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1.General information
Information about the Group
The Group\u2019s subsidiaries as at 31 December 2025 and 2024 are shown below. For each subsidiary, the percentage of equity held corresponds to the percentage voting rights held by the Group.
CompanyRegistered addressPrincipal Activity20252024
% Holding% Holding
SP Investments Limited89, The Strand, SliemaHolding Company100%100%
Sea Pebbles Limited89, The Strand, SliemaHospitality operations 100%100%
Pebbles Resort Limited89, The Strand, SliemaHospitality operations100%100%
Med Asia Operations Ltd89, The Strand, SliemaCatering operations100%100%
Med Asia Branding Ltd 89, The Strand, SliemaHolder of Intellectual property100%100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7181-tag12018950": { "value": "
1.General information
Information about the Group
The Group\u2019s subsidiaries as at 31 December 2025 and 2024 are shown below. For each subsidiary, the percentage of equity held corresponds to the percentage voting rights held by the Group.
CompanyRegistered addressPrincipal Activity20252024
% Holding% Holding
SP Investments Limited89, The Strand, SliemaHolding Company100%100%
Sea Pebbles Limited89, The Strand, SliemaHospitality operations 100%100%
Pebbles Resort Limited89, The Strand, SliemaHospitality operations100%100%
Med Asia Operations Ltd89, The Strand, SliemaCatering operations100%100%
Med Asia Branding Ltd 89, The Strand, SliemaHolder of Intellectual property100%100%
8.Staff costs and employee information
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Wages and salaries (including directors)2,270,1312,446,20138,20033,200
Social security costs151,902146,357--
2,422,0332,592,55838,20033,200
19.Trade and other receivables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Trade receivables 468,265607,905--
Other receivables49,624768,453--
VAT refundable311,47021,858--
Amounts owed by subsidiaryNote i--954,749995,186
Amounts due by commonly controlled entitiesNote ii1,816,7153,150,582--
Prepayments and accrued income 41,67736,7131,8721,872
2,687,7514,585,511956,621997,058
i.Amounts owed by subsidiary
Amounts owed by subsidiary are unsecured, interest free and repayable on demand.
The Group and the Company assess whether any loss allowance is required on its financial assets as set out in the accounting policies and Note 33.
ii.Amounts due by commonly controlled entities
Amounts due by commonly controlled entities are unsecured and interest free. The balance is repayable on demand
21.Trade and other payables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade payables 1,307,8411,611,54843,32311,175
Other payables7,645---
Indirect taxes and social securityNote ii3,218,3332,300,27310,32517,026
Amounts owed to commonly controlled entities Note i30,020378,992343,295409,461
Accruals729,364751,590367,324359,318
Deferred income and advanced deposits 489,547243,433--
Amounts due to shareholders 50,97229,896--
5,833,7225,315,732764,267796,980
i.Amounts due to commonly controlled entities and related entities
Amounts due to commonly controlled entities and related entities are unsecured, interest free and repayable on demand.
28.Related party transactions
During the course of the year the Group and the Company entered into transactions with related parties. These transactions have been carried at arm's length. The related party transactions in question were:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Revenue
Subsidiaries
Service charge--150,000150,000
Dividends received--492,000492,000
Commonly controlled entities
Royalties8,976---
Other operating income
Commonly controlled entities
Service fee30,53328,728--
Other operating expenses
Commonly controlled entities
Direct costs226,629---
Non-current assets
Property, plant and equipment
Construction works 2,721,500200,000--
Key management personnel include the board of directors. Key management compensation, consisting of directors\u2019 remuneration, has been disclosed in Note 8 to the financial statements.
29.Commitments
Financing
The contracted commitment is with a related party outside the Group. The value of works carried out will be financed through a bank loan of \u20ac8.3 million, sanctioned during FY2025 and obtained in FY2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7181-tag12018936": { "value": "
1.General information
Information about the Group
The Group\u2019s subsidiaries as at 31 December 2025 and 2024 are shown below. For each subsidiary, the percentage of equity held corresponds to the percentage voting rights held by the Group.
CompanyRegistered addressPrincipal Activity20252024
% Holding% Holding
SP Investments Limited89, The Strand, SliemaHolding Company100%100%
Sea Pebbles Limited89, The Strand, SliemaHospitality operations 100%100%
Pebbles Resort Limited89, The Strand, SliemaHospitality operations100%100%
Med Asia Operations Ltd89, The Strand, SliemaCatering operations100%100%
Med Asia Branding Ltd 89, The Strand, SliemaHolder of Intellectual property100%100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7181-tag12018922": { "value": "
1.General information
Information about the Group
The consolidated financial statements include the financial statements of the Company and its subsidiaries (together referred to as the \u2018Group).
2.Basis of preparation
Reporting entity
The functional currency of the Company is the Euro which is also the presentation currency of the Group.
Presentation currency
These consolidated financial statements are presented in Euro, which is also the Company\u2019s functional and presentation currency. All figures are rounded to the nearest \u20ac1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7187-tag12018852": { "value": "SP Finance p.l.c. ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7187-tag12018849": { "value": "public limited liability\u00a0", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7205-tag12018848": { "value": "Malta", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7205-tag12018850": { "value": "Malta", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7205-tag12018851": { "value": "Malta", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7210-tag12018847": { "value": "89, the Strand, Sliema, Malta.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7181-tag12018882": { "value": "
2.Basis of preparation
Reporting entity
The financial statements of the Company and the consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and in accordance with the requirements of the Companies Act (Cap. 386).
These financial statements have been prepared under the historical cost convention basis as modified by the fair valuation of the land and buildings class of property, plant and equipment and investment property.
The functional currency of the Company is the Euro which is also the presentation currency of the Group.
Assessment of the appropriateness of the going concern assumption
The Group\u2019s financial results for the year ended on 31 December 2025 show an improvement over the results obtained in the prior year when considering that the 2025 results include an impairment of PPE of \u20ac337,672, compared to an impairment of intangible assets of \u20ac630,000 and a reversal of impairment on non-financial instruments of \u20ac1,026,316 in 2024. Gross accommodation revenue of Pebbles Resort hotel was \u20ac5,448,928, which represents an 18% increase over the revenue figure of \u20ac4,621,366 achieved in 2024.
Income from the catering business dropped by 4% from \u20ac5,814,034 in 2024 to \u20ac5,584,711 in 2025, mainly due to poor performance of the MedAsia Fusion Lounge outlet in Sliema which was negatively impacted by the ongoing construction works on the same site.
With a view to determining the appropriateness of preparing the financial statements on a going concern basis, the directors requested management to prepare realistic yet prudent financial projections for 2026 and beyond, by considering the following relevant matters, among others:
\u2022The loss of accommodation revenue from the Pebbles Boutique Aparthotel until late 2026 while it is being re-constructed into a much larger hotel.
\u2022The capital expenditure that is being spent in connection with this project.
\u2022The very encouraging revenue achieved by Pebbles Resort in the first quarter of 2026 and the solid bookings for the rest of the year, which augur well for improved results compared to the already excellent results achieved in 2025.
\u2022The fact that bank financing was obtained to finance a significant portion of the construction and completion costs of the Sliema project.
The Directors are conscious that any financial projections presented to them include judgements and assumptions which at this stage remain subject to a material degree of underlying uncertainty, both in view of general risks as well as risks that are specific to the Group and the sectors in which it operates, as identified in more detail in the Directors Report.
Following a detailed evaluation of the judgments and assumptions taken into account in the preparation of these financial projections, these were considered to be realistic yet prudent and were thus adopted by the Board.
The directors concluded that the Group is likely to generate sufficient financial resources through its operations and external sources as to permit it to continue in operational existence for the foreseeable future.
Accordingly, based on the outcome of the financial projections in a prudent scenario as referred to above, the Directors consider the going concern assumption in the preparation of the Group\u2019s financial statements as appropriate as at the date of authorisation for issue of the 2025 financial statements.
Presentation currency
These consolidated financial statements are presented in Euro, which is also the Company\u2019s functional and presentation currency. All figures are rounded to the nearest \u20ac1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7181-tag12018878": { "value": "
2.Basis of preparation
Reporting entity
The financial statements of the Company and the consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and in accordance with the requirements of the Companies Act (Cap. 386).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7181-tag12018961": { "value": "
2.Basis of preparation
Use of judgements and estimates
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to final outcomes deviating from estimates and assumptions made. Information about key judgements made in applying accounting policies, together with estimates made at the reporting date, that have the most significant effects on the amounts recognised in these consolidated financial statements is disclosed in the following notes:
-Note 10, land: techniques and assumptions made in measuring fair value
5.Other operating income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Service charge32,93355,303--
Rental income43,683---
76,61655,303--
11.Investment property
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At the beginning of the year 5,959,9126,004,491--
Transfer to PPE - Note 10 (i)(5,959,912)---
Disposal on demolition of buildings-(44,579)--
At the end of the year-5,959,912--
Lease arrangements
Lease arrangements were terminated in 2023, and the property is part of the ongoing construction in Sliema for a hotel and ancillary facilities.
12.Fair value of Land and Buildings
The Group\u2019s non-financial assets carried at fair value comprise of land classified as property, plant and equipment. The Group is
required to analyse non-financial assets carried at fair value by level of the fair value hierarchy described in Note 2.
All the recurring property fair value measurements at 31 December 2025 and 2024, as applicable, use significant unobservable inputs and are accordingly categorised within Level 3 of the fair valuation hierarchy.
The Group uses the services of professional valuers to revalue the land and buildings and investment properties. The professional valuers take into account market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The highest and best use of a non-financial asset takes into account the use of the asset that is physically possible, legally permissible and financially feasible, as follows:
-A use that is physically possible, takes into account the physical characteristics of the asset that market participants would take into account when pricing the asset (e.g. the location or size of a property).
-A use that is legally permissible takes into account any legal restrictions on the use of the asset that market participants would take into account when pricing the asset (e.g. the zoning regulations applicable to a property).
-A use that is financially feasible takes into account whether a use of the asset that is physically possible and legally permissible generates adequate income or cash flows (taking into account the costs of converting the asset to that use) to produce an investment return that market participants would require from an investment in that asset put to that use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimising the use of unobservable inputs. As described in Note 2, the Group use valuation techniques that include inputs that are not always based on observable market data in order to estimate the fair value of land and building and investment properties. Note 16 provides detailed information regarding these valuation methods and the key assumptions used in performing such valuations.
12.4Valuation inputs and relationships to fair value
The determination of the fair value of land and buildings and investment properties use future discounted cash flows (\u201cDCF\u201d) projections based on significant unobservable inputs (categorised within Level 3 of the fair value hierarchy). These inputs include:
Information about fair value measurements using significant unobservable inputs (Level 3)
GroupFair value atValuation technique*Unobservable inputsRelationship of unobservable inputs to fair value
31 Dec31 Dec
20252024
Description\u20ac\u20ac
Property, plant, and equipment
Hotel properties \u2013 Sea Pebbles38,247,76720,864,158Comparison Approach \u2013 sales price/ sqm *\u20ac42k/sqmThe higher the sales price per square metre the higher the fair value
DCF MethodWACC: 9.25%The lower the WACC the higher the fair value
Growth: 1.75%
EBITDA: \u20ac2.3m - \u20ac7m
Investment properties
Leased buildings-5,959,512Comparison approachSales price per square metreThe higher the sales price per square metre the higher the fair value
* \u20ac5,800
*These inputs represent the inputs used in the external valuation carried out as at 31 December 2025. This inputs reflects the value of land footprint and overlying airspace with the potential to build additional floors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7181-tag12018951": { "value": "
2.Basis of preparation
Use of judgements and estimates
-Note 10, land: techniques and assumptions made in measuring fair value
10.Property, Plant & Equipment
GroupMotorElectricalFurniture,ComputerCateringOther fixedTotal
Land & airspaceBuildingsVehiclesEquipmentInstallations& FittingsEquipmentEquipmentAssets
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Cost/ Valuation
As at 1 January 202420,874,5773,646,30316,4001,619,647954,0532,437,63736,174463,699212,44930,260,939
Additions--50,09910,67742,1803,975--106,931
Reversal of impairment-446,790-------446,790
Transfer of PPE under dev-(110,420)-------(110,420)
Disposals on demolition of buildings-(608,100)-------(608,100)
As at 31 December 202420,874,5773,374,57316,4001,669,746964,7302,479,81740,149463,699212,44930,096,140
Additions-203,672-63,436-11,586-13,177-291,871
Revaluation11,338,552--------11,338,552
Transfer from investment property (i)5,959,912--------5,959,912
Impairment-(1,017)(3,496)(47,189)(233,965)(52,005)-(337,672)
As at 31 December 202538,173,0413,577,22816,4001,729,686917,5412,257,43840,149424,871212,44947,348,803
Depreciation
As at 1 January 2024-2,179,01115,100578,956571,2471,033,31228,71857,962156,5284,620,834
Charge for the year-251,2121,300273,25070,319246,1072,68316,82235,409897,102
Released on disposal-(406,412)-------(406,412)
As at 31 December 2024-2,023,81116,400852,206641,5661,279,41931,40174,784191,9375,111,524
Charge for the year-297,686-147,129155,320251,4511,91679,47818,325951,305
As at 31 December 2025-2,321,49716,400999,335796,8861,530,87033,317154,262210,2626,062,829
Net Book Value
As at 31 December 202538,173,0411,255,731-730,351120,655726,5686,832270,6092,18741,285,974
As at 31 December 202420,874,5771,350,762-817,540323,1641,200,3988,748388,91520,51224,984,616
As at 1 January 202420,874,5771,467,2921,3001,040,691382,8061,404,3257,456405,73755,92125,640,105
Note i \u2013 Transfer from investment property \u2013 During the current financial year, the Group reclassified a portion of land and buildings previously recognised within investment property (held for capital appreciation) to property, plant and equipment. This reclassification was effected following a change in the intended use of the asset, as the land is now being utilised in connection with the development of the Group\u2019s hotel in Sliema, forming an integral part of the adjacent operational property. Accordingly, the transfer was accounted for in accordance with IAS 40 \u2013 Investment Property, whereby assets are transferred to owner-occupied property when there is a change in use evidenced by commencement of development for such purpose. The property was transferred at its carrying amount at the date of reclassification.
Use as collateral
Land and buildings held by the Group, with a carrying amount of \u20ac13.8m (2024: \u20ac13.8m) are pledged as security for non-current borrowings.
12.Fair value of Land and Buildings
12.1Significant judgement and estimates
Determining the fair value of land and buildings involves significant estimates and assumptions, particularly when market-based evidence is not readily available, and the valuation relies on discounted cash flow (DCF) techniques. In such cases, the Group considers:
-Future cash flows expected to be derived from the continued use of the asset
-Estimated useful life and residual value of the asset
-Replacement cost or depreciated replacement cost (for non-income-generating assets)
-Market-based inputs, where available (e.g., comparable sales or rental yields)
-Discount rates reflecting current market assessments of the time value of money and asset-specific risks
Changes in assumptions, market conditions, or economic environment could result in significant adjustments to the carrying values of land and buildings. Independent professional valuers may be engaged to perform or assist with revaluations.
Management exercises judgment in selecting the appropriate valuation technique for each class of asset and in determining the frequency of revaluation. The selection of inputs - such as future price trends, production output, or usage assumptions \u2013 can significantly influence the valuation outcome. These estimates are reviewed regularly and revised as necessary.
The Group revalued its hotel property, which is currently undergoing construction, at the reporting date. The valuation was performed by an independent architect using the market comparison approach. In addition, the directors estimated the recoverable amount using a discounted cash flow model based on projected future cash flows expected to be generated by the property upon completion of the refurbishment.
The discounted cash flow model involves significant estimates and assumptions, including expected occupancy levels, average daily rates, operating margins, timing and cost to complete the refurbishment, and the discount rate applied.
Given the property is not yet operational and remains under construction, there is estimation uncertainty associated with the forecasted future cash flows. This uncertainty is understood primarily because the property is being constructed into a larger hotel with additional facilities, which differs from its previous use. As this represents a newly refurbished property with additional facilities, historical financial performance is not necessarily directly comparable, limiting the availability of relevant profit benchmarks. Management has assessed that the values derived from both the market comparison approach and the discounted cash flow model do not differ materially and has therefore used both valuation methods in determining the carrying amount at the reporting date.
12.2Property, plant and equipment
Valuation techniques
The Group\u2019s land and buildings within property, plant and equipment consist of one hotel that is currently being developed which is owned and managed by the Group companies. The Group obtains independent valuations for its freehold land and buildings at least every five years.
At the end of each reporting period, the directors update their assessment of the fair value of each property, considering the most recent independent valuations. The directors determine a property\u2019s value within a range of reasonable fair value estimates. The best evidence of fair value is current prices in an active market for similar properties. Where such information is not available, the directors consider information from a variety of sources.
The Group\u2019s properties were valued by an independent architect using the market comparison method. In addition, the directors performed a valuation using a discounted cash flow model. Both valuation approaches resulted in consistent values, and no material differences were identified between the two methods.
When using the DCF technique, the significant unobservable inputs include:
Earnings before interest, tax, depreciation, and amortisation (EBITDA)Based on projected income streams taking into consideration historical results and market expectations;
Growth rate Based on management\u2019s estimated average growth of the company\u2019s EBITDA, mainly determined by projected growth in income streams;
Discount rateReflecting the current market assessment of the uncertainty in the amount and timing of projected cash flows. The discount rate reflects the estimated weighted average cost of capital that would be available to a Reasonably Efficient Operator (REO) for financing such an operation. The discount rate is based on an assumed debt to equity ratio; estimation of cost of equity is based on risk free interest rates adjusted for country risk and equity risk premium; estimation of cost of debt is based on risk free interest rates adjusted for country risk and assumed credit spread.
Valuation process
The Group \u2018s property within property plant and equipment (land and buildings together with all other integral assets) were revalued on 31 December 2025 by an independent valuer using comparative method and by the Directors using DCF methodology.
Where management, through its assessment, concludes that the fair value of its properties differs materially from its carrying amount, and at least every 5 years, an independent valuation report prepared by third party qualified valuers, is performed. The report is based on information provided by the Group. The information provided to the valuers, together with the assumptions and the valuation models used by the valuers, are reviewed by the directors. This includes a review of the fair value movement over the period. The directors consider whether the valuation report is appropriate to revalue the Company\u2019s property.
During the current financial year, the Group revalued its land and the revaluation surplus was recognised in the Revaluation Reserve (refer to Note 24), in line with the revaluation model under IAS 16.
The DCF methodology was based on projected future cash flows expected to be generated by the property, discounted at a rate that reflects current market assessments of the time value of money and the risks specific to the asset. The architect valuation was based on the market participant\u2019s ability to generate economic benefits by selling the property to another market participant that would use the asset in its highest and best use.
The revaluation resulted in an increase in the carrying amount of the property by \u20ac11,338,552, which has been recognised in other comprehensive income in the Group\u2019s consolidated results, in accordance with the revaluation model under IAS 16 (for PPE). The Directors are of the opinion that the revalued amount represents a fair estimate of the property's value as at the reporting date.
Historical cost basis of properties
If the cost model had been used, the carrying amounts of the revalued properties classified as property, plant and equipment would be \u20ac8,245,569 (2024: \u20ac8,413,846). The revalued amounts include a revaluation surplus net of tax of \u20ac27,138,025 before tax (2024: \u20ac14,799,920), which is not available for distribution to the shareholders of SP Finance P.L.C.
12.4Valuation inputs and relationships to fair value
GroupFair value atValuation technique*Unobservable inputsRelationship of unobservable inputs to fair value
31 Dec31 Dec
20252024
Description\u20ac\u20ac
Property, plant, and equipment
Hotel properties \u2013 Sea Pebbles38,247,76720,864,158Comparison Approach \u2013 sales price/ sqm *\u20ac42k/sqmThe higher the sales price per square metre the higher the fair value
DCF MethodWACC: 9.25%The lower the WACC the higher the fair value
Growth: 1.75%
EBITDA: \u20ac2.3m - \u20ac7m
Investment properties
Leased buildings-5,959,512Comparison approachSales price per square metreThe higher the sales price per square metre the higher the fair value
* \u20ac5,800
13.PPE under development
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At 1 January 704,470---
Transfer from PPE (Note 10)-110,420--
Additions3,122,489594,050--
At 31 December 3,826,959704,470--
In the prior financial year, one of the Group\u2019s subsidiaries commenced the redevelopment of the Sliema hotel. The costs incurred in relation to this project are being classified under \"PPE under development\".
These costs primarily include construction, architectural and professional fees and finance costs as well as other directly attributable expenses necessary to bring the asset to its intended use.
Capitalisation of costs will continue until the asset is ready for its intended operational use, at which point the balance will be transferred to the relevant PPE category and depreciation will commence.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7181-tag12018938": { "value": "
2.Basis of preparation
Fair valuation
The Group is required to analyse non-financial assets carried at fair value by level of the fair value hierarchy within which, the recurring fair value measurements are categorised in their entirety (Level 1, 2 or 3). The different levels of the fair value hierarchy have been defined as fair value measurements using:
-Quoted prices (unadjusted) in active markets for identical assets (Level 1);
-Inputs other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and
-Inputs for the asset that are not based on observable market data (that is, unobservable inputs) (Level 3).
The level within which an asset or liability is classified is determined based on the lowest level of significant input to the fair value measurement.
Fair value is based on active market prices, adjusted, if necessary, for difference in the nature, location or condition of the specific asset. If this information is not available, the Group uses alternative valuation methods such as recent prices on less active markets or discontinued cash flow projections. These valuations are reviewed periodically by the Group directors.
The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as of the beginning of the reporting period. There were no transfers between different levels of the fair value hierarchy during the current and preceding financial years.
12.Fair value of Land and Buildings
The Group\u2019s non-financial assets carried at fair value comprise of land classified as property, plant and equipment. The Group is
required to analyse non-financial assets carried at fair value by level of the fair value hierarchy described in Note 2.
All the recurring property fair value measurements at 31 December 2025 and 2024, as applicable, use significant unobservable inputs and are accordingly categorised within Level 3 of the fair valuation hierarchy.
The Group uses the services of professional valuers to revalue the land and buildings and investment properties. The professional valuers take into account market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The highest and best use of a non-financial asset takes into account the use of the asset that is physically possible, legally permissible and financially feasible, as follows:
-A use that is physically possible, takes into account the physical characteristics of the asset that market participants would take into account when pricing the asset (e.g. the location or size of a property).
-A use that is legally permissible takes into account any legal restrictions on the use of the asset that market participants would take into account when pricing the asset (e.g. the zoning regulations applicable to a property).
-A use that is financially feasible takes into account whether a use of the asset that is physically possible and legally permissible generates adequate income or cash flows (taking into account the costs of converting the asset to that use) to produce an investment return that market participants would require from an investment in that asset put to that use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimising the use of unobservable inputs. As described in Note 2, the Group use valuation techniques that include inputs that are not always based on observable market data in order to estimate the fair value of land and building and investment properties. Note 16 provides detailed information regarding these valuation methods and the key assumptions used in performing such valuations.
12.2Property, plant and equipment
Valuation techniques
The Group\u2019s land and buildings within property, plant and equipment consist of one hotel that is currently being developed which is owned and managed by the Group companies. The Group obtains independent valuations for its freehold land and buildings at least every five years.
At the end of each reporting period, the directors update their assessment of the fair value of each property, considering the most recent independent valuations. The directors determine a property\u2019s value within a range of reasonable fair value estimates. The best evidence of fair value is current prices in an active market for similar properties. Where such information is not available, the directors consider information from a variety of sources.
When using the DCF technique, the significant unobservable inputs include:
Earnings before interest, tax, depreciation, and amortisation (EBITDA)Based on projected income streams taking into consideration historical results and market expectations;
Growth rate Based on management\u2019s estimated average growth of the company\u2019s EBITDA, mainly determined by projected growth in income streams;
Discount rateReflecting the current market assessment of the uncertainty in the amount and timing of projected cash flows. The discount rate reflects the estimated weighted average cost of capital that would be available to a Reasonably Efficient Operator (REO) for financing such an operation. The discount rate is based on an assumed debt to equity ratio; estimation of cost of equity is based on risk free interest rates adjusted for country risk and equity risk premium; estimation of cost of debt is based on risk free interest rates adjusted for country risk and assumed credit spread.
Valuation process
The Group \u2018s property within property plant and equipment (land and buildings together with all other integral assets) were revalued on 31 December 2025 by an independent valuer using comparative method and by the Directors using DCF methodology.
Where management, through its assessment, concludes that the fair value of its properties differs materially from its carrying amount, and at least every 5 years, an independent valuation report prepared by third party qualified valuers, is performed. The report is based on information provided by the Group. The information provided to the valuers, together with the assumptions and the valuation models used by the valuers, are reviewed by the directors. This includes a review of the fair value movement over the period. The directors consider whether the valuation report is appropriate to revalue the Company\u2019s property.
During the current financial year, the Group revalued its land and the revaluation surplus was recognised in the Revaluation Reserve (refer to Note 24), in line with the revaluation model under IAS 16.
The DCF methodology was based on projected future cash flows expected to be generated by the property, discounted at a rate that reflects current market assessments of the time value of money and the risks specific to the asset. The architect valuation was based on the market participant\u2019s ability to generate economic benefits by selling the property to another market participant that would use the asset in its highest and best use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7181-tag12018931": { "value": "
2.Basis of preparation
Use of judgements and estimates
The preparation of financial statements requires the use of accounting estimates which, by definition, will likely differ from the actual results. Management also needs to exercise judgement in applying the group\u2019s accounting policies.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to final outcomes deviating from estimates and assumptions made. Information about key judgements made in applying accounting policies, together with estimates made at the reporting date, that have the most significant effects on the amounts recognised in these consolidated financial statements is disclosed in the following notes:
-Note 10, land: techniques and assumptions made in measuring fair value, and
-Note 31, credit risk: estimates and assumptions made in measuring expected credit loss allowances on loans and advances.
3.Material accounting policies
Financial instruments
Impairment of financial assets
The Group\u2019s and the Company\u2019s assets are subject to an expected credit loss (\u201cECL\u201d) model for the purposes of providing for credit losses. The general ECL model requires management to make complex judgments and estimates about the credit risk of counterparties and the expected future recoverability of financial assets. The model incorporates a forward-looking view of credit losses, using historical data, current conditions, and reasonable and supportable forecasts of future economic conditions. ECLs are measured on either a 12-month or lifetime basis depending on whether there has been a significant increase in credit risk since initial recognition.
The assessment involves:
-Evaluating the financial health and repayment ability of counterparties
-Considering historical loss experience
-Incorporating macroeconomic indicators such as GDP growth, interest rates, and industry outlook
-Applying probability-weighted scenarios where appropriate
Where balances are with related parties, additional qualitative factors are considered, including:
-The related party\u2019s financial position and liquidity
-Strategic or operational importance of the relationship
-Any indications of restructuring, dispute, or repayment delays
12.Fair value of Land and Buildings
12.1Significant judgement and estimates
Determining the fair value of land and buildings involves significant estimates and assumptions, particularly when market-based evidence is not readily available, and the valuation relies on discounted cash flow (DCF) techniques. In such cases, the Group considers:
-Future cash flows expected to be derived from the continued use of the asset
-Estimated useful life and residual value of the asset
-Replacement cost or depreciated replacement cost (for non-income-generating assets)
-Market-based inputs, where available (e.g., comparable sales or rental yields)
-Discount rates reflecting current market assessments of the time value of money and asset-specific risks
Changes in assumptions, market conditions, or economic environment could result in significant adjustments to the carrying values of land and buildings. Independent professional valuers may be engaged to perform or assist with revaluations.
Management exercises judgment in selecting the appropriate valuation technique for each class of asset and in determining the frequency of revaluation. The selection of inputs - such as future price trends, production output, or usage assumptions \u2013 can significantly influence the valuation outcome. These estimates are reviewed regularly and revised as necessary.
The Group revalued its hotel property, which is currently undergoing construction, at the reporting date. The valuation was performed by an independent architect using the market comparison approach. In addition, the directors estimated the recoverable amount using a discounted cash flow model based on projected future cash flows expected to be generated by the property upon completion of the refurbishment.
The discounted cash flow model involves significant estimates and assumptions, including expected occupancy levels, average daily rates, operating margins, timing and cost to complete the refurbishment, and the discount rate applied.
Given the property is not yet operational and remains under construction, there is estimation uncertainty associated with the forecasted future cash flows. This uncertainty is understood primarily because the property is being constructed into a larger hotel with additional facilities, which differs from its previous use. As this represents a newly refurbished property with additional facilities, historical financial performance is not necessarily directly comparable, limiting the availability of relevant profit benchmarks. Management has assessed that the values derived from both the market comparison approach and the discounted cash flow model do not differ materially and has therefore used both valuation methods in determining the carrying amount at the reporting date.
12.2Property, plant and equipment
Valuation techniques
When using the DCF technique, the significant unobservable inputs include:
Earnings before interest, tax, depreciation, and amortisation (EBITDA)Based on projected income streams taking into consideration historical results and market expectations;
Growth rate Based on management\u2019s estimated average growth of the company\u2019s EBITDA, mainly determined by projected growth in income streams;
Discount rateReflecting the current market assessment of the uncertainty in the amount and timing of projected cash flows. The discount rate reflects the estimated weighted average cost of capital that would be available to a Reasonably Efficient Operator (REO) for financing such an operation. The discount rate is based on an assumed debt to equity ratio; estimation of cost of equity is based on risk free interest rates adjusted for country risk and equity risk premium; estimation of cost of debt is based on risk free interest rates adjusted for country risk and assumed credit spread.
Valuation process
The Group \u2018s property within property plant and equipment (land and buildings together with all other integral assets) were revalued on 31 December 2025 by an independent valuer using comparative method and by the Directors using DCF methodology.
Where management, through its assessment, concludes that the fair value of its properties differs materially from its carrying amount, and at least every 5 years, an independent valuation report prepared by third party qualified valuers, is performed. The report is based on information provided by the Group. The information provided to the valuers, together with the assumptions and the valuation models used by the valuers, are reviewed by the directors. This includes a review of the fair value movement over the period. The directors consider whether the valuation report is appropriate to revalue the Company\u2019s property.
During the current financial year, the Group revalued its land and the revaluation surplus was recognised in the Revaluation Reserve (refer to Note 24), in line with the revaluation model under IAS 16.
The DCF methodology was based on projected future cash flows expected to be generated by the property, discounted at a rate that reflects current market assessments of the time value of money and the risks specific to the asset. The architect valuation was based on the market participant\u2019s ability to generate economic benefits by selling the property to another market participant that would use the asset in its highest and best use.
The revaluation resulted in an increase in the carrying amount of the property by \u20ac11,338,552, which has been recognised in other comprehensive income in the Group\u2019s consolidated results, in accordance with the revaluation model under IAS 16 (for PPE). The Directors are of the opinion that the revalued amount represents a fair estimate of the property's value as at the reporting date.
12.4Valuation inputs and relationships to fair value
The determination of the fair value of land and buildings and investment properties use future discounted cash flows (\u201cDCF\u201d) projections based on significant unobservable inputs (categorised within Level 3 of the fair value hierarchy). These inputs include:
Information about fair value measurements using significant unobservable inputs (Level 3)
GroupFair value atValuation technique*Unobservable inputsRelationship of unobservable inputs to fair value
31 Dec31 Dec
20252024
Description\u20ac\u20ac
Property, plant, and equipment
Hotel properties \u2013 Sea Pebbles38,247,76720,864,158Comparison Approach \u2013 sales price/ sqm *\u20ac42k/sqmThe higher the sales price per square metre the higher the fair value
DCF MethodWACC: 9.25%The lower the WACC the higher the fair value
Growth: 1.75%
EBITDA: \u20ac2.3m - \u20ac7m
Investment properties
Leased buildings-5,959,512Comparison approachSales price per square metreThe higher the sales price per square metre the higher the fair value
* \u20ac5,800
*These inputs represent the inputs used in the external valuation carried out as at 31 December 2025. This inputs reflects the value of land footprint and overlying airspace with the potential to build additional floors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7181-tag12018924": { "value": "
2.Basis of preparation
Use of judgements and estimates
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to final outcomes deviating from estimates and assumptions made. Information about key judgements made in applying accounting policies, together with estimates made at the reporting date, that have the most significant effects on the amounts recognised in these consolidated financial statements is disclosed in the following notes:
-Note 10, land: techniques and assumptions made in measuring fair value", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7181-tag12018920": { "value": "
2.Basis of preparation
Use of judgements and estimates
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to final outcomes deviating from estimates and assumptions made. Information about key judgements made in applying accounting policies, together with estimates made at the reporting date, that have the most significant effects on the amounts recognised in these consolidated financial statements is disclosed in the following notes:
-Note 10, land: techniques and assumptions made in measuring fair value, and
-Note 31, credit risk: estimates and assumptions made in measuring expected credit loss allowances on loans and advances.
10.Property, Plant & Equipment
GroupMotorElectricalFurniture,ComputerCateringOther fixedTotal
Land & airspaceBuildingsVehiclesEquipmentInstallations& FittingsEquipmentEquipmentAssets
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Cost/ Valuation
As at 1 January 202420,874,5773,646,30316,4001,619,647954,0532,437,63736,174463,699212,44930,260,939
Additions--50,09910,67742,1803,975--106,931
Reversal of impairment-446,790-------446,790
Transfer of PPE under dev-(110,420)-------(110,420)
Disposals on demolition of buildings-(608,100)-------(608,100)
As at 31 December 202420,874,5773,374,57316,4001,669,746964,7302,479,81740,149463,699212,44930,096,140
Additions-203,672-63,436-11,586-13,177-291,871
Revaluation11,338,552--------11,338,552
Transfer from investment property (i)5,959,912--------5,959,912
Impairment-(1,017)(3,496)(47,189)(233,965)(52,005)-(337,672)
As at 31 December 202538,173,0413,577,22816,4001,729,686917,5412,257,43840,149424,871212,44947,348,803
Depreciation
As at 1 January 2024-2,179,01115,100578,956571,2471,033,31228,71857,962156,5284,620,834
Charge for the year-251,2121,300273,25070,319246,1072,68316,82235,409897,102
Released on disposal-(406,412)-------(406,412)
As at 31 December 2024-2,023,81116,400852,206641,5661,279,41931,40174,784191,9375,111,524
Charge for the year-297,686-147,129155,320251,4511,91679,47818,325951,305
As at 31 December 2025-2,321,49716,400999,335796,8861,530,87033,317154,262210,2626,062,829
Net Book Value
As at 31 December 202538,173,0411,255,731-730,351120,655726,5686,832270,6092,18741,285,974
As at 31 December 202420,874,5771,350,762-817,540323,1641,200,3988,748388,91520,51224,984,616
As at 1 January 202420,874,5771,467,2921,3001,040,691382,8061,404,3257,456405,73755,92125,640,105
11.Investment property
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At the beginning of the year 5,959,9126,004,491--
Transfer to PPE - Note 10 (i)(5,959,912)---
Disposal on demolition of buildings-(44,579)--
At the end of the year-5,959,912--
Lease arrangements
Lease arrangements were terminated in 2023, and the property is part of the ongoing construction in Sliema for a hotel and ancillary facilities.
12.Fair value of Land and Buildings
12.1Significant judgement and estimates
Determining the fair value of land and buildings involves significant estimates and assumptions, particularly when market-based evidence is not readily available, and the valuation relies on discounted cash flow (DCF) techniques. In such cases, the Group considers:
-Future cash flows expected to be derived from the continued use of the asset
-Estimated useful life and residual value of the asset
-Replacement cost or depreciated replacement cost (for non-income-generating assets)
-Market-based inputs, where available (e.g., comparable sales or rental yields)
-Discount rates reflecting current market assessments of the time value of money and asset-specific risks
Changes in assumptions, market conditions, or economic environment could result in significant adjustments to the carrying values of land and buildings. Independent professional valuers may be engaged to perform or assist with revaluations.
Management exercises judgment in selecting the appropriate valuation technique for each class of asset and in determining the frequency of revaluation. The selection of inputs - such as future price trends, production output, or usage assumptions \u2013 can significantly influence the valuation outcome. These estimates are reviewed regularly and revised as necessary.
The Group revalued its hotel property, which is currently undergoing construction, at the reporting date. The valuation was performed by an independent architect using the market comparison approach. In addition, the directors estimated the recoverable amount using a discounted cash flow model based on projected future cash flows expected to be generated by the property upon completion of the refurbishment.
The discounted cash flow model involves significant estimates and assumptions, including expected occupancy levels, average daily rates, operating margins, timing and cost to complete the refurbishment, and the discount rate applied.
Given the property is not yet operational and remains under construction, there is estimation uncertainty associated with the forecasted future cash flows. This uncertainty is understood primarily because the property is being constructed into a larger hotel with additional facilities, which differs from its previous use. As this represents a newly refurbished property with additional facilities, historical financial performance is not necessarily directly comparable, limiting the availability of relevant profit benchmarks. Management has assessed that the values derived from both the market comparison approach and the discounted cash flow model do not differ materially and has therefore used both valuation methods in determining the carrying amount at the reporting date.
12.2Property, plant and equipment
Valuation techniques
The Group\u2019s land and buildings within property, plant and equipment consist of one hotel that is currently being developed which is owned and managed by the Group companies. The Group obtains independent valuations for its freehold land and buildings at least every five years.
At the end of each reporting period, the directors update their assessment of the fair value of each property, considering the most recent independent valuations. The directors determine a property\u2019s value within a range of reasonable fair value estimates. The best evidence of fair value is current prices in an active market for similar properties. Where such information is not available, the directors consider information from a variety of sources.
The Group\u2019s properties were valued by an independent architect using the market comparison method. In addition, the directors performed a valuation using a discounted cash flow model. Both valuation approaches resulted in consistent values, and no material differences were identified between the two methods.
When using the DCF technique, the significant unobservable inputs include:
Earnings before interest, tax, depreciation, and amortisation (EBITDA)Based on projected income streams taking into consideration historical results and market expectations;
Growth rate Based on management\u2019s estimated average growth of the company\u2019s EBITDA, mainly determined by projected growth in income streams;
Discount rateReflecting the current market assessment of the uncertainty in the amount and timing of projected cash flows. The discount rate reflects the estimated weighted average cost of capital that would be available to a Reasonably Efficient Operator (REO) for financing such an operation. The discount rate is based on an assumed debt to equity ratio; estimation of cost of equity is based on risk free interest rates adjusted for country risk and equity risk premium; estimation of cost of debt is based on risk free interest rates adjusted for country risk and assumed credit spread.
Valuation process
The Group \u2018s property within property plant and equipment (land and buildings together with all other integral assets) were revalued on 31 December 2025 by an independent valuer using comparative method and by the Directors using DCF methodology.
Where management, through its assessment, concludes that the fair value of its properties differs materially from its carrying amount, and at least every 5 years, an independent valuation report prepared by third party qualified valuers, is performed. The report is based on information provided by the Group. The information provided to the valuers, together with the assumptions and the valuation models used by the valuers, are reviewed by the directors. This includes a review of the fair value movement over the period. The directors consider whether the valuation report is appropriate to revalue the Company\u2019s property.
During the current financial year, the Group revalued its land and the revaluation surplus was recognised in the Revaluation Reserve (refer to Note 24), in line with the revaluation model under IAS 16.
The DCF methodology was based on projected future cash flows expected to be generated by the property, discounted at a rate that reflects current market assessments of the time value of money and the risks specific to the asset. The architect valuation was based on the market participant\u2019s ability to generate economic benefits by selling the property to another market participant that would use the asset in its highest and best use.
The revaluation resulted in an increase in the carrying amount of the property by \u20ac11,338,552, which has been recognised in other comprehensive income in the Group\u2019s consolidated results, in accordance with the revaluation model under IAS 16 (for PPE). The Directors are of the opinion that the revalued amount represents a fair estimate of the property's value as at the reporting date.
Historical cost basis of properties
If the cost model had been used, the carrying amounts of the revalued properties classified as property, plant and equipment would be \u20ac8,245,569 (2024: \u20ac8,413,846). The revalued amounts include a revaluation surplus net of tax of \u20ac27,138,025 before tax (2024: \u20ac14,799,920), which is not available for distribution to the shareholders of SP Finance P.L.C.
12.4Valuation inputs and relationships to fair value
The determination of the fair value of land and buildings and investment properties use future discounted cash flows (\u201cDCF\u201d) projections based on significant unobservable inputs (categorised within Level 3 of the fair value hierarchy). These inputs include:
Information about fair value measurements using significant unobservable inputs (Level 3)
GroupFair value atValuation technique*Unobservable inputsRelationship of unobservable inputs to fair value
31 Dec31 Dec
20252024
Description\u20ac\u20ac
Property, plant, and equipment
Hotel properties \u2013 Sea Pebbles38,247,76720,864,158Comparison Approach \u2013 sales price/ sqm *\u20ac42k/sqmThe higher the sales price per square metre the higher the fair value
DCF MethodWACC: 9.25%The lower the WACC the higher the fair value
Growth: 1.75%
EBITDA: \u20ac2.3m - \u20ac7m
Investment properties
Leased buildings-5,959,512Comparison approachSales price per square metreThe higher the sales price per square metre the higher the fair value
* \u20ac5,800
*These inputs represent the inputs used in the external valuation carried out as at 31 December 2025. This inputs reflects the value of land footprint and overlying airspace with the potential to build additional floors.
22.Borrowings
The quoted market price as at 31st December 2025 for the 4% secured Bonds was \u20ac97 (2024: \u20ac98). The directors are of the opinion that this price represents the fair value of these liabilities; as at balance sheet date, the fair value of the bonds therefore amounts to \u20ac11,641,200 (2024: \u20ac11,760,000). The fair value calculation is classified within Level 3 of IFRS 13\u2019s fair value hierarchy.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7181-tag12018887": { "value": "
2.Basis of preparation
The functional currency of the Company is the Euro which is also the presentation currency of the Group.
Presentation currency
These consolidated financial statements are presented in Euro, which is also the Company\u2019s functional and presentation currency. All figures are rounded to the nearest \u20ac1.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7181-tag12018885": { "value": "
2.Basis of preparation
Assessment of the appropriateness of the going concern assumption
The Group\u2019s financial results for the year ended on 31 December 2025 show an improvement over the results obtained in the prior year when considering that the 2025 results include an impairment of PPE of \u20ac337,672, compared to an impairment of intangible assets of \u20ac630,000 and a reversal of impairment on non-financial instruments of \u20ac1,026,316 in 2024. Gross accommodation revenue of Pebbles Resort hotel was \u20ac5,448,928, which represents an 18% increase over the revenue figure of \u20ac4,621,366 achieved in 2024.
Income from the catering business dropped by 4% from \u20ac5,814,034 in 2024 to \u20ac5,584,711 in 2025, mainly due to poor performance of the MedAsia Fusion Lounge outlet in Sliema which was negatively impacted by the ongoing construction works on the same site.
With a view to determining the appropriateness of preparing the financial statements on a going concern basis, the directors requested management to prepare realistic yet prudent financial projections for 2026 and beyond, by considering the following relevant matters, among others:
\u2022The loss of accommodation revenue from the Pebbles Boutique Aparthotel until late 2026 while it is being re-constructed into a much larger hotel.
\u2022The capital expenditure that is being spent in connection with this project.
\u2022The very encouraging revenue achieved by Pebbles Resort in the first quarter of 2026 and the solid bookings for the rest of the year, which augur well for improved results compared to the already excellent results achieved in 2025.
\u2022The fact that bank financing was obtained to finance a significant portion of the construction and completion costs of the Sliema project.
The Directors are conscious that any financial projections presented to them include judgements and assumptions which at this stage remain subject to a material degree of underlying uncertainty, both in view of general risks as well as risks that are specific to the Group and the sectors in which it operates, as identified in more detail in the Directors Report.
Following a detailed evaluation of the judgments and assumptions taken into account in the preparation of these financial projections, these were considered to be realistic yet prudent and were thus adopted by the Board.
The directors concluded that the Group is likely to generate sufficient financial resources through its operations and external sources as to permit it to continue in operational existence for the foreseeable future.
Accordingly, based on the outcome of the financial projections in a prudent scenario as referred to above, the Directors consider the going concern assumption in the preparation of the Group\u2019s financial statements as appropriate as at the date of authorisation for issue of the 2025 financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7181-tag12018884": { "value": "
2.Basis of preparation
Standards, interpretations and amendments to published standards effective in 2025
In 2025, the Group adopted new standards, amendments and interpretations to existing standards that are mandatory for the Group\u2019s accounting period beginning on 1 January 2025. The Group has applied the following amendments for the first time for its annual reporting period commencing from 1 January 2025:
\u2022The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability \u2013 Amendments to IAS 21
The adoption of these revisions to the requirements of IFRSs as adopted by the EU did not result in substantial changes to the Group\u2019s and the Company\u2019s accounting policies.
Standards, interpretations and amendments to published standards that are not yet effective
Certain new accounting standards and amendments to accounting standards have been published that are not mandatory for this reporting period that commenced on 1 January 2025 and have not been early adopted by the Group. The Group\u2019s assessment of the impact of these new standards and amendments is set out below.
\u2022Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7
\u2022Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7
\u2022Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency
\u2022Annual Improvements Volume 11
\u2022IFRS 18 Presentation and Disclosure in Financial Statements
\u2022IFRS 19 Subsidiaries without Public Accountability: Disclosures (including amendments)
Except for the Amendments to the Classification and Measurement of Financial Instruments, and the issuance of IFRS 18, the adoption of these revisions to the requirements of IFRSs as adopted by the EU is not expected to result in any changes to the Group\u2019s and the Company\u2019s accounting policies in the period of adoption.
The Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 are effective for annual periods beginning on or after 1 January 2026, and they have been endorsed by the EU. Amongst others, the amendments introduce an accounting policy choice to derecognise financial liabilities that are settled through an electronic payment system before settlement date if certain conditions are met, and they also update the disclosures for equity instruments designated at fair value through other comprehensive income. The directors do not expect the accounting policy choice introduced by these amendments to significantly impact the Group and the Company, and they have determined that the other amendments to IFRS 9 and IFRS 7 will not impact the recognition and measurement of the Group\u2019s and the Company\u2019s financial instruments. The enhanced disclosures for equity instruments designated at fair value through other comprehensive income may lead to additional disclosures in the future, but will not impact the timing and amounts at which such assets are recognised and measured.
IFRS 18 will replace IAS 1 Presentation of financial statements. It introduces new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. IFRS 18 will not directly impact the recognition or measurement of items in the financial statements; it will however impact both the presentation of the primary statements, and the disclosures within the notes to the financial statements. Among other things, IFRS 18 introduces the requirement to present additional subtotals in the statement of profit or loss, and it modifies the requirements in relation to the statement of cash flows. It also introduces new disclosure requirements for management-defined performance measures (MPMs), and provides additional guidance on materiality and on aggregation and disaggregation. An assessment of the full impacts of IFRS 18\u2019s adoption is being carried out, with the following impacts having been identified up to the date of authorising these financial statements:
\u2022new subtotals will need to be presented for operating profit or loss, and for profit or loss before financing and income taxes;
\u2022the Group\u2019s share of results of associates, together with income and expenses on the Group\u2019s and the Company\u2019s cash and cash equivalents will be categorised as results from investing activities;
\u2022finance costs will be categorised within the financing category of the statement of profit or loss;
\u2022the statement of cash flows will need to commence from operating profit or loss, rather than from profit or loss before tax;
\u2022interest payments will need to be re-categorised within the statement of cash flows as financing cash flows;
\u2022the notes to the financial statements will need to incorporate additional disclosures, including reconciliations to IFRS-defined totals and explanations of the measure, in relation to the Adjusted EBITDA, which has been determined to meet the definition of an MPM.
IFRS 18 has been endorsed by the EU, and the Group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required, and comparative information in the year of adoption will be restated to comply with IFRS 18. In the first year of application, the Group and the Company will also be required to disclose a line-by-line reconciliation of comparative figures between the amounts originally presented under IAS 1 and those re-presented under IFRS 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7181-tag12018883": { "value": "
2.Basis of preparation
Standards, interpretations and amendments to published standards effective in 2025
In 2025, the Group adopted new standards, amendments and interpretations to existing standards that are mandatory for the Group\u2019s accounting period beginning on 1 January 2025. The Group has applied the following amendments for the first time for its annual reporting period commencing from 1 January 2025:
\u2022The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability \u2013 Amendments to IAS 21
The adoption of these revisions to the requirements of IFRSs as adopted by the EU did not result in substantial changes to the Group\u2019s and the Company\u2019s accounting policies.
Standards, interpretations and amendments to published standards that are not yet effective
Certain new accounting standards and amendments to accounting standards have been published that are not mandatory for this reporting period that commenced on 1 January 2025 and have not been early adopted by the Group. The Group\u2019s assessment of the impact of these new standards and amendments is set out below.
\u2022Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7
\u2022Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7
\u2022Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency
\u2022Annual Improvements Volume 11
\u2022IFRS 18 Presentation and Disclosure in Financial Statements
\u2022IFRS 19 Subsidiaries without Public Accountability: Disclosures (including amendments)
Except for the Amendments to the Classification and Measurement of Financial Instruments, and the issuance of IFRS 18, the adoption of these revisions to the requirements of IFRSs as adopted by the EU is not expected to result in any changes to the Group\u2019s and the Company\u2019s accounting policies in the period of adoption.
The Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 are effective for annual periods beginning on or after 1 January 2026, and they have been endorsed by the EU. Amongst others, the amendments introduce an accounting policy choice to derecognise financial liabilities that are settled through an electronic payment system before settlement date if certain conditions are met, and they also update the disclosures for equity instruments designated at fair value through other comprehensive income. The directors do not expect the accounting policy choice introduced by these amendments to significantly impact the Group and the Company, and they have determined that the other amendments to IFRS 9 and IFRS 7 will not impact the recognition and measurement of the Group\u2019s and the Company\u2019s financial instruments. The enhanced disclosures for equity instruments designated at fair value through other comprehensive income may lead to additional disclosures in the future, but will not impact the timing and amounts at which such assets are recognised and measured.
IFRS 18 will replace IAS 1 Presentation of financial statements. It introduces new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. IFRS 18 will not directly impact the recognition or measurement of items in the financial statements; it will however impact both the presentation of the primary statements, and the disclosures within the notes to the financial statements. Among other things, IFRS 18 introduces the requirement to present additional subtotals in the statement of profit or loss, and it modifies the requirements in relation to the statement of cash flows. It also introduces new disclosure requirements for management-defined performance measures (MPMs), and provides additional guidance on materiality and on aggregation and disaggregation. An assessment of the full impacts of IFRS 18\u2019s adoption is being carried out, with the following impacts having been identified up to the date of authorising these financial statements:
\u2022new subtotals will need to be presented for operating profit or loss, and for profit or loss before financing and income taxes;
\u2022the Group\u2019s share of results of associates, together with income and expenses on the Group\u2019s and the Company\u2019s cash and cash equivalents will be categorised as results from investing activities;
\u2022finance costs will be categorised within the financing category of the statement of profit or loss;
\u2022the statement of cash flows will need to commence from operating profit or loss, rather than from profit or loss before tax;
\u2022interest payments will need to be re-categorised within the statement of cash flows as financing cash flows;
\u2022the notes to the financial statements will need to incorporate additional disclosures, including reconciliations to IFRS-defined totals and explanations of the measure, in relation to the Adjusted EBITDA, which has been determined to meet the definition of an MPM.
IFRS 18 has been endorsed by the EU, and the Group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required, and comparative information in the year of adoption will be restated to comply with IFRS 18. In the first year of application, the Group and the Company will also be required to disclose a line-by-line reconciliation of comparative figures between the amounts originally presented under IAS 1 and those re-presented under IFRS 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7181-tag12018863": { "value": "
2.Basis of preparation
Use of judgements and estimates
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to final outcomes deviating from estimates and assumptions made. Information about key judgements made in applying accounting policies, together with estimates made at the reporting date, that have the most significant effects on the amounts recognised in these consolidated financial statements is disclosed in the following notes:
-Note 31, credit risk: estimates and assumptions made in measuring expected credit loss allowances on loans and advances.
22.Borrowings
(iv)By virtue of the Prospectus dated 8 April 2019, SP Finance p.l.c. issued for subscription by the general public 120,000 secured bonds having a nominal value of \u20ac100 each for an aggregate principal amount of \u20ac12,000,000. These bonds have been issued at par.
The bonds are subject to a fixed interest rate of 4% per annum payable on the 3 May of each year up to redemption date. All bonds, unless previously purchased and cancelled, will be redeemed on 3 May 2029.
\u00a0
The bonds are subject to the terms and conditions in the prospectus and are listed on the Malta Stock Exchange. The quoted market price as at 31st December 2025 for the 4% secured Bonds was \u20ac97 (2024: \u20ac98). The directors are of the opinion that this price represents the fair value of these liabilities; as at balance sheet date, the fair value of the bonds therefore amounts to \u20ac11,641,200 (2024: \u20ac11,760,000). The fair value calculation is classified within Level 3 of IFRS 13\u2019s fair value hierarchy.
31.Financial risk management
Financial instruments not measured at fair value
At 31 December 2025 and 31 December 2024, the carrying amounts of payables, receivables and short-term borrowings approximated their fair values due to the short-term maturities of these assets and liabilities. The fair values of long-term borrowings, together with the related fair value disclosures, are presented in Note 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7368-tag12018879": { "value": "2.Basis of preparationUse of judgements and estimatesThe preparation of financial statements requires the use of accounting estimates which, by definition, will likely differ from the actual results. Management also needs to exercise judgement in applying the group\u2019s accounting policies.This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to final outcomes deviating from estimates and assumptions made. Information about key judgements made in applying accounting policies, together with estimates made at the reporting date, that have the most significant effects on the amounts recognised in these consolidated financial statements is disclosed in the following notes:-Note 10, land: techniques and assumptions made in measuring fair value, and-Note 31, credit risk: estimates and assumptions made in measuring expected credit loss allowances on loans and advances.3.Material accounting policiesImpairment of financial assetsThe Group\u2019s and the Company\u2019s assets are subject to an expected credit loss (\u201cECL\u201d) model for the purposes of providing for credit losses. The general ECL model requires management to make complex judgments and estimates about the credit risk of counterparties and the expected future recoverability of financial assets. The model incorporates a forward-looking view of credit losses, using historical data, current conditions, and reasonable and supportable forecasts of future economic conditions. ECLs are measured on either a 12-month or lifetime basis depending on whether there has been a significant increase in credit risk since initial recognition. The assessment involves:-Evaluating the financial health and repayment ability of counterparties-Considering historical loss experience-Incorporating macroeconomic indicators such as GDP growth, interest rates, and industry outlook-Applying probability-weighted scenarios where appropriateWhere balances are with related parties, additional qualitative factors are considered, including:-The related party\u2019s financial position and liquidity-Strategic or operational importance of the relationship-Any indications of restructuring, dispute, or repayment delays12.Fair value of Land and Buildings12.1Significant judgement and estimatesDetermining the fair value of land and buildings involves significant estimates and assumptions, particularly when market-based evidence is not readily available, and the valuation relies on discounted cash flow (DCF) techniques. In such cases, the Group considers:-Future cash flows expected to be derived from the continued use of the asset-Estimated useful life and residual value of the asset-Replacement cost or depreciated replacement cost (for non-income-generating assets)-Market-based inputs, where available (e.g., comparable sales or rental yields)-Discount rates reflecting current market assessments of the time value of money and asset-specific risksChanges in assumptions, market conditions, or economic environment could result in significant adjustments to the carrying values of land and buildings. Independent professional valuers may be engaged to perform or assist with revaluations. Management exercises judgment in selecting the appropriate valuation technique for each class of asset and in determining the frequency of revaluation. The selection of inputs - such as future price trends, production output, or usage assumptions \u2013 can significantly influence the valuation outcome. These estimates are reviewed regularly and revised as necessary.The Group revalued its hotel property, which is currently undergoing construction, at the reporting date. The valuation was performed by an independent architect using the market comparison approach. In addition, the directors estimated the recoverable amount using a discounted cash flow model based on projected future cash flows expected to be generated by the property upon completion of the refurbishment.The discounted cash flow model involves significant estimates and assumptions, including expected occupancy levels, average daily rates, operating margins, timing and cost to complete the refurbishment, and the discount rate applied.Given the property is not yet operational and remains under construction, there is estimation uncertainty associated with the forecasted future cash flows. This uncertainty is understood primarily because the property is being constructed into a larger hotel with additional facilities, which differs from its previous use. As this represents a newly refurbished property with additional facilities, historical financial performance is not necessarily directly comparable, limiting the availability of relevant profit benchmarks. Management has assessed that the values derived from both the market comparison approach and the discounted cash flow model do not differ materially and has therefore used both valuation methods in determining the carrying amount at the reporting date.12.2Property, plant and equipmentValuation techniquesWhen using the DCF technique, the significant unobservable inputs include: Earnings before interest, tax, depreciation, and amortisation (EBITDA)Based on projected income streams taking into consideration historical results and market expectations;Growth rate Based on management\u2019s estimated average growth of the company\u2019s EBITDA, mainly determined by projected growth in income streams; Discount rateReflecting the current market assessment of the uncertainty in the amount and timing of projected cash flows. The discount rate reflects the estimated weighted average cost of capital that would be available to a Reasonably Efficient Operator (REO) for financing such an operation. The discount rate is based on an assumed debt to equity ratio; estimation of cost of equity is based on risk free interest rates adjusted for country risk and equity risk premium; estimation of cost of debt is based on risk free interest rates adjusted for country risk and assumed credit spread.Valuation process The Group \u2018s property within property plant and equipment (land and buildings together with all other integral assets) were revalued on 31 December 2025 by an independent valuer using comparative method and by the Directors using DCF methodology. Where management, through its assessment, concludes that the fair value of its properties differs materially from its carrying amount, and at least every 5 years, an independent valuation report prepared by third party qualified valuers, is performed. The report is based on information provided by the Group. The information provided to the valuers, together with the assumptions and the valuation models used by the valuers, are reviewed by the directors. This includes a review of the fair value movement over the period. The directors consider whether the valuation report is appropriate to revalue the Company\u2019s property.During the current financial year, the Group revalued its land and the revaluation surplus was recognised in the Revaluation Reserve (refer to Note 24), in line with the revaluation model under IAS 16. The DCF methodology was based on projected future cash flows expected to be generated by the property, discounted at a rate that reflects current market assessments of the time value of money and the risks specific to the asset. The architect valuation was based on the market participant\u2019s ability to generate economic benefits by selling the property to another market participant that would use the asset in its highest and best use. The revaluation resulted in an increase in the carrying amount of the property by \u20ac11,338,552, which has been recognised in other comprehensive income in the Group\u2019s consolidated results, in accordance with the revaluation model under IAS 16 (for PPE). The Directors are of the opinion that the revalued amount represents a fair estimate of the property's value as at the reporting date.Historical cost basis of propertiesIf the cost model had been used, the carrying amounts of the revalued properties classified as property, plant and equipment would be \u20ac8,245,569 (2024: \u20ac8,413,846). The revalued amounts include a revaluation surplus net of tax of \u20ac27,138,025 before tax (2024: \u20ac14,799,920), which is not available for distribution to the shareholders of SP Finance P.L.C.12.4Valuation inputs and relationships to fair valueThe determination of the fair value of land and buildings and investment properties use future discounted cash flows (\u201cDCF\u201d) projections based on significant unobservable inputs (categorised within Level 3 of the fair value hierarchy). These inputs include:Information about fair value measurements using significant unobservable inputs (Level 3)GroupFair value atValuation technique*Unobservable inputsRelationship of unobservable inputs to fair value31 Dec31 Dec20252024Description\u20ac\u20acProperty, plant, and equipmentHotel properties \u2013 Sea Pebbles38,247,76720,864,158Comparison Approach \u2013 sales price/ sqm *\u20ac42k/sqmThe higher the sales price per square metre the higher the fair value DCF MethodWACC: 9.25%The lower the WACC the higher the fair valueGrowth: 1.75%EBITDA: \u20ac2.3m - \u20ac7m Investment propertiesLeased buildings-5,959,512Comparison approachSales price per square metreThe higher the sales price per square metre the higher the fair value * \u20ac5,800*These inputs represent the inputs used in the external valuation carried out as at 31 December 2025. This inputs reflects the value of land footprint and overlying airspace with the potential to build additional floors.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_7396-tag12018845": { "value": "SP Finance p.l.c. and its subsidiaries\u2019 (the \u2018Group\u2019) principal activities include the ownership, rental, development and operation of hotels, the operation of catering and entertainment establishments and the ownership of intellectual property rights. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8802-tag12018934": { "value": "
3.Material accounting policies
A summary of the more important accounting policies, which have been applied consistently, is set out below:
Basis of consolidation
Subsidiaries
The Group financial statements include the financial statements of the parent Company and all its subsidiaries. The results of the subsidiaries acquired or disposed of during the period are included in the Group statement of profit or loss and other comprehensive income from the date of their acquisition or up to date of their disposal.
In the Company\u2019s financial statements, investments in subsidiaries are accounted for on the basis of the direct equity interest and are stated at cost less any accumulated impairment losses. Dividends from the investment are recognised in profit or loss.
Intangible assets
Goodwill
Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.
Goodwill is not amortised, but it is tested for impairment annually, or more frequent if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses.
Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which
the goodwill arose. The units or group of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments.
Trademark \u2013 Intellectual property
An acquired intangible asset is recognised only if it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost of the asset can be measured reliably. An intangible asset is initially measured at cost, comprising its purchase price and any direct attributable cost of preparing the asset for its intended use.
Property, plant & equipment
Property, plant and equipment is initially measured at cost.
Property, plant and equipment comprise 2 hotels namely \u2013 San Pawl Hotel and Sea Pebbles including the related building structure, facilities, furniture, fixtures, equipment, and other operational assets necessary for the hotel\u2019s and entertainment\u2019s operations. The Land under the San Pawl Hotel is leased from a third party. Details of the ROU asset and lease liability pertaining this asset is disclosed in Note 15.
Assets in the course of construction or development are carried at cost, less any identified impairment loss. Land and buildings that are not in the course of construction or development are subsequently stated at market value, based on valuations by external independent valuers, less depreciation; all classes of plant and equipment are subsequently measured at cost less depreciation. Cost includes directly attributable to the acquisition of the items, including professional fees and, for qualifying assets, eligible borrowing costs. Expenditure on repairs and maintenance of property, plant and equipment is recognised as an expense when incurred.
Depreciation commences when the depreciable assets are available for use and is charged to profit or loss so as to write off the cost or revalued amount, less any estimated residual value, over their estimated useful lives, using the straight-line method, on the following bases:
Freehold buildings2%
Electrical installations10%
Furniture, fixtures and fittings5%-10%
Equipment10%
Motor vehicles20%
Computer equipment10%
Catering equipment 16.7%
Other fixed assets10%
Freehold land of the properties in Sliema is not depreciated as it is deemed to have an indefinite life. The depreciation method applied, the residual value and the useful life are reviewed, and adjusted if appropriate, at the end of each reporting period.
Revaluations of land and buildings are carried out at regular intervals, but at least every five years, unless the directors consider it appropriate to have an earlier revaluation, such that the carrying amount of property does not differ materially from that which would be determined using fair values at the end of the reporting period. Any accumulated depreciation at the date of the revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset
Investment property
Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Group, is classified as investment property. Investment property comprises freehold and leasehold land and buildings, and land and buildings held for capital appreciation
Investment property is initially measured at cost, including transaction costs. Subsequent to initial recognition, investment property is stated at fair value at the end of the reporting period. Gains or losses arising from changes in the fair value of investment property are recognised in profit or loss in the period in which they arise.
The fair value of investment property reflects, among other factors, rental income from current leases and assumptions about rental income from future leases in the light of current market conditions. The fair value also reflects, on a similar basis, any cash outflows that could be expected in respect of the property.
Subsequent expenditure is charged to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the profit loss account during the financial period in which they are incurred.
Financial instruments
Financial assets other than interest in subsidiaries and other entities
The Group\u2019s financial assets comprise trade and other receivables, amounts due from related parties and cash and cash equivalents. The Company\u2019s financial assets comprise bonds proceeds advanced to its subsidiaries through investment in preference shares. The Group and the Company recognise a financial asset initially at fair value in its statement of financial position when it becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. All other investments in debt instruments are managed to collect the contractual cash flows and are accordingly measured at amortised cost.
-The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
-The 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.
The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance, measured in accordance with the Group\u2019s accounting policy \u2018Impairment of financial assets\u2019 further below.
Changes in the carrying amount of financial assets carried at amortised cost, as a result of foreign exchange gains or losses, impairment gains or losses and interest income are recognised in profit or loss. On derecognition, any difference between the carrying amount and the consideration received is recognised in profit or loss and is presented separately in the line item \u2018Gains and losses arising from the derecognition of financial assets measured at amortised cost\u2019.
Trade and other 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 90 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 to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in policy \u2018Impairment of financial assets\u2019.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and at bank. Bank overdrafts that are repayable on demand and form an integral part of the company\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. Bank deposits that the directors do not consider a component of cash equivalents, are presented separately in the statement of financial position.
Impairment of financial assets
The Group\u2019s and the Company\u2019s assets are subject to an expected credit loss (\u201cECL\u201d) model for the purposes of providing for credit losses. The general ECL model requires management to make complex judgments and estimates about the credit risk of counterparties and the expected future recoverability of financial assets. The model incorporates a forward-looking view of credit losses, using historical data, current conditions, and reasonable and supportable forecasts of future economic conditions. ECLs are measured on either a 12-month or lifetime basis depending on whether there has been a significant increase in credit risk since initial recognition.
The assessment involves:
-Evaluating the financial health and repayment ability of counterparties
-Considering historical loss experience
-Incorporating macroeconomic indicators such as GDP growth, interest rates, and industry outlook
-Applying probability-weighted scenarios where appropriate
Where balances are with related parties, additional qualitative factors are considered, including:
-The related party\u2019s financial position and liquidity
-Strategic or operational importance of the relationship
-Any indications of restructuring, dispute, or repayment delays
Financial liabilities
The Group and the Company recognise a financial liability when it becomes a party to the contractual provision of the instrument. The Group\u2019s financial liabilities are classified as financial liabilities which are not at fair value through profit or loss. These financial liabilities are recognised initially at fair value, being the fair value of consideration received, net of transactions costs that are directly attributable to the acquisition or the issue of the financial liability. They are subsequently measured at amortised cost. The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, cancelled or expired.
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method unless the effect of discounting is immaterial.
Borrowings are classified as current liabilities unless the companies within the Group have an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.
Subsequent to initial recognition, interest-bearing bank overdrafts are carried at face value in view of their short-term maturities.
Trade and other payables
Trade payables are classified within current liabilities unless payment is not due within 12 months from the reporting period. They are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method.
Ordinary shares issued by the Company 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.
Revenue recognition
The Group earns revenue from operations within the catering and hospitality industry. Revenue is recognised in accordance with the policies set out below. Wherever the Group collects the transaction price in advance of providing the related service or good, the Group does not adjust the transaction price for a significant financing component, as the period between receipt of payment and transfer of services or goods is typically less than one year.
(a) Hospitality
The Group generates revenue from the provision of hotel accommodation (bed nights), food and beverage (\u201cF&B\u201d) services to guests. Accommodation and F&B services are considered distinct performance obligations, as they are separately identifiable and can be consumed independently by customers. Revenue from this income stream is recognised when control of the services is transferred to the customer:
-Accommodation revenue is recognised over time, on a straight-line basis over the period of the guest\u2019s stay, as the customer simultaneously receives and consumes the benefits.
-F&B revenue is recognised at a point in time when the goods or services are delivered to the customer.
In practice, both accommodation and F&B revenue are typically recognised within the same period as the guest stay.
The transaction price reflects the consideration to which the Group expects to be entitled, net of discounts, rebates and value added tax. Payments are often received in advance of the stay. Amounts received in advance of the provision of services are recognised as contract liabilities and released to revenue when the related services are provided.
Costs incurred to obtain contracts with customers, including commissions payable to online travel agents and other intermediaries, are expensed as incurred. The Group applies the practical expedient in IFRS 15 permitting such costs to be recognised as an expense when incurred, as the amortisation period of the related asset would be one year or less.
(b) Catering
The Group, through its subsidiary, sells food and beverage products directly to customers through its own outlets. Revenue is recognized when control of the goods has been transferred, at the point where the customer purchases the goods at the outlet of the property. Customers do not have the right of return.
(c) Dividends received
Dividends\u2019 income from investment is recognised when the shareholders\u2019 right to receive payment has been established.
(d) Management services
The Company provides management and administrative services to its subsidiaries. These services are considered a single performance obligation satisfied over time, as the subsidiaries simultaneously receive and consume the benefits of the service provided. Revenue is recognised as one performance obligation over time during the contract term. Fees are typically charged on an agreed annual fee and invoiced in accordance with the contractual terms. Such services have been assessed to fall within scope of the IFRS 15 series guidance, such that they are recognised.
Leases
Where the Group is a lessee, with the exception of short-term leases and leases of low value assets, the Group recognises a right-of-use asset and a corresponding liability at the date at which a leased asset is available for use by the Group. Further details on the Group\u2019s accounting policy, and a summary of its leasing arrangements as a lessee is described in Note 15.
Lease income from operating leases where the Group or the Company is a lessor is recognised in income on a straight-line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognised as expense over the lease term on the same basis as lease income. The respective assets leased out under operating leases are included in investment property in the balance sheet.
Borrowings costs
Borrowing costs include the costs incurred in obtaining external financing. 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 capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
Taxation
Current and deferred tax is recognised in profit or loss, except when it relates to items recognised in other comprehensive income or directly in equity, in which case the current and deferred tax is also dealt with in other comprehensive income or in equity, as appropriate.
Current tax is based on the taxable result for the period. The taxable result for the period differs from the result as reported in profit or loss because it excludes items which are non-assessable or disallowed and it further excludes items that are taxable or deductible in other periods. It is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. However, deferred tax is not accounted for if it arises from the 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 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.
The deferred tax liability in relation to investment property that is measured at fair value is determined assuming the property will be recovered entirely through sale.
Deferred tax in relation to the revaluation of land and buildings is charged or credited to other comprehensive income (to the extent that the revaluation is recognised in other comprehensive income). For buildings, deferred tax is recognised on the basis that the tax will be recovered through use (i.e. the corporate rate of tax in Malta), whilst land is expected to be recovered through sale. Deferred income tax on the difference between the actual depreciation on the property and the equivalent depreciation based on the historical cost of the property is realised through the income statement.
Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets, including deferred tax assets for unused tax losses and unused tax credits carried forward, are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences (or the unused tax losses and unused tax credits) can be utilised to the period when the asset is realised or the liability is settled based on the tax rates that have been enacted by the balance sheet date. Deferred tax assets and liabilities are offset when the Group\u2019s Companies have a legally enforceable right to settle its current tax assets and liabilities on a net basis.
Related parties
Related parties are those persons or bodies of persons having relationships with the Company as defined in International Accounting Standard No. 24.
15.Leases
15.3The Group\u2019s leasing activities and how these are accounted for
The Group leases a building ins St. Paul\u2019s Bay which it operates as a hotel. The Group\u2019s rental contracts are for fixed periods of 5 to 10 years but may have extension options. Extension and termination options are included in the Group\u2019s property leases. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The extension and termination options held are exercisable only by the Group and not by the respective lessor.
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group.
Assets and liabilities arising from a lease are initially measured on a present value basis.
Lease payments for the Group\u2019s other leases are discounted at the Group entity\u2019s incremental borrowing rate
To determine the incremental borrowing rate, the Group:
-Where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received; and
-Makes adjustments specific to the lease, e.g. term and security.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
The Group subsequently measures all its right-of-use assets using the cost model, depreciating them over the shorter of the asset's useful life and the lease term on a straight-line basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018962": { "value": "
3.Material accounting policies
Financial instruments
Financial assets other than interest in subsidiaries and other entities
Changes in the carrying amount of financial assets carried at amortised cost, as a result of foreign exchange gains or losses, impairment gains or losses and interest income are recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018949": { "value": "
3.Material accounting policies
Property, plant & equipment
Expenditure on repairs and maintenance of property, plant and equipment is recognised as an expense when incurred.
Investment property
All other repairs and maintenance costs are charged to the profit loss account during the financial period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018948": { "value": "
3.Material accounting policies
Leases
Where the Group is a lessee, with the exception of short-term leases and leases of low value assets, the Group recognises a right-of-use asset and a corresponding liability at the date at which a leased asset is available for use by the Group. Further details on the Group\u2019s accounting policy, and a summary of its leasing arrangements as a lessee is described in Note 15.
Lease income from operating leases where the Group or the Company is a lessor is recognised in income on a straight-line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognised as expense over the lease term on the same basis as lease income. The respective assets leased out under operating leases are included in investment property in the balance sheet.
15.Leases
15.3The Group\u2019s leasing activities and how these are accounted for
The Group leases a building ins St. Paul\u2019s Bay which it operates as a hotel. The Group\u2019s rental contracts are for fixed periods of 5 to 10 years but may have extension options. Extension and termination options are included in the Group\u2019s property leases. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The extension and termination options held are exercisable only by the Group and not by the respective lessor.
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group.
Assets and liabilities arising from a lease are initially measured on a present value basis.
Lease payments for the Group\u2019s other leases are discounted at the Group entity\u2019s incremental borrowing rate
To determine the incremental borrowing rate, the Group:
-Where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received; and
-Makes adjustments specific to the lease, e.g. term and security.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
The Group subsequently measures all its right-of-use assets using the cost model, depreciating them over the shorter of the asset's useful life and the lease term on a straight-line basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018947": { "value": "
3.Material accounting policies
Intangible assets
Trademark \u2013 Intellectual property
An acquired intangible asset is recognised only if it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost of the asset can be measured reliably. An intangible asset is initially measured at cost, comprising its purchase price and any direct attributable cost of preparing the asset for its intended use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018946": { "value": "
3.Material accounting policies
Intangible assets
Goodwill
Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.
Goodwill is not amortised, but it is tested for impairment annually, or more frequent if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses.
Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which
the goodwill arose. The units or group of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments.
Trademark \u2013 Intellectual property
An acquired intangible asset is recognised only if it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost of the asset can be measured reliably. An intangible asset is initially measured at cost, comprising its purchase price and any direct attributable cost of preparing the asset for its intended use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018945": { "value": "
3.Material accounting policies
Intangible assets
Goodwill
Goodwill is not amortised, but it is tested for impairment annually, or more frequent if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses.
Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which
the goodwill arose. The units or group of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments.
Financial instruments
Financial assets other than interest in subsidiaries and other entities
Changes in the carrying amount of financial assets carried at amortised cost, as a result of foreign exchange gains or losses, impairment gains or losses and interest income are recognised in profit or loss.
Impairment of financial assets
The Group\u2019s and the Company\u2019s assets are subject to an expected credit loss (\u201cECL\u201d) model for the purposes of providing for credit losses. The general ECL model requires management to make complex judgments and estimates about the credit risk of counterparties and the expected future recoverability of financial assets. The model incorporates a forward-looking view of credit losses, using historical data, current conditions, and reasonable and supportable forecasts of future economic conditions. ECLs are measured on either a 12-month or lifetime basis depending on whether there has been a significant increase in credit risk since initial recognition.
The assessment involves:
-Evaluating the financial health and repayment ability of counterparties
-Considering historical loss experience
-Incorporating macroeconomic indicators such as GDP growth, interest rates, and industry outlook
-Applying probability-weighted scenarios where appropriate
Where balances are with related parties, additional qualitative factors are considered, including:
-The related party\u2019s financial position and liquidity
-Strategic or operational importance of the relationship
-Any indications of restructuring, dispute, or repayment delays
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018944": { "value": "
3.Material accounting policies
Intangible assets
Goodwill
Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.
Goodwill is not amortised, but it is tested for impairment annually, or more frequent if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses.
Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which
the goodwill arose. The units or group of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018943": { "value": "
3.Material accounting policies
Financial instruments
Financial liabilities
The Group and the Company recognise a financial liability when it becomes a party to the contractual provision of the instrument. The Group\u2019s financial liabilities are classified as financial liabilities which are not at fair value through profit or loss. These financial liabilities are recognised initially at fair value, being the fair value of consideration received, net of transactions costs that are directly attributable to the acquisition or the issue of the financial liability. They are subsequently measured at amortised cost. The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, cancelled or expired.
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method unless the effect of discounting is immaterial.
Borrowings are classified as current liabilities unless the companies within the Group have an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.
Subsequent to initial recognition, interest-bearing bank overdrafts are carried at face value in view of their short-term maturities.
Trade and other payables
Trade payables are classified within current liabilities unless payment is not due within 12 months from the reporting period. They are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method.
Leases
Where the Group is a lessee, with the exception of short-term leases and leases of low value assets, the Group recognises a right-of-use asset and a corresponding liability at the date at which a leased asset is available for use by the Group. Further details on the Group\u2019s accounting policy, and a summary of its leasing arrangements as a lessee is described in Note 15.
15.Leases
15.3The Group\u2019s leasing activities and how these are accounted for
Assets and liabilities arising from a lease are initially measured on a present value basis.
Lease payments for the Group\u2019s other leases are discounted at the Group entity\u2019s incremental borrowing rate
To determine the incremental borrowing rate, the Group:
-Where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received; and
-Makes adjustments specific to the lease, e.g. term and security.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
The Group subsequently measures all its right-of-use assets using the cost model, depreciating them over the shorter of the asset's useful life and the lease term on a straight-line basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018929": { "value": "
3.Material accounting policies
Intangible assets
Goodwill
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.
Goodwill is not amortised, but it is tested for impairment annually, or more frequent if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses.
Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which
the goodwill arose. The units or group of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018923": { "value": "
3.Material accounting policies
Financial instruments
Financial assets other than interest in subsidiaries and other entities
Changes in the carrying amount of financial assets carried at amortised cost, as a result of foreign exchange gains or losses, impairment gains or losses and interest income are recognised in profit or loss.
Impairment of financial assets
The Group\u2019s and the Company\u2019s assets are subject to an expected credit loss (\u201cECL\u201d) model for the purposes of providing for credit losses. The general ECL model requires management to make complex judgments and estimates about the credit risk of counterparties and the expected future recoverability of financial assets. The model incorporates a forward-looking view of credit losses, using historical data, current conditions, and reasonable and supportable forecasts of future economic conditions. ECLs are measured on either a 12-month or lifetime basis depending on whether there has been a significant increase in credit risk since initial recognition.
The assessment involves:
-Evaluating the financial health and repayment ability of counterparties
-Considering historical loss experience
-Incorporating macroeconomic indicators such as GDP growth, interest rates, and industry outlook
-Applying probability-weighted scenarios where appropriate
Where balances are with related parties, additional qualitative factors are considered, including:
-The related party\u2019s financial position and liquidity
-Strategic or operational importance of the relationship
-Any indications of restructuring, dispute, or repayment delays
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018921": { "value": "
3.Material accounting policies
Revenue recognition
(c) Dividends received
Dividends\u2019 income from investment is recognised when the shareholders\u2019 right to receive payment has been established.
15.Leases
15.3The Group\u2019s leasing activities and how these are accounted for
Lease payments for the Group\u2019s other leases are discounted at the Group entity\u2019s incremental borrowing rate
To determine the incremental borrowing rate, the Group:
-Where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received; and
-Makes adjustments specific to the lease, e.g. term and security.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018918": { "value": "
3.Material accounting policies
Borrowings costs
Borrowing costs include the costs incurred in obtaining external financing. 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 capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
15.Leases
15.3The Group\u2019s leasing activities and how these are accounted for
Lease payments for the Group\u2019s other leases are discounted at the Group entity\u2019s incremental borrowing rate
To determine the incremental borrowing rate, the Group:
-Where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received; and
-Makes adjustments specific to the lease, e.g. term and security.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018915": { "value": "
3.Material accounting policies
Taxation
However, deferred tax is not accounted for if it arises from the 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018908": { "value": "
3.Material accounting policies
Ordinary shares issued by the Company 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018907": { "value": "
3.Material accounting policies
Property, plant & equipment
Property, plant and equipment is initially measured at cost.
Property, plant and equipment comprise 2 hotels namely \u2013 San Pawl Hotel and Sea Pebbles including the related building structure, facilities, furniture, fixtures, equipment, and other operational assets necessary for the hotel\u2019s and entertainment\u2019s operations. The Land under the San Pawl Hotel is leased from a third party. Details of the ROU asset and lease liability pertaining this asset is disclosed in Note 15.
Assets in the course of construction or development are carried at cost, less any identified impairment loss. Land and buildings that are not in the course of construction or development are subsequently stated at market value, based on valuations by external independent valuers, less depreciation; all classes of plant and equipment are subsequently measured at cost less depreciation. Cost includes directly attributable to the acquisition of the items, including professional fees and, for qualifying assets, eligible borrowing costs. Expenditure on repairs and maintenance of property, plant and equipment is recognised as an expense when incurred.
Depreciation commences when the depreciable assets are available for use and is charged to profit or loss so as to write off the cost or revalued amount, less any estimated residual value, over their estimated useful lives, using the straight-line method, on the following bases:
Freehold buildings2%
Electrical installations10%
Furniture, fixtures and fittings5%-10%
Equipment10%
Motor vehicles20%
Computer equipment10%
Catering equipment 16.7%
Other fixed assets10%
Freehold land of the properties in Sliema is not depreciated as it is deemed to have an indefinite life. The depreciation method applied, the residual value and the useful life are reviewed, and adjusted if appropriate, at the end of each reporting period.
Revaluations of land and buildings are carried out at regular intervals, but at least every five years, unless the directors consider it appropriate to have an earlier revaluation, such that the carrying amount of property does not differ materially from that which would be determined using fair values at the end of the reporting period. Any accumulated depreciation at the date of the revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018906": { "value": "
3.Material accounting policies
Basis of consolidation
Subsidiaries
The Group financial statements include the financial statements of the parent Company and all its subsidiaries. The results of the subsidiaries acquired or disposed of during the period are included in the Group statement of profit or loss and other comprehensive income from the date of their acquisition or up to date of their disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018905": { "value": "
3.Material accounting policies
Financial instruments
Financial liabilities
The Group and the Company recognise a financial liability when it becomes a party to the contractual provision of the instrument. The Group\u2019s financial liabilities are classified as financial liabilities which are not at fair value through profit or loss. These financial liabilities are recognised initially at fair value, being the fair value of consideration received, net of transactions costs that are directly attributable to the acquisition or the issue of the financial liability. They are subsequently measured at amortised cost. The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, cancelled or expired.
Trade and other payables
Trade payables are classified within current liabilities unless payment is not due within 12 months from the reporting period. They are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018904": { "value": "
3.Material accounting policies
Financial instruments
Financial assets other than interest in subsidiaries and other entities
The Group\u2019s financial assets comprise trade and other receivables, amounts due from related parties and cash and cash equivalents. The Company\u2019s financial assets comprise bonds proceeds advanced to its subsidiaries through investment in preference shares. The Group and the Company recognise a financial asset initially at fair value in its statement of financial position when it becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. All other investments in debt instruments are managed to collect the contractual cash flows and are accordingly measured at amortised cost.
-The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
-The 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.
The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance, measured in accordance with the Group\u2019s accounting policy \u2018Impairment of financial assets\u2019 further below.
Changes in the carrying amount of financial assets carried at amortised cost, as a result of foreign exchange gains or losses, impairment gains or losses and interest income are recognised in profit or loss. On derecognition, any difference between the carrying amount and the consideration received is recognised in profit or loss and is presented separately in the line item \u2018Gains and losses arising from the derecognition of financial assets measured at amortised cost\u2019.
Trade and other 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 90 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 to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in policy \u2018Impairment of financial assets\u2019.
Impairment of financial assets
The Group\u2019s and the Company\u2019s assets are subject to an expected credit loss (\u201cECL\u201d) model for the purposes of providing for credit losses. The general ECL model requires management to make complex judgments and estimates about the credit risk of counterparties and the expected future recoverability of financial assets. The model incorporates a forward-looking view of credit losses, using historical data, current conditions, and reasonable and supportable forecasts of future economic conditions. ECLs are measured on either a 12-month or lifetime basis depending on whether there has been a significant increase in credit risk since initial recognition.
The assessment involves:
-Evaluating the financial health and repayment ability of counterparties
-Considering historical loss experience
-Incorporating macroeconomic indicators such as GDP growth, interest rates, and industry outlook
-Applying probability-weighted scenarios where appropriate
Where balances are with related parties, additional qualitative factors are considered, including:
-The related party\u2019s financial position and liquidity
-Strategic or operational importance of the relationship
-Any indications of restructuring, dispute, or repayment delays
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018903": { "value": "
3.Material accounting policies
Financial instruments
Financial assets other than interest in subsidiaries and other entities
Impairment of financial assets
Where balances are with related parties, additional qualitative factors are considered, including:
-The related party\u2019s financial position and liquidity
-Strategic or operational importance of the relationship
-Any indications of restructuring, dispute, or repayment delays
Related parties
Related parties are those persons or bodies of persons having relationships with the Company as defined in International Accounting Standard No. 24.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018902": { "value": "
3.Material accounting policies
Financial instruments
Financial assets other than interest in subsidiaries and other entities
Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. On derecognition, any difference between the carrying amount and the consideration received is recognised in profit or loss and is presented separately in the line item \u2018Gains and losses arising from the derecognition of financial assets measured at amortised cost\u2019.
Financial liabilities
The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, cancelled or expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018898": { "value": "
3.Material accounting policies
Property, plant & equipment
Assets in the course of construction or development are carried at cost, less any identified impairment loss. Land and buildings that are not in the course of construction or development are subsequently stated at market value, based on valuations by external independent valuers, less depreciation; all classes of plant and equipment are subsequently measured at cost less depreciation. Cost includes directly attributable to the acquisition of the items, including professional fees and, for qualifying assets, eligible borrowing costs. Expenditure on repairs and maintenance of property, plant and equipment is recognised as an expense when incurred.
Depreciation commences when the depreciable assets are available for use and is charged to profit or loss so as to write off the cost or revalued amount, less any estimated residual value, over their estimated useful lives, using the straight-line method, on the following bases:
Freehold buildings2%
Electrical installations10%
Furniture, fixtures and fittings5%-10%
Equipment10%
Motor vehicles20%
Computer equipment10%
Catering equipment 16.7%
Other fixed assets10%
Freehold land of the properties in Sliema is not depreciated as it is deemed to have an indefinite life. The depreciation method applied, the residual value and the useful life are reviewed, and adjusted if appropriate, at the end of each reporting period.
Investment property
Gains or losses arising from changes in the fair value of investment property are recognised in profit or loss in the period in which they arise.
Subsequent expenditure is charged to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the profit loss account during the financial period in which they are incurred.
Financial instruments
Financial assets other than interest in subsidiaries and other entities
Changes in the carrying amount of financial assets carried at amortised cost, as a result of foreign exchange gains or losses, impairment gains or losses and interest income are recognised in profit or loss. On derecognition, any difference between the carrying amount and the consideration received is recognised in profit or loss and is presented separately in the line item \u2018Gains and losses arising from the derecognition of financial assets measured at amortised cost\u2019.
Impairment of financial assets
The Group\u2019s and the Company\u2019s assets are subject to an expected credit loss (\u201cECL\u201d) model for the purposes of providing for credit losses. The general ECL model requires management to make complex judgments and estimates about the credit risk of counterparties and the expected future recoverability of financial assets. The model incorporates a forward-looking view of credit losses, using historical data, current conditions, and reasonable and supportable forecasts of future economic conditions. ECLs are measured on either a 12-month or lifetime basis depending on whether there has been a significant increase in credit risk since initial recognition.
The assessment involves:
-Evaluating the financial health and repayment ability of counterparties
-Considering historical loss experience
-Incorporating macroeconomic indicators such as GDP growth, interest rates, and industry outlook
-Applying probability-weighted scenarios where appropriate
Where balances are with related parties, additional qualitative factors are considered, including:
-The related party\u2019s financial position and liquidity
-Strategic or operational importance of the relationship
-Any indications of restructuring, dispute, or repayment delays
Financial liabilities
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method unless the effect of discounting is immaterial.
Revenue recognition
(a) Hospitality
Costs incurred to obtain contracts with customers, including commissions payable to online travel agents and other intermediaries, are expensed as incurred. The Group applies the practical expedient in IFRS 15 permitting such costs to be recognised as an expense when incurred, as the amortisation period of the related asset would be one year or less.
Leases
Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognised as expense over the lease term on the same basis as lease income.
Borrowings costs
Borrowing costs include the costs incurred in obtaining external financing. 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 capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
15.Leases
15.3The Group\u2019s leasing activities and how these are accounted for
Lease payments for the Group\u2019s other leases are discounted at the Group entity\u2019s incremental borrowing rate
To determine the incremental borrowing rate, the Group:
-Where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received; and
-Makes adjustments specific to the lease, e.g. term and security.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018896": { "value": "
3.Material accounting policies
Financial instruments
Financial assets other than interest in subsidiaries and other entities
The Group\u2019s financial assets comprise trade and other receivables, amounts due from related parties and cash and cash equivalents. The Company\u2019s financial assets comprise bonds proceeds advanced to its subsidiaries through investment in preference shares. The Group and the Company recognise a financial asset initially at fair value in its statement of financial position when it becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. All other investments in debt instruments are managed to collect the contractual cash flows and are accordingly measured at amortised cost.
-The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
-The 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.
The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance, measured in accordance with the Group\u2019s accounting policy \u2018Impairment of financial assets\u2019 further below.
Changes in the carrying amount of financial assets carried at amortised cost, as a result of foreign exchange gains or losses, impairment gains or losses and interest income are recognised in profit or loss. On derecognition, any difference between the carrying amount and the consideration received is recognised in profit or loss and is presented separately in the line item \u2018Gains and losses arising from the derecognition of financial assets measured at amortised cost\u2019.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and at bank. Bank overdrafts that are repayable on demand and form an integral part of the company\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. Bank deposits that the directors do not consider a component of cash equivalents, are presented separately in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018891": { "value": "
3.Material accounting policies
Borrowings costs
Borrowing costs include the costs incurred in obtaining external financing. 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 capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
15.Leases
15.3The Group\u2019s leasing activities and how these are accounted for
Lease payments for the Group\u2019s other leases are discounted at the Group entity\u2019s incremental borrowing rate
To determine the incremental borrowing rate, the Group:
-Where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received; and
-Makes adjustments specific to the lease, e.g. term and security.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018888": { "value": "
3.Material accounting policies
Taxation
Current and deferred tax is recognised in profit or loss, except when it relates to items recognised in other comprehensive income or directly in equity, in which case the current and deferred tax is also dealt with in other comprehensive income or in equity, as appropriate.
Current tax is based on the taxable result for the period. The taxable result for the period differs from the result as reported in profit or loss because it excludes items which are non-assessable or disallowed and it further excludes items that are taxable or deductible in other periods. It is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. However, deferred tax is not accounted for if it arises from the 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 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.
The deferred tax liability in relation to investment property that is measured at fair value is determined assuming the property will be recovered entirely through sale.
Deferred tax in relation to the revaluation of land and buildings is charged or credited to other comprehensive income (to the extent that the revaluation is recognised in other comprehensive income). For buildings, deferred tax is recognised on the basis that the tax will be recovered through use (i.e. the corporate rate of tax in Malta), whilst land is expected to be recovered through sale. Deferred income tax on the difference between the actual depreciation on the property and the equivalent depreciation based on the historical cost of the property is realised through the income statement.
Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets, including deferred tax assets for unused tax losses and unused tax credits carried forward, are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences (or the unused tax losses and unused tax credits) can be utilised to the period when the asset is realised or the liability is settled based on the tax rates that have been enacted by the balance sheet date. Deferred tax assets and liabilities are offset when the Group\u2019s Companies have a legally enforceable right to settle its current tax assets and liabilities on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018880": { "value": "
3.Material accounting policies
Basis of consolidation
Subsidiaries
The Group financial statements include the financial statements of the parent Company and all its subsidiaries. The results of the subsidiaries acquired or disposed of during the period are included in the Group statement of profit or loss and other comprehensive income from the date of their acquisition or up to date of their disposal.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018877": { "value": "
3.Material accounting policies
Property, plant & equipment
Depreciation commences when the depreciable assets are available for use and is charged to profit or loss so as to write off the cost or revalued amount, less any estimated residual value, over their estimated useful lives, using the straight-line method, on the following bases:
Freehold buildings2%
Electrical installations10%
Furniture, fixtures and fittings5%-10%
Equipment10%
Motor vehicles20%
Computer equipment10%
Catering equipment 16.7%
Other fixed assets10%
Freehold land of the properties in Sliema is not depreciated as it is deemed to have an indefinite life. The depreciation method applied, the residual value and the useful life are reviewed, and adjusted if appropriate, at the end of each reporting period.
15.Leases
15.3The Group\u2019s leasing activities and how these are accounted for
The Group subsequently measures all its right-of-use assets using the cost model, depreciating them over the shorter of the asset's useful life and the lease term on a straight-line basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018876": { "value": "
3.Material accounting policies
Property, plant & equipment
Assets in the course of construction or development are carried at cost, less any identified impairment loss.
Borrowings 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 capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended periods in which active development is interrupted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018875": { "value": "
3.Material accounting policies
Financial instruments
Financial assets other than interest in subsidiaries and other entities
The Group\u2019s financial assets comprise trade and other receivables, amounts due from related parties and cash and cash equivalents. The Company\u2019s financial assets comprise bonds proceeds advanced to its subsidiaries through investment in preference shares. The Group and the Company recognise a financial asset initially at fair value in its statement of financial position when it becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. All other investments in debt instruments are managed to collect the contractual cash flows and are accordingly measured at amortised cost.
-The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
-The 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.
The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance, measured in accordance with the Group\u2019s accounting policy \u2018Impairment of financial assets\u2019 further below.
Changes in the carrying amount of financial assets carried at amortised cost, as a result of foreign exchange gains or losses, impairment gains or losses and interest income are recognised in profit or loss. On derecognition, any difference between the carrying amount and the consideration received is recognised in profit or loss and is presented separately in the line item \u2018Gains and losses arising from the derecognition of financial assets measured at amortised cost\u2019.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and at bank. Bank overdrafts that are repayable on demand and form an integral part of the company\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. Bank deposits that the directors do not consider a component of cash equivalents, are presented separately in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018874": { "value": "
3.Material accounting policies
Intangible assets
Goodwill
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which
the goodwill arose. The units or group of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments.
Taxation
However, deferred tax is not accounted for if it arises from the 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018873": { "value": "
3.Material accounting policies
Financial instruments
Financial liabilities
The Group and the Company recognise a financial liability when it becomes a party to the contractual provision of the instrument. The Group\u2019s financial liabilities are classified as financial liabilities which are not at fair value through profit or loss. These financial liabilities are recognised initially at fair value, being the fair value of consideration received, net of transactions costs that are directly attributable to the acquisition or the issue of the financial liability. They are subsequently measured at amortised cost. The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, cancelled or expired.
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method unless the effect of discounting is immaterial.
Borrowings are classified as current liabilities unless the companies within the Group have an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.
Subsequent to initial recognition, interest-bearing bank overdrafts are carried at face value in view of their short-term maturities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018872": { "value": "
3.Material accounting policies
Borrowings costs
Borrowing costs include the costs incurred in obtaining external financing. 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 capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018871": { "value": "
3.Material accounting policies
Investment property
Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Group, is classified as investment property. Investment property comprises freehold and leasehold land and buildings, and land and buildings held for capital appreciation
Investment property is initially measured at cost, including transaction costs. Subsequent to initial recognition, investment property is stated at fair value at the end of the reporting period. Gains or losses arising from changes in the fair value of investment property are recognised in profit or loss in the period in which they arise.
The fair value of investment property reflects, among other factors, rental income from current leases and assumptions about rental income from future leases in the light of current market conditions. The fair value also reflects, on a similar basis, any cash outflows that could be expected in respect of the property.
Subsequent expenditure is charged to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the profit loss account during the financial period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018856": { "value": "
3.Material accounting policies
Taxation
Current and deferred tax is recognised in profit or loss, except when it relates to items recognised in other comprehensive income or directly in equity, in which case the current and deferred tax is also dealt with in other comprehensive income or in equity, as appropriate.
Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. However, deferred tax is not accounted for if it arises from the 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 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.
The deferred tax liability in relation to investment property that is measured at fair value is determined assuming the property will be recovered entirely through sale.
Deferred tax in relation to the revaluation of land and buildings is charged or credited to other comprehensive income (to the extent that the revaluation is recognised in other comprehensive income). For buildings, deferred tax is recognised on the basis that the tax will be recovered through use (i.e. the corporate rate of tax in Malta), whilst land is expected to be recovered through sale. Deferred income tax on the difference between the actual depreciation on the property and the equivalent depreciation based on the historical cost of the property is realised through the income statement.
Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets, including deferred tax assets for unused tax losses and unused tax credits carried forward, are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences (or the unused tax losses and unused tax credits) can be utilised to the period when the asset is realised or the liability is settled based on the tax rates that have been enacted by the balance sheet date. Deferred tax assets and liabilities are offset when the Group\u2019s Companies have a legally enforceable right to settle its current tax assets and liabilities on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018855": { "value": "
3.Material accounting policies
Revenue recognition
The Group earns revenue from operations within the catering and hospitality industry. Revenue is recognised in accordance with the policies set out below. Wherever the Group collects the transaction price in advance of providing the related service or good, the Group does not adjust the transaction price for a significant financing component, as the period between receipt of payment and transfer of services or goods is typically less than one year.
(a) Hospitality
The Group generates revenue from the provision of hotel accommodation (bed nights), food and beverage (\u201cF&B\u201d) services to guests. Accommodation and F&B services are considered distinct performance obligations, as they are separately identifiable and can be consumed independently by customers. Revenue from this income stream is recognised when control of the services is transferred to the customer:
-Accommodation revenue is recognised over time, on a straight-line basis over the period of the guest\u2019s stay, as the customer simultaneously receives and consumes the benefits.
-F&B revenue is recognised at a point in time when the goods or services are delivered to the customer.
In practice, both accommodation and F&B revenue are typically recognised within the same period as the guest stay.
The transaction price reflects the consideration to which the Group expects to be entitled, net of discounts, rebates and value added tax. Payments are often received in advance of the stay. Amounts received in advance of the provision of services are recognised as contract liabilities and released to revenue when the related services are provided.
Costs incurred to obtain contracts with customers, including commissions payable to online travel agents and other intermediaries, are expensed as incurred. The Group applies the practical expedient in IFRS 15 permitting such costs to be recognised as an expense when incurred, as the amortisation period of the related asset would be one year or less.
(b) Catering
The Group, through its subsidiary, sells food and beverage products directly to customers through its own outlets. Revenue is recognized when control of the goods has been transferred, at the point where the customer purchases the goods at the outlet of the property. Customers do not have the right of return.
(c) Dividends received
Dividends\u2019 income from investment is recognised when the shareholders\u2019 right to receive payment has been established.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018854": { "value": "
3.Material accounting policies
Financial instruments
Financial assets other than interest in subsidiaries and other entities
The Group\u2019s financial assets comprise trade and other receivables, amounts due from related parties and cash and cash equivalents. The Company\u2019s financial assets comprise bonds proceeds advanced to its subsidiaries through investment in preference shares. The Group and the Company recognise a financial asset initially at fair value in its statement of financial position when it becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. All other investments in debt instruments are managed to collect the contractual cash flows and are accordingly measured at amortised cost.
-The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
-The 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.
The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance, measured in accordance with the Group\u2019s accounting policy \u2018Impairment of financial assets\u2019 further below.
Changes in the carrying amount of financial assets carried at amortised cost, as a result of foreign exchange gains or losses, impairment gains or losses and interest income are recognised in profit or loss. On derecognition, any difference between the carrying amount and the consideration received is recognised in profit or loss and is presented separately in the line item \u2018Gains and losses arising from the derecognition of financial assets measured at amortised cost\u2019.
Trade and other 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 90 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 to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in policy \u2018Impairment of financial assets\u2019.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and at bank. Bank overdrafts that are repayable on demand and form an integral part of the company\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. Bank deposits that the directors do not consider a component of cash equivalents, are presented separately in the statement of financial position.
Impairment of financial assets
The Group\u2019s and the Company\u2019s assets are subject to an expected credit loss (\u201cECL\u201d) model for the purposes of providing for credit losses. The general ECL model requires management to make complex judgments and estimates about the credit risk of counterparties and the expected future recoverability of financial assets. The model incorporates a forward-looking view of credit losses, using historical data, current conditions, and reasonable and supportable forecasts of future economic conditions. ECLs are measured on either a 12-month or lifetime basis depending on whether there has been a significant increase in credit risk since initial recognition.
The assessment involves:
-Evaluating the financial health and repayment ability of counterparties
-Considering historical loss experience
-Incorporating macroeconomic indicators such as GDP growth, interest rates, and industry outlook
-Applying probability-weighted scenarios where appropriate
Where balances are with related parties, additional qualitative factors are considered, including:
-The related party\u2019s financial position and liquidity
-Strategic or operational importance of the relationship
-Any indications of restructuring, dispute, or repayment delays
Financial liabilities
The Group and the Company recognise a financial liability when it becomes a party to the contractual provision of the instrument. The Group\u2019s financial liabilities are classified as financial liabilities which are not at fair value through profit or loss. These financial liabilities are recognised initially at fair value, being the fair value of consideration received, net of transactions costs that are directly attributable to the acquisition or the issue of the financial liability. They are subsequently measured at amortised cost. The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, cancelled or expired.
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method unless the effect of discounting is immaterial.
Borrowings are classified as current liabilities unless the companies within the Group have an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.
Subsequent to initial recognition, interest-bearing bank overdrafts are carried at face value in view of their short-term maturities.
Trade and other payables
Trade payables are classified within current liabilities unless payment is not due within 12 months from the reporting period. They are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method.
Revenue recognition
(c) Dividends received
Dividends\u2019 income from investment is recognised when the shareholders\u2019 right to receive payment has been established.
Leases
Where the Group is a lessee, with the exception of short-term leases and leases of low value assets, the Group recognises a right-of-use asset and a corresponding liability at the date at which a leased asset is available for use by the Group. Further details on the Group\u2019s accounting policy, and a summary of its leasing arrangements as a lessee is described in Note 15.
15.Leases
15.1Amounts recognised in the balance sheet
The balance sheet shows the following amounts relating to leases:
20252024
\u20ac\u20ac
Group
Right-of-use assets
Land and buildings1,624,9712,115,536
Equipment430,287424,690
Furniture & fittings142,737183,524
2,197,9952,723,750
Lease liabilities
Current1,015,831947,285
Non-current2,344,9753,201,338
3,360,8064,148,623
15.3The Group\u2019s leasing activities and how these are accounted for
The Group leases a building ins St. Paul\u2019s Bay which it operates as a hotel. The Group\u2019s rental contracts are for fixed periods of 5 to 10 years but may have extension options. Extension and termination options are included in the Group\u2019s property leases. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The extension and termination options held are exercisable only by the Group and not by the respective lessor.
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group.
Assets and liabilities arising from a lease are initially measured on a present value basis.
Lease payments for the Group\u2019s other leases are discounted at the Group entity\u2019s incremental borrowing rate
To determine the incremental borrowing rate, the Group:
-Where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received; and
-Makes adjustments specific to the lease, e.g. term and security.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
The Group subsequently measures all its right-of-use assets using the cost model, depreciating them over the shorter of the asset's useful life and the lease term on a straight-line basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8820-tag12018853": { "value": "
3.Material accounting policies
Financial instruments
Financial assets other than interest in subsidiaries and other entities
The Group\u2019s financial assets comprise trade and other receivables, amounts due from related parties and cash and cash equivalents. The Company\u2019s financial assets comprise bonds proceeds advanced to its subsidiaries through investment in preference shares. The Group and the Company recognise a financial asset initially at fair value in its statement of financial position when it becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. All other investments in debt instruments are managed to collect the contractual cash flows and are accordingly measured at amortised cost.
-The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
-The 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.
The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance, measured in accordance with the Group\u2019s accounting policy \u2018Impairment of financial assets\u2019 further below.
Changes in the carrying amount of financial assets carried at amortised cost, as a result of foreign exchange gains or losses, impairment gains or losses and interest income are recognised in profit or loss. On derecognition, any difference between the carrying amount and the consideration received is recognised in profit or loss and is presented separately in the line item \u2018Gains and losses arising from the derecognition of financial assets measured at amortised cost\u2019.
Trade and other 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 90 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 to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in policy \u2018Impairment of financial assets\u2019.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and at bank. Bank overdrafts that are repayable on demand and form an integral part of the company\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. Bank deposits that the directors do not consider a component of cash equivalents, are presented separately in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_11280-tag12018894": { "value": "
4.Segment information and revenue from contracts with customers
4.1.Segment information
This note discloses information regarding the Group\u2019s reportable segments. The Company is not required to and does not present segment information. However, it presents the information on its revenue from contracts with customers in Note 4.2.
The standard requires a \u201cmanagement approach\u201d under which segment information is presented on the same basis as that used for internal reporting purposes. The Group\u2019s CODM, consisting of the board of directors and the chief executive officers and chief financial officer examine the Group\u2019s performance namely from an industry/product perspective and has identified two reportable segments \u2013 hospitality and entertainment and other related operations.
The CODM assesses performance based on the measure of EBITDA (earnings before interest, tax, depreciation and amortisation) and revenue of the operating segments.
The Group is not required to report a measure of total assets and liabilities for each reportable segment since such amounts are not regularly provided to the CODM. Additionally, since all of the Group\u2019s non-current assets are located in Malta, the geographical information that would have otherwise been required by IFRS 8, is not presented in these consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_11280-tag12018881": { "value": "
4.Segment information and revenue from contracts with customers
4.1.Segment information
2025Hospitality OperationsCatering OperationsIntellectual PropertyUnallocatedTotal
\u20ac\u20ac\u20ac\u20ac\u20ac
Revenue5,448,9285,584,711288,213-11,321,852
Less: inter-segment sales-(722,216)(279,237)-(1,001,453)
5,448,9284,862,4958,976-10,320,399
Segment profit/ (loss)1,850,8461,327,861651(166,217)3,013,141
Other operating income32,93343,683--76,616
Group Adjusted EBITDA1,883,7791,371,544651(166,217)3,089,757
Impairment on PPE-(337,672)--(337,672)
Depreciation and amortisation(1,309,273)(348,447)--(1,657,720)
Finance costs(449,965)(111,425)(5,410)(149)(566,949)
Profit/(Loss) before tax124,541574,000(4,759)(166,366)527,416
Tax charge(315,534)67,262(5,441)(5,632)(259,345)
Profit/(Loss) for the year (190,993)641,262(10,200)(171,998)268,071
Other comprehensive income
Revaluation of PPE11,338,552---11,338,552
Deferred tax on revalued IP(1,938,460)---(1,938,460)
Total Comprehensive income9,209,099641,262(10,200)(171,998)9,668,163
Segment assets non-current46,737,1562,584,0601,609,8151,496,99052,428,021
Segment assets current1,492,746400,046-1,078,5872,971,379
48,229,9022,984,1061,609,8152,575,57755,399,400
Segment liabilities non-current14,239,702236,000-4,076,21618,551,918
Segment liabilities current3,549,9113,909,986125,174477,2748,062,345
17,789,6134,145,986125,1744,553,49026,614,263
2024Hospitality OperationsCatering OperationsIntellectual PropertyUnallocatedTotal
\u20ac\u20ac\u20ac\u20ac\u20ac
Revenue4,621,3665,814,034290,702-10,726,102
Less: inter-segment sales(563,117)(290,702)(853,819)
4,621,3665,250,917--9,872,283
Segment profit/ (loss)790,2131,978,921(8,317)(130,160)2,630,657
Other operating income55,303---55,303
Loss on sale of fixed assets(246,267)---(246,267)
Group EBITDA599,2491,978,921(8,317)(130,160)2,439,693
Depreciation and amortisation(1,126,718)(329,266)--(1,455,984)
Finance costs(353,485)(107,412)(1,665)(153,754)(616,316)
Reversal of impairment of PPE1,026,316---1,026,316
Impairment of intangible -(260,000)(370,000)-(630,000)
Profit/(Loss) before tax145,3621,282,243(379,982)(283,914)763,709
Tax charge455,759(126,277)(8,349)(22,043)299,090
Profit/(Loss) for the year 601,1211,155,966(388,331)(305,957)1,062,799
Segment assets non-current35,099,7453,178,7511,603,225-39,881,721
Segment assets current1,303,4733,524,05552,26716,7194,896,514
36,403,2186,702,8061,655,49216,71944,778,235
Segment liabilities non-current4,995,236521,790-12,000,00017,517,026
Segment liabilities current4,096,2963,544,14077,868425,9318,144,235
9,091,5324,065,93077,86812,425,93125,661,261
4.2.Disaggregation of revenue from contracts with customers
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Hospitality segment5,448,9284,058,249--
Catering segment4,862,4955,814,034--
Royalty fees8,976---
Management services--150,000150,000
Dividends received from subsidiaries --492,000492,000
10,320,3999,872,283642,000642,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_11280-tag12018941": { "value": "
4.Segment information and revenue from contracts with customers
4.2.Disaggregation of revenue from contracts with customers
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Hospitality segment5,448,9284,058,249--
Catering segment4,862,4955,814,034--
Royalty fees8,976---
Management services--150,000150,000
Dividends received from subsidiaries --492,000492,000
10,320,3999,872,283642,000642,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_11280-tag12018940": { "value": "
4.Segment information and revenue from contracts with customers
4.2.Disaggregation of revenue from contracts with customers
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Hospitality segment5,448,9284,058,249--
Catering segment4,862,4955,814,034--
Royalty fees8,976---
Management services--150,000150,000
Dividends received from subsidiaries --492,000492,000
10,320,3999,872,283642,000642,000
4.3.Liabilities related to contracts with customers
The Group has recognised the following liabilities relating to contracts with customers:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Contract liabilities
Advance deposits \u2013 hospitality (Note 21)489,547243,433--
Total contract liabilities489,547243,433--
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_11280-tag12018909": { "value": "
4.Segment information and revenue from contracts with customers
4.3.Liabilities related to contracts with customers
The Group has recognised the following liabilities relating to contracts with customers:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Contract liabilities
Advance deposits \u2013 hospitality (Note 21)489,547243,433--
Total contract liabilities489,547243,433--
21.Trade and other payables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade payables 1,307,8411,611,54843,32311,175
Other payables7,645---
Indirect taxes and social securityNote ii3,218,3332,300,27310,32517,026
Amounts owed to commonly controlled entities Note i30,020378,992343,295409,461
Accruals729,364751,590367,324359,318
Deferred income and advanced deposits 489,547243,433--
Amounts due to shareholders 50,97229,896--
5,833,7225,315,732764,267796,980
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page29-cflshid_13269-tag12018953": { "value": "
5.Other operating income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Service charge32,93355,303--
Rental income43,683---
76,61655,303--
28.Related party transactions
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Revenue
Subsidiaries
Service charge--150,000150,000
Dividends received--492,000492,000
Commonly controlled entities
Royalties8,976---
Other operating income
Commonly controlled entities
Service fee30,53328,728--
Other operating expenses
Commonly controlled entities
Direct costs226,629---
Non-current assets
Property, plant and equipment
Construction works 2,721,500200,000--
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page29-cflshid_13269-tag12018952": { "value": "
5.Other operating income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Service charge32,93355,303--
Rental income43,683---
76,61655,303--
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page29-cflshid_13269-tag12018955": { "value": "
6.Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest on overdraft39,25843,776--
Interest on bank borrowings3,51022,091--
Other interest90,27185,053--
Bond interest133,810133,810480,000480,000
Interest on lease liability268,518300,004--
Bond issue costs31,58231,582--
566,949616,316480,000480,000
As part of the ongoing development of property, plant and equipment, borrowing costs amounting to \u20ac346,190 (2024: \u20ac346,190) have been capitalised during the financial year. The capitalised interest relates to qualifying assets under construction in accordance with IAS 23 Borrowing Costs. These costs have been included in the carrying amount of assets under development at the reporting date.
The Group does not have any general borrowings. All bond financing arrangements are specific borrowings directly attributable to the acquisition and development of identified hotel property and properties in inventory. Accordingly, borrowing costs eligible for capitalisation are determined based on the actual borrowing costs incurred on these specific facilities. As a result, the capitalisation rate applied corresponds directly to the effective interest rate (EIR) of the respective financing instruments, and therefore no separate weighted average capitalisation rate for general borrowings is applicable to the Group. The rate is disclosed in note 22.
7.Expenses by nature
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
F&B cost of sales3,590,2873,494,865984985
Wages and salaries2,270,1312,446,2019,2009,200
Directors\u2019 remuneration151,902146,35729,00024,000
Utility expenses 351,674379,529--
Repairs and maintenance485,883408,557--
Other expenses457,381366,117119,44388,828
7,307,2587,241,626158,627123,013
Other expenses comprise of various expenditure items with the largest expense amounting to \u20ac181,901 in relation to bad debts written off (2024: \u20ac72,611 in relation to advertising and promotion) for the Group and \u20ac62,799 (2024: \u20ac40,002) relating to legal and professional fees for Company.
Fees paid to auditor
Profit before tax for the Group is stated after charging the following fees in relation to services provided by the external auditors of the Group.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Total remuneration payable to the auditors for:
Audit services66,77866,75325,15025,150
66,77866,75325,15025,150
8.Staff costs and employee information
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Wages and salaries (including directors)2,270,1312,446,20138,20033,200
Social security costs151,902146,357--
2,422,0332,592,55838,20033,200
10.Property, Plant & Equipment
GroupMotorElectricalFurniture,ComputerCateringOther fixedTotal
Land & airspaceBuildingsVehiclesEquipmentInstallations& FittingsEquipmentEquipmentAssets
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Cost/ Valuation
As at 1 January 202420,874,5773,646,30316,4001,619,647954,0532,437,63736,174463,699212,44930,260,939
Additions--50,09910,67742,1803,975--106,931
Reversal of impairment-446,790-------446,790
Transfer of PPE under dev-(110,420)-------(110,420)
Disposals on demolition of buildings-(608,100)-------(608,100)
As at 31 December 202420,874,5773,374,57316,4001,669,746964,7302,479,81740,149463,699212,44930,096,140
Additions-203,672-63,436-11,586-13,177-291,871
Revaluation11,338,552--------11,338,552
Transfer from investment property (i)5,959,912--------5,959,912
Impairment-(1,017)(3,496)(47,189)(233,965)(52,005)-(337,672)
As at 31 December 202538,173,0413,577,22816,4001,729,686917,5412,257,43840,149424,871212,44947,348,803
Depreciation
As at 1 January 2024-2,179,01115,100578,956571,2471,033,31228,71857,962156,5284,620,834
Charge for the year-251,2121,300273,25070,319246,1072,68316,82235,409897,102
Released on disposal-(406,412)-------(406,412)
As at 31 December 2024-2,023,81116,400852,206641,5661,279,41931,40174,784191,9375,111,524
Charge for the year-297,686-147,129155,320251,4511,91679,47818,325951,305
As at 31 December 2025-2,321,49716,400999,335796,8861,530,87033,317154,262210,2626,062,829
Net Book Value
As at 31 December 202538,173,0411,255,731-730,351120,655726,5686,832270,6092,18741,285,974
As at 31 December 202420,874,5771,350,762-817,540323,1641,200,3988,748388,91520,51224,984,616
As at 1 January 202420,874,5771,467,2921,3001,040,691382,8061,404,3257,456405,73755,92125,640,105
14.Intangible assets
GoodwillIntellectualPropertyTotal
\u20ac\u20ac\u20ac
Group
At 1 January 20242,317,8291,785,2754,103,105
Impairment charge(455,000)(175,000)(630,000)
Additions147,000-147,000
At 31 December 20242,009,8291,610,2753,620,104
At 31 December 20252,009,8291,610,2753,620,104
15.Leases
15.2Amounts recognised in the statement of profit or loss
The statement of profit or loss shows the following amounts relating to leases:
20252024
\u20ac\u20ac
Depreciation charge of right-of-use assets
Land and buildings490,565353,754
Equipment175,068158,195
Furniture & fittings40,78246,932
706,415558,881
Reversal of impairment-(579,426)
Interest expense (included in finance cost \u2013 Note 6)268,518300,004
The total cash outflow for leases in 2025 was \u20ac1,219,319 (2024: \u20ac1,011,389). Additions to ROU asset for the current year amounted to \u20ac184,067 (2024: no additions).
28.Related party transactions
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Revenue
Subsidiaries
Service charge--150,000150,000
Dividends received--492,000492,000
Commonly controlled entities
Royalties8,976---
Other operating income
Commonly controlled entities
Service fee30,53328,728--
Other operating expenses
Commonly controlled entities
Direct costs226,629---
Non-current assets
Property, plant and equipment
Construction works 2,721,500200,000--
31.Financial risk management
Trade receivables and accrued income
Separately from the above methodology, the Group has also identified that a provision of \u20ac181,901 was required as at 31 December 2025 (2024: \u20ac60,229) with respect to counterparties which have been placed into liquidation or are in a difficult economic situation. The assessment on these individual counterparties did not have an impact on the identified loss rates and expected credit losses identified on the rest of the Group\u2019s trade receivables and accrued income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page29-cflshid_13269-tag12018956": { "value": "
6.Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest on overdraft39,25843,776--
Interest on bank borrowings3,51022,091--
Other interest90,27185,053--
Bond interest133,810133,810480,000480,000
Interest on lease liability268,518300,004--
Bond issue costs31,58231,582--
566,949616,316480,000480,000
As part of the ongoing development of property, plant and equipment, borrowing costs amounting to \u20ac346,190 (2024: \u20ac346,190) have been capitalised during the financial year. The capitalised interest relates to qualifying assets under construction in accordance with IAS 23 Borrowing Costs. These costs have been included in the carrying amount of assets under development at the reporting date.
The Group does not have any general borrowings. All bond financing arrangements are specific borrowings directly attributable to the acquisition and development of identified hotel property and properties in inventory. Accordingly, borrowing costs eligible for capitalisation are determined based on the actual borrowing costs incurred on these specific facilities. As a result, the capitalisation rate applied corresponds directly to the effective interest rate (EIR) of the respective financing instruments, and therefore no separate weighted average capitalisation rate for general borrowings is applicable to the Group. The rate is disclosed in note 22.
15.Leases
15.1Amounts recognised in the balance sheet
20252024
\u20ac\u20ac
Group
Right-of-use assets
Land and buildings1,624,9712,115,536
Equipment430,287424,690
Furniture & fittings142,737183,524
2,197,9952,723,750
Lease liabilities
Current1,015,831947,285
Non-current2,344,9753,201,338
3,360,8064,148,623
17.Loans and receivables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-Current
Redeemable preference shares --12,000,00012,000,000
--12,000,00012,000,000
19.Trade and other receivables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Trade receivables 468,265607,905--
Other receivables49,624768,453--
VAT refundable311,47021,858--
Amounts owed by subsidiaryNote i--954,749995,186
Amounts due by commonly controlled entitiesNote ii1,816,7153,150,582--
Prepayments and accrued income 41,67736,7131,8721,872
2,687,7514,585,511956,621997,058
ii.Amounts due by commonly controlled entities
Amounts due by commonly controlled entities are unsecured and interest free. The balance is repayable on demand
iii.Other receivables
In prior year these balances comprised of deposit on works carried out in relation to Sliema hotel.
21.Trade and other payables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade payables 1,307,8411,611,54843,32311,175
Other payables7,645---
Indirect taxes and social securityNote ii3,218,3332,300,27310,32517,026
Amounts owed to commonly controlled entities Note i30,020378,992343,295409,461
Accruals729,364751,590367,324359,318
Deferred income and advanced deposits 489,547243,433--
Amounts due to shareholders 50,97229,896--
5,833,7225,315,732764,267796,980
i.Amounts due to commonly controlled entities and related entities
Amounts due to commonly controlled entities and related entities are unsecured, interest free and repayable on demand.
ii.Indirect taxes and social security
These balances represent statutory obligations payable to governmental authorities and are disaggregated into value-added tax (VAT), environmental contributions (ECO), and payroll-related taxes. The Group has classified these amounts within current liabilities in the 2025 financial statements, reflecting the obligations and conditions existing at the reporting date. Subsequent to year end, the Group entered into agreements in respect of the material balances included within this line item. Based on an assessment of the terms of these agreements and the underlying obligations at the reporting date, management determined that no additional amounts were required to be recognised or adjusted in the 2025 financial statements.
22.Borrowings
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Falling due within a year
Bank overdrafts Note i797,329930,818--
Bank borrowings Note ii-405,657--
Third party borrowingsNote iii166,671166,671--
964,0001,503,146--
Falling due after more than one year
Bank borrowingsNote ii236,000---
BondsNote iv11,894,72711,863,14512,000,00012,000,000
Third party borrowingsNote iii-173,901--
12,130,72712,037,04612,000,00012,000,000
Total borrowing13,094,72713,540,19212,000,00012,000,000
The debts securities are disclosed at the value of the proceeds less the net book amount of the transaction costs as follows:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Face value of bonds
Bonds12,000,00012,000,00012,000,00012,000,000
Issue costs(315,822)(315,822)--
Accumulated amortisation210,549178,965--
Net book amount (105,273)(136,857)--
Amortised cost 11,894,72711,863,14312,000,00012,000,000
(i)The Group\u2019s bank overdraft facilities as at 31st December 2025 amounted to \u20ac1,000,000 (2024: \u20ac1,000,000). The Company does not have a facility. The Group\u2019s overdrafts are secured by general hypothecs and special hypothecs over the Group\u2019s assets, guarantees over related party assets and by pledges over various insurance policies.
(ii)The Group\u2019s bank loan facilities are secured by general hypothecs and special hypothecs over the Group\u2019s assets, guarantees over related party assets and by a guarantee provided by Malta Development Bank (MDB).
(iii)The third-party loan relates to capital expenditure which is being repaid in quarterly instalments of \u20ac100,000. This loan is unsecured and interest-free.
(iv)By virtue of the Prospectus dated 8 April 2019, SP Finance p.l.c. issued for subscription by the general public 120,000 secured bonds having a nominal value of \u20ac100 each for an aggregate principal amount of \u20ac12,000,000. These bonds have been issued at par.
The bonds are subject to a fixed interest rate of 4% per annum payable on the 3 May of each year up to redemption date. All bonds, unless previously purchased and cancelled, will be redeemed on 3 May 2029.
\u00a0
The bonds are subject to the terms and conditions in the prospectus and are listed on the Malta Stock Exchange. The quoted market price as at 31st December 2025 for the 4% secured Bonds was \u20ac97 (2024: \u20ac98). The directors are of the opinion that this price represents the fair value of these liabilities; as at balance sheet date, the fair value of the bonds therefore amounts to \u20ac11,641,200 (2024: \u20ac11,760,000). The fair value calculation is classified within Level 3 of IFRS 13\u2019s fair value hierarchy.
GroupGroupCompanyCompany
2025202420252024
Interest rate exposure:\u20ac\u20ac\u20ac\u20ac
At floating rates1,033,3291,336,475--
At fixed rates11,894,72711,863,14512,000,00012,000,000
Interest free166,671340,572--
Total borrowings13,094,72713,540,19212,000,00012,000,000
GroupGroupCompanyCompany
2025202420252024
Weighted average effective interest rates%%%%
At the balance sheet date:
Bank overdrafts5.855.85--
Bank loans3.103.10--
Related parties/ Bond4.004.004.004.00
GroupGroupCompanyCompany
2025202420252024
Maturity of long-term borrowings\u20ac\u20ac\u20ac\u20ac
Between 2 and 5 years11,894,727173,90112,000,000-
Over 5 years236,00011,863,145-12,000,000
12,130,72712,037,04612,000,00012,000,000
Collateral granted in favour of the security trustee
Security for the fulfilment of the Company\u2019s obligations in term of the bond issue is to grant in favour of the security trustee for the benefit of the bond holders, a first ranking special hypothec over the security property for the sum of \u20ac12,000,000 and interest thereon and charges in connection therewith, to be constituted by the Guarantor in favour of the security trustee for the benefit of the beneficiaries by virtue of the Security Trust Deed dated 24 April 2019.
Compliance with loan covenants
The Group does not have any financial covenants of its bank loans during the period.
27.Cash and cash equivalents
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Cash at bank and in hand 186,61152,17823,01814,756
Overdraft(797,329)(930,818)--
At the end of the year(610,718)(878,640)23,01814,756
The balances of cash and cash equivalents are available for use by the Group and the Company in their entirety.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page29-cflshid_13269-tag12018912": { "value": "
6.Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest on overdraft39,25843,776--
Interest on bank borrowings3,51022,091--
Other interest90,27185,053--
Bond interest133,810133,810480,000480,000
Interest on lease liability268,518300,004--
Bond issue costs31,58231,582--
566,949616,316480,000480,000
As part of the ongoing development of property, plant and equipment, borrowing costs amounting to \u20ac346,190 (2024: \u20ac346,190) have been capitalised during the financial year. The capitalised interest relates to qualifying assets under construction in accordance with IAS 23 Borrowing Costs. These costs have been included in the carrying amount of assets under development at the reporting date.
The Group does not have any general borrowings. All bond financing arrangements are specific borrowings directly attributable to the acquisition and development of identified hotel property and properties in inventory. Accordingly, borrowing costs eligible for capitalisation are determined based on the actual borrowing costs incurred on these specific facilities. As a result, the capitalisation rate applied corresponds directly to the effective interest rate (EIR) of the respective financing instruments, and therefore no separate weighted average capitalisation rate for general borrowings is applicable to the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page29-cflshid_13269-tag12018911": { "value": "
6.Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest on overdraft39,25843,776--
Interest on bank borrowings3,51022,091--
Other interest90,27185,053--
Bond interest133,810133,810480,000480,000
Interest on lease liability268,518300,004--
Bond issue costs31,58231,582--
566,949616,316480,000480,000
As part of the ongoing development of property, plant and equipment, borrowing costs amounting to \u20ac346,190 (2024: \u20ac346,190) have been capitalised during the financial year. The capitalised interest relates to qualifying assets under construction in accordance with IAS 23 Borrowing Costs. These costs have been included in the carrying amount of assets under development at the reporting date.
The Group does not have any general borrowings. All bond financing arrangements are specific borrowings directly attributable to the acquisition and development of identified hotel property and properties in inventory. Accordingly, borrowing costs eligible for capitalisation are determined based on the actual borrowing costs incurred on these specific facilities. As a result, the capitalisation rate applied corresponds directly to the effective interest rate (EIR) of the respective financing instruments, and therefore no separate weighted average capitalisation rate for general borrowings is applicable to the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page29-cflshid_13269-tag12018901": { "value": "
6.Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest on overdraft39,25843,776--
Interest on bank borrowings3,51022,091--
Other interest90,27185,053--
Bond interest133,810133,810480,000480,000
Interest on lease liability268,518300,004--
Bond issue costs31,58231,582--
566,949616,316480,000480,000
As part of the ongoing development of property, plant and equipment, borrowing costs amounting to \u20ac346,190 (2024: \u20ac346,190) have been capitalised during the financial year. The capitalised interest relates to qualifying assets under construction in accordance with IAS 23 Borrowing Costs. These costs have been included in the carrying amount of assets under development at the reporting date.
The Group does not have any general borrowings. All bond financing arrangements are specific borrowings directly attributable to the acquisition and development of identified hotel property and properties in inventory. Accordingly, borrowing costs eligible for capitalisation are determined based on the actual borrowing costs incurred on these specific facilities. As a result, the capitalisation rate applied corresponds directly to the effective interest rate (EIR) of the respective financing instruments, and therefore no separate weighted average capitalisation rate for general borrowings is applicable to the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page29-cflshid_13269-tag12018900": { "value": "
6.Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest on overdraft39,25843,776--
Interest on bank borrowings3,51022,091--
Other interest90,27185,053--
Bond interest133,810133,810480,000480,000
Interest on lease liability268,518300,004--
Bond issue costs31,58231,582--
566,949616,316480,000480,000
As part of the ongoing development of property, plant and equipment, borrowing costs amounting to \u20ac346,190 (2024: \u20ac346,190) have been capitalised during the financial year. The capitalised interest relates to qualifying assets under construction in accordance with IAS 23 Borrowing Costs. These costs have been included in the carrying amount of assets under development at the reporting date.
The Group does not have any general borrowings. All bond financing arrangements are specific borrowings directly attributable to the acquisition and development of identified hotel property and properties in inventory. Accordingly, borrowing costs eligible for capitalisation are determined based on the actual borrowing costs incurred on these specific facilities. As a result, the capitalisation rate applied corresponds directly to the effective interest rate (EIR) of the respective financing instruments, and therefore no separate weighted average capitalisation rate for general borrowings is applicable to the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page29-cflshid_13269-tag12018895": { "value": "
6.Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest on overdraft39,25843,776--
Interest on bank borrowings3,51022,091--
Other interest90,27185,053--
Bond interest133,810133,810480,000480,000
Interest on lease liability268,518300,004--
Bond issue costs31,58231,582--
566,949616,316480,000480,000
As part of the ongoing development of property, plant and equipment, borrowing costs amounting to \u20ac346,190 (2024: \u20ac346,190) have been capitalised during the financial year. The capitalised interest relates to qualifying assets under construction in accordance with IAS 23 Borrowing Costs. These costs have been included in the carrying amount of assets under development at the reporting date.
The Group does not have any general borrowings. All bond financing arrangements are specific borrowings directly attributable to the acquisition and development of identified hotel property and properties in inventory. Accordingly, borrowing costs eligible for capitalisation are determined based on the actual borrowing costs incurred on these specific facilities. As a result, the capitalisation rate applied corresponds directly to the effective interest rate (EIR) of the respective financing instruments, and therefore no separate weighted average capitalisation rate for general borrowings is applicable to the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page29-cflshid_13269-tag12018899": { "value": "
7.Expenses by nature
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
F&B cost of sales3,590,2873,494,865984985
Wages and salaries2,270,1312,446,2019,2009,200
Directors\u2019 remuneration151,902146,35729,00024,000
Utility expenses 351,674379,529--
Repairs and maintenance485,883408,557--
Other expenses457,381366,117119,44388,828
7,307,2587,241,626158,627123,013
Other expenses comprise of various expenditure items with the largest expense amounting to \u20ac181,901 in relation to bad debts written off (2024: \u20ac72,611 in relation to advertising and promotion) for the Group and \u20ac62,799 (2024: \u20ac40,002) relating to legal and professional fees for Company.
Fees paid to auditor
Profit before tax for the Group is stated after charging the following fees in relation to services provided by the external auditors of the Group.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Total remuneration payable to the auditors for:
Audit services66,77866,75325,15025,150
66,77866,75325,15025,150
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page29-cflshid_13269-tag12018963": { "value": "
7.Expenses by nature
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
F&B cost of sales3,590,2873,494,865984985
Wages and salaries2,270,1312,446,2019,2009,200
Directors\u2019 remuneration151,902146,35729,00024,000
Utility expenses 351,674379,529--
Repairs and maintenance485,883408,557--
Other expenses457,381366,117119,44388,828
7,307,2587,241,626158,627123,013
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page29-cflshid_13269-tag12018959": { "value": "
7.Expenses by nature
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
F&B cost of sales3,590,2873,494,865984985
Wages and salaries2,270,1312,446,2019,2009,200
Directors\u2019 remuneration151,902146,35729,00024,000
Utility expenses 351,674379,529--
Repairs and maintenance485,883408,557--
Other expenses457,381366,117119,44388,828
7,307,2587,241,626158,627123,013
8.Staff costs and employee information
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Wages and salaries (including directors)2,270,1312,446,20138,20033,200
Social security costs151,902146,357--
2,422,0332,592,55838,20033,200
The average number of persons employed during the year, including directors, was made up as follows:
GroupGroupCompanyCompany
2025202420252024
NumberNumberNumberNumber
Operations and administrations130130--
Directors2222
13213222
28.Related party transactions
Key management personnel include the board of directors. Key management compensation, consisting of directors\u2019 remuneration, has been disclosed in Note 8 to the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page29-cflshid_13269-tag12018858": { "value": "
7.Expenses by nature
Fees paid to auditor
Profit before tax for the Group is stated after charging the following fees in relation to services provided by the external auditors of the Group.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Total remuneration payable to the auditors for:
Audit services66,77866,75325,15025,150
66,77866,75325,15025,150
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_13927-tag12018910": { "value": "
8.Staff costs and employee information
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Wages and salaries (including directors)2,270,1312,446,20138,20033,200
Social security costs151,902146,357--
2,422,0332,592,55838,20033,200
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_13927-tag12018958": { "value": "
8.Staff costs and employee information
The average number of persons employed during the year, including directors, was made up as follows:
GroupGroupCompanyCompany
2025202420252024
NumberNumberNumberNumber
Operations and administrations130130--
Directors2222
13213222
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_13927-tag12018957": { "value": "
9.Tax (credit)/expense
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Profit & loss
Deferred tax charge / (credit)250,994(399,629)1,180-
Current tax charge 8,351100,539-13,645
259,345(299,090)1,18013,645
Comprehensive income
Deferred tax on revalued PPE1,938,460---
2,197,805(299,090)1,18013,645
The tax expense and the tax charge using the statutory income tax rate of 35% are reconciled as follows:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Profit before taxation527,416763,7093,37338,987
Tax charge at 35%184,596267,2981,18013,645
Depreciation charges not deductible by way of capital allowances(66,940)(570,914)--
Expenses disallowed for tax purposes9,9096,626--
Additional allowable deductions(2,100)---
Income taxed at reduced rates-(2,100)--
Tax charge/ (credit)259,345(299,090)1,18013,645
9.1Current tax liability
Group
Group
Company
Company
2025
2024
2025
2024
\u20ac
\u20ac
\u20ac
\u20ac
At 1 January(230,264)(129,725)(15,300)(1,655)
Charge for the year(8,351)(100,539)-(13,645)
Tax (refund)/payment(10,177)-1,655-
At 31 December(248,792)(230,264)(13,645)(15,300)
Represented in the balance sheet:
Current tax asset-147,808--
Current tax liability(248,792)(378,072)(13,645)(15,300)
(248,792)(230,264)(13,645)(15,300)
20.Deferred taxation
Deferred taxes are calculated on all temporary differences under the liability method using a principal tax rate of 35% / 10% (2024: 35% / 10%). The movement in the deferred tax account is as follows:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At the beginning of the year(389,773)(789,403)--
Movement in unabsorbed tax losses and capital allowances(14,894)450,048--
Movement in excess of capital allowances over depreciation86,185(570)--
Movement in provisions(37,589)---
Movement on revaluation of PPE(1,938,460)---
Amortisation on bond issue costs amortisation4,07311,053--
Movement in effect of leases (288,769)(60,901)--
At the end of the year(2,579,227)(389,773)--
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Effect recognised in:
Statement of comprehensive income(1,938,460)---
Statement of profit and loss(250,994)399,629--
(2,189,454)399,629--
The following amounts are shown in the balance sheet:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Deferred tax assets
Unabsorbed tax losses and capital allowances1,030,2231,045,117--
Effect of leases accounting under IFRS 16413,964702,733--
Effect of provisions2,37239,961--
1,446,5591,787,811--
Deferred tax liabilities
Effect of excess of capital allowances over depreciation218,043131,858--
Effect due to amortisation of bond issue costs(43,829)(47,902)--
Effect due to revaluation of Land in PPE(4,200,000)(1,880,400)--
Effect due to revaluation of Investment Property-(381,140)--
(2,579,227)(389,773)--
Presented in the balance sheet as follows:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Deferred tax asset1,496,9891,888,869--
Deferred tax liability(4,076,216)(2,278,642)--
(2,579,227)(389,773)--
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page30-cflshid_13927-tag12018860": { "value": "
9.Tax (credit)/expense
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Profit & loss
Deferred tax charge / (credit)250,994(399,629)1,180-
Current tax charge 8,351100,539-13,645
259,345(299,090)1,18013,645
Comprehensive income
Deferred tax on revalued PPE1,938,460---
2,197,805(299,090)1,18013,645
The tax expense and the tax charge using the statutory income tax rate of 35% are reconciled as follows:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Profit before taxation527,416763,7093,37338,987
Tax charge at 35%184,596267,2981,18013,645
Depreciation charges not deductible by way of capital allowances(66,940)(570,914)--
Expenses disallowed for tax purposes9,9096,626--
Additional allowable deductions(2,100)---
Income taxed at reduced rates-(2,100)--
Tax charge/ (credit)259,345(299,090)1,18013,645
9.1Current tax liability
Group
Group
Company
Company
2025
2024
2025
2024
\u20ac
\u20ac
\u20ac
\u20ac
At 1 January(230,264)(129,725)(15,300)(1,655)
Charge for the year(8,351)(100,539)-(13,645)
Tax (refund)/payment(10,177)-1,655-
At 31 December(248,792)(230,264)(13,645)(15,300)
Represented in the balance sheet:
Current tax asset-147,808--
Current tax liability(248,792)(378,072)(13,645)(15,300)
(248,792)(230,264)(13,645)(15,300)
20.Deferred taxation
Deferred taxes are calculated on all temporary differences under the liability method using a principal tax rate of 35% / 10% (2024: 35% / 10%). The movement in the deferred tax account is as follows:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At the beginning of the year(389,773)(789,403)--
Movement in unabsorbed tax losses and capital allowances(14,894)450,048--
Movement in excess of capital allowances over depreciation86,185(570)--
Movement in provisions(37,589)---
Movement on revaluation of PPE(1,938,460)---
Amortisation on bond issue costs amortisation4,07311,053--
Movement in effect of leases (288,769)(60,901)--
At the end of the year(2,579,227)(389,773)--
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Effect recognised in:
Statement of comprehensive income(1,938,460)---
Statement of profit and loss(250,994)399,629--
(2,189,454)399,629--
The following amounts are shown in the balance sheet:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Deferred tax assets
Unabsorbed tax losses and capital allowances1,030,2231,045,117--
Effect of leases accounting under IFRS 16413,964702,733--
Effect of provisions2,37239,961--
1,446,5591,787,811--
Deferred tax liabilities
Effect of excess of capital allowances over depreciation218,043131,858--
Effect due to amortisation of bond issue costs(43,829)(47,902)--
Effect due to revaluation of Land in PPE(4,200,000)(1,880,400)--
Effect due to revaluation of Investment Property-(381,140)--
(2,579,227)(389,773)--
Presented in the balance sheet as follows:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Deferred tax asset1,496,9891,888,869--
Deferred tax liability(4,076,216)(2,278,642)--
(2,579,227)(389,773)--
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page32-cflshid_14830-tag12018862": { "value": "
10.Property, Plant & Equipment
GroupMotorElectricalFurniture,ComputerCateringOther fixedTotal
Land & airspaceBuildingsVehiclesEquipmentInstallations& FittingsEquipmentEquipmentAssets
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Cost/ Valuation
As at 1 January 202420,874,5773,646,30316,4001,619,647954,0532,437,63736,174463,699212,44930,260,939
Additions--50,09910,67742,1803,975--106,931
Reversal of impairment-446,790-------446,790
Transfer of PPE under dev-(110,420)-------(110,420)
Disposals on demolition of buildings-(608,100)-------(608,100)
As at 31 December 202420,874,5773,374,57316,4001,669,746964,7302,479,81740,149463,699212,44930,096,140
Additions-203,672-63,436-11,586-13,177-291,871
Revaluation11,338,552--------11,338,552
Transfer from investment property (i)5,959,912--------5,959,912
Impairment-(1,017)(3,496)(47,189)(233,965)(52,005)-(337,672)
As at 31 December 202538,173,0413,577,22816,4001,729,686917,5412,257,43840,149424,871212,44947,348,803
Depreciation
As at 1 January 2024-2,179,01115,100578,956571,2471,033,31228,71857,962156,5284,620,834
Charge for the year-251,2121,300273,25070,319246,1072,68316,82235,409897,102
Released on disposal-(406,412)-------(406,412)
As at 31 December 2024-2,023,81116,400852,206641,5661,279,41931,40174,784191,9375,111,524
Charge for the year-297,686-147,129155,320251,4511,91679,47818,325951,305
As at 31 December 2025-2,321,49716,400999,335796,8861,530,87033,317154,262210,2626,062,829
Net Book Value
As at 31 December 202538,173,0411,255,731-730,351120,655726,5686,832270,6092,18741,285,974
As at 31 December 202420,874,5771,350,762-817,540323,1641,200,3988,748388,91520,51224,984,616
As at 1 January 202420,874,5771,467,2921,3001,040,691382,8061,404,3257,456405,73755,92125,640,105
13.PPE under development
Capitalisation of costs will continue until the asset is ready for its intended operational use, at which point the balance will be transferred to the relevant PPE category and depreciation will commence.
15.Leases
15.2Amounts recognised in the statement of profit or loss
The statement of profit or loss shows the following amounts relating to leases:
20252024
\u20ac\u20ac
Depreciation charge of right-of-use assets
Land and buildings490,565353,754
Equipment175,068158,195
Furniture & fittings40,78246,932
706,415558,881
Reversal of impairment-(579,426)
Interest expense (included in finance cost \u2013 Note 6)268,518300,004
The total cash outflow for leases in 2025 was \u20ac1,219,319 (2024: \u20ac1,011,389). Additions to ROU asset for the current year amounted to \u20ac184,067 (2024: no additions).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page32-cflshid_14830-tag12018861": { "value": "
10.Property, Plant & Equipment
GroupMotorElectricalFurniture,ComputerCateringOther fixedTotal
Land & airspaceBuildingsVehiclesEquipmentInstallations& FittingsEquipmentEquipmentAssets
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Cost/ Valuation
As at 1 January 202420,874,5773,646,30316,4001,619,647954,0532,437,63736,174463,699212,44930,260,939
Additions--50,09910,67742,1803,975--106,931
Reversal of impairment-446,790-------446,790
Transfer of PPE under dev-(110,420)-------(110,420)
Disposals on demolition of buildings-(608,100)-------(608,100)
As at 31 December 202420,874,5773,374,57316,4001,669,746964,7302,479,81740,149463,699212,44930,096,140
Additions-203,672-63,436-11,586-13,177-291,871
Revaluation11,338,552--------11,338,552
Transfer from investment property (i)5,959,912--------5,959,912
Impairment-(1,017)(3,496)(47,189)(233,965)(52,005)-(337,672)
As at 31 December 202538,173,0413,577,22816,4001,729,686917,5412,257,43840,149424,871212,44947,348,803
Depreciation
As at 1 January 2024-2,179,01115,100578,956571,2471,033,31228,71857,962156,5284,620,834
Charge for the year-251,2121,300273,25070,319246,1072,68316,82235,409897,102
Released on disposal-(406,412)-------(406,412)
As at 31 December 2024-2,023,81116,400852,206641,5661,279,41931,40174,784191,9375,111,524
Charge for the year-297,686-147,129155,320251,4511,91679,47818,325951,305
As at 31 December 2025-2,321,49716,400999,335796,8861,530,87033,317154,262210,2626,062,829
Net Book Value
As at 31 December 202538,173,0411,255,731-730,351120,655726,5686,832270,6092,18741,285,974
As at 31 December 202420,874,5771,350,762-817,540323,1641,200,3988,748388,91520,51224,984,616
As at 1 January 202420,874,5771,467,2921,3001,040,691382,8061,404,3257,456405,73755,92125,640,105
Use as collateral
Land and buildings held by the Group, with a carrying amount of \u20ac13.8m (2024: \u20ac13.8m) are pledged as security for non-current borrowings.
22.Borrowings
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Falling due within a year
Bank overdrafts Note i797,329930,818--
Bank borrowings Note ii-405,657--
Third party borrowingsNote iii166,671166,671--
964,0001,503,146--
Falling due after more than one year
Bank borrowingsNote ii236,000---
BondsNote iv11,894,72711,863,14512,000,00012,000,000
Third party borrowingsNote iii-173,901--
12,130,72712,037,04612,000,00012,000,000
Total borrowing13,094,72713,540,19212,000,00012,000,000
Collateral granted in favour of the security trustee
Security for the fulfilment of the Company\u2019s obligations in term of the bond issue is to grant in favour of the security trustee for the benefit of the bond holders, a first ranking special hypothec over the security property for the sum of \u20ac12,000,000 and interest thereon and charges in connection therewith, to be constituted by the Guarantor in favour of the security trustee for the benefit of the beneficiaries by virtue of the Security Trust Deed dated 24 April 2019.
30.Contingent liabilities
The Group and Company had no contingent liabilities as at 31 December 2025. In financial year 2024 the Group provided general and special hypothecs over the Group\u2019s immovable property to the amounting to \u20ac1,390,000.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page32-cflshid_14830-tag12018859": { "value": "
10.Property, Plant & Equipment
GroupMotorElectricalFurniture,ComputerCateringOther fixedTotal
Land & airspaceBuildingsVehiclesEquipmentInstallations& FittingsEquipmentEquipmentAssets
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Cost/ Valuation
As at 1 January 202420,874,5773,646,30316,4001,619,647954,0532,437,63736,174463,699212,44930,260,939
Additions--50,09910,67742,1803,975--106,931
Reversal of impairment-446,790-------446,790
Transfer of PPE under dev-(110,420)-------(110,420)
Disposals on demolition of buildings-(608,100)-------(608,100)
As at 31 December 202420,874,5773,374,57316,4001,669,746964,7302,479,81740,149463,699212,44930,096,140
Additions-203,672-63,436-11,586-13,177-291,871
Revaluation11,338,552--------11,338,552
Transfer from investment property (i)5,959,912--------5,959,912
Impairment-(1,017)(3,496)(47,189)(233,965)(52,005)-(337,672)
As at 31 December 202538,173,0413,577,22816,4001,729,686917,5412,257,43840,149424,871212,44947,348,803
Depreciation
As at 1 January 2024-2,179,01115,100578,956571,2471,033,31228,71857,962156,5284,620,834
Charge for the year-251,2121,300273,25070,319246,1072,68316,82235,409897,102
Released on disposal-(406,412)-------(406,412)
As at 31 December 2024-2,023,81116,400852,206641,5661,279,41931,40174,784191,9375,111,524
Charge for the year-297,686-147,129155,320251,4511,91679,47818,325951,305
As at 31 December 2025-2,321,49716,400999,335796,8861,530,87033,317154,262210,2626,062,829
Net Book Value
As at 31 December 202538,173,0411,255,731-730,351120,655726,5686,832270,6092,18741,285,974
As at 31 December 202420,874,5771,350,762-817,540323,1641,200,3988,748388,91520,51224,984,616
As at 1 January 202420,874,5771,467,2921,3001,040,691382,8061,404,3257,456405,73755,92125,640,105
12.Fair value of Land and Buildings
12.3Reversal of impairment in prior year
In the prior year, the Group performed a review of the carrying amounts of the right-of-use (ROU) assets (Note 15) and related items of property, plant and equipment that had been subject to impairment in prior reporting years. Following this review, the Directors determined that the circumstances that led to the original impairment no longer existed. As part of the impairment reversal assessment, the Directors carried out a discounted cash flow (DCF) analysis to estimate the recoverable amounts of the affected assets. The analysis reflected updated financial forecasts, improved operating performance, and management\u2019s revised expectations regarding future cash flows and utilisation of the assets. Based on this analysis, the Group concluded that the recoverable amount of the ROU assets and related PPE exceeded their carrying value, resulting in the reversal of previously recognised impairment losses of \u20ac1,026,316 (\u20ac579,426 related to ROU asset and \u20ac446,790 relating to items of PPE). The reversal has been recognised in the income statement for the year ended 31 December 2024. The key assumptions used in the DCF model included a discount rate of 8.9% and forecast cash flows over a period of 5 years which is the period of the lease term.
14.Intangible assets
GoodwillIntellectualPropertyTotal
\u20ac\u20ac\u20ac
Group
At 1 January 20242,317,8291,785,2754,103,105
Impairment charge(455,000)(175,000)(630,000)
Additions147,000-147,000
At 31 December 20242,009,8291,610,2753,620,104
At 31 December 20252,009,8291,610,2753,620,104
15.Leases
15.2Amounts recognised in the statement of profit or loss
The statement of profit or loss shows the following amounts relating to leases:
20252024
\u20ac\u20ac
Depreciation charge of right-of-use assets
Land and buildings490,565353,754
Equipment175,068158,195
Furniture & fittings40,78246,932
706,415558,881
Reversal of impairment-(579,426)
Interest expense (included in finance cost \u2013 Note 6)268,518300,004
31.Financial risk management
Trade receivables and accrued income
Separately from the above methodology, the Group has also identified that a provision of \u20ac181,901 was required as at 31 December 2025 (2024: \u20ac60,229) with respect to counterparties which have been placed into liquidation or are in a difficult economic situation. The assessment on these individual counterparties did not have an impact on the identified loss rates and expected credit losses identified on the rest of the Group\u2019s trade receivables and accrued income.
Trade receivables and accrued income are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 1 year past due.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page32-cflshid_14830-tag12018893": { "value": "
10.Property, Plant & Equipment
Use as collateral
Land and buildings held by the Group, with a carrying amount of \u20ac13.8m (2024: \u20ac13.8m) are pledged as security for non-current borrowings.
22.Borrowings
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Falling due within a year
Bank overdrafts Note i797,329930,818--
Bank borrowings Note ii-405,657--
Third party borrowingsNote iii166,671166,671--
964,0001,503,146--
Falling due after more than one year
Bank borrowingsNote ii236,000---
BondsNote iv11,894,72711,863,14512,000,00012,000,000
Third party borrowingsNote iii-173,901--
12,130,72712,037,04612,000,00012,000,000
Total borrowing13,094,72713,540,19212,000,00012,000,000
The debts securities are disclosed at the value of the proceeds less the net book amount of the transaction costs as follows:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Face value of bonds
Bonds12,000,00012,000,00012,000,00012,000,000
Issue costs(315,822)(315,822)--
Accumulated amortisation210,549178,965--
Net book amount (105,273)(136,857)--
Amortised cost 11,894,72711,863,14312,000,00012,000,000
(i)The Group\u2019s bank overdraft facilities as at 31st December 2025 amounted to \u20ac1,000,000 (2024: \u20ac1,000,000). The Company does not have a facility. The Group\u2019s overdrafts are secured by general hypothecs and special hypothecs over the Group\u2019s assets, guarantees over related party assets and by pledges over various insurance policies.
(ii)The Group\u2019s bank loan facilities are secured by general hypothecs and special hypothecs over the Group\u2019s assets, guarantees over related party assets and by a guarantee provided by Malta Development Bank (MDB).
(iii)The third-party loan relates to capital expenditure which is being repaid in quarterly instalments of \u20ac100,000. This loan is unsecured and interest-free.
(iv)By virtue of the Prospectus dated 8 April 2019, SP Finance p.l.c. issued for subscription by the general public 120,000 secured bonds having a nominal value of \u20ac100 each for an aggregate principal amount of \u20ac12,000,000. These bonds have been issued at par.
The bonds are subject to a fixed interest rate of 4% per annum payable on the 3 May of each year up to redemption date. All bonds, unless previously purchased and cancelled, will be redeemed on 3 May 2029.
\u00a0
The bonds are subject to the terms and conditions in the prospectus and are listed on the Malta Stock Exchange. The quoted market price as at 31st December 2025 for the 4% secured Bonds was \u20ac97 (2024: \u20ac98). The directors are of the opinion that this price represents the fair value of these liabilities; as at balance sheet date, the fair value of the bonds therefore amounts to \u20ac11,641,200 (2024: \u20ac11,760,000). The fair value calculation is classified within Level 3 of IFRS 13\u2019s fair value hierarchy.
GroupGroupCompanyCompany
2025202420252024
Interest rate exposure:\u20ac\u20ac\u20ac\u20ac
At floating rates1,033,3291,336,475--
At fixed rates11,894,72711,863,14512,000,00012,000,000
Interest free166,671340,572--
Total borrowings13,094,72713,540,19212,000,00012,000,000
GroupGroupCompanyCompany
2025202420252024
Weighted average effective interest rates%%%%
At the balance sheet date:
Bank overdrafts5.855.85--
Bank loans3.103.10--
Related parties/ Bond4.004.004.004.00
GroupGroupCompanyCompany
2025202420252024
Maturity of long-term borrowings\u20ac\u20ac\u20ac\u20ac
Between 2 and 5 years11,894,727173,90112,000,000-
Over 5 years236,00011,863,145-12,000,000
12,130,72712,037,04612,000,00012,000,000
Collateral granted in favour of the security trustee
Security for the fulfilment of the Company\u2019s obligations in term of the bond issue is to grant in favour of the security trustee for the benefit of the bond holders, a first ranking special hypothec over the security property for the sum of \u20ac12,000,000 and interest thereon and charges in connection therewith, to be constituted by the Guarantor in favour of the security trustee for the benefit of the beneficiaries by virtue of the Security Trust Deed dated 24 April 2019.
Compliance with loan covenants
The Group does not have any financial covenants of its bank loans during the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page33-cflshid_15840-tag12018917": { "value": "
11.Investment property
Lease arrangements
Lease arrangements were terminated in 2023, and the property is part of the ongoing construction in Sliema for a hotel and ancillary facilities.
15.Leases
15.1Amounts recognised in the balance sheet
The balance sheet shows the following amounts relating to leases:
20252024
\u20ac\u20ac
Group
Right-of-use assets
Land and buildings1,624,9712,115,536
Equipment430,287424,690
Furniture & fittings142,737183,524
2,197,9952,723,750
Lease liabilities
Current1,015,831947,285
Non-current2,344,9753,201,338
3,360,8064,148,623
15.2Amounts recognised in the statement of profit or loss
The statement of profit or loss shows the following amounts relating to leases:
20252024
\u20ac\u20ac
Depreciation charge of right-of-use assets
Land and buildings490,565353,754
Equipment175,068158,195
Furniture & fittings40,78246,932
706,415558,881
Reversal of impairment-(579,426)
Interest expense (included in finance cost \u2013 Note 6)268,518300,004
The total cash outflow for leases in 2025 was \u20ac1,219,319 (2024: \u20ac1,011,389). Additions to ROU asset for the current year amounted to \u20ac184,067 (2024: no additions).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page38-cflshid_18089-tag12018916": { "value": "
14.Intangible assets
GoodwillIntellectualPropertyTotal
\u20ac\u20ac\u20ac
Group
At 1 January 20242,317,8291,785,2754,103,105
Impairment charge(455,000)(175,000)(630,000)
Additions147,000-147,000
At 31 December 20242,009,8291,610,2753,620,104
At 31 December 20252,009,8291,610,2753,620,104
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page38-cflshid_18089-tag12018914": { "value": "
14.Intangible assets
GoodwillIntellectualPropertyTotal
\u20ac\u20ac\u20ac
Group
At 1 January 20242,317,8291,785,2754,103,105
Impairment charge(455,000)(175,000)(630,000)
Additions147,000-147,000
At 31 December 20242,009,8291,610,2753,620,104
At 31 December 20252,009,8291,610,2753,620,104
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page38-cflshid_18089-tag12018913": { "value": "
14.Intangible assets
GoodwillIntellectualPropertyTotal
\u20ac\u20ac\u20ac
Group
At 1 January 20242,317,8291,785,2754,103,105
Impairment charge(455,000)(175,000)(630,000)
Additions147,000-147,000
At 31 December 20242,009,8291,610,2753,620,104
At 31 December 20252,009,8291,610,2753,620,104
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page38-cflshid_18089-tag12018886": { "value": "
15.Leases
15.3The Group\u2019s leasing activities and how these are accounted for
Leased assets may not be used as security for borrowing purposes.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page39-cflshid_18490-tag12018937": { "value": "
16.Investment in subsidiary
CompanyShares in subsidiaryTotal
\u20ac\u20ac
At 1 January 202519,097,78319,097,783
At 31 December 202519,097,78319,097,783
At 31 December 202419,097,78319,097,783
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page40-cflshid_19006-tag12018925": { "value": "
18.Inventories
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Food and beverage97,017111,017--
97,017111,017--
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page40-cflshid_19006-tag12018892": { "value": "
19.Trade and other receivables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Trade receivables 468,265607,905--
Other receivables49,624768,453--
VAT refundable311,47021,858--
Amounts owed by subsidiaryNote i--954,749995,186
Amounts due by commonly controlled entitiesNote ii1,816,7153,150,582--
Prepayments and accrued income 41,67736,7131,8721,872
2,687,7514,585,511956,621997,058
i.Amounts owed by subsidiary
Amounts owed by subsidiary are unsecured, interest free and repayable on demand.
The Group and the Company assess whether any loss allowance is required on its financial assets as set out in the accounting policies and Note 33.
ii.Amounts due by commonly controlled entities
Amounts due by commonly controlled entities are unsecured and interest free. The balance is repayable on demand
iii.Other receivables
In prior year these balances comprised of deposit on works carried out in relation to Sliema hotel.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page40-cflshid_19006-tag12018933": { "value": "
19.Trade and other receivables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Trade receivables 468,265607,905--
Other receivables49,624768,453--
VAT refundable311,47021,858--
Amounts owed by subsidiaryNote i--954,749995,186
Amounts due by commonly controlled entitiesNote ii1,816,7153,150,582--
Prepayments and accrued income 41,67736,7131,8721,872
2,687,7514,585,511956,621997,058
21.Trade and other payables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade payables 1,307,8411,611,54843,32311,175
Other payables7,645---
Indirect taxes and social securityNote ii3,218,3332,300,27310,32517,026
Amounts owed to commonly controlled entities Note i30,020378,992343,295409,461
Accruals729,364751,590367,324359,318
Deferred income and advanced deposits 489,547243,433--
Amounts due to shareholders 50,97229,896--
5,833,7225,315,732764,267796,980
ii.Indirect taxes and social security
These balances represent statutory obligations payable to governmental authorities and are disaggregated into value-added tax (VAT), environmental contributions (ECO), and payroll-related taxes. The Group has classified these amounts within current liabilities in the 2025 financial statements, reflecting the obligations and conditions existing at the reporting date. Subsequent to year end, the Group entered into agreements in respect of the material balances included within this line item. Based on an assessment of the terms of these agreements and the underlying obligations at the reporting date, management determined that no additional amounts were required to be recognised or adjusted in the 2025 financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page40-cflshid_19006-tag12018932": { "value": "
19.Trade and other receivables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Trade receivables 468,265607,905--
Other receivables49,624768,453--
VAT refundable311,47021,858--
Amounts owed by subsidiaryNote i--954,749995,186
Amounts due by commonly controlled entitiesNote ii1,816,7153,150,582--
Prepayments and accrued income 41,67736,7131,8721,872
2,687,7514,585,511956,621997,058
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page40-cflshid_19006-tag12018927": { "value": "
19.Trade and other receivables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Trade receivables 468,265607,905--
Other receivables49,624768,453--
VAT refundable311,47021,858--
Amounts owed by subsidiaryNote i--954,749995,186
Amounts due by commonly controlled entitiesNote ii1,816,7153,150,582--
Prepayments and accrued income 41,67736,7131,8721,872
2,687,7514,585,511956,621997,058
iii.Other receivables
In prior year these balances comprised of deposit on works carried out in relation to Sliema hotel.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page40-cflshid_19006-tag12018926": { "value": "
19.Trade and other receivables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Trade receivables 468,265607,905--
Other receivables49,624768,453--
VAT refundable311,47021,858--
Amounts owed by subsidiaryNote i--954,749995,186
Amounts due by commonly controlled entitiesNote ii1,816,7153,150,582--
Prepayments and accrued income 41,67736,7131,8721,872
2,687,7514,585,511956,621997,058
iii.Other receivables
In prior year these balances comprised of deposit on works carried out in relation to Sliema hotel.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page42-cflshid_20095-tag12018935": { "value": "
21.Trade and other payables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade payables 1,307,8411,611,54843,32311,175
Other payables7,645---
Indirect taxes and social securityNote ii3,218,3332,300,27310,32517,026
Amounts owed to commonly controlled entities Note i30,020378,992343,295409,461
Accruals729,364751,590367,324359,318
Deferred income and advanced deposits 489,547243,433--
Amounts due to shareholders 50,97229,896--
5,833,7225,315,732764,267796,980
i.Amounts due to commonly controlled entities and related entities
Amounts due to commonly controlled entities and related entities are unsecured, interest free and repayable on demand.
22.Borrowings
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Falling due within a year
Bank overdrafts Note i797,329930,818--
Bank borrowings Note ii-405,657--
Third party borrowingsNote iii166,671166,671--
964,0001,503,146--
Falling due after more than one year
Bank borrowingsNote ii236,000---
BondsNote iv11,894,72711,863,14512,000,00012,000,000
Third party borrowingsNote iii-173,901--
12,130,72712,037,04612,000,00012,000,000
Total borrowing13,094,72713,540,19212,000,00012,000,000
(iii)The third-party loan relates to capital expenditure which is being repaid in quarterly instalments of \u20ac100,000. This loan is unsecured and interest-free.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page42-cflshid_20095-tag12018890": { "value": "
21.Trade and other payables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade payables 1,307,8411,611,54843,32311,175
Other payables7,645---
Indirect taxes and social securityNote ii3,218,3332,300,27310,32517,026
Amounts owed to commonly controlled entities Note i30,020378,992343,295409,461
Accruals729,364751,590367,324359,318
Deferred income and advanced deposits 489,547243,433--
Amounts due to shareholders 50,97229,896--
5,833,7225,315,732764,267796,980
i.Amounts due to commonly controlled entities and related entities
Amounts due to commonly controlled entities and related entities are unsecured, interest free and repayable on demand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page42-cflshid_20095-tag12018930": { "value": "
21.Trade and other payables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade payables 1,307,8411,611,54843,32311,175
Other payables7,645---
Indirect taxes and social securityNote ii3,218,3332,300,27310,32517,026
Amounts owed to commonly controlled entities Note i30,020378,992343,295409,461
Accruals729,364751,590367,324359,318
Deferred income and advanced deposits 489,547243,433--
Amounts due to shareholders 50,97229,896--
5,833,7225,315,732764,267796,980
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page42-cflshid_20095-tag12018928": { "value": "
21.Trade and other payables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade payables 1,307,8411,611,54843,32311,175
Other payables7,645---
Indirect taxes and social securityNote ii3,218,3332,300,27310,32517,026
Amounts owed to commonly controlled entities Note i30,020378,992343,295409,461
Accruals729,364751,590367,324359,318
Deferred income and advanced deposits 489,547243,433--
Amounts due to shareholders 50,97229,896--
5,833,7225,315,732764,267796,980
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page42-cflshid_20095-tag12018889": { "value": "
21.Trade and other payables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade payables 1,307,8411,611,54843,32311,175
Other payables7,645---
Indirect taxes and social securityNote ii3,218,3332,300,27310,32517,026
Amounts owed to commonly controlled entities Note i30,020378,992343,295409,461
Accruals729,364751,590367,324359,318
Deferred income and advanced deposits 489,547243,433--
Amounts due to shareholders 50,97229,896--
5,833,7225,315,732764,267796,980
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page42-cflshid_20095-tag12018897": { "value": "
22.Borrowings
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Falling due within a year
Bank overdrafts Note i797,329930,818--
Bank borrowings Note ii-405,657--
Third party borrowingsNote iii166,671166,671--
964,0001,503,146--
Falling due after more than one year
Bank borrowingsNote ii236,000---
BondsNote iv11,894,72711,863,14512,000,00012,000,000
Third party borrowingsNote iii-173,901--
12,130,72712,037,04612,000,00012,000,000
Total borrowing13,094,72713,540,19212,000,00012,000,000
The debts securities are disclosed at the value of the proceeds less the net book amount of the transaction costs as follows:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Face value of bonds
Bonds12,000,00012,000,00012,000,00012,000,000
Issue costs(315,822)(315,822)--
Accumulated amortisation210,549178,965--
Net book amount (105,273)(136,857)--
Amortised cost 11,894,72711,863,14312,000,00012,000,000
(i)The Group\u2019s bank overdraft facilities as at 31st December 2025 amounted to \u20ac1,000,000 (2024: \u20ac1,000,000). The Company does not have a facility. The Group\u2019s overdrafts are secured by general hypothecs and special hypothecs over the Group\u2019s assets, guarantees over related party assets and by pledges over various insurance policies.
(ii)The Group\u2019s bank loan facilities are secured by general hypothecs and special hypothecs over the Group\u2019s assets, guarantees over related party assets and by a guarantee provided by Malta Development Bank (MDB).
(iii)The third-party loan relates to capital expenditure which is being repaid in quarterly instalments of \u20ac100,000. This loan is unsecured and interest-free.
(iv)By virtue of the Prospectus dated 8 April 2019, SP Finance p.l.c. issued for subscription by the general public 120,000 secured bonds having a nominal value of \u20ac100 each for an aggregate principal amount of \u20ac12,000,000. These bonds have been issued at par.
The bonds are subject to a fixed interest rate of 4% per annum payable on the 3 May of each year up to redemption date. All bonds, unless previously purchased and cancelled, will be redeemed on 3 May 2029.
\u00a0
The bonds are subject to the terms and conditions in the prospectus and are listed on the Malta Stock Exchange. The quoted market price as at 31st December 2025 for the 4% secured Bonds was \u20ac97 (2024: \u20ac98). The directors are of the opinion that this price represents the fair value of these liabilities; as at balance sheet date, the fair value of the bonds therefore amounts to \u20ac11,641,200 (2024: \u20ac11,760,000). The fair value calculation is classified within Level 3 of IFRS 13\u2019s fair value hierarchy.
GroupGroupCompanyCompany
2025202420252024
Interest rate exposure:\u20ac\u20ac\u20ac\u20ac
At floating rates1,033,3291,336,475--
At fixed rates11,894,72711,863,14512,000,00012,000,000
Interest free166,671340,572--
Total borrowings13,094,72713,540,19212,000,00012,000,000
GroupGroupCompanyCompany
2025202420252024
Weighted average effective interest rates%%%%
At the balance sheet date:
Bank overdrafts5.855.85--
Bank loans3.103.10--
Related parties/ Bond4.004.004.004.00
GroupGroupCompanyCompany
2025202420252024
Maturity of long-term borrowings\u20ac\u20ac\u20ac\u20ac
Between 2 and 5 years11,894,727173,90112,000,000-
Over 5 years236,00011,863,145-12,000,000
12,130,72712,037,04612,000,00012,000,000
Collateral granted in favour of the security trustee
Security for the fulfilment of the Company\u2019s obligations in term of the bond issue is to grant in favour of the security trustee for the benefit of the bond holders, a first ranking special hypothec over the security property for the sum of \u20ac12,000,000 and interest thereon and charges in connection therewith, to be constituted by the Guarantor in favour of the security trustee for the benefit of the beneficiaries by virtue of the Security Trust Deed dated 24 April 2019.
Compliance with loan covenants
The Group does not have any financial covenants of its bank loans during the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page44-cflshid_21350-tag12018954": { "value": "
23.Share capital and share premium
Details of share capital for Company as at 31 December 2025Issues sharesShare Premium
\u20ac\u20ac
Authorised, issued and fully paid up
250,000 Ordinary shares of \u20ac1 each 100% paid up250,000-
Shares issues at premium on capital re-organisation -17,750,000
250,00017,750,000
Details of share capital for Company as at 31 December 2024Issues sharesShare Premium
\u20ac\u20ac
Authorised, issued and fully paid up
250,000 Ordinary shares of \u20ac1 each 100% paid up250,000-
Shares issues at premium on capital re-organisation -17,750,000
250,00017,750,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page44-cflshid_21350-tag12018942": { "value": "
23.Share capital and share premium
Details of share capital for Company as at 31 December 2025Issues sharesShare Premium
\u20ac\u20ac
Authorised, issued and fully paid up
250,000 Ordinary shares of \u20ac1 each 100% paid up250,000-
Shares issues at premium on capital re-organisation -17,750,000
250,00017,750,000
Details of share capital for Company as at 31 December 2024Issues sharesShare Premium
\u20ac\u20ac
Authorised, issued and fully paid up
250,000 Ordinary shares of \u20ac1 each 100% paid up250,000-
Shares issues at premium on capital re-organisation -17,750,000
250,00017,750,000
24.Revaluation reserve
The Group and the Company recognise fair value movements, net of any applicable deferred tax, arising on the revaluation of property plant and equipment and on remeasurement of financial assets at fair value through other comprehensive income in the revaluation reserve. The revaluation reserve is a non-distributable reserve.
The below table analyses the movements in the reserve:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At the beginning of the year 14,799,92014,799,920--
Revaluation of PPE, net of deferred tax \u2013 Note 109,400,092---
Transfer from fair value reserve2,938,013---
At the end of the year27,138,02514,799,920--
25.Fair value gain reserve
During the current financial year, following the reclassification of a portion of land from investment property to property, plant and equipment, the Group transferred the cumulative fair value gains previously recognised in equity within the fair value reserve to the revaluation reserve. This transfer was effected to reflect the change in the nature and use of the underlying asset, which is now classified as owner-occupied property. The reclassification of the reserve has been accounted for within equity and does not impact profit or loss for the year.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At the beginning of the year 2,938,0132,938,013--
Reallocation to revaluation reserve(2,938,013)---
At the end of the year-2,938,013--
26.Other reserves
Capital Redemption ReserveCapitalisation ReserveTotal
\u20ac\u20ac\u20ac
Group
At 1 January 202517,531,725(4,761,815)12,769,910
At 31 December 202517,531,725(4,761,815)12,769,910
At 31 December 202417,531,725(4,761,815)12,769,910
Capital Redemption Reserve
Reserve created upon reorganisation of Group.
Capitalisation Reserve
This amount represents contribution by related parties outside the Group.
On 1 April 2023, the Group\u2019s subsidiaries acquired the \u2018Med Asia\u2019 brand and the Catering business from a related party outside the Group. By virtue of signed agreement between the subsidiary and the related party outside the group, it was agreed that \u20ac4.9m of the amounts payable created upon acquisition of the brand and the various catering businesses will be payable at the discretion of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page44-cflshid_21350-tag12018939": { "value": "
23.Share capital and share premium
Details of share capital for Company as at 31 December 2025Issues sharesShare Premium
\u20ac\u20ac
Authorised, issued and fully paid up
250,000 Ordinary shares of \u20ac1 each 100% paid up250,000-
Shares issues at premium on capital re-organisation -17,750,000
250,00017,750,000
Details of share capital for Company as at 31 December 2024Issues sharesShare Premium
\u20ac\u20ac
Authorised, issued and fully paid up
250,000 Ordinary shares of \u20ac1 each 100% paid up250,000-
Shares issues at premium on capital re-organisation -17,750,000
250,00017,750,000
24.Revaluation reserve
The Group and the Company recognise fair value movements, net of any applicable deferred tax, arising on the revaluation of property plant and equipment and on remeasurement of financial assets at fair value through other comprehensive income in the revaluation reserve. The revaluation reserve is a non-distributable reserve.
The below table analyses the movements in the reserve:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At the beginning of the year 14,799,92014,799,920--
Revaluation of PPE, net of deferred tax \u2013 Note 109,400,092---
Transfer from fair value reserve2,938,013---
At the end of the year27,138,02514,799,920--
25.Fair value gain reserve
During the current financial year, following the reclassification of a portion of land from investment property to property, plant and equipment, the Group transferred the cumulative fair value gains previously recognised in equity within the fair value reserve to the revaluation reserve. This transfer was effected to reflect the change in the nature and use of the underlying asset, which is now classified as owner-occupied property. The reclassification of the reserve has been accounted for within equity and does not impact profit or loss for the year.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At the beginning of the year 2,938,0132,938,013--
Reallocation to revaluation reserve(2,938,013)---
At the end of the year-2,938,013--
26.Other reserves
Capital Redemption ReserveCapitalisation ReserveTotal
\u20ac\u20ac\u20ac
Group
At 1 January 202517,531,725(4,761,815)12,769,910
At 31 December 202517,531,725(4,761,815)12,769,910
At 31 December 202417,531,725(4,761,815)12,769,910
Capital Redemption Reserve
Reserve created upon reorganisation of Group.
Capitalisation Reserve
This amount represents contribution by related parties outside the Group.
On 1 April 2023, the Group\u2019s subsidiaries acquired the \u2018Med Asia\u2019 brand and the Catering business from a related party outside the Group. By virtue of signed agreement between the subsidiary and the related party outside the group, it was agreed that \u20ac4.9m of the amounts payable created upon acquisition of the brand and the various catering businesses will be payable at the discretion of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page46-cflshid_22418-tag12018865": { "value": "
27.Cash and cash equivalents
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Cash at bank and in hand 186,61152,17823,01814,756
Overdraft(797,329)(930,818)--
At the end of the year(610,718)(878,640)23,01814,756
The balances of cash and cash equivalents are available for use by the Group and the Company in their entirety.
33.Cash flow information
Reconciliation of liabilities arising from financing activities
The table below details changes in the Company\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Statement of Cash Flows as cash flows from financing activities.
GroupAs at 31 December 2024CashflowsOther Liability Related ChangesAs at 31 December 2025
\u20ac\u20ac\u20ac\u20ac
Bank borrowings405,657(169,657)-235,999
Third party loans340,572(173,901)-166,671
Bonds11,863,145-31,58211,894,727
Lease liability (note)4,148,623(1,236,995)449,1783,360,806
16,757,997(1,580,553)480,76015,658,203
GroupAs at 31 December 2023CashflowsOther Liability Related ChangesAs at 31 December 2024
\u20ac\u20ac\u20ac\u20ac
Bank borrowings1,047,119(641,463)-405,657
Third party loans300,00440,568-340,572
Bonds11,831,563-31,58211,863,145
Lease liability4,881,509(1,032,890)300,0044,148,623
18,060,195(1,633,785)331,58616,757,997
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page46-cflshid_22418-tag12018864": { "value": "
27.Cash and cash equivalents
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Cash at bank and in hand 186,61152,17823,01814,756
Overdraft(797,329)(930,818)--
At the end of the year(610,718)(878,640)23,01814,756
The balances of cash and cash equivalents are available for use by the Group and the Company in their entirety.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page47-cflshid_22963-tag12018866": { "value": "
29.Commitments
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Contracted but not provided for 5,688,7862,673,000--
Financing
The contracted commitment is with a related party outside the Group. The value of works carried out will be financed through a bank loan of \u20ac8.3 million, sanctioned during FY2025 and obtained in FY2026.
30.Contingent liabilities
The Group and Company had no contingent liabilities as at 31 December 2025. In financial year 2024 the Group provided general and special hypothecs over the Group\u2019s immovable property to the amounting to \u20ac1,390,000.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page47-cflshid_22963-tag12018964": { "value": "
29.Commitments
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Contracted but not provided for 5,688,7862,673,000--
Financing
The contracted commitment is with a related party outside the Group. The value of works carried out will be financed through a bank loan of \u20ac8.3 million, sanctioned during FY2025 and obtained in FY2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page47-cflshid_22963-tag12018966": { "value": "
30.Contingent liabilities
The Group and Company had no contingent liabilities as at 31 December 2025. In financial year 2024 the Group provided general and special hypothecs over the Group\u2019s immovable property to the amounting to \u20ac1,390,000.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page47-cflshid_22963-tag12018965": { "value": "
30.Contingent liabilities
The Group and Company had no contingent liabilities as at 31 December 2025. In financial year 2024 the Group provided general and special hypothecs over the Group\u2019s immovable property to the amounting to \u20ac1,390,000.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page47-cflshid_22963-tag12018870": { "value": "
31.Financial risk management
The Group\u2019s activities potentially expose it to a variety of financial risks on its financial assets and financial liabilities. The key components of financial risks to the Group are: market risk (namely, cash flow interest rate risk and fair value interest rate 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 financial performance.
Market risk
Market risk is the risk that changes in market prices, such as interest rates, and quoted prices, will affect the Group\u2019s income or financial position. The objective of the Group\u2019s market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk.
Cash flow and fair value interest rate risk
The Group\u2019s interest rate risk arises on its interest-bearing borrowings and debt investments. Borrowings issued at variable rates, comprising bank borrowings, expose the Group to cash flow interest rate risk. The Group\u2019s bank borrowings are subject to an interest rate that varies according to revisions made to the Bank\u2019s Base Rate and three-month Euribor. The directors monitor the level of floating rate borrowings as a measure of cash flow risk taken on.
The Group has adopted a cautious risk policy with regards to interest rate fluctuation through the issue of a \u20ac12,000,000 ten-year bond incurring interest of 4%. Debt securities issued at fixed rates expose the Group to fair value interest rate risk.
A shift in interest rates on borrowings at variable rates will however have an impact on profit or loss or other comprehensive income. The directors consider the potential impact on the Group\u2019s profit or loss of a defined interest rate shift of 1.5%, that is reasonably possible, at the end of the reporting period keeping all other variables constant, to amount to +/- \u20ac15,500 (2024: +/- \u20ac20,047). The impact of a reasonably possible shift in interest rates is not expected to impact the fair value materially and therefore the directors believe that the potential impact of such a shift on other comprehensive income is immaterial.
Credit risk exposure from financial assets
Credit risk arises from cash and cash equivalents, deposits with banks and credit risk exposures to customers, including outstanding receivables and committed transactions. The carrying amount of the financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Carrying amounts
Loans and receivables --12,000,00012,000,000
Amounts due by commonly controlled entity 1,816,7153,150,582--
Trade and other receivables929,2261,434,929956,621997,058
Cash at bank and in hand186,61152,17823,01814,756
2,932,5524,637,68912,979,63913,011,814
The Group has no concentration of credit risk that could materially impact on the sustainability of its operations. However, in common with similar business concerns, the failure of specific large customers could have a material impact on the Group\u2019s results.
Amounts owed by related undertakings that do not form part of the Group are unsecured; therefore, the failure of the related undertakings could have an impact on the Group\u2019s results.
The Group and the Company monitor intra-group credit exposures at individual entity level on a regular basis and ensure timely performance of these assets in the context of its overall liquidity management. The loss allowances for these financial assets are based on assumptions about risk of default and expected loss rates. The Company\u2019s management uses judgement in making these assumptions, based on the counterparty\u2019s past history, existing market conditions, as well as forward-looking estimates at the end of each reporting period. No counterparty making up the above balances has experienced a significant increase in credit risk since origination.
As at 31 December 2025 and 2024, the majority of loans with related parties were on terms that allowed the Group to request repayment of the balance as at reporting date (i.e. repayable on demand). In such cases, when assessing the ECL, the directors base their assessment on the assumption that the loan is demanded at the reporting date.
Where the counterparties\u2019 financial position suggests that it does not have sufficient liquid assets at balance sheet date to repay the loan if this is demanded, the probability of default is deemed to be 100%. Given that most of the related party relationships of such balances are between entities under common control, the directors assess the loss given default of the balance by analysing recovery strategies that the Group would allow, taking cognisance of such related party relationship. These recovery strategies typically include a projection of the net cash flows emanating from allowing the counterparty to operate, incorporating multiple forward-looking scenarios that take into account all reasonable and supportable information available to the Group.
After making this analysis, the directors concluded that the resulting loss-given-default rates are low, such that when applied to the exposure to calculate the IFRS 9 ECL allowance, the resulting impairment allowance to be recognised in the statement of profit and loss for the year was deemed to be immaterial.
Loans advanced to subsidiaries
The Company\u2019s main exposures are a loan to the Company\u2019s subsidiary, representing the advance of the bonds raised by the Company invested as redeemable preference shares. The Company\u2019s management monitor intra-group credit exposures on a regular basis and ensure timely performance of these assets in the context of its overall liquidity management. The loss allowances for these financial assets are based on assumptions about risk of default and expected loss rates. The Company\u2019s management uses judgement in making these assumptions, based on the counterparty\u2019s past history, existing market conditions, as well as forward-looking estimates at the end of each reporting period.
The Directors assessed recoverability of these balances by leveraging on cash flow projections prepared by the respective counterparties. The cash flow projections, which stretch over the term of the loan, consider whether the counterparty could meet its obligations under different, forward-looking scenarios.
After taking into account the results of their assessment, together with the fact that the counterparty has met its obligations as and when due, the resultant impairment charge required was deemed immaterial, and accordingly is not recognised in these financial statements.
Trade receivables and accrued income
The Group assesses the credit quality of its customers taking into account financial position, past experience and other factors. Standard credit terms are in place for individual clients, however, wherever possible, new corporate customers are analysed individually for creditworthiness before the Group\u2019s standard payment and service delivery terms and conditions are offered.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and accrued income. To measure the expected credit losses, trade receivables and accrued income have been grouped based on shared credit risk characteristics and the days past due. The Group has concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the accrued income since they have substantially the same characteristics.
The expected loss rates are based on the payment profiles of sales over a period of 12 months before 31 December 2025 and 31 December 2024 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.
Based on the assessment carried out in accordance with the above methodology, the identified expected credit loss allowance on trade receivables and accrued income was deemed immaterial. The movement in loss allowances as at 31 December 2025 and 2024 is also deemed immaterial by management. On this basis, the information pertaining to loss rates and loss allowances in the Group\u2019s provisions matrix, which would have otherwise been required by IFRS 7, is not presented as at 31 December 2025 and 2024.
Separately from the above methodology, the Group has also identified that a provision of \u20ac181,901 was required as at 31 December 2025 (2024: \u20ac60,229) with respect to counterparties which have been placed into liquidation or are in a difficult economic situation. The assessment on these individual counterparties did not have an impact on the identified loss rates and expected credit losses identified on the rest of the Group\u2019s trade receivables and accrued income.
Trade receivables and accrued income are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 1 year past due.
Cash at bank and deposits
The Group\u2019s companies bank only with local financial institutions with high quality standing or rating.
The Group\u2019s cash, including both that classified as cash and cash equivalents, is placed with reputable financial institutions, such that management does not expect any institution to fail to meet repayments of amounts held in the name of the companies within the Group. There was no increase in credit risk since origination of these balances and a 12 month ECL approach was applied. While cash and cash equivalents and deposits are also subject to the impairment requirements of IFRS 9, the identified impairment loss was insignificant.
Amounts owed by commonly controlled entities
The Group\u2019s other financial assets at amortised cost which are subject to IFRS 9\u2019s general impairment model comprise of loan advanced to a related undertaking outside the Group.
The Group monitors intra-group credit exposures at individual entity level on a regular basis and ensure timely performance of these assets in the context of its overall liquidity management. The loss allowances for these financial assets are based on assumptions about risk of default and expected loss rates. The Company\u2019s management uses judgement in making these assumptions, based on the counterparty\u2019s past history, existing market conditions, as well as forward-looking estimates at the end of each reporting period.
Liquidity risk
The Group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which comprise principally trade and other payables and interest-bearing borrowings disclosed in Note 22. Prudent liquidity risk management includes maintaining sufficient cash and committed credit lines to ensure the availability of an adequate amount of funding to meeting the Group\u2019s obligations.
The directors monitor liquidity risk by means of cash flow forecasts on the basis of expected cash flows over a twelve-month period, in order to ensure that adequate funding is in place in order for the Group to be in a position to meet its commitments as and when they will fall due. In response to the possible future liquidity constraints, the Directors and the Group\u2019s senior management undertook a number of measures. The impact of these measures on the consolidated financial statements include:
-The very encouraging revenue achieved by Pebbles Resort in the first quarter of 2026 and the solid bookings for the rest of the year, which augur well for improved results compared to the already excellent results achieved in 2025.
-The fact that bank financing was obtained to finance a significant portion of the construction and completion costs of the Sliema project.
Accordingly, based on the outcome of the cash flow projections in a prudent scenario as referred to, the Directors consider the going concern assumption in the preparation of the Group\u2019s financial statements as appropriate as at the date of authorisation for issue of the 2025 financial statements.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Within one year
Trade and other payables5,833,7215,315,732764,267424,922
Bank overdraft797,329930,818--
Bank borrowings-515,281--
Third party borrowings166,671166,671--
Bonds480,000480,000480,000480,000
Lease liability1,202,9861,184,486--
8,480,7078,592,9881,244,267904,922
Between 2 \u2013 5 years
Third party borrowings-173,901--
Bonds13,440,0001,920,0001,920,0001,920,000
Lease liabilities2,547,5523,590,267--
15,987,5525,684,1681,920,0001,920,000
Over 5 years
Bank borrowings236,000---
Bonds-12,000,00012,000,00012,000,000
Lease liabilities-15,600--
236,00012,015,60012,000,00012,000,000
Total24,704,25926,292,75615,164,26714,824,922
The amount of trade and other payables, for both the Group and the Company, classified as repayable within one year in the table above, are contractually repayable on demand.
Financial instruments not measured at fair value
At 31 December 2025 and 31 December 2024, the carrying amounts of payables, receivables and short-term borrowings approximated their fair values due to the short-term maturities of these assets and liabilities. The fair values of long-term borrowings, together with the related fair value disclosures, are presented in Note 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page47-cflshid_22963-tag12018869": { "value": "
31.Financial risk management
Credit risk exposure from financial assets
Credit risk arises from cash and cash equivalents, deposits with banks and credit risk exposures to customers, including outstanding receivables and committed transactions. The carrying amount of the financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Carrying amounts
Loans and receivables --12,000,00012,000,000
Amounts due by commonly controlled entity 1,816,7153,150,582--
Trade and other receivables929,2261,434,929956,621997,058
Cash at bank and in hand186,61152,17823,01814,756
2,932,5524,637,68912,979,63913,011,814
The Group has no concentration of credit risk that could materially impact on the sustainability of its operations. However, in common with similar business concerns, the failure of specific large customers could have a material impact on the Group\u2019s results.
Amounts owed by related undertakings that do not form part of the Group are unsecured; therefore, the failure of the related undertakings could have an impact on the Group\u2019s results.
The Group and the Company monitor intra-group credit exposures at individual entity level on a regular basis and ensure timely performance of these assets in the context of its overall liquidity management. The loss allowances for these financial assets are based on assumptions about risk of default and expected loss rates. The Company\u2019s management uses judgement in making these assumptions, based on the counterparty\u2019s past history, existing market conditions, as well as forward-looking estimates at the end of each reporting period. No counterparty making up the above balances has experienced a significant increase in credit risk since origination.
As at 31 December 2025 and 2024, the majority of loans with related parties were on terms that allowed the Group to request repayment of the balance as at reporting date (i.e. repayable on demand). In such cases, when assessing the ECL, the directors base their assessment on the assumption that the loan is demanded at the reporting date.
Where the counterparties\u2019 financial position suggests that it does not have sufficient liquid assets at balance sheet date to repay the loan if this is demanded, the probability of default is deemed to be 100%. Given that most of the related party relationships of such balances are between entities under common control, the directors assess the loss given default of the balance by analysing recovery strategies that the Group would allow, taking cognisance of such related party relationship. These recovery strategies typically include a projection of the net cash flows emanating from allowing the counterparty to operate, incorporating multiple forward-looking scenarios that take into account all reasonable and supportable information available to the Group.
After making this analysis, the directors concluded that the resulting loss-given-default rates are low, such that when applied to the exposure to calculate the IFRS 9 ECL allowance, the resulting impairment allowance to be recognised in the statement of profit and loss for the year was deemed to be immaterial.
Loans advanced to subsidiaries
The Directors assessed recoverability of these balances by leveraging on cash flow projections prepared by the respective counterparties. The cash flow projections, which stretch over the term of the loan, consider whether the counterparty could meet its obligations under different, forward-looking scenarios.
After taking into account the results of their assessment, together with the fact that the counterparty has met its obligations as and when due, the resultant impairment charge required was deemed immaterial, and accordingly is not recognised in these financial statements.
Trade receivables and accrued income
The Group assesses the credit quality of its customers taking into account financial position, past experience and other factors. Standard credit terms are in place for individual clients, however, wherever possible, new corporate customers are analysed individually for creditworthiness before the Group\u2019s standard payment and service delivery terms and conditions are offered.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and accrued income. To measure the expected credit losses, trade receivables and accrued income have been grouped based on shared credit risk characteristics and the days past due. The Group has concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the accrued income since they have substantially the same characteristics.
The expected loss rates are based on the payment profiles of sales over a period of 12 months before 31 December 2025 and 31 December 2024 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.
Based on the assessment carried out in accordance with the above methodology, the identified expected credit loss allowance on trade receivables and accrued income was deemed immaterial. The movement in loss allowances as at 31 December 2025 and 2024 is also deemed immaterial by management. On this basis, the information pertaining to loss rates and loss allowances in the Group\u2019s provisions matrix, which would have otherwise been required by IFRS 7, is not presented as at 31 December 2025 and 2024.
Separately from the above methodology, the Group has also identified that a provision of \u20ac181,901 was required as at 31 December 2025 (2024: \u20ac60,229) with respect to counterparties which have been placed into liquidation or are in a difficult economic situation. The assessment on these individual counterparties did not have an impact on the identified loss rates and expected credit losses identified on the rest of the Group\u2019s trade receivables and accrued income.
Trade receivables and accrued income are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 1 year past due.
Cash at bank and deposits
The Group\u2019s companies bank only with local financial institutions with high quality standing or rating.
The Group\u2019s cash, including both that classified as cash and cash equivalents, is placed with reputable financial institutions, such that management does not expect any institution to fail to meet repayments of amounts held in the name of the companies within the Group. There was no increase in credit risk since origination of these balances and a 12 month ECL approach was applied. While cash and cash equivalents and deposits are also subject to the impairment requirements of IFRS 9, the identified impairment loss was insignificant.
Amounts owed by commonly controlled entities
The Group\u2019s other financial assets at amortised cost which are subject to IFRS 9\u2019s general impairment model comprise of loan advanced to a related undertaking outside the Group.
The Group monitors intra-group credit exposures at individual entity level on a regular basis and ensure timely performance of these assets in the context of its overall liquidity management. The loss allowances for these financial assets are based on assumptions about risk of default and expected loss rates. The Company\u2019s management uses judgement in making these assumptions, based on the counterparty\u2019s past history, existing market conditions, as well as forward-looking estimates at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page47-cflshid_22963-tag12018868": { "value": "
31.Financial risk management
Liquidity risk
The Group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which comprise principally trade and other payables and interest-bearing borrowings disclosed in Note 22. Prudent liquidity risk management includes maintaining sufficient cash and committed credit lines to ensure the availability of an adequate amount of funding to meeting the Group\u2019s obligations.
The directors monitor liquidity risk by means of cash flow forecasts on the basis of expected cash flows over a twelve-month period, in order to ensure that adequate funding is in place in order for the Group to be in a position to meet its commitments as and when they will fall due. In response to the possible future liquidity constraints, the Directors and the Group\u2019s senior management undertook a number of measures. The impact of these measures on the consolidated financial statements include:
-The very encouraging revenue achieved by Pebbles Resort in the first quarter of 2026 and the solid bookings for the rest of the year, which augur well for improved results compared to the already excellent results achieved in 2025.
-The fact that bank financing was obtained to finance a significant portion of the construction and completion costs of the Sliema project.
Accordingly, based on the outcome of the cash flow projections in a prudent scenario as referred to, the Directors consider the going concern assumption in the preparation of the Group\u2019s financial statements as appropriate as at the date of authorisation for issue of the 2025 financial statements.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Within one year
Trade and other payables5,833,7215,315,732764,267424,922
Bank overdraft797,329930,818--
Bank borrowings-515,281--
Third party borrowings166,671166,671--
Bonds480,000480,000480,000480,000
Lease liability1,202,9861,184,486--
8,480,7078,592,9881,244,267904,922
Between 2 \u2013 5 years
Third party borrowings-173,901--
Bonds13,440,0001,920,0001,920,0001,920,000
Lease liabilities2,547,5523,590,267--
15,987,5525,684,1681,920,0001,920,000
Over 5 years
Bank borrowings236,000---
Bonds-12,000,00012,000,00012,000,000
Lease liabilities-15,600--
236,00012,015,60012,000,00012,000,000
Total24,704,25926,292,75615,164,26714,824,922
The amount of trade and other payables, for both the Group and the Company, classified as repayable within one year in the table above, are contractually repayable on demand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page47-cflshid_22963-tag12018867": { "value": "
31.Financial risk management
Market risk
Market risk is the risk that changes in market prices, such as interest rates, and quoted prices, will affect the Group\u2019s income or financial position. The objective of the Group\u2019s market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk.
Cash flow and fair value interest rate risk
The Group\u2019s interest rate risk arises on its interest-bearing borrowings and debt investments. Borrowings issued at variable rates, comprising bank borrowings, expose the Group to cash flow interest rate risk. The Group\u2019s bank borrowings are subject to an interest rate that varies according to revisions made to the Bank\u2019s Base Rate and three-month Euribor. The directors monitor the level of floating rate borrowings as a measure of cash flow risk taken on.
The Group has adopted a cautious risk policy with regards to interest rate fluctuation through the issue of a \u20ac12,000,000 ten-year bond incurring interest of 4%. Debt securities issued at fixed rates expose the Group to fair value interest rate risk.
A shift in interest rates on borrowings at variable rates will however have an impact on profit or loss or other comprehensive income. The directors consider the potential impact on the Group\u2019s profit or loss of a defined interest rate shift of 1.5%, that is reasonably possible, at the end of the reporting period keeping all other variables constant, to amount to +/- \u20ac15,500 (2024: +/- \u20ac20,047). The impact of a reasonably possible shift in interest rates is not expected to impact the fair value materially and therefore the directors believe that the potential impact of such a shift on other comprehensive income is immaterial.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page47-cflshid_22963-tag12018857": { "value": "
31.Financial risk management
Credit risk exposure from financial assets
As at 31 December 2025 and 2024, the majority of loans with related parties were on terms that allowed the Group to request repayment of the balance as at reporting date (i.e. repayable on demand). In such cases, when assessing the ECL, the directors base their assessment on the assumption that the loan is demanded at the reporting date.
Where the counterparties\u2019 financial position suggests that it does not have sufficient liquid assets at balance sheet date to repay the loan if this is demanded, the probability of default is deemed to be 100%. Given that most of the related party relationships of such balances are between entities under common control, the directors assess the loss given default of the balance by analysing recovery strategies that the Group would allow, taking cognisance of such related party relationship. These recovery strategies typically include a projection of the net cash flows emanating from allowing the counterparty to operate, incorporating multiple forward-looking scenarios that take into account all reasonable and supportable information available to the Group.
After making this analysis, the directors concluded that the resulting loss-given-default rates are low, such that when applied to the exposure to calculate the IFRS 9 ECL allowance, the resulting impairment allowance to be recognised in the statement of profit and loss for the year was deemed to be immaterial.
Loans advanced to subsidiaries
The Directors assessed recoverability of these balances by leveraging on cash flow projections prepared by the respective counterparties. The cash flow projections, which stretch over the term of the loan, consider whether the counterparty could meet its obligations under different, forward-looking scenarios.
After taking into account the results of their assessment, together with the fact that the counterparty has met its obligations as and when due, the resultant impairment charge required was deemed immaterial, and accordingly is not recognised in these financial statements.
Trade receivables and accrued income
The Group assesses the credit quality of its customers taking into account financial position, past experience and other factors. Standard credit terms are in place for individual clients, however, wherever possible, new corporate customers are analysed individually for creditworthiness before the Group\u2019s standard payment and service delivery terms and conditions are offered.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and accrued income. To measure the expected credit losses, trade receivables and accrued income have been grouped based on shared credit risk characteristics and the days past due. The Group has concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the accrued income since they have substantially the same characteristics.
The expected loss rates are based on the payment profiles of sales over a period of 12 months before 31 December 2025 and 31 December 2024 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.
Based on the assessment carried out in accordance with the above methodology, the identified expected credit loss allowance on trade receivables and accrued income was deemed immaterial. The movement in loss allowances as at 31 December 2025 and 2024 is also deemed immaterial by management. On this basis, the information pertaining to loss rates and loss allowances in the Group\u2019s provisions matrix, which would have otherwise been required by IFRS 7, is not presented as at 31 December 2025 and 2024.
Separately from the above methodology, the Group has also identified that a provision of \u20ac181,901 was required as at 31 December 2025 (2024: \u20ac60,229) with respect to counterparties which have been placed into liquidation or are in a difficult economic situation. The assessment on these individual counterparties did not have an impact on the identified loss rates and expected credit losses identified on the rest of the Group\u2019s trade receivables and accrued income.
Trade receivables and accrued income are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 1 year past due.
Cash at bank and deposits
While cash and cash equivalents and deposits are also subject to the impairment requirements of IFRS 9, the identified impairment loss was insignificant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page52-cflshid_25465-tag12018919": { "value": "
32.Capital management
The Group\u2019s objectives when managing capital are to safeguard the Company\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Company may issue new shares or adjust the amount of dividends paid to shareholders.
The Group monitors its capital structure on the basis of the following gearing ratio:
-net debt (borrowings as presented in Note 22 after deducting cash and bank balances, presented in Note 27) and equity of the Group (comprising issued capital, reserves and retained earnings as presented in the Statement of Changes in Equity).
The Group monitors the capital structure on a monthly basis by monitoring the balances of assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:391200ZCN16YSPNKID89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }