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The financial statements were approved and authorised for issue by the Board of Directors on 29 April 2026. The financial statements were signed on behalf of the Board of Directors by Ms. Cliona Muscat (Director) as per the Directors\u2019 Declaration on ESEF Annual Financial Report submitted in conjunction with the Annual Report and Financial Statement.
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"2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890246": { "value": "538875.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890227": { "value": "618618.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890247": { "value": "230547.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890228": { "value": "818397.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890248": { "value": "1411732.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890229": { "value": "4350317.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890249": { "value": "-1103404.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890230": { "value": "33080.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890250": { "value": "128560.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890231": { "value": "0.0", "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890251": { "value": "991504.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890232": { "value": "3503413.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890252": { "value": "-0.0", "dimensions": { "concept": "ifrs-full:OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890233": { "value": "1700000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentProperty", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890253": { "value": "0.0", "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentProperty", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890234": { "value": "-1836493.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890254": { "value": "862944.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890274": { "value": "0.0", "dimensions": { "concept": "ext:MovementInRelatedPartyBalances", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890275": { "value": "0.0", "dimensions": { "concept": "ext:MovementInRelatedPartyBalances", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890272": { "value": "38400.0", "decimals": 0, "dimensions": { "concept": "ext:MovementInShareholdersLoans", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890273": { "value": "-39435.0", "decimals": 0, "dimensions": { "concept": "ext:MovementInShareholdersLoans", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890270": { "value": "261133.0", "decimals": 0, "dimensions": { "concept": "ext:NetBankBorrowings", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890271": { "value": "-861168.0", "decimals": 0, "dimensions": { "concept": "ext:NetBankBorrowings", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890268": { "value": "299533.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890269": { "value": "-900603.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890265": { "value": "2813357.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11890266": { "value": "-1141063.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "v1-page12-cflshid_3184-tag11929258": { "value": "
1.Basis of preparation
1.2 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.
20252024
SubsidiaryPrincipal activity% holding% holding
The Ona Hospitality Ltd.Non-operating100%100%
The Ona Property Development Ltd.Real Estate100%100%
The Ona Real Estate Ltd.Real estate and hospitality operations 100%100%
Joint Venture
Acmus Group P.L.CReal estate50%-
Acmus Properties LimitedReal estate50%-
Acmus Property Developments LimitedReal estate 50%50%
All Subsidiaries\u2019 have a registered address at AC Hotel St. Julians, 13, Lourdes Lane, San Giljan STJ 3311, Malta and the Joint ventures\u2019 address is at Hyatt Centric Malta, Triq Santu Wistin, San Giljan.
Further information on the subsidiaries and associates is disclosed in note 7.1
7.Interest in subsidiaries and other entities
7.1Subsidiaries
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. There are no subsidiaries with material non-controlling interests.
7.2Interest in Joint venture
The results and assets and liabilities of the joint venture are incorporated in these financial statements using the equity method of accounting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3184-tag11908349": { "value": "
1.Basis of preparation
1.2 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.
20252024
SubsidiaryPrincipal activity% holding% holding
The Ona Hospitality Ltd.Non-operating100%100%
The Ona Property Development Ltd.Real Estate100%100%
The Ona Real Estate Ltd.Real estate and hospitality operations 100%100%
Joint Venture
Acmus Group P.L.CReal estate50%-
Acmus Properties LimitedReal estate50%-
Acmus Property Developments LimitedReal estate 50%50%
All Subsidiaries\u2019 have a registered address at AC Hotel St. Julians, 13, Lourdes Lane, San Giljan STJ 3311, Malta and the Joint ventures\u2019 address is at Hyatt Centric Malta, Triq Santu Wistin, San Giljan.
Further information on the subsidiaries and associates is disclosed in note 7.1
7.Interest in subsidiaries and other entities
7.2Interest in Joint venture
The Group has a 50% interest and voting rights in Acmus P.L.C.
The below table analyses the carrying amount of and the movements in the Group\u2019s investments in joint ventures, which are measured using the equity method of accounting.
GroupGroup
20252024
Group\u20ac\u20ac
As At 1 January 42,4801,623,278
Transfer from/(to) loans and advances \u2013 Note I3,503,413(1,503,898)
Share of loss after tax(43,610)(76,901)
As at 31 December 3,502,28342,480
Note i \u2013 Transfer from loans and advances
During the financial year, the terms of a loan previously recognised as a receivable were amended. Under the original agreement, the loan was contractually receivable. Following the amendment to the agreement, the Group has the contractual right to call for repayment with such obligation to be settled by the issuance of shares in the Joint Venture. In view of this change in contractual terms, and considering the substance of the revised arrangement, the balance has been reclassified from a receivable to investment in the financial statements with effect from the date of the amended agreement. Refer to note 9.6
Group re-organisation
In July 2025, as part of a reorganisation of the Group\u2019s interest in Joint venture, The Ona Property Developments, a subsidiary of the The Ona P.LC transferred its entire shareholding in Acmus Property Development Limited to Acmus P.LC \u2013 a new Company formed on 19 February 2025 by way of a share-for-share exchange. The fair value of the consideration received, based on the value of shares issued by Acmus P.L.C, amounted to \u20ac3,075,926.
The transaction forms part of a group restructuring under common control, as the ultimate ownership and control of the underlying entities remained unchanged before and after the reorganisation. Accordingly, the investment in Acmus P.L.C has been recognised at the carrying amount of the investment in Acmus property development Limited transferred, being \u20ac152,000. No gain or loss has been recognised in the statement of profit or loss as a result of this transaction.
The substance of the acquisition was that of a group restructuring and the accounting treatment adopted is consistent with the principles applicable to transactions under common control, whereby assets exchanged are recorded at their existing carrying amounts.
The following table illustrates the summarised financial information of the Group\u2019s investment in these entities:
GroupGroup
20252024
Associates\u20ac\u20ac
Current assets34,849,21814,760,972
Non-current assets48,06842,306
Current liabilities6,380,966314,721
Non-current liabilities26,257,35114,403,609
Revenue1,413,000-
Loss for the year (87,219)(153,801)
Capital commitments 3,467,41014,704,395
The joint venture has no contingent liabilities as at 31 December 2025 and 31 December 2024.
9.Financial assets other than interest in subsidiaries and other entities
9.6Trade and other receivables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-Current
Loans and receivables
Amounts due from subsidiaries i--25,256,00924,574,462
Amounts due from Joint ventures7.2-2,578,898--
-2,578,89825,256,00924,574,462
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Trade and other receivables
Amounts owed by commonly controlled entities ii599,928389,402--
Trade receivables37,41725,608--
Other receivables504,63341,424--
Prepayments and accrued income 121,50278,91515,43014,603
Indirect tax refundable-4,180--
1,263,480539,52915,43014,603
ii.Amounts due from commonly controlled entities
These amounts are interest free, unsecured and repayable on demand
10Financial liabilities recognition, measurement and presentation
10.4Borrowings
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Shareholders\u2019 loans (ii) 275,302236,902600,000-
Bank loans (i)5,115,0392,333,993--
Bank overdraft (i)785,1171,205,388--
6,175,4583,776,286600,000-
ii.Shareholders\u2019 loans
These amounts are unsecured, interest free and repayable on demand.
14.Income tax and other income and expenditure
14.5 Staff wages and employee information
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Gross wages, salaries and director\u2019s fees1,019,2591,031,39918,90018,022
Social security cost95,44076,617--
1,114,6991,108,01618,90018,022
GroupGroupCompanyCompany
2025202420252024
NumberNumberNumberNumber
Administrative85--
Operational4744--
Directors5555
605455
18.Other disclosures
18.1Related 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
Interest income--1,180,2401,180,240
Loan (from)/ to related parties outisde the Group-(650,882)--
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3184-tag11906900": { "value": "
1.Basis of preparation
1.2 Information about the Group
20252024
SubsidiaryPrincipal activity% holding% holding
The Ona Hospitality Ltd.Non-operating100%100%
The Ona Property Development Ltd.Real Estate100%100%
The Ona Real Estate Ltd.Real estate and hospitality operations 100%100%
Joint Venture
Acmus Group P.L.CReal estate50%-
Acmus Properties LimitedReal estate50%-
Acmus Property Developments LimitedReal estate 50%50%
All Subsidiaries\u2019 have a registered address at AC Hotel St. Julians, 13, Lourdes Lane, San Giljan STJ 3311, Malta and the Joint ventures\u2019 address is at Hyatt Centric Malta, Triq Santu Wistin, San Giljan.
7.Interest in subsidiaries and other entities
Investments in subsidiaries and other entities comprise:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Subsidiaries--4,062,4864,062,486
Joint ventures 3,502,28342,480--
3,502,28342,4804,062,4864,062,486
7.2Interest in Joint venture
The Group has a 50% interest and voting rights in Acmus P.L.C.
The below table analyses the carrying amount of and the movements in the Group\u2019s investments in joint ventures, which are measured using the equity method of accounting.
GroupGroup
20252024
Group\u20ac\u20ac
As At 1 January 42,4801,623,278
Transfer from/(to) loans and advances \u2013 Note I3,503,413(1,503,898)
Share of loss after tax(43,610)(76,901)
As at 31 December 3,502,28342,480
Note i \u2013 Transfer from loans and advances
During the financial year, the terms of a loan previously recognised as a receivable were amended. Under the original agreement, the loan was contractually receivable. Following the amendment to the agreement, the Group has the contractual right to call for repayment with such obligation to be settled by the issuance of shares in the Joint Venture. In view of this change in contractual terms, and considering the substance of the revised arrangement, the balance has been reclassified from a receivable to investment in the financial statements with effect from the date of the amended agreement. Refer to note 9.6
Group re-organisation
In July 2025, as part of a reorganisation of the Group\u2019s interest in Joint venture, The Ona Property Developments, a subsidiary of the The Ona P.LC transferred its entire shareholding in Acmus Property Development Limited to Acmus P.LC \u2013 a new Company formed on 19 February 2025 by way of a share-for-share exchange. The fair value of the consideration received, based on the value of shares issued by Acmus P.L.C, amounted to \u20ac3,075,926.
The transaction forms part of a group restructuring under common control, as the ultimate ownership and control of the underlying entities remained unchanged before and after the reorganisation. Accordingly, the investment in Acmus P.L.C has been recognised at the carrying amount of the investment in Acmus property development Limited transferred, being \u20ac152,000. No gain or loss has been recognised in the statement of profit or loss as a result of this transaction.
The substance of the acquisition was that of a group restructuring and the accounting treatment adopted is consistent with the principles applicable to transactions under common control, whereby assets exchanged are recorded at their existing carrying amounts.
The following table illustrates the summarised financial information of the Group\u2019s investment in these entities:
GroupGroup
20252024
Associates\u20ac\u20ac
Current assets34,849,21814,760,972
Non-current assets48,06842,306
Current liabilities6,380,966314,721
Non-current liabilities26,257,35114,403,609
Revenue1,413,000-
Loss for the year (87,219)(153,801)
Capital commitments 3,467,41014,704,395
The joint venture has no contingent liabilities as at 31 December 2025 and 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3184-tag11906050": { "value": "
1.Basis of preparation
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.
20252024
SubsidiaryPrincipal activity% holding% holding
The Ona Hospitality Ltd.Non-operating100%100%
The Ona Property Development Ltd.Real Estate100%100%
The Ona Real Estate Ltd.Real estate and hospitality operations 100%100%
Joint Venture
Acmus Group P.L.CReal estate50%-
Acmus Properties LimitedReal estate50%-
Acmus Property Developments LimitedReal estate 50%50%
All Subsidiaries\u2019 have a registered address at AC Hotel St. Julians, 13, Lourdes Lane, San Giljan STJ 3311, Malta and the Joint ventures\u2019 address is at Hyatt Centric Malta, Triq Santu Wistin, San Giljan.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3184-tag11906049": { "value": "
1.Basis of preparation
20252024
SubsidiaryPrincipal activity% holding% holding
The Ona Hospitality Ltd.Non-operating100%100%
The Ona Property Development Ltd.Real Estate100%100%
The Ona Real Estate Ltd.Real estate and hospitality operations 100%100%
Joint Venture
Acmus Group P.L.CReal estate50%-
Acmus Properties LimitedReal estate50%-
Acmus Property Developments LimitedReal estate 50%50%
All Subsidiaries\u2019 have a registered address at AC Hotel St. Julians, 13, Lourdes Lane, San Giljan STJ 3311, Malta and the Joint ventures\u2019 address is at Hyatt Centric Malta, Triq Santu Wistin, San Giljan.
7.Interest in subsidiaries and other entities
Investments in subsidiaries and other entities comprise:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Subsidiaries--4,062,4864,062,486
Joint ventures 3,502,28342,480--
3,502,28342,4804,062,4864,062,486
7.2Interest in Joint venture
The Group has a 50% interest and voting rights in Acmus P.L.C.
The below table analyses the carrying amount of and the movements in the Group\u2019s investments in joint ventures, which are measured using the equity method of accounting.
GroupGroup
20252024
Group\u20ac\u20ac
As At 1 January 42,4801,623,278
Transfer from/(to) loans and advances \u2013 Note I3,503,413(1,503,898)
Share of loss after tax(43,610)(76,901)
As at 31 December 3,502,28342,480
Note i \u2013 Transfer from loans and advances
During the financial year, the terms of a loan previously recognised as a receivable were amended. Under the original agreement, the loan was contractually receivable. Following the amendment to the agreement, the Group has the contractual right to call for repayment with such obligation to be settled by the issuance of shares in the Joint Venture. In view of this change in contractual terms, and considering the substance of the revised arrangement, the balance has been reclassified from a receivable to investment in the financial statements with effect from the date of the amended agreement. Refer to note 9.6
Group re-organisation
In July 2025, as part of a reorganisation of the Group\u2019s interest in Joint venture, The Ona Property Developments, a subsidiary of the The Ona P.LC transferred its entire shareholding in Acmus Property Development Limited to Acmus P.LC \u2013 a new Company formed on 19 February 2025 by way of a share-for-share exchange. The fair value of the consideration received, based on the value of shares issued by Acmus P.L.C, amounted to \u20ac3,075,926.
The transaction forms part of a group restructuring under common control, as the ultimate ownership and control of the underlying entities remained unchanged before and after the reorganisation. Accordingly, the investment in Acmus P.L.C has been recognised at the carrying amount of the investment in Acmus property development Limited transferred, being \u20ac152,000. No gain or loss has been recognised in the statement of profit or loss as a result of this transaction.
The substance of the acquisition was that of a group restructuring and the accounting treatment adopted is consistent with the principles applicable to transactions under common control, whereby assets exchanged are recorded at their existing carrying amounts.
The following table illustrates the summarised financial information of the Group\u2019s investment in these entities:
GroupGroup
20252024
Associates\u20ac\u20ac
Current assets34,849,21814,760,972
Non-current assets48,06842,306
Current liabilities6,380,966314,721
Non-current liabilities26,257,35114,403,609
Revenue1,413,000-
Loss for the year (87,219)(153,801)
Capital commitments 3,467,41014,704,395
The joint venture has no contingent liabilities as at 31 December 2025 and 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3184-tag11906048": { "value": "
1.Basis of preparation
1.2 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.
20252024
SubsidiaryPrincipal activity% holding% holding
The Ona Hospitality Ltd.Non-operating100%100%
The Ona Property Development Ltd.Real Estate100%100%
The Ona Real Estate Ltd.Real estate and hospitality operations 100%100%
Joint Venture
Acmus Group P.L.CReal estate50%-
Acmus Properties LimitedReal estate50%-
Acmus Property Developments LimitedReal estate 50%50%
All Subsidiaries\u2019 have a registered address at AC Hotel St. Julians, 13, Lourdes Lane, San Giljan STJ 3311, Malta and the Joint ventures\u2019 address is at Hyatt Centric Malta, Triq Santu Wistin, San Giljan.
Further information on the subsidiaries and associates is disclosed in note 7.1
7.Interest in subsidiaries and other entities
7.2Interest in Joint venture
The Group has a 50% interest and voting rights in Acmus P.L.C.
The below table analyses the carrying amount of and the movements in the Group\u2019s investments in joint ventures, which are measured using the equity method of accounting.
GroupGroup
20252024
Group\u20ac\u20ac
As At 1 January 42,4801,623,278
Transfer from/(to) loans and advances \u2013 Note I3,503,413(1,503,898)
Share of loss after tax(43,610)(76,901)
As at 31 December 3,502,28342,480
Note i \u2013 Transfer from loans and advances
During the financial year, the terms of a loan previously recognised as a receivable were amended. Under the original agreement, the loan was contractually receivable. Following the amendment to the agreement, the Group has the contractual right to call for repayment with such obligation to be settled by the issuance of shares in the Joint Venture. In view of this change in contractual terms, and considering the substance of the revised arrangement, the balance has been reclassified from a receivable to investment in the financial statements with effect from the date of the amended agreement. Refer to note 9.6
Group re-organisation
In July 2025, as part of a reorganisation of the Group\u2019s interest in Joint venture, The Ona Property Developments, a subsidiary of the The Ona P.LC transferred its entire shareholding in Acmus Property Development Limited to Acmus P.LC \u2013 a new Company formed on 19 February 2025 by way of a share-for-share exchange. The fair value of the consideration received, based on the value of shares issued by Acmus P.L.C, amounted to \u20ac3,075,926.
The transaction forms part of a group restructuring under common control, as the ultimate ownership and control of the underlying entities remained unchanged before and after the reorganisation. Accordingly, the investment in Acmus P.L.C has been recognised at the carrying amount of the investment in Acmus property development Limited transferred, being \u20ac152,000. No gain or loss has been recognised in the statement of profit or loss as a result of this transaction.
The substance of the acquisition was that of a group restructuring and the accounting treatment adopted is consistent with the principles applicable to transactions under common control, whereby assets exchanged are recorded at their existing carrying amounts.
The following table illustrates the summarised financial information of the Group\u2019s investment in these entities:
GroupGroup
20252024
Associates\u20ac\u20ac
Current assets34,849,21814,760,972
Non-current assets48,06842,306
Current liabilities6,380,966314,721
Non-current liabilities26,257,35114,403,609
Revenue1,413,000-
Loss for the year (87,219)(153,801)
Capital commitments 3,467,41014,704,395
The joint venture has no contingent liabilities as at 31 December 2025 and 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3184-tag11906047": { "value": "
1.Basis of preparation
1.4Going concern basis
As at the date of signing these financial statements, based on the information currently available, the Directors confirm that they have reasonable expectation that the Group and the Company have adequate resources to continue in operation for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3184-tag11905229": { "value": "
1.Basis of preparation
1.3 Basis of preparation
Cost convention and presentation currency
These financial statements have been prepared under the historical cost convention and are presented in euro (\u201c\u20ac\u201d), which is also the Group and the Company\u2019s functional currency and the currency in which its share capital is denominated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3184-tag11902639": { "value": "
1.Basis of preparation
1.3 Basis of preparation
Cost convention and presentation currency
These financial statements have been prepared under the historical cost convention and are presented in euro (\u201c\u20ac\u201d), which is also the Group and the Company\u2019s functional currency and the currency in which its share capital is denominated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3184-tag11902381": { "value": "
1.Basis of preparation
1.3 Basis of preparation
Voluntary change in accounting policy
With effect from these financial statements, the Group has elected to present its notes by giving prominence to the areas of its activities that the directors consider to be most relevant to an understanding of the Group\u2019s financial performance and financial position. This change in accounting policy has impacted the systematic manner in which notes are grouped within the financial statements, but has not had any impact on the amounts recognised within the financial statements. Prior to the change in accounting policy, the notes to the financial statements were grouped following the order of the line items in the statement of financial position, income statements and statements of other comprehensive income and cash flows. Comparative information has been presented and disclosed in a manner that complies with this year\u2019s presentation.
2.Standards, interpretations and amendments to published standards effective in 2025
The accounting policies adopted are consistent with those of the previous financial year, except for the following amendments to IFRS effective during the year:
a)Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (issued on 25 May 2023) (effective for financial year beginning on or after 1 January 2024)
b)Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on 22 September 2022) (effective for financial year beginning on or after 1 January 2024)
c)Amendments to IAS 1 Presentation of Financial Statements:
\u2022Classification of Liabilities as Current or Non-Current (issued on 23 January 2020 (effective for financial year beginning on or after 1 January 2024));
\u2022Classification of Liabilities as Current or Non-Current \u2013 Deferral of Effective Date (issued on 15 July 2020) (effective for financial year beginning on or after 1 January 2024); and
\u2022Non-Current Liabilities with Covenants (issued on 31 October 2022) (effective for financial year beginning on or after 1 January 2024)
The changes resulting from the above standards, interpretations and amendments are not expected to have a material effect on the financial statements of the Company and the Group.
3.Standards, interpretations and amendments to published standards that are not yet effective
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and it also includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes.
IFRS 18 Presentation and Disclosure in Financial Statements \u2013 continued
In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest.
In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively.
The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. The initial expected material impacts on Group\u2019s financial statements are, as follows:
a)New disclosure will be added: (a) management-defined performance measures; (b) specified expense by nature if expenses are presented by function in the operating category of the statement of profit or loss;
b)and (c) a reconciliation for each line item in the statement of profit or loss between the restated amounts presented applying IFRS 18 and the amounts previously presented applying IAS 1.
c)Interest received and interest paid will be classified in the investing activities and financing activities, respectively, on the statement of cash flows.
IFRS 19 Subsidiaries without Public Accountability:
In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in
IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards. IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application permitted.
As the Group\u2019s instruments are publicly traded, it is not eligible to elect to apply IFRS 19.
Amendments to the Classification and Measurement of Financial Instruments\u2014Amendments to IFRS 9 and IFRS 7
In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the Amendments). The Amendments include:
a)A clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the introduction of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date
b)Additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed
c)Clarifications on what constitute \u2018non-recourse features\u2019 and what are the characteristics of contractually linked instruments
d)The introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI)
The Amendments are effective for annual periods starting on or after 1 January 2026 with early adoption permitted for classification of financial assets and related disclosures only.
The Group does not anticipate that the amendments will have a material effect on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3184-tag11902373": { "value": "
1.Basis of preparation
1.3 Basis of preparation
Voluntary change in accounting policy
With effect from these financial statements, the Group has elected to present its notes by giving prominence to the areas of its activities that the directors consider to be most relevant to an understanding of the Group\u2019s financial performance and financial position. This change in accounting policy has impacted the systematic manner in which notes are grouped within the financial statements, but has not had any impact on the amounts recognised within the financial statements. Prior to the change in accounting policy, the notes to the financial statements were grouped following the order of the line items in the statement of financial position, income statements and statements of other comprehensive income and cash flows. Comparative information has been presented and disclosed in a manner that complies with this year\u2019s presentation.
2.Standards, interpretations and amendments to published standards effective in 2025
The accounting policies adopted are consistent with those of the previous financial year, except for the following amendments to IFRS effective during the year:
a)Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (issued on 25 May 2023) (effective for financial year beginning on or after 1 January 2024)
b)Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on 22 September 2022) (effective for financial year beginning on or after 1 January 2024)
c)Amendments to IAS 1 Presentation of Financial Statements:
\u2022Classification of Liabilities as Current or Non-Current (issued on 23 January 2020 (effective for financial year beginning on or after 1 January 2024));
\u2022Classification of Liabilities as Current or Non-Current \u2013 Deferral of Effective Date (issued on 15 July 2020) (effective for financial year beginning on or after 1 January 2024); and
\u2022Non-Current Liabilities with Covenants (issued on 31 October 2022) (effective for financial year beginning on or after 1 January 2024)
The changes resulting from the above standards, interpretations and amendments are not expected to have a material effect on the financial statements of the Company and the Group.
3.Standards, interpretations and amendments to published standards that are not yet effective
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and it also includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes.
IFRS 18 Presentation and Disclosure in Financial Statements \u2013 continued
In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest.
In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively.
The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. The initial expected material impacts on Group\u2019s financial statements are, as follows:
a)New disclosure will be added: (a) management-defined performance measures; (b) specified expense by nature if expenses are presented by function in the operating category of the statement of profit or loss;
b)and (c) a reconciliation for each line item in the statement of profit or loss between the restated amounts presented applying IFRS 18 and the amounts previously presented applying IAS 1.
c)Interest received and interest paid will be classified in the investing activities and financing activities, respectively, on the statement of cash flows.
IFRS 19 Subsidiaries without Public Accountability:
In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in
IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards. IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application permitted.
As the Group\u2019s instruments are publicly traded, it is not eligible to elect to apply IFRS 19.
Amendments to the Classification and Measurement of Financial Instruments\u2014Amendments to IFRS 9 and IFRS 7
In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the Amendments). The Amendments include:
a)A clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the introduction of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date
b)Additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed
c)Clarifications on what constitute \u2018non-recourse features\u2019 and what are the characteristics of contractually linked instruments
d)The introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI)
The Amendments are effective for annual periods starting on or after 1 January 2026 with early adoption permitted for classification of financial assets and related disclosures only.
The Group does not anticipate that the amendments will have a material effect on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3184-tag11902145": { "value": "
1.Basis of preparation
1.3 Basis of preparation
Compliance with IFRS and with the Maltese Companies Act
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) of the Laws of Malta.
Cost convention and presentation currency
These financial statements have been prepared under the historical cost convention and are presented in euro (\u201c\u20ac\u201d), which is also the Group and the Company\u2019s functional currency and the currency in which its share capital is denominated.
Voluntary change in accounting policy
With effect from these financial statements, the Group has elected to present its notes by giving prominence to the areas of its activities that the directors consider to be most relevant to an understanding of the Group\u2019s financial performance and financial position. This change in accounting policy has impacted the systematic manner in which notes are grouped within the financial statements, but has not had any impact on the amounts recognised within the financial statements. Prior to the change in accounting policy, the notes to the financial statements were grouped following the order of the line items in the statement of financial position, income statements and statements of other comprehensive income and cash flows. Comparative information has been presented and disclosed in a manner that complies with this year\u2019s presentation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3184-tag11899936": { "value": "
1.Basis of preparation
1.3 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:
a) Credit risk: estimates and assumptions made in measuring expected credit loss allowances on loans and advances.Note 9.10
b) Taxes: judgement made in determining the amount of deferred tax asset that can be recognised.Note 13.1
c) NRV of inventories \u2013 estimates and assumptions made in determining the NRV of properties held for re-saleNote 6
6.Inventories
6.3Estimates and judgements
Inventories include properties held for sale which are measured at the lower of cost and net realisable value in accordance with IAS 2 Inventories. Net realisable value represents the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.
The determination of net realisable value requires the use of management judgement and estimates. In assessing the recoverability of property inventory, management considers a number of factors including recent market transactions for comparable properties, current market conditions, expected selling prices, stage of completion of the properties and estimated costs required to complete and sell the properties. These estimates are reviewed at each reporting date and adjusted where necessary to reflect current market conditions and available information. Where the net realisable value of a property is lower than its carrying amount, a write-down is recognised in profit or loss.
Due to the inherent uncertainty involved in estimating selling prices and future costs, actual outcomes may differ from these estimates.
9.Financial assets other than interest in subsidiaries and other entities
9.7Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on amounts due from subsidiaries relating to bond proceeds and other funds advanced to finance the acquisition, development and construction of property projects. These balances are subject to impairment using the general approach under IFRS 9.
Amounts due from subsidiaries
At each reporting date, the Group assesses whether there has been a significant increase in credit risk since initial recognition and update the assumptions used in estimating PD, LGD and EAD accordingly. The measurement of ECLs on amounts due from subsidiaries requires significant estimates. Changes in assumptions regarding project cash flows, property market conditions, development timelines and broader economic factors may result in material adjustments to the recognised ECL allowance.
14.Income tax and other income and expenditure
14.1Income tax
Judgements
Deferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with future tax planning strategies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3184-tag11899925": { "value": "
1.Basis of preparation
1.3 Basis of preparation
Compliance with IFRS and with the Maltese Companies Act
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) of the Laws of Malta.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3184-tag11890039": { "value": "
1.Basis of preparation
1.2 Information about the Group
The consolidated financial statements include the financial statements of The Ona p.l.c. and its subsidiaries. The Company and the subsidiaries are together referred to as \u2018the Group\u2019.
1.3 Basis of preparation
Compliance with IFRS and with the Maltese Companies Act
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) of the Laws of Malta.
Cost convention and presentation currency
These financial statements have been prepared under the historical cost convention and are presented in euro (\u201c\u20ac\u201d), which is also the Group and the Company\u2019s functional currency and the currency in which its share capital is denominated.
Voluntary change in accounting policy
With effect from these financial statements, the Group has elected to present its notes by giving prominence to the areas of its activities that the directors consider to be most relevant to an understanding of the Group\u2019s financial performance and financial position. This change in accounting policy has impacted the systematic manner in which notes are grouped within the financial statements, but has not had any impact on the amounts recognised within the financial statements. Prior to the change in accounting policy, the notes to the financial statements were grouped following the order of the line items in the statement of financial position, income statements and statements of other comprehensive income and cash flows. Comparative information has been presented and disclosed in a manner that complies with this year\u2019s presentation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3185-tag11890046": { "value": "1.Basis of preparation1.2 Information about the GroupThe Group owns and operates a 4-star hotel in St. Julians - AC Hotel by Marriot and is involved in the development, construction and sale of properties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3185-tag11899934": { "value": "1.Basis of preparation1.3 Basis of preparationUse 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:a) Credit risk: estimates and assumptions made in measuring expected credit loss allowances on loans and advances.Note 9.10b) Taxes: judgement made in determining the amount of deferred tax asset that can be recognised.Note 13.1c) NRV of inventories \u2013 estimates and assumptions made in determining the NRV of properties held for re-saleNote 66.Inventories6.3Estimates and judgements Inventories include properties held for sale which are measured at the lower of cost and net realisable value in accordance with IAS 2 Inventories. Net realisable value represents the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.The determination of net realisable value requires the use of management judgement and estimates. In assessing the recoverability of property inventory, management considers a number of factors including recent market transactions for comparable properties, current market conditions, expected selling prices, stage of completion of the properties and estimated costs required to complete and sell the properties. These estimates are reviewed at each reporting date and adjusted where necessary to reflect current market conditions and available information. Where the net realisable value of a property is lower than its carrying amount, a write-down is recognised in profit or loss.Due to the inherent uncertainty involved in estimating selling prices and future costs, actual outcomes may differ from these estimates.9.Financial assets other than interest in subsidiaries and other entities 9.7Estimates and judgementsThe Group measures expected credit losses (\u201cECLs\u201d) on amounts due from subsidiaries relating to bond proceeds and other funds advanced to finance the acquisition, development and construction of property projects. These balances are subject to impairment using the general approach under IFRS 9.Amounts due from subsidiariesAt each reporting date, the Group assesses whether there has been a significant increase in credit risk since initial recognition and update the assumptions used in estimating PD, LGD and EAD accordingly. The measurement of ECLs on amounts due from subsidiaries requires significant estimates. Changes in assumptions regarding project cash flows, property market conditions, development timelines and broader economic factors may result in material adjustments to the recognised ECL allowance.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3191-tag11890040": { "value": "The Ona p.l.c. ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3191-tag11890043": { "value": "public limited liability", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3206-tag11890041": { "value": "Malta", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3206-tag11890042": { "value": "Malta", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3206-tag11890044": { "value": "Malta", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page12-cflshid_3191-tag11890049": { "value": "AC Hotel St. Julians, 13, Lourdes Lane, San Giljan STJ 3311, Malta", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_4558-tag11904823": { "value": "
4.Revenue from contracts with customers
The Group earns revenue from operations within the property 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.
Hospitality
The Group generates revenue from the provision of hotel accommodation (bed nights) and 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.
Real estate and development
Sale of completed property constitutes a single performance obligation and the Group has determined that this is satisfied at the point in time when control transfers. For unconditional exchange of contracts, this generally occurs when legal title transfers to the customer. For conditional exchanges, this generally occurs when all significant conditions are satisfied. Payments are generally received when legal title is transferred
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_4558-tag11900298": { "value": "
4.Revenue from contracts with customers
The Group earns revenue from operations within the property 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.
Hospitality
The Group generates revenue from the provision of hotel accommodation (bed nights) and 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.
Real estate and development
Sale of completed property constitutes a single performance obligation and the Group has determined that this is satisfied at the point in time when control transfers. For unconditional exchange of contracts, this generally occurs when legal title transfers to the customer. For conditional exchanges, this generally occurs when all significant conditions are satisfied. Payments are generally received when legal title is transferred
5.Property, Plant and Equipment
5.1Measurement of different classes of property, plant and equipment
Property, plant and equipment comprise a 110-room, four-star hotel operating under the AC Marriott brand, including the related building structure, guest facilities, furniture, fixtures, equipment, and other operational assets necessary for the hotel\u2019s operations.
Property, plant and equipment is initially recorded at cost and subsequently stated at historical cost less depreciation and impairment losses, if any.
Depreciation commences when the depreciable assets are available for use and is charged to profit or loss so as to write off the cost, less any estimated residual value, over their estimated useful lives, using the straight-line method, on the following bases:
Years
Buildings50
Furniture, fixtures & fittings10
Plant and machinery15
Computer Equipment 4
Electrical & Plumbing 15
Lifts 10
6.Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is calculated using the weighted average method and comprises expenditure incurred in acquiring the inventories and other costs incurred in bringing the inventories to their present location and condition. Net realisable value is the estimated price at which stocks can be sold in the course of business less anticipated costs of selling. The Group\u2019s inventories comprises properties held for resale in the ordinary course of the business and the hotel\u2019s operating stock.
Properties held for re-sale
The costs incurred in bringing each property to its present location and condition includes:
i.Freehold and leasehold rights for land
ii.Amounts paid to contractors for development and finishings
iii.Planning and design costs, costs of site preparation, professional fees for legal services, property transfer taxes, borrowing costs, development overheads and other related costs
When an inventory property is sold, the carrying amount of the property is recognised as an expense in the period in which the related revenue is recognised. The carrying amount of inventory property recognised in profit or loss is determined with reference to the directly attributable costs incurred on the property sold and an allocation of any other related costs based on the sales price of the property sold.
Hotel operating stock
Hotel operating stock consists primarily of beverages, crockery and cutlery, linen and other consumables used in the operation of the Group\u2019s hospitality activities. Cost is calculated using the weighted average method and comprises expenditure incurred in acquiring the inventories and other costs incurred in bringing the inventories to their present location and condition.
6.2Capitalised borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of bank and bond interest and other costs that the Group incurs in connection with the borrowing of funds.
7.Interest in subsidiaries and other entities
7.1Subsidiaries
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. There are no subsidiaries with material non-controlling interests.
7.2Interest in Joint venture
The results and assets and liabilities of the joint venture are incorporated in these financial statements using the equity method of accounting. In the Group\u2019s financial statements, investments in associates are accounted for on the basis of the direct equity interest. No dividends were distributed from joint ventures during the year.
8.Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
9.Financial assets other than interest in subsidiaries and other entities
9.1Initial recognition and measurement
At initial recognition, the Group and the Company classify their financial assets as subsequently measured at amortised cost. Financial assets at amortised cost are measured using the effective interest method and are subject to impairment. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s and Company\u2019s business model for managing them. At initial recognition, the Group and the Company measure a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.
9.2Subsequent measurement
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment in accordance with the expected credit loss model. Gains and losses are recognised in profit or loss when the financial asset is derecognised, modified or impaired.
9.3Debt instruments
The Group\u2019s financial assets measured at amortised cost comprise other receivable balances, deposits paid on promise of sale agreements for the acquisition of properties, deposits on furnishings and finishings relating to property development projects recognised within inventories, amounts due from commonly controlled entities outside the Group. The Company\u2019s financial assets also include amounts due from subsidiaries in respect of bond proceeds and other funds advanced to those subsidiaries included under non-current financial assets.
9.4Derecognition
A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either the Group has transferred substantially all the risks and rewards of the asset, or the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement.
9.5Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions and credit exposure in note 9.1
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
9.8Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, and short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position.
9.9Financial assets measured at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income (FVOCI) comprise debt securities where the contractual cash flows are solely principal, and interest and the objective of the Group\u2019s business model is achieved both by collecting contractual cash flows and selling financial assets. These comprise investments in listed bonds in the local market. On disposal of these debt investments, any related balance within the FVOCI reserve is reclassified to profit or loss within \u2018Gains/(losses) reclassified to profit or loss\u2019 upon derecognition of financial.
9.10Credit risk exposure from financial assets
The above 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
The Group and the Company apply IFRS 9\u2019s general impairment model to other financial assets at amortised cost. This model requires an assessment as to whether the counterparty has experienced a significant increase in credit risk since initial recognition. This assessment forms the basis as to whether lifetime ECL should be recognised and is based on significant increases in the likelihood or risk of a default occurring since initial recognition.
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 other 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.
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\u2019s review includes external credit worthiness databases when available.
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 2024 and 31 December 2023 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.
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, include cash and cash equivalent and 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. 10Financial liabilities recognition, measurement and presentation
The Group recognises 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.
10.1Initial recognition, measurement and presentation
Financial liabilities are classified, at initial recognition, as loans and borrowings or payables as appropriate. All financial liabilities are recognised initially at fair value net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables and borrowings comprising bank borrowings and bonds.
10.2Subsequent measurement
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings.
10.3Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
10.4Borrowings
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.
10.6Finance 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.
10.8Trade 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.
12.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 under long term operating leases.
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.
14.Income tax and other income and expenditure
14.1Income tax
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.
17.Equity
17.1Share capital
Ordinary shares issued by the Company are classified as equity instruments. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.
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4.Revenue from contracts with customers
4.1Disaggregation of revenue from contracts with customers
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Real estate segment
Sale of property 6,284,7002,900,000--
Hospitality segment
Accomodation and related services4,368,1264,148,190 --
Other services643,283 621,875 --
Interest income (i)--1,180,2401,180,240
11,296,109 7,670,065 1,180,2401,180,240
4.1Revenue from contracts with customers
2025Hospitality OperationsProperty TradingUnallocatedTotal
\u20ac\u20ac\u20ac\u20ac
Revenue5,011,4096,284,700-11,296,109
Segment Profit1,691,5111,558,488-3,249,999
Other operating income----
Group EBITDA1,691,5111,558,488- 3,249,999
Depreciation and amortisation(884,032)- - (884,032)
Finance costs (720,000)(98,397)(79,843)(898,240)
Share of loss in joint venture - (43,610)- (43,610)
Profit before taxation87,4791,416,481(79,843)1,424,117
Tax credit/ (charge) 54,573 (482,618) (599)(428,644)
Profit for the year142,052933,863 (80,442) 995,473
Segment assets \u2013 Non-current23,562,9133,502,283-27,065,196
Segments assets - Current325,4159,323,3752,787,36212,436,152
23,888,32812,825,6582,787,36239,501,348
Segment liabilities \u2013 Non current20,752,701228,686-20,981,387
Segments liabilities - Current212,7058,286,1261,066,5389,565,369
20,965,4068,514,8121,066,53830,546,756
2024Hospitality OperationsProperty TradingUnallocatedTotal
\u20ac\u20ac\u20ac\u20ac
Revenue4,770,0652,900,000-7,670,065
Segment Profit1,774,825283,534-2,058,359
Other operating income-48,543-48,543
Group EBITDA1,774,825 332,077 - 2,106,902
Depreciation and amortisation (876,423)- - (876,423)
Finance costs (720,000)- (176,672) (896,672)
Interest income - - 10 10
Dividend - - 18,014 18,014
Decrease in fair value of investment property - (1,000,000)- \u00a0(1,000,000)
Share of loss in joint venture - (76,901)- (76,901)
Profit before taxation178,402 (744,824) (158,648) (725,070)
Taxation - - (87,974) (87,974)
Profit for the year178,402 (744,824) (246,622) (813,044)
Segment assets \u2013 Non current 24,400,798 4,321,378 - 28,722,176
Segments assets - Current 248,5979,462,817 498,84210,210,256
24,649,395 13,784,195498,84238,932,432
Segment liabilities \u2013 Non current21,278,761 2,296,205 38,40023,613,366
Segments liabilities - Current 311,724 5,278,459 1,769,7647,359,947
21,590,4857,574,6641,808,16430,973,313
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
Advanced deposits \u2013 Real estate segment (note 10.9)525,290 234,050 --
Deferred income \u2013 Accomodation and related services 31,078 13,062 --
556,368 247,112 --
4.4 Revenue that was included in advanced deposits at the beginning of the period
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Property trading operators234,050---
9.Financial assets other than interest in subsidiaries and other entities
9.6Trade and other receivables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-Current
Loans and receivables
Amounts due from subsidiaries i--25,256,00924,574,462
Amounts due from Joint ventures7.2-2,578,898--
-2,578,89825,256,00924,574,462
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Trade and other receivables
Amounts owed by commonly controlled entities ii599,928389,402--
Trade receivables37,41725,608--
Other receivables504,63341,424--
Prepayments and accrued income 121,50278,91515,43014,603
Indirect tax refundable-4,180--
1,263,480539,52915,43014,603
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_4558-tag11929254": { "value": "
4.Revenue from contracts with customers
4.1Disaggregation of revenue from contracts with customers
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Real estate segment
Sale of property 6,284,7002,900,000--
Hospitality segment
Accomodation and related services4,368,1264,148,190 --
Other services643,283 621,875 --
Interest income (i)--1,180,2401,180,240
11,296,109 7,670,065 1,180,2401,180,240
4.1Revenue from contracts with customers
2025Hospitality OperationsProperty TradingUnallocatedTotal
\u20ac\u20ac\u20ac\u20ac
Revenue5,011,4096,284,700-11,296,109
Segment Profit1,691,5111,558,488-3,249,999
Other operating income----
Group EBITDA1,691,5111,558,488- 3,249,999
Depreciation and amortisation(884,032)- - (884,032)
Finance costs (720,000)(98,397)(79,843)(898,240)
Share of loss in joint venture - (43,610)- (43,610)
Profit before taxation87,4791,416,481(79,843)1,424,117
Tax credit/ (charge) 54,573 (482,618) (599)(428,644)
Profit for the year142,052933,863 (80,442) 995,473
Segment assets \u2013 Non-current23,562,9133,502,283-27,065,196
Segments assets - Current325,4159,323,3752,787,36212,436,152
23,888,32812,825,6582,787,36239,501,348
Segment liabilities \u2013 Non current20,752,701228,686-20,981,387
Segments liabilities - Current212,7058,286,1261,066,5389,565,369
20,965,4068,514,8121,066,53830,546,756
2024Hospitality OperationsProperty TradingUnallocatedTotal
\u20ac\u20ac\u20ac\u20ac
Revenue4,770,0652,900,000-7,670,065
Segment Profit1,774,825283,534-2,058,359
Other operating income-48,543-48,543
Group EBITDA1,774,825 332,077 - 2,106,902
Depreciation and amortisation (876,423)- - (876,423)
Finance costs (720,000)- (176,672) (896,672)
Interest income - - 10 10
Dividend - - 18,014 18,014
Decrease in fair value of investment property - (1,000,000)- \u00a0(1,000,000)
Share of loss in joint venture - (76,901)- (76,901)
Profit before taxation178,402 (744,824) (158,648) (725,070)
Taxation - - (87,974) (87,974)
Profit for the year178,402 (744,824) (246,622) (813,044)
Segment assets \u2013 Non current 24,400,798 4,321,378 - 28,722,176
Segments assets - Current 248,5979,462,817 498,84210,210,256
24,649,395 13,784,195498,84238,932,432
Segment liabilities \u2013 Non current21,278,761 2,296,205 38,40023,613,366
Segments liabilities - Current 311,724 5,278,459 1,769,7647,359,947
21,590,4857,574,6641,808,16430,973,313
4.4 Revenue that was included in advanced deposits at the beginning of the period
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Property trading operators234,050---
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4.Revenue from contracts with customers
4.1Disaggregation of revenue from contracts with customers
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Real estate segment
Sale of property 6,284,7002,900,000--
Hospitality segment
Accomodation and related services4,368,1264,148,190 --
Other services643,283 621,875 --
Interest income (i)--1,180,2401,180,240
11,296,109 7,670,065 1,180,2401,180,240
i.Interest income
The amounts recognised within this line item includes interest income recognised using the effective interest method on loans advanced to the Company\u2019s subsidiaries. The effective interest rate on the instrument is 5.3% on \u20ac16,000,000 advanced bond proceeds and 7.2% on \u20ac5,000,000 advanced bond proceeds. Details of bond proceeds advanced are in note 9.6.
4.1Revenue from contracts with customers
2025Hospitality OperationsProperty TradingUnallocatedTotal
\u20ac\u20ac\u20ac\u20ac
Revenue5,011,4096,284,700-11,296,109
Segment Profit1,691,5111,558,488-3,249,999
Other operating income----
Group EBITDA1,691,5111,558,488- 3,249,999
Depreciation and amortisation(884,032)- - (884,032)
Finance costs (720,000)(98,397)(79,843)(898,240)
Share of loss in joint venture - (43,610)- (43,610)
Profit before taxation87,4791,416,481(79,843)1,424,117
Tax credit/ (charge) 54,573 (482,618) (599)(428,644)
Profit for the year142,052933,863 (80,442) 995,473
Segment assets \u2013 Non-current23,562,9133,502,283-27,065,196
Segments assets - Current325,4159,323,3752,787,36212,436,152
23,888,32812,825,6582,787,36239,501,348
Segment liabilities \u2013 Non current20,752,701228,686-20,981,387
Segments liabilities - Current212,7058,286,1261,066,5389,565,369
20,965,4068,514,8121,066,53830,546,756
2024Hospitality OperationsProperty TradingUnallocatedTotal
\u20ac\u20ac\u20ac\u20ac
Revenue4,770,0652,900,000-7,670,065
Segment Profit1,774,825283,534-2,058,359
Other operating income-48,543-48,543
Group EBITDA1,774,825 332,077 - 2,106,902
Depreciation and amortisation (876,423)- - (876,423)
Finance costs (720,000)- (176,672) (896,672)
Interest income - - 10 10
Dividend - - 18,014 18,014
Decrease in fair value of investment property - (1,000,000)- \u00a0(1,000,000)
Share of loss in joint venture - (76,901)- (76,901)
Profit before taxation178,402 (744,824) (158,648) (725,070)
Taxation - - (87,974) (87,974)
Profit for the year178,402 (744,824) (246,622) (813,044)
Segment assets \u2013 Non current 24,400,798 4,321,378 - 28,722,176
Segments assets - Current 248,5979,462,817 498,84210,210,256
24,649,395 13,784,195498,84238,932,432
Segment liabilities \u2013 Non current21,278,761 2,296,205 38,40023,613,366
Segments liabilities - Current 311,724 5,278,459 1,769,7647,359,947
21,590,4857,574,6641,808,16430,973,313
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4.Revenue from contracts with customers
4.1Disaggregation of revenue from contracts with customers
i.Interest income
The amounts recognised within this line item includes interest income recognised using the effective interest method on loans advanced to the Company\u2019s subsidiaries.
6.Inventories
6.2Capitalised borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of bank and bond interest and other costs that the Group incurs in connection with the borrowing of funds.
8.Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
9.Financial assets other than interest in subsidiaries and other entities
9.1Initial recognition and measurement
At initial recognition, the Group and the Company classify their financial assets as subsequently measured at amortised cost. Financial assets at amortised cost are measured using the effective interest method and are subject to impairment. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s and Company\u2019s business model for managing them. At initial recognition, the Group and the Company measure a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.
9.2Subsequent measurement
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment in accordance with the expected credit loss model. Gains and losses are recognised in profit or loss when the financial asset is derecognised, modified or impaired.
9.3Debt instruments
The Group\u2019s financial assets measured at amortised cost comprise other receivable balances, deposits paid on promise of sale agreements for the acquisition of properties, deposits on furnishings and finishings relating to property development projects recognised within inventories, amounts due from commonly controlled entities outside the Group.
9.4Derecognition
A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either the Group has transferred substantially all the risks and rewards of the asset, or the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement.
9.5Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions and credit exposure in note 9.1
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
9.8Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, and short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position.
9.9Financial assets measured at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income (FVOCI) comprise debt securities where the contractual cash flows are solely principal, and interest and the objective of the Group\u2019s business model is achieved both by collecting contractual cash flows and selling financial assets. These comprise investments in listed bonds in the local market. On disposal of these debt investments, any related balance within the FVOCI reserve is reclassified to profit or loss within \u2018Gains/(losses) reclassified to profit or loss\u2019 upon derecognition of financial.
9.10Credit risk exposure from financial assets
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
The Group and the Company apply IFRS 9\u2019s general impairment model to other financial assets at amortised cost. This model requires an assessment as to whether the counterparty has experienced a significant increase in credit risk since initial recognition. This assessment forms the basis as to whether lifetime ECL should be recognised and is based on significant increases in the likelihood or risk of a default occurring since initial recognition.
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 other 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.
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\u2019s review includes external credit worthiness databases when available.
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 2024 and 31 December 2023 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.
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, include cash and cash equivalent and 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. 10Financial liabilities recognition, measurement and presentation
The Group recognises 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.
10.1Initial recognition, measurement and presentation
Financial liabilities are classified, at initial recognition, as loans and borrowings or payables as appropriate. All financial liabilities are recognised initially at fair value net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables and borrowings comprising bank borrowings and bonds.
10.2Subsequent measurement
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings.
10.3Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
10.4Borrowings
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.
10.6Finance 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.
10.8Trade 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.
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4.Revenue from contracts with customers
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.
5.Property, Plant and Equipment
5.1Measurement of different classes of property, plant and 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, less any estimated residual value, over their estimated useful lives, using the straight-line method, on the following bases:
Years
Buildings50
Furniture, fixtures & fittings10
Plant and machinery15
Computer Equipment 4
Electrical & Plumbing 15
Lifts 10
6.Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is calculated using the weighted average method and comprises expenditure incurred in acquiring the inventories and other costs incurred in bringing the inventories to their present location and condition. Net realisable value is the estimated price at which stocks can be sold in the course of business less anticipated costs of selling. The Group\u2019s inventories comprises properties held for resale in the ordinary course of the business and the hotel\u2019s operating stock.
Properties held for re-sale
When an inventory property is sold, the carrying amount of the property is recognised as an expense in the period in which the related revenue is recognised. The carrying amount of inventory property recognised in profit or loss is determined with reference to the directly attributable costs incurred on the property sold and an allocation of any other related costs based on the sales price of the property sold.
6.2Capitalised borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of bank and bond interest and other costs that the Group incurs in connection with the borrowing of funds.
7.Interest in subsidiaries and other entities
7.2Interest in Joint venture
In the Group\u2019s financial statements, investments in associates are accounted for on the basis of the direct equity interest.
9.Financial assets other than interest in subsidiaries and other entities
9.2Subsequent measurement
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment in accordance with the expected credit loss model. Gains and losses are recognised in profit or loss when the financial asset is derecognised, modified or impaired.
9.5Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions and credit exposure in note 9.1
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
9.10Credit risk exposure from financial assets
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
The Group and the Company apply IFRS 9\u2019s general impairment model to other financial assets at amortised cost. This model requires an assessment as to whether the counterparty has experienced a significant increase in credit risk since initial recognition. This assessment forms the basis as to whether lifetime ECL should be recognised and is based on significant increases in the likelihood or risk of a default occurring since initial recognition.
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 other 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.
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\u2019s review includes external credit worthiness databases when available.
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 2024 and 31 December 2023 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.
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 cash, include cash and cash equivalent and 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. While cash and cash equivalents and deposits are also subject to the impairment requirements of IFRS 9, the identified impairment loss was insignificant. 10Financial liabilities recognition, measurement and presentation
10.2Subsequent measurement
Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings.
10.3Derecognition
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
10.4Borrowings
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.
10.6Finance 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.
12.Investment property
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.
All other repairs and maintenance costs are charged to the profit loss account during the financial period in which they are incurred.
14.Income tax and other income and expenditure
14.1Income tax
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 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_4558-tag11911192": { "value": "
4.Revenue from contracts with customers
4.1Disaggregation of revenue from contracts with customers
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Real estate segment
Sale of property 6,284,7002,900,000--
Hospitality segment
Accomodation and related services4,368,1264,148,190 --
Other services643,283 621,875 --
Interest income (i)--1,180,2401,180,240
11,296,109 7,670,065 1,180,2401,180,240
i.Interest income
The effective interest rate on the instrument is 5.3% on \u20ac16,000,000 advanced bond proceeds and 7.2% on \u20ac5,000,000 advanced bond proceeds. Details of bond proceeds advanced are in note 9.6. 10Financial liabilities recognition, measurement and presentation
10.6Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Included in profit or loss
Interest on bond (i)720,000720,0001,045,0001,045,000
Interest on bank 98,39796,829--
Bond issue costs79,84379,84379,84379,843
898,240896,6721,124,8431,124,843
Interest capitalised in statement of financial position
Bond Interest included in inventory349,200349,200--
Bank interest and charges included in inventory232,015269,903--
581,215619,103--
(i) Interest on bond
This amount represents interest expense on the debt securities in issue, as set out in note 10.4 to these financial statements.
14.Income tax and other income and expenditure
14.2Investments income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest income-10--
Dividend income -18,014-18,014
-18,024-18,014
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_4558-tag11908350": { "value": "
4.Revenue from contracts with customers
4.1Disaggregation of revenue from contracts with customers
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Real estate segment
Sale of property 6,284,7002,900,000--
Hospitality segment
Accomodation and related services4,368,1264,148,190 --
Other services643,283 621,875 --
Interest income (i)--1,180,2401,180,240
11,296,109 7,670,065 1,180,2401,180,240
i.Interest income
The effective interest rate on the instrument is 5.3% on \u20ac16,000,000 advanced bond proceeds and 7.2% on \u20ac5,000,000 advanced bond proceeds. Details of bond proceeds advanced are in note 9.6.
14.Income tax and other income and expenditure
14.2Investments income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest income-10--
Dividend income -18,014-18,014
-18,024-18,014
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_4558-tag11905247": { "value": "
4.Revenue from contracts with customers
The Group earns revenue from operations within the property 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.
Hospitality
The Group generates revenue from the provision of hotel accommodation (bed nights) and 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.
Real estate and development
Sale of completed property constitutes a single performance obligation and the Group has determined that this is satisfied at the point in time when control transfers. For unconditional exchange of contracts, this generally occurs when legal title transfers to the customer. For conditional exchanges, this generally occurs when all significant conditions are satisfied. Payments are generally received when legal title is transferred
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_4558-tag11905230": { "value": "
4.Revenue from contracts with customers
4.1Disaggregation of revenue from contracts with customers
i.Interest income
The amounts recognised within this line item includes interest income recognised using the effective interest method on loans advanced to the Company\u2019s subsidiaries.
6.Inventories
6.2Capitalised borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of bank and bond interest and other costs that the Group incurs in connection with the borrowing of funds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_4558-tag11905228": { "value": "
4.Revenue from contracts with customers
Hospitality
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_4558-tag11902641": { "value": "
4.Revenue from contracts with customers
4.5Expenses by nature
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Cost of property sold4,146,7742,175,000--
Commission on property sold371,139129,934--
Commission on accommodation291,925251,394--
Food & Beverage cost258,767240,667--
Wages and salaries1,018,422917,328--
Sub-Contractors292,157293,414--
Directors\u2019 remuneration136,259244,64918,90018,022
Utility expenses183,569158,242--
Franchise fees357,302336,013--
Repairs and maintenance87,63766,020--
Laundry cost105,364105,757--
Other expenses \u2013 Note i796,795693,28834,78754,878
8,046,1105,611,70653,68772,900
Note i \u2013 other expenses
Other expenses comprise of various expenditure items with the largest expense amounting to \u20ac83,554 (2024: \u20ac72,611) in relation to advertising and promotion for the Group and \u20ac14,267 (2024: \u20ac31,828) relating to legal and professional fees for Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_4558-tag11902640": { "value": "
4.Revenue from contracts with customers
4.5Expenses by nature
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Cost of property sold4,146,7742,175,000--
Commission on property sold371,139129,934--
Commission on accommodation291,925251,394--
Food & Beverage cost258,767240,667--
Wages and salaries1,018,422917,328--
Sub-Contractors292,157293,414--
Directors\u2019 remuneration136,259244,64918,90018,022
Utility expenses183,569158,242--
Franchise fees357,302336,013--
Repairs and maintenance87,63766,020--
Laundry cost105,364105,757--
Other expenses \u2013 Note i796,795693,28834,78754,878
8,046,1105,611,70653,68772,900
14.Income tax and other income and expenditure
14.5 Staff wages and employee information
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Gross wages, salaries and director\u2019s fees1,019,2591,031,39918,90018,022
Social security cost95,44076,617--
1,114,6991,108,01618,90018,022
GroupGroupCompanyCompany
2025202420252024
NumberNumberNumberNumber
Administrative85--
Operational4744--
Directors5555
605455
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_4558-tag11902391": { "value": "
4.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
Advanced deposits \u2013 Real estate segment (note 10.9)525,290 234,050 --
Deferred income \u2013 Accomodation and related services 31,078 13,062 --
556,368 247,112 --
10Financial liabilities recognition, measurement and presentation
10.8Trade and other payables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade payables 814,272660,21410,97615,578
Capital creditors (ii)17,185908,928--
Capital Accruals (i)1,071,324800,358575,813572,983
Other payables217,966235,4061,081600
Indirect tax payable15,44931,096--
Accruals and deferred income705,759690,946--
Advanced deposits525,290234,050--
3,367,2453,560,998587,870589,161
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_4558-tag11900302": { "value": "
4.Revenue from contracts with customers
4.5Expenses by nature
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Cost of property sold4,146,7742,175,000--
Commission on property sold371,139129,934--
Commission on accommodation291,925251,394--
Food & Beverage cost258,767240,667--
Wages and salaries1,018,422917,328--
Sub-Contractors292,157293,414--
Directors\u2019 remuneration136,259244,64918,90018,022
Utility expenses183,569158,242--
Franchise fees357,302336,013--
Repairs and maintenance87,63766,020--
Laundry cost105,364105,757--
Other expenses \u2013 Note i796,795693,28834,78754,878
8,046,1105,611,70653,68772,900
Note i \u2013 other expenses
Other expenses comprise of various expenditure items with the largest expense amounting to \u20ac83,554 (2024: \u20ac72,611) in relation to advertising and promotion for the Group and \u20ac14,267 (2024: \u20ac31,828) relating to legal and professional fees for Company.
5.Property, Plant and Equipment
5.2Analysis of balance
LandBuildingsFurniture, fixtures and fittingsPlant & MachineryComputer equipmentElectrical & PlumbingLiftTotal
Group\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Cost
At 1st January 202411,770,9806,693,5823,211,911369,315346,4382,511,350918,67425,822,250
Additions-70,47515,8815,05127,3449,810-128,561
Over-accrual of additions in PY-(136,856)-----(136,856)
At 1st January 202511,770,9806,627,2013,227,792374,366373,7822,521,160918,67425,813,955
Additions-5,0015,1403,78714,1115,043-33,082
At 31st December 202511,770,980 6,632,202 3,232,932 378,153 387,893 2,526,203 918,674 25,847,037
Depreciation
At 1st January 2024-79,337187,36139,06350,522126,86253,589536,734
Charge for the year-134,679322,77967,77393,445165,87991,868876,423
At 1st January 2025-214,016510,140106,836143,967292,741145,4571,413,157
Charge for the year- 137,279 323,293 68,404 96,973 166,19791,886 884,032
At 31st December 2025- 351,295 833,433 175,240 240,940 458,938237,343 2,297,189
Net Book Value
At 31 December 202511,770,980 6,280,907 2,399,499202,913146,9532,067,265681,331 23,549,848
At 31 December 202411,770,9806,413,1852,717,652267,530229,8152,228,419773,21724,400,798
At 1 January 202511,770,9806,413,1852,717,652267,530229,8152,228,419773,21724,400,798
6.Inventories
6.1Make up of inventory tiems
Inventories recognised as an expense during the year ended 31st December 2025 amounted to \u20ac4,146,774 (2024: \u20ac1,335,757). These were included in operating expenses.
7.Interest in subsidiaries and other entities
7.2Interest in Joint venture
The below table analyses the carrying amount of and the movements in the Group\u2019s investments in joint ventures, which are measured using the equity method of accounting.
GroupGroup
20252024
Group\u20ac\u20ac
As At 1 January 42,4801,623,278
Transfer from/(to) loans and advances \u2013 Note I3,503,413(1,503,898)
Share of loss after tax(43,610)(76,901)
As at 31 December 3,502,28342,480
10Financial liabilities recognition, measurement and presentation
10.6Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Included in profit or loss
Interest on bond (i)720,000720,0001,045,0001,045,000
Interest on bank 98,39796,829--
Bond issue costs79,84379,84379,84379,843
898,240896,6721,124,8431,124,843
Interest capitalised in statement of financial position
Bond Interest included in inventory349,200349,200--
Bank interest and charges included in inventory232,015269,903--
581,215619,103--
(i) Interest on bond
This amount represents interest expense on the debt securities in issue, as set out in note 10.4 to these financial statements.
14.Income tax and other income and expenditure
14.1Income tax
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.
14.4Fees paid to the auditors
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
Annual statutory audit 18,65018,6506,4006,400
Tax compliance services 2,0002,000500500
20,65020,6506,9006,900
14.5 Staff wages and employee information
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Gross wages, salaries and director\u2019s fees1,019,2591,031,39918,90018,022
Social security cost95,44076,617--
1,114,6991,108,01618,90018,022
The average number of persons employed during the year, including directors, was made up as follows:
GroupGroupCompanyCompany
2025202420252024
NumberNumberNumberNumber
Administrative85--
Operational4744--
Directors5555
605455
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_4558-tag11900301": { "value": "
4.Revenue from contracts with customers
4.1Disaggregation of revenue from contracts with customers
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Real estate segment
Sale of property 6,284,7002,900,000--
Hospitality segment
Accomodation and related services4,368,1264,148,190 --
Other services643,283 621,875 --
Interest income (i)--1,180,2401,180,240
11,296,109 7,670,065 1,180,2401,180,240
i.Interest income
The effective interest rate on the instrument is 5.3% on \u20ac16,000,000 advanced bond proceeds and 7.2% on \u20ac5,000,000 advanced bond proceeds. Details of bond proceeds advanced are in note 9.6.
6.Inventories
6.1Make up of inventory tiems
GroupGroupCompanyCompany
2025202420252024
Properties held for sale\u20ac\u20ac\u20ac\u20ac
Cost of land and development costs 7,273,0018,709,326--
Capitalised borrowing costs1,332,527751,343--
Hospitality inventory
Hotel consumables-36,000--
8,605,5289,496,669--
6.2Capitalised borrowing costs
During the year, the Group continued the construction of previously acquired development projects. These projects are financed through bank borrowings. Borrowing costs capitalised during the year amounted to \u20ac581,185 (2024: \u20ac563,348). The capitalisation rates used to determine the amount of borrowing costs eligible for capitalisation was 5% for bank borrowings representing the effective interest rates of the respective specific borrowings.
The Group does not have any general borrowings. All bank and 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.
9.Financial assets other than interest in subsidiaries and other entities
9.6Trade and other receivables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-Current
Loans and receivables
Amounts due from subsidiaries i--25,256,00924,574,462
Amounts due from Joint ventures7.2-2,578,898--
-2,578,89825,256,00924,574,462
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Trade and other receivables
Amounts owed by commonly controlled entities ii599,928389,402--
Trade receivables37,41725,608--
Other receivables504,63341,424--
Prepayments and accrued income 121,50278,91515,43014,603
Indirect tax refundable-4,180--
1,263,480539,52915,43014,603
i.Amounts due from subsidiaries
By virtue of the Prospectus dated 31st May 2022, The Ona p.l.c. issued for subscription by the general public 160,000
Secured bonds having a nominal value of \u20ac100 each for an aggregate principal amount of \u20ac16,000,000. (Refer to note 22.)
During the financial year 2023, The Ona P.L.C issued 5,000 unsecured notes having a nominal value of \u20ac1,000 per note up to an aggregate amount of \u20ac5,000,000.
\u20ac20,530,000 these amounts have been loaned to the Company\u2019s subsidiaries as follows:
-\u20ac15,680,000 at an annual rate of 5.3%, (2024: \u20ac15,680,000) These loans are secured and to be repaid in fully by 21 June 2034.
-\u20ac4,850,000 at an annual rate of 7.2% (2024: \u20ac4,850,000). These loans are unsecured and to be repaid in full by June 2028.
The remaining 4,726,009 (2024: \u20ac4,044,462) is unsecured and interest free. Such amounts are presented as non-current where the Company does not expect to exercise its right to demand payment within twelve months.
The Company\u2019s subsidiaries, the guarantors in respect of the Company\u2019s bond issue have undertaken to pay all amounts
of principal and interest that will become due and payable by the Company to the bondholders.
The carrying amount of the loans is considered a reasonable approximation of its fair value.
No loss allowance has been recognised as any such impairment would be insignificant.
ii.Amounts due from commonly controlled entities
These amounts are interest free, unsecured and repayable on demand
9.8Cash and cash equivalents
For the purposes of the statement of cash flows, cash and cash equivalents comprise the following
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Cash at bank and in hand2,539,074145,9881,0343,146
Security trust 25,00025,00025,00025,000
Bank overdraft (note 10.4)(785,117)(1,205,388)--
1,778,957(1,034,400)26,03428,146
The balances of cash and cash equivalents are available for use by the Group and the Company in their entirety.
9.9Financial assets measured at fair value through other comprehensive income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At 1 January-991,504-991,504
Redemption of investment-(1,009,518)-(1,009,518)
Dividends received-18,014-18,014
At 31 December ----
10Financial liabilities recognition, measurement and presentation
10.4Borrowings
The following borrowings were outstanding at 31st December 2025 and 2024:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Shareholders\u2019 loans (ii) 275,302236,902600,000-
Bank loans (i)5,115,0392,333,993--
Bank overdraft (i)785,1171,205,388--
6,175,4583,776,286600,000-
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-current
Bank loans (i)228,6862,748,597--
Bonds (ii)20,491,45120,411,60820,491,45120,411,608
Third party loans261,250276,250--
20,981,38723,436,45520,491,45120,411,608
Total borrowings27,156,84627,212,73821,091,45120,411,608
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
Bonds21,000,00021,000,00021,000,00021,000,000
Issue costs (760,505)(760,505)(760,505)(760,505)
Accumulated amortisation251,956172,113251,956172,113
Net book amount(508,549)(588,392)(508,549)(588,392)
Amortised cost20,491,45120,411,60820,491,45120,411,608
i.Bank loans and overdraft
The Group\u2019s bank loan facilities as at 31st December 2024 amounted to \u20ac9,336,469 (2022: \u20ac9,143,555) and an overdraft
facility of \u20ac1,353,724 (2024: \u20ac1,353,724), out of which the amount of \u20ac2,240,541 (2023: \u20ac3,199,797) is not yet utilised as
at 31 December 2024.
These facilities are secured by general hypothecs and special hypothecs over the Group\u2019s assets and guaranteed by the subsidiaries and its shareholders, which have bound themselves jointly and severally liable for the repayment of the loans and the interest thereon, pursuant and subject to the terms and conditions in the sanction letter.
Repayment of these loans is to be made from proceeds derived from the sale of properties as laid out in the repayment terms in the sanction letters.
ii.Shareholders\u2019 loans
These amounts are unsecured, interest free and repayable on demand.
iii.Bonds
By virtue of the Prospectus dated 31st May 2022, The Ona p.l.c. issued for subscription by the general public 160,000 secured bonds having a nominal value of \u20ac100 each for an aggregate principal amount of \u20ac16,000,000. These bonds have been issued at par.
The bonds are subject to a fixed interest rate of 4.5% per annum payable on the 21 of June of each year up to redemption date. All bonds, unless previously purchased and cancelled, will be redeemable at par on 21 June 2034 or, at the sole option of the Group, any date falling between 21 June 2028 and 20 June 2034.
In financial year 2023, The Ona P.L.C issued 5,000 unsecured notes at par having a nominal value of \u20ac1,000 per note up to an aggregate amount of \u20ac5,000,000. These unsecured notes are subject to a fixed interest rate of 6.5% per annum payable annually on 23 June of each year. The redemption date of these unsecured notes is 23 June 2028.
The \u20ac16m bonds are subject to the terms and conditions in the prospectus and are listed on the Malta Stock Exchange. The \u20ac5m unsecured participation notes are transferable but not traded on any regulated market or other trading facility. These are subject to the terms and conditions in the prospectus dated 1 June 2023.
Quoted Market Price
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
\u20ac16,000,000 secured bond 98100100100
\u20ac5,000,000 unsecured notesNot tradedNot tradedNot tradedNot traded
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 secured bonds therefore amounts to \u20ac15,680,000 (2024: \u20ac16,000,000). The fair value calculation is classified within Level 1 of IFRS 13\u2019s fair value hierarchy.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest rate exposure:
Interest free275,302236,902600,000-
At floating rates 6,390,0926,564,228--
At fixed rates 20,491,45120,411,60820,491,45120,411,608
27,156,84527,212,73821,091,45120,411,608
GroupGroupCompanyCompany
2025202420252024
%%%%
Weighted average effective interest rates
At the balance sheet date:
Bank loans 4.934.93--
Bond4.984.984.984.98
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Maturity of long-term borrowings:
Between 1 and 5 years 11,698,77611,703,4495,633,3824,902,319
Over 5 years 15,458,06915,509,28915,458,06915,509,289
27,156,84527,212,73821,091,45120,411,608
10.6Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Included in profit or loss
Interest on bond (i)720,000720,0001,045,0001,045,000
Interest on bank 98,39796,829--
Bond issue costs79,84379,84379,84379,843
898,240896,6721,124,8431,124,843
Interest capitalised in statement of financial position
Bond Interest included in inventory349,200349,200--
Bank interest and charges included in inventory232,015269,903--
581,215619,103--
(i) Interest on bond
This amount represents interest expense on the debt securities in issue, as set out in note 10.4 to these financial statements.
10.8Trade and other payables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade payables 814,272660,21410,97615,578
Capital creditors (ii)17,185908,928--
Capital Accruals (i)1,071,324800,358575,813572,983
Other payables217,966235,4061,081600
Indirect tax payable15,44931,096--
Accruals and deferred income705,759690,946--
Advanced deposits525,290234,050--
3,367,2453,560,998587,870589,161
Note i - Capital accruals
Capital accruals represent costs relating to construction, development works and finishings performed on the Group\u2019s inventory properties (2024: hotel property and inventory) for which the related supplier invoices had not yet been received as at the reporting date. These costs are recognised based on work performed up to year end and are included within PPE as part of the cost.
The accruals are recognised in accordance with the Group\u2019s accounting policy and reflect management\u2019s best estimate of costs incurred but not yet invoiced at the reporting date.
Note ii \u2013 Capital creditors
Capital creditors represent amounts payable to contractors and suppliers who have performed construction and improvement works on the hotel property. The Group has entered into structured repayment arrangements with these creditors, under which outstanding balances are being settled over agreed periods in accordance with mutually agreed terms.
14.Income tax and other income and expenditure
14.2Investments income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest income-10--
Dividend income -18,014-18,014
-18,024-18,014
14.3Other operating income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Rental income -48,543--
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page18-cflshid_6167-tag11905235": { "value": "
5.Property, Plant and Equipment
5.1Measurement of different classes of property, plant and equipment
Property, plant and equipment comprise a 110-room, four-star hotel operating under the AC Marriott brand, including the related building structure, guest facilities, furniture, fixtures, equipment, and other operational assets necessary for the hotel\u2019s operations.
Property, plant and equipment is initially recorded at cost and subsequently stated at historical cost less depreciation and impairment losses, if any.
Depreciation commences when the depreciable assets are available for use and is charged to profit or loss so as to write off the cost, less any estimated residual value, over their estimated useful lives, using the straight-line method, on the following bases:
Years
Buildings50
Furniture, fixtures & fittings10
Plant and machinery15
Computer Equipment 4
Electrical & Plumbing 15
Lifts 10
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page18-cflshid_6167-tag11925553": { "value": "
5.Property, Plant and Equipment
5.1Measurement of different classes of property, plant and 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, less any estimated residual value, over their estimated useful lives, using the straight-line method, on the following bases:
Years
Buildings50
Furniture, fixtures & fittings10
Plant and machinery15
Computer Equipment 4
Electrical & Plumbing 15
Lifts 10
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page18-cflshid_6167-tag11929252": { "value": "
5.Property, Plant and Equipment
5.2Analysis of balance
LandBuildingsFurniture, fixtures and fittingsPlant & MachineryComputer equipmentElectrical & PlumbingLiftTotal
Group\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Cost
At 1st January 202411,770,9806,693,5823,211,911369,315346,4382,511,350918,67425,822,250
Additions-70,47515,8815,05127,3449,810-128,561
Over-accrual of additions in PY-(136,856)-----(136,856)
At 1st January 202511,770,9806,627,2013,227,792374,366373,7822,521,160918,67425,813,955
Additions-5,0015,1403,78714,1115,043-33,082
At 31st December 202511,770,980 6,632,202 3,232,932 378,153 387,893 2,526,203 918,674 25,847,037
Depreciation
At 1st January 2024-79,337187,36139,06350,522126,86253,589536,734
Charge for the year-134,679322,77967,77393,445165,87991,868876,423
At 1st January 2025-214,016510,140106,836143,967292,741145,4571,413,157
Charge for the year- 137,279 323,293 68,404 96,973 166,19791,886 884,032
At 31st December 2025- 351,295 833,433 175,240 240,940 458,938237,343 2,297,189
Net Book Value
At 31 December 202511,770,980 6,280,907 2,399,499202,913146,9532,067,265681,331 23,549,848
At 31 December 202411,770,9806,413,1852,717,652267,530229,8152,228,419773,21724,400,798
At 1 January 202511,770,9806,413,1852,717,652267,530229,8152,228,419773,21724,400,798
Security
Land and Buildings held by the Group are pledged as security to the value of \u20ac16m for non-current borrowings.
10Financial liabilities recognition, measurement and presentation
10.4Borrowings
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Shareholders\u2019 loans (ii) 275,302236,902600,000-
Bank loans (i)5,115,0392,333,993--
Bank overdraft (i)785,1171,205,388--
6,175,4583,776,286600,000-
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-current
Bank loans (i)228,6862,748,597--
Bonds (ii)20,491,45120,411,60820,491,45120,411,608
Third party loans261,250276,250--
20,981,38723,436,45520,491,45120,411,608
Total borrowings27,156,84627,212,73821,091,45120,411,608
i.Bank loans and overdraft
The Group\u2019s bank loan facilities as at 31st December 2024 amounted to \u20ac9,336,469 (2022: \u20ac9,143,555) and an overdraft
facility of \u20ac1,353,724 (2024: \u20ac1,353,724), out of which the amount of \u20ac2,240,541 (2023: \u20ac3,199,797) is not yet utilised as
at 31 December 2024.
These facilities are secured by general hypothecs and special hypothecs over the Group\u2019s assets and guaranteed by the subsidiaries and its shareholders, which have bound themselves jointly and severally liable for the repayment of the loans and the interest thereon, pursuant and subject to the terms and conditions in the sanction letter.
iii.Bonds
By virtue of the Prospectus dated 31st May 2022, The Ona p.l.c. issued for subscription by the general public 160,000 secured bonds having a nominal value of \u20ac100 each for an aggregate principal amount of \u20ac16,000,000. These bonds have been issued at par.
The \u20ac16m bonds are subject to the terms and conditions in the prospectus and are listed on the Malta Stock Exchange.
10.5Collateral 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 \u20ac16,000,000 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 31st May 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page18-cflshid_6167-tag11905231": { "value": "
5.Property, Plant and Equipment
5.2Analysis of balance
LandBuildingsFurniture, fixtures and fittingsPlant & MachineryComputer equipmentElectrical & PlumbingLiftTotal
Group\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Cost
At 1st January 202411,770,9806,693,5823,211,911369,315346,4382,511,350918,67425,822,250
Additions-70,47515,8815,05127,3449,810-128,561
Over-accrual of additions in PY-(136,856)-----(136,856)
At 1st January 202511,770,9806,627,2013,227,792374,366373,7822,521,160918,67425,813,955
Additions-5,0015,1403,78714,1115,043-33,082
At 31st December 202511,770,980 6,632,202 3,232,932 378,153 387,893 2,526,203 918,674 25,847,037
Depreciation
At 1st January 2024-79,337187,36139,06350,522126,86253,589536,734
Charge for the year-134,679322,77967,77393,445165,87991,868876,423
At 1st January 2025-214,016510,140106,836143,967292,741145,4571,413,157
Charge for the year- 137,279 323,293 68,404 96,973 166,19791,886 884,032
At 31st December 2025- 351,295 833,433 175,240 240,940 458,938237,343 2,297,189
Net Book Value
At 31 December 202511,770,980 6,280,907 2,399,499202,913146,9532,067,265681,331 23,549,848
At 31 December 202411,770,9806,413,1852,717,652267,530229,8152,228,419773,21724,400,798
At 1 January 202511,770,9806,413,1852,717,652267,530229,8152,228,419773,21724,400,798
Security
Land and Buildings held by the Group are pledged as security to the value of \u20ac16m for non-current borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page18-cflshid_6167-tag11902638": { "value": "
5.Property, Plant and Equipment
5.2Analysis of balance
LandBuildingsFurniture, fixtures and fittingsPlant & MachineryComputer equipmentElectrical & PlumbingLiftTotal
Group\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Cost
At 1st January 202411,770,9806,693,5823,211,911369,315346,4382,511,350918,67425,822,250
Additions-70,47515,8815,05127,3449,810-128,561
Over-accrual of additions in PY-(136,856)-----(136,856)
At 1st January 202511,770,9806,627,2013,227,792374,366373,7822,521,160918,67425,813,955
Additions-5,0015,1403,78714,1115,043-33,082
At 31st December 202511,770,980 6,632,202 3,232,932 378,153 387,893 2,526,203 918,674 25,847,037
Depreciation
At 1st January 2024-79,337187,36139,06350,522126,86253,589536,734
Charge for the year-134,679322,77967,77393,445165,87991,868876,423
At 1st January 2025-214,016510,140106,836143,967292,741145,4571,413,157
Charge for the year- 137,279 323,293 68,404 96,973 166,19791,886 884,032
At 31st December 2025- 351,295 833,433 175,240 240,940 458,938237,343 2,297,189
Net Book Value
At 31 December 202511,770,980 6,280,907 2,399,499202,913146,9532,067,265681,331 23,549,848
At 31 December 202411,770,9806,413,1852,717,652267,530229,8152,228,419773,21724,400,798
At 1 January 202511,770,9806,413,1852,717,652267,530229,8152,228,419773,21724,400,798
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page20-cflshid_7247-tag11905233": { "value": "
6.Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is calculated using the weighted average method and comprises expenditure incurred in acquiring the inventories and other costs incurred in bringing the inventories to their present location and condition. Net realisable value is the estimated price at which stocks can be sold in the course of business less anticipated costs of selling. The Group\u2019s inventories comprises properties held for resale in the ordinary course of the business and the hotel\u2019s operating stock.
6.3Estimates and judgements
Inventories include properties held for sale which are measured at the lower of cost and net realisable value in accordance with IAS 2 Inventories. Net realisable value represents the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.
The determination of net realisable value requires the use of management judgement and estimates. In assessing the recoverability of property inventory, management considers a number of factors including recent market transactions for comparable properties, current market conditions, expected selling prices, stage of completion of the properties and estimated costs required to complete and sell the properties. These estimates are reviewed at each reporting date and adjusted where necessary to reflect current market conditions and available information. Where the net realisable value of a property is lower than its carrying amount, a write-down is recognised in profit or loss.
Due to the inherent uncertainty involved in estimating selling prices and future costs, actual outcomes may differ from these estimates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page20-cflshid_7247-tag11929251": { "value": "
6.Inventories
6.1Make up of inventory tiems
GroupGroupCompanyCompany
2025202420252024
Properties held for sale\u20ac\u20ac\u20ac\u20ac
Cost of land and development costs 7,273,0018,709,326--
Capitalised borrowing costs1,332,527751,343--
Hospitality inventory
Hotel consumables-36,000--
8,605,5289,496,669--
6.2Capitalised borrowing costs
During the year, the Group continued the construction of previously acquired development projects. These projects are financed through bank borrowings. Borrowing costs capitalised during the year amounted to \u20ac581,185 (2024: \u20ac563,348). The capitalisation rates used to determine the amount of borrowing costs eligible for capitalisation was 5% for bank borrowings representing the effective interest rates of the respective specific borrowings.
The Group does not have any general borrowings. All bank and 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.
10Financial liabilities recognition, measurement and presentation
10.6Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Included in profit or loss
Interest on bond (i)720,000720,0001,045,0001,045,000
Interest on bank 98,39796,829--
Bond issue costs79,84379,84379,84379,843
898,240896,6721,124,8431,124,843
Interest capitalised in statement of financial position
Bond Interest included in inventory349,200349,200--
Bank interest and charges included in inventory232,015269,903--
581,215619,103--
(i) Interest on bond
This amount represents interest expense on the debt securities in issue, as set out in note 10.4 to these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page20-cflshid_7247-tag11925962": { "value": "
6.Inventories
6.2Capitalised borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of bank and bond interest and other costs that the Group incurs in connection with the borrowing of funds.
10Financial liabilities recognition, measurement and presentation
10.2Subsequent measurement
The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings.
10.6Finance 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:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page20-cflshid_7247-tag11925961": { "value": "
6.Inventories
6.2Capitalised borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of bank and bond interest and other costs that the Group incurs in connection with the borrowing of funds.
10Financial liabilities recognition, measurement and presentation
10.2Subsequent measurement
The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings.
10.6Finance 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:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page20-cflshid_7247-tag11925552": { "value": "
6.Inventories
6.2Capitalised borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of bank and bond interest and other costs that the Group incurs in connection with the borrowing of funds.
10Financial liabilities recognition, measurement and presentation
10.6Finance 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:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page20-cflshid_7247-tag11906044": { "value": "
6.Inventories
6.2Capitalised borrowing costs
During the year, the Group continued the construction of previously acquired development projects. These projects are financed through bank borrowings. Borrowing costs capitalised during the year amounted to \u20ac581,185 (2024: \u20ac563,348). The capitalisation rates used to determine the amount of borrowing costs eligible for capitalisation was 5% for bank borrowings representing the effective interest rates of the respective specific borrowings.
The Group does not have any general borrowings. All bank and 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.
9.Financial assets other than interest in subsidiaries and other entities
9.9Financial assets measured at fair value through other comprehensive income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At 1 January-991,504-991,504
Redemption of investment-(1,009,518)-(1,009,518)
Dividends received-18,014-18,014
At 31 December ----
10Financial liabilities recognition, measurement and presentation
10.6Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Included in profit or loss
Interest on bond (i)720,000720,0001,045,0001,045,000
Interest on bank 98,39796,829--
Bond issue costs79,84379,84379,84379,843
898,240896,6721,124,8431,124,843
Interest capitalised in statement of financial position
Bond Interest included in inventory349,200349,200--
Bank interest and charges included in inventory232,015269,903--
581,215619,103--
(i) Interest on bond
This amount represents interest expense on the debt securities in issue, as set out in note 10.4 to these financial statements.
14.Income tax and other income and expenditure
14.2Investments income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest income-10--
Dividend income -18,014-18,014
-18,024-18,014
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page20-cflshid_7247-tag11905232": { "value": "
6.Inventories
6.2Capitalised borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of bank and bond interest and other costs that the Group incurs in connection with the borrowing of funds.
10Financial liabilities recognition, measurement and presentation
10.6Finance 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:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page20-cflshid_7247-tag11902643": { "value": "
6.Inventories
6.1Make up of inventory tiems
GroupGroupCompanyCompany
2025202420252024
Properties held for sale\u20ac\u20ac\u20ac\u20ac
Cost of land and development costs 7,273,0018,709,326--
Capitalised borrowing costs1,332,527751,343--
Hospitality inventory
Hotel consumables-36,000--
8,605,5289,496,669--
Inventories recognised as an expense during the year ended 31st December 2025 amounted to \u20ac4,146,774 (2024: \u20ac1,335,757). These were included in operating expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_7841-tag11906902": { "value": "
7.Interest in subsidiaries and other entities
7.2Interest in Joint venture
The results and assets and liabilities of the joint venture are incorporated in these financial statements using the equity method of accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_7841-tag11906901": { "value": "
7.Interest in subsidiaries and other entities
7.2Interest in Joint venture
In the Group\u2019s financial statements, investments in associates are accounted for on the basis of the direct equity interest. No dividends were distributed from joint ventures during the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_7841-tag11905248": { "value": "
7.Interest in subsidiaries and other entities
7.2Interest in Joint venture
In the Group\u2019s financial statements, investments in associates are accounted for on the basis of the direct equity interest. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_7841-tag11904822": { "value": "
7.Interest in subsidiaries and other entities
7.1Subsidiaries
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. There are no subsidiaries with material non-controlling interests.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_7841-tag11902147": { "value": "
7.Interest in subsidiaries and other entities
7.2Interest in Joint venture
Group re-organisation
In July 2025, as part of a reorganisation of the Group\u2019s interest in Joint venture, The Ona Property Developments, a subsidiary of the The Ona P.LC transferred its entire shareholding in Acmus Property Development Limited to Acmus P.LC \u2013 a new Company formed on 19 February 2025 by way of a share-for-share exchange. The fair value of the consideration received, based on the value of shares issued by Acmus P.L.C, amounted to \u20ac3,075,926.
The transaction forms part of a group restructuring under common control, as the ultimate ownership and control of the underlying entities remained unchanged before and after the reorganisation. Accordingly, the investment in Acmus P.L.C has been recognised at the carrying amount of the investment in Acmus property development Limited transferred, being \u20ac152,000. No gain or loss has been recognised in the statement of profit or loss as a result of this transaction.
The substance of the acquisition was that of a group restructuring and the accounting treatment adopted is consistent with the principles applicable to transactions under common control, whereby assets exchanged are recorded at their existing carrying amounts.
The following table illustrates the summarised financial information of the Group\u2019s investment in these entities:
GroupGroup
20252024
Associates\u20ac\u20ac
Current assets34,849,21814,760,972
Non-current assets48,06842,306
Current liabilities6,380,966314,721
Non-current liabilities26,257,35114,403,609
Revenue1,413,000-
Loss for the year (87,219)(153,801)
Capital commitments 3,467,41014,704,395
The joint venture has no contingent liabilities as at 31 December 2025 and 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_7841-tag11901527": { "value": "
7.Interest in subsidiaries and other entities
7.1Subsidiaries
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. There are no subsidiaries with material non-controlling interests.
7.2Interest in Joint venture
In the Group\u2019s financial statements, investments in associates are accounted for on the basis of the direct equity interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11906893": { "value": "
8.Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
9.Financial assets other than interest in subsidiaries and other entities
9.1Initial recognition and measurement
At initial recognition, the Group and the Company classify their financial assets as subsequently measured at amortised cost. Financial assets at amortised cost are measured using the effective interest method and are subject to impairment. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s and Company\u2019s business model for managing them. At initial recognition, the Group and the Company measure a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.
9.2Subsequent measurement
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment in accordance with the expected credit loss model. Gains and losses are recognised in profit or loss when the financial asset is derecognised, modified or impaired.
9.3Debt instruments
The Group\u2019s financial assets measured at amortised cost comprise other receivable balances, deposits paid on promise of sale agreements for the acquisition of properties, deposits on furnishings and finishings relating to property development projects recognised within inventories, amounts due from commonly controlled entities outside the Group.
9.4Derecognition
A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either the Group has transferred substantially all the risks and rewards of the asset, or the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement.
9.5Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions and credit exposure in note 9.1
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
9.8Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, and short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position.
9.9Financial assets measured at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income (FVOCI) comprise debt securities where the contractual cash flows are solely principal, and interest and the objective of the Group\u2019s business model is achieved both by collecting contractual cash flows and selling financial assets. These comprise investments in listed bonds in the local market. On disposal of these debt investments, any related balance within the FVOCI reserve is reclassified to profit or loss within \u2018Gains/(losses) reclassified to profit or loss\u2019 upon derecognition of financial.
9.10Credit risk exposure from financial assets
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
The Group and the Company apply IFRS 9\u2019s general impairment model to other financial assets at amortised cost. This model requires an assessment as to whether the counterparty has experienced a significant increase in credit risk since initial recognition. This assessment forms the basis as to whether lifetime ECL should be recognised and is based on significant increases in the likelihood or risk of a default occurring since initial recognition.
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 other 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.
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\u2019s review includes external credit worthiness databases when available.
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 2024 and 31 December 2023 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.
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, include cash and cash equivalent and 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. 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:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11904820": { "value": "
8.Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
9.Financial assets other than interest in subsidiaries and other entities
9.1Initial recognition and measurement
At initial recognition, the Group and the Company classify their financial assets as subsequently measured at amortised cost. Financial assets at amortised cost are measured using the effective interest method and are subject to impairment. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s and Company\u2019s business model for managing them. At initial recognition, the Group and the Company measure a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.
9.2Subsequent measurement
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment in accordance with the expected credit loss model. Gains and losses are recognised in profit or loss when the financial asset is derecognised, modified or impaired.
9.3Debt instruments
The Group\u2019s financial assets measured at amortised cost comprise other receivable balances, deposits paid on promise of sale agreements for the acquisition of properties, deposits on furnishings and finishings relating to property development projects recognised within inventories, amounts due from commonly controlled entities outside the Group.
9.4Derecognition
A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either the Group has transferred substantially all the risks and rewards of the asset, or the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement.
9.5Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions and credit exposure in note 9.1
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
9.10Credit risk exposure from financial assets
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
The Group and the Company apply IFRS 9\u2019s general impairment model to other financial assets at amortised cost. This model requires an assessment as to whether the counterparty has experienced a significant increase in credit risk since initial recognition. This assessment forms the basis as to whether lifetime ECL should be recognised and is based on significant increases in the likelihood or risk of a default occurring since initial recognition.
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 other 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.
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\u2019s review includes external credit worthiness databases when available.
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 2024 and 31 December 2023 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.
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:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11906282": { "value": "
8.Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
10Financial liabilities recognition, measurement and presentation
The Group recognises 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.
10.1Initial recognition, measurement and presentation
Financial liabilities are classified, at initial recognition, as loans and borrowings or payables as appropriate. All financial liabilities are recognised initially at fair value net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables and borrowings comprising bank borrowings and bonds.
10.2Subsequent measurement
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings.
10.3Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
10.4Borrowings
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.
10.8Trade 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:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11904821": { "value": "
8.Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
10Financial liabilities recognition, measurement and presentation
The Group recognises 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.
10.1Initial recognition, measurement and presentation
Financial liabilities are classified, at initial recognition, as loans and borrowings or payables as appropriate. All financial liabilities are recognised initially at fair value net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables and borrowings comprising bank borrowings and bonds.
10.3Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
10.8Trade 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:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11905234": { "value": "
8.Financial instruments
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11905253": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.1Initial recognition and measurement
At initial recognition, the Group and the Company classify their financial assets as subsequently measured at amortised cost. Financial assets at amortised cost are measured using the effective interest method and are subject to impairment. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s and Company\u2019s business model for managing them. At initial recognition, the Group and the Company measure a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.
9.2Subsequent measurement
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment in accordance with the expected credit loss model. Gains and losses are recognised in profit or loss when the financial asset is derecognised, modified or impaired.
9.4Derecognition
A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either the Group has transferred substantially all the risks and rewards of the asset, or the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement.
9.8Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, and short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11929257": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.2Subsequent measurement
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment in accordance with the expected credit loss model. Gains and losses are recognised in profit or loss when the financial asset is derecognised, modified or impaired.
9.5Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions and credit exposure in note 9.1
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
9.7Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on amounts due from subsidiaries relating to bond proceeds and other funds advanced to finance the acquisition, development and construction of property projects. These balances are subject to impairment using the general approach under IFRS 9.
Amounts due from subsidiaries
Under the general approach, the Company measure ECLs using a probability-weighted estimate of credit losses determined by applying estimates of probability of default (PD), loss given default (LGD) and exposure at default (EAD). The ECL assessment incorporates reasonable and supportable forward-looking information, including assumptions regarding the expected performance of the underlying property development projects and broader economic conditions. The estimation of PDs reflects the likelihood that the subsidiaries will be unable to meet their repayment obligations, taking into consideration factors such as the subsidiaries\u2019 financial position, expected cash flows from property developments, project completion timelines and prevailing market conditions. LGD estimates reflect the expected recoverability of amounts advanced, including consideration of the value of underlying assets and projects being financed.
At each reporting date, the Group assesses whether there has been a significant increase in credit risk since initial recognition and update the assumptions used in estimating PD, LGD and EAD accordingly. The measurement of ECLs on amounts due from subsidiaries requires significant estimates. Changes in assumptions regarding project cash flows, property market conditions, development timelines and broader economic factors may result in material adjustments to the recognised ECL allowance.
9.10Credit risk exposure from financial assets
The above 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
The Group and the Company apply IFRS 9\u2019s general impairment model to other financial assets at amortised cost. This model requires an assessment as to whether the counterparty has experienced a significant increase in credit risk since initial recognition. This assessment forms the basis as to whether lifetime ECL should be recognised and is based on significant increases in the likelihood or risk of a default occurring since initial recognition.
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 other 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.
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\u2019s review includes external credit worthiness databases when available.
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 2024 and 31 December 2023 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.
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:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11929256": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.2Subsequent measurement
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment in accordance with the expected credit loss model. Gains and losses are recognised in profit or loss when the financial asset is derecognised, modified or impaired.
9.5Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions and credit exposure in note 9.1
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
9.7Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on amounts due from subsidiaries relating to bond proceeds and other funds advanced to finance the acquisition, development and construction of property projects. These balances are subject to impairment using the general approach under IFRS 9.
Amounts due from subsidiaries
Under the general approach, the Company measure ECLs using a probability-weighted estimate of credit losses determined by applying estimates of probability of default (PD), loss given default (LGD) and exposure at default (EAD). The ECL assessment incorporates reasonable and supportable forward-looking information, including assumptions regarding the expected performance of the underlying property development projects and broader economic conditions. The estimation of PDs reflects the likelihood that the subsidiaries will be unable to meet their repayment obligations, taking into consideration factors such as the subsidiaries\u2019 financial position, expected cash flows from property developments, project completion timelines and prevailing market conditions. LGD estimates reflect the expected recoverability of amounts advanced, including consideration of the value of underlying assets and projects being financed.
At each reporting date, the Group assesses whether there has been a significant increase in credit risk since initial recognition and update the assumptions used in estimating PD, LGD and EAD accordingly. The measurement of ECLs on amounts due from subsidiaries requires significant estimates. Changes in assumptions regarding project cash flows, property market conditions, development timelines and broader economic factors may result in material adjustments to the recognised ECL allowance.
9.10Credit risk exposure from financial assets
The above 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
The Group and the Company apply IFRS 9\u2019s general impairment model to other financial assets at amortised cost. This model requires an assessment as to whether the counterparty has experienced a significant increase in credit risk since initial recognition. This assessment forms the basis as to whether lifetime ECL should be recognised and is based on significant increases in the likelihood or risk of a default occurring since initial recognition.
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 other 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.
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\u2019s review includes external credit worthiness databases when available.
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 2024 and 31 December 2023 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.
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 cash, include cash and cash equivalent and 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11925274": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.6Trade and other receivables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Trade and other receivables
Amounts owed by commonly controlled entities ii599,928389,402--
Trade receivables37,41725,608--
Other receivables504,63341,424--
Prepayments and accrued income 121,50278,91515,43014,603
Indirect tax refundable-4,180--
1,263,480539,52915,43014,603
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11925273": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.6Trade and other receivables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Trade and other receivables
Amounts owed by commonly controlled entities ii599,928389,402--
Trade receivables37,41725,608--
Other receivables504,63341,424--
Prepayments and accrued income 121,50278,91515,43014,603
Indirect tax refundable-4,180--
1,263,480539,52915,43014,603
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11925272": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.6Trade and other receivables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Trade and other receivables
Amounts owed by commonly controlled entities ii599,928389,402--
Trade receivables37,41725,608--
Other receivables504,63341,424--
Prepayments and accrued income 121,50278,91515,43014,603
Indirect tax refundable-4,180--
1,263,480539,52915,43014,603
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11925271": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.9Financial assets measured at fair value through other comprehensive income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At 1 January-991,504-991,504
Redemption of investment-(1,009,518)-(1,009,518)
Dividends received-18,014-18,014
At 31 December ----
12.Investment property
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At Fair value
At 1 January1,700,0002,700,000--
Decrease in fair value of investment property(1,000,000)--
Disposal(1,700,000)---
At 31 December-1,700,000--
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11906266": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.6Trade and other receivables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Trade and other receivables
Amounts owed by commonly controlled entities ii599,928389,402--
Trade receivables37,41725,608--
Other receivables504,63341,424--
Prepayments and accrued income 121,50278,91515,43014,603
Indirect tax refundable-4,180--
1,263,480539,52915,43014,603
10Financial liabilities recognition, measurement and presentation
10.8Trade and other payables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade payables 814,272660,21410,97615,578
Capital creditors (ii)17,185908,928--
Capital Accruals (i)1,071,324800,358575,813572,983
Other payables217,966235,4061,081600
Indirect tax payable15,44931,096--
Accruals and deferred income705,759690,946--
Advanced deposits525,290234,050--
3,367,2453,560,998587,870589,161
14.Income tax and other income and expenditure
14.1Income tax
Current tax (liability)/ asset
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At 1 January(19,596)(19,552)3,070(1,483)
Charge for the year(482,620)(235,144)--
Provisional tax paid-4,553-4,553
Tax paid at source 482,620230,547--
At 31 December(19,596)(19,596)3,0703,070
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11906046": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.10Credit risk exposure from financial assets
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
Amounts due from subsidiaries--25,256,00924,574,462
Amounts due from commonly controlled entity599,9282,968,300--
Trade and other receivables663,552150,12715,43014,603
At 31 December1,263,4803,118,42725,271,43924,589,065
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.
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.
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\u2019s review includes external credit worthiness databases when available.
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 2024 and 31 December 2023 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.
Cash at bank and deposits
The Group\u2019s cash, include cash and cash equivalent and 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. While cash and cash equivalents and deposits are also subject to the impairment requirements of IFRS 9, the identified impairment loss was insignificant. No bank which the Group banks with has experienced a significant increase in credit risk since origination.
10Financial liabilities recognition, measurement and presentation
10.4Borrowings
iii.Bonds
Quoted Market Price
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
\u20ac16,000,000 secured bond 98100100100
\u20ac5,000,000 unsecured notesNot tradedNot tradedNot tradedNot traded
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 secured bonds therefore amounts to \u20ac15,680,000 (2024: \u20ac16,000,000). The fair value calculation is classified within Level 1 of IFRS 13\u2019s fair value hierarchy.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest rate exposure:
Interest free275,302236,902600,000-
At floating rates 6,390,0926,564,228--
At fixed rates 20,491,45120,411,60820,491,45120,411,608
27,156,84527,212,73821,091,45120,411,608
11.Liquidity risk exposure from financial liabilities
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 notes 10.4. 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.
As at 31 December 2025, the Group is in a net current liability position of \u20ac2.87m (2024: net current liability position of \u20ac2.85m). However, in light of the facilities in place, management believe that the Group has adequate resources to meet its obligations as and when they fall due for the foreseeable future. Accordingly, these financial statements are prepared on a going concern basis.
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 payables3,367,2453,560,998587,870589,161
Current income tax liability22,66622,666--
Bond interest1,045,0001,045,0001,045,0001,045,000
Other financial liabilities275,302236,902600,000-
Bank loan4,498,003739,292--
9,208,2165,604,8582,232,8701,634,161
Between 2 - 5 years
Bank loan-4,788,118--
Bond interest8,855,0009,180,0008,855,0009,180,000
8,855,00013,968,1188,855,0009,180,000
Over 5 years
Bank loan----
Bond interest and principal18,880,00019,600,00018,880,00019,600,000
18,880,00019,600,00018,880,00019,600,000
Total36,943,21639,172,97629,967,87030,414,161
The amount of trade and other payables classified as repayable within one year in the table above are contractually repayable on demand.
13Financial 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.
The exposures to credit risk and to liquidity risk, together with the management thereof, are disclosed in notes 8.9 and 9.9 respectively. This note provides information about 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, deposits held with banks, 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 \u20ac16,000,000 ten-year bond incurring interest of 5% and \u20ac6,000,000 five year securities incurring interest of 6% Debt securities issued at fixed rates. Debt securities are however carried at amortised cost. Accordingly, a shift in interest rates would not have an impact on profit or loss.
A shift in interest rates on borrowings at variable rates will however have an impact on profit or loss. 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 +/- \u20ac39,000 (2024: +/- \u20ac115,301). The impact of a reasonably possible shift in interest rates is not expected to impact the fair value of FVOCI financial assets materially and therefore the directors believe that the potential impact of such a shift on other comprehensive income is immaterial.
Financial instruments not measured at fair value
At 31st December 2025 and 31st 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 10.4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11906045": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.9Financial assets measured at fair value through other comprehensive income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At 1 January-991,504-991,504
Redemption of investment-(1,009,518)-(1,009,518)
Dividends received-18,014-18,014
At 31 December ----
14.Income tax and other income and expenditure
14.2Investments income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest income-10--
Dividend income -18,014-18,014
-18,024-18,014
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11905254": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.6Trade and other receivables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-Current
Loans and receivables
Amounts due from subsidiaries i--25,256,00924,574,462
Amounts due from Joint ventures7.2-2,578,898--
-2,578,89825,256,00924,574,462
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Trade and other receivables
Amounts owed by commonly controlled entities ii599,928389,402--
Trade receivables37,41725,608--
Other receivables504,63341,424--
Prepayments and accrued income 121,50278,91515,43014,603
Indirect tax refundable-4,180--
1,263,480539,52915,43014,603
ii.Amounts due from commonly controlled entities
These amounts are interest free, unsecured and repayable on demand
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11905251": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.4Derecognition
A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either the Group has transferred substantially all the risks and rewards of the asset, or the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement.
9.9Financial assets measured at fair value through other comprehensive income
On disposal of these debt investments, any related balance within the FVOCI reserve is reclassified to profit or loss within \u2018Gains/(losses) reclassified to profit or loss\u2019 upon derecognition of financial.10Financial liabilities recognition, measurement and presentationThe 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.
10.2Subsequent measurement
Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.
10.3Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11904830": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.9Financial assets measured at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income (FVOCI) comprise debt securities where the contractual cash flows are solely principal, and interest and the objective of the Group\u2019s business model is achieved both by collecting contractual cash flows and selling financial assets. These comprise investments in listed bonds in the local market. On disposal of these debt investments, any related balance within the FVOCI reserve is reclassified to profit or loss within \u2018Gains/(losses) reclassified to profit or loss\u2019 upon derecognition of financial.
12.Investment property
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11904829": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.9Financial assets measured at fair value through other comprehensive income
On disposal of these debt investments, any related balance within the FVOCI reserve is reclassified to profit or loss within \u2018Gains/(losses) reclassified to profit or loss\u2019 upon derecognition of financial.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11904588": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.8Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, and short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11902389": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.10Credit risk exposure from financial assets
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
Amounts due from subsidiaries--25,256,00924,574,462
Amounts due from commonly controlled entity599,9282,968,300--
Trade and other receivables663,552150,12715,43014,603
At 31 December1,263,4803,118,42725,271,43924,589,065
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.
The above 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.
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.
Trade receivables and accrued income
The expected loss rates are based on the payment profiles of sales over a period of 12 months before 31 December 2024 and 31 December 2023 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.
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 cash, include cash and cash equivalent and 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. While cash and cash equivalents and deposits are also subject to the impairment requirements of IFRS 9, the identified impairment loss was insignificant. No bank which the Group banks with has experienced a significant increase in credit risk since origination.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11902360": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.8Cash and cash equivalents
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Cash at bank and in hand2,539,074145,9881,0343,146
Security trust 25,00025,00025,00025,000
Bank overdraft (note 10.4)(785,117)(1,205,388)--
1,778,957(1,034,400)26,03428,146
The balances of cash and cash equivalents are available for use by the Group and the Company in their entirety.
10Financial liabilities recognition, measurement and presentation
10.7Reconciliation 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 1 January 2025Cash flowsOther liability related changesAs at 31 December 2025
\u20ac\u20ac\u20ac\u20ac
Bank borrowings6,287,978(159,136)-6,128,842
Bonds20,411,608-79,84320,491,451
Third party loans 276,250-(15,000)261,250
26,975,836(159,136)64,84326,881,543
GroupAs at 1 January 2024Cash flowsOther liability related changesAs at 31 December 2024
\u20ac\u20ac\u20ac\u20ac
Bank borrowings5,943,758344,220-6,287,978
Bonds20,331,765-79,84320,411,608
Third party loans 291,250-(15,000)276,250
26,566,773344,22064,84326,975,836
CompanyAs at 1 January 2025Cash flowsOther liability related changesAs at 31 December 2025
\u20ac\u20ac\u20ac\u20ac
Bonds20,411,608-79,84320,491,451
CompanyAs at 1 January 2024Cash flowsOther liability related changesAs at 31 December 2024
\u20ac\u20ac\u20ac\u20ac
Bonds20,331,765-79,84320,411,608
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11902358": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.8Cash and cash equivalents
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Cash at bank and in hand2,539,074145,9881,0343,146
Security trust 25,00025,00025,00025,000
Bank overdraft (note 10.4)(785,117)(1,205,388)--
1,778,957(1,034,400)26,03428,146
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:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page23-cflshid_8914-tag11900189": { "value": "
9.Financial assets other than interest in subsidiaries and other entities
9.10Credit risk exposure from financial assets
Trade receivables and accrued income
The expected loss rates are based on the payment profiles of sales over a period of 12 months before 31 December 2024 and 31 December 2023 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.
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 cash, include cash and cash equivalent and 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. While cash and cash equivalents and deposits are also subject to the impairment requirements of IFRS 9, the identified impairment loss was insignificant. No bank which the Group banks with has experienced a significant increase in credit risk since origination.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page25-cflshid_10081-tag11902390": { "value": "
9.9Financial assets measured at fair value through other comprehensive income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At 1 January-991,504-991,504
Redemption of investment-(1,009,518)-(1,009,518)
Dividends received-18,014-18,014
At 31 December ----
10Financial liabilities recognition, measurement and presentation
10.4Borrowings
The following borrowings were outstanding at 31st December 2025 and 2024:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Shareholders\u2019 loans (ii) 275,302236,902600,000-
Bank loans (i)5,115,0392,333,993--
Bank overdraft (i)785,1171,205,388--
6,175,4583,776,286600,000-
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-current
Bank loans (i)228,6862,748,597--
Bonds (ii)20,491,45120,411,60820,491,45120,411,608
Third party loans261,250276,250--
20,981,38723,436,45520,491,45120,411,608
Total borrowings27,156,84627,212,73821,091,45120,411,608
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
Bonds21,000,00021,000,00021,000,00021,000,000
Issue costs (760,505)(760,505)(760,505)(760,505)
Accumulated amortisation251,956172,113251,956172,113
Net book amount(508,549)(588,392)(508,549)(588,392)
Amortised cost20,491,45120,411,60820,491,45120,411,608
i.Bank loans and overdraft
The Group\u2019s bank loan facilities as at 31st December 2024 amounted to \u20ac9,336,469 (2022: \u20ac9,143,555) and an overdraft
facility of \u20ac1,353,724 (2024: \u20ac1,353,724), out of which the amount of \u20ac2,240,541 (2023: \u20ac3,199,797) is not yet utilised as
at 31 December 2024.
These facilities are secured by general hypothecs and special hypothecs over the Group\u2019s assets and guaranteed by the subsidiaries and its shareholders, which have bound themselves jointly and severally liable for the repayment of the loans and the interest thereon, pursuant and subject to the terms and conditions in the sanction letter.
Repayment of these loans is to be made from proceeds derived from the sale of properties as laid out in the repayment terms in the sanction letters.
iii.Bonds
By virtue of the Prospectus dated 31st May 2022, The Ona p.l.c. issued for subscription by the general public 160,000 secured bonds having a nominal value of \u20ac100 each for an aggregate principal amount of \u20ac16,000,000. These bonds have been issued at par.
The bonds are subject to a fixed interest rate of 4.5% per annum payable on the 21 of June of each year up to redemption date. All bonds, unless previously purchased and cancelled, will be redeemable at par on 21 June 2034 or, at the sole option of the Group, any date falling between 21 June 2028 and 20 June 2034.
In financial year 2023, The Ona P.L.C issued 5,000 unsecured notes at par having a nominal value of \u20ac1,000 per note up to an aggregate amount of \u20ac5,000,000. These unsecured notes are subject to a fixed interest rate of 6.5% per annum payable annually on 23 June of each year. The redemption date of these unsecured notes is 23 June 2028.
The \u20ac16m bonds are subject to the terms and conditions in the prospectus and are listed on the Malta Stock Exchange. The \u20ac5m unsecured participation notes are transferable but not traded on any regulated market or other trading facility. These are subject to the terms and conditions in the prospectus dated 1 June 2023.
Quoted Market Price
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Maturity of long-term borrowings:
Between 1 and 5 years 11,698,77611,703,4495,633,3824,902,319
Over 5 years 15,458,06915,509,28915,458,06915,509,289
27,156,84527,212,73821,091,45120,411,608
10.5Collateral 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 \u20ac16,000,000 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 31st May 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_11821-tag11905252": { "value": "10Financial liabilities recognition, measurement and presentation
The Group recognises 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.
10.1Initial recognition, measurement and presentation
Financial liabilities are classified, at initial recognition, as loans and borrowings or payables as appropriate. All financial liabilities are recognised initially at fair value net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables and borrowings comprising bank borrowings and bonds.
10.2Subsequent measurement
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings.
10.3Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
10.4Borrowings
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:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_11821-tag11906040": { "value": "10Financial liabilities recognition, measurement and presentation
10.4Borrowings
iii.Bonds
Quoted Market Price
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Maturity of long-term borrowings:
Between 1 and 5 years 11,698,77611,703,4495,633,3824,902,319
Over 5 years 15,458,06915,509,28915,458,06915,509,289
27,156,84527,212,73821,091,45120,411,608
11.Liquidity risk exposure from financial liabilities
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 notes 10.4. 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.
As at 31 December 2025, the Group is in a net current liability position of \u20ac2.87m (2024: net current liability position of \u20ac2.85m). However, in light of the facilities in place, management believe that the Group has adequate resources to meet its obligations as and when they fall due for the foreseeable future. Accordingly, these financial statements are prepared on a going concern basis.
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 payables3,367,2453,560,998587,870589,161
Current income tax liability22,66622,666--
Bond interest1,045,0001,045,0001,045,0001,045,000
Other financial liabilities275,302236,902600,000-
Bank loan4,498,003739,292--
9,208,2165,604,8582,232,8701,634,161
Between 2 - 5 years
Bank loan-4,788,118--
Bond interest8,855,0009,180,0008,855,0009,180,000
8,855,00013,968,1188,855,0009,180,000
Over 5 years
Bank loan----
Bond interest and principal18,880,00019,600,00018,880,00019,600,000
18,880,00019,600,00018,880,00019,600,000
Total36,943,21639,172,97629,967,87030,414,161
The amount of trade and other payables classified as repayable within one year in the table above are contractually repayable on demand.
13Financial 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.
The exposures to credit risk and to liquidity risk, together with the management thereof, are disclosed in notes 8.9 and 9.9 respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_11821-tag11906035": { "value": "10Financial liabilities recognition, measurement and presentation
10.4Borrowings
iii.Bonds
Quoted Market Price
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
\u20ac16,000,000 secured bond 98100100100
\u20ac5,000,000 unsecured notesNot tradedNot tradedNot tradedNot traded
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 secured bonds therefore amounts to \u20ac15,680,000 (2024: \u20ac16,000,000). The fair value calculation is classified within Level 1 of IFRS 13\u2019s fair value hierarchy.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest rate exposure:
Interest free275,302236,902600,000-
At floating rates 6,390,0926,564,228--
At fixed rates 20,491,45120,411,60820,491,45120,411,608
27,156,84527,212,73821,091,45120,411,608
GroupGroupCompanyCompany
2025202420252024
%%%%
Weighted average effective interest rates
At the balance sheet date:
Bank loans 4.934.93--
Bond4.984.984.984.98
13Financial 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.
This note provides information about 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, deposits held with banks, 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 \u20ac16,000,000 ten-year bond incurring interest of 5% and \u20ac6,000,000 five year securities incurring interest of 6% Debt securities issued at fixed rates. Debt securities are however carried at amortised cost. Accordingly, a shift in interest rates would not have an impact on profit or loss.
A shift in interest rates on borrowings at variable rates will however have an impact on profit or loss. 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 +/- \u20ac39,000 (2024: +/- \u20ac115,301). The impact of a reasonably possible shift in interest rates is not expected to impact the fair value of FVOCI financial assets materially and therefore the directors believe that the potential impact of such a shift on other comprehensive income is immaterial.
Financial instruments not measured at fair value
At 31st December 2025 and 31st 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 10.4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_11821-tag11905258": { "value": "10Financial liabilities recognition, measurement and presentation
10.8Trade and other payables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade payables 814,272660,21410,97615,578
Capital creditors (ii)17,185908,928--
Capital Accruals (i)1,071,324800,358575,813572,983
Other payables217,966235,4061,081600
Indirect tax payable15,44931,096--
Accruals and deferred income705,759690,946--
Advanced deposits525,290234,050--
3,367,2453,560,998587,870589,161
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_11821-tag11905257": { "value": "10Financial liabilities recognition, measurement and presentation
10.8Trade and other payables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade payables 814,272660,21410,97615,578
Capital creditors (ii)17,185908,928--
Capital Accruals (i)1,071,324800,358575,813572,983
Other payables217,966235,4061,081600
Indirect tax payable15,44931,096--
Accruals and deferred income705,759690,946--
Advanced deposits525,290234,050--
3,367,2453,560,998587,870589,161
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_11821-tag11905256": { "value": "10Financial liabilities recognition, measurement and presentation
10.4Borrowings
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Shareholders\u2019 loans (ii) 275,302236,902600,000-
Bank loans (i)5,115,0392,333,993--
Bank overdraft (i)785,1171,205,388--
6,175,4583,776,286600,000-
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-current
Bank loans (i)228,6862,748,597--
Bonds (ii)20,491,45120,411,60820,491,45120,411,608
Third party loans261,250276,250--
20,981,38723,436,45520,491,45120,411,608
Total borrowings27,156,84627,212,73821,091,45120,411,608
iii.Bonds
In financial year 2023, The Ona P.L.C issued 5,000 unsecured notes at par having a nominal value of \u20ac1,000 per note up to an aggregate amount of \u20ac5,000,000. These unsecured notes are subject to a fixed interest rate of 6.5% per annum payable annually on 23 June of each year. The redemption date of these unsecured notes is 23 June 2028.
The \u20ac5m unsecured participation notes are transferable but not traded on any regulated market or other trading facility.
10.8Trade and other payables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade payables 814,272660,21410,97615,578
Capital creditors (ii)17,185908,928--
Capital Accruals (i)1,071,324800,358575,813572,983
Other payables217,966235,4061,081600
Indirect tax payable15,44931,096--
Accruals and deferred income705,759690,946--
Advanced deposits525,290234,050--
3,367,2453,560,998587,870589,161
Note i - Capital accruals
Capital accruals represent costs relating to construction, development works and finishings performed on the Group\u2019s inventory properties (2024: hotel property and inventory) for which the related supplier invoices had not yet been received as at the reporting date. These costs are recognised based on work performed up to year end and are included within PPE as part of the cost.
The accruals are recognised in accordance with the Group\u2019s accounting policy and reflect management\u2019s best estimate of costs incurred but not yet invoiced at the reporting date.
Note ii \u2013 Capital creditors
Capital creditors represent amounts payable to contractors and suppliers who have performed construction and improvement works on the hotel property. The Group has entered into structured repayment arrangements with these creditors, under which outstanding balances are being settled over agreed periods in accordance with mutually agreed terms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_11821-tag11905255": { "value": "10Financial liabilities recognition, measurement and presentation
10.8Trade and other payables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade payables 814,272660,21410,97615,578
Capital creditors (ii)17,185908,928--
Capital Accruals (i)1,071,324800,358575,813572,983
Other payables217,966235,4061,081600
Indirect tax payable15,44931,096--
Accruals and deferred income705,759690,946--
Advanced deposits525,290234,050--
3,367,2453,560,998587,870589,161
Note i - Capital accruals
Capital accruals represent costs relating to construction, development works and finishings performed on the Group\u2019s inventory properties (2024: hotel property and inventory) for which the related supplier invoices had not yet been received as at the reporting date. These costs are recognised based on work performed up to year end and are included within PPE as part of the cost.
The accruals are recognised in accordance with the Group\u2019s accounting policy and reflect management\u2019s best estimate of costs incurred but not yet invoiced at the reporting date.
Note ii \u2013 Capital creditors
Capital creditors represent amounts payable to contractors and suppliers who have performed construction and improvement works on the hotel property. The Group has entered into structured repayment arrangements with these creditors, under which outstanding balances are being settled over agreed periods in accordance with mutually agreed terms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_11821-tag11905250": { "value": "10Financial liabilities recognition, measurement and presentation
10.4Borrowings
iii.Bonds
The \u20ac16m bonds are subject to the terms and conditions in the prospectus and are listed on the Malta Stock Exchange. The \u20ac5m unsecured participation notes are transferable but not traded on any regulated market or other trading facility. These are subject to the terms and conditions in the prospectus dated 1 June 2023.
Quoted Market Price
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
\u20ac16,000,000 secured bond 98100100100
\u20ac5,000,000 unsecured notesNot tradedNot tradedNot tradedNot traded
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 secured bonds therefore amounts to \u20ac15,680,000 (2024: \u20ac16,000,000). The fair value calculation is classified within Level 1 of IFRS 13\u2019s fair value hierarchy.
12.Investment property
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_11821-tag11904986": { "value": "10Financial liabilities recognition, measurement and presentation
10.6Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Included in profit or loss
Interest on bond (i)720,000720,0001,045,0001,045,000
Interest on bank 98,39796,829--
Bond issue costs79,84379,84379,84379,843
898,240896,6721,124,8431,124,843
Interest capitalised in statement of financial position
Bond Interest included in inventory349,200349,200--
Bank interest and charges included in inventory232,015269,903--
581,215619,103--
(i) Interest on bond
This amount represents interest expense on the debt securities in issue, as set out in note 10.4 to these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_11821-tag11904099": { "value": "10Financial liabilities recognition, measurement and presentation
10.4Borrowings
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Shareholders\u2019 loans (ii) 275,302236,902600,000-
Bank loans (i)5,115,0392,333,993--
Bank overdraft (i)785,1171,205,388--
6,175,4583,776,286600,000-
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-current
Bank loans (i)228,6862,748,597--
Bonds (ii)20,491,45120,411,60820,491,45120,411,608
Third party loans261,250276,250--
20,981,38723,436,45520,491,45120,411,608
Total borrowings27,156,84627,212,73821,091,45120,411,608
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
Bonds21,000,00021,000,00021,000,00021,000,000
Issue costs (760,505)(760,505)(760,505)(760,505)
Accumulated amortisation251,956172,113251,956172,113
Net book amount(508,549)(588,392)(508,549)(588,392)
Amortised cost20,491,45120,411,60820,491,45120,411,608
iii.Bonds
Quoted Market Price
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
\u20ac16,000,000 secured bond 98100100100
\u20ac5,000,000 unsecured notesNot tradedNot tradedNot tradedNot traded
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 secured bonds therefore amounts to \u20ac15,680,000 (2024: \u20ac16,000,000). The fair value calculation is classified within Level 1 of IFRS 13\u2019s fair value hierarchy.
12.Investment property
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At Fair value
At 1 January1,700,0002,700,000--
Decrease in fair value of investment property(1,000,000)--
Disposal(1,700,000)---
At 31 December-1,700,000--
Measuring investment property at fair value
Investment property principally land and buildings, which was held for long-term rental yields and are not occupied by the Group. The Group sold its investment property during the current year which is included in the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_11821-tag11903954": { "value": "10Financial liabilities recognition, measurement and presentation
10.4Borrowings
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Shareholders\u2019 loans (ii) 275,302236,902600,000-
Bank loans (i)5,115,0392,333,993--
Bank overdraft (i)785,1171,205,388--
6,175,4583,776,286600,000-
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-current
Bank loans (i)228,6862,748,597--
Bonds (ii)20,491,45120,411,60820,491,45120,411,608
Third party loans261,250276,250--
20,981,38723,436,45520,491,45120,411,608
Total borrowings27,156,84627,212,73821,091,45120,411,608
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
Bonds21,000,00021,000,00021,000,00021,000,000
Issue costs (760,505)(760,505)(760,505)(760,505)
Accumulated amortisation251,956172,113251,956172,113
Net book amount(508,549)(588,392)(508,549)(588,392)
Amortised cost20,491,45120,411,60820,491,45120,411,608
iii.Bonds
Quoted Market Price
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
\u20ac16,000,000 secured bond 98100100100
\u20ac5,000,000 unsecured notesNot tradedNot tradedNot tradedNot traded
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 secured bonds therefore amounts to \u20ac15,680,000 (2024: \u20ac16,000,000). The fair value calculation is classified within Level 1 of IFRS 13\u2019s fair value hierarchy.
12.Investment property
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At Fair value
At 1 January1,700,0002,700,000--
Decrease in fair value of investment property(1,000,000)--
Disposal(1,700,000)---
At 31 December-1,700,000--
Measuring investment property at fair value
Investment property principally land and buildings, which was held for long-term rental yields and are not occupied by the Group. The Group sold its investment property during the current year which is included in the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_11821-tag11902642": { "value": "10Financial liabilities recognition, measurement and presentation
10.6Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Included in profit or loss
Interest on bond (i)720,000720,0001,045,0001,045,000
Interest on bank 98,39796,829--
Bond issue costs79,84379,84379,84379,843
898,240896,6721,124,8431,124,843
Interest capitalised in statement of financial position
Bond Interest included in inventory349,200349,200--
Bank interest and charges included in inventory232,015269,903--
581,215619,103--
(i) Interest on bond
This amount represents interest expense on the debt securities in issue, as set out in note 10.4 to these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_11821-tag11902388": { "value": "10Financial liabilities recognition, measurement and presentation
10.4Borrowings
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Maturity of long-term borrowings:
Between 1 and 5 years 11,698,77611,703,4495,633,3824,902,319
Over 5 years 15,458,06915,509,28915,458,06915,509,289
27,156,84527,212,73821,091,45120,411,608
18.Other disclosures
18.2Commitments
Capital expenditure:
Commitments for capital expenditure not provided for in these financial statements are as follows:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Contracted but not provided for -2,240,541--
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_11821-tag11902387": { "value": "10Financial liabilities recognition, measurement and presentation
10.4Borrowings
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Maturity of long-term borrowings:
Between 1 and 5 years 11,698,77611,703,4495,633,3824,902,319
Over 5 years 15,458,06915,509,28915,458,06915,509,289
27,156,84527,212,73821,091,45120,411,608
18.Other disclosures
18.2Commitments
Capital expenditure:
Commitments for capital expenditure not provided for in these financial statements are as follows:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Contracted but not provided for -2,240,541--
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_11821-tag11902146": { "value": "10Financial liabilities recognition, measurement and presentation
10.4Borrowings
The following borrowings were outstanding at 31st December 2025 and 2024:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current
Shareholders\u2019 loans (ii) 275,302236,902600,000-
Bank loans (i)5,115,0392,333,993--
Bank overdraft (i)785,1171,205,388--
6,175,4583,776,286600,000-
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-current
Bank loans (i)228,6862,748,597--
Bonds (ii)20,491,45120,411,60820,491,45120,411,608
Third party loans261,250276,250--
20,981,38723,436,45520,491,45120,411,608
Total borrowings27,156,84627,212,73821,091,45120,411,608
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
Bonds21,000,00021,000,00021,000,00021,000,000
Issue costs (760,505)(760,505)(760,505)(760,505)
Accumulated amortisation251,956172,113251,956172,113
Net book amount(508,549)(588,392)(508,549)(588,392)
Amortised cost20,491,45120,411,60820,491,45120,411,608
i.Bank loans and overdraft
The Group\u2019s bank loan facilities as at 31st December 2024 amounted to \u20ac9,336,469 (2022: \u20ac9,143,555) and an overdraft
facility of \u20ac1,353,724 (2024: \u20ac1,353,724), out of which the amount of \u20ac2,240,541 (2023: \u20ac3,199,797) is not yet utilised as
at 31 December 2024.
These facilities are secured by general hypothecs and special hypothecs over the Group\u2019s assets and guaranteed by the subsidiaries and its shareholders, which have bound themselves jointly and severally liable for the repayment of the loans and the interest thereon, pursuant and subject to the terms and conditions in the sanction letter.
Repayment of these loans is to be made from proceeds derived from the sale of properties as laid out in the repayment terms in the sanction letters.
iii.Bonds
By virtue of the Prospectus dated 31st May 2022, The Ona p.l.c. issued for subscription by the general public 160,000 secured bonds having a nominal value of \u20ac100 each for an aggregate principal amount of \u20ac16,000,000. These bonds have been issued at par.
The bonds are subject to a fixed interest rate of 4.5% per annum payable on the 21 of June of each year up to redemption date. All bonds, unless previously purchased and cancelled, will be redeemable at par on 21 June 2034 or, at the sole option of the Group, any date falling between 21 June 2028 and 20 June 2034.
In financial year 2023, The Ona P.L.C issued 5,000 unsecured notes at par having a nominal value of \u20ac1,000 per note up to an aggregate amount of \u20ac5,000,000. These unsecured notes are subject to a fixed interest rate of 6.5% per annum payable annually on 23 June of each year. The redemption date of these unsecured notes is 23 June 2028.
The \u20ac16m bonds are subject to the terms and conditions in the prospectus and are listed on the Malta Stock Exchange. The \u20ac5m unsecured participation notes are transferable but not traded on any regulated market or other trading facility. These are subject to the terms and conditions in the prospectus dated 1 June 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page28-cflshid_11821-tag11899939": { "value": "10Financial liabilities recognition, measurement and presentation
10.8Trade and other payables
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade payables 814,272660,21410,97615,578
Capital creditors (ii)17,185908,928--
Capital Accruals (i)1,071,324800,358575,813572,983
Other payables217,966235,4061,081600
Indirect tax payable15,44931,096--
Accruals and deferred income705,759690,946--
Advanced deposits525,290234,050--
3,367,2453,560,998587,870589,161
Note i - Capital accruals
Capital accruals represent costs relating to construction, development works and finishings performed on the Group\u2019s inventory properties (2024: hotel property and inventory) for which the related supplier invoices had not yet been received as at the reporting date. These costs are recognised based on work performed up to year end and are included within PPE as part of the cost.
The accruals are recognised in accordance with the Group\u2019s accounting policy and reflect management\u2019s best estimate of costs incurred but not yet invoiced at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page34-cflshid_14954-tag11904825": { "value": "
12.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 under long term operating leases.
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:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page34-cflshid_14954-tag11906043": { "value": "
12.Investment property
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At Fair value
At 1 January1,700,0002,700,000--
Decrease in fair value of investment property(1,000,000)--
Disposal(1,700,000)---
At 31 December-1,700,000--
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page34-cflshid_14954-tag11904824": { "value": "
12.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:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page36-cflshid_16068-tag11905249": { "value": "
14.Income tax and other income and expenditure
14.1Income tax
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page36-cflshid_16068-tag11905227": { "value": "
14.Income tax and other income and expenditure
14.1Income tax
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:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page36-cflshid_16068-tag11906265": { "value": "
14.Income tax and other income and expenditure
14.3Other operating income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Rental income -48,543--
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page36-cflshid_16068-tag11906264": { "value": "
14.Income tax and other income and expenditure
14.5 Staff wages and employee information
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Gross wages, salaries and director\u2019s fees1,019,2591,031,39918,90018,022
Social security cost95,44076,617--
1,114,6991,108,01618,90018,022
GroupGroupCompanyCompany
2025202420252024
NumberNumberNumberNumber
Administrative85--
Operational4744--
Directors5555
605455
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page36-cflshid_16068-tag11906263": { "value": "
14.Income tax and other income and expenditure
14.5 Staff wages and employee information
The average number of persons employed during the year, including directors, was made up as follows:
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page36-cflshid_16068-tag11906262": { "value": "
14.Income tax and other income and expenditure
14.1Income tax
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Deferred tax charge(53,976)(147,170)599(6,126)
Current tax charge482,620235,144-2,702
428,64487,974599(3,424)
Current tax (liability)/ asset
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At 1 January(19,596)(19,552)3,070(1,483)
Charge for the year(482,620)(235,144)--
Provisional tax paid-4,553-4,553
Tax paid at source 482,620230,547--
At 31 December(19,596)(19,596)3,0703,070
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
(Loss)/ Profit for the year1,424,117(725,070)1,710511
Tax at the applicable rate of 35%498,441(253,775)599179
Tax effect of:
Exempt income (5,250)(5,250)--
Effect of movement in FV -270,000--
Difference arising on profit subject to FWT on income(73,017)68,529-(3,603)
Difference arising on related party interest capitalised as subsidiary levels8,4708,470--
Tax charge for the year428,64487,974599(3,424)
Deferred tax liability/ (asset)
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
Balance as the beginning of the year176,911324,081(6,789)(663)
Recognised in profit and loss
Movement in effect of capital allowances over depreciation18,27237,615--
Movement in fair vlaue of investment property(136,000)(80,000)--
Movement in absorbed tax losses and capital allowances(72,248)(104,785)599(6,126)
(189,976)(147,170)599(6,126)
\u00a0Balance at the end of the year(13,065)176,911(6,190)(6,789)
Judgements
Deferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with future tax planning strategies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page36-cflshid_16068-tag11905226": { "value": "
14.Income tax and other income and expenditure
14.3Other operating income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Rental income -48,543--
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page36-cflshid_16068-tag11902393": { "value": "
14.Income tax and other income and expenditure
14.1Income tax
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Deferred tax charge(53,976)(147,170)599(6,126)
Current tax charge482,620235,144-2,702
428,64487,974599(3,424)
Current tax (liability)/ asset
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At 1 January(19,596)(19,552)3,070(1,483)
Charge for the year(482,620)(235,144)--
Provisional tax paid-4,553-4,553
Tax paid at source 482,620230,547--
At 31 December(19,596)(19,596)3,0703,070
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
(Loss)/ Profit for the year1,424,117(725,070)1,710511
Tax at the applicable rate of 35%498,441(253,775)599179
Tax effect of:
Exempt income (5,250)(5,250)--
Effect of movement in FV -270,000--
Difference arising on profit subject to FWT on income(73,017)68,529-(3,603)
Difference arising on related party interest capitalised as subsidiary levels8,4708,470--
Tax charge for the year428,64487,974599(3,424)
Deferred tax liability/ (asset)
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
Balance as the beginning of the year176,911324,081(6,789)(663)
Recognised in profit and loss
Movement in effect of capital allowances over depreciation18,27237,615--
Movement in fair vlaue of investment property(136,000)(80,000)--
Movement in absorbed tax losses and capital allowances(72,248)(104,785)599(6,126)
(189,976)(147,170)599(6,126)
\u00a0Balance at the end of the year(13,065)176,911(6,190)(6,789)
Judgements
Deferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with future tax planning strategies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page36-cflshid_16068-tag11900297": { "value": "
14.Income tax and other income and expenditure
14.4Fees paid to the auditors
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
Annual statutory audit 18,65018,6506,4006,400
Tax compliance services 2,0002,000500500
20,65020,6506,9006,900
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page38-cflshid_17332-tag11900300": { "value": "
15.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, return capital to shareholders, issue new shares or sell assets to reduce debt. Consistent with others in the industry, the group monitors capital on the basis of the following gearing ratio:
Net debt (borrowings as presented in note 10.4) divided by total equity (as shown in the statement of financial position).
The Group and the Company manage their capital structure and make adjustments in light of changes in economic conditions. To maintain and adjust the capital structure, the Group and the Company may adjust the dividend payment to shareholders or issue new debt. The Group monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Group includes within net debt interest bearing loans and borrowings, trade and other payables and other financial liabilities less cash and cash equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page39-cflshid_17824-tag11904828": { "value": "
17.Equity
17.1Share capital
Ordinary shares issued by the Company are classified as equity instruments. 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:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page39-cflshid_17824-tag11904827": { "value": "
17.Equity
17.1Share capital
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Authorised share capital
9,999,999 \u201cA\u201d Ordinary shares of \u20ac1 each9,999,9999,999,9999,999,9999,999,999
1 \u201cB\u201d Ordinary shares of \u20ac1 each1111
10,000,00010,000,00010,000,00010,000,000
Issued share capital
7,271,692 \u201cA\u201d Ordinary shares of \u20ac1 each7,271,6927,271,6927,271,6927,271,692
1 \u201cB\u201d Ordinary shares of \u20ac1 each1111
7,271,6937,271,6937,271,6937,271,693
The Ordinary \u201cA\u201d shares issued by the Company rank pari passu in all respects.
The following table shows the movement in the issued share capital of the Group and the Company.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At 1 January7,271,6937,271,6937,271,6937,271,693
At 31 December 7,271,6937,271,6937,271,6937,271,693
17.2Other reserves
On 19th April 2022, by virtue of a Group restructuring accounted for under the reorganisation method in these financial statements, the Group companies assigned the amount of \u20ac3,581,162 previously classified as borrowings repayable in full at the option of the lender within 30 days from receipt of notice, owed to related parties outside Group to the ultimate shareholder. Consequently, these loans were assigned to the new Parent company on 19th April 2022 which resulted in Parent Company becoming the new debtor of the shareholder. This payable balance was subsequentely capitalised to ordinary shareholding on 27th April 2022. Refer to note 1 to these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:48510040FDCT4Q97XG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page39-cflshid_17824-tag11904826": { "value": "
17.Equity
17.2Other reserves
On 19th April 2022, by virtue of a Group restructuring accounted for under the reorganisation method in these financial statements, the Group companies assigned the amount of \u20ac3,581,162 previously classified as borrowings repayable in full at the option of the lender within 30 days from receipt of notice, owed to related parties outside Group to the ultimate shareholder. Consequently, these loans were assigned to the new Parent company on 19th April 2022 which resulted in Parent Company becoming the new debtor of the shareholder. This payable balance was subsequentely capitalised to ordinary shareholding on 27th April 2022. Refer to note 1 to these financial statements.
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17.Equity
17.1Share capital
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Authorised share capital
9,999,999 \u201cA\u201d Ordinary shares of \u20ac1 each9,999,9999,999,9999,999,9999,999,999
1 \u201cB\u201d Ordinary shares of \u20ac1 each1111
10,000,00010,000,00010,000,00010,000,000
Issued share capital
7,271,692 \u201cA\u201d Ordinary shares of \u20ac1 each7,271,6927,271,6927,271,6927,271,692
1 \u201cB\u201d Ordinary shares of \u20ac1 each1111
7,271,6937,271,6937,271,6937,271,693
The Ordinary \u201cA\u201d shares issued by the Company rank pari passu in all respects.
The following table shows the movement in the issued share capital of the Group and the Company.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
At 1 January7,271,6937,271,6937,271,6937,271,693
At 31 December 7,271,6937,271,6937,271,6937,271,693
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