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"v1-page15-cflshid_5674-tag11993486": {
"value": "1.General Information
1.1Information about the Group and the Company
ACMUS P.L.C. (C-111213) is a public limited liability Company incorporated in Malta. The Company is the parent company of the Group, which is mainly involved in the construction and property development. The Company was incorporated on 19 February 2025 and, accordingly these financial statements for the Company cover the period from incorporation to 31 December 2025 representing a period of 10 months. This is the first set of financial statements prepared by the Company. The registered office is Hyatt Centric Malta, Triq Santu Wistin, San Giljan, SWQ 3312.
The Group was formed during the current financial period. As part of a capital reorganisation undertaken during the year, the Group financial statements have been prepared using the principles of merger accounting. Consequently, the comparative information presented for the Group represents the results and financial position of ACMUS Property Development Limited (C-104599) which was in existence prior to the formation of the Group and is considered to be the predecessor entity for accounting purposes.
The Company and the subsidiaries are together referred to as \u2018the Group\u2019
The current year Group figures reflect the consolidated results and financial position of the Group as constituted following the capital reorganisation.
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.
",
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"v1-page15-cflshid_5674-tag11993529": {
"value": "1.General Information
1.1Information about the Group and the Company
The Company is the parent company of the Group, which is mainly involved in the construction and property development. The Company was incorporated on 19 February 2025 and, accordingly these financial statements for the Company cover the period from incorporation to 31 December 2025 representing a period of 10 months.4.Reorganisation of GroupThe Company was incorporated on 19 February 2025 under the terms of the Maltese Companies Act, 1995. In July 2025, the Company acquired 100% direct shareholding in ACMUS Property Development Limited through an exchange of shares it issued to The Ona Property Development Limited (C-82490) and Muscat Holdings (II) Limited (C-89275) for a consideration of \u20ac3,075,926.
ACMUS Property Development Limited was already in existence and operating. The substance of the acquisition was that of a group restructuring by virtue of which the Company became the new parent company of the Group.The following table summarises the consideration paid by the Company and the amounts of assets acquired, and liabilities assumed, that were recognised in the consolidated statement of financial position as at July 2025, being the date of the legal reorganisation:
| Group |
| 2025 |
| \u20ac |
| Consideration | |
| Company | |
| Non-cash consideration | 3,075,926 |
| Total consideration | 3,075,926 |
| Recognised amounts of identifiable assets acquired, and liabilities assumed | |
| Net assets acquired | 84,947 |
| Uplift in market value of properties held as inventory at cost | 2,990,979 |
| 3,075,926 |
| Make up of reserve account: | |
| Uplift recognised on reorganisation not recorded | 2,990,979 |
| Less: pre reorganisation reserves remained in group | (220,053) |
| 2,770,926 |
7.3Debt instruments
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. 7.7Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on bond proceeds held by the trustee and the Company 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.
-Loans to 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 Company 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.Interest in subsidiaries
A subsidiary is an entity that is controlled by the Company. The Company controls an investee when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
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.
Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses, cash flows and any unrealised gains relating to transactions between members of the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognises the related assets (including any goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.
In the Company\u2019s financial statements, investments in subsidiaries are accounted for on the basis of the direct equity interest and are stated at pre organisation amounts less any accumulated impairment losses. Dividends from the investment are recognised in profit or loss.
In February 2025 ACMUS properties Limited was formed as a fully owned subsidiary of ACMUS P.L.C . In July 2025, the Company acquired 100% of the share capital of ACMUS Property Development Limited through an exchange of shares.
| Shares in |
| Subsidiaries |
| \u20ac |
| Company | |
| At 19 February 2025 | - |
| Acquisition of investment in ACMUS Property Development Limited | 3,075,926 |
| Acquisition of investment in ACMUS Properties Limited | 2,000 |
| At 31 December 2025 | 3,077,926 |
The investment in subsidiary is accounted for using the reorganisation method of accounting and therefore reflects the Net Asset Value of the pre-existing assets and liabilities acquired and an uplift on the properties held at cost.
\u00a0
All subsidiary undertakings are included in the consolidation and are accounted for on the basis of direct equity interest and are stated at cost less any accumulated impairment losses.
Shares in subsidiaries and associate undertaking represent the following investments:
| | | | 2025 | 2024 |
| Company | Relationship | Registered address | Principal Activity | % Holding | %Holding |
| ACMUS Property Development Limited | Subsidiary | AC Hotel St. Julians13, Lourdes LaneSan Giljan, STJ 3311 | Real estate operations | 100% | - |
| ACMUS Properties Limited | Subsidiary | AC Hotel St. Julians13, Lourdes LaneSan Giljan, STJ 3311 | Real estate operations | 100% | - |
14.1Finance income
The Company advances funds to its subsidiaries primarily from the proceeds of bonds issued by the Company and other financing provided by the shareholders. | Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Interest income on loans to subsidiaries | - | - | 491,287 |
1.General Information
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.
",
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"v1-page15-cflshid_5674-tag11993505": {
"value": "1.General Information
1.3Going Concern
The Group registered total revenue of \u20ac1,413,000, representing proceeds from the sale of properties which have been fully developed during the current year. The Group reported an EBITDA of \u20ac61,791 as shown in the Statement of profit or loss. The Company registered interest income of \u20ac491,287 and profit before tax of \u20ac6,398.
As at 31 December 2025, the Company\u2019s current assets exceeded current liabilities by \u20ac7,407,666. Given the nature of the Company and its function within the Group, of which it is the ultimate parent company, the Company is dependent on the Group for financial support.
As at 31 December 2025, the Group\u2019s current assets exceeded its current liabilities by \u20ac33,487,359 (2024: \u20ac14,446,250) whereas the Group\u2019s total assets exceeded its total liabilities by \u20ac6,990,033(\u20ac2024: \u20ac84,948). The working capital position as at 31 December 2025 includes a balance of \u20ac219,500 (2024: NIL) that represents deferred income which does not have an impact on the Group\u2019s liquidity.
The Directors have prepared a cashflow forecast for the ACMUS P.L.C. Group covering 36 months from the reporting date, considering significant events and transactions that have occurred or are expected to occur subsequent to period end. The cash flow forecasts include expected proceeds from the sale of properties under development and the associated development and operating costs expected to be incurred over the forecast period. A portion of the forecast sales relates to properties for which deposits have already been secured. These deposits were received prior to the reporting date and are recognised as advance deposits within liabilities in the statement of financial position.
The forecasts also take into account the repayment of bank borrowings obtained to part-finance certain development projects. These borrowings are contractually repayable upon the sale of the related properties. In addition, the forecasts include planned capital expenditure to be funded by the Group, as well as the repayment of bond interest arising from bond issuances made during the current financial period.
As part of their assessment, the Directors have considered the impact of adverse scenarios, including delays in the timing of property sales. The cash flow forecasts assume the injection of additional funding from shareholders to enable the Group to meet its obligations as they fall due. Even under these stressed assumptions, the Group is projected to maintain sufficient liquidity throughout the forecast period.
Based on this assessment, the Directors have a reasonable expectation that the Group and the Company have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
",
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"v1-page15-cflshid_5674-tag11993502": {
"value": "1.General Information
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.
",
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"v1-page15-cflshid_5674-tag11993500": {
"value": "1.General Information
Significant accounting judgements, estimates and assumptions
The preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
Other disclosures relating to the Group\u2019s exposure to risks and uncertainties includes:
| Capital management | Note 17 |
| Financial instruments risk management and policies | Note 16 |
In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements:
Capital reorganisation
During the year, the Group undertook a capital reorganisation whereby a new intermediate holding company was incorporated between the operating company and its shareholders. The shareholders of the existing operating company exchanged their shares for shares in the new holding company.
Management has assessed that the transaction is a common control transaction and, as there was no change in the ultimate economic interests of the shareholders, the transaction has been accounted for as an equity transaction. No gain or loss has been recognised in profit or loss in respect of the share-for-share exchange.
The accounting treatment applied required management judgement in assessing the classification of the transaction as a common control reorganisation.
Estimates and assumptions The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described in the below notes:
| ECL on amounts due | Note 7.7 |
| NRV of inventory | Note 5.3 |
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.
7.Financial assets7.7Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on bond proceeds held by the trustee and the Company 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.
-Loans to subsidiaries
At each reporting date, the Company 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.
-Bond proceeds held at trustee
However, the assessment of ECLs requires the use of judgement, particularly in evaluating the credit risk of the counterparty and the impact of forward-looking economic conditions.",
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"v1-page15-cflshid_5674-tag11993474": {
"value": "1.General Information
Compliance with IFRS and with the Maltese Companies Act
The financial statements of the Company 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.",
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"v1-page15-cflshid_5674-tag11993471": {
"value": "1.General Information
1.3Going Concern
The working capital position as at 31 December 2025 includes a balance of \u20ac219,500 (2024: NIL) that represents deferred income which does not have an impact on the Group\u2019s liquidity. 8.Financial liabilities
8.5Trade and other payables
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Trade payables | | 53,049 | 40,368 | 11,674 |
| Amounts due to other related entities | iii | 38,080 | 13,664 | 15,000 |
| Accruals | ii | 482,429 | 31,362 | 366,026 |
| Deposits received on sale of properties | | 219,500 | - | - |
| Capital accruals | i | 1,906,483 | 229,327 | - |
| Other payables | | 6,499 | - | 3,289 |
| | 2,706,040 | 314,721 | 395,989 |
2.Standards, interpretations and amendments to published standards effective in 2025
3.In 2024, the Company adopted new
standards, amendments and
interpretations to existing
4.standards that are mandatory for the
Company\u2019s accounting period
beginning on 1 January 2024.
5.The adoption of these revisions to the
requirements of IFRSs as adopted by
the EU did not have a
6.material effect on the Company\u2019s
recognition, measurement and
presentation of items within these
7.financial statements. Disclosures have
been impacted as described below.
9.The IASB amended IAS 1
\u2018Presentation of Financial Statements\u2019
to require entities to disclose their
10.material rather than their significant
accounting policies. The amendments
define what is \u2018material
11.accounting policy information\u2019
(being information that, when
considered together with other
12.information included in an entity\u2019s
financial statements, can reasonably be
expected to influence
13.decisions that the primary users of
general purpose financial statements
make on the basis of those
14.financial statements) and explain
how to identify when accounting policy
information is material. They
15.further clarify that immaterial
accounting policy information does not
need to be disclosed. If it is
16.disclosed, it should not obscure
material accounting information.
18.To support this amendment, the
IASB also amended IFRS Practice
Statement 2 \u2018Making Materiality
19.Judgements\u2019 to provide guidance
on how to apply the concept of
materiality to accounting policy
22.Consequently, the Company is
disclosing accounting policy
information that is material.
23.In 2024, the Company adopted
new standards, amendments and
interpretations to existing
24.standards that are mandatory for the
Company\u2019s accounting period
beginning on 1 January 2024.
25.The adoption of these revisions to
the requirements of IFRSs as adopted
by the EU did not have a
26.material effect on the Company\u2019s
recognition, measurement and
presentation of items within these
27.financial statements. Disclosures
have been impacted as described
below.
29.The IASB amended IAS 1
\u2018Presentation of Financial Statements\u2019
to require entities to disclose their
30.material rather than their significant
accounting policies. The amendments
define what is \u2018material
31.accounting policy information\u2019
(being information that, when
considered together with other
32.information included in an entity\u2019s
financial statements, can reasonably be
expected to influence
33.decisions that the primary users of
general purpose financial statements
make on the basis of those
34.financial statements) and explain
how to identify when accounting policy
information is material. They
35.further clarify that immaterial
accounting policy information does not
need to be disclosed. If it is
36.disclosed, it should not obscure
material accounting information.
38.To support this amendment, the
IASB also amended IFRS Practice
Statement 2 \u2018Making Materiality
39.Judgements\u2019 to provide guidance
on how to apply the concept of
materiality to accounting policy
42.Consequently, the Company is
disclosing accounting policy
information that is material.
The accounting policies adopted are consistent with those of the previous financial year, except for the following amendments to IFRS effective during the year:
-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)
-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)
-Amendments to IAS 1 Presentation of Financial Statements:
i.Classification of Liabilities as Current or Non-Current (issued on 23 January 2020 (effective for financial year beginning on or after 1 January 2024));
ii.Classification 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
iii.Non-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.
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:
-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;
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.
-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 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
-Additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed
-Clarifications on what constitute \u2018non-recourse features\u2019 and what are the characteristics of contractually linked instruments
-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:485100D17N40H42R6D98",
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}
},
"v1-page17-cflshid_6622-tag11993503": {
"value": "2.Standards, interpretations and amendments to published standards effective in 2025
3.In 2024, the Company adopted new
standards, amendments and
interpretations to existing
4.standards that are mandatory for the
Company\u2019s accounting period
beginning on 1 January 2024.
5.The adoption of these revisions to the
requirements of IFRSs as adopted by
the EU did not have a
6.material effect on the Company\u2019s
recognition, measurement and
presentation of items within these
7.financial statements. Disclosures have
been impacted as described below.
9.The IASB amended IAS 1
\u2018Presentation of Financial Statements\u2019
to require entities to disclose their
10.material rather than their significant
accounting policies. The amendments
define what is \u2018material
11.accounting policy information\u2019
(being information that, when
considered together with other
12.information included in an entity\u2019s
financial statements, can reasonably be
expected to influence
13.decisions that the primary users of
general purpose financial statements
make on the basis of those
14.financial statements) and explain
how to identify when accounting policy
information is material. They
15.further clarify that immaterial
accounting policy information does not
need to be disclosed. If it is
16.disclosed, it should not obscure
material accounting information.
18.To support this amendment, the
IASB also amended IFRS Practice
Statement 2 \u2018Making Materiality
19.Judgements\u2019 to provide guidance
on how to apply the concept of
materiality to accounting policy
22.Consequently, the Company is
disclosing accounting policy
information that is material.
23.In 2024, the Company adopted
new standards, amendments and
interpretations to existing
24.standards that are mandatory for the
Company\u2019s accounting period
beginning on 1 January 2024.
25.The adoption of these revisions to
the requirements of IFRSs as adopted
by the EU did not have a
26.material effect on the Company\u2019s
recognition, measurement and
presentation of items within these
27.financial statements. Disclosures
have been impacted as described
below.
29.The IASB amended IAS 1
\u2018Presentation of Financial Statements\u2019
to require entities to disclose their
30.material rather than their significant
accounting policies. The amendments
define what is \u2018material
31.accounting policy information\u2019
(being information that, when
considered together with other
32.information included in an entity\u2019s
financial statements, can reasonably be
expected to influence
33.decisions that the primary users of
general purpose financial statements
make on the basis of those
34.financial statements) and explain
how to identify when accounting policy
information is material. They
35.further clarify that immaterial
accounting policy information does not
need to be disclosed. If it is
36.disclosed, it should not obscure
material accounting information.
38.To support this amendment, the
IASB also amended IFRS Practice
Statement 2 \u2018Making Materiality
39.Judgements\u2019 to provide guidance
on how to apply the concept of
materiality to accounting policy
42.Consequently, the Company is
disclosing accounting policy
information that is material.
The accounting policies adopted are consistent with those of the previous financial year, except for the following amendments to IFRS effective during the year:
-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)
-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)
-Amendments to IAS 1 Presentation of Financial Statements:
i.Classification of Liabilities as Current or Non-Current (issued on 23 January 2020 (effective for financial year beginning on or after 1 January 2024));
ii.Classification 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
iii.Non-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.
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:
-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;
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.
-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 inIFRS 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 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
-Additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed
-Clarifications on what constitute \u2018non-recourse features\u2019 and what are the characteristics of contractually linked instruments
-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:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"v1-page18-cflshid_7395-tag11993463": {
"value": "4.Reorganisation of Group
The Company was incorporated on 19 February 2025 under the terms of the Maltese Companies Act, 1995. In July 2025, the Company acquired 100% direct shareholding in ACMUS Property Development Limited through an exchange of shares it issued to The Ona Property Development Limited (C-82490) and Muscat Holdings (II) Limited (C-89275) for a consideration of \u20ac3,075,926.
ACMUS Property Development Limited was already in existence and operating. The substance of the acquisition was that of a group restructuring by virtue of which the Company became the new parent company of the Group. This transaction has been accounted for in the consolidated financial statements as a reorganisation, and these have been compiled as though ACMUS P.L.C. was already the parent Company of the Group from incorporation.
The following table summarises the consideration paid by the Company and the amounts of assets acquired, and liabilities assumed, that were recognised in the consolidated statement of financial position as at July 2025, being the date of the legal reorganisation:
| Group |
| 2025 |
| \u20ac |
| Consideration | |
| Company | |
| Non-cash consideration | 3,075,926 |
| Total consideration | 3,075,926 |
| Recognised amounts of identifiable assets acquired, and liabilities assumed | |
| Net assets acquired | 84,947 |
| Uplift in market value of properties held as inventory at cost | 2,990,979 |
| 3,075,926 |
| Make up of reserve account: | |
| Uplift recognised on reorganisation not recorded | 2,990,979 |
| Less: pre reorganisation reserves remained in group | (220,053) |
| 2,770,926 |
In February 2025 ACMUS properties Limited was formed as a fully owned subsidiary of ACMUS P.L.C . In July 2025, the Company acquired 100% of the share capital of ACMUS Property Development Limited through an exchange of shares.
| Shares in |
| Subsidiaries |
| \u20ac |
| Company | |
| At 19 February 2025 | - |
| Acquisition of investment in ACMUS Property Development Limited | 3,075,926 |
| Acquisition of investment in ACMUS Properties Limited | 2,000 |
| At 31 December 2025 | 3,077,926 |
4.Reorganisation of Group
| Group |
| 2025 |
| \u20ac |
| Consideration | |
| Company | |
| Non-cash consideration | 3,075,926 |
| Total consideration | 3,075,926 |
| Recognised amounts of identifiable assets acquired, and liabilities assumed | |
| Net assets acquired | 84,947 |
| Uplift in market value of properties held as inventory at cost | 2,990,979 |
| 3,075,926 |
| Make up of reserve account: | |
| Uplift recognised on reorganisation not recorded | 2,990,979 |
| Less: pre reorganisation reserves remained in group | (220,053) |
| 2,770,926 |
18.Equity
18.1Share capital
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| Authorised | \u20ac | \u20ac | \u20ac |
| 250,000 Ordinary Shares of \u20ac1 each | 250,000 | - | 250,000 |
| 30,500,000 Ordinary shares of \u20ac0.01 each | - | 305,000 | - |
| 250,000 | 305,000 | 250,000 |
| Issued | | | |
| 250,000 Ordinary Shares of \u20ac 1 each 100% paid-up | 250,000 | - | 250,000 |
| 30,500,000 Ordinary shares of \u20ac0.01 each | - | 305,000 | - |
| 250,000 | 305,000 | 250,000 |
18.2Share premium
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| 248,800 shares at \u20ac11.36304662/ share | 2,827,126 | - | 2,827,126 |
During the year, as part of a restructuring of the Group, the Company issued 248,800 ordinary shares at a price of \u20ac11.36304662 per share. The excess of the issue price over the nominal value of the shares issued has been recognised in the share premium reserve in accordance with the provisions of the Companies Act.
18.3Capital contribution
Capital contribution represents amounts arising from the capitalisation of shareholder borrowings as part of the restructuring of the Group. Under this arrangement, certain balances previously due to shareholders were converted into equity and accordingly reclassified from liabilities to equity.
These amounts are repayable in shares and therefore do not give rise to a contractual obligation to deliver cash or another financial asset. As a result, they are presented within equity in the statement of financial position.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page18-cflshid_7395-tag11993510": {
"value": "4.Reorganisation of Group
The accounting policies are consistent with the policies previously adopted by ACMUS P.L.C.\u2019s subsidiaries except for reorganisation between Group entities under common control are accounted for using the reorganisation method of accounting. Under the reorganisation method of accounting, assets and liabilities are incorporated at the predecessor carrying values, which are the carrying amounts of assets and liabilities of the acquired entity\u2019s pre organisation financial statements. No goodwill arises in reorganisation accounting, and any difference between the consideration given and the aggregate book value of the assets and liabilities of the acquired entity is included in equity. The financial statements incorporate the acquired entities\u2019 full year results, including comparatives, as if the pre-reorganisation structure was already in place at the commencement of the comparative period. As a result of this group restructuring, the Company became the new parent company of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page18-cflshid_7609-tag11993521": {
"value": "4.Reorganisation of Group | Group |
| 2025 |
| \u20ac |
| Consideration | |
| Company | |
| Non-cash consideration | 3,075,926 |
| Total consideration | 3,075,926 |
| Recognised amounts of identifiable assets acquired, and liabilities assumed | |
| Net assets acquired | 84,947 |
| Uplift in market value of properties held as inventory at cost | 2,990,979 |
| 3,075,926 |
| Make up of reserve account: | |
| Uplift recognised on reorganisation not recorded | 2,990,979 |
| Less: pre reorganisation reserves remained in group | (220,053) |
| 2,770,926 |
18.2Share premium
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| 248,800 shares at \u20ac11.36304662/ share | 2,827,126 | - | 2,827,126 |
During the year, as part of a restructuring of the Group, the Company issued 248,800 ordinary shares at a price of \u20ac11.36304662 per share. The excess of the issue price over the nominal value of the shares issued has been recognised in the share premium reserve in accordance with the provisions of the Companies Act.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page18-cflshid_7609-tag11993509": {
"value": "4.Reorganisation of GroupThe accounting policies are consistent with the policies previously adopted by ACMUS P.L.C.\u2019s subsidiaries except for reorganisation between Group entities under common control are accounted for using the reorganisation method of accounting. Under the reorganisation method of accounting, assets and liabilities are incorporated at the predecessor carrying values, which are the carrying amounts of assets and liabilities of the acquired entity\u2019s pre organisation financial statements. No goodwill arises in reorganisation accounting, and any difference between the consideration given and the aggregate book value of the assets and liabilities of the acquired entity is included in equity. The financial statements incorporate the acquired entities\u2019 full year results, including comparatives, as if the pre-reorganisation structure was already in place at the commencement of the comparative period. As a result of this group restructuring, the Company became the new parent company of the Group.9.Interest in subsidiariesIf the Group loses control over a subsidiary, it derecognises the related assets (including any goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page18-cflshid_7609-tag11993506": {
"value": "4.Reorganisation of GroupThe accounting policies are consistent with the policies previously adopted by ACMUS P.L.C.\u2019s subsidiaries except for reorganisation between Group entities under common control are accounted for using the reorganisation method of accounting. Under the reorganisation method of accounting, assets and liabilities are incorporated at the predecessor carrying values, which are the carrying amounts of assets and liabilities of the acquired entity\u2019s pre organisation financial statements. No goodwill arises in reorganisation accounting, and any difference between the consideration given and the aggregate book value of the assets and liabilities of the acquired entity is included in equity. The financial statements incorporate the acquired entities\u2019 full year results, including comparatives, as if the pre-reorganisation structure was already in place at the commencement of the comparative period. As a result of this group restructuring, the Company became the new parent company of the Group.
5.InventoriesInventories comprise properties held in various locations that are held for development and sale in the ordinary course of business. These properties include both completed units and properties under construction. Property held for development and re-sale is stated at the lower of cost and net realisable value. The cost includes the purchase price of the property and development costs incurred to date. Net realisable value represents the estimated selling price less all estimated costs to completion and costs to be incurred in marketing and selling.
Cost 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.
5.2Reconciliation of inventories
Note i \u2013 Transfer to cost of sales
Cost of sales relates to the sale of completed residential units from one development site within the Group\u2019s property portfolio, the construction and finishing of which were completed during the current financial year. The cost of the units sold is recognised in the statement of profit or loss under the line item \u201cCost of sales\u201d.
The cost of sales comprises the proportionate share of land acquisition costs and capitalised development and directly attributable costs included within inventories, allocated to individual units based on sales price of each unit sold. The corresponding reduction in inventories is recognised at the date control of the units is transferred to the buyer.
Note ii - Capitalised 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 Company incurs in connection with the borrowing of funds.
6.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.
7.Financial assets
7.1Initial 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.
7.2Subsequent 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.
7.3Debt instruments
The Group\u2019s financial assets measured at amortised cost comprise other receivable balances, including bond funds held by the trustee that remain unutilised at the reporting date, 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 and 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.
7.4Derecognition
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.
7.5Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions in note 7.7
-Financial management risk in note 16.3
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.
8.Financial liabilities
8.1Initial 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.
8.2Subsequent 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.
8.3Derecognition
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.
8.5Trade and other payables
Note i \u2013 Accruals and Capital accruals Capital accruals represent costs relating to construction, development works and finishings performed on the Group\u2019s property development projects 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 inventories as part of the cost of the respective development projects.The accruals are recognised in accordance with the Group\u2019saccounting policy for inventories and reflect management\u2019s best estimate of costs incurred but not yet invoiced at the reporting date. Other accruals mainly comprise accrued interest on debt securities in issue amounting to \u20ac366k and other accruals in the normal course of business.
9.Interest in subsidiariesA subsidiary is an entity that is controlled by the Company. The Company controls an investee when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
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.
Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses, cash flows and any unrealised gains relating to transactions between members of the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognises the related assets (including any goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.
All subsidiary undertakings are included in the consolidation and are accounted for on the basis of direct equity interest and are stated at cost less any accumulated impairment losses.
10Cash and cash equivalents
Cash and cash equivalents are carried in the statement of financial position at face value. In the statement of cash flows, cash and cash equivalents include cash in hand and deposits held at call with banks.
11Fair values
Management assessed that the fair values of cash and short-term deposits, trade receivables, trade payables, bank overdrafts and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
12Property, Plant and Equipment
The Company\u2019s property, plant and equipment comprise computer equipment. Property, plant, and equipment are stated at cost less accumulated depreciation. Depreciation is provided for on the straight-line method in order to write off cost over the expected useful economic lives of the assets over 4 years. The assets' residual values and useful lives are reviewed and adjusted if appropriate, at each statement of financial position date. Gains and losses on disposal of property, plant and equipment are determined by comparing proceeds with the carrying amount and are taken into account in determining operating profit.
An asset's carrying amount is written down immediately to its recoverable amount if its carrying amount is greater than its estimated recoverable amount.
13Revenue from contract with customers
Revenue includes all revenues from the ordinary business activities of the Group and is recorded net of value added tax. Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when (or as) it satisfies a performance obligation by transferring control of a promised good to the customer. The Group recognises revenue from sale of inventory property.
The 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 received when legal title is transferred.
14Other income and expenditure
14.1Finance income
Finance income comprises interest income earned on financing arrangements with subsidiary undertakings.14.2Finance costs
Finance costs consist primarily of interest expense arising on the Company\u2019s debt securities in issue. Given that the proceeds of these debt securities are used to finance property development activities within the Group, the related borrowing costs are capitalised in accordance with the Group\u2019s accounting policy on borrowing costs. Accordingly, the interest expense is included in inventory (property under development) at Group level while the qualifying assets are under construction. Interest is capitalised over the period during which the development assets are being constructed and until they are substantially ready for their intended use or sale.
14.5Amortisation of bond issue costs
Bond issue costs represent fees and expenses incurred in connection with the issuance of bonds and are amortised over the term of the bond.
14.6Income taxes
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted at the reporting date in the country where the Group operates and generates taxable income.
Current income tax is charged or credited to profit or loss. Current income tax relating to items realized directly in equity is realized in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
The charge for 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.
15.Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (\u201cCODM\u201d).
The board of ACMUS P.L.C., (\u201cthe Board\u201d) assesses the financial performance and position of the Group and makes strategic decisions. The Board has been identified as being the CODM.
18.Equity18.1Share 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.
18.3Capital contribution
Capital contribution represents amounts arising from the capitalisation of shareholder borrowings as part of the restructuring of the Group. Under this arrangement, certain balances previously due to shareholders were converted into equity and accordingly reclassified from liabilities to equity.
These amounts are repayable in shares and therefore do not give rise to a contractual obligation to deliver cash or another financial asset. As a result, they are presented within equity in the statement of financial position.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page19-cflshid_7859-tag11993547": {
"value": "5.Inventories
Inventories comprise properties held in various locations that are held for development and sale in the ordinary course of business. These properties include both completed units and properties under construction. Property held for development and re-sale is stated at the lower of cost and net realisable value. The cost includes the purchase price of the property and development costs incurred to date. Net realisable value represents the estimated selling price less all estimated costs to completion and costs to be incurred in marketing and selling.
Cost 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.
5.2Reconciliation of inventories
Note i \u2013 Transfer to cost of sales
Cost of sales relates to the sale of completed residential units from one development site within the Group\u2019s property portfolio, the construction and finishing of which were completed during the current financial year. The cost of the units sold is recognised in the statement of profit or loss under the line item \u201cCost of sales\u201d.
The cost of sales comprises the proportionate share of land acquisition costs and capitalised development and directly attributable costs included within inventories, allocated to individual units based on sales price of each unit sold. The corresponding reduction in inventories is recognised at the date control of the units is transferred to the buyer.
Note ii - Capitalised 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 Company incurs in connection with the borrowing of funds.
",
"dimensions": {
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"entity": "scheme:485100D17N40H42R6D98",
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},
"v1-page19-cflshid_8006-tag11993531": {
"value": "5.InventoriesWhen 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.
7.Financial assets
7.2Subsequent measurement
Gains and losses are recognised in profit or loss when the financial asset is derecognised, modified or impaired.7.5Impairment
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments.8.Financial liabilities
8.2Subsequent measurement
Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.8.3Derecognition
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.
12Property, Plant and Equipment
Depreciation is provided for on the straight-line method in order to write off cost over the expected useful economic lives of the assets over 4 years. Gains and losses on disposal of property, plant and equipment are determined by comparing proceeds with the carrying amount and are taken into account in determining operating profit.14Other income and expenditure
14.2Finance costsFinance costs consist primarily of interest expense arising on the Company\u2019s debt securities in issue. Given that the proceeds of these debt securities are used to finance property development activities within the Group, the related borrowing costs are capitalised in accordance with the Group\u2019s accounting policy on borrowing costs. Accordingly, the interest expense is included in inventory (property under development) at Group level while the qualifying assets are under construction. Interest is capitalised over the period during which the development assets are being constructed and until they are substantially ready for their intended use or sale.
14.5Amortisation of bond issue costs
Bond issue costs represent fees and expenses incurred in connection with the issuance of bonds and are amortised over the term of the bond.
14.6Income taxes
Current income tax is charged or credited to profit or loss. Current income tax relating to items realized directly in equity is realized in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
The charge for 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.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
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"v1-page19-cflshid_8006-tag11993512": {
"value": "5.InventoriesThese properties include both completed units and properties under construction. Property held for development and re-sale is stated at the lower of cost and net realisable value. The cost includes the purchase price of the property and development costs incurred to date. Net realisable value represents the estimated selling price less all estimated costs to completion and costs to be incurred in marketing and selling. Cost 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 cost14Other income and expenditure
14.2Finance costs
Accordingly, the interest expense is included in inventory (property under development) at Group level while the qualifying assets are under construction.",
"dimensions": {
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"v1-page19-cflshid_8006-tag11993494": {
"value": "5.Inventories5.1Make up of inventory items
| Group | Group | Company |
| 2025 | 2024 | 2024 |
| \u20ac | \u20ac | \u20ac |
| Properties held for development and resale | 30,859,732 | 13,786,464 | - |
5.2Reconciliation of inventories
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Opening inventory balance | | 13,786,464 | 9,816,502 | - |
| Land acquisition | | 10,000,000 | - | - |
| Capitalised borrowing costs | ii | 1,004,319 | 563,348 | - |
| Capitalised wages and salaries | | 301,358 | 153,041 | - |
| Cost of construction, finishings and directly attributable costs | | 6,780,503 | 3,253,573 | - |
| Transfer to cost of sales | i | (1,012,912) | - | - |
| Closing inventory balance | | 30,859,732 | 13,786,464 | - |
Note i \u2013 Transfer to cost of sales
Cost of sales relates to the sale of completed residential units from one development site within the Group\u2019s property portfolio, the construction and finishing of which were completed during the current financial year. The cost of the units sold is recognised in the statement of profit or loss under the line item \u201cCost of sales\u201d.
The cost of sales comprises the proportionate share of land acquisition costs and capitalised development and directly attributable costs included within inventories, allocated to individual units based on sales price of each unit sold. The corresponding reduction in inventories is recognised at the date control of the units is transferred to the buyer.
Note ii - Capitalised borrowing costs
During the year, the Group continued the construction of previously acquired development projects and commenced construction on new projects. These projects are financed through a bond issue and bank borrowings.
Borrowing costs capitalised during the year amounted to \u20ac1,004,319 (2024: \u20ac563,348). The capitalisation rates used to determine the amount of borrowing costs eligible for capitalisation were 5.25% for the bond financing and 5% - 5.2% for bank borrowings, representing the effective interest rates of the respective specific borrowings.
",
"dimensions": {
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"v1-page19-cflshid_8006-tag11993478": {
"value": "5.Inventories5.2Reconciliation of inventories
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Opening inventory balance | | 13,786,464 | 9,816,502 | - |
| Land acquisition | | 10,000,000 | - | - |
| Capitalised borrowing costs | ii | 1,004,319 | 563,348 | - |
| Capitalised wages and salaries | | 301,358 | 153,041 | - |
| Cost of construction, finishings and directly attributable costs | | 6,780,503 | 3,253,573 | - |
| Transfer to cost of sales | i | (1,012,912) | - | - |
| Closing inventory balance | | 30,859,732 | 13,786,464 | - |
12Property, Plant and Equipment
12.1Analysis of balance
| Computer Equipment |
| Cost | \u20ac |
| At 1 January 2024 | 65,309 |
| Additions | 11,297 |
| At 31st December 2024 | 76,606 |
| Depreciation | |
| At 1 January 2024 | 15,412 |
| Charge of the period | 18,888 |
| At 31st December 2024 | 34,300 |
| Cost | |
| At 1st January 2025 | 76,606 |
| Additions | 9,162 |
| At 31st December 2025 | 85,768 |
| Depreciation | |
| At 1st January 2025 | 34,301 |
| Charge of the year | 21,442 |
| At 31st December 2025 | 55,743 |
| Net Book Value | |
| At 31st December 2024 | 42,306 |
| At 31st December 2025 | 30,025 |
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Bank interest | 16,137 | 2,593 | - |
| Interest expense on debt securities | - | - | 366,026 |
| 16,137 | 2,593 | 366,026 |
| Rate | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| % | \u20ac | \u20ac | \u20ac |
| Bank interest capitalised to inventory | 5-5.2 | 638,293 | 563,348 | - |
| Bond interest capitalised to inventory | 5.25 | 366,026 | - | - |
| Finance cost capitalised \u2013 note 5.2 | | 1,004,319 | 563,348 | - |
14.3Expenses by nature
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| Cost of goods sold | \u20ac | \u20ac | \u20ac |
| Cost of property sold | 1,013,000 | - | - |
| Commission on sales | 73,115 | - | - |
| Administrative expenses | | | |
| Wages and salaries | 93,963 | 39,438 | 15,000 |
| Directors' remuneration | 33,400 | - | 33,400 |
| Auditor's Fees | 25,559 | 5,133 | 11,033 |
| Licences and permits | 17,849 | 31,880 | - |
| Operating expenses | | | |
| Advertising and promotional expenses | 29,789 | 38,442 | - |
| Fuel and gas | 17,667 | 2,997 | - |
| Other expenses (administrative and operating expenses) | 46,867 | 14,430 | 8,947 |
| 1,351,209 | 132,320 | 68,380 |
14.4Staff wages and employee information
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| Wages and salaries | 658,466 | 564,486 | 15,000 |
| Social security costs | 31,026 | 35,604 | - |
| 689,492 | 600,090 | 15,000 |
| Payroll recharged | (294,171) | (407,610) | - |
| Capitalised salaries to inventory \u2013 note 5.2 | (301,358) | (153,041) | - |
| 93,963 | 39,439 | 15,000 |
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Directors\u2019 remuneration | 33,400 | - | 33,400 |
14.5Amortisation of bond issue costs
Bond issue costs represent fees and expenses incurred in connection with the issuance of bonds and are amortised over the term of the bond.
14.6Income taxes
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Current tax | | | |
| FWT on property sales | 109,192 | - | - |
| Current tax | 2,239 | - | 2,239 |
| 111,431 | - | 2,239 |
5.The Company applies the general
model to measuring expected credit
losses for all other
6.receivables. To measure the expected
credit losses, loans and other
receivables have been grouped
7.based on shared credit risk
characteristics and the days past due.
The Company assesses the credit
8.quality of these loans considering
financial position, repayment patterns,
past experience and other
9.factors including history of default
from the credit terms issued.
10.The Company applies the general
model to measuring expected credit
losses for all other
11.receivables. To measure the
expected credit losses, loans and other
receivables have been grouped
12.based on shared credit risk
characteristics and the days past due.
The Company assesses the credit
13.quality of these loans considering
financial position, repayment patterns,
past experience and other
14.factors including history of default
from the credit terms issue
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Profit before tax | 24,212 | (153,801) | 6,398 |
| Tax thereon at 35% | 8,474 | (53,830) | 2,239 |
| Lower tax rate on sale of properties | (381,510) | - | - |
| Expenses disallowed for tax purposes | 484,467 | 53,830 | - |
| 111,431 | - | 2,239 |
19.Related party transactions
| Related party activity | Related party activity |
| 2025 | 2024 |
| \u20ac | \u20ac |
| Group | | |
| Re-charge of wages and salaries to related parties outside the Group | 294,171 | 407,610 |
| Capitalisation of shareholders\u2019 loans | 6,990,040 | - |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
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},
"v1-page19-cflshid_8006-tag11993461": {
"value": "5.Inventories5.2Reconciliation of inventories
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Opening inventory balance | | 13,786,464 | 9,816,502 | - |
| Land acquisition | | 10,000,000 | - | - |
| Capitalised borrowing costs | ii | 1,004,319 | 563,348 | - |
| Capitalised wages and salaries | | 301,358 | 153,041 | - |
| Cost of construction, finishings and directly attributable costs | | 6,780,503 | 3,253,573 | - |
| Transfer to cost of sales | i | (1,012,912) | - | - |
| Closing inventory balance | | 30,859,732 | 13,786,464 | - |
Note ii - Capitalised 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 Company incurs in connection with the borrowing of funds.
Borrowing costs capitalised during the year amounted to \u20ac1,004,319 (2024: \u20ac563,348). The capitalisation rates used to determine the amount of borrowing costs eligible for capitalisation were 5.25% for the bond financing and 5% - 5.2% for bank borrowings, representing the effective interest rates of the respective specific borrowings.
14Other income and expenditure
14.2Finance costs
Finance costs consist primarily of interest expense arising on the Company\u2019s debt securities in issue. Given that the proceeds of these debt securities are used to finance property development activities within the Group, the related borrowing costs are capitalised in accordance with the Group\u2019s accounting policy on borrowing costs. Accordingly, the interest expense is included in inventory (property under development) at Group level while the qualifying assets are under construction. Interest is capitalised over the period during which the development assets are being constructed and until they are substantially ready for their intended use or sale.
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Bank interest | 16,137 | 2,593 | - |
| Interest expense on debt securities | - | - | 366,026 |
| 16,137 | 2,593 | 366,026 |
| Rate | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| % | \u20ac | \u20ac | \u20ac |
| Bank interest capitalised to inventory | 5-5.2 | 638,293 | 563,348 | - |
| Bond interest capitalised to inventory | 5.25 | 366,026 | - | - |
| Finance cost capitalised \u2013 note 5.2 | | 1,004,319 | 563,348 | - |
6.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.
7.Financial assets
7.1Initial 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.
7.2Subsequent 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.
7.3Debt instruments
The Group\u2019s financial assets measured at amortised cost comprise other receivable balances, including bond funds held by the trustee that remain unutilised at the reporting date, 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 and amounts due from commonly controlled entities outside the Group. 7.4Derecognition
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.
7.5Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions in note 7.7
-Financial management risk in note 16.3
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.
7.7Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on bond proceeds held by the trustee and the Company 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.
-Bond proceeds held at trustee
The ECL assessment is performed using the general approach, under which the loss allowance is measured at an amount equal to 12-month ECLs unless there has been a significant increase in credit risk since initial recognition. The estimation of ECLs incorporates probability of default (PD), loss given default (LGD) and exposure at default (EAD), taking into account the creditworthiness of the trustee and available forward-looking information.
In assessing the credit risk associated with these balances, the Group and the Company consider the trustee\u2019s external credit standing, reputation and financial strength as a regulated institution. Based on this assessment, the credit risk associated with the trustee is considered to be low and no significant increase in credit risk has been identified since initial recognition.
Accordingly, the resulting ECL recognised on these balances is not material. However, the assessment of ECLs requires the use of judgement, particularly in evaluating the credit risk of the counterparty and the impact of forward-looking economic conditions.
",
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"v1-page20-cflshid_8397-tag11993545": {
"value": "6.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.
7.Financial assets
7.1Initial 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.
7.2Subsequent 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.
7.3Debt instruments
The Group\u2019s financial assets measured at amortised cost comprise other receivable balances, including bond funds held by the trustee that remain unutilised at the reporting date, 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 and amounts due from commonly controlled entities outside the Group. 7.4Derecognition
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.
7.5Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions in note 7.7
-Financial management risk in note 16.3
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.
7.7Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on bond proceeds held by the trustee and the Company 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.
-Bond proceeds held at trustee
The ECL assessment is performed using the general approach, under which the loss allowance is measured at an amount equal to 12-month ECLs unless there has been a significant increase in credit risk since initial recognition. The estimation of ECLs incorporates probability of default (PD), loss given default (LGD) and exposure at default (EAD), taking into account the creditworthiness of the trustee and available forward-looking information.
In assessing the credit risk associated with these balances, the Group and the Company consider the trustee\u2019s external credit standing, reputation and financial strength as a regulated institution. Based on this assessment, the credit risk associated with the trustee is considered to be low and no significant increase in credit risk has been identified since initial recognition.
Accordingly, the resulting ECL recognised on these balances is not material. However, the assessment of ECLs requires the use of judgement, particularly in evaluating the credit risk of the counterparty and the impact of forward-looking economic conditions.
9.Interest in subsidiaries
A subsidiary is an entity that is controlled by the Company. The Company controls an investee when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
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.
Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses, cash flows and any unrealised gains relating to transactions between members of the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognises the related assets (including any goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.
All subsidiary undertakings are included in the consolidation and are accounted for on the basis of direct equity interest and are stated at cost less any accumulated impairment losses.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page20-cflshid_8397-tag11993535": {
"value": "6.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.
7.Financial assets
7.1Initial 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.
7.2Subsequent 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.
7.3Debt instruments
The Group\u2019s financial assets measured at amortised cost comprise other receivable balances, including bond funds held by the trustee that remain unutilised at the reporting date, 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 and amounts due from commonly controlled entities outside the Group. 7.4Derecognition
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.
7.5Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions in note 7.7
-Financial management risk in note 16.3
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.
7.7Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on bond proceeds held by the trustee and the Company 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.
-Bond proceeds held at trustee
The ECL assessment is performed using the general approach, under which the loss allowance is measured at an amount equal to 12-month ECLs unless there has been a significant increase in credit risk since initial recognition. The estimation of ECLs incorporates probability of default (PD), loss given default (LGD) and exposure at default (EAD), taking into account the creditworthiness of the trustee and available forward-looking information.
In assessing the credit risk associated with these balances, the Group and the Company consider the trustee\u2019s external credit standing, reputation and financial strength as a regulated institution. Based on this assessment, the credit risk associated with the trustee is considered to be low and no significant increase in credit risk has been identified since initial recognition.
Accordingly, the resulting ECL recognised on these balances is not material. However, the assessment of ECLs requires the use of judgement, particularly in evaluating the credit risk of the counterparty and the impact of forward-looking economic conditions.
8.Financial liabilities
8.1Initial 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.
8.2Subsequent 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.
8.3Derecognition
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.
10Cash and cash equivalents
Cash and cash equivalents are carried in the statement of financial position at face value. In the statement of cash flows, cash and cash equivalents include cash in hand and deposits held at call with banks.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page20-cflshid_8397-tag11993534": {
"value": "6.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.
7.Financial assets
7.1Initial 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.
7.2Subsequent 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.
7.3Debt instruments
The Group\u2019s financial assets measured at amortised cost comprise other receivable balances, including bond funds held by the trustee that remain unutilised at the reporting date, 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 and amounts due from commonly controlled entities outside the Group. 7.4Derecognition
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.7.5Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions in note 7.7
-Financial management risk in note 16.3
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.
7.7Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on bond proceeds held by the trustee and the Company 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.
-Bond proceeds held at trustee
The ECL assessment is performed using the general approach, under which the loss allowance is measured at an amount equal to 12-month ECLs unless there has been a significant increase in credit risk since initial recognition. The estimation of ECLs incorporates probability of default (PD), loss given default (LGD) and exposure at default (EAD), taking into account the creditworthiness of the trustee and available forward-looking information.
In assessing the credit risk associated with these balances, the Group and the Company consider the trustee\u2019s external credit standing, reputation and financial strength as a regulated institution. Based on this assessment, the credit risk associated with the trustee is considered to be low and no significant increase in credit risk has been identified since initial recognition.
Accordingly, the resulting ECL recognised on these balances is not material. However, the assessment of ECLs requires the use of judgement, particularly in evaluating the credit risk of the counterparty and the impact of forward-looking economic conditions.
8.Financial liabilities
8.1Initial 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.
8.2Subsequent 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.
8.3Derecognition
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.
10Cash and cash equivalents
Cash and cash equivalents are carried in the statement of financial position at face value. In the statement of cash flows, cash and cash equivalents include cash in hand and deposits held at call with banks.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page20-cflshid_8740-tag11993548": {
"value": "6.Financial instrumentsFinancial 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:485100D17N40H42R6D98",
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}
},
"v1-page20-cflshid_8397-tag11993540": {
"value": "7.Financial assets
7.1Initial recognition and measurement
Financial assets at amortised cost are measured using the effective interest method and are subject to impairment. 7.2Subsequent 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.
7.5Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions in note 7.7
-Financial management risk in note 16.3
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.
7.7Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on bond proceeds held by the trustee and the Company 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.
-Loans to 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 Company 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.
-Bond proceeds held at trustee
The ECL assessment is performed using the general approach, under which the loss allowance is measured at an amount equal to 12-month ECLs unless there has been a significant increase in credit risk since initial recognition. The estimation of ECLs incorporates probability of default (PD), loss given default (LGD) and exposure at default (EAD), taking into account the creditworthiness of the trustee and available forward-looking information.
In assessing the credit risk associated with these balances, the Group and the Company consider the trustee\u2019s external credit standing, reputation and financial strength as a regulated institution. Based on this assessment, the credit risk associated with the trustee is considered to be low and no significant increase in credit risk has been identified since initial recognition.
Accordingly, the resulting ECL recognised on these balances is not material. However, the assessment of ECLs requires the use of judgement, particularly in evaluating the credit risk of the counterparty and the impact of forward-looking economic conditions.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page20-cflshid_8397-tag11993539": {
"value": "7.Financial assets
7.1Initial recognition and measurement
Financial assets at amortised cost are measured using the effective interest method and are subject to impairment. 7.2Subsequent 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.
7.5Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions in note 7.7
-Financial management risk in note 16.3
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.
7.7Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on bond proceeds held by the trustee and the Company 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.
-Bond proceeds held at trustee
The ECL assessment is performed using the general approach, under which the loss allowance is measured at an amount equal to 12-month ECLs unless there has been a significant increase in credit risk since initial recognition. The estimation of ECLs incorporates probability of default (PD), loss given default (LGD) and exposure at default (EAD), taking into account the creditworthiness of the trustee and available forward-looking information.
In assessing the credit risk associated with these balances, the Group and the Company consider the trustee\u2019s external credit standing, reputation and financial strength as a regulated institution. Based on this assessment, the credit risk associated with the trustee is considered to be low and no significant increase in credit risk has been identified since initial recognition.
Accordingly, the resulting ECL recognised on these balances is not material. However, the assessment of ECLs requires the use of judgement, particularly in evaluating the credit risk of the counterparty and the impact of forward-looking economic conditions.
12Property, Plant and Equipment
An asset's carrying amount is written down immediately to its recoverable amount if its carrying amount is greater than its estimated recoverable amount.
",
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"language": "en",
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},
"v1-page20-cflshid_8397-tag11993530": {
"value": "7.Financial assets
7.4Derecognition
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.
8.Financial liabilities
8.3Derecognition
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:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page20-cflshid_8397-tag11993518": {
"value": "7.Financial assets
7.6Analysis of balance
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Non-Current | | | | |
| Loans to subsidiaries | ii | - | - | 17,471,699 |
| Current | | | | |
| Amounts due from subsidiaries | iii | - | - | 491,287 |
| Amounts due from commonly controlled entities outside the Group | | 75,989 | 253,132 | - |
| Bonds funds held at trustee | i | 7,777,508 | - | 7,777,508 |
| Deposits paid on POS and furnishings | | 391,618 | 620,648 | - |
| Amounts due from shareholder | | 11,000 | - | - |
| Prepayments | | 47,328 | 13,982 | 6,657 |
| | 8,303,443 | 887,762 | 8,275,452 |
7.Financial assets
7.6Analysis of balance
Note ii \u2013 Loans to subsidiariesThe loan is secured by collateral, which includes the constitution of first-ranking special hypothecs over the secured properties.8.Financial liabilities
8.4Borrowings
Note i \u2013 Debt securities in issue
In August 2025, ACMUS P.LC. issued an aggregate principal amount of \u20ac23,000,000 bonds (2028-2030), having a nominal value of EUR100 each, bearing interest at the rate of 5.25% per annum, to finance the acquisition, construction and finishing of the sites in Marsascala and St. Paul\u2019s Bay. Out of which, \u20ac19,00,000 were withdrawn during the financial year. These bonds are subject to the terms and conditions in the prospectus dated 17 July 2025 and secured by:
-First-ranking special privilege over the sites in St. Paul\u2019s Bay and Marsascala
-First-ranking general hypothec by the Issuer and by the Guarantor in favour of the Security Trustee, its respective assets present and future for the full nominal value of the Secured Bonds and interest thereon
-First-ranking special hypothec by the Guarantor in favour of the Security Trustee for the full nominal value of the Secured Bonds and interest thereon over each of the sites purchased by the Guarantor and which are funded by a Tranche of Secured Bonds
-Pledge on Insurance Policies as security for the full nominal value of the Secured Bonds and interest thereon whereby the Guarantor shall pledge in the Security Trustee\u2019s favour its rights under the Insurance Policies.
Note ii \u2013 Bank borrowings
These loans are secured by general hypothecs over the assets of the Group and special hypothecs over the Group\u2019s properties classified as inventory. The Group has loan facilities of \u20ac18,552,000 out of which \u20ac6,139,911 has not yet been utilised as at year end.
16.Financial instruments risk management objectives and policies16.3Credit risk
The loans advanced from bond proceeds bear interest at a rate of 7% and are secured by collateral, including the constitution of first-ranking special hypothecs over the underlying properties being developed by the subsidiaries. The terms of these loans are structured on a back-to-back basis with the underlying bond arrangements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page20-cflshid_8811-tag11993528": {
"value": "7.Financial assets7.6Analysis of balance
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Non-Current | | | | |
| Loans to subsidiaries | ii | - | - | 17,471,699 |
| Current | | | | |
| Amounts due from subsidiaries | iii | - | - | 491,287 |
| Amounts due from commonly controlled entities outside the Group | | 75,989 | 253,132 | - |
| Bonds funds held at trustee | i | 7,777,508 | - | 7,777,508 |
| Deposits paid on POS and furnishings | | 391,618 | 620,648 | - |
| Amounts due from shareholder | | 11,000 | - | - |
| Prepayments | | 47,328 | 13,982 | 6,657 |
| | 8,303,443 | 887,762 | 8,275,452 |
\u00a0Note i \u2013 Bond proceeds held at trustee
Bond proceeds amounting to \u20ac7,777,508 are held by a trustee in accordance with the terms of the bond issue and are released to the Group upon instruction to finance property acquisitions and related development expenditure. At the reporting date these funds remain unutilised and are recognised within other receivables as amounts recoverable from the trustee.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page20-cflshid_8811-tag11993520": {
"value": "7.Financial assets7.6Analysis of balance
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Non-Current | | | | |
| Loans to subsidiaries | ii | - | - | 17,471,699 |
| Current | | | | |
| Amounts due from subsidiaries | iii | - | - | 491,287 |
| Amounts due from commonly controlled entities outside the Group | | 75,989 | 253,132 | - |
| Bonds funds held at trustee | i | 7,777,508 | - | 7,777,508 |
| Deposits paid on POS and furnishings | | 391,618 | 620,648 | - |
| Amounts due from shareholder | | 11,000 | - | - |
| Prepayments | | 47,328 | 13,982 | 6,657 |
| | 8,303,443 | 887,762 | 8,275,452 |
8.Financial liabilities
8.4Borrowings
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Current interest-bearing borrowings | | | | |
| Bank Borrowings | | 3,674,926 | - | - |
| Total current borrowings | | 3,674,926 | - | - |
| Non- Current interest-bearing borrowings | | | | |
| Bank borrowings | ii | 8,166,163 | 9,245,813 | - |
| Debt securities in issue | | 19,000,000 | - | 19,000,000 |
| Issue costs | | (638,812) | - | (638,812) |
| Bonds net of issue costs | i | 18,361,188 | | 18,361,188 |
| Non- Current borrowings | | | | |
| Shareholders\u2019 loans | iii | - | 5,157,796 | - |
| Total non-current borrowings | | 26,527,351 | 14,403,609 | 18,361,188 |
| Total borrowings | | 30,202,277 | 14,403,609 | 18,361,188 |
Note iii \u2013 Shareholders\u2019 loans
During the financial year, the terms of a loan previously recognised as a payable were amended. Under the original agreement, the loan was contractually repayable. Following the amendment to the agreement, the Company obtained discretion over the timing of repayment.
In view of this change in contractual terms, and considering the substance of the revised arrangement, the balance has been reclassified from a payable to capital contributions in the financial statements with effect from the date of the amended agreement. Refer to note 18.3
8.5Trade and other payables
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Trade payables | | 53,049 | 40,368 | 11,674 |
| Amounts due to other related entities | iii | 38,080 | 13,664 | 15,000 |
| Accruals | ii | 482,429 | 31,362 | 366,026 |
| Deposits received on sale of properties | | 219,500 | - | - |
| Capital accruals | i | 1,906,483 | 229,327 | - |
| Other payables | | 6,499 | - | 3,289 |
| | 2,706,040 | 314,721 | 395,989 |
Note iii \u2013 Amounts due to other related entities These amounts are unsecured, interest free and repayable on demand.
9.Interest in subsidiaries
Shares in subsidiaries and associate undertaking represent the following investments:
| | | | 2025 | 2024 |
| Company | Relationship | Registered address | Principal Activity | % Holding | %Holding |
| ACMUS Property Development Limited | Subsidiary | AC Hotel St. Julians13, Lourdes LaneSan Giljan, STJ 3311 | Real estate operations | 100% | - |
| ACMUS Properties Limited | Subsidiary | AC Hotel St. Julians13, Lourdes LaneSan Giljan, STJ 3311 | Real estate operations | 100% | - |
14.4Staff wages and employee information
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Directors\u2019 remuneration | 33,400 | - | 33,400 |
19.Related party transactions
| Related party activity | Related party activity |
| 2025 | 2024 |
| \u20ac | \u20ac |
| Group | | |
| Re-charge of wages and salaries to related parties outside the Group | 294,171 | 407,610 |
| Capitalisation of shareholders\u2019 loans | 6,990,040 | - |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page20-cflshid_8811-tag11993495": {
"value": "7.Financial assets7.6Analysis of balance
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Non-Current | | | | |
| Loans to subsidiaries | ii | - | - | 17,471,699 |
| Current | | | | |
| Amounts due from subsidiaries | iii | - | - | 491,287 |
| Amounts due from commonly controlled entities outside the Group | | 75,989 | 253,132 | - |
| Bonds funds held at trustee | i | 7,777,508 | - | 7,777,508 |
| Deposits paid on POS and furnishings | | 391,618 | 620,648 | - |
| Amounts due from shareholder | | 11,000 | - | - |
| Prepayments | | 47,328 | 13,982 | 6,657 |
| | 8,303,443 | 887,762 | 8,275,452 |
Bond proceeds amounting to \u20ac7,777,508 are held by a trustee in accordance with the terms of the bond issue and are released to the Group upon instruction to finance property acquisitions and related development expenditure. At the reporting date these funds remain unutilised and are recognised within other receivables as amounts recoverable from the trustee.
",
"dimensions": {
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"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"v1-page20-cflshid_8811-tag11993484": {
"value": "7.Financial assets7.6Analysis of balance
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Non-Current | | | | |
| Loans to subsidiaries | ii | - | - | 17,471,699 |
| Current | | | | |
| Amounts due from subsidiaries | iii | - | - | 491,287 |
| Amounts due from commonly controlled entities outside the Group | | 75,989 | 253,132 | - |
| Bonds funds held at trustee | i | 7,777,508 | - | 7,777,508 |
| Deposits paid on POS and furnishings | | 391,618 | 620,648 | - |
| Amounts due from shareholder | | 11,000 | - | - |
| Prepayments | | 47,328 | 13,982 | 6,657 |
| | 8,303,443 | 887,762 | 8,275,452 |
\u00a0Note i \u2013 Bond proceeds held at trustee
Bond proceeds amounting to \u20ac7,777,508 are held by a trustee in accordance with the terms of the bond issue and are released to the Group upon instruction to finance property acquisitions and related development expenditure. At the reporting date these funds remain unutilised and are recognised within other receivables as amounts recoverable from the trustee.
Note iii \u2013 Amounts owed by subsidiaries
These amounts represent interest charged to subsidiaries on loans advanced in note ii. These amounts are unsecured, interest free and repayable on demand.8.Financial liabilities
8.4Borrowings
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Current interest-bearing borrowings | | | | |
| Bank Borrowings | | 3,674,926 | - | - |
| Total current borrowings | | 3,674,926 | - | - |
| Non- Current interest-bearing borrowings | | | | |
| Bank borrowings | ii | 8,166,163 | 9,245,813 | - |
| Debt securities in issue | | 19,000,000 | - | 19,000,000 |
| Issue costs | | (638,812) | - | (638,812) |
| Bonds net of issue costs | i | 18,361,188 | | 18,361,188 |
| Non- Current borrowings | | | | |
| Shareholders\u2019 loans | iii | - | 5,157,796 | - |
| Total non-current borrowings | | 26,527,351 | 14,403,609 | 18,361,188 |
| Total borrowings | | 30,202,277 | 14,403,609 | 18,361,188 |
Detailed information
| 2025 | 2024 | Interest rate | Maturity |
| \u20ac | \u20ac | % | |
| Group | | | | |
| Bank Borrowings - Note ii | 2,318,226 | 2,266,068 | 5.2: Bank base rate + 1.5 | Upon sale of property units or within 36 months from drawdown |
| Bank Borrowings - Note ii | 7,056,710 | 6,040,535 | 5.2: Bank base rate + 1.5 | Upon sale of property units or within 60 months from drawdown |
| Bank Borrowings - Note ii | 1,356,700 | 939,210 | 5.2: Bank base rate + 1.5 | Upon sale of property units or within 36 months from drawdown |
| Bank Borrowings - Note ii | 1,109,453 | - | 5: Bank base rate + 2.75 | Upon sale of property units or within 36 months from drawdown |
| Bonds net of issue costs - Note i | 18,361,188 | - | 5.25 | 2028 - 2030 |
| Shareholders\u2019 loans - Note iii | - | 5,157,796 | Interest fee | On demand |
| 30,202,277 | 14,403,609 | | |
| Company | | | | |
| Bonds net of issue costs - Note i | 18,361,188 | - | 5.25 | 2028 - 2030 |
8.5Trade and other payables
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Trade payables | | 53,049 | 40,368 | 11,674 |
| Amounts due to other related entities | iii | 38,080 | 13,664 | 15,000 |
| Accruals | ii | 482,429 | 31,362 | 366,026 |
| Deposits received on sale of properties | | 219,500 | - | - |
| Capital accruals | i | 1,906,483 | 229,327 | - |
| Other payables | | 6,499 | - | 3,289 |
| | 2,706,040 | 314,721 | 395,989 |
10Cash and cash equivalents
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Cash at bank and in hand | 704,086 | 86,746 | 3,425 |
14.2Finance costs
Finance costs consist primarily of interest expense arising on the Company\u2019s debt securities in issue. Given that the proceeds of these debt securities are used to finance property development activities within the Group, the related borrowing costs are capitalised in accordance with the Group\u2019s accounting policy on borrowing costs. Accordingly, the interest expense is included in inventory (property under development) at Group level while the qualifying assets are under construction. Interest is capitalised over the period during which the development assets are being constructed and until they are substantially ready for their intended use or sale.
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Bank interest | 16,137 | 2,593 | - |
| Interest expense on debt securities | - | - | 366,026 |
| 16,137 | 2,593 | 366,026 |
| Rate | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| % | \u20ac | \u20ac | \u20ac |
| Bank interest capitalised to inventory | 5-5.2 | 638,293 | 563,348 | - |
| Bond interest capitalised to inventory | 5.25 | 366,026 | - | - |
| Finance cost capitalised \u2013 note 5.2 | | 1,004,319 | 563,348 | - |
7.5Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions in note 7.7
-Financial management risk in note 16.3
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.
7.7Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on bond proceeds held by the trustee and the Company 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.
-Loans to 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 Company 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.
-Bond proceeds held at trustee
The ECL assessment is performed using the general approach, under which the loss allowance is measured at an amount equal to 12-month ECLs unless there has been a significant increase in credit risk since initial recognition. The estimation of ECLs incorporates probability of default (PD), loss given default (LGD) and exposure at default (EAD), taking into account the creditworthiness of the trustee and available forward-looking information.
In assessing the credit risk associated with these balances, the Group and the Company consider the trustee\u2019s external credit standing, reputation and financial strength as a regulated institution. Based on this assessment, the credit risk associated with the trustee is considered to be low and no significant increase in credit risk has been identified since initial recognition.
Accordingly, the resulting ECL recognised on these balances is not material. However, the assessment of ECLs requires the use of judgement, particularly in evaluating the credit risk of the counterparty and the impact of forward-looking economic conditions.
",
"dimensions": {
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}
},
"v1-page23-cflshid_10030-tag11993536": {
"value": "8.Financial liabilities
8.1Initial 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.
8.2Subsequent 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.
8.3Derecognition
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": {
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"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page23-cflshid_10030-tag11993508": {
"value": "8.Financial liabilities
8.1Initial 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.
8.2Subsequent 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.
8.3Derecognition
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:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page23-cflshid_10030-tag11993554": {
"value": "8.Financial liabilities
8.1Initial 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.
8.3Derecognition
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.
8.5Trade and other payables
Note i \u2013 Accruals and Capital accruals Capital accruals represent costs relating to construction, development works and finishings performed on the Group\u2019s property development projects 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 inventories as part of the cost of the respective development projects.The accruals are recognised in accordance with the Group\u2019saccounting policy for inventories and reflect management\u2019s best estimate of costs incurred but not yet invoiced at the reporting date. Other accruals mainly comprise accrued interest on debt securities in issue amounting to \u20ac366k and other accruals in the normal course of business.
Note iii \u2013 Amounts due to other related entities These amounts are unsecured, interest free and repayable on demand.
",
"dimensions": {
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"language": "en",
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}
},
"v1-page23-cflshid_10030-tag11993479": {
"value": "8.Financial liabilities
8.1Initial 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.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page23-cflshid_10030-tag11993550": {
"value": "8.Financial liabilities
8.1Initial 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"v1-page23-cflshid_10030-tag11993527": {
"value": "8.Financial liabilities
8.5Trade and other payables
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Trade payables | | 53,049 | 40,368 | 11,674 |
| Amounts due to other related entities | iii | 38,080 | 13,664 | 15,000 |
| Accruals | ii | 482,429 | 31,362 | 366,026 |
| Deposits received on sale of properties | | 219,500 | - | - |
| Capital accruals | i | 1,906,483 | 229,327 | - |
| Other payables | | 6,499 | - | 3,289 |
| | 2,706,040 | 314,721 | 395,989 |
Note i \u2013 Accruals and Capital accruals Other accruals mainly comprise accrued interest on debt securities in issue amounting to \u20ac366k and other accruals in the normal course of business. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
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"v1-page23-cflshid_10030-tag11993526": {
"value": "8.Financial liabilities
8.4Borrowings
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Current interest-bearing borrowings | | | | |
| Bank Borrowings | | 3,674,926 | - | - |
| Total current borrowings | | 3,674,926 | - | - |
| Non- Current interest-bearing borrowings | | | | |
| Bank borrowings | ii | 8,166,163 | 9,245,813 | - |
| Debt securities in issue | | 19,000,000 | - | 19,000,000 |
| Issue costs | | (638,812) | - | (638,812) |
| Bonds net of issue costs | i | 18,361,188 | | 18,361,188 |
| Non- Current borrowings | | | | |
| Shareholders\u2019 loans | iii | - | 5,157,796 | - |
| Total non-current borrowings | | 26,527,351 | 14,403,609 | 18,361,188 |
| Total borrowings | | 30,202,277 | 14,403,609 | 18,361,188 |
Detailed information
| 2025 | 2024 | Interest rate | Maturity |
| \u20ac | \u20ac | % | |
| Group | | | | |
| Bank Borrowings - Note ii | 2,318,226 | 2,266,068 | 5.2: Bank base rate + 1.5 | Upon sale of property units or within 36 months from drawdown |
| Bank Borrowings - Note ii | 7,056,710 | 6,040,535 | 5.2: Bank base rate + 1.5 | Upon sale of property units or within 60 months from drawdown |
| Bank Borrowings - Note ii | 1,356,700 | 939,210 | 5.2: Bank base rate + 1.5 | Upon sale of property units or within 36 months from drawdown |
| Bank Borrowings - Note ii | 1,109,453 | - | 5: Bank base rate + 2.75 | Upon sale of property units or within 36 months from drawdown |
| Bonds net of issue costs - Note i | 18,361,188 | - | 5.25 | 2028 - 2030 |
| Shareholders\u2019 loans - Note iii | - | 5,157,796 | Interest fee | On demand |
| 30,202,277 | 14,403,609 | | |
| Company | | | | |
| Bonds net of issue costs - Note i | 18,361,188 | - | 5.25 | 2028 - 2030 |
Note i \u2013 Debt securities in issue
In August 2025, ACMUS P.LC. issued an aggregate principal amount of \u20ac23,000,000 bonds (2028-2030), having a nominal value of EUR100 each, bearing interest at the rate of 5.25% per annum, to finance the acquisition, construction and finishing of the sites in Marsascala and St. Paul\u2019s Bay. Out of which, \u20ac19,00,000 were withdrawn during the financial year. These bonds are subject to the terms and conditions in the prospectus dated 17 July 2025 and secured by:
-First-ranking special privilege over the sites in St. Paul\u2019s Bay and Marsascala
-First-ranking general hypothec by the Issuer and by the Guarantor in favour of the Security Trustee, its respective assets present and future for the full nominal value of the Secured Bonds and interest thereon
-First-ranking special hypothec by the Guarantor in favour of the Security Trustee for the full nominal value of the Secured Bonds and interest thereon over each of the sites purchased by the Guarantor and which are funded by a Tranche of Secured Bonds
-Pledge on Insurance Policies as security for the full nominal value of the Secured Bonds and interest thereon whereby the Guarantor shall pledge in the Security Trustee\u2019s favour its rights under the Insurance Policies.
The bonds are listed on the Official Companies List of the Malta Stock Exchange. The quoted market price as at 31 December 2025 was \u20ac100. The fair value of the bond as at 31 December 2025 amounted to \u20ac19,000,000. Interest on the bonds is due and payable annually in arrears on 20 August of each year at the above-mentioned rate.
Note ii \u2013 Bank borrowings
These loans are secured by general hypothecs over the assets of the Group and special hypothecs over the Group\u2019s properties classified as inventory. The Group has loan facilities of \u20ac18,552,000 out of which \u20ac6,139,911 has not yet been utilised as at year end.
The Group\u2019s bank borrowings are not subject to financial covenants. Accordingly, there are no covenant conditions with which the Group is required to comply in relation to its borrowings as at the reporting date.
Note iii \u2013 Shareholders\u2019 loans
During the financial year, the terms of a loan previously recognised as a payable were amended. Under the original agreement, the loan was contractually repayable. Following the amendment to the agreement, the Company obtained discretion over the timing of repayment.
In view of this change in contractual terms, and considering the substance of the revised arrangement, the balance has been reclassified from a payable to capital contributions in the financial statements with effect from the date of the amended agreement. Refer to note 18.3
8.5Trade and other payables
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Trade payables | | 53,049 | 40,368 | 11,674 |
| Amounts due to other related entities | iii | 38,080 | 13,664 | 15,000 |
| Accruals | ii | 482,429 | 31,362 | 366,026 |
| Deposits received on sale of properties | | 219,500 | - | - |
| Capital accruals | i | 1,906,483 | 229,327 | - |
| Other payables | | 6,499 | - | 3,289 |
| | 2,706,040 | 314,721 | 395,989 |
Note i \u2013 Accruals and Capital accruals Capital accruals represent costs relating to construction, development works and finishings performed on the Group\u2019s property development projects 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 inventories as part of the cost of the respective development projects.The accruals are recognised in accordance with the Group\u2019saccounting policy for inventories and reflect management\u2019s best estimate of costs incurred but not yet invoiced at the reporting date. Other accruals mainly comprise accrued interest on debt securities in issue amounting to \u20ac366k and other accruals in the normal course of business.
Note iii \u2013 Amounts due to other related entities These amounts are unsecured, interest free and repayable on demand.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page23-cflshid_10030-tag11993515": {
"value": "8.Financial liabilities
8.5Trade and other payables
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Trade payables | | 53,049 | 40,368 | 11,674 |
| Amounts due to other related entities | iii | 38,080 | 13,664 | 15,000 |
| Accruals | ii | 482,429 | 31,362 | 366,026 |
| Deposits received on sale of properties | | 219,500 | - | - |
| Capital accruals | i | 1,906,483 | 229,327 | - |
| Other payables | | 6,499 | - | 3,289 |
| | 2,706,040 | 314,721 | 395,989 |
8.Financial liabilities
8.2Subsequent measurement
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.14Other income and expenditure
14.2Finance costs
Finance costs consist primarily of interest expense arising on the Company\u2019s debt securities in issue. Given that the proceeds of these debt securities are used to finance property development activities within the Group, the related borrowing costs are capitalised in accordance with the Group\u2019s accounting policy on borrowing costs. Accordingly, the interest expense is included in inventory (property under development) at Group level while the qualifying assets are under construction. Interest is capitalised over the period during which the development assets are being constructed and until they are substantially ready for their intended use or sale.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page23-cflshid_10030-tag11993480": {
"value": "8.Financial liabilities
8.4Borrowings
Note i \u2013 Debt securities in issue
The fair value of the bond as at 31 December 2025 amounted to \u20ac19,000,000. Interest on the bonds is due and payable annually in arrears on 20 August of each year at the above-mentioned rate. 11Fair values
Management assessed that the fair values of cash and short-term deposits, trade receivables, trade payables, bank overdrafts and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page23-cflshid_10030-tag11993470": {
"value": "8.Financial liabilities
8.4Borrowings
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Current interest-bearing borrowings | | | | |
| Bank Borrowings | | 3,674,926 | - | - |
| Total current borrowings | | 3,674,926 | - | - |
| Non- Current interest-bearing borrowings | | | | |
| Bank borrowings | ii | 8,166,163 | 9,245,813 | - |
| Debt securities in issue | | 19,000,000 | - | 19,000,000 |
| Issue costs | | (638,812) | - | (638,812) |
| Bonds net of issue costs | i | 18,361,188 | | 18,361,188 |
| Non- Current borrowings | | | | |
| Shareholders\u2019 loans | iii | - | 5,157,796 | - |
| Total non-current borrowings | | 26,527,351 | 14,403,609 | 18,361,188 |
| Total borrowings | | 30,202,277 | 14,403,609 | 18,361,188 |
Detailed information
| 2025 | 2024 | Interest rate | Maturity |
| \u20ac | \u20ac | % | |
| Group | | | | |
| Bank Borrowings - Note ii | 2,318,226 | 2,266,068 | 5.2: Bank base rate + 1.5 | Upon sale of property units or within 36 months from drawdown |
| Bank Borrowings - Note ii | 7,056,710 | 6,040,535 | 5.2: Bank base rate + 1.5 | Upon sale of property units or within 60 months from drawdown |
| Bank Borrowings - Note ii | 1,356,700 | 939,210 | 5.2: Bank base rate + 1.5 | Upon sale of property units or within 36 months from drawdown |
| Bank Borrowings - Note ii | 1,109,453 | - | 5: Bank base rate + 2.75 | Upon sale of property units or within 36 months from drawdown |
| Bonds net of issue costs - Note i | 18,361,188 | - | 5.25 | 2028 - 2030 |
| Shareholders\u2019 loans - Note iii | - | 5,157,796 | Interest fee | On demand |
| 30,202,277 | 14,403,609 | | |
| Company | | | | |
| Bonds net of issue costs - Note i | 18,361,188 | - | 5.25 | 2028 - 2030 |
Note i \u2013 Debt securities in issue
In August 2025, ACMUS P.LC. issued an aggregate principal amount of \u20ac23,000,000 bonds (2028-2030), having a nominal value of EUR100 each, bearing interest at the rate of 5.25% per annum, to finance the acquisition, construction and finishing of the sites in Marsascala and St. Paul\u2019s Bay. Out of which, \u20ac19,00,000 were withdrawn during the financial year. These bonds are subject to the terms and conditions in the prospectus dated 17 July 2025 and secured by:
-First-ranking special privilege over the sites in St. Paul\u2019s Bay and Marsascala
-First-ranking general hypothec by the Issuer and by the Guarantor in favour of the Security Trustee, its respective assets present and future for the full nominal value of the Secured Bonds and interest thereon
-First-ranking special hypothec by the Guarantor in favour of the Security Trustee for the full nominal value of the Secured Bonds and interest thereon over each of the sites purchased by the Guarantor and which are funded by a Tranche of Secured Bonds
-Pledge on Insurance Policies as security for the full nominal value of the Secured Bonds and interest thereon whereby the Guarantor shall pledge in the Security Trustee\u2019s favour its rights under the Insurance Policies.
The bonds are listed on the Official Companies List of the Malta Stock Exchange. The quoted market price as at 31 December 2025 was \u20ac100. The fair value of the bond as at 31 December 2025 amounted to \u20ac19,000,000. Interest on the bonds is due and payable annually in arrears on 20 August of each year at the above-mentioned rate.
Note ii \u2013 Bank borrowings
These loans are secured by general hypothecs over the assets of the Group and special hypothecs over the Group\u2019s properties classified as inventory. The Group has loan facilities of \u20ac18,552,000 out of which \u20ac6,139,911 has not yet been utilised as at year end.
The Group\u2019s bank borrowings are not subject to financial covenants. Accordingly, there are no covenant conditions with which the Group is required to comply in relation to its borrowings as at the reporting date.
Note iii \u2013 Shareholders\u2019 loans
During the financial year, the terms of a loan previously recognised as a payable were amended. Under the original agreement, the loan was contractually repayable. Following the amendment to the agreement, the Company obtained discretion over the timing of repayment.
In view of this change in contractual terms, and considering the substance of the revised arrangement, the balance has been reclassified from a payable to capital contributions in the financial statements with effect from the date of the amended agreement. Refer to note 18.3
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page23-cflshid_10030-tag11993462": {
"value": "8.Financial liabilities
8.4Borrowings
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Current interest-bearing borrowings | | | | |
| Bank Borrowings | | 3,674,926 | - | - |
| Total current borrowings | | 3,674,926 | - | - |
| Non- Current interest-bearing borrowings | | | | |
| Bank borrowings | ii | 8,166,163 | 9,245,813 | - |
| Debt securities in issue | | 19,000,000 | - | 19,000,000 |
| Issue costs | | (638,812) | - | (638,812) |
| Bonds net of issue costs | i | 18,361,188 | | 18,361,188 |
| Non- Current borrowings | | | | |
| Shareholders\u2019 loans | iii | - | 5,157,796 | - |
| Total non-current borrowings | | 26,527,351 | 14,403,609 | 18,361,188 |
| Total borrowings | | 30,202,277 | 14,403,609 | 18,361,188 |
Detailed information
| 2025 | 2024 | Interest rate | Maturity |
| \u20ac | \u20ac | % | |
| Group | | | | |
| Bank Borrowings - Note ii | 2,318,226 | 2,266,068 | 5.2: Bank base rate + 1.5 | Upon sale of property units or within 36 months from drawdown |
| Bank Borrowings - Note ii | 7,056,710 | 6,040,535 | 5.2: Bank base rate + 1.5 | Upon sale of property units or within 60 months from drawdown |
| Bank Borrowings - Note ii | 1,356,700 | 939,210 | 5.2: Bank base rate + 1.5 | Upon sale of property units or within 36 months from drawdown |
| Bank Borrowings - Note ii | 1,109,453 | - | 5: Bank base rate + 2.75 | Upon sale of property units or within 36 months from drawdown |
| Bonds net of issue costs - Note i | 18,361,188 | - | 5.25 | 2028 - 2030 |
| Shareholders\u2019 loans - Note iii | - | 5,157,796 | Interest fee | On demand |
| 30,202,277 | 14,403,609 | | |
| Company | | | | |
| Bonds net of issue costs - Note i | 18,361,188 | - | 5.25 | 2028 - 2030 |
Note i \u2013 Debt securities in issue
In August 2025, ACMUS P.LC. issued an aggregate principal amount of \u20ac23,000,000 bonds (2028-2030), having a nominal value of EUR100 each, bearing interest at the rate of 5.25% per annum, to finance the acquisition, construction and finishing of the sites in Marsascala and St. Paul\u2019s Bay. Out of which, \u20ac19,00,000 were withdrawn during the financial year. These bonds are subject to the terms and conditions in the prospectus dated 17 July 2025 and secured by:
-First-ranking special privilege over the sites in St. Paul\u2019s Bay and Marsascala
-First-ranking general hypothec by the Issuer and by the Guarantor in favour of the Security Trustee, its respective assets present and future for the full nominal value of the Secured Bonds and interest thereon
-First-ranking special hypothec by the Guarantor in favour of the Security Trustee for the full nominal value of the Secured Bonds and interest thereon over each of the sites purchased by the Guarantor and which are funded by a Tranche of Secured Bonds
-Pledge on Insurance Policies as security for the full nominal value of the Secured Bonds and interest thereon whereby the Guarantor shall pledge in the Security Trustee\u2019s favour its rights under the Insurance Policies.
The bonds are listed on the Official Companies List of the Malta Stock Exchange. The quoted market price as at 31 December 2025 was \u20ac100. The fair value of the bond as at 31 December 2025 amounted to \u20ac19,000,000. Interest on the bonds is due and payable annually in arrears on 20 August of each year at the above-mentioned rate.
Note ii \u2013 Bank borrowings
These loans are secured by general hypothecs over the assets of the Group and special hypothecs over the Group\u2019s properties classified as inventory. The Group has loan facilities of \u20ac18,552,000 out of which \u20ac6,139,911 has not yet been utilised as at year end.
The Group\u2019s bank borrowings are not subject to financial covenants. Accordingly, there are no covenant conditions with which the Group is required to comply in relation to its borrowings as at the reporting date.
Note iii \u2013 Shareholders\u2019 loans
During the financial year, the terms of a loan previously recognised as a payable were amended. Under the original agreement, the loan was contractually repayable. Following the amendment to the agreement, the Company obtained discretion over the timing of repayment.
In view of this change in contractual terms, and considering the substance of the revised arrangement, the balance has been reclassified from a payable to capital contributions in the financial statements with effect from the date of the amended agreement. Refer to note 18.3
20.Capital Commitments
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| Contracted not provided for | 3,467,410 | 14,704,395 | - |
| 3,467,410 | 14,704,395 | - |
These commitments will be financed through sanctioned bank borrowings which are not yet drawdown as at 31 December 2025 of \u20ac6,139,911, bond proceeds held at trustee of \u20ac7,777,508 (note 7.6) and sales of properties in the normal course of the business.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page23-cflshid_10030-tag11993457": {
"value": "8.Financial liabilities
8.5Trade and other payables
| Note | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| | \u20ac | \u20ac | \u20ac |
| Trade payables | | 53,049 | 40,368 | 11,674 |
| Amounts due to other related entities | iii | 38,080 | 13,664 | 15,000 |
| Accruals | ii | 482,429 | 31,362 | 366,026 |
| Deposits received on sale of properties | | 219,500 | - | - |
| Capital accruals | i | 1,906,483 | 229,327 | - |
| Other payables | | 6,499 | - | 3,289 |
| | 2,706,040 | 314,721 | 395,989 |
Note i \u2013 Accruals and Capital accruals Capital accruals represent costs relating to construction, development works and finishings performed on the Group\u2019s property development projects 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 inventories as part of the cost of the respective development projects.The accruals are recognised in accordance with the Group\u2019saccounting policy for inventories and reflect management\u2019s best estimate of costs incurred but not yet invoiced at the reporting date. Other accruals mainly comprise accrued interest on debt securities in issue amounting to \u20ac366k and other accruals in the normal course of business.
Note iii \u2013 Amounts due to other related entities These amounts are unsecured, interest free and repayable on demand.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page26-cflshid_11616-tag11993553": {
"value": "9.Interest in subsidiaries
A subsidiary is an entity that is controlled by the Company. The Company controls an investee when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
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.
Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses, cash flows and any unrealised gains relating to transactions between members of the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognises the related assets (including any goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page26-cflshid_11616-tag11993501": {
"value": "9.Interest in subsidiaries
The Group financial statements include the financial statements of the parent Company and all its subsidiaries. The results of the subsidiaries acquired or disposed of during the period are included in the Group statement of profit or loss and other comprehensive income from the date of their acquisition or up to date of their disposal.
Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses, cash flows and any unrealised gains relating to transactions between members of the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognises the related assets (including any goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.
All subsidiary undertakings are included in the consolidation and are accounted for on the basis of direct equity interest and are stated at cost less any accumulated impairment losses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page26-cflshid_11667-tag11993542": {
"value": "9.Interest in subsidiariesIf the Group loses control over a subsidiary, it derecognises the related assets (including any goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page26-cflshid_11667-tag11993538": {
"value": "9.Interest in subsidiariesIf the Group loses control over a subsidiary, it derecognises the related assets (including any goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page26-cflshid_11667-tag11993525": {
"value": "9.Interest in subsidiariesShares in subsidiaries and associate undertaking represent the following investments:
| | | | 2025 | 2024 |
| Company | Relationship | Registered address | Principal Activity | % Holding | %Holding |
| ACMUS Property Development Limited | Subsidiary | AC Hotel St. Julians13, Lourdes LaneSan Giljan, STJ 3311 | Real estate operations | 100% | - |
| ACMUS Properties Limited | Subsidiary | AC Hotel St. Julians13, Lourdes LaneSan Giljan, STJ 3311 | Real estate operations | 100% | - |
If the Group loses control over a subsidiary, it derecognises the related assets (including any goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page26-cflshid_11667-tag11993493": {
"value": "9.Interest in subsidiariesShares in subsidiaries and associate undertaking represent the following investments:
| | | | 2025 | 2024 |
| Company | Relationship | Registered address | Principal Activity | % Holding | %Holding |
| ACMUS Property Development Limited | Subsidiary | AC Hotel St. Julians13, Lourdes LaneSan Giljan, STJ 3311 | Real estate operations | 100% | - |
| ACMUS Properties Limited | Subsidiary | AC Hotel St. Julians13, Lourdes LaneSan Giljan, STJ 3311 | Real estate operations | 100% | - |
10Cash and cash equivalents
Cash and cash equivalents are carried in the statement of financial position at face value. In the statement of cash flows, cash and cash equivalents include cash in hand and deposits held at call with banks.
\u00a0
For the purposes of the statement of cash flows, cash and cash equivalents comprise the following
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Cash at bank and in hand | 704,086 | 86,746 | 3,425 |
10Cash and cash equivalents
Cash and cash equivalents are carried in the statement of financial position at face value. In the statement of cash flows, cash and cash equivalents include cash in hand and deposits held at call with banks.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page27-cflshid_12115-tag11993556": {
"value": "10Cash and cash equivalents
Cash and cash equivalents are carried in the statement of financial position at face value. In the statement of cash flows, cash and cash equivalents include cash in hand and deposits held at call with banks.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page27-cflshid_12115-tag11993464": {
"value": "10Cash and cash equivalents
For the purposes of the statement of cash flows, cash and cash equivalents comprise the following
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Cash at bank and in hand | 704,086 | 86,746 | 3,425 |
12Property, Plant and Equipment
The Company\u2019s property, plant and equipment comprise computer equipment. Property, plant, and equipment are stated at cost less accumulated depreciation. Depreciation is provided for on the straight-line method in order to write off cost over the expected useful economic lives of the assets over 4 years. The assets' residual values and useful lives are reviewed and adjusted if appropriate, at each statement of financial position date. Gains and losses on disposal of property, plant and equipment are determined by comparing proceeds with the carrying amount and are taken into account in determining operating profit.
An asset's carrying amount is written down immediately to its recoverable amount if its carrying amount is greater than its estimated recoverable amount.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page27-cflshid_12115-tag11993541": {
"value": "12Property, Plant and Equipment
An asset's carrying amount is written down immediately to its recoverable amount if its carrying amount is greater than its estimated recoverable amount",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page27-cflshid_12115-tag11993513": {
"value": "12Property, Plant and Equipment
Depreciation is provided for on the straight-line method in order to write off cost over the expected useful economic lives of the assets over 4 years. The assets' residual values and useful lives are reviewed and adjusted if appropriate, at each statement of financial position date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page27-cflshid_12115-tag11993473": {
"value": "12Property, Plant and Equipment
12.1Analysis of balance
| Computer Equipment |
| Cost | \u20ac |
| At 1 January 2024 | 65,309 |
| Additions | 11,297 |
| At 31st December 2024 | 76,606 |
| Depreciation | |
| At 1 January 2024 | 15,412 |
| Charge of the period | 18,888 |
| At 31st December 2024 | 34,300 |
| Cost | |
| At 1st January 2025 | 76,606 |
| Additions | 9,162 |
| At 31st December 2025 | 85,768 |
| Depreciation | |
| At 1st January 2025 | 34,301 |
| Charge of the year | 21,442 |
| At 31st December 2025 | 55,743 |
| Net Book Value | |
| At 31st December 2024 | 42,306 |
| At 31st December 2025 | 30,025 |
12.1Analysis of balance
| Computer Equipment |
| Cost | \u20ac |
| At 1 January 2024 | 65,309 |
| Additions | 11,297 |
| At 31st December 2024 | 76,606 |
| Depreciation | |
| At 1 January 2024 | 15,412 |
| Charge of the period | 18,888 |
| At 31st December 2024 | 34,300 |
| Cost | |
| At 1st January 2025 | 76,606 |
| Additions | 9,162 |
| At 31st December 2025 | 85,768 |
| Depreciation | |
| At 1st January 2025 | 34,301 |
| Charge of the year | 21,442 |
| At 31st December 2025 | 55,743 |
| Net Book Value | |
| At 31st December 2024 | 42,306 |
| At 31st December 2025 | 30,025 |
13Revenue from contract with customers
Revenue includes all revenues from the ordinary business activities of the Group and is recorded net of value added tax. Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when (or as) it satisfies a performance obligation by transferring control of a promised good to the customer. The Group recognises revenue from sale of inventory property.
The 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 received when legal title is transferred.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page28-cflshid_12657-tag11993523": {
"value": "13Revenue from contract with customers | Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Revenue from sale of properties | 1,413,000 | - | - |
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Revenue from sale of properties | 1,413,000 | - | - |
14.2Finance costs
Finance costs consist primarily of interest expense arising on the Company\u2019s debt securities in issue. Given that the proceeds of these debt securities are used to finance property development activities within the Group, the related borrowing costs are capitalised in accordance with the Group\u2019s accounting policy on borrowing costs. Accordingly, the interest expense is included in inventory (property under development) at Group level while the qualifying assets are under construction. Interest is capitalised over the period during which the development assets are being constructed and until they are substantially ready for their intended use or sale.
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Bank interest | 16,137 | 2,593 | - |
| Interest expense on debt securities | - | - | 366,026 |
| 16,137 | 2,593 | 366,026 |
| Rate | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| % | \u20ac | \u20ac | \u20ac |
| Bank interest capitalised to inventory | 5-5.2 | 638,293 | 563,348 | - |
| Bond interest capitalised to inventory | 5.25 | 366,026 | - | - |
| Finance cost capitalised \u2013 note 5.2 | | 1,004,319 | 563,348 | - |
14.6Income taxes
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted at the reporting date in the country where the Group operates and generates taxable income.
Current income tax is charged or credited to profit or loss. Current income tax relating to items realized directly in equity is realized in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
The charge for 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.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page29-cflshid_12868-tag11993533": {
"value": "14Other income and expenditure14.1Finance income
Finance income comprises interest income earned on financing arrangements with subsidiary14.2Finance costs
Finance costs consist primarily of interest expense arising on the Company\u2019s debt securities in issue. Given that the proceeds of these debt securities are used to finance property development activities within the Group, the related borrowing costs are capitalised in accordance with the Group\u2019s accounting policy on borrowing costs. Accordingly, the interest expense is included in inventory (property under development) at Group level while the qualifying assets are under construction. Interest is capitalised over the period during which the development assets are being constructed and until they are substantially ready for their intended use or sale.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page29-cflshid_12868-tag11993532": {
"value": "14Other income and expenditure14.2Finance costs
Finance costs consist primarily of interest expense arising on the Company\u2019s debt securities in issue. Given that the proceeds of these debt securities are used to finance property development activities within the Group, the related borrowing costs are capitalised in accordance with the Group\u2019s accounting policy on borrowing costs. Accordingly, the interest expense is included in inventory (property under development) at Group level while the qualifying assets are under construction. Interest is capitalised over the period during which the development assets are being constructed and until they are substantially ready for their intended use or sale.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page29-cflshid_12868-tag11993517": {
"value": "14Other income and expenditure14.3Expenses by nature
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| Cost of goods sold | \u20ac | \u20ac | \u20ac |
| Cost of property sold | 1,013,000 | - | - |
| Commission on sales | 73,115 | - | - |
| Administrative expenses | | | |
| Wages and salaries | 93,963 | 39,438 | 15,000 |
| Directors' remuneration | 33,400 | - | 33,400 |
| Auditor's Fees | 25,559 | 5,133 | 11,033 |
| Licences and permits | 17,849 | 31,880 | - |
| Operating expenses | | | |
| Advertising and promotional expenses | 29,789 | 38,442 | - |
| Fuel and gas | 17,667 | 2,997 | - |
| Other expenses (administrative and operating expenses) | 46,867 | 14,430 | 8,947 |
| 1,351,209 | 132,320 | 68,380 |
14.3Expenses by nature
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| Cost of goods sold | \u20ac | \u20ac | \u20ac |
| Cost of property sold | 1,013,000 | - | - |
| Commission on sales | 73,115 | - | - |
| Administrative expenses | | | |
| Wages and salaries | 93,963 | 39,438 | 15,000 |
| Directors' remuneration | 33,400 | - | 33,400 |
| Auditor's Fees | 25,559 | 5,133 | 11,033 |
| Licences and permits | 17,849 | 31,880 | - |
| Operating expenses | | | |
| Advertising and promotional expenses | 29,789 | 38,442 | - |
| Fuel and gas | 17,667 | 2,997 | - |
| Other expenses (administrative and operating expenses) | 46,867 | 14,430 | 8,947 |
| 1,351,209 | 132,320 | 68,380 |
14.1Finance income
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Interest income on loans to subsidiaries | - | - | 491,287 |
14.1Finance income
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Interest income on loans to subsidiaries | - | - | 491,287 |
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Bank interest | 16,137 | 2,593 | - |
| Interest expense on debt securities | - | - | 366,026 |
| 16,137 | 2,593 | 366,026 |
| Rate | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| % | \u20ac | \u20ac | \u20ac |
| Bank interest capitalised to inventory | 5-5.2 | 638,293 | 563,348 | - |
| Bond interest capitalised to inventory | 5.25 | 366,026 | - | - |
| Finance cost capitalised \u2013 note 5.2 | | 1,004,319 | 563,348 | - |
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Bank interest | 16,137 | 2,593 | - |
| Interest expense on debt securities | - | - | 366,026 |
| 16,137 | 2,593 | 366,026 |
| Rate | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| % | \u20ac | \u20ac | \u20ac |
| Bank interest capitalised to inventory | 5-5.2 | 638,293 | 563,348 | - |
| Bond interest capitalised to inventory | 5.25 | 366,026 | - | - |
| Finance cost capitalised \u2013 note 5.2 | | 1,004,319 | 563,348 | - |
14.4Staff wages and employee information
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| Wages and salaries | 658,466 | 564,486 | 15,000 |
| Social security costs | 31,026 | 35,604 | - |
| 689,492 | 600,090 | 15,000 |
| Payroll recharged | (294,171) | (407,610) | - |
| Capitalised salaries to inventory \u2013 note 5.2 | (301,358) | (153,041) | - |
| 93,963 | 39,439 | 15,000 |
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Directors\u2019 remuneration | 33,400 | - | 33,400 |
14.4Staff wages and employee information
The average number of persons employed by the company during the year was 12 (2024: 13)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
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}
},
"v1-page29-cflshid_12868-tag11993487": {
"value": "14Other income and expenditure14.6Income taxes
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Current tax | | | |
| FWT on property sales | 109,192 | - | - |
| Current tax | 2,239 | - | 2,239 |
| 111,431 | - | 2,239 |
5.The Company applies the general
model to measuring expected credit
losses for all other
6.receivables. To measure the expected
credit losses, loans and other
receivables have been grouped
7.based on shared credit risk
characteristics and the days past due.
The Company assesses the credit
8.quality of these loans considering
financial position, repayment patterns,
past experience and other
9.factors including history of default
from the credit terms issued.
10.The Company applies the general
model to measuring expected credit
losses for all other
11.receivables. To measure the
expected credit losses, loans and other
receivables have been grouped
12.based on shared credit risk
characteristics and the days past due.
The Company assesses the credit
13.quality of these loans considering
financial position, repayment patterns,
past experience and other
14.factors including history of default
from the credit terms issue
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Profit before tax | 24,212 | (153,801) | 6,398 |
| Tax thereon at 35% | 8,474 | (53,830) | 2,239 |
| Lower tax rate on sale of properties | (381,510) | - | - |
| Expenses disallowed for tax purposes | 484,467 | 53,830 | - |
| 111,431 | - | 2,239 |
14.1Finance income
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Interest income on loans to subsidiaries | - | - | 491,287 |
14.1Finance income
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Interest income on loans to subsidiaries | - | - | 491,287 |
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Bank interest | 16,137 | 2,593 | - |
| Interest expense on debt securities | - | - | 366,026 |
| 16,137 | 2,593 | 366,026 |
| Rate | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| % | \u20ac | \u20ac | \u20ac |
| Bank interest capitalised to inventory | 5-5.2 | 638,293 | 563,348 | - |
| Bond interest capitalised to inventory | 5.25 | 366,026 | - | - |
| Finance cost capitalised \u2013 note 5.2 | | 1,004,319 | 563,348 | - |
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Bank interest | 16,137 | 2,593 | - |
| Interest expense on debt securities | - | - | 366,026 |
| 16,137 | 2,593 | 366,026 |
| Rate | Group | Group | Company |
| | 2025 | 2024 | 2025 |
| % | \u20ac | \u20ac | \u20ac |
| Bank interest capitalised to inventory | 5-5.2 | 638,293 | 563,348 | - |
| Bond interest capitalised to inventory | 5.25 | 366,026 | - | - |
| Finance cost capitalised \u2013 note 5.2 | | 1,004,319 | 563,348 | - |
14.3Expenses by nature
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| Cost of goods sold | \u20ac | \u20ac | \u20ac |
| Cost of property sold | 1,013,000 | - | - |
| Commission on sales | 73,115 | - | - |
| Administrative expenses | | | |
| Wages and salaries | 93,963 | 39,438 | 15,000 |
| Directors' remuneration | 33,400 | - | 33,400 |
| Auditor's Fees | 25,559 | 5,133 | 11,033 |
| Licences and permits | 17,849 | 31,880 | - |
| Operating expenses | | | |
| Advertising and promotional expenses | 29,789 | 38,442 | - |
| Fuel and gas | 17,667 | 2,997 | - |
| Other expenses (administrative and operating expenses) | 46,867 | 14,430 | 8,947 |
| 1,351,209 | 132,320 | 68,380 |
14.3Expenses by nature
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| Cost of goods sold | \u20ac | \u20ac | \u20ac |
| Cost of property sold | 1,013,000 | - | - |
| Commission on sales | 73,115 | - | - |
| Administrative expenses | | | |
| Wages and salaries | 93,963 | 39,438 | 15,000 |
| Directors' remuneration | 33,400 | - | 33,400 |
| Auditor's Fees | 25,559 | 5,133 | 11,033 |
| Licences and permits | 17,849 | 31,880 | - |
| Operating expenses | | | |
| Advertising and promotional expenses | 29,789 | 38,442 | - |
| Fuel and gas | 17,667 | 2,997 | - |
| Other expenses (administrative and operating expenses) | 46,867 | 14,430 | 8,947 |
| 1,351,209 | 132,320 | 68,380 |
14.4Staff wages and employee information
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| Wages and salaries | 658,466 | 564,486 | 15,000 |
| Social security costs | 31,026 | 35,604 | - |
| 689,492 | 600,090 | 15,000 |
| Payroll recharged | (294,171) | (407,610) | - |
| Capitalised salaries to inventory \u2013 note 5.2 | (301,358) | (153,041) | - |
| 93,963 | 39,439 | 15,000 |
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Directors\u2019 remuneration | 33,400 | - | 33,400 |
14.6Income taxes
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted at the reporting date in the country where the Group operates and generates taxable income.
Current income tax is charged or credited to profit or loss. Current income tax relating to items realized directly in equity is realized in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
The charge for 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.
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Current tax | | | |
| FWT on property sales | 109,192 | - | - |
| Current tax | 2,239 | - | 2,239 |
| 111,431 | - | 2,239 |
5.The Company applies the general
model to measuring expected credit
losses for all other
6.receivables. To measure the expected
credit losses, loans and other
receivables have been grouped
7.based on shared credit risk
characteristics and the days past due.
The Company assesses the credit
8.quality of these loans considering
financial position, repayment patterns,
past experience and other
9.factors including history of default
from the credit terms issued.
10.The Company applies the general
model to measuring expected credit
losses for all other
11.receivables. To measure the
expected credit losses, loans and other
receivables have been grouped
12.based on shared credit risk
characteristics and the days past due.
The Company assesses the credit
13.quality of these loans considering
financial position, repayment patterns,
past experience and other
14.factors including history of default
from the credit terms issue
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Profit before tax | 24,212 | (153,801) | 6,398 |
| Tax thereon at 35% | 8,474 | (53,830) | 2,239 |
| Lower tax rate on sale of properties | (381,510) | - | - |
| Expenses disallowed for tax purposes | 484,467 | 53,830 | - |
| 111,431 | - | 2,239 |
14.3Expenses by nature
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| Cost of goods sold | \u20ac | \u20ac | \u20ac |
| Cost of property sold | 1,013,000 | - | - |
| Commission on sales | 73,115 | - | - |
| Administrative expenses | | | |
| Wages and salaries | 93,963 | 39,438 | 15,000 |
| Directors' remuneration | 33,400 | - | 33,400 |
| Auditor's Fees | 25,559 | 5,133 | 11,033 |
| Licences and permits | 17,849 | 31,880 | - |
| Operating expenses | | | |
| Advertising and promotional expenses | 29,789 | 38,442 | - |
| Fuel and gas | 17,667 | 2,997 | - |
| Other expenses (administrative and operating expenses) | 46,867 | 14,430 | 8,947 |
| 1,351,209 | 132,320 | 68,380 |
15.Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (\u201cCODM\u201d).
The board of ACMUS P.L.C., (\u201cthe Board\u201d) assesses the financial performance and position of the Group and makes strategic decisions. The Board has been identified as being the CODM.
",
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},
"v1-page31-cflshid_14159-tag11993497": {
"value": "16.Financial instruments risk management objectives and policies
16.4Liquidity risk
The Group and the Company\u2019s exposure to liquidity risk arises from its obligations to meet financial liabilities, which comprise debt securities, trade and other payables and other financial liabilities. Prudent liquidity risk management includes maintaining sufficient cash and committed credit facilities to ensure the availability of an adequate amount of funding to meet the Group and the Company\u2019s obligations when they become due.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:485100D17N40H42R6D98",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page31-cflshid_14202-tag11993498": {
"value": "16.Financial instruments risk management objectives and policies16.1Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises interest rate risk. Financial instruments affected by market risk include loans and borrowings.
16.2Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates.
The Group\u2019s exposure to interest rate risk is limited to the variable interest rates on borrowings. This applies to all of the Group\u2019s bank borrowings as per Note 8.4 whose applicable interest rates are linked to either the 3-month Euribor or the bank\u2019s base rate. Based on observations of current market conditions, the Directors consider an upward or downward movement in interest of between 1% to 2% to be reasonably possible. However, the potential impact of such a variance is considered immaterial.
The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.
At 31 December 2025, approximately 61% of the Group\u2019s borrowings are at a fixed rate of interest (2024: 0%).
",
"dimensions": {
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"language": "en",
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},
"v1-page31-cflshid_14202-tag11993485": {
"value": "16.Financial instruments risk management objectives and policiesThe Group\u2019s principal financial liabilities, other than derivatives, comprise loans and borrowings, and trade and other payables. The main purpose of these financial liabilities is to finance the Group\u2019s operations. The Group\u2019s principal financial assets include other receivables, cash and cash equivalents and loans advanced to subsidiaries.
The Group is exposed to market risk, credit risk and liquidity risk. The Group and the Company\u2019s risk management is coordinated by the Directors and focuses on actively securing the Group and the Company\u2019s short term to medium term cash flows by minimising the exposure to financial risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below.
16.1Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises interest rate risk. Financial instruments affected by market risk include loans and borrowings.
16.2Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates.
The Group\u2019s exposure to interest rate risk is limited to the variable interest rates on borrowings. This applies to all of the Group\u2019s bank borrowings as per Note 8.4 whose applicable interest rates are linked to either the 3-month Euribor or the bank\u2019s base rate. Based on observations of current market conditions, the Directors consider an upward or downward movement in interest of between 1% to 2% to be reasonably possible. However, the potential impact of such a variance is considered immaterial.
The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.
At 31 December 2025, approximately 61% of the Group\u2019s borrowings are at a fixed rate of interest (2024: 0%).
16.3Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
Credit risk arising from loans advanced to related companies is managed at Group level. These balances primarily comprise funds advanced to subsidiaries from bond proceeds in accordance with the terms of the bond prospectus, as well as other advances funded by shareholder companies. The loans advanced from bond proceeds bear interest at a rate of 7% and are secured by collateral, including the constitution of first-ranking special hypothecs over the underlying properties being developed by the subsidiaries. The terms of these loans are structured on a back-to-back basis with the underlying bond arrangements.
The Group monitors the creditworthiness of the related counterparties on an ongoing basis. In assessing credit risk, management considers the financial position of the subsidiaries, projected cash flows from property development activities, expected proceeds from the sale of completed units and the value of the underlying secured properties. The Group therefore considers the credit risk associated with these balances to be linked primarily to the performance and cash-generating ability of the underlying property development projects.
An impairment assessment is performed at each reporting date in accordance with IFRS 9 using the general expected credit loss approach. Expected credit losses are estimated using a probability-weighted model based on probability of default (PD), loss given default (LGD) and exposure at default (EAD). The assessment incorporates reasonable and supportable forward-looking information, including assumptions regarding the expected timing of property sales, projected development cash flows and prevailing property market conditions.
For loans advanced from bond proceeds, the existence of collateral in the form of first-ranking special hypothecs over the secured properties is considered in determining the LGD component of the ECL model. Management also considers the expected recoverability of the underlying assets and projected sales values when assessing potential credit losses.
The Group also has other advances to related companies funded by shareholder companies. These balances bear interest and are unsecured. The recoverability of these advances is assessed based on the expected future cash flows of the borrowing entities and the Group\u2019s ongoing financial support of those entities.
The maximum exposure to credit risk at the reporting date is the carrying amount of these financial assets as disclosed in Note 7.6. Based on the impairment assessment performed at the reporting date, management considers the expected credit losses on these balances to be immaterial.
Banks and cash and bond funds held with trustee Credit risk from balances with banks and financial institutions is managed by the Group\u2019s treasury department in accordance with the Group\u2019s policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Group\u2019s Board of Directors on an annual basis and may be updated throughout the year subject to approval of the Group\u2019s Finance Committee. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through a counterparty\u2019s potential failure to make payments.
The Group\u2019s maximum exposure to credit risk for the components of the statement of financial position at 31 December 2025 and 2024 is the carrying amounts are:
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Trade and other receivables | 8,303,443 | 887,762 | 8,275,452 |
| Cash at bank and in hand | 704,086 | 86,746 | 3,425 |
| 9,007,529 | 974,508 | 8,278,877 |
16.4Liquidity risk
The Group and the Company\u2019s exposure to liquidity risk arises from its obligations to meet financial liabilities, which comprise debt securities, trade and other payables and other financial liabilities. Prudent liquidity risk management includes maintaining sufficient cash and committed credit facilities to ensure the availability of an adequate amount of funding to meet the Group and the Company\u2019s obligations when they become due.
Maturities of financial liabilities The table below analyses the Company\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.
| On demand | Within 1 year | 2 \u2013 5 years | Over 5 years | Total |
| \u20ac | \u20ac | \u20ac | \u20ac | \u20ac |
| Group 2025 | | | | | |
| Trade and other payables | 2,704,976 | - | - | - | 2,704,976 |
| Bank borrowings | - | 4,322,243 | 8,856,877 | - | 13,179,120 |
| Bond | - | 997,500 | 22,990,000 | - | 23,987,500 |
| Total contractual cashflows | 2,704,976 | 7,986,638 | 31,846,877 | - | 39,871,595 |
| Group 2024 | | | | | |
| Trade and other payables | 314,723 | - | - | - | 314,723 |
| Bank borrowings | - | 480,298 | 10,293,857 | - | 10,774,155 |
| Bond | - | - | - | - | - |
| Total contractual cashflows | 314,723 | 480,298 | 10,293,857 | - | 11,088,878 |
The amount of trade and other payables classified as repayable within one year in the table above are contractually repayable on demand.
Changes in liabilities arising from financing activities | At 1 January 2025 | Cash flows | Other | At 31 December 2025 |
| \u20ac | \u20ac | \u20ac | \u20ac |
| Bonds net of bond issue costs | - | 18,361,188 | - | 18,361,188 |
| Shareholders loans | 5,157,795 | 1,832,245 | (6,090,040) | 900,000 |
| Bank borrowings | 9,245,813 | 2,595,276 | - | 11,841,089 |
| 14,403,608 | 22,788,709 | (6,090,040) | 31,102,277 |
| At 1 January 2024 | Cash flows | Other | At 31 December 2024 |
| \u20ac | \u20ac | \u20ac | \u20ac |
| Shareholders loans | - | - | 5,157,795 | 5,157,795 |
| Bank borrowings | 7,160,100 | 2,085,713 | - | 9,245,813 |
| 7,160,100 | 2,085,713 | 5,157,795 | 14,403,608 |
16.3Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
Credit risk arising from loans advanced to related companies is managed at Group level. These balances primarily comprise funds advanced to subsidiaries from bond proceeds in accordance with the terms of the bond prospectus, as well as other advances funded by shareholder companies. The loans advanced from bond proceeds bear interest at a rate of 7% and are secured by collateral, including the constitution of first-ranking special hypothecs over the underlying properties being developed by the subsidiaries. The terms of these loans are structured on a back-to-back basis with the underlying bond arrangements.
The Group monitors the creditworthiness of the related counterparties on an ongoing basis. In assessing credit risk, management considers the financial position of the subsidiaries, projected cash flows from property development activities, expected proceeds from the sale of completed units and the value of the underlying secured properties. The Group therefore considers the credit risk associated with these balances to be linked primarily to the performance and cash-generating ability of the underlying property development projects.
An impairment assessment is performed at each reporting date in accordance with IFRS 9 using the general expected credit loss approach. Expected credit losses are estimated using a probability-weighted model based on probability of default (PD), loss given default (LGD) and exposure at default (EAD). The assessment incorporates reasonable and supportable forward-looking information, including assumptions regarding the expected timing of property sales, projected development cash flows and prevailing property market conditions.
For loans advanced from bond proceeds, the existence of collateral in the form of first-ranking special hypothecs over the secured properties is considered in determining the LGD component of the ECL model. Management also considers the expected recoverability of the underlying assets and projected sales values when assessing potential credit losses.
The Group also has other advances to related companies funded by shareholder companies. These balances bear interest and are unsecured. The recoverability of these advances is assessed based on the expected future cash flows of the borrowing entities and the Group\u2019s ongoing financial support of those entities.
The maximum exposure to credit risk at the reporting date is the carrying amount of these financial assets as disclosed in Note 7.6. Based on the impairment assessment performed at the reporting date, management considers the expected credit losses on these balances to be immaterial.
Banks and cash and bond funds held with trustee Credit risk from balances with banks and financial institutions is managed by the Group\u2019s treasury department in accordance with the Group\u2019s policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Group\u2019s Board of Directors on an annual basis and may be updated throughout the year subject to approval of the Group\u2019s Finance Committee. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through a counterparty\u2019s potential failure to make payments.
The Group\u2019s maximum exposure to credit risk for the components of the statement of financial position at 31 December 2025 and 2024 is the carrying amounts are:
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| \u20ac | \u20ac | \u20ac |
| Trade and other receivables | 8,303,443 | 887,762 | 8,275,452 |
| Cash at bank and in hand | 704,086 | 86,746 | 3,425 |
| 9,007,529 | 974,508 | 8,278,877 |
17.Capital management
For the purpose of the Group and the Company\u2019s capital management, capital includes issued capital and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group\u2019s and the Company\u2019s capital maximise the shareholder value. The Group and the Company manage their capital structure and make adjustments in light of changes in economic conditions.
The Group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern while maintaining an appropriate capital structure to support its property development activities.
Given the nature of the Group\u2019s operations in property development, projects are typically financed through a combination of equity and external borrowings during the construction phase, with debt levels reducing as properties are sold and proceeds are received. As a result, leverage levels may fluctuate significantly over the life cycle of a development project.
Accordingly, the Group does not manage capital based on a specific target gearing ratio. Instead, management monitors the capital structure through ongoing assessment of funding requirements for development projects, expected sales proceeds, and the Group\u2019s ability to meet its financing obligations as they fall due.
",
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"v1-page34-cflshid_15815-tag11993546": {
"value": "18.Equity
18.1Share 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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"v1-page34-cflshid_15973-tag11993496": {
"value": "18.Equity18.1Share capital
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| Authorised | \u20ac | \u20ac | \u20ac |
| 250,000 Ordinary Shares of \u20ac1 each | 250,000 | - | 250,000 |
| 30,500,000 Ordinary shares of \u20ac0.01 each | - | 305,000 | - |
| 250,000 | 305,000 | 250,000 |
| Issued | | | |
| 250,000 Ordinary Shares of \u20ac 1 each 100% paid-up | 250,000 | - | 250,000 |
| 30,500,000 Ordinary shares of \u20ac0.01 each | - | 305,000 | - |
| 250,000 | 305,000 | 250,000 |
20.Capital Commitments
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| Contracted not provided for | 3,467,410 | 14,704,395 | - |
| 3,467,410 | 14,704,395 | - |
These commitments will be financed through sanctioned bank borrowings which are not yet drawdown as at 31 December 2025 of \u20ac6,139,911, bond proceeds held at trustee of \u20ac7,777,508 (note 7.6) and sales of properties in the normal course of the business.
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"v1-page35-cflshid_16284-tag11993467": {
"value": "20.Capital Commitments
| Group | Group | Company |
| 2025 | 2024 | 2025 |
| Contracted not provided for | 3,467,410 | 14,704,395 | - |
| 3,467,410 | 14,704,395 | - |