic benefits will flow to the Company and these can be measured reliably.
6.18
EMPLOYEE BENEFITS
The Group entities contribute towards the state pension in accordance with local legislation. The only obligation is to make the required contributions. Costs are expensed in the period in which they are incurred.
6.19
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash on hand, demand deposits and short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position.
11
NON-FINANCIAL ASSETS AND LIABILITIES
11.2Depreciation
Depreciation commences when the depreciable assets are available for use and is charged to profit or loss. Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of the residual values, over the estimated useful lives, as follows:
%
Buildings and finishings1 \u2013 2
Buildings fixtures10
Plant, machinery and other equipment5 \u2013 25
Furniture and fittings5 \u2013 10
No depreciation is charged on land.
11.3Fair value measurement of the Group\u2019s land and buildings
The Group\u2019s land and building are stated at their revalued amounts, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and any subsequent accumulated impairment losses.
The entity classifies its fair value measurements using a three-level hierarchy based on the inputs used in the valuation techniques to measure fair value. The levels are defined as follows:
\u2022Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\u2022Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
\u2022Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
12OTHER ASSETS AND OTHER LIABILITIES
12.1Trade and other receivables
12.1.1 Classification as trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and therefore are all classified as current.
Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value.
The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.
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6
ACCOUNTING POLICIES
6.1PRINCIPLES OF CONSOLIDATION
6.1.1Subsidiaries
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the holding company.
Subsidiaries are entities over which the parent company has control. The parent company controls an entity when it is exposed to, or has the right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
Unless the Group applies a different accounting policy for combinations of entities or businesses under common control, the acquisition of subsidiaries is accounted for by applying the acquisition method. The consideration is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the acquirer in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred, except for costs to issue debt or equity securities.
The acquiree\u2019s identifiable assets and liabilities that meet the conditions for recognition are recognised at their fair values at the acquisition date, except as otherwise required by IFRS 3.
A contingent liability assumed in a business combination is recognised at the acquisition date if there is a present obligation that arises from past events and its fair value can be measured reliably. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.
The accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the parent company.
Non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets or at fair value.
The choice of measurement basis is made on an acquisition-by-acquisition basis. All other components of non-controlling interests shall be measured at their acquisition-date fair values unless another measurement basis is required. After initial recognition, non-controlling interests in the net assets consist of the amount of those interests at the date of the original business combination and the non-controlling interests\u2019 share of changes in equity since the date of the combination.
Non-controlling interests in the net assets of consolidated subsidiaries are presented separately from the holding company\u2019s owners\u2019 equity therein. Non-controlling interests in the profit or loss and other comprehensive income of consolidated subsidiaries are also disclosed separately. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964731": { "value": "
6
ACCOUNTING POLICIES
6.1PRINCIPLES OF CONSOLIDATION
6.1.1Subsidiaries
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the holding company.
Subsidiaries are entities over which the parent company has control. The parent company controls an entity when it is exposed to, or has the right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
Unless the Group applies a different accounting policy for combinations of entities or businesses under common control, the acquisition of subsidiaries is accounted for by applying the acquisition method. The consideration is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the acquirer in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred, except for costs to issue debt or equity securities.
The acquiree\u2019s identifiable assets and liabilities that meet the conditions for recognition are recognised at their fair values at the acquisition date, except as otherwise required by IFRS 3.
A contingent liability assumed in a business combination is recognised at the acquisition date if there is a present obligation that arises from past events and its fair value can be measured reliably. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.
The accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the parent company.
Non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets or at fair value.
The choice of measurement basis is made on an acquisition-by-acquisition basis. All other components of non-controlling interests shall be measured at their acquisition-date fair values unless another measurement basis is required. After initial recognition, non-controlling interests in the net assets consist of the amount of those interests at the date of the original business combination and the non-controlling interests\u2019 share of changes in equity since the date of the combination.
Non-controlling interests in the net assets of consolidated subsidiaries are presented separately from the holding company\u2019s owners\u2019 equity therein. Non-controlling interests in the profit or loss and other comprehensive income of consolidated subsidiaries are also disclosed separately. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.
No non-controlling interests arose as at 31 December 2025 and 31 December 2024.
Combinations of entities or businesses under common control
For combinations of entities or businesses under common control, the acquisition of subsidiaries is accounted for by applying predecessor accounting. Under predecessor accounting, the acquiree\u2019s assets and liabilities are recognised at their carrying amounts (as adjusted, where necessary, to align accounting policies), without any adjustments to reflect fair values. No new goodwill is recognised as a result of the combination and the difference between the payable consideration and the carrying amounts of assets and liabilities is recognised directly in equity within Reorganisation Reserves.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964730": { "value": "
6
ACCOUNTING POLICIES
6.1PRINCIPLES OF CONSOLIDATION
6.1.1Subsidiaries
Unless the Group applies a different accounting policy for combinations of entities or businesses under common control, the acquisition of subsidiaries is accounted for by applying the acquisition method. The consideration is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the acquirer in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred, except for costs to issue debt or equity securities.
A contingent liability assumed in a business combination is recognised at the acquisition date if there is a present obligation that arises from past events and its fair value can be measured reliably.
Combinations of entities or businesses under common control
For combinations of entities or businesses under common control, the acquisition of subsidiaries is accounted for by applying predecessor accounting. Under predecessor accounting, the acquiree\u2019s assets and liabilities are recognised at their carrying amounts (as adjusted, where necessary, to align accounting policies), without any adjustments to reflect fair values. No new goodwill is recognised as a result of the combination and the difference between the payable consideration and the carrying amounts of assets and liabilities is recognised directly in equity within Reorganisation Reserves.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964729": { "value": "
6
ACCOUNTING POLICIES
6.1PRINCIPLES OF CONSOLIDATION
6.1.1Subsidiaries
Unless the Group applies a different accounting policy for combinations of entities or businesses under common control, the acquisition of subsidiaries is accounted for by applying the acquisition method. The consideration is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the acquirer in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred, except for costs to issue debt or equity securities.
A contingent liability assumed in a business combination is recognised at the acquisition date if there is a present obligation that arises from past events and its fair value can be measured reliably.
Combinations of entities or businesses under common control
For combinations of entities or businesses under common control, the acquisition of subsidiaries is accounted for by applying predecessor accounting. Under predecessor accounting, the acquiree\u2019s assets and liabilities are recognised at their carrying amounts (as adjusted, where necessary, to align accounting policies), without any adjustments to reflect fair values. No new goodwill is recognised as a result of the combination and the difference between the payable consideration and the carrying amounts of assets and liabilities is recognised directly in equity within Reorganisation Reserves.
6.2GOODWILL
Goodwill arising in a business combination is recognised as an asset on the date that control is acquired (the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree and in a business combination achieved in stages, the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.
If, after reassessment, the Group\u2019s interest in the fair value of the acquiree\u2019s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. Goodwill is tested for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination.
Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. The business combinations undertaken by the Group up to 31 December 2025 (and up to the prior reported period) did not result in the recognition of goodwill.
While the business combinations undertaken by the Group up to 31 December 2025 (and up to the prior reporting period) have been assessed in line with the above, they did not result in the recognition of goodwill.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964838": { "value": "
6
ACCOUNTING POLICIES
6.7
PROPERTY, PLANT AND EQUIPMENT
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of any component accounted for as an asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964837": { "value": "
6
ACCOUNTING POLICIES
6.3
REVENUE RECOGNITION
Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer, and excludes returns, trade allowances, rebates, and amounts collected on behalf of third parties.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964824": { "value": "
6
ACCOUNTING POLICIES
6.4
FOREIGN CURRENCY AMOUNTS
Transactions in currencies other than the Company\u2019s functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences arising on the settlement and on the re-translation of monetary items are recognised in profit or loss in the period in which they arise. Exchange differences arising on the translation of non-monetary items carried at fair value are included in profit or loss for the period, except for differences arising on the re-translation of non-monetary items in respect of which gains and losses are recognised in other comprehensive income. For such non-monetary items, any exchange component of that gain or loss is also recognised in other comprehensive income.
Foreign exchange gains and losses are included within operating profit, except in the case of significant exchange differences arising in investing or financing activities, which are classified within investment income, investment losses or finance costs as appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964816": { "value": "
6
ACCOUNTING POLICIES
6.9
INVENTORIES
Inventories held by the Group are made up of foods, beverages, and supplies which are stated at the lower of cost and net realisable value. Costs of inventories are determined using the weighted average cost basis. Net realisable value represents the estimated selling price for inventories in the ordinary course of business, less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
When the net realisable value of inventories falls below cost, a write-down is recognised in profit or loss. Any subsequent increase in net realisable value, up to the amount of the original write-down, is recognised as a reversal of the write-down in the period in which the increase occurs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964815": { "value": "
6
ACCOUNTING POLICIES
6.19
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash on hand, demand deposits and short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964814": { "value": "
6
ACCOUNTING POLICIES
6.18
EMPLOYEE BENEFITS
The Group entities contribute towards the state pension in accordance with local legislation. The only obligation is to make the required contributions. Costs are expensed in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964813": { "value": "
6
ACCOUNTING POLICIES
6.19
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash on hand, demand deposits and short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964764": { "value": "
6
ACCOUNTING POLICIES
6.11
FINANCIAL INSTRUMENTS
Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
Financial assets
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.
All recognised financial assets are measured subsequently in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.
Classification of financial assets
Debt instruments that meet the following conditions are measured subsequently at amortised cost:
\u2022the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows;
\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Debt instruments that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI):
\u2022the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets;
\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL).
Despite the foregoing, the group may make the following irrevocable election / designation at initial recognition of a financial asset:
\u2022the group may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if certain criteria are met;
\u2022the group may irrevocably designate a debt investment that meets the amortised cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.
Financial assets at FVTPL
Financial assets that do not meet the criteria for being measured at amortised cost or FVTOCI are measured at FVTPL. Specifically:
\u2022investments in equity instruments are classified as at FVTPL, unless the group designates an equity investment that is neither held for trading nor a contingent consideration arising from a business combination as at FVTOCI on initial recognition;
\u2022debt instruments that do not meet the amortised cost criteria or the FVTOCI criteria are classified as at FVTPL.
In addition, debt instruments that meet either the amortised cost criteria or the FVTOCI criteria may be designated as at FVTPL upon initial recognition if such designation eliminates or significantly reduces a measurement or recognition inconsistency (so called \u2018accounting mismatch\u2019) that would arise from measuring assets or liabilities or recognising the gains and losses on them on different bases. The Company has designated the preference shares held with subsidiary as FVTPL.
Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss to the extent they are not part of a designated hedging relationship.
The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset and is included in the \u2018other gains and losses\u2019. Fair value is determined in the manner described in note 14.4.
6.12
ECLs
A loss allowance for ECLs is recognised on financial assets measured at amortised cost, contract assets and debt instruments measured at FVTOCI (if any). The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition.
For trade receivables and contract assets that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the simplified approach is applied and lifetime ECL is recognised.
Where a collective basis is applied, the ECLs on these financial assets are estimated using a provision matrix based on the historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
For all other financial instruments, the general approach is applied and lifetime ECL is recognised when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the loss allowance for that financial instrument is measured at an amount equal to 12-month ECL (\u201812m ECL\u2019). The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring.
Lifetime ECL represents the ECLs that will result from all possible default events over the expected life of a financial instrument. In contrast, 12m ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. An impairment gain or loss is recognised in profit or loss for all financial assets with a corresponding adjustment to their carrying, except for investments in debt instruments that are measured at FVTOCI (if any), for which the loss allowance is recognised in other comprehensive income and accumulated in the Fair value reserve and does not reduce the carrying amount of the financial asset in the statement of financial position.
Significant increase in credit risk
In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the risk of a default occurring on the financial instrument as at the reporting date is compared with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, both quantitative and qualitative information that is reasonable and supportable, (including historical experience and forward- looking information that is available without undue cost or effort and, where applicable, the financial position of the counterparties) are considered.
Irrespective of the outcome of the above assessment, the credit risk on a financial asset is presumed to have increased significantly since initial recognition when contractual payments are more than 30 days past due, unless there is reasonable and supportable information that is available without undue cost or effort, that demonstrates otherwise. Despite the above assessment, it is assumed that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. Accordingly, for these financial assets, the loss allowance is measured at an amount equal to 12m ECL.
Definition of default
The following are considered as constituting an event of default for internal credit risk management purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable:
-when there is a breach of financial covenants by the counterparty or
-information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors in full (without taking into account any collateral held).
Irrespective of the above analysis, default is considered to have occurred when a financial asset is more than 365 days past due. The 90 days past due presumption is rebutted by the Company and the Group since there is reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
Evidence that a financial asset is credit-impaired includes observable data about the following events:
a)significant financial difficulty of the issuer or the borrower
b)a breach of contract, such as a default or past due event
c)the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider
d)it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation or
e)the disappearance of an active market for that financial asset because of financial difficulties.
A financial asset is written off when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example when the counterparty has entered into bankruptcy or in the case of trade receivables, when the amounts are over 3 years passed due, whichever occurred sooner.
Measurement and recognition of ECLs
For financial assets, the credit loss is the difference between all contractual cash flows that are due in accordance with the contract and all the cash flows that are expected to be received, discounted at the original effective interest rate. ECLs represent the weighted average of credit losses with the respective risks of a default occurring as the weights.
The assessment of the probability of default and loss given default is based on historical data adjusted by forward- looking information, where applicable. Where applicable, the financial position of the counterparties is also taken into consideration.
Collective basis
If evidence of a significant increase in credit risk at the individual instrument level is not yet available, the assessment of significant increases in credit risk is performed on a collective basis by considering information on, for example, a Group or sub-Group of financial instruments. Where reasonable and supportable information that is available without undue cost or effort to measure lifetime ECL on an individual instrument basis is not available, lifetime ECL is measured on a collective basis. In such instances, the financial instruments are Grouped on the basis of shared credit risk characteristics. The Grouping is regularly reviewed by management to ensure the constituents of each Group continue to share similar credit risk characteristics.
6.13
FINANCIAL LIABILITIES
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities measured at amortised cost are the Group\u2019s primary category of financial liabilities and include borrowings, bonds, trade and other payables. These are subsequently measured using the effective interest method.
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Company has not designated any financial liability as at fair value through profit or loss.
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings. For more information, refer to Note 12.3.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.
Trade payables
Trade payables are classified under current liabilities and are stated at their nominal value unless the effect of discounting is material. In such cases, trade payables are measured at amortised cost using the effective interest method.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
6.16
FINANCE INCOME AND FINANCE COST
Finance income and finance cost are accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable.
Finance income is recognised to the extent that it is probable that future economic benefits will flow to the Company and these can be measured reliably.
Finance costs include interest incurred on bank loans, bonds issued by the Group, and amounts due to the ultimate parent company, as well as the amortisation of bond issue costs and other charges related to financing arrangements. Borrowing costs are expensed in the period in which they are incurred, unless they relate to the acquisition, construction, or production of a qualifying asset, in which case they are capitalised.
6.17
DIVIDEND INCOME
Dividend income is recognised when the shareholder\u2019s right to receive payment is established. Dividend income is recognised to the extent that it is probable that future economic benefits will flow to the Company and these can be measured reliably.
6.19
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash on hand, demand deposits and short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964762": { "value": "
6
ACCOUNTING POLICIES
6.14
PROVISIONS
Provisions are recognised when an entity has a present obligation (legal or constructive) as a result of a past event, it is probable that the entity will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation. For the provision of care home services, potential obligations may arise from matters such as employee benefits, legal claims, compliance with regulatory requirements, and service commitments.
However, the Group has assessed that no such obligations existed at the reporting date and as at the prior reporting period that would require recognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964761": { "value": "
6
ACCOUNTING POLICIES
6.13
FINANCIAL LIABILITIES
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities measured at amortised cost are the Group\u2019s primary category of financial liabilities and include borrowings, bonds, trade and other payables. These are subsequently measured using the effective interest method.
Trade payables
Trade payables are classified under current liabilities and are stated at their nominal value unless the effect of discounting is material. In such cases, trade payables are measured at amortised cost using the effective interest method.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964760": { "value": "
6
ACCOUNTING POLICIES
6.11
FINANCIAL INSTRUMENTS
Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price.
Financial assets
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis.
All recognised financial assets are measured subsequently in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.
Classification of financial assets
Debt instruments that meet the following conditions are measured subsequently at amortised cost:
\u2022the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows;
\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
6.12
ECLs
A loss allowance for ECLs is recognised on financial assets measured at amortised cost, contract assets and debt instruments measured at FVTOCI (if any). The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition.
For trade receivables and contract assets that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the simplified approach is applied and lifetime ECL is recognised.
Where a collective basis is applied, the ECLs on these financial assets are estimated using a provision matrix based on the historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
For all other financial instruments, the general approach is applied and lifetime ECL is recognised when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the loss allowance for that financial instrument is measured at an amount equal to 12-month ECL (\u201812m ECL\u2019). The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring.
Lifetime ECL represents the ECLs that will result from all possible default events over the expected life of a financial instrument. In contrast, 12m ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. An impairment gain or loss is recognised in profit or loss for all financial assets with a corresponding adjustment to their carrying, except for investments in debt instruments that are measured at FVTOCI (if any), for which the loss allowance is recognised in other comprehensive income and accumulated in the Fair value reserve and does not reduce the carrying amount of the financial asset in the statement of financial position.
Significant increase in credit risk
In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the risk of a default occurring on the financial instrument as at the reporting date is compared with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, both quantitative and qualitative information that is reasonable and supportable, (including historical experience and forward- looking information that is available without undue cost or effort and, where applicable, the financial position of the counterparties) are considered.
Irrespective of the outcome of the above assessment, the credit risk on a financial asset is presumed to have increased significantly since initial recognition when contractual payments are more than 30 days past due, unless there is reasonable and supportable information that is available without undue cost or effort, that demonstrates otherwise. Despite the above assessment, it is assumed that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. Accordingly, for these financial assets, the loss allowance is measured at an amount equal to 12m ECL.
Definition of default
The following are considered as constituting an event of default for internal credit risk management purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable:
-when there is a breach of financial covenants by the counterparty or
-information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors in full (without taking into account any collateral held).
Irrespective of the above analysis, default is considered to have occurred when a financial asset is more than 365 days past due. The 90 days past due presumption is rebutted by the Company and the Group since there is reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
Evidence that a financial asset is credit-impaired includes observable data about the following events:
a)significant financial difficulty of the issuer or the borrower
b)a breach of contract, such as a default or past due event
c)the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider
d)it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation or
e)the disappearance of an active market for that financial asset because of financial difficulties.
A financial asset is written off when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example when the counterparty has entered into bankruptcy or in the case of trade receivables, when the amounts are over 3 years passed due, whichever occurred sooner.
Measurement and recognition of ECLs
For financial assets, the credit loss is the difference between all contractual cash flows that are due in accordance with the contract and all the cash flows that are expected to be received, discounted at the original effective interest rate. ECLs represent the weighted average of credit losses with the respective risks of a default occurring as the weights.
The assessment of the probability of default and loss given default is based on historical data adjusted by forward- looking information, where applicable. Where applicable, the financial position of the counterparties is also taken into consideration.
Collective basis
If evidence of a significant increase in credit risk at the individual instrument level is not yet available, the assessment of significant increases in credit risk is performed on a collective basis by considering information on, for example, a Group or sub-Group of financial instruments. Where reasonable and supportable information that is available without undue cost or effort to measure lifetime ECL on an individual instrument basis is not available, lifetime ECL is measured on a collective basis. In such instances, the financial instruments are Grouped on the basis of shared credit risk characteristics. The Grouping is regularly reviewed by management to ensure the constituents of each Group continue to share similar credit risk characteristics.
12OTHER ASSETS AND OTHER LIABILITIES
12.1Trade and other receivables
12.1.1 Classification as trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and therefore are all classified as current.
Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value.
The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.
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6
ACCOUNTING POLICIES
6.7
PROPERTY, PLANT AND EQUIPMENT
The company\u2019s property, plant, and equipment are classified into the following categories: freehold land and buildings, plant, machinery and equipment and furniture.
Property, plant and equipment are initially measured at cost.
Land and buildings are held for use in the production or supply of goods or services or administrative purposes.
Subsequent to initial recognition, land and buildings are stated at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are made for the entire class of land and buildings and with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the end of the reporting period.
All other property, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Cost may also include transfers from equity of any gains or losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of any component accounted for as an asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
Increases in the carrying amounts arising on revaluation of land and buildings are recognised, net of tax, in other comprehensive income and accumulated in equity under the heading of revaluation reserve. To the extent that the increase reverses a decrease previously recognised in profit or loss for the same asset, the increase is first recognized in profit or loss to the extent of the decrease previously charged. Decreases that reverse previous increases of the same asset are first recognised in other comprehensive income to the extent of the remaining surplus attributable to the asset; all other decreases are charged to profit or loss.
Each year, the difference between depreciation based on the revalued carrying amount of the asset charged to profit or loss and depreciation based on the asset\u2019s original cost, net of tax, is reclassified from the property, plant and equipment revaluation surplus to retained earnings.
The depreciation methods and useful lives used by the Group are disclosed in Note 11.2. The depreciation method applied, and the assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount as further disclosed in Note 6.8. Impairment are derecognised on disposal or when no future economic benefits are expected from their use or disposal. Gains and losses arising from derecognition are determined by comparing the net disposal proceeds, if any, with the carrying amount. These are included in profit or loss in the period of derecognition. When revalued assets are derecognised, it is the Group\u2019s policy to transfer any attributable revaluation remaining in the revaluation reserve in respect of those assets to retained earnings.
11
NON-FINANCIAL ASSETS AND LIABILITIES
11.2Depreciation
Depreciation commences when the depreciable assets are available for use and is charged to profit or loss. Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of the residual values, over the estimated useful lives, as follows:
%
Buildings and finishings1 \u2013 2
Buildings fixtures10
Plant, machinery and other equipment5 \u2013 25
Furniture and fittings5 \u2013 10
No depreciation is charged on land.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964758": { "value": "
6
ACCOUNTING POLICIES
6.3
REVENUE RECOGNITION
The Group recognizes revenue through the operation and management of two residential care homes, providing services that include accommodation, personal care, and nursing support to residents. Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer, and excludes returns, trade allowances, rebates, and amounts collected on behalf of third parties.
Revenue is recognised as the Group satisfies its performance obligations, which are assessed based on the nature of the services provided. The Group\u2019s performance obligations are satisfied over time, as residents simultaneously receive and consume the benefits of the services as they are delivered.
Fees charged to residents are based on the terms of their respective agreements and are invoiced in advance. Revenue is recognised on a straight-line basis over the period of service, reflecting the continuous transfer of control of services to the resident. The straight-line recognition over the period of service appropriately reflects the stage of completion of the performance obligations under IFRS 15 Revenue from Contracts with Customers, as it best represents the Group\u2019s progress in transferring the promised services to residents.
Any amounts received in advance of services being rendered are recognised as liabilities represented within the trade and other payables on the statement of financial position and released to revenue as the services are delivered. The Group does not have significant elements of variable consideration, financing components, or costs to obtain or fulfil contracts with customers that require separate recognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964757": { "value": "
6
ACCOUNTING POLICIES
6.4
FOREIGN CURRENCY AMOUNTS
The financial statements of the Company are presented in its functional currency, the Euro, being the currency of the primary economic environment in which the Company operates.
Transactions in currencies other than the Company\u2019s functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences arising on the settlement and on the re-translation of monetary items are recognised in profit or loss in the period in which they arise. Exchange differences arising on the translation of non-monetary items carried at fair value are included in profit or loss for the period, except for differences arising on the re-translation of non-monetary items in respect of which gains and losses are recognised in other comprehensive income. For such non-monetary items, any exchange component of that gain or loss is also recognised in other comprehensive income.
Foreign exchange gains and losses are included within operating profit, except in the case of significant exchange differences arising in investing or financing activities, which are classified within investment income, investment losses or finance costs as appropriate.
6.6
INCOME TAX
The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the Maltese tax laws enacted or substantively enacted at the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the balance sheet liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill.
Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
6.7
PROPERTY, PLANT AND EQUIPMENT
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of any component accounted for as an asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
Increases in the carrying amounts arising on revaluation of land and buildings are recognised, net of tax, in other comprehensive income and accumulated in equity under the heading of revaluation reserve. To the extent that the increase reverses a decrease previously recognised in profit or loss for the same asset, the increase is first recognized in profit or loss to the extent of the decrease previously charged. Decreases that reverse previous increases of the same asset are first recognised in other comprehensive income to the extent of the remaining surplus attributable to the asset; all other decreases are charged to profit or loss.
Gains and losses arising from derecognition are determined by comparing the net disposal proceeds, if any, with the carrying amount. These are included in profit or loss in the period of derecognition.
6.8
IMPAIRMENT
An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
6.9
INVENTORIES
When the net realisable value of inventories falls below cost, a write-down is recognised in profit or loss. Any subsequent increase in net realisable value, up to the amount of the original write-down, is recognised as a reversal of the write-down in the period in which the increase occurs.
6.11
FINANCIAL INSTRUMENTS
Financial assets
Classification of financial assets
Financial assets at FVTPL
In addition, debt instruments that meet either the amortised cost criteria or the FVTOCI criteria may be designated as at FVTPL upon initial recognition if such designation eliminates or significantly reduces a measurement or recognition inconsistency (so called \u2018accounting mismatch\u2019) that would arise from measuring assets or liabilities or recognising the gains and losses on them on different bases.
Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss to the extent they are not part of a designated hedging relationship.
The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset and is included in the \u2018other gains and losses\u2019. Fair value is determined in the manner described in note 14.4.
6.12
ECLs
A loss allowance for ECLs is recognised on financial assets measured at amortised cost, contract assets and debt instruments measured at FVTOCI (if any). The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition.
For trade receivables and contract assets that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the simplified approach is applied and lifetime ECL is recognised.
Where a collective basis is applied, the ECLs on these financial assets are estimated using a provision matrix based on the historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
For all other financial instruments, the general approach is applied and lifetime ECL is recognised when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the loss allowance for that financial instrument is measured at an amount equal to 12-month ECL (\u201812m ECL\u2019). The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring.
Lifetime ECL represents the ECLs that will result from all possible default events over the expected life of a financial instrument. In contrast, 12m ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. An impairment gain or loss is recognised in profit or loss for all financial assets with a corresponding adjustment to their carrying, except for investments in debt instruments that are measured at FVTOCI (if any), for which the loss allowance is recognised in other comprehensive income and accumulated in the Fair value reserve and does not reduce the carrying amount of the financial asset in the statement of financial position.
Significant increase in credit risk
In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the risk of a default occurring on the financial instrument as at the reporting date is compared with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, both quantitative and qualitative information that is reasonable and supportable, (including historical experience and forward- looking information that is available without undue cost or effort and, where applicable, the financial position of the counterparties) are considered.
Irrespective of the outcome of the above assessment, the credit risk on a financial asset is presumed to have increased significantly since initial recognition when contractual payments are more than 30 days past due, unless there is reasonable and supportable information that is available without undue cost or effort, that demonstrates otherwise. Despite the above assessment, it is assumed that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. Accordingly, for these financial assets, the loss allowance is measured at an amount equal to 12m ECL.
Definition of default
The following are considered as constituting an event of default for internal credit risk management purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable:
-when there is a breach of financial covenants by the counterparty or
-information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors in full (without taking into account any collateral held).
Irrespective of the above analysis, default is considered to have occurred when a financial asset is more than 365 days past due. The 90 days past due presumption is rebutted by the Company and the Group since there is reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
Evidence that a financial asset is credit-impaired includes observable data about the following events:
a)significant financial difficulty of the issuer or the borrower
b)a breach of contract, such as a default or past due event
c)the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider
d)it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation or
e)the disappearance of an active market for that financial asset because of financial difficulties.
A financial asset is written off when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example when the counterparty has entered into bankruptcy or in the case of trade receivables, when the amounts are over 3 years passed due, whichever occurred sooner.
Measurement and recognition of ECLs
For financial assets, the credit loss is the difference between all contractual cash flows that are due in accordance with the contract and all the cash flows that are expected to be received, discounted at the original effective interest rate. ECLs represent the weighted average of credit losses with the respective risks of a default occurring as the weights.
The assessment of the probability of default and loss given default is based on historical data adjusted by forward- looking information, where applicable. Where applicable, the financial position of the counterparties is also taken into consideration.
Collective basis
If evidence of a significant increase in credit risk at the individual instrument level is not yet available, the assessment of significant increases in credit risk is performed on a collective basis by considering information on, for example, a Group or sub-Group of financial instruments. Where reasonable and supportable information that is available without undue cost or effort to measure lifetime ECL on an individual instrument basis is not available, lifetime ECL is measured on a collective basis. In such instances, the financial instruments are Grouped on the basis of shared credit risk characteristics. The Grouping is regularly reviewed by management to ensure the constituents of each Group continue to share similar credit risk characteristics.
6.13
FINANCIAL LIABILITIES
Subsequent measurement
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss.
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
6.14
PROVISIONS
Provisions are recognised when an entity has a present obligation (legal or constructive) as a result of a past event, it is probable that the entity will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation. For the provision of care home services, potential obligations may arise from matters such as employee benefits, legal claims, compliance with regulatory requirements, and service commitments.
However, the Group has assessed that no such obligations existed at the reporting date and as at the prior reporting period that would require recognition.
6.16
FINANCE INCOME AND FINANCE COST
Finance income and finance cost are accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable.
Finance costs include interest incurred on bank loans, bonds issued by the Group, and amounts due to the ultimate parent company, as well as the amortisation of bond issue costs and other charges related to financing arrangements. Borrowing costs are expensed in the period in which they are incurred, unless they relate to the acquisition, construction, or production of a qualifying asset, in which case they are capitalised.
6.18
EMPLOYEE BENEFITS
The Group entities contribute towards the state pension in accordance with local legislation. The only obligation is to make the required contributions. Costs are expensed in the period in which they are incurred.
11
NON-FINANCIAL ASSETS AND LIABILITIES
11.2Depreciation
Depreciation commences when the depreciable assets are available for use and is charged to profit or loss. Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of the residual values, over the estimated useful lives, as follows:
%
Buildings and finishings1 \u2013 2
Buildings fixtures10
Plant, machinery and other equipment5 \u2013 25
Furniture and fittings5 \u2013 10
No depreciation is charged on land.
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6
ACCOUNTING POLICIES
6.15
SHARE CAPITAL
Ordinary shares issued by the Company are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.
Dividends to holders of equity instruments are recognised as liability in the period in which they are declared. Dividends to holders of equity instruments are recognised directly in equity.
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6
ACCOUNTING POLICIES
6.15
SHARE CAPITAL
Dividends to holders of equity instruments are recognised as liability in the period in which they are declared. Dividends to holders of equity instruments are recognised directly in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964752": { "value": "
6
ACCOUNTING POLICIES
6.13
FINANCIAL LIABILITIES
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities measured at amortised cost are the Group\u2019s primary category of financial liabilities and include borrowings, bonds, trade and other payables. These are subsequently measured using the effective interest method.
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings. For more information, refer to Note 12.3.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964751": { "value": "
6
ACCOUNTING POLICIES
6.13
FINANCIAL LIABILITIES
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities measured at amortised cost are the Group\u2019s primary category of financial liabilities and include borrowings, bonds, trade and other payables. These are subsequently measured using the effective interest method.
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Company has not designated any financial liability as at fair value through profit or loss.
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings. For more information, refer to Note 12.3.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.
Trade payables
Trade payables are classified under current liabilities and are stated at their nominal value unless the effect of discounting is material. In such cases, trade payables are measured at amortised cost using the effective interest method.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964750": { "value": "
6
ACCOUNTING POLICIES
6.13
FINANCIAL LIABILITIES
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities measured at amortised cost are the Group\u2019s primary category of financial liabilities and include borrowings, bonds, trade and other payables. These are subsequently measured using the effective interest method.
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Company has not designated any financial liability as at fair value through profit or loss.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964749": { "value": "
6
ACCOUNTING POLICIES
6.13
FINANCIAL LIABILITIES
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities measured at amortised cost are the Group\u2019s primary category of financial liabilities and include borrowings, bonds, trade and other payables. These are subsequently measured using the effective interest method.
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Company has not designated any financial liability as at fair value through profit or loss.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964748": { "value": "
6
ACCOUNTING POLICIES
6.12
ECLs
A loss allowance for ECLs is recognised on financial assets measured at amortised cost, contract assets and debt instruments measured at FVTOCI (if any). The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition.
For trade receivables and contract assets that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the simplified approach is applied and lifetime ECL is recognised.
Where a collective basis is applied, the ECLs on these financial assets are estimated using a provision matrix based on the historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
For all other financial instruments, the general approach is applied and lifetime ECL is recognised when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the loss allowance for that financial instrument is measured at an amount equal to 12-month ECL (\u201812m ECL\u2019). The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring.
Lifetime ECL represents the ECLs that will result from all possible default events over the expected life of a financial instrument. In contrast, 12m ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. An impairment gain or loss is recognised in profit or loss for all financial assets with a corresponding adjustment to their carrying, except for investments in debt instruments that are measured at FVTOCI (if any), for which the loss allowance is recognised in other comprehensive income and accumulated in the Fair value reserve and does not reduce the carrying amount of the financial asset in the statement of financial position.
Significant increase in credit risk
In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the risk of a default occurring on the financial instrument as at the reporting date is compared with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, both quantitative and qualitative information that is reasonable and supportable, (including historical experience and forward- looking information that is available without undue cost or effort and, where applicable, the financial position of the counterparties) are considered.
Irrespective of the outcome of the above assessment, the credit risk on a financial asset is presumed to have increased significantly since initial recognition when contractual payments are more than 30 days past due, unless there is reasonable and supportable information that is available without undue cost or effort, that demonstrates otherwise. Despite the above assessment, it is assumed that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. Accordingly, for these financial assets, the loss allowance is measured at an amount equal to 12m ECL.
Definition of default
The following are considered as constituting an event of default for internal credit risk management purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable:
-when there is a breach of financial covenants by the counterparty or
-information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors in full (without taking into account any collateral held).
Irrespective of the above analysis, default is considered to have occurred when a financial asset is more than 365 days past due. The 90 days past due presumption is rebutted by the Company and the Group since there is reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
Evidence that a financial asset is credit-impaired includes observable data about the following events:
a)significant financial difficulty of the issuer or the borrower
b)a breach of contract, such as a default or past due event
c)the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider
d)it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation or
e)the disappearance of an active market for that financial asset because of financial difficulties.
A financial asset is written off when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example when the counterparty has entered into bankruptcy or in the case of trade receivables, when the amounts are over 3 years passed due, whichever occurred sooner.
Measurement and recognition of ECLs
For financial assets, the credit loss is the difference between all contractual cash flows that are due in accordance with the contract and all the cash flows that are expected to be received, discounted at the original effective interest rate. ECLs represent the weighted average of credit losses with the respective risks of a default occurring as the weights.
The assessment of the probability of default and loss given default is based on historical data adjusted by forward- looking information, where applicable. Where applicable, the financial position of the counterparties is also taken into consideration.
Collective basis
If evidence of a significant increase in credit risk at the individual instrument level is not yet available, the assessment of significant increases in credit risk is performed on a collective basis by considering information on, for example, a Group or sub-Group of financial instruments. Where reasonable and supportable information that is available without undue cost or effort to measure lifetime ECL on an individual instrument basis is not available, lifetime ECL is measured on a collective basis. In such instances, the financial instruments are Grouped on the basis of shared credit risk characteristics. The Grouping is regularly reviewed by management to ensure the constituents of each Group continue to share similar credit risk characteristics.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964747": { "value": "
6
ACCOUNTING POLICIES
6.13
FINANCIAL LIABILITIES
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964746": { "value": "
6
ACCOUNTING POLICIES
6.11
FINANCIAL INSTRUMENTS
Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
Financial assets
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.
All recognised financial assets are measured subsequently in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.
Classification of financial assets
Debt instruments that meet the following conditions are measured subsequently at amortised cost:
\u2022the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows;
\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Debt instruments that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI):
\u2022the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets;
\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL).
Despite the foregoing, the group may make the following irrevocable election / designation at initial recognition of a financial asset:
\u2022the group may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if certain criteria are met;
\u2022the group may irrevocably designate a debt investment that meets the amortised cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.
Financial assets at FVTPL
Financial assets that do not meet the criteria for being measured at amortised cost or FVTOCI are measured at FVTPL. Specifically:
\u2022investments in equity instruments are classified as at FVTPL, unless the group designates an equity investment that is neither held for trading nor a contingent consideration arising from a business combination as at FVTOCI on initial recognition;
\u2022debt instruments that do not meet the amortised cost criteria or the FVTOCI criteria are classified as at FVTPL.
In addition, debt instruments that meet either the amortised cost criteria or the FVTOCI criteria may be designated as at FVTPL upon initial recognition if such designation eliminates or significantly reduces a measurement or recognition inconsistency (so called \u2018accounting mismatch\u2019) that would arise from measuring assets or liabilities or recognising the gains and losses on them on different bases. The Company has designated the preference shares held with subsidiary as FVTPL.
Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss to the extent they are not part of a designated hedging relationship.
The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset and is included in the \u2018other gains and losses\u2019. Fair value is determined in the manner described in note 14.4.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964744": { "value": "
6
ACCOUNTING POLICIES
6.11
FINANCIAL INSTRUMENTS
Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
Financial assets
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.
All recognised financial assets are measured subsequently in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.
Classification of financial assets
Debt instruments that meet the following conditions are measured subsequently at amortised cost:
\u2022the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows;
\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Debt instruments that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI):
\u2022the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets;
\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL).
Despite the foregoing, the group may make the following irrevocable election / designation at initial recognition of a financial asset:
\u2022the group may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if certain criteria are met;
\u2022the group may irrevocably designate a debt investment that meets the amortised cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.
Financial assets at FVTPL
Financial assets that do not meet the criteria for being measured at amortised cost or FVTOCI are measured at FVTPL. Specifically:
\u2022investments in equity instruments are classified as at FVTPL, unless the group designates an equity investment that is neither held for trading nor a contingent consideration arising from a business combination as at FVTOCI on initial recognition;
\u2022debt instruments that do not meet the amortised cost criteria or the FVTOCI criteria are classified as at FVTPL.
In addition, debt instruments that meet either the amortised cost criteria or the FVTOCI criteria may be designated as at FVTPL upon initial recognition if such designation eliminates or significantly reduces a measurement or recognition inconsistency (so called \u2018accounting mismatch\u2019) that would arise from measuring assets or liabilities or recognising the gains and losses on them on different bases. The Company has designated the preference shares held with subsidiary as FVTPL.
Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss to the extent they are not part of a designated hedging relationship.
The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset and is included in the \u2018other gains and losses\u2019. Fair value is determined in the manner described in note 14.4.
6.12
ECLs
A loss allowance for ECLs is recognised on financial assets measured at amortised cost, contract assets and debt instruments measured at FVTOCI (if any). The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition.
For trade receivables and contract assets that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the simplified approach is applied and lifetime ECL is recognised.
Where a collective basis is applied, the ECLs on these financial assets are estimated using a provision matrix based on the historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
For all other financial instruments, the general approach is applied and lifetime ECL is recognised when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the loss allowance for that financial instrument is measured at an amount equal to 12-month ECL (\u201812m ECL\u2019). The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring.
Lifetime ECL represents the ECLs that will result from all possible default events over the expected life of a financial instrument. In contrast, 12m ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. An impairment gain or loss is recognised in profit or loss for all financial assets with a corresponding adjustment to their carrying, except for investments in debt instruments that are measured at FVTOCI (if any), for which the loss allowance is recognised in other comprehensive income and accumulated in the Fair value reserve and does not reduce the carrying amount of the financial asset in the statement of financial position.
Significant increase in credit risk
In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the risk of a default occurring on the financial instrument as at the reporting date is compared with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, both quantitative and qualitative information that is reasonable and supportable, (including historical experience and forward- looking information that is available without undue cost or effort and, where applicable, the financial position of the counterparties) are considered.
Irrespective of the outcome of the above assessment, the credit risk on a financial asset is presumed to have increased significantly since initial recognition when contractual payments are more than 30 days past due, unless there is reasonable and supportable information that is available without undue cost or effort, that demonstrates otherwise. Despite the above assessment, it is assumed that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. Accordingly, for these financial assets, the loss allowance is measured at an amount equal to 12m ECL.
Definition of default
The following are considered as constituting an event of default for internal credit risk management purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable:
-when there is a breach of financial covenants by the counterparty or
-information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors in full (without taking into account any collateral held).
Irrespective of the above analysis, default is considered to have occurred when a financial asset is more than 365 days past due. The 90 days past due presumption is rebutted by the Company and the Group since there is reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
Evidence that a financial asset is credit-impaired includes observable data about the following events:
a)significant financial difficulty of the issuer or the borrower
b)a breach of contract, such as a default or past due event
c)the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider
d)it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation or
e)the disappearance of an active market for that financial asset because of financial difficulties.
A financial asset is written off when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example when the counterparty has entered into bankruptcy or in the case of trade receivables, when the amounts are over 3 years passed due, whichever occurred sooner.
Measurement and recognition of ECLs
For financial assets, the credit loss is the difference between all contractual cash flows that are due in accordance with the contract and all the cash flows that are expected to be received, discounted at the original effective interest rate. ECLs represent the weighted average of credit losses with the respective risks of a default occurring as the weights.
The assessment of the probability of default and loss given default is based on historical data adjusted by forward- looking information, where applicable. Where applicable, the financial position of the counterparties is also taken into consideration.
Collective basis
If evidence of a significant increase in credit risk at the individual instrument level is not yet available, the assessment of significant increases in credit risk is performed on a collective basis by considering information on, for example, a Group or sub-Group of financial instruments. Where reasonable and supportable information that is available without undue cost or effort to measure lifetime ECL on an individual instrument basis is not available, lifetime ECL is measured on a collective basis. In such instances, the financial instruments are Grouped on the basis of shared credit risk characteristics. The Grouping is regularly reviewed by management to ensure the constituents of each Group continue to share similar credit risk characteristics.
6.19
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash on hand, demand deposits and short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964743": { "value": "
6
ACCOUNTING POLICIES
6.7
PROPERTY, PLANT AND EQUIPMENT
Each year, the difference between depreciation based on the revalued carrying amount of the asset charged to profit or loss and depreciation based on the asset\u2019s original cost, net of tax, is reclassified from the property, plant and equipment revaluation surplus to retained earnings.
The depreciation methods and useful lives used by the Group are disclosed in Note 11.2. The depreciation method applied, and the assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
11
NON-FINANCIAL ASSETS AND LIABILITIES
11.2Depreciation
Depreciation commences when the depreciable assets are available for use and is charged to profit or loss. Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of the residual values, over the estimated useful lives, as follows:
%
Buildings and finishings1 \u2013 2
Buildings fixtures10
Plant, machinery and other equipment5 \u2013 25
Furniture and fittings5 \u2013 10
No depreciation is charged on land.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964742": { "value": "
6
ACCOUNTING POLICIES
6.6
INCOME TAX
Deferred income tax is provided in full, using the balance sheet liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill.
Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.
Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in subsidiaries where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. No amounts of deferred tax balances have been offset during the current and the prior period.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964741": { "value": "
6
ACCOUNTING POLICIES
6.6
INCOME TAX
The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the Maltese tax laws enacted or substantively enacted at the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the balance sheet liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill.
Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.
Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in subsidiaries where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. No amounts of deferred tax balances have been offset during the current and the prior period.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964740": { "value": "
6
ACCOUNTING POLICIES
6.16
FINANCE INCOME AND FINANCE COST
Finance income and finance cost are accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable.
Finance income is recognised to the extent that it is probable that future economic benefits will flow to the Company and these can be measured reliably.
Finance costs include interest incurred on bank loans, bonds issued by the Group, and amounts due to the ultimate parent company, as well as the amortisation of bond issue costs and other charges related to financing arrangements. Borrowing costs are expensed in the period in which they are incurred, unless they relate to the acquisition, construction, or production of a qualifying asset, in which case they are capitalised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964739": { "value": "
6
ACCOUNTING POLICIES
6.16
FINANCE INCOME AND FINANCE COST
Finance income and finance cost are accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable.
Finance income is recognised to the extent that it is probable that future economic benefits will flow to the Company and these can be measured reliably.
Finance costs include interest incurred on bank loans, bonds issued by the Group, and amounts due to the ultimate parent company, as well as the amortisation of bond issue costs and other charges related to financing arrangements. Borrowing costs are expensed in the period in which they are incurred, unless they relate to the acquisition, construction, or production of a qualifying asset, in which case they are capitalised.
6.17
DIVIDEND INCOME
Dividend income is recognised when the shareholder\u2019s right to receive payment is established. Dividend income is recognised to the extent that it is probable that future economic benefits will flow to the Company and these can be measured reliably.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964738": { "value": "
6
ACCOUNTING POLICIES
6.16
FINANCE INCOME AND FINANCE COST
Finance income and finance cost are accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable.
Finance costs include interest incurred on bank loans, bonds issued by the Group, and amounts due to the ultimate parent company, as well as the amortisation of bond issue costs and other charges related to financing arrangements. Borrowing costs are expensed in the period in which they are incurred, unless they relate to the acquisition, construction, or production of a qualifying asset, in which case they are capitalised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964737": { "value": "
6
ACCOUNTING POLICIES
6.5
BORROWING COSTS
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
During the current and previous financial years, there were no such instances of the borrowing costs being capitalised, yet capitalised borrowing costs are to be included within the Non-Current Assets of the Group.
6.16
FINANCE INCOME AND FINANCE COST
Finance costs include interest incurred on bank loans, bonds issued by the Group, and amounts due to the ultimate parent company, as well as the amortisation of bond issue costs and other charges related to financing arrangements. Borrowing costs are expensed in the period in which they are incurred, unless they relate to the acquisition, construction, or production of a qualifying asset, in which case they are capitalised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964736": { "value": "
6
ACCOUNTING POLICIES
6.2GOODWILL
Goodwill is tested for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination.
Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. The business combinations undertaken by the Group up to 31 December 2025 (and up to the prior reported period) did not result in the recognition of goodwill.
6.8
IMPAIRMENT
When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash\u2011generating units, or otherwise they are allocated to the smallest Group of cash generating units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount.
An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
6.12
ECLs
A loss allowance for ECLs is recognised on financial assets measured at amortised cost, contract assets and debt instruments measured at FVTOCI (if any). The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition.
For trade receivables and contract assets that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the simplified approach is applied and lifetime ECL is recognised.
Where a collective basis is applied, the ECLs on these financial assets are estimated using a provision matrix based on the historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
For all other financial instruments, the general approach is applied and lifetime ECL is recognised when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the loss allowance for that financial instrument is measured at an amount equal to 12-month ECL (\u201812m ECL\u2019). The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring.
Lifetime ECL represents the ECLs that will result from all possible default events over the expected life of a financial instrument. In contrast, 12m ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. An impairment gain or loss is recognised in profit or loss for all financial assets with a corresponding adjustment to their carrying, except for investments in debt instruments that are measured at FVTOCI (if any), for which the loss allowance is recognised in other comprehensive income and accumulated in the Fair value reserve and does not reduce the carrying amount of the financial asset in the statement of financial position.
Significant increase in credit risk
In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the risk of a default occurring on the financial instrument as at the reporting date is compared with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, both quantitative and qualitative information that is reasonable and supportable, (including historical experience and forward- looking information that is available without undue cost or effort and, where applicable, the financial position of the counterparties) are considered.
Irrespective of the outcome of the above assessment, the credit risk on a financial asset is presumed to have increased significantly since initial recognition when contractual payments are more than 30 days past due, unless there is reasonable and supportable information that is available without undue cost or effort, that demonstrates otherwise. Despite the above assessment, it is assumed that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. Accordingly, for these financial assets, the loss allowance is measured at an amount equal to 12m ECL.
Definition of default
The following are considered as constituting an event of default for internal credit risk management purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable:
-when there is a breach of financial covenants by the counterparty or
-information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors in full (without taking into account any collateral held).
Irrespective of the above analysis, default is considered to have occurred when a financial asset is more than 365 days past due. The 90 days past due presumption is rebutted by the Company and the Group since there is reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
Evidence that a financial asset is credit-impaired includes observable data about the following events:
a)significant financial difficulty of the issuer or the borrower
b)a breach of contract, such as a default or past due event
c)the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider
d)it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation or
e)the disappearance of an active market for that financial asset because of financial difficulties.
A financial asset is written off when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example when the counterparty has entered into bankruptcy or in the case of trade receivables, when the amounts are over 3 years passed due, whichever occurred sooner.
Measurement and recognition of ECLs
For financial assets, the credit loss is the difference between all contractual cash flows that are due in accordance with the contract and all the cash flows that are expected to be received, discounted at the original effective interest rate. ECLs represent the weighted average of credit losses with the respective risks of a default occurring as the weights.
The assessment of the probability of default and loss given default is based on historical data adjusted by forward- looking information, where applicable. Where applicable, the financial position of the counterparties is also taken into consideration.
Collective basis
If evidence of a significant increase in credit risk at the individual instrument level is not yet available, the assessment of significant increases in credit risk is performed on a collective basis by considering information on, for example, a Group or sub-Group of financial instruments. Where reasonable and supportable information that is available without undue cost or effort to measure lifetime ECL on an individual instrument basis is not available, lifetime ECL is measured on a collective basis. In such instances, the financial instruments are Grouped on the basis of shared credit risk characteristics. The Grouping is regularly reviewed by management to ensure the constituents of each Group continue to share similar credit risk characteristics.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964735": { "value": "
6
ACCOUNTING POLICIES
6.2GOODWILL
Goodwill arising in a business combination is recognised as an asset on the date that control is acquired (the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree and in a business combination achieved in stages, the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.
If, after reassessment, the Group\u2019s interest in the fair value of the acquiree\u2019s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. Goodwill is tested for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination.
Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. The business combinations undertaken by the Group up to 31 December 2025 (and up to the prior reported period) did not result in the recognition of goodwill.
While the business combinations undertaken by the Group up to 31 December 2025 (and up to the prior reporting period) have been assessed in line with the above, they did not result in the recognition of goodwill.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964734": { "value": "
6
ACCOUNTING POLICIES
6.2GOODWILL
Goodwill is tested for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination.
Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. The business combinations undertaken by the Group up to 31 December 2025 (and up to the prior reported period) did not result in the recognition of goodwill.
6.8
IMPAIRMENT
When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash\u2011generating units, or otherwise they are allocated to the smallest Group of cash generating units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount.
An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_10465-tag11964733": { "value": "
6
ACCOUNTING POLICIES
6.2GOODWILL
Goodwill arising in a business combination is recognised as an asset on the date that control is acquired (the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree and in a business combination achieved in stages, the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.
If, after reassessment, the Group\u2019s interest in the fair value of the acquiree\u2019s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. Goodwill is tested for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination.
Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. The business combinations undertaken by the Group up to 31 December 2025 (and up to the prior reported period) did not result in the recognition of goodwill.
While the business combinations undertaken by the Group up to 31 December 2025 (and up to the prior reporting period) have been assessed in line with the above, they did not result in the recognition of goodwill.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page42-cflshid_15826-tag11964812": { "value": "
7REVENUE
The Group derives its revenue as disclosed in Note 6.3 and as per below:
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Income from accommodation12,632,65811,740,434--
Income from services2,640,7152,261,627--
Dividend income--919,102926,455
Finance income-- 891,023907,967
15,273,37314,002,0611,810,1251,834,422
Income from services is generated in the delivery of care, nursing, meals, and other ancillary services.
12OTHER ASSETS AND OTHER LIABILITIES
12.1Trade and other receivables
GroupCompany
2025202420252024
Current assets\u20ac\u20ac\u20ac\u20ac\u20ac
Trade receivables1,676,1321,295,470- -
Other receivables90,3169,500--
Amounts due from related companies--3,528,7142,226,252
Prepayments82,668121,9344901,004
1,849,1161,426,9043,529,2042,227,256
12.1.1 Classification as trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and therefore are all classified as current.
Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value.
The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.
12.1.2 Amounts due from related companies
Amounts due from related companies are unsecured, interest free and repayable on demand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page42-cflshid_15826-tag11964769": { "value": "
7REVENUE
The Group derives its revenue as disclosed in Note 6.3 and as per below:
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Income from accommodation12,632,65811,740,434--
Income from services2,640,7152,261,627--
Dividend income--919,102926,455
Finance income-- 891,023907,967
15,273,37314,002,0611,810,1251,834,422
Income from services is generated in the delivery of care, nursing, meals, and other ancillary services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page43-cflshid_16197-tag11964803": { "value": "
8OTHER INCOME AND EXPENSE ITEMS
8.1Breakdown of expenses by nature
GroupCompany
Cost of sales2025202420252024
\u20ac\u20ac\u20ac\u20ac
Food, beverages and supplies1,011,922918,849--
Depreciation1,211,4981,202,656--
Salaries (Note 1)6,280,4626,005,896--
Cleaning 80,51558,911--
Gardening expenses21,66225,082--
Laundry163,184147,722--
Repairs and maintenance252,487238,506--
Sanitaries 184,187164,788--
Security services 91,14988,169--
Other direct costs 73,47867,062--
Water and electricity438,253411,061--
Other expenses488,008221,878--
10,296,8059,550,580--
GroupCompany
Administrative expenses2025202420252024
\u20ac\u20ac\u20ac\u20ac
Professional fees (Note 2)140,977206,53825,13946,645
Salaries and directors' fees (Note 1)677,635717,52824,00021,000
Irrecoverable Vat on rent348,106346,810--
Advertising31,79933,527--
Telecommunications42,94041,563--
Insurance61,70366,58613,42813,977
Loss allowance131,88996,33575,1187,376
Other expenses129,37085,729--
1,564,4191,594,616137,68588,998
Note 1:
GroupCompany
2025202420252024
Staff costs:\u20ac\u20ac\u20ac\u20ac
Salaries6,227,6845,977,140--
Directors' fees308,318358,33924,00021,000
Social security costs422,095387,945--
6,958,0976,723,42424,00021,000
The average number of persons employed by the Group during the current period was as follows:
GroupCompany
2025202420252024
Note 1:NumberNumberNumberNumber
Operations264251--
Administrative1916--
283267--
GroupCompany
2025202420252024
Note 2:\u20ac\u20ac\u20ac\u20ac
Auditors Fees:
Included within professional fees charged by the auditorfor services rendered during the financial year:
Annual statutory audit 30,97828,8704,1304,130
8.2Finance costs
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Financial charges65,91141,76417,376 18,659
Bank loan interest465,242435,913--
Bond interest705,250705,250705,250705,250
Interest on amount due to ultimate parent company537,222576,241185,773202,716
Amortisation of bond expenses39,31439,46339,31439,463
1,812,9391,798,631947,713966,088
9
INCOME TAX
9.1
Income tax recognised in profit or loss
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current tax:
Current tax on taxable income for the year156391 156391
Deferred tax:
Temporary differences arising on items of property,
plant and equipment163,433168,547--
Temporary differences arising on tax losses 32,73385,321--
Unabsorbed capital allowances386,241128,703--
Total income tax recognised in the current year582,563382,962156391
9.2
Reconciliation of income tax
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Profit before tax1,599,2101,058,234724,727779,336
Theoretical taxation expense at 35%559,724370,382253,654272,768
Tax effect of:
Rental income(8,183)(7,038)--
Other differences(67,613)48,831)(279,789)(288,770)
Disallowable expenses98,63568,44926,29116,393
Income tax credit582,563382,962156391
11
NON-FINANCIAL ASSETS AND LIABILITIES
11.1PROPERTY, PLANT & EQUIPMENT
GroupFreehold land and buildingsPlant, machinery and equipmentFurnitureTotal
Cost / revalued amount
\u20ac\u20ac\u20ac\u20ac
At 1 January 202451,109,75110,834,1191,868,40263,812,272
Additions 34,938387,693108,999531,630
Revaluation5,102,296--5,102,296
At 31 December 202456,246,98511,221,8121,977,40169,446,198
At 1 January 202556,246,98511,221,8121,977,40169,446,198
Additions 83,497305,64195,425484,563
Revaluation(112,526)--(112,526)
At 31 December 202556,217,95611,527,4532,072,82669,818,235
Depreciation
At 1 January 2024949,476 1,193,565243,8522,386,893
Charge for the year 365,730681,233155,6931,202,656
Reversal of revaluation -(42,073)(4,851)(46,924)
At 31 December 20241,315,2061,832,725394,6943,542,625
At 1 January 20251,315,2061,832,725394,6943,542,625
Charge for the year365,730684,885160,8831,211,498
Reversal of revaluation-(42,073)(6,367)(48,440)
At 31 December 20251,680,9362,475,537549,2104,705,683
Carrying amounts
Carrying amount at 31 December 202454,931,7799,389,0871,582,70765,903,573
Carrying amount at 31 December 202554,537,0209,051,9161,523,61665,112,552
12OTHER ASSETS AND OTHER LIABILITIES
12.3Borrowings
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
4.55% Bond 203215,214,94315,175,62915,214,94315,175,629
Proceeds15,500,00015,500,00015,500,00015,500,000
Gross amount of bond issue cost 431,743431,743431,743431,743
Amortisation of gross bond issue costs:
At 1 January 2025107,37267,909107,37267,909
Amortisation for the year39,31439,46339,314 39,463
Accumulated amortisation at end of year 146,686107,372146,686107,372
Unamortised bond issue costs 285,057324,371285,057324,371
Amortised cost and closing carrying amount15,214,94315,175,62915,214,94315,175,629
14
FINANCIAL RISK MANAGEMENT
14.3Credit risk
17
RELATED PARTY TRANSACTIONS
17.1
Compensation of key management personnel
The remuneration of directors and other members of key management personnel during the year was as follows:
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Directors\u2019 remuneration308,318358,33924,00021,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page43-cflshid_16197-tag11964802": { "value": "
8OTHER INCOME AND EXPENSE ITEMS
8.1Breakdown of expenses by nature
GroupCompany
Cost of sales2025202420252024
\u20ac\u20ac\u20ac\u20ac
Food, beverages and supplies1,011,922918,849--
Depreciation1,211,4981,202,656--
Salaries (Note 1)6,280,4626,005,896--
Cleaning 80,51558,911--
Gardening expenses21,66225,082--
Laundry163,184147,722--
Repairs and maintenance252,487238,506--
Sanitaries 184,187164,788--
Security services 91,14988,169--
Other direct costs 73,47867,062--
Water and electricity438,253411,061--
Other expenses488,008221,878--
10,296,8059,550,580--
GroupCompany
Administrative expenses2025202420252024
\u20ac\u20ac\u20ac\u20ac
Professional fees (Note 2)140,977206,53825,13946,645
Salaries and directors' fees (Note 1)677,635717,52824,00021,000
Irrecoverable Vat on rent348,106346,810--
Advertising31,79933,527--
Telecommunications42,94041,563--
Insurance61,70366,58613,42813,977
Loss allowance131,88996,33575,1187,376
Other expenses129,37085,729--
1,564,4191,594,616137,68588,998
Note 1:
GroupCompany
2025202420252024
Staff costs:\u20ac\u20ac\u20ac\u20ac
Salaries6,227,6845,977,140--
Directors' fees308,318358,33924,00021,000
Social security costs422,095387,945--
6,958,0976,723,42424,00021,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page43-cflshid_16197-tag11964765": { "value": "
8OTHER INCOME AND EXPENSE ITEMS
8.1Breakdown of expenses by nature
GroupCompany
Cost of sales2025202420252024
\u20ac\u20ac\u20ac\u20ac
Food, beverages and supplies1,011,922918,849--
Depreciation1,211,4981,202,656--
Salaries (Note 1)6,280,4626,005,896--
Cleaning 80,51558,911--
Gardening expenses21,66225,082--
Laundry163,184147,722--
Repairs and maintenance252,487238,506--
Sanitaries 184,187164,788--
Security services 91,14988,169--
Other direct costs 73,47867,062--
Water and electricity438,253411,061--
Other expenses488,008221,878--
10,296,8059,550,580--
GroupCompany
Administrative expenses2025202420252024
\u20ac\u20ac\u20ac\u20ac
Professional fees (Note 2)140,977206,53825,13946,645
Salaries and directors' fees (Note 1)677,635717,52824,00021,000
Irrecoverable Vat on rent348,106346,810--
Advertising31,79933,527--
Telecommunications42,94041,563--
Insurance61,70366,58613,42813,977
Loss allowance131,88996,33575,1187,376
Other expenses129,37085,729--
1,564,4191,594,616137,68588,998
Note 1:
GroupCompany
2025202420252024
Staff costs:\u20ac\u20ac\u20ac\u20ac
Salaries6,227,6845,977,140--
Directors' fees308,318358,33924,00021,000
Social security costs422,095387,945--
6,958,0976,723,42424,00021,000
The average number of persons employed by the Group during the current period was as follows:
GroupCompany
2025202420252024
Note 1:NumberNumberNumberNumber
Operations264251--
Administrative1916--
283267--
GroupCompany
2025202420252024
Note 2:\u20ac\u20ac\u20ac\u20ac
Auditors Fees:
Included within professional fees charged by the auditorfor services rendered during the financial year:
Annual statutory audit 30,97828,8704,1304,130
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page43-cflshid_16231-tag11964820": { "value": "
8OTHER INCOME AND EXPENSE ITEMS
8.1Breakdown of expenses by nature
GroupCompany
Cost of sales2025202420252024
\u20ac\u20ac\u20ac\u20ac
Food, beverages and supplies1,011,922918,849--
Depreciation1,211,4981,202,656--
Salaries (Note 1)6,280,4626,005,896--
Cleaning 80,51558,911--
Gardening expenses21,66225,082--
Laundry163,184147,722--
Repairs and maintenance252,487238,506--
Sanitaries 184,187164,788--
Security services 91,14988,169--
Other direct costs 73,47867,062--
Water and electricity438,253411,061--
Other expenses488,008221,878--
10,296,8059,550,580--
GroupCompany
Administrative expenses2025202420252024
\u20ac\u20ac\u20ac\u20ac
Professional fees (Note 2)140,977206,53825,13946,645
Salaries and directors' fees (Note 1)677,635717,52824,00021,000
Irrecoverable Vat on rent348,106346,810--
Advertising31,79933,527--
Telecommunications42,94041,563--
Insurance61,70366,58613,42813,977
Loss allowance131,88996,33575,1187,376
Other expenses129,37085,729--
1,564,4191,594,616137,68588,998
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page43-cflshid_16231-tag11964810": { "value": "
8OTHER INCOME AND EXPENSE ITEMS
8.1Breakdown of expenses by nature
GroupCompany
Cost of sales2025202420252024
\u20ac\u20ac\u20ac\u20ac
Food, beverages and supplies1,011,922918,849--
Depreciation1,211,4981,202,656--
Salaries (Note 1)6,280,4626,005,896--
Cleaning 80,51558,911--
Gardening expenses21,66225,082--
Laundry163,184147,722--
Repairs and maintenance252,487238,506--
Sanitaries 184,187164,788--
Security services 91,14988,169--
Other direct costs 73,47867,062--
Water and electricity438,253411,061--
Other expenses488,008221,878--
10,296,8059,550,580--
GroupCompany
Administrative expenses2025202420252024
\u20ac\u20ac\u20ac\u20ac
Professional fees (Note 2)140,977206,53825,13946,645
Salaries and directors' fees (Note 1)677,635717,52824,00021,000
Irrecoverable Vat on rent348,106346,810--
Advertising31,79933,527--
Telecommunications42,94041,563--
Insurance61,70366,58613,42813,977
Loss allowance131,88996,33575,1187,376
Other expenses129,37085,729--
1,564,4191,594,616137,68588,998
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page43-cflshid_16231-tag11964801": { "value": "
8OTHER INCOME AND EXPENSE ITEMS
8.1Breakdown of expenses by nature
GroupCompany
Cost of sales2025202420252024
\u20ac\u20ac\u20ac\u20ac
Food, beverages and supplies1,011,922918,849--
Depreciation1,211,4981,202,656--
Salaries (Note 1)6,280,4626,005,896--
Cleaning 80,51558,911--
Gardening expenses21,66225,082--
Laundry163,184147,722--
Repairs and maintenance252,487238,506--
Sanitaries 184,187164,788--
Security services 91,14988,169--
Other direct costs 73,47867,062--
Water and electricity438,253411,061--
Other expenses488,008221,878--
10,296,8059,550,580--
11
NON-FINANCIAL ASSETS AND LIABILITIES
11.1PROPERTY, PLANT & EQUIPMENT
GroupFreehold land and buildingsPlant, machinery and equipmentFurnitureTotal
Cost / revalued amount
\u20ac\u20ac\u20ac\u20ac
At 1 January 202451,109,75110,834,1191,868,40263,812,272
Additions 34,938387,693108,999531,630
Revaluation5,102,296--5,102,296
At 31 December 202456,246,98511,221,8121,977,40169,446,198
At 1 January 202556,246,98511,221,8121,977,40169,446,198
Additions 83,497305,64195,425484,563
Revaluation(112,526)--(112,526)
At 31 December 202556,217,95611,527,4532,072,82669,818,235
Depreciation
At 1 January 2024949,476 1,193,565243,8522,386,893
Charge for the year 365,730681,233155,6931,202,656
Reversal of revaluation -(42,073)(4,851)(46,924)
At 31 December 20241,315,2061,832,725394,6943,542,625
At 1 January 20251,315,2061,832,725394,6943,542,625
Charge for the year365,730684,885160,8831,211,498
Reversal of revaluation-(42,073)(6,367)(48,440)
At 31 December 20251,680,9362,475,537549,2104,705,683
Carrying amounts
Carrying amount at 31 December 202454,931,7799,389,0871,582,70765,903,573
Carrying amount at 31 December 202554,537,0209,051,9161,523,61665,112,552
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page43-cflshid_16231-tag11964800": { "value": "
8OTHER INCOME AND EXPENSE ITEMS
8.1Breakdown of expenses by nature
GroupCompany
Cost of sales2025202420252024
\u20ac\u20ac\u20ac\u20ac
Food, beverages and supplies1,011,922918,849--
Depreciation1,211,4981,202,656--
Salaries (Note 1)6,280,4626,005,896--
Cleaning 80,51558,911--
Gardening expenses21,66225,082--
Laundry163,184147,722--
Repairs and maintenance252,487238,506--
Sanitaries 184,187164,788--
Security services 91,14988,169--
Other direct costs 73,47867,062--
Water and electricity438,253411,061--
Other expenses488,008221,878--
10,296,8059,550,580--
Note 1:
GroupCompany
2025202420252024
Staff costs:\u20ac\u20ac\u20ac\u20ac
Salaries6,227,6845,977,140--
Directors' fees308,318358,33924,00021,000
Social security costs422,095387,945--
6,958,0976,723,42424,00021,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page43-cflshid_16231-tag11964806": { "value": "
8OTHER INCOME AND EXPENSE ITEMS
8.1Breakdown of expenses by nature
GroupCompany
Administrative expenses2025202420252024
\u20ac\u20ac\u20ac\u20ac
Professional fees (Note 2)140,977206,53825,13946,645
Salaries and directors' fees (Note 1)677,635717,52824,00021,000
Irrecoverable Vat on rent348,106346,810--
Advertising31,79933,527--
Telecommunications42,94041,563--
Insurance61,70366,58613,42813,977
Loss allowance131,88996,33575,1187,376
Other expenses129,37085,729--
1,564,4191,594,616137,68588,998
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page43-cflshid_16231-tag11964774": { "value": "
8OTHER INCOME AND EXPENSE ITEMS
8.1Breakdown of expenses by nature
The average number of persons employed by the Group during the current period was as follows:
GroupCompany
2025202420252024
Note 1:NumberNumberNumberNumber
Operations264251--
Administrative1916--
283267--
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page43-cflshid_16231-tag11964768": { "value": "
8OTHER INCOME AND EXPENSE ITEMS
8.1Breakdown of expenses by nature
GroupCompany
2025202420252024
Note 2:\u20ac\u20ac\u20ac\u20ac
Auditors Fees:
Included within professional fees charged by the auditorfor services rendered during the financial year:
Annual statutory audit 30,97828,8704,1304,130
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page43-cflshid_16231-tag11964767": { "value": "
8OTHER INCOME AND EXPENSE ITEMS
8.1Breakdown of expenses by nature
GroupCompany
Administrative expenses2025202420252024
\u20ac\u20ac\u20ac\u20ac
Professional fees (Note 2)140,977206,53825,13946,645
Salaries and directors' fees (Note 1)677,635717,52824,00021,000
Irrecoverable Vat on rent348,106346,810--
Advertising31,79933,527--
Telecommunications42,94041,563--
Insurance61,70366,58613,42813,977
Loss allowance131,88996,33575,1187,376
Other expenses129,37085,729--
1,564,4191,594,616137,68588,998
Note 1:
GroupCompany
2025202420252024
Staff costs:\u20ac\u20ac\u20ac\u20ac
Salaries6,227,6845,977,140--
Directors' fees308,318358,33924,00021,000
Social security costs422,095387,945--
6,958,0976,723,42424,00021,000
17
RELATED PARTY TRANSACTIONS
17.1
Compensation of key management personnel
The remuneration of directors and other members of key management personnel during the year was as follows:
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Directors\u2019 remuneration308,318358,33924,00021,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page43-cflshid_16231-tag11964766": { "value": "
8OTHER INCOME AND EXPENSE ITEMS
8.1Breakdown of expenses by nature
GroupCompany
Administrative expenses2025202420252024
\u20ac\u20ac\u20ac\u20ac
Professional fees (Note 2)140,977206,53825,13946,645
Salaries and directors' fees (Note 1)677,635717,52824,00021,000
Irrecoverable Vat on rent348,106346,810--
Advertising31,79933,527--
Telecommunications42,94041,563--
Insurance61,70366,58613,42813,977
Loss allowance131,88996,33575,1187,376
Other expenses129,37085,729--
1,564,4191,594,616137,68588,998
Note 1:
GroupCompany
2025202420252024
Staff costs:\u20ac\u20ac\u20ac\u20ac
Salaries6,227,6845,977,140--
Directors' fees308,318358,33924,00021,000
Social security costs422,095387,945--
6,958,0976,723,42424,00021,000
8.2Finance costs
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Financial charges65,91141,76417,376 18,659
Bank loan interest465,242435,913--
Bond interest705,250705,250705,250705,250
Interest on amount due to ultimate parent company537,222576,241185,773202,716
Amortisation of bond expenses39,31439,46339,31439,463
1,812,9391,798,631947,713966,088
12OTHER ASSETS AND OTHER LIABILITIES
12.1Trade and other receivables
GroupCompany
2025202420252024
Current assets\u20ac\u20ac\u20ac\u20ac\u20ac
Trade receivables1,676,1321,295,470- -
Other receivables90,3169,500--
Amounts due from related companies--3,528,7142,226,252
Prepayments82,668121,9344901,004
1,849,1161,426,9043,529,2042,227,256
12.1.1 Classification as trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and therefore are all classified as current.
Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value.
The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.
12.1.2 Amounts due from related companies
Amounts due from related companies are unsecured, interest free and repayable on demand.
12.3Borrowings
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Unsecured
Current liabilities
Amounts due to ultimate owner (Note c)82,75582,755--
Amounts due to ultimate parent (Note d)501,538482,2522,159,090 1,821,308
584,293565,0072,159,0901,821,308
Secured
Current liabilities
Bank loans (Note a)395,473391,860--
Total secured/unsecured current borrowings979,766956,8672,159,0901,821,308
Unsecured
Non-current liabilities
Amounts due to ultimate parent (Note d)9,237,70910,100,2004,216,7904,368,799
9,237,70910,100,2004,216,7904,368,799
Secured
Non-current liabilities
Bank loans (Note a)10,241,627 10,431,450--
4.55% Secured Bonds 203215,214,94315,175,62915,214,94315,175,629
25,456,57025,607,07915,214,94315,175,629
Total secured/unsecured non-current borrowings34,694,27935,707,27919,431,73319,544,428
Total borrowings 35,674,04536,664,14621,590,82321,365,736
c)Amounts due to Ultimate Owner
The amount due to Ultimate Owner amounting to \u20ac82,755 is unsecured, interest free and has no fixed date of repayment.
d)Amounts due to Ultimate Parent (Casa Antonia Limited)
The amount due to the Ultimate Parent includes:
-A loan liability, originally valued at \u20ac5,150,000, had decreased to \u20ac4,048,501 as at 31 December 2025. The liability accrues interest at a rate parallel to that applied to the Ultimate Parent\u2019s bank loans, amounting to 4.5% per annum. Repayments are made in monthly instalments of \u20ac27,635.
-Unsecured loan amounting to \u20ac5,375,771 which bears interest of 4.5% per annum. This loan is also repayable over 20 years from the date of review.
-An unsecured loan originally valued at \u20ac2,771,000, had decreased to \u20ac2,198,892 as at 31 December 2025. The loan bears an adjusted interest rate of 4.5% per annum and repayments are made in monthly instalments of \u20ac15,015. The facility is to be repaid by 2043.
-An unsecured loan amounting to \u20ac506,474. This loan is interest-free and repayments are made by monthly instalments of \u20ac5,600.
16
INVESTMENT IN SUBSIDIARIES
16.1
Details of the Company\u2019s subsidiaries at the end of the reporting period are as follows:
Name of subsidiary Principal activity Registered office Country of incorporationProportion of ownership interest and voting power held 2023 & 2024
Goldvest Company Limited Property company1, Hotel Imperial, Rudolph Street SliemaMalta100%
St. George\u2019s Care Limited To operate homes for the elderly Casa Antonia, Pope Alexander VII Junction, BalzanMalta100%
17
RELATED PARTY TRANSACTIONS
St. Anthony Co. p.l.c. is the parent company of the undertakings in Note 16.
The parent and ultimate parent company are Casa Antonia Limited and Edoardo Company Limited respectively, which are all incorporated in Malta. The ultimate controlling party is Mr Edward Vella.
Balances and transactions between the Company and its subsidiaries, which are related parties of the Group, have been eliminated on consolidation.
17.1
Compensation of key management personnel
The remuneration of directors and other members of key management personnel during the year was as follows:
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Directors\u2019 remuneration308,318358,33924,00021,000
17.2Related party balances
The related party balances are included in Note 12.3 and the interest thereon is included in Note 8.2.
The terms and conditions in respect of the related party balances do not specify the nature of the consideration to be provided in settlement. No guarantees have been given or received.
17.3Transactions with Group Companies
Transaction value year ended 31 DecemberBalance outstanding as at 31 December
GroupGroup
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Balances
Amounts due from related companies2,511,2141,265,7671,484,8841,265,767
Amounts due from related parties39,363-39,363-
Amounts due (to)/from related companies(1,511,591)(2,785,983)13,457,96211,946,371
Amounts due from/(to) related parties95,002(4,218)82,755177,757
Transaction value year ended 31 DecemberBalance outstanding as at 31 December
CompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Amounts due from related companies1,371,3861,176,3673,597,6382,226,252
Amounts due from/(to) related companies185,773202,716(6,375,881)(6,190,108)
17.4Transactions with related parties
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest recharged to subsidiaries--891,023907,967
Dividends received--919,102926,455
Interest paid to related company537,221576,241185,773202,716
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page43-cflshid_16231-tag11964804": { "value": "
8OTHER INCOME AND EXPENSE ITEMS
8.2Finance costs
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Financial charges65,91141,76417,376 18,659
Bank loan interest465,242435,913--
Bond interest705,250705,250705,250705,250
Interest on amount due to ultimate parent company537,222576,241185,773202,716
Amortisation of bond expenses39,31439,46339,31439,463
1,812,9391,798,631947,713966,088
12OTHER ASSETS AND OTHER LIABILITIES
12.1Trade and other receivables
GroupCompany
2025202420252024
Current assets\u20ac\u20ac\u20ac\u20ac\u20ac
Trade receivables1,676,1321,295,470- -
Other receivables90,3169,500--
Amounts due from related companies--3,528,7142,226,252
Prepayments82,668121,9344901,004
1,849,1161,426,9043,529,2042,227,256
12.1.1 Classification as trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and therefore are all classified as current.
Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value.
The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.
12.2Trade and other payables
GroupCompany
2025202420252024
Current liabilities\u20ac\u20ac\u20ac\u20ac
Trade payables549,080658,817--
Deferred Income from Accommodation and Care612,904782,682--
Vat payable398,335271,627--
NI & FSS 372,095480,821--
Wages Payable450,244433,932--
Other payables211,216357,055--
Accruals762,436830,973653,825667,858
3,356,3103,815,907653,825667,858
Notes:
Trade payables are unsecured and are usually paid within 30 to 90 days of recognition.
12.3Borrowings
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Unsecured
Current liabilities
Amounts due to ultimate owner (Note c)82,75582,755--
Amounts due to ultimate parent (Note d)501,538482,2522,159,090 1,821,308
584,293565,0072,159,0901,821,308
Secured
Current liabilities
Bank loans (Note a)395,473391,860--
Total secured/unsecured current borrowings979,766956,8672,159,0901,821,308
Unsecured
Non-current liabilities
Amounts due to ultimate parent (Note d)9,237,70910,100,2004,216,7904,368,799
9,237,70910,100,2004,216,7904,368,799
Secured
Non-current liabilities
Bank loans (Note a)10,241,627 10,431,450--
4.55% Secured Bonds 203215,214,94315,175,62915,214,94315,175,629
25,456,57025,607,07915,214,94315,175,629
Total secured/unsecured non-current borrowings34,694,27935,707,27919,431,73319,544,428
Total borrowings 35,674,04536,664,14621,590,82321,365,736
Notes:
a)Bank loans
The Group enjoys bank loan facilities with its bankers. These facilities are secured by general hypothecs over the Group\u2019s assets, by special hypothecs over properties of the Group, by pledges taken over various insurance policies and by personal guarantees of certain directors and shareholders.
A bank loan of \u20ac1,000,000 approved in 2023 to finance the refurbishment and upgrade of Casa Antonia, Balzan, had an unutilised balance of \u20ac401,812, as at 31 December 2025.
b)Bank overdraft
The Group benefits from two bank overdraft facilities with its bankers of \u20ac1,818 (2024: \u20ac1,818) and \u20ac500,000 (2024: \u20ac500,000). These facilities are secured by general hypothecs over the Group\u2019s assets, by special hypothecs over the properties of the Group, by pledges taken over various insurance policies and by personal guarantees of the directors and shareholders. The applicable annual interest rates on the bank overdrafts are 5.15% and 4.5% respectively.
The bank overdraft facilities remain unused as the Group\u2019s working capital has been sufficient to meet its requirements.
c)Amounts due to Ultimate Owner
The amount due to Ultimate Owner amounting to \u20ac82,755 is unsecured, interest free and has no fixed date of repayment.
d)Amounts due to Ultimate Parent (Casa Antonia Limited)
The amount due to the Ultimate Parent includes:
-A loan liability, originally valued at \u20ac5,150,000, had decreased to \u20ac4,048,501 as at 31 December 2025. The liability accrues interest at a rate parallel to that applied to the Ultimate Parent\u2019s bank loans, amounting to 4.5% per annum. Repayments are made in monthly instalments of \u20ac27,635.
-Unsecured loan amounting to \u20ac5,375,771 which bears interest of 4.5% per annum. This loan is also repayable over 20 years from the date of review.
-An unsecured loan originally valued at \u20ac2,771,000, had decreased to \u20ac2,198,892 as at 31 December 2025. The loan bears an adjusted interest rate of 4.5% per annum and repayments are made in monthly instalments of \u20ac15,015. The facility is to be repaid by 2043.
-An unsecured loan amounting to \u20ac506,474. This loan is interest-free and repayments are made by monthly instalments of \u20ac5,600.
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Amounts falling after more than five years:
4.55% Bond Loan 2032 15,214,94315,175,62915,214,9435,175,629
On 10 January 2022, the Company successfully raised \u20ac15,500,000 via the issue of 4.55% Secured Bonds due to mature in 2032. These instruments started trading on the Malta Stock Exchange on 21st January 2022. The bonds are secured by the assets of Goldvest Company Ltd and by a first-ranking hypothec over the Casa Antonia Property, for an amount up to \u20ac16,275,000.
These funds were used to restructure the Group debt and for general corporate funding purposes.
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
4.55% Bond 203215,214,94315,175,62915,214,94315,175,629
Proceeds15,500,00015,500,00015,500,00015,500,000
Gross amount of bond issue cost 431,743431,743431,743431,743
Amortisation of gross bond issue costs:
At 1 January 2025107,37267,909107,37267,909
Amortisation for the year39,31439,46339,314 39,463
Accumulated amortisation at end of year 146,686107,372146,686107,372
Unamortised bond issue costs 285,057324,371285,057324,371
Amortised cost and closing carrying amount15,214,94315,175,62915,214,94315,175,629
12.4Cash and cash equivalents
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current assets
Cash at bank and in hand2,415,4682,046,934222,504616,806
12.4.1 Reconciliation to cash flow statement
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Cash at bank and in hand (Note 12.4)2,415,4682,046,934222,504616,806
Balances per statement of cash flows2,415,4682,046,934222,504616,806
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page43-cflshid_16231-tag11964775": { "value": "
8OTHER INCOME AND EXPENSE ITEMS
8.2Finance costs
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Financial charges65,91141,76417,376 18,659
Bank loan interest465,242435,913--
Bond interest705,250705,250705,250705,250
Interest on amount due to ultimate parent company537,222576,241185,773202,716
Amortisation of bond expenses39,31439,46339,31439,463
1,812,9391,798,631947,713966,088
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page43-cflshid_16231-tag11964773": { "value": "
8OTHER INCOME AND EXPENSE ITEMS
8.2Finance costs
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Financial charges65,91141,76417,376 18,659
Bank loan interest465,242435,913--
Bond interest705,250705,250705,250705,250
Interest on amount due to ultimate parent company537,222576,241185,773202,716
Amortisation of bond expenses39,31439,46339,31439,463
1,812,9391,798,631947,713966,088
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page43-cflshid_16231-tag11964772": { "value": "
8OTHER INCOME AND EXPENSE ITEMS
8.2Finance costs
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Financial charges65,91141,76417,376 18,659
Bank loan interest465,242435,913--
Bond interest705,250705,250705,250705,250
Interest on amount due to ultimate parent company537,222576,241185,773202,716
Amortisation of bond expenses39,31439,46339,31439,463
1,812,9391,798,631947,713966,088
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page43-cflshid_16231-tag11964771": { "value": "
8OTHER INCOME AND EXPENSE ITEMS
8.2Finance costs
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Financial charges65,91141,76417,376 18,659
Bank loan interest465,242435,913--
Bond interest705,250705,250705,250705,250
Interest on amount due to ultimate parent company537,222576,241185,773202,716
Amortisation of bond expenses39,31439,46339,31439,463
1,812,9391,798,631947,713966,088
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page43-cflshid_16231-tag11964770": { "value": "
8OTHER INCOME AND EXPENSE ITEMS
8.2Finance costs
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Financial charges65,91141,76417,376 18,659
Bank loan interest465,242435,913--
Bond interest705,250705,250705,250705,250
Interest on amount due to ultimate parent company537,222576,241185,773202,716
Amortisation of bond expenses39,31439,46339,31439,463
1,812,9391,798,631947,713966,088
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page45-cflshid_17111-tag11964778": { "value": "
10
EARNINGS PER SHARE
Earnings per share is calculated by dividing the results attributable to owners of the Company by the weighted average number of ordinary shares in issue during the year.
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Profit for the year1,016,647675,272724,571778,945
Weighted number of ordinary shares14,676,28414,676,28414,676,28414,676,284
Basic earnings per share 0.070.050.050.05
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page45-cflshid_17111-tag11964835": { "value": "
10
EARNINGS PER SHARE
Earnings per share is calculated by dividing the results attributable to owners of the Company by the weighted average number of ordinary shares in issue during the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page46-cflshid_17587-tag11964836": { "value": "
11
NON-FINANCIAL ASSETS AND LIABILITIES
11.3Fair value measurement of the Group\u2019s land and buildings
The Group\u2019s land and building are stated at their revalued amounts, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and any subsequent accumulated impairment losses.
The entity classifies its fair value measurements using a three-level hierarchy based on the inputs used in the valuation techniques to measure fair value. The levels are defined as follows:
\u2022Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\u2022Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
\u2022Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The Group selects valuation techniques based on the nature of the asset and the availability of relevant inputs. For the valuation of land and buildings, the Group:
\u2022uses a mix of the market comparable approach and the discounted cash flow approach
\u2022engages independent, qualified external valuers with relevant experience.
The Group\u2019s methodology for property valuation is based on the following:
1.Land value: This considers the physical area, location, and permitted development according to relevant Planning Authority Local Plans. It also includes the present-day capitalisation of revenue derived from income streams over a ten-year period, based on financial forecasts related to the type of development the property is used for.
2.Capital investment: This encompasses the value of investments made in the property including the construction of the building on the property and the building services and finishes.
3.Operational contents: This involves the necessary contents required to carry out the operations for which the building is utilised.
4.Discount rate: Applied to future cash flows when using the discounted cash flow method to estimate fair value. The discount rate reflects market-based borrowing rates, the specific risk profile of the property, and expected future economic conditions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page46-cflshid_17587-tag11964807": { "value": "
11
NON-FINANCIAL ASSETS AND LIABILITIES
11.6Inventories
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Foods, beverages, and supplies241,409219,330--
No inventory write-downs or reversals of write-downs were recognised during the years ended 31 December 2025 and 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page50-cflshid_19235-tag11964819": { "value": "
12OTHER ASSETS AND OTHER LIABILITIES
12.1Trade and other receivables
GroupCompany
2025202420252024
Current assets\u20ac\u20ac\u20ac\u20ac\u20ac
Trade receivables1,676,1321,295,470- -
Other receivables90,3169,500--
Amounts due from related companies--3,528,7142,226,252
Prepayments82,668121,9344901,004
1,849,1161,426,9043,529,2042,227,256
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page50-cflshid_19235-tag11964818": { "value": "
12OTHER ASSETS AND OTHER LIABILITIES
12.1Trade and other receivables
GroupCompany
2025202420252024
Current assets\u20ac\u20ac\u20ac\u20ac\u20ac
Trade receivables1,676,1321,295,470- -
Other receivables90,3169,500--
Amounts due from related companies--3,528,7142,226,252
Prepayments82,668121,9344901,004
1,849,1161,426,9043,529,2042,227,256
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page50-cflshid_19235-tag11964817": { "value": "
12OTHER ASSETS AND OTHER LIABILITIES
12.1Trade and other receivables
GroupCompany
2025202420252024
Current assets\u20ac\u20ac\u20ac\u20ac\u20ac
Trade receivables1,676,1321,295,470- -
Other receivables90,3169,500--
Amounts due from related companies--3,528,7142,226,252
Prepayments82,668121,9344901,004
1,849,1161,426,9043,529,2042,227,256
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page50-cflshid_19235-tag11964809": { "value": "
12OTHER ASSETS AND OTHER LIABILITIES
12.1Trade and other receivables
GroupCompany
2025202420252024
Current assets\u20ac\u20ac\u20ac\u20ac\u20ac
Trade receivables1,676,1321,295,470- -
Other receivables90,3169,500--
Amounts due from related companies--3,528,7142,226,252
Prepayments82,668121,9344901,004
1,849,1161,426,9043,529,2042,227,256
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page50-cflshid_19235-tag11964833": { "value": "
12OTHER ASSETS AND OTHER LIABILITIES
12.2Trade and other payables
GroupCompany
2025202420252024
Current liabilities\u20ac\u20ac\u20ac\u20ac
Trade payables549,080658,817--
Deferred Income from Accommodation and Care612,904782,682--
Vat payable398,335271,627--
NI & FSS 372,095480,821--
Wages Payable450,244433,932--
Other payables211,216357,055--
Accruals762,436830,973653,825667,858
3,356,3103,815,907653,825667,858
Notes:
Trade payables are unsecured and are usually paid within 30 to 90 days of recognition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page50-cflshid_19235-tag11964822": { "value": "
12OTHER ASSETS AND OTHER LIABILITIES
12.2Trade and other payables
GroupCompany
2025202420252024
Current liabilities\u20ac\u20ac\u20ac\u20ac
Trade payables549,080658,817--
Deferred Income from Accommodation and Care612,904782,682--
Vat payable398,335271,627--
NI & FSS 372,095480,821--
Wages Payable450,244433,932--
Other payables211,216357,055--
Accruals762,436830,973653,825667,858
3,356,3103,815,907653,825667,858
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page50-cflshid_19235-tag11964799": { "value": "
12OTHER ASSETS AND OTHER LIABILITIES
12.4Cash and cash equivalents
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current assets
Cash at bank and in hand2,415,4682,046,934222,504616,806
12.4.1 Reconciliation to cash flow statement
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Cash at bank and in hand (Note 12.4)2,415,4682,046,934222,504616,806
Balances per statement of cash flows2,415,4682,046,934222,504616,806
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page50-cflshid_19235-tag11964788": { "value": "
12OTHER ASSETS AND OTHER LIABILITIES
12.2Trade and other payables
GroupCompany
2025202420252024
Current liabilities\u20ac\u20ac\u20ac\u20ac
Trade payables549,080658,817--
Deferred Income from Accommodation and Care612,904782,682--
Vat payable398,335271,627--
NI & FSS 372,095480,821--
Wages Payable450,244433,932--
Other payables211,216357,055--
Accruals762,436830,973653,825667,858
3,356,3103,815,907653,825667,858
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page50-cflshid_19235-tag11964787": { "value": "
12OTHER ASSETS AND OTHER LIABILITIES
12.2Trade and other payables
GroupCompany
2025202420252024
Current liabilities\u20ac\u20ac\u20ac\u20ac
Trade payables549,080658,817--
Deferred Income from Accommodation and Care612,904782,682--
Vat payable398,335271,627--
NI & FSS 372,095480,821--
Wages Payable450,244433,932--
Other payables211,216357,055--
Accruals762,436830,973653,825667,858
3,356,3103,815,907653,825667,858
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page50-cflshid_19235-tag11964786": { "value": "
12OTHER ASSETS AND OTHER LIABILITIES
12.2Trade and other payables
GroupCompany
2025202420252024
Current liabilities\u20ac\u20ac\u20ac\u20ac
Trade payables549,080658,817--
Deferred Income from Accommodation and Care612,904782,682--
Vat payable398,335271,627--
NI & FSS 372,095480,821--
Wages Payable450,244433,932--
Other payables211,216357,055--
Accruals762,436830,973653,825667,858
3,356,3103,815,907653,825667,858
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page50-cflshid_19235-tag11964785": { "value": "
12OTHER ASSETS AND OTHER LIABILITIES
12.4Cash and cash equivalents
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current assets
Cash at bank and in hand2,415,4682,046,934222,504616,806
12.4.1 Reconciliation to cash flow statement
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Cash at bank and in hand (Note 12.4)2,415,4682,046,934222,504616,806
Balances per statement of cash flows2,415,4682,046,934222,504616,806
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page50-cflshid_19235-tag11964784": { "value": "
12OTHER ASSETS AND OTHER LIABILITIES
12.3Borrowings
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Unsecured
Current liabilities
Amounts due to ultimate owner (Note c)82,75582,755--
Amounts due to ultimate parent (Note d)501,538482,2522,159,090 1,821,308
584,293565,0072,159,0901,821,308
Secured
Current liabilities
Bank loans (Note a)395,473391,860--
Total secured/unsecured current borrowings979,766956,8672,159,0901,821,308
Unsecured
Non-current liabilities
Amounts due to ultimate parent (Note d)9,237,70910,100,2004,216,7904,368,799
9,237,70910,100,2004,216,7904,368,799
Secured
Non-current liabilities
Bank loans (Note a)10,241,627 10,431,450--
4.55% Secured Bonds 203215,214,94315,175,62915,214,94315,175,629
25,456,57025,607,07915,214,94315,175,629
Total secured/unsecured non-current borrowings34,694,27935,707,27919,431,73319,544,428
Total borrowings 35,674,04536,664,14621,590,82321,365,736
a)Bank loans
The Group enjoys bank loan facilities with its bankers. These facilities are secured by general hypothecs over the Group\u2019s assets, by special hypothecs over properties of the Group, by pledges taken over various insurance policies and by personal guarantees of certain directors and shareholders.
b)Bank overdraft
The Group benefits from two bank overdraft facilities with its bankers of \u20ac1,818 (2024: \u20ac1,818) and \u20ac500,000 (2024: \u20ac500,000). These facilities are secured by general hypothecs over the Group\u2019s assets, by special hypothecs over the properties of the Group, by pledges taken over various insurance policies and by personal guarantees of the directors and shareholders. The applicable annual interest rates on the bank overdrafts are 5.15% and 4.5% respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page50-cflshid_19235-tag11964783": { "value": "
12OTHER ASSETS AND OTHER LIABILITIES
12.3Borrowings
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Unsecured
Current liabilities
Amounts due to ultimate owner (Note c)82,75582,755--
Amounts due to ultimate parent (Note d)501,538482,2522,159,090 1,821,308
584,293565,0072,159,0901,821,308
Secured
Current liabilities
Bank loans (Note a)395,473391,860--
Total secured/unsecured current borrowings979,766956,8672,159,0901,821,308
Unsecured
Non-current liabilities
Amounts due to ultimate parent (Note d)9,237,70910,100,2004,216,7904,368,799
9,237,70910,100,2004,216,7904,368,799
Secured
Non-current liabilities
Bank loans (Note a)10,241,627 10,431,450--
4.55% Secured Bonds 203215,214,94315,175,62915,214,94315,175,629
25,456,57025,607,07915,214,94315,175,629
Total secured/unsecured non-current borrowings34,694,27935,707,27919,431,73319,544,428
Total borrowings 35,674,04536,664,14621,590,82321,365,736
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Amounts falling after more than five years:
4.55% Bond Loan 2032 15,214,94315,175,62915,214,9435,175,629
On 10 January 2022, the Company successfully raised \u20ac15,500,000 via the issue of 4.55% Secured Bonds due to mature in 2032. These instruments started trading on the Malta Stock Exchange on 21st January 2022. The bonds are secured by the assets of Goldvest Company Ltd and by a first-ranking hypothec over the Casa Antonia Property, for an amount up to \u20ac16,275,000.
These funds were used to restructure the Group debt and for general corporate funding purposes.
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
4.55% Bond 203215,214,94315,175,62915,214,94315,175,629
Proceeds15,500,00015,500,00015,500,00015,500,000
Gross amount of bond issue cost 431,743431,743431,743431,743
Amortisation of gross bond issue costs:
At 1 January 2025107,37267,909107,37267,909
Amortisation for the year39,31439,46339,314 39,463
Accumulated amortisation at end of year 146,686107,372146,686107,372
Unamortised bond issue costs 285,057324,371285,057324,371
Amortised cost and closing carrying amount15,214,94315,175,62915,214,94315,175,629
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page50-cflshid_19235-tag11964782": { "value": "
12OTHER ASSETS AND OTHER LIABILITIES
12.3Borrowings
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Unsecured
Current liabilities
Amounts due to ultimate owner (Note c)82,75582,755--
Amounts due to ultimate parent (Note d)501,538482,2522,159,090 1,821,308
584,293565,0072,159,0901,821,308
Secured
Current liabilities
Bank loans (Note a)395,473391,860--
Total secured/unsecured current borrowings979,766956,8672,159,0901,821,308
Unsecured
Non-current liabilities
Amounts due to ultimate parent (Note d)9,237,70910,100,2004,216,7904,368,799
9,237,70910,100,2004,216,7904,368,799
Secured
Non-current liabilities
Bank loans (Note a)10,241,627 10,431,450--
4.55% Secured Bonds 203215,214,94315,175,62915,214,94315,175,629
25,456,57025,607,07915,214,94315,175,629
Total secured/unsecured non-current borrowings34,694,27935,707,27919,431,73319,544,428
Total borrowings 35,674,04536,664,14621,590,82321,365,736
Notes:
a)Bank loans
The Group enjoys bank loan facilities with its bankers. These facilities are secured by general hypothecs over the Group\u2019s assets, by special hypothecs over properties of the Group, by pledges taken over various insurance policies and by personal guarantees of certain directors and shareholders.
A bank loan of \u20ac1,000,000 approved in 2023 to finance the refurbishment and upgrade of Casa Antonia, Balzan, had an unutilised balance of \u20ac401,812, as at 31 December 2025.
b)Bank overdraft
The Group benefits from two bank overdraft facilities with its bankers of \u20ac1,818 (2024: \u20ac1,818) and \u20ac500,000 (2024: \u20ac500,000). These facilities are secured by general hypothecs over the Group\u2019s assets, by special hypothecs over the properties of the Group, by pledges taken over various insurance policies and by personal guarantees of the directors and shareholders. The applicable annual interest rates on the bank overdrafts are 5.15% and 4.5% respectively.
The bank overdraft facilities remain unused as the Group\u2019s working capital has been sufficient to meet its requirements.
c)Amounts due to Ultimate Owner
The amount due to Ultimate Owner amounting to \u20ac82,755 is unsecured, interest free and has no fixed date of repayment.
d)Amounts due to Ultimate Parent (Casa Antonia Limited)
The amount due to the Ultimate Parent includes:
-A loan liability, originally valued at \u20ac5,150,000, had decreased to \u20ac4,048,501 as at 31 December 2025. The liability accrues interest at a rate parallel to that applied to the Ultimate Parent\u2019s bank loans, amounting to 4.5% per annum. Repayments are made in monthly instalments of \u20ac27,635.
-Unsecured loan amounting to \u20ac5,375,771 which bears interest of 4.5% per annum. This loan is also repayable over 20 years from the date of review.
-An unsecured loan originally valued at \u20ac2,771,000, had decreased to \u20ac2,198,892 as at 31 December 2025. The loan bears an adjusted interest rate of 4.5% per annum and repayments are made in monthly instalments of \u20ac15,015. The facility is to be repaid by 2043.
-An unsecured loan amounting to \u20ac506,474. This loan is interest-free and repayments are made by monthly instalments of \u20ac5,600.
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Amounts falling after more than five years:
4.55% Bond Loan 2032 15,214,94315,175,62915,214,9435,175,629
On 10 January 2022, the Company successfully raised \u20ac15,500,000 via the issue of 4.55% Secured Bonds due to mature in 2032. These instruments started trading on the Malta Stock Exchange on 21st January 2022. The bonds are secured by the assets of Goldvest Company Ltd and by a first-ranking hypothec over the Casa Antonia Property, for an amount up to \u20ac16,275,000.
These funds were used to restructure the Group debt and for general corporate funding purposes.
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
4.55% Bond 203215,214,94315,175,62915,214,94315,175,629
Proceeds15,500,00015,500,00015,500,00015,500,000
Gross amount of bond issue cost 431,743431,743431,743431,743
Amortisation of gross bond issue costs:
At 1 January 2025107,37267,909107,37267,909
Amortisation for the year39,31439,46339,314 39,463
Accumulated amortisation at end of year 146,686107,372146,686107,372
Unamortised bond issue costs 285,057324,371285,057324,371
Amortised cost and closing carrying amount15,214,94315,175,62915,214,94315,175,629
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12OTHER ASSETS AND OTHER LIABILITIES
12.2Trade and other payables
GroupCompany
2025202420252024
Current liabilities\u20ac\u20ac\u20ac\u20ac
Trade payables549,080658,817--
Deferred Income from Accommodation and Care612,904782,682--
Vat payable398,335271,627--
NI & FSS 372,095480,821--
Wages Payable450,244433,932--
Other payables211,216357,055--
Accruals762,436830,973653,825667,858
3,356,3103,815,907653,825667,858
Notes:
Trade payables are unsecured and are usually paid within 30 to 90 days of recognition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page50-cflshid_19235-tag11964780": { "value": "
12OTHER ASSETS AND OTHER LIABILITIES
12.2Trade and other payables
GroupCompany
2025202420252024
Current liabilities\u20ac\u20ac\u20ac\u20ac
Trade payables549,080658,817--
Deferred Income from Accommodation and Care612,904782,682--
Vat payable398,335271,627--
NI & FSS 372,095480,821--
Wages Payable450,244433,932--
Other payables211,216357,055--
Accruals762,436830,973653,825667,858
3,356,3103,815,907653,825667,858
Notes:
Trade payables are unsecured and are usually paid within 30 to 90 days of recognition.
12.3Borrowings
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Unsecured
Current liabilities
Amounts due to ultimate owner (Note c)82,75582,755--
Amounts due to ultimate parent (Note d)501,538482,2522,159,090 1,821,308
584,293565,0072,159,0901,821,308
Secured
Current liabilities
Bank loans (Note a)395,473391,860--
Total secured/unsecured current borrowings979,766956,8672,159,0901,821,308
Unsecured
Non-current liabilities
Amounts due to ultimate parent (Note d)9,237,70910,100,2004,216,7904,368,799
9,237,70910,100,2004,216,7904,368,799
Secured
Non-current liabilities
Bank loans (Note a)10,241,627 10,431,450--
4.55% Secured Bonds 203215,214,94315,175,62915,214,94315,175,629
25,456,57025,607,07915,214,94315,175,629
Total secured/unsecured non-current borrowings34,694,27935,707,27919,431,73319,544,428
Total borrowings 35,674,04536,664,14621,590,82321,365,736
c)Amounts due to Ultimate Owner
The amount due to Ultimate Owner amounting to \u20ac82,755 is unsecured, interest free and has no fixed date of repayment.
d)Amounts due to Ultimate Parent (Casa Antonia Limited)
The amount due to the Ultimate Parent includes:
-A loan liability, originally valued at \u20ac5,150,000, had decreased to \u20ac4,048,501 as at 31 December 2025. The liability accrues interest at a rate parallel to that applied to the Ultimate Parent\u2019s bank loans, amounting to 4.5% per annum. Repayments are made in monthly instalments of \u20ac27,635.
-Unsecured loan amounting to \u20ac5,375,771 which bears interest of 4.5% per annum. This loan is also repayable over 20 years from the date of review.
-An unsecured loan originally valued at \u20ac2,771,000, had decreased to \u20ac2,198,892 as at 31 December 2025. The loan bears an adjusted interest rate of 4.5% per annum and repayments are made in monthly instalments of \u20ac15,015. The facility is to be repaid by 2043.
-An unsecured loan amounting to \u20ac506,474. This loan is interest-free and repayments are made by monthly instalments of \u20ac5,600.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page54-cflshid_20838-tag11964832": { "value": "
13EQUITY
13.1Share Capital
20252024
\u20ac\u20ac
Authorised
2,499,999 Ordinary A Shares of \u20ac1 each2,499,9992,499,999
1 Ordinary B Share of \u20ac1 each11
20,000,000 Ordinary C Shares of \u20ac1 each20,000,00020,000,000
7,500,000 Ordinary D Shares of \u20ac1 each7,500,0007,500,000
30,000,00030,000,000
Called up, issued and fully paid
1,199 Ordinary 'A' Shares of \u20ac 1 each1,1991,199
1 Ordinary 'B' Shares of \u20ac1 each11
14,675,084 Ordinary 'C' Shares of \u20ac1 each14,675,08414,675,084
14,676,28414,676,284
Except for the 1 Ordinary B Share, all classes of Ordinary Shares have full voting rights, right for distribution of profits and right for capital upon dissolution of the Company. The 1 Ordinary B Share has the right for capital distribution upon dissolution of the Company.
13.2Revaluation reserve
The Revaluation Reserve of \u20ac15,100,106 (2024: \u20ac15,152,938) is net of deferred tax.
13.3Reorganisation reserve
The reorganisation reserve arose in 2020 as part of the Group reorganisation and is made up of:
- the excess \u20ac616,017 of the consideration payable by St. George\u2019s Care Limited for the acquisition of the net assets; and
- the excess \u20ac625,040 of the consideration payable by St. Anthony Co. p.l.c. for the acquisition of Goldvest Company Limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page54-cflshid_20838-tag11964808": { "value": "
13EQUITY
13.1Share Capital
20252024
\u20ac\u20ac
Authorised
2,499,999 Ordinary A Shares of \u20ac1 each2,499,9992,499,999
1 Ordinary B Share of \u20ac1 each11
20,000,000 Ordinary C Shares of \u20ac1 each20,000,00020,000,000
7,500,000 Ordinary D Shares of \u20ac1 each7,500,0007,500,000
30,000,00030,000,000
Called up, issued and fully paid
1,199 Ordinary 'A' Shares of \u20ac 1 each1,1991,199
1 Ordinary 'B' Shares of \u20ac1 each11
14,675,084 Ordinary 'C' Shares of \u20ac1 each14,675,08414,675,084
14,676,28414,676,284
Except for the 1 Ordinary B Share, all classes of Ordinary Shares have full voting rights, right for distribution of profits and right for capital upon dissolution of the Company. The 1 Ordinary B Share has the right for capital distribution upon dissolution of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page54-cflshid_20838-tag11964789": { "value": "
13EQUITY
13.2Revaluation reserve
The Revaluation Reserve of \u20ac15,100,106 (2024: \u20ac15,152,938) is net of deferred tax.
13.3Reorganisation reserve
The reorganisation reserve arose in 2020 as part of the Group reorganisation and is made up of:
- the excess \u20ac616,017 of the consideration payable by St. George\u2019s Care Limited for the acquisition of the net assets; and
- the excess \u20ac625,040 of the consideration payable by St. Anthony Co. p.l.c. for the acquisition of Goldvest Company Limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page55-cflshid_21308-tag11964805": { "value": "
14
FINANCIAL RISK MANAGEMENT
14.1Financial risk management objectives
The Group\u2019s and the Company\u2019s activities potentially expose them to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The Group\u2019s overall risk management focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s and the Company\u2019s financial performance. The Board provides principles for overall risk management, as well as policies covering risks referred to above and specific areas such as investment of excess liquidity. The Group and the Company did not make use of derivative financial instruments to hedge certain risk exposures during the current and preceding financial year.
At 31 December 2025 and 2024, the Group and the Company were not exposed to price risk in relation to financial assets subsequently measured at FVTPL or at FVTOCI because they did not hold any of these financial assets.
Where applicable, any significant changes in the Group\u2019s or the Company\u2019s exposure to financial risks or the manner in which these risks are managed and measured are disclosed below.
Where possible, the Group aims to reduce and control risk concentrations. Concentrations of financial risk arise when financial instruments with similar characteristics are influenced in the same way by changes in economic or other factors. The amount of the risk exposure associated with financial instruments sharing similar characteristics is disclosed in more detail in the Notes to the financial statements.
14.2Market risk
(i)
Foreign exchange risk
Foreign exchange risk arises from commercial transactions and recognised assets and liabilities which are denominated in a currency that is not the entity\u2019s functional currency. The Group and the Company have no significant currency risk since substantially all assets and liabilities are denominated in Euro.
(ii)
Cash flow and fair value interest rate risk
The Group and the Company are exposed to risks associated with the effects of fluctuations in the prevailing levels of the market interest rates on their financial position, financial performance and cash flows. As at the reporting date, the Group and the Bank have cash at bank, as disclosed in Note 12.4 and the Group and the Company also have variable interest-bearing liabilities and fixed interest-bearing liabilities as disclosed in Note 12.3.
The Group and the Company are exposed to cash flow interest rate risk on financial instruments carrying a floating interest rate. The Group and the Company are not exposed to fair value interest rate risk since none of their financial instruments carrying a fixed rate are measured at fair value.
Management monitors the movement in interest rates and, where possible, reacts to material movements in such rates by adjusting its selling prices or by restructuring its financing structure.
For financial instruments held or issued, the Group and the Company have used a sensitivity analysis technique that measures the change in the cash flows of the company\u2019s financial instruments at the end of the reporting year for hypothetical changes in the relevant market risk variables. The sensitivity due to changes in the relevant risk variables is set out below.
The amounts generated from the sensitivity analysis are forward-looking estimates of market risk assuming certain market conditions. Actual results in the future may differ materially from those projected results due to the inherent uncertainty of global financial markets. The sensitivity analysis is for illustrative purposes only, as in practice market rates rarely change in isolation and are likely to be interdependent.
The estimated change in fair values and cash flows for changes in market interest rates are based on an instantaneous increase or decrease of 100 basis points at the end of the reporting period, with all other variables remaining constant.
The sensitivity of the relevant risk variables, on an after-tax basis is as follows (for bank borrowings and for loans due to ultimate parent whose interest is variable):
GroupCompany
Profit or Loss SensitivityProfit or Loss Sensitivity
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Market interest rates \u2013 cash flow+/- 204k+/- 205k+/- 63k+/- 41k
14.3Credit risk
Credit risk refers to the risk that a counterparty will cause a financial loss for the Group by failing to discharge an obligation. Financial assets which potentially expose the Group to credit risk include trade receivables and amounts held with financial institutions (Notes 12.1 and 12.4).
The maximum credit exposure to credit risk at the reporting date in respect of the financial assets was as follows:
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade and other receivables1,849,1161,426,9043,529,2042,227,256
Cash at bank2,262,1971,945,658221,304615,606
4,111,3133,372,5623,750,5082,842,862
Receivables and cash at bank are presented net of an allowance for doubtful debts using an ECL model.
The tables below detail, by credit risk rating grades, the gross carrying amount of financial assets.
Group12m ECLLifetime ECL (Not credit \u2013 Impaired)Lifetime ECL (Credited\u2013 impaired but not POCI)Total ECL (Credit \u2013 POCI)
\u20ac\u20ac\u20ac\u20ac
Bank balances
External rating grades
BBBBBB
Gross carrying amount at 31 December 20252,278,044---
Loss allowance at 31 December 2025(15,847)---
Net carrying amount at 31 December 20252,262,197---
External rating grades
BBBBBB
Gross carrying amount at 31 December 20241,959,274---
Loss allowance at 31 December 2024(13,616)---
Net carrying amount at 31 December 20241,945,658---
Group12m ECLLifetime ECL (Not credit \u2013 Impaired)Lifetime ECL (Credited\u2013 impaired but not POCI)Total ECL (Credit \u2013 POCI)
\u20ac\u20ac\u20ac\u20ac
Related company loan----
Gross carrying amount at 31 December 2025-3,816,344--
Loss allowance at 31 December 2025-(155,041)--
-3,661,303--
Related company loan----
Gross carrying amount at 31 December 2024-2,974,225--
Loss allowance at 31 December 2024-(114,940)--
-2,859,285--
GroupDays past due - simplified approach
Not past due31-5960-8990-199>120Total
Expected credit loss rate0.81%1.49%3.20%9.87%17.3%
Estimated total gross carrying amount at default327,110653,209131,053144,911545,0171,801,300
Lifetime ECL at 31 December 2025(2,650)(9,733)(4,194)(14,303)(94,288)(125,168)
Net carrying amount December 2025324,460643,476126,859130,608450,7291,676,132
Expected credit loss rate0.16%0.81%1.49%3.20%9.87%
Estimated total gross carrying amount at default214,933659,202121,10346,813291,4321,333,483
Lifetime ECL at 31 December 2024(344)(5,340)(1,804)(1,498)(29,027)(38,013)
Net carrying amount at 31December 2024214,589653,862119,29945,315262,4051,295,470
Credit losses \u2013 Group20252024
\u20ac\u20ac
Impairment loss on trade receivables 125,16838,013
14.4Liquidity risk
The Group and the Company are exposed to liquidity risk in relation to meeting future obligations associated with their financial liabilities, which comprise principally debt securities in issue, other borrowings and trade and other payables (Notes 12.2 and 12.3).
Prudent liquidity risk management includes maintaining sufficient cash to ensure the availability of an adequate amount of funding to meet the Group\u2019s and the Company\u2019s obligations and ensuring that alternative funding is available when the loans are due for repayment.
The following tables analyses the Group\u2019s and the Company\u2019s financial liabilities into relevant maturity Groupings based on the remaining period at the reporting date to the contractual maturity date.
The amounts disclosed in the tables below are the contractual undiscounted cash flows. Balance due within 12 months equal their carrying balances, as the impact of discounting is not significant.
GroupCarrying amountsContractual cash flowsLess than 3 monthsBetween 3 months and 1 yearBetween 1 and 2 yearsBetween 2 and 5 yearsMore than 5 years
At 31 December 2025\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Trade and other payables (Note 12.2)3,356,3102,722,552948,8771,773,675---
4.55% Secured Bonds 2032 (Note 12.3)15,214,94320,436,750705,250-705,2502,115,75016,910,500
Bank loans (Note 12.3)10,637,10015,766,490222,660667,980890,6402,671,92011,313,290
Amounts due to ultimate parent (Note 12.3)9,739,24716,687,770249,900749,700999,6002,998,80011,689,770
Amounts due to ultimate owner (Note 12.3)82,75582,75582,755----
39,030,35555,696,317 2,209,4423,191,3552,595,4907,786,47039,913,560
GroupCarrying amountsContractual cash flowsLess than 3 monthsBetween 3 months and 1 yearBetween 1 and 2 yearsBetween 2 and 5 yearsMore than 5 years
At 31 December 2024\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Trade and other payables (Note 12.2)3,815,9073,182,1491,568,4941,613,655---
4.55% Secured Bonds 2032 (Note 12.3)15,175,62921,142,000705,250-705,2502,115,75017,615,750
Bank loans (Note 12.3)10,823,31017,173,118222,660667,980890,6402,671,92012,719,918
Amounts due to ultimate parent (Note 12.3)10,582,45217,441,930249,900749,700999,6002,998,80012,443,930
Amounts due to ultimate owner (Note 12.3)82,75582,75582,755----
40,480,05359,021,952 2,829,0593,031,3352,595,4907,786,47042,779,598
Balances amounting to \u20ac1,281,532 in 2025 (2024: \u20ac1,901,149) classified with the amounts which are to be settled within three months for Trade and Other payables and Amounts due to Ultimate Parent and Amounts due to Ultimate Owner are repayable on demand.
14.4.1 Fair values of financial assets and financial liabilities
At 31 December 2025 and 2024 the carrying amounts of financial assets and financial liabilities classified with current assets and current liabilities respectively approximated their fair values due to the short-term maturity of these assets and liabilities:
GroupFair value measurement at end of the reporting period using:
Level 1Level 2Level 3
\u20ac\u20ac\u20ac
2025Financial liabilities measured at amortised cost
-Bond loan15,484,500--
-Bank loans-10,637,100-
-Amounts due to related parties-9,822,002-
2024Financial liabilities measured at amortised cost
-Bond loan15,345,000--
-Bank loans-10,823,310-
-Amounts due to related parties-10,665,207-
The fair value of the instruments classified as Level 2 was calculated using the discounted cash flow method taking into consideration a market-based discount rate.
There are no financial instruments that are measured at amortised cost but for which fair value is classified as Level 3 either in the current year or in previous year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page55-cflshid_21308-tag11964831": { "value": "
14
FINANCIAL RISK MANAGEMENT
14.2Market risk
(i)
Foreign exchange risk
Foreign exchange risk arises from commercial transactions and recognised assets and liabilities which are denominated in a currency that is not the entity\u2019s functional currency. The Group and the Company have no significant currency risk since substantially all assets and liabilities are denominated in Euro.
(ii)
Cash flow and fair value interest rate risk
The Group and the Company are exposed to risks associated with the effects of fluctuations in the prevailing levels of the market interest rates on their financial position, financial performance and cash flows. As at the reporting date, the Group and the Bank have cash at bank, as disclosed in Note 12.4 and the Group and the Company also have variable interest-bearing liabilities and fixed interest-bearing liabilities as disclosed in Note 12.3.
The Group and the Company are exposed to cash flow interest rate risk on financial instruments carrying a floating interest rate. The Group and the Company are not exposed to fair value interest rate risk since none of their financial instruments carrying a fixed rate are measured at fair value.
Management monitors the movement in interest rates and, where possible, reacts to material movements in such rates by adjusting its selling prices or by restructuring its financing structure.
For financial instruments held or issued, the Group and the Company have used a sensitivity analysis technique that measures the change in the cash flows of the company\u2019s financial instruments at the end of the reporting year for hypothetical changes in the relevant market risk variables. The sensitivity due to changes in the relevant risk variables is set out below.
The amounts generated from the sensitivity analysis are forward-looking estimates of market risk assuming certain market conditions. Actual results in the future may differ materially from those projected results due to the inherent uncertainty of global financial markets. The sensitivity analysis is for illustrative purposes only, as in practice market rates rarely change in isolation and are likely to be interdependent.
The estimated change in fair values and cash flows for changes in market interest rates are based on an instantaneous increase or decrease of 100 basis points at the end of the reporting period, with all other variables remaining constant.
The sensitivity of the relevant risk variables, on an after-tax basis is as follows (for bank borrowings and for loans due to ultimate parent whose interest is variable):
GroupCompany
Profit or Loss SensitivityProfit or Loss Sensitivity
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Market interest rates \u2013 cash flow+/- 204k+/- 205k+/- 63k+/- 41k
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page55-cflshid_21308-tag11964830": { "value": "
14
FINANCIAL RISK MANAGEMENT
14.3Credit risk
Credit risk refers to the risk that a counterparty will cause a financial loss for the Group by failing to discharge an obligation. Financial assets which potentially expose the Group to credit risk include trade receivables and amounts held with financial institutions (Notes 12.1 and 12.4).
The maximum credit exposure to credit risk at the reporting date in respect of the financial assets was as follows:
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade and other receivables1,849,1161,426,9043,529,2042,227,256
Cash at bank2,262,1971,945,658221,304615,606
4,111,3133,372,5623,750,5082,842,862
Receivables and cash at bank are presented net of an allowance for doubtful debts using an ECL model.
The tables below detail, by credit risk rating grades, the gross carrying amount of financial assets.
Group12m ECLLifetime ECL (Not credit \u2013 Impaired)Lifetime ECL (Credited\u2013 impaired but not POCI)Total ECL (Credit \u2013 POCI)
\u20ac\u20ac\u20ac\u20ac
Bank balances
External rating grades
BBBBBB
Gross carrying amount at 31 December 20252,278,044---
Loss allowance at 31 December 2025(15,847)---
Net carrying amount at 31 December 20252,262,197---
External rating grades
BBBBBB
Gross carrying amount at 31 December 20241,959,274---
Loss allowance at 31 December 2024(13,616)---
Net carrying amount at 31 December 20241,945,658---
Group12m ECLLifetime ECL (Not credit \u2013 Impaired)Lifetime ECL (Credited\u2013 impaired but not POCI)Total ECL (Credit \u2013 POCI)
\u20ac\u20ac\u20ac\u20ac
Related company loan----
Gross carrying amount at 31 December 2025-3,816,344--
Loss allowance at 31 December 2025-(155,041)--
-3,661,303--
Related company loan----
Gross carrying amount at 31 December 2024-2,974,225--
Loss allowance at 31 December 2024-(114,940)--
-2,859,285--
GroupDays past due - simplified approach
Not past due31-5960-8990-199>120Total
Expected credit loss rate0.81%1.49%3.20%9.87%17.3%
Estimated total gross carrying amount at default327,110653,209131,053144,911545,0171,801,300
Lifetime ECL at 31 December 2025(2,650)(9,733)(4,194)(14,303)(94,288)(125,168)
Net carrying amount December 2025324,460643,476126,859130,608450,7291,676,132
Expected credit loss rate0.16%0.81%1.49%3.20%9.87%
Estimated total gross carrying amount at default214,933659,202121,10346,813291,4321,333,483
Lifetime ECL at 31 December 2024(344)(5,340)(1,804)(1,498)(29,027)(38,013)
Net carrying amount at 31December 2024214,589653,862119,29945,315262,4051,295,470
Credit losses \u2013 Group20252024
\u20ac\u20ac
Impairment loss on trade receivables 125,16838,013
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14
FINANCIAL RISK MANAGEMENT
14.3Credit risk
The tables below detail, by credit risk rating grades, the gross carrying amount of financial assets.
Group12m ECLLifetime ECL (Not credit \u2013 Impaired)Lifetime ECL (Credited\u2013 impaired but not POCI)Total ECL (Credit \u2013 POCI)
\u20ac\u20ac\u20ac\u20ac
Bank balances
External rating grades
BBBBBB
Gross carrying amount at 31 December 20252,278,044---
Loss allowance at 31 December 2025(15,847)---
Net carrying amount at 31 December 20252,262,197---
External rating grades
BBBBBB
Gross carrying amount at 31 December 20241,959,274---
Loss allowance at 31 December 2024(13,616)---
Net carrying amount at 31 December 20241,945,658---
Group12m ECLLifetime ECL (Not credit \u2013 Impaired)Lifetime ECL (Credited\u2013 impaired but not POCI)Total ECL (Credit \u2013 POCI)
\u20ac\u20ac\u20ac\u20ac
Related company loan----
Gross carrying amount at 31 December 2025-3,816,344--
Loss allowance at 31 December 2025-(155,041)--
-3,661,303--
Related company loan----
Gross carrying amount at 31 December 2024-2,974,225--
Loss allowance at 31 December 2024-(114,940)--
-2,859,285--
GroupDays past due - simplified approach
Not past due31-5960-8990-199>120Total
Expected credit loss rate0.81%1.49%3.20%9.87%17.3%
Estimated total gross carrying amount at default327,110653,209131,053144,911545,0171,801,300
Lifetime ECL at 31 December 2025(2,650)(9,733)(4,194)(14,303)(94,288)(125,168)
Net carrying amount December 2025324,460643,476126,859130,608450,7291,676,132
Expected credit loss rate0.16%0.81%1.49%3.20%9.87%
Estimated total gross carrying amount at default214,933659,202121,10346,813291,4321,333,483
Lifetime ECL at 31 December 2024(344)(5,340)(1,804)(1,498)(29,027)(38,013)
Net carrying amount at 31December 2024214,589653,862119,29945,315262,4051,295,470
Credit losses \u2013 Group20252024
\u20ac\u20ac
Impairment loss on trade receivables 125,16838,013
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14
FINANCIAL RISK MANAGEMENT
14.4.1 Fair values of financial assets and financial liabilities
At 31 December 2025 and 2024 the carrying amounts of financial assets and financial liabilities classified with current assets and current liabilities respectively approximated their fair values due to the short-term maturity of these assets and liabilities:
GroupFair value measurement at end of the reporting period using:
Level 1Level 2Level 3
\u20ac\u20ac\u20ac
2025Financial liabilities measured at amortised cost
-Bond loan15,484,500--
-Bank loans-10,637,100-
-Amounts due to related parties-9,822,002-
2024Financial liabilities measured at amortised cost
-Bond loan15,345,000--
-Bank loans-10,823,310-
-Amounts due to related parties-10,665,207-
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14
FINANCIAL RISK MANAGEMENT
14.4Liquidity risk
The Group and the Company are exposed to liquidity risk in relation to meeting future obligations associated with their financial liabilities, which comprise principally debt securities in issue, other borrowings and trade and other payables (Notes 12.2 and 12.3).
Prudent liquidity risk management includes maintaining sufficient cash to ensure the availability of an adequate amount of funding to meet the Group\u2019s and the Company\u2019s obligations and ensuring that alternative funding is available when the loans are due for repayment.
The following tables analyses the Group\u2019s and the Company\u2019s financial liabilities into relevant maturity Groupings based on the remaining period at the reporting date to the contractual maturity date.
The amounts disclosed in the tables below are the contractual undiscounted cash flows. Balance due within 12 months equal their carrying balances, as the impact of discounting is not significant.
GroupCarrying amountsContractual cash flowsLess than 3 monthsBetween 3 months and 1 yearBetween 1 and 2 yearsBetween 2 and 5 yearsMore than 5 years
At 31 December 2025\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Trade and other payables (Note 12.2)3,356,3102,722,552948,8771,773,675---
4.55% Secured Bonds 2032 (Note 12.3)15,214,94320,436,750705,250-705,2502,115,75016,910,500
Bank loans (Note 12.3)10,637,10015,766,490222,660667,980890,6402,671,92011,313,290
Amounts due to ultimate parent (Note 12.3)9,739,24716,687,770249,900749,700999,6002,998,80011,689,770
Amounts due to ultimate owner (Note 12.3)82,75582,75582,755----
39,030,35555,696,317 2,209,4423,191,3552,595,4907,786,47039,913,560
GroupCarrying amountsContractual cash flowsLess than 3 monthsBetween 3 months and 1 yearBetween 1 and 2 yearsBetween 2 and 5 yearsMore than 5 years
At 31 December 2024\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Trade and other payables (Note 12.2)3,815,9073,182,1491,568,4941,613,655---
4.55% Secured Bonds 2032 (Note 12.3)15,175,62921,142,000705,250-705,2502,115,75017,615,750
Bank loans (Note 12.3)10,823,31017,173,118222,660667,980890,6402,671,92012,719,918
Amounts due to ultimate parent (Note 12.3)10,582,45217,441,930249,900749,700999,6002,998,80012,443,930
Amounts due to ultimate owner (Note 12.3)82,75582,75582,755----
40,480,05359,021,952 2,829,0593,031,3352,595,4907,786,47042,779,598
Balances amounting to \u20ac1,281,532 in 2025 (2024: \u20ac1,901,149) classified with the amounts which are to be settled within three months for Trade and Other payables and Amounts due to Ultimate Parent and Amounts due to Ultimate Owner are repayable on demand.
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15
CAPITAL MANAGEMENT
The Group manages its capital to ensure that entities in the Group will be able to continue as going concern, while maximizing the return to stakeholders through the optimisation of the debt and equity balance.
The primary objective of the company\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The company also ensures that it complies with the capital requirements set by the regulator.
The capital structure of the Group consists of net debts (borrowings as detailed in Notes 12.3 and 12.4 offset by cash and bank balances) and equity (comprising issued capital, reserves, retained earnings as detailed in Note 13).
The company\u2019s directors manage the company\u2019s capital structure and adjust it, in light of changes in economic conditions. The capital structure is reviewed on an ongoing basis. Based on recommendations of the directors, the company balances its overall capital structure through the payments of dividends, new share issues as well as the issue of new debt or the redemption of existing debt.
15.1Gearing ratio
The gearing ratio at the end of the reporting period was as follows:
GroupCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Debt (i)35,674,04536,664,14621,590,82321,365,736
Cash and bank balances(2,415,468)(2,046,934)(222,504)(616,806)
Net debt33,258,57734,617,21221,368,31920,748,930
Equity (ii)26,770,93825,807,12316,659,09315,934,522
Net debt to equity ratio1.241.341.281.30
(i)Debt is defined as long-and short-term borrowings.
(ii)Equity includes all capital and reserves of the Group that are managed as capital.
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16
INVESTMENT IN SUBSIDIARIES
16.1
Details of the Company\u2019s subsidiaries at the end of the reporting period are as follows:
Name of subsidiary Principal activity Registered office Country of incorporationProportion of ownership interest and voting power held 2023 & 2024
Goldvest Company Limited Property company1, Hotel Imperial, Rudolph Street SliemaMalta100%
St. George\u2019s Care Limited To operate homes for the elderly Casa Antonia, Pope Alexander VII Junction, BalzanMalta100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page65-cflshid_25203-tag11964792": { "value": "
16
INVESTMENT IN SUBSIDIARIES
16.1
Details of the Company\u2019s subsidiaries at the end of the reporting period are as follows:
Name of subsidiary Principal activity Registered office Country of incorporationProportion of ownership interest and voting power held 2023 & 2024
Goldvest Company Limited Property company1, Hotel Imperial, Rudolph Street SliemaMalta100%
St. George\u2019s Care Limited To operate homes for the elderly Casa Antonia, Pope Alexander VII Junction, BalzanMalta100%
Capital and reserves
20252024
\u20ac\u20ac
Goldvest Company Limited27,826,35229,020,209
St. George\u2019s Care Ltd4,437,1222,834,858
\u00a0Profit / (loss)
20252024
\u20ac\u20ac
Goldvest Company Limited(302,889)3,531,091
St. George\u2019s Care Ltd1,602,2611,391,688
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16
INVESTMENT IN SUBSIDIARIES
16.1
Details of the Company\u2019s subsidiaries at the end of the reporting period are as follows:
Name of subsidiary Principal activity Registered office Country of incorporationProportion of ownership interest and voting power held 2023 & 2024
Goldvest Company Limited Property company1, Hotel Imperial, Rudolph Street SliemaMalta100%
St. George\u2019s Care Limited To operate homes for the elderly Casa Antonia, Pope Alexander VII Junction, BalzanMalta100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page66-cflshid_25542-tag11964795": { "value": "Casa Antonia Limited ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page66-cflshid_25558-tag11964796": { "value": "Mr Edward Vella", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:391200NB9MLRM4HFQ976", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }