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"ISO4217:EUR" } }, "mapping_7028": { "value": "4648047.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00", "unit": "ISO4217:EUR" } }, "mapping_7029": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00", "unit": "ISO4217:EUR" } }, "mapping_7038": { "value": "4648047.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:485100J5UJF1O643X037", "period": "2026-01-01T00:00:00", "unit": "ISO4217:EUR" } }, "mapping_7255": { "value": "1. General Notes c. IFRS in issue but not yet effective At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective:
Standard, Amendment or InterpretationEffective For Annual Periods on or AfterEU Status
Amendments to IFRS 7 'Financial Instruments: Disclosures' & IFRS 9 'Financial Instruments' Classification and Measurement of Financial Instruments01 January 2026 Endorsed
IFRS 18 'Presentation and Disclosure in Financial Statements' 01 January 2027 Endorsed
The directors have performed a preliminary assessment of the impact of IFRS 18. The adoption of the standard is expected to affect the presentation of the statement of profit or loss, the starting point and reconciliation in the statement of cash flows, and certain expense disclosure requirements. However, based on the nature of the Group\u2019s operations and transactions, no material impact on profit, equity or cash flows is expected.The directors are also not expecting a material impact on the other standards listed.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7253": { "value": "1. General Notes c. IFRS in issue but not yet effective At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective:
Standard, Amendment or InterpretationEffective For Annual Periods on or AfterEU Status
Amendments to IFRS 7 'Financial Instruments: Disclosures' & IFRS 9 'Financial Instruments' Classification and Measurement of Financial Instruments01 January 2026 Endorsed
IFRS 18 'Presentation and Disclosure in Financial Statements' 01 January 2027 Endorsed
The directors have performed a preliminary assessment of the impact of IFRS 18. The adoption of the standard is expected to affect the presentation of the statement of profit or loss, the starting point and reconciliation in the statement of cash flows, and certain expense disclosure requirements. However, based on the nature of the Group\u2019s operations and transactions, no material impact on profit, equity or cash flows is expected. The directors are also not expecting a material impact on the other standards listed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7232": { "value": "1. General Notes b. Use of estimates and assumptions The preparation of financial statements in conformity with International Financial Reporting Standards adopted as by the EU requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about assumptions and estimation uncertainty at the reporting date that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year is included in note 17: Acquisition of Subsidiaries \u2013 fair value of the consideration transferred and fair value of assets acquired and liabilities assumed. 2. Material Accounting Policies p. Critical Judgements & EstimatesThe following are the critical judgements, apart from those involving estimations (which are presented separately below), that the directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in financial statements. Business combination and application of acquisition accounting Management exercised significant judgement in determining the appropriate accounting treatment for the acquisition of Food Chain Limited and Quintano Foods Limited. After evaluating the substance of the transaction, management concluded that it meets the definition of a business combination in accordance with IFRS 3 Business Combinations and therefore selected the acquisition method as the applicable accounting policy. In reaching this conclusion, management assessed whether the acquired set of activities and assets constituted a \u201cbusiness\u201d as defined by IFRS 3. This analysis considered the presence of: a. Inputs, including established supplier relationships, customer contracts, inventory management systems, workforce, and brand assets. b. Substantive processes, such as logistics operations, procurement processes, sales and distribution functions, and management oversight; and c. The ability to create outputs, demonstrated through a history of generating revenue and delivering goods to customers through established operations. Management concluded that the acquired entities contained both inputs and substantive processes, which together significantly contribute to the ability to generate outputs. This distinguishes the transaction from a mere group reorganisation or asset acquisition, where only a transfer of ownership structure occurs without the transfer of a functioning set of activities capable of producing returns. Judgement applied in distinguishing a business combination from a reorganisation In assessing whether the transaction represented a business combination rather than a common-control reorganisation, management evaluated several qualitative and quantitative indicators, including: \u2022 The acquired entities operated as stand alone, fully functioning businesses prior to the transaction.\u2022 No parent entity restructuring or reorganisation under common control took place; instead, Quinco Holdings p.l.c. obtained ownership of separate legal entities previously not under its control. \u2022 The transaction resulted in Quinco Holdings p.l.c. obtaining power over the investees, exposure to variable returns, and the ability to affect those returns through its involvement, meeting the definition of control under IFRS 10. \u2022 The consideration transferred reflected the fair value of operational businesses rather than a notional or symbolic consideration typical of common-control transactions. \u2022 An integrated set of economic resources and operational processes was acquired, rather than solely a collection of assets.Taken together, these factors indicate that the acquisition had substantive economic effect, and therefore meets the definition of a business combination under IFRS 3, rather than a reorganisation outside its scope. Application of acquisition accounting Having concluded that the transaction meets the definition of a business combination and that Quinco Holdings p.l.c. obtained control of Food Chain Limited and Quintano Foods Limited as defined by IFRS 10 Consolidated Financial Statements, the Group applied the acquisition method of accounting. Under the acquisition method: \u2022 Identifiable assets acquired and liabilities assumed have been recognised at their fair values as at the acquisition date, subject to the specific recognition and measurement provisions of IFRS 3. \u2022 Goodwill has been recognised to the extent that the consideration transferred exceeds the fair value of the identifiable net assets acquired. \u2022 Acquisition-related costs have been expensed as incurred in accordance with IFRS 3. This treatment reflects the substance of the transaction and provides users of the financial statements with relevant and faithfully represented information regarding the Group\u2019s expansion through the acquisition of established and operational businesses. Identification of the Accounting Acquirer A critical judgement applied by management relates to identifying the accounting acquirer for the purpose of applying the acquisition method under IFRS 3 Business Combinations. This assessment requires determining which entity, based on the economic substance of the transaction rather than its legal form, obtains control of the combined set of assets and activities. In accordance with IFRS 3, the determination involves evaluating a range of indicators, including: \u2022 Relative voting rights in the combined entity; \u2022 The composition of the governing body and key management personnel responsible for directing relevant activities; \u2022 The party that initiated or structured the transaction; and \u2022 The terms and mechanics of the exchange. After evaluating these indicators, management concluded that Quinco Holdings p.l.c. is the accounting acquirer. This conclusion reflects the underlying substance and position of Quinco Holdings p.l.c. within the combined group. In assessing the acquirer, management also considered the fact that Quinco Holdings p.l.c., although recently created, was not a dormant entity. Prior to completing the acquisition, it had already undertaken significant operational and strategic activities, including the purchase of land intended for core operational use at substantial value. It was also heavily in advanced stages in the planning and development of the Handaq head office and logistics complex, representing a major investment in infrastructure and supply chain capacity. Quinco Holdings p.l.c. also already had its own strategic management team, responsible for overseeing these projects and for setting the wider direction of the Group. These factors demonstrate that Quinco Holdings p.l.c. possessed substantive processes, assets, and governance structures prior to the acquisition, and therefore acted as the central organising entity around which the enlarged group was formed. Additionally, Quinco Holdings p.l.c. retained the ability to direct the relevant activities of the enlarged group immediately following the transaction since its governing board and senior leadership team continued in their roles post transaction, remaining responsible for strategic, financial, and operational decision making across the Group. The structure of the transaction reflects Quinco Holdings p.l.c. as the entity providing consideration and assuming the role of the parent in substance. Accordingly, the consolidated financial statements have been prepared on the basis that Quinco Holdings p.l.c. is the accounting acquirer and the transaction has been accounted for using the acquisition method from the date on which control was obtained. 17. Acquisition of Subsidiaries Acquisition of Quintano Foods Limited and Food Chain Limited At the acquisition date, the fair value of trade receivables acquired amounted to \u20ac17.431 million. The gross contractual amount receivable was \u20ac17.785 million with the difference to the fair value reflecting expected credit losses recognised at the acquisition date in accordance with IFRS9. Based on the credit quality of the receivables and historical collection experience, the fair value measurement incorporated management\u2019s best estimate of contractual cash flows not expected to be collected at acquisition. Accordingly, expected credit losses were reflected in the initial measurement of the receivables. In the absence of specific guidance under IFRS Accounting Standards for common control transactions, management exercised judgement in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to develop and apply an accounting policy that provides relevant and reliable information. Management determined that applying the acquisition method by relation to IFRS 3 best reflects the substance of the transaction and provides consistent, decision-useful information to users of the financial statements. Accordingly, having elected to apply the acquisition method, the Group has applied the recognition, measurement and disclosure requirements of IFRS 3 in accounting for the transaction. Accordingly: - Quinco Holdings p.l.c. is identified as the accounting acquirer. - The subsidiaries transferred from SFC are treated as acquired businesses. - The identifiable assets acquired and liabilities assumed are recognised at their fair values at the acquisition date. Assessment of Measurement Period Adjustments: in accordance with IFRS 3, where fair value estimates are based on provisional information, management must assess whether new information obtained after the acquisition date relates to facts and circumstances existing at that date. Judgement is applied in determining whether adjustments qualify as measurement period refinements or should be recognised prospectively. For the acquisitions of FCL and QFL, management concluded that the fair values recognised represent final amounts, and no further measurement period adjustments are expected. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7229": { "value": "1. General Notes a. Basis of preparation iv. Functional and presentation currency The consolidated financial statements are presented in Euro (EUR), which is the Company\u2019s functional currency and the Group\u2019s presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7163": { "value": "1. General Notes b. Use of estimates and assumptionsThe preparation of financial statements in conformity with International Financial Reporting Standards adopted as by the EU requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.Information about assumptions and estimation uncertainty at the reporting date that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year is included in note 17: Acquisition of Subsidiaries \u2013 fair value of the consideration transferred and fair value of assets acquired and liabilities assumed.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7113": { "value": "1. General Notes a. Basis of preparation iii. Basis of measurement The consolidated financial statements have been prepared on a going concern basis since the Group has adequate resources and is therefore well positioned to continue operating for the foreseeable future. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7109": { "value": "1. General Notes a. Basis of preparation iii. Basis of measurementThe financial statements have been prepared under the historical cost convention, as modified by the fair valuation of land and buildings which are measured at revalued amounts or fair value. iv. Functional and presentation currencyThe consolidated financial statements are presented in Euro (EUR), which is the Company\u2019s functional currency and the Group\u2019s presentation currency. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7063": { "value": "1. General Notes a. Basis of preparation ii. Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and the requirements of the Companies Act, Cap 386, enacted in Malta. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7057": { "value": "1. General Notesa. Basis of preparationii. Statement of complianceThese consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and the requirements of the Companies Act, Cap 386, enacted in Malta. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7056": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7633": { "value": "2. Material Accounting Policies b. Property, plant and equipment i. Recognition and measurement After initial recognition, plant and equipment are carried under the cost model, that is at cost less any accumulated depreciation and any accumulated impairment losses, whilst land and buildings are carried under the revaluation model, that is at their fair value at the date of the revaluation less any accumulated depreciation and any accumulated impairment losses. Properties in the course of construction for production, supply or administrative purposes are carried at cost, less any recognised impairment loss. c. Intangible assets i. Recognition and measurement Goodwill Goodwill, while an intangible asset in nature, is presented separately from other intangible assets in the statement of financial position and is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed.f. Financial instruments Impairment of financial assets The Group recognises a loss allowance for expected credit losses on trade receivables in accordance with IFRS 9 Financial Instruments using the simplified approach. Under this approach, a loss allowance equal to lifetime expected credit losses is recognised on initial recognition of the receivable. The Group always recognises lifetime ECL for trade receivables. Lifetime expected credit losses are measured using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted where appropriate for forward looking information. Historical default rates are derived from actual observed loss rates over recent periods and reflect the characteristics of the customer base and the ageing profile of receivables. Forward looking information incorporated into the assessment includes consideration of current and expected economic conditions, customer specific factors, and publicly available information obtained through periodic external credit checks for significant customers. Trade receivables are also assessed individually where there are specific indicators of impairment, such as evidence of financial difficulty, insolvency proceedings or significant overdue balances. Where such indicators exist, an individual loss allowance is recognised to reflect the estimated recoverable amount. Other financial assets measured at amortised cost, including amounts due from related parties, are subject to the general expected credit loss model under IFRS 9. Under the general model, expected credit losses are measured at 12-month ECL, unless there has been a significant increase in credit risk (\u201cSICR\u201d) since initial recognition, in which case lifetime ECL is recognised. As at 31 December 2025, no significant increase in credit risk was identified in respect of these balances, and therefore the related loss allowance is measured using 12-month expected credit losses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7534": { "value": "2. Material Accounting Policies a. Consolidation The consolidated financial statements incorporate the financial statements of the parent entity and entities controlled by the Group made up to 31 December of each year. Consolidation of a subsidiary begins when the group obtains control over the subsidiary and ceases when the group loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the group gains control until the date when the group ceases to control the subsidiary. The financial statements of subsidiaries have been adjusted, where necessary, to ensure consistency with the accounting policies adopted by the Group. In particular, adjustments have been made in respect of the following areas: \u2022 IFRS 16: Leases - Lease expenses previously recognised under GAPSME have been adjusted to comply with the requirements of IFRS. \u2022 IFRS 9: Financial Instruments - Expected credit loss calculations have been performed for all entities within the Group. All intragroup assets and liabilities, income, expenses and cash flows relating to transactions between the members of the group are eliminated on consolidation. Business combinations The Group applies the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, except that deferred tax assets or liabilities and assets or liabilities are recognised and measured in accordance with IAS 12 Income Taxes. Goodwill is initially measured as the excess of the consideration transferred and the amount of any non controlling interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. A listing of the subsidiaries is set out in Note 17 of the financial statements. b. Property, plant and equipmenti. Recognition and measurement Property, plant and equipment are initially measured at cost comprising the purchase price, any costs directly attributable to bringing the assets to a working condition for their intended use, and the costs of dismantling and removing the item and restoring the site to which it is located. Subsequent expenditure is capitalised as part of the cost of property, plant and equipment only if it enhances the economic benefits of an asset in excess of the previously assessed standard of performance, or it replaces or restores a component that has been separately depreciated over its useful life. After initial recognition, plant and equipment are carried under the cost model, that is at cost less any accumulated depreciation and any accumulated impairment losses, whilst land and buildings are carried under the revaluation model, that is at their fair value at the date of the revaluation less any accumulated depreciation and any accumulated impairment losses. Properties in the course of construction for production, supply or administrative purposes are carried at cost, less any recognised impairment loss. Depreciation of these assets, determined on the same basis as other property assets, commences when the assets are ready for their intended use.ii. DepreciationDepreciation is charged to the statement of profit and loss account on a straight line basis over the estimated useful lives of items of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows:
Buildings 50-150 years
Plant, machinery and equipment 3-20 years
IT equipment 4 years
c. Intangible assetsi. Recognition and measurementAcquired intangible assetsAn intangible asset is recognised when it is probable that the expected future economic benefits attributable to the asset will flow to the Group, and when the cost of the asset can be measured reliably. Intangible assets are initially measured at cost, including any directly attributable expenditure required to prepare the asset for its intended use. Subsequent to initial recognition, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. The Group assesses intangible assets for indicators of impairment at each reporting date.Intangible assets acquired in a business combinationIntangible assets acquired in a business combination are recognised separately from goodwill when they meet the definition of an intangible asset and their fair value can be measured reliably. These assets are initially recognised at their fair value at the acquisition date, which represents their deemed cost under IFRS 3 Business Combinations. After initial recognition, such assets are accounted for in the same manner as intangible assets acquired separately.For franchise related intangible assets acquired through the acquisition of Food Chain Limited, Quinco Holdings p.l.c. recognised identifiable intangible assets relating to Franchise rights, brand related rights and territorial exclusivity and associated contractual rights enabling the continued operation of the acquired food retail concepts.These intangible assets represent long term rights that provide Quinco Holdings p.l.c. with exclusive benefits linked to the operation, development, and expansion of the respective franchise concepts across the Maltese market.Based on management\u2019s assessment of the economic lifespan of the franchise arrangements, customer retention patterns, territorial rights, and the expected period over which these assets will generate cash flows for the Group, the intangible assets have been assigned an average useful life of 30 years.Amortisation of these intangible assets commenced in September 2025, being the date on which the related franchise operations and associated benefits are expected to become available for use within the Group\u2019s core structure. These franchise related intangible assets will therefore be amortised on a straight line basis over 30 years, with the resulting amortisation expense recognised in profit or loss.Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or business concern at the date of acquisition. Goodwill on acquisitions of subsidiaries/business concerns is included in intangible assets. Goodwill is initially recognised and measured as set out in note 2a. Goodwill, while an intangible asset in nature, is presented separately from other intangible assets in the statement of financial position and is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose, identified according to operating segment. A cash generating unit to which goodwill has been allocated is tested for impairment annually, and whenever there is an indication that the unit may be impaired by comparing the carrying amount of the unit, including the goodwill, with the recoverable amount of the unit. The recoverable amount is the higher of fair value less costs to sell and value in use. d. Investments in subsidiaries In the Company\u2019s separate financial statements, investment in subsidiaries are initially measured at cost. After initial recognition the investment in subsidiaries are carried under the cost method. Under the cost method, the investment is measured at cost less accumulated impairment losses. e. InventoriesInventories are stated at the lower of cost and net realisable value and consist primarily of food and beverage items held for resale in the Group\u2019s wholesale and quick service restaurant.The cost of inventories is determined using the following cost formulas:\u2022 First-Expiry-First-Out (FEFO) at Quintano Foods Limited; and\u2022 FIrst-In-First-Out (FIFO) or weighted average cost (AVCO) at Food Chain Limited, depending on the inventory systems and requirements of the respective franchises.f. Financial instrumentsFinancial assets and financial liabilities are initially measured at fair value, except for short term receivables and payables that do not have a significant financing component which are measured at transaction price. All recognised financial assets are measured subsequently in their entirety at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cashflows. The Group classifies its financial assets at amortised cost only if both the following criteria are met: \u2022 The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Impairment of financial assetsThe Group recognises a loss allowance for expected credit losses on trade receivables in accordance with IFRS 9 Financial Instruments using the simplified approach. Under this approach, a loss allowance equal to lifetime expected credit losses is recognised on initial recognition of the receivable.The Group always recognises lifetime ECL for trade receivables. Lifetime expected credit losses are measured using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted where appropriate for forward looking information. Historical default rates are derived from actual observed loss rates over recent periods and reflect the characteristics of the customer base and the ageing profile of receivables.Forward looking information incorporated into the assessment includes consideration of current and expected economic conditions, customer specific factors, and publicly available information obtained through periodic external credit checks for significant customers.Trade receivables are also assessed individually where there are specific indicators of impairment, such as evidence of financial difficulty, insolvency proceedings or significant overdue balances. Where such indicators exist, an individual loss allowance is recognised to reflect the estimated recoverable amount.Other financial assets measured at amortised cost, including amounts due from related parties, are subject to the general expected credit loss model under IFRS 9. Under the general model, expected credit losses are measured at 12-month ECL, unless there has been a significant increase in credit risk (\u201cSICR\u201d) since initial recognition, in which case lifetime ECL is recognised. As at 31 December 2025, no significant increase in credit risk was identified in respect of these balances, and therefore the related loss allowance is measured using 12-month expected credit losses.g. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cashflows and are presented in current liabilities on the statement of financial position. h. Equity instruments i. Ordinary shares Ordinary shares are classified as equity with any costs directly attributable to the issue of new shares deducted from the proceeds. ii. Dividends Dividends proposed by the Board of Directors are not recognised in the financial statements until they have been approved by shareholders at the Annual General Meeting. i. Trade payables Trade and other payables are stated at cost, which approximates fair value due to the short-term nature of these liabilities. j. Revenue recognition Revenues include all revenues arising from the ordinary business activities of the Group. The Group generates revenue primarily from (i) the importation and wholesale distribution of food and beverage products, and (ii) the operation of franchised quick service restaurant outlets through its subsidiaries. The Company, as the parent entity, does not currently engage in trading activities with external customers; instead, it derives revenue from the provision of management, strategic oversight, and centralised support and logistical services to its subsidiaries. Revenues are presented net of Value Added Tax. Revenue is recognised when control of goods or services is transferred to the customer and the consideration is expected to be collectable. In applying IFRS 15, the Group assesses contracts at inception to identify the goods or services promised and determines the related performance obligations, whether these arise from explicit contractual terms or from implicit promises based on established business practices or policies. A contract asset is recognised when the Group has transferred goods or services to a customer but does not yet have an unconditional right to consideration and is presented as accrued income. Conversely, a contract liability is recognised when consideration has been received or is due from a customer before the related performance obligation has been satisfied and is presented as advanced deposits or deferred income. The Group assessed its contracts with customers in accordance with IFRS 15 and determined that no contract assets or contract liabilities existed as at 31 December 2025. Revenue is recognised at the point in time when goods are delivered or services are rendered, with invoicing occurring concurrently or within a short period thereafter. Accordingly, amounts due from customers are presented as trade receivables, and no customer advances or deferred income were recognised at the reporting date. i. Sale of goods - wholesale The Group imports a wide range of food and some beverages to the wholesale market. Sales are recognised when control of the products has been transferred, being when the products are delivered to the wholesaler, the wholesaler has full discretion over the channel and price to sell the products, and there is no unfulfilled obligation that could affect the wholesaler\u2019s acceptance of the products. Delivery occurs when the products have been transported to the specific location, the risks of obsolescence and loss have been transferred to the wholesaler, and either the wholesaler has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the Group has objective evidence that all criteria for acceptance have been satisfied. The Group\u2019s products are sometimes sold with retrospective volume discounts based on aggregate sales over a twelve month period. These arrangements give rise to variable consideration under IFRS 15. Revenue from such sales is recognised based on the price specified in the contract, net of estimated volume discounts, using the expected value method. Experience is used to estimate and provide for expected rebates, and revenue is recognised only to the extent that it is highly probable that a significant reversal will not occur. To the extent applicable, a refund liability is recognised in respect of sales made up to the reporting date for the expected amount payable or creditable to customers shown under Accruals in Note 20. As at 31 December 2025, the related balances and movements were not material to the financial statements and no separate quantitative disclosure has therefore been presented. No element of financing is deemed present as the sales are made with a credit term of less than one year, which is consistent with market practice. A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. Branded beverages and food products are often sold with a right of return. Right to the returned goods are recognised for the products expected to be returned. Accumulated experience is used to estimate such returns at the time of sale at a portfolio level (expected value method). Since the number of products returned has been steady for years, it is highly probable that a significant reversal in the cumulative revenue recognised will not occur. The validity of this assumption and the estimated amount of returns are reassessed at each reporting date. Incremental costs of obtaining contracts with customers, such as sales commissions, are accounted for in accordance with IFRS 15 and disclosed in Note 3. ii. Sale of goods \u2013 Quick Service Restaurants The Group operates a number of franchised food retailing establishments. Revenue from the sale of goods is recognised when a Group entity sells a product to the customer, which occurs at the point the customer purchases the product and takes delivery. Payment of the transaction price is due immediately at the point of sale. The Group operates a limited customer loyalty programme in respect of certain food retailing outlets, under which customers may earn rewards that are redeemable against future purchases. The loyalty rewards give rise to a material right for customers and have therefore been identified as a separate performance obligation, as the rewards provide customers with an option that they would not receive without entering into the contract. Management has assessed the loyalty programme having regard to historical customer behaviour and usage patterns. The programme is not widely used and historical redemption levels have been consistently low. As a result, while a separate performance obligation exists, the amount of consideration allocated to the loyalty rewards, and the resulting contract liability, is not material to the financial statements. Accordingly, no material contract liability has been recognised at the reporting date in respect of unredeemed loyalty rewards. The cost of rewards redeemed is recognised through a reduction in revenue at the point of redemption. iii. Sale of services \u2013 Quinco Holdings p.l.c. The Company provides management, strategic oversight and central support services to its subsidiaries. Revenue from these services is recognised as the services are provided and the Company\u2019s right to consideration is established. Fees are calculated based on actual activity during the period, including a percentage of subsidiaries\u2019 turnover and a percentage of EBITDA achieved. As consideration is variable but directly relates to the value of services provided in the same period, revenue is recognised in the period in which the services are rendered and invoiced. The services provided represent a series of distinct services that are substantially the same and are transferred to the customer over time. The Company recognises revenue as the services are performed, with no requirement to estimate progress towards completion or to apply a constraint on variable consideration. In accordance with IFRS 15.116\u2013119 and IFRS 15.120(a), the Group assessed the impact of variable consideration, contract assets and contract liabilities arising from its revenue arrangements. At 31 December 2025, the Group had no contract assets as revenue is recognised at the point in time when goods are delivered and invoiced. Contract liabilities under IFRS 15 arise primarily in the form of refund liabilities related to retrospective volume discounts, which are included within trade and other payables. No other customer advances, deferred income or contract liabilities existed at the reporting date.k. LeasesObligations under lease The Group leases immoveable property. Rental lease and ground rent contracts are typically made for fixed periods of 5 years to 15 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants. Leased assets may or may not be used as security for borrowing purposes. At the inception of each contract, the Group assesses whether the arrangement is, or contains, a lease by evaluating whether it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In performing this assessment, particular focus is placed on property agreements entered into by the Group\u2019s operating subsidiaries, primarily Food Chain Limited and Quintano Foods Limited, which relate to: \u2022 restaurant outlets operated under long term franchise arrangements;\u2022 logistics, warehousing and distribution facilities; and\u2022 administrative or support premises.These arrangements typically provide the relevant subsidiary with substantive decision making rights over how and for what purpose the premises are used, including control over opening hours, layout and day to day operation, and therefore meet the definition of a lease under IFRS 16. Contracts that do not convey such rights, or that relate solely to the provision of services, are excluded from lease accounting and are recognised in profit or loss as incurred. Leases are recognised as a right of use asset and a corresponding liability at the date at which the leased asset is available for use, except for short-term leases (defined as leases with a lease term of 12 months or less). For these leases, the group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed lease payments (including in substance fixed payments), less any lease incentives receivable. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms, security and conditions. The incremental borrowing rate is determined at the lease commencement date and reflects the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain an asset of a similar value to the right of use asset in a similar economic environment. The incremental borrowing rate is determined primarily with reference to risk free interest rates derived from government bond yields, adjusted to reflect the lease term, currency and commencement date of the lease. Where relevant, an entity specific adjustment is applied in circumstances where the lease is entered into by an entity whose risk profile differs from that of the Group, and the lease does not benefit from an explicit guarantee from the Group. To determine the incremental borrowing rate, the Group: a. where possible, uses recent third party financing received by the lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received; b. uses a build up approach that starts with a risk free interest rate adjusted for credit risk for leases held by the Group and Company, where there is no third party financing; and c. makes adjustments specific to the lease. Lease payments included in the measurement of the lease liability comprise:\u2022 fixed lease payments (including in-substance fixed payments)\u2022 variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date.In view that the Group was formed in September 2025, all new leases (in line with IFRS 3 and IFRS 16) were remeasured to show the lease liability at the present value of the remaining lease payments as if the acquired lease were a new lease at the acquisition date. The Group measured the right-of-use assets at the same amount as the lease liability.The Group\u2019s lease agreements include contractual rent escalation clauses. These comprise fixed annual or periodic increases to the base rent, as well as variable lease payments calculated as a percentage of revenue generated from the leased premises. Lease payments that include determinable increases are included in the measurement of lease liabilities using the index or rate applicable at the commencement date. The lease liability is remeasured when such increases take effect, with a corresponding adjustment to the right-of-use asset. Variable lease payments that are dependent on revenue or turnover are excluded from the measurement of lease liabilities and are recognised as an expense in profit or loss as incurred. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.Right\u2013of\u2013use assets are measured at cost comprising the following: a. the amount of the initial measurement of lease liability;b. any lease payments made at or before the commencement date less any lease incentives received; and c. any initial direct costs.Right of use assets are depreciated over the shorter of the asset's useful life and the lease term on a straight line basis. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Property, Plant and Equipment\u2019 policy. Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and the right of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included in the line \u201cCost of Sales\u201d in profit or loss.Extension and termination optionsA number of the Group\u2019s property lease agreements, primarily relating to quick service restaurant locations and operational facilities, include extension and termination options. These options provide flexibility; however, the underlying leasing decisions are influenced by the strategic importance of each location to the Group\u2019s operations. In determining the lease term, management considered all relevant facts and circumstances that create an economic incentive to exercise extension options or not exercise termination options. In making this assessment, management considers, among other factors:\u2022 the significance of leasehold improvements made at the location and whether these are expected to retain substantial economic value at the end of the non cancellable lease period;\u2022 the contractual terms of the lease, including any penalties or adverse economic consequences arising from early termination or non renewal; and\u2022 the operational importance of the location to the Group and the costs, disruption, and practical challenges associated with relocating the business as well as\u2022 the obligations that the company has as part of its franchise agreements.Based on these considerations, lease terms for core operating locations generally include extension periods where management is reasonably certain that the options will be exercised.l. Taxation Income tax expense comprises current and deferred tax. These are recognised in profit or loss. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised using the balance sheet liability method, providing for temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantially enacted by the reporting date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset as there is a legally enforceable right to offset current tax assets against current tax liabilities and they relate to income taxes levied by the same taxation authority and the group intends to settle its current tax assets and liabilities on a net basis. m. Employee benefitsi. Short-term employee benefitsShort term employee benefit obligations are measured on an undiscounted basis and are recognised as a liability and expense as employees render service. ii. Defined contribution plansThe Group contributes towards the State defined contribution pension plan in accordance with local legislation in exchange for services rendered by employees and to which it has no commitment beyond the payment of fixed contributions. Obligations for contributions are recognised as an employee benefit in profit or loss in the periods during which services are rendered by employees.n. Earnings per share The Group presents basic earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the consolidated profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding at the end of the period. Diluted EPS is equivalent to basic EPS as there are no potentially dilutive shares in issue. o. Segment reporting The Group determines and presents operating segments based on the information that internally is provided to the Board of Directors, which is the Group\u2019s chief operating decision maker in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s other components, and for which discrete financial information is available. An operating segment\u2019s operating results are reviewed regularly by the Board of Directors to make decisions about resources to be allocated to the segment and to assess its performance executing the function of the chief operating decision maker. p. Critical Judgements & EstimatesThe following are the critical judgements, apart from those involving estimations (which are presented separately below), that the directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in financial statements. Business combination and application of acquisition accounting Management exercised significant judgement in determining the appropriate accounting treatment for the acquisition of Food Chain Limited and Quintano Foods Limited. After evaluating the substance of the transaction, management concluded that it meets the definition of a business combination in accordance with IFRS 3 Business Combinations and therefore selected the acquisition method as the applicable accounting policy. In reaching this conclusion, management assessed whether the acquired set of activities and assets constituted a \u201cbusiness\u201d as defined by IFRS 3. This analysis considered the presence of: a. Inputs, including established supplier relationships, customer contracts, inventory management systems, workforce, and brand assets. b. Substantive processes, such as logistics operations, procurement processes, sales and distribution functions, and management oversight; and c. The ability to create outputs, demonstrated through a history of generating revenue and delivering goods to customers through established operations. Management concluded that the acquired entities contained both inputs and substantive processes, which together significantly contribute to the ability to generate outputs. This distinguishes the transaction from a mere group reorganisation or asset acquisition, where only a transfer of ownership structure occurs without the transfer of a functioning set of activities capable of producing returns. Judgement applied in distinguishing a business combination from a reorganisation In assessing whether the transaction represented a business combination rather than a common-control reorganisation, management evaluated several qualitative and quantitative indicators, including: \u2022 The acquired entities operated as stand alone, fully functioning businesses prior to the transaction. \u2022 No parent entity restructuring or reorganisation under common control took place; instead, Quinco Holdings p.l.c. obtained ownership of separate legal entities previously not under its control. \u2022 The transaction resulted in Quinco Holdings p.l.c. obtaining power over the investees, exposure to variable returns, and the ability to affect those returns through its involvement, meeting the definition of control under IFRS 10. \u2022 The consideration transferred reflected the fair value of operational businesses rather than a notional or symbolic consideration typical of common-control transactions. \u2022 An integrated set of economic resources and operational processes was acquired, rather than solely a collection of assets. Taken together, these factors indicate that the acquisition had substantive economic effect, and therefore meets the definition of a business combination under IFRS 3, rather than a reorganisation outside its scope. Application of acquisition accounting Having concluded that the transaction meets the definition of a business combination and that Quinco Holdings p.l.c. obtained control of Food Chain Limited and Quintano Foods Limited as defined by IFRS 10 Consolidated Financial Statements, the Group applied the acquisition method of accounting.Under the acquisition method:\u2022 Identifiable assets acquired and liabilities assumed have been recognised at their fair values as at the acquisition date, subject to the specific recognition and measurement provisions of IFRS 3.\u2022 Goodwill has been recognised to the extent that the consideration transferred exceeds the fair value of the identifiable net assets acquired.\u2022 Acquisition-related costs have been expensed as incurred in accordance with IFRS 3.This treatment reflects the substance of the transaction and provides users of the financial statements with relevant and faithfully represented information regarding the Group\u2019s expansion through the acquisition of established and operational businesses.Identification of the Accounting AcquirerA critical judgement applied by management relates to identifying the accounting acquirer for the purpose of applying the acquisition method under IFRS 3 Business Combinations. This assessment requires determining which entity, based on the economic substance of the transaction rather than its legal form, obtains control of the combined set of assets and activities.In accordance with IFRS 3, the determination involves evaluating a range of indicators, including:\u2022 Relative voting rights in the combined entity;\u2022 The composition of the governing body and key management personnel responsible for directing relevant activities;\u2022 The party that initiated or structured the transaction; and\u2022 The terms and mechanics of the exchange.After evaluating these indicators, management concluded that Quinco Holdings p.l.c. is the accounting acquirer. This conclusion reflects the underlying substance and position of Quinco Holdings p.l.c. within the combined group.In assessing the acquirer, management also considered the fact that Quinco Holdings p.l.c., although recently created, was not a dormant entity. Prior to completing the acquisition, it had already undertaken significant operational and strategic activities, including the purchase of land intended for core operational use at substantial value. It was also heavily in advanced stages in the planning and development of the Handaq head office and logistics complex, representing a major investment in infrastructure and supply chain capacity. Quinco Holdings p.l.c. also already had its own strategic management team, responsible for overseeing these projects and for setting the wider direction of the Group. These factors demonstrate that Quinco Holdings p.l.c. possessed substantive processes, assets, and governance structures prior to the acquisition, and therefore acted as the central organising entity around which the enlarged group was formed.Additionally, Quinco Holdings p.l.c. retained the ability to direct the relevant activities of the enlarged group immediately following the transaction since its governing board and senior leadership team continued in their roles post transaction, remaining responsible for strategic, financial, and operational decision making across the Group. The structure of the transaction reflects Quinco Holdings p.l.c. as the entity providing consideration and assuming the role of the parent in substance. Accordingly, the consolidated financial statements have been prepared on the basis that Quinco Holdings p.l.c. is the accounting acquirer and the transaction has been accounted for using the acquisition method from the date on which control was obtained.9. Goodwill Goodwill arose on the acquisition of Food Chain Limited and Quintano Foods Limited on 10 September 2025 and represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired at the acquisition date. The goodwill recognised was determined at the acquisition date and was based on an external valuation, with acquisition date fair values derived using discounted cash flow techniques and adjusted for acquisition date information in accordance with IFRS Accounting Standards, as applied by analogy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7521": { "value": "2. Material Accounting Policies b. Property, plant and equipmenti. Recognition and measurement Depreciation of these assets, determined on the same basis as other property assets, commences when the assets are ready for their intended use. ii. Depreciation Depreciation is charged to the statement of profit and loss account on a straight line basis over the estimated useful lives of items of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows:
Buildings 50-150 years
Plant, machinery and equipment 3-20 years
IT equipment 4 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7428": { "value": "2. Material Accounting Policies d. Investments in subsidiariesIn the Company\u2019s separate financial statements, investment in subsidiaries are initially measured at cost. After initial recognition the investment in subsidiaries are carried under the cost method. Under the cost method, the investment is measured at cost less accumulated impairment losses. 22. Financial risk management d. Company level liquidity positionAt Company level, Quinco Holdings p.l.c. presents a net current liability position as at 31 December 2025. Assets and liabilities are classified as current where they are expected to be realised or settled within twelve months from the reporting date, or where the Company does not have an unconditional right to defer settlement for at least twelve months. The Company\u2019s net current liability position arises primarily from amounts due to subsidiaries, which are presented as current liabilities as they are contractually repayable on demand. Correspondingly, these balances are reflected as current assets in the subsidiaries\u2019 financial statements and are eliminated on consolidation. The Directors note that the existence of a net current liability position at Company level does not reflect a liquidity shortfall. Quinco Holdings p.l.c. operates as the Group\u2019s holding, financing and central services entity, and does not generate standalone operating cash flows independent of its subsidiaries. Accordingly, the assessment of liquidity risk and classification of current and non current balances has been performed in line with IAS 1 based on contractual terms, while liquidity is managed by reference to the Group\u2019s overall cash position and cash generating capacity. The Company\u2019s obligations are supported by: \u2022 cash and cash equivalents held at Group level;\u2022 ongoing cash flows generated by the operating subsidiaries; and\u2022 the ability of the Group to manage and allocate liquidity centrally.The Directors therefore consider that, notwithstanding the net current liability position of the Company, both the Group and the Company are able to meet their financial obligations as they fall due in the normal course of business, and that no material liquidity risk exists. 26. Group InformationThe Group\u2019s consolidated financial statements include the financial statements of the parent company and its subsidiaries, all of which are incorporated and domiciled in Malta. The Company acquired control of its subsidiaries on 10 September 2025, and they have been consolidated from that date. Details of the principal subsidiaries of the Group as at 31 December 2025 are set out below:
SubsidiaryCountry of incorporationRegistered Office Principal activity Effective ownership
Food Chain Limited (C 753) Malta303, Qormi Road, MarsaOperation of franchised quick service restaurants operating under the Burger King, KFC and Pizza Hut brands100%
Quintano Foods Limited(C 33660)Malta303, Qormi Road, MarsaImportation, marketing and wholesale distribution of food and beverage products100%
All subsidiaries are directly held by Quinco Holdings p.l.c. and there are no non controlling interests with the Company exercising full control over all entities within the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7410": { "value": "2. Material Accounting Policies j. Revenue recognitionii. Sale of goods \u2013 Quick Service RestaurantsThe Group operates a limited customer loyalty programme in respect of certain food retailing outlets, under which customers may earn rewards that are redeemable against future purchases. The loyalty rewards give rise to a material right for customers and have therefore been identified as a separate performance obligation, as the rewards provide customers with an option that they would not receive without entering into the contract. Management has assessed the loyalty programme having regard to historical customer behaviour and usage patterns. The programme is not widely used and historical redemption levels have been consistently low. As a result, while a separate performance obligation exists, the amount of consideration allocated to the loyalty rewards, and the resulting contract liability, is not material to the financial statements. Accordingly, no material contract liability has been recognised at the reporting date in respect of unredeemed loyalty rewards. The cost of rewards redeemed is recognised through a reduction in revenue at the point of redemption. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7392": { "value": "2. Material Accounting Policies i. Sale of goods - wholesaleThe Group\u2019s products are sometimes sold with retrospective volume discounts based on aggregate sales over a twelve month period. These arrangements give rise to variable consideration under IFRS 15. Revenue from such sales is recognised based on the price specified in the contract, net of estimated volume discounts, using the expected value method. Experience is used to estimate and provide for expected rebates, and revenue is recognised only to the extent that it is highly probable that a significant reversal will not occur. To the extent applicable, a refund liability is recognised in respect of sales made up to the reporting date for the expected amount payable or creditable to customers shown under Accruals in Note 20. As at 31 December 2025, the related balances and movements were not material to the financial statements and no separate quantitative disclosure has therefore been presented. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7377": { "value": "2. Material Accounting Policies k. LeasesObligations under lease Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7161": { "value": "2. Material Accounting Policies b. Property, plant and equipmenti. Recognition and measurementAfter initial recognition, plant and equipment are carried under the cost model, that is at cost less any accumulated depreciation and any accumulated impairment losses, whilst land and buildings are carried under the revaluation model, that is at their fair value at the date of the revaluation less any accumulated depreciation and any accumulated impairment losses. Properties in the course of construction for production, supply or administrative purposes are carried at cost, less any recognised impairment loss. c. Intangible assetsi. Recognition and measurementGoodwill Goodwill, while an intangible asset in nature, is presented separately from other intangible assets in the statement of financial position and is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed.k. LeasesThe group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Property, Plant and Equipment\u2019 policy.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7328": { "value": "2. Material Accounting Policies a. Consolidation The consolidated financial statements incorporate the financial statements of the parent entity and entities controlled by the Group made up to 31 December of each year. Consolidation of a subsidiary begins when the group obtains control over the subsidiary and ceases when the group loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the group gains control until the date when the group ceases to control the subsidiary. The financial statements of subsidiaries have been adjusted, where necessary, to ensure consistency with the accounting policies adopted by the Group. In particular, adjustments have been made in respect of the following areas: \u2022 IFRS 16: Leases - Lease expenses previously recognised under GAPSME have been adjusted to comply with the requirements of IFRS. \u2022 IFRS 9: Financial Instruments - Expected credit loss calculations have been performed for all entities within the Group.All intragroup assets and liabilities, income, expenses and cash flows relating to transactions between the members of the group are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7224": { "value": "2. Material Accounting Policiesb. Property, plant and equipmentProperties in the course of construction for production, supply or administrative purposes are carried at cost, less any recognised impairment loss. Depreciation of these assets, determined on the same basis as other property assets, commences when the assets are ready for their intended use.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7210": { "value": "2. Material Accounting Policiesc. Intangible assets i. Recognition and measurement Acquired intangible assets An intangible asset is recognised when it is probable that the expected future economic benefits attributable to the asset will flow to the Group, and when the cost of the asset can be measured reliably. Intangible assets are initially measured at cost, including any directly attributable expenditure required to prepare the asset for its intended use. Subsequent to initial recognition, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. The Group assesses intangible assets for indicators of impairment at each reporting date. Intangible assets acquired in a business combination Intangible assets acquired in a business combination are recognised separately from goodwill when they meet the definition of an intangible asset and their fair value can be measured reliably. These assets are initially recognised at their fair value at the acquisition date, which represents their deemed cost under IFRS 3 Business Combinations. After initial recognition, such assets are accounted for in the same manner as intangible assets acquired separately. For franchise related intangible assets acquired through the acquisition of Food Chain Limited, Quinco Holdings p.l.c. recognised identifiable intangible assets relating to Franchise rights, brand related rights and territorial exclusivity and associated contractual rights enabling the continued operation of the acquired food retail concepts. These intangible assets represent long term rights that provide Quinco Holdings p.l.c. with exclusive benefits linked to the operation, development, and expansion of the respective franchise concepts across the Maltese market. Based on management\u2019s assessment of the economic lifespan of the franchise arrangements, customer retention patterns, territorial rights, and the expected period over which these assets will generate cash flows for the Group, the intangible assets have been assigned an average useful life of 30 years. Amortisation of these intangible assets commenced in September 2025, being the date on which the related franchise operations and associated benefits are expected to become available for use within the Group\u2019s core structure. These franchise related intangible assets will therefore be amortised on a straight line basis over 30 years, with the resulting amortisation expense recognised in profit or loss. Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or business concern at the date of acquisition. Goodwill on acquisitions of subsidiaries/business concerns is included in intangible assets. Goodwill is initially recognised and measured as set out in note 2a. Goodwill, while an intangible asset in nature, is presented separately from other intangible assets in the statement of financial position and is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose, identified according to operating segment. A cash generating unit to which goodwill has been allocated is tested for impairment annually, and whenever there is an indication that the unit may be impaired by comparing the carrying amount of the unit, including the goodwill, with the recoverable amount of the unit. The recoverable amount is the higher of fair value less costs to sell and value in use. 10. Intangible assets Franchise rights have an estimated useful life which is on average 30 years. Whilst patents and computer equipment have an estimated useful life of 5 years. The Group holds patents and franchises to carry out its quick-food services. Amortisation is included in cost of sales within the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7201": { "value": "2. Material Accounting Policiesf. Financial instrumentsFinancial assets and financial liabilities are initially measured at fair value, except for short term receivables and payables that do not have a significant financing component which are measured at transaction price. i. Trade payablesTrade and other payables are stated at cost, which approximates fair value due to the short-term nature of these liabilities. j. Revenue recognitionConversely, a contract liability is recognised when consideration has been received or is due from a customer before the related performance obligation has been satisfied and is presented as advanced deposits or deferred income.i. Sale of goods - wholesaleTo the extent applicable, a refund liability is recognised in respect of sales made up to the reporting date for the expected amount payable or creditable to customers shown under Accruals in Note 20.iii. Sale of services \u2013 Quinco Holdings p.l.c. No other customer advances, deferred income or contract liabilities existed at the reporting date.k. LeasesObligations under lease Leases are recognised as a right of use asset and a corresponding liability at the date at which the leased asset is available for use, except for short-term leases (defined as leases with a lease term of 12 months or less). For these leases, the group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed lease payments (including in substance fixed payments), less any lease incentives receivable. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms, security and conditions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7179": { "value": "2. Material Accounting Policiesg. Cash and cash equivalentsCash and cash equivalents comprise cash on hand and demand deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cashflows and are presented in current liabilities on the statement of financial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7159": { "value": "2. Material Accounting Policiesg. Cash and cash equivalentsCash and cash equivalents comprise cash on hand and demand deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cashflows and are presented in current liabilities on the statement of financial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7158": { "value": "2. Material Accounting Policiesf. Financial instrumentsFinancial assets and financial liabilities are initially measured at fair value, except for short term receivables and payables that do not have a significant financing component which are measured at transaction price. All recognised financial assets are measured subsequently in their entirety at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cashflows. The Group classifies its financial assets at amortised cost only if both the following criteria are met: \u2022 The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Impairment of financial assets The Group recognises a loss allowance for expected credit losses on trade receivables in accordance with IFRS 9 Financial Instruments using the simplified approach. Under this approach, a loss allowance equal to lifetime expected credit losses is recognised on initial recognition of the receivable. The Group always recognises lifetime ECL for trade receivables. Lifetime expected credit losses are measured using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted where appropriate for forward looking information. Historical default rates are derived from actual observed loss rates over recent periods and reflect the characteristics of the customer base and the ageing profile of receivables. Forward looking information incorporated into the assessment includes consideration of current and expected economic conditions, customer specific factors, and publicly available information obtained through periodic external credit checks for significant customers. Trade receivables are also assessed individually where there are specific indicators of impairment, such as evidence of financial difficulty, insolvency proceedings or significant overdue balances. Where such indicators exist, an individual loss allowance is recognised to reflect the estimated recoverable amount. Other financial assets measured at amortised cost, including amounts due from related parties, are subject to the general expected credit loss model under IFRS 9. Under the general model, expected credit losses are measured at 12-month ECL, unless there has been a significant increase in credit risk (\u201cSICR\u201d) since initial recognition, in which case lifetime ECL is recognised. As at 31 December 2025, no significant increase in credit risk was identified in respect of these balances, and therefore the related loss allowance is measured using 12-month expected credit losses.j. Revenue recognition A contract asset is recognised when the Group has transferred goods or services to a customer but does not yet have an unconditional right to consideration and is presented as accrued income.The Group assessed its contracts with customers in accordance with IFRS 15 and determined that no contract assets or contract liabilities existed as at 31 December 2025. Revenue is recognised at the point in time when goods are delivered or services are rendered, with invoicing occurring concurrently or within a short period thereafter. Accordingly, amounts due from customers are presented as trade receivables, and no customer advances or deferred income were recognised at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7157": { "value": "2. Material Accounting Policiesi. Trade payables Trade and other payables are stated at cost, which approximates fair value due to the short-term nature of these liabilities. j. Revenue recognition Conversely, a contract liability is recognised when consideration has been received or is due from a customer before the related performance obligation has been satisfied and is presented as advanced deposits or deferred income. i. Sale of goods - wholesale To the extent applicable, a refund liability is recognised in respect of sales made up to the reporting date for the expected amount payable or creditable to customers shown under Accruals in Note 20. As at 31 December 2025, the related balances and movements were not material to the financial statements and no separate quantitative disclosure has therefore been presented. iii. Sale of services \u2013 Quinco Holdings p.l.c. No other customer advances, deferred income or contract liabilities existed at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7156": { "value": "2. Material Accounting Policiesj. Revenue recognitionRevenues include all revenues arising from the ordinary business activities of the Group. The Group generates revenue primarily from (i) the importation and wholesale distribution of food and beverage products, and (ii) the operation of franchised quick service restaurant outlets through its subsidiaries. The Company, as the parent entity, does not currently engage in trading activities with external customers; instead, it derives revenue from the provision of management, strategic oversight, and centralised support and logistical services to its subsidiaries. Revenues are presented net of Value Added Tax. Revenue is recognised when control of goods or services is transferred to the customer and the consideration is expected to be collectable. In applying IFRS 15, the Group assesses contracts at inception to identify the goods or services promised and determines the related performance obligations, whether these arise from explicit contractual terms or from implicit promises based on established business practices or policies. i. Sale of goods - wholesaleThe Group imports a wide range of food and some beverages to the wholesale market. Sales are recognised when control of the products has been transferred, being when the products are delivered to the wholesaler, the wholesaler has full discretion over the channel and price to sell the products, and there is no unfulfilled obligation that could affect the wholesaler\u2019s acceptance of the products. Delivery occurs when the products have been transported to the specific location, the risks of obsolescence and loss have been transferred to the wholesaler, and either the wholesaler has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the Group has objective evidence that all criteria for acceptance have been satisfied. The Group\u2019s products are sometimes sold with retrospective volume discounts based on aggregate sales over a twelve month period. These arrangements give rise to variable consideration under IFRS 15. Revenue from such sales is recognised based on the price specified in the contract, net of estimated volume discounts, using the expected value method. Experience is used to estimate and provide for expected rebates, and revenue is recognised only to the extent that it is highly probable that a significant reversal will not occur. To the extent applicable, a refund liability is recognised in respect of sales made up to the reporting date for the expected amount payable or creditable to customers shown under Accruals in Note 20. As at 31 December 2025, the related balances and movements were not material to the financial statements and no separate quantitative disclosure has therefore been presented. No element of financing is deemed present as the sales are made with a credit term of less than one year, which is consistent with market practice. A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. Branded beverages and food products are often sold with a right of return. Right to the returned goods are recognised for the products expected to be returned. Accumulated experience is used to estimate such returns at the time of sale at a portfolio level (expected value method). Since the number of products returned has been steady for years, it is highly probable that a significant reversal in the cumulative revenue recognised will not occur. The validity of this assumption and the estimated amount of returns are reassessed at each reporting date. Incremental costs of obtaining contracts with customers, such as sales commissions, are accounted for in accordance with IFRS 15 and disclosed in Note 3. iii. Sale of services \u2013 Quinco Holdings p.l.c. The Company provides management, strategic oversight and central support services to its subsidiaries. Revenue from these services is recognised as the services are provided and the Company\u2019s right to consideration is established. Fees are calculated based on actual activity during the period, including a percentage of subsidiaries\u2019 turnover and a percentage of EBITDA achieved. As consideration is variable but directly relates to the value of services provided in the same period, revenue is recognised in the period in which the services are rendered and invoiced. The services provided represent a series of distinct services that are substantially the same and are transferred to the customer over time. The Company recognises revenue as the services are performed, with no requirement to estimate progress towards completion or to apply a constraint on variable consideration. In accordance with IFRS 15.116\u2013119 and IFRS 15.120(a), the Group assessed the impact of variable consideration, contract assets and contract liabilities arising from its revenue arrangements. At 31 December 2025, the Group had no contract assets as revenue is recognised at the point in time when goods are delivered and invoiced. Contract liabilities under IFRS 15 arise primarily in the form of refund liabilities related to retrospective volume discounts, which are included within trade and other payables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7155": { "value": "2. Material Accounting Policiesb. Property, plant and equipmenti. Recognition and measurement Property, plant and equipment are initially measured at cost comprising the purchase price, any costs directly attributable to bringing the assets to a working condition for their intended use, and the costs of dismantling and removing the item and restoring the site to which it is located. Subsequent expenditure is capitalised as part of the cost of property, plant and equipment only if it enhances the economic benefits of an asset in excess of the previously assessed standard of performance, or it replaces or restores a component that has been separately depreciated over its useful life. After initial recognition, plant and equipment are carried under the cost model, that is at cost less any accumulated depreciation and any accumulated impairment losses, whilst land and buildings are carried under the revaluation model, that is at their fair value at the date of the revaluation less any accumulated depreciation and any accumulated impairment losses. Properties in the course of construction for production, supply or administrative purposes are carried at cost, less any recognised impairment loss. Depreciation of these assets, determined on the same basis as other property assets, commences when the assets are ready for their intended use.ii. DepreciationDepreciation is charged to the statement of profit and loss account on a straight line basis over the estimated useful lives of items of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows:
Buildings 50-150 years
Plant, machinery and equipment 3-20 years
IT equipment 4 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7154": { "value": "2. Material Accounting Policieso. Segment reportingThe Group determines and presents operating segments based on the information that internally is provided to the Board of Directors, which is the Group\u2019s chief operating decision maker in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s other components, and for which discrete financial information is available. An operating segment\u2019s operating results are reviewed regularly by the Board of Directors to make decisions about resources to be allocated to the segment and to assess its performance executing the function of the chief operating decision maker. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7153": { "value": "2. Material Accounting Policiese. Inventories Inventories are stated at the lower of cost and net realisable value and consist primarily of food and beverage items held for resale in the Group\u2019s wholesale and quick service restaurant. The cost of inventories is determined using the following cost formulas: \u2022 First-Expiry-First-Out (FEFO) at Quintano Foods Limited; and \u2022 FIrst-In-First-Out (FIFO) or weighted average cost (AVCO) at Food Chain Limited, depending on the inventory systems and requirements of the respective franchises. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7152": { "value": "2. Material Accounting Policiesk. LeasesObligations under lease The Group leases immoveable property. Rental lease and ground rent contracts are typically made for fixed periods of 5 years to 15 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants. Leased assets may or may not be used as security for borrowing purposes. At the inception of each contract, the Group assesses whether the arrangement is, or contains, a lease by evaluating whether it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In performing this assessment, particular focus is placed on property agreements entered into by the Group\u2019s operating subsidiaries, primarily Food Chain Limited and Quintano Foods Limited, which relate to: \u2022 restaurant outlets operated under long term franchise arrangements; \u2022 logistics, warehousing and distribution facilities; and \u2022 administrative or support premises. These arrangements typically provide the relevant subsidiary with substantive decision making rights over how and for what purpose the premises are used, including control over opening hours, layout and day to day operation, and therefore meet the definition of a lease under IFRS 16. Contracts that do not convey such rights, or that relate solely to the provision of services, are excluded from lease accounting and are recognised in profit or loss as incurred. Leases are recognised as a right of use asset and a corresponding liability at the date at which the leased asset is available for use, except for short-term leases (defined as leases with a lease term of 12 months or less). For these leases, the group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed lease payments (including in substance fixed payments), less any lease incentives receivable. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms, security and conditions. The incremental borrowing rate is determined at the lease commencement date and reflects the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain an asset of a similar value to the right of use asset in a similar economic environment. The incremental borrowing rate is determined primarily with reference to risk free interest rates derived from government bond yields, adjusted to reflect the lease term, currency and commencement date of the lease. Where relevant, an entity specific adjustment is applied in circumstances where the lease is entered into by an entity whose risk profile differs from that of the Group, and the lease does not benefit from an explicit guarantee from the Group. To determine the incremental borrowing rate, the Group: a. where possible, uses recent third party financing received by the lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received; b. uses a build up approach that starts with a risk free interest rate adjusted for credit risk for leases held by the Group and Company, where there is no third party financing; and c. makes adjustments specific to the lease. Lease payments included in the measurement of the lease liability comprise: \u2022 fixed lease payments (including in-substance fixed payments) \u2022 variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date. In view that the Group was formed in September 2025, all new leases (in line with IFRS 3 and IFRS 16) were remeasured to show the lease liability at the present value of the remaining lease payments as if the acquired lease were a new lease at the acquisition date. The Group measured the right-of-use assets at the same amount as the lease liability. The Group\u2019s lease agreements include contractual rent escalation clauses. These comprise fixed annual or periodic increases to the base rent, as well as variable lease payments calculated as a percentage of revenue generated from the leased premises. Lease payments that include determinable increases are included in the measurement of lease liabilities using the index or rate applicable at the commencement date. The lease liability is remeasured when such increases take effect, with a corresponding adjustment to the right-of-use asset. Variable lease payments that are dependent on revenue or turnover are excluded from the measurement of lease liabilities and are recognised as an expense in profit or loss as incurred. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right\u2013of\u2013use assets are measured at cost comprising the following: a. the amount of the initial measurement of lease liability; b. any lease payments made at or before the commencement date less any lease incentives received; and c. any initial direct costs. Right of use assets are depreciated over the shorter of the asset's useful life and the lease term on a straight line basis. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Property, Plant and Equipment\u2019 policy. Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and the right of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included in the line \u201cCost of Sales\u201d in profit or loss. Extension and termination options A number of the Group\u2019s property lease agreements, primarily relating to quick service restaurant locations and operational facilities, include extension and termination options. These options provide flexibility; however, the underlying leasing decisions are influenced by the strategic importance of each location to the Group\u2019s operations. In determining the lease term, management considered all relevant facts and circumstances that create an economic incentive to exercise extension options or not exercise termination options. In making this assessment, management considers, among other factors: \u2022 the significance of leasehold improvements made at the location and whether these are expected to retain substantial economic value at the end of the non cancellable lease period; \u2022 the contractual terms of the lease, including any penalties or adverse economic consequences arising from early termination or non renewal; and \u2022 the operational importance of the location to the Group and the costs, disruption, and practical challenges associated with relocating the business as well as \u2022 the obligations that the company has as part of its franchise agreements. Based on these considerations, lease terms for core operating locations generally include extension periods where management is reasonably certain that the options will be exercised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7150": { "value": "2. Material Accounting Policiesh. Equity instrumentsi. Ordinary sharesOrdinary shares are classified as equity with any costs directly attributable to the issue of new shares deducted from the proceeds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7149": { "value": "2. Material Accounting Policiesc. Intangible assets i. Recognition and measurement Acquired intangible assets An intangible asset is recognised when it is probable that the expected future economic benefits attributable to the asset will flow to the Group, and when the cost of the asset can be measured reliably. Intangible assets are initially measured at cost, including any directly attributable expenditure required to prepare the asset for its intended use. Subsequent to initial recognition, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. The Group assesses intangible assets for indicators of impairment at each reporting date. Intangible assets acquired in a business combination Intangible assets acquired in a business combination are recognised separately from goodwill when they meet the definition of an intangible asset and their fair value can be measured reliably. These assets are initially recognised at their fair value at the acquisition date, which represents their deemed cost under IFRS 3 Business Combinations. After initial recognition, such assets are accounted for in the same manner as intangible assets acquired separately. For franchise related intangible assets acquired through the acquisition of Food Chain Limited, Quinco Holdings p.l.c. recognised identifiable intangible assets relating to Franchise rights, brand related rights and territorial exclusivity and associated contractual rights enabling the continued operation of the acquired food retail concepts. These intangible assets represent long term rights that provide Quinco Holdings p.l.c. with exclusive benefits linked to the operation, development, and expansion of the respective franchise concepts across the Maltese market. Based on management\u2019s assessment of the economic lifespan of the franchise arrangements, customer retention patterns, territorial rights, and the expected period over which these assets will generate cash flows for the Group, the intangible assets have been assigned an average useful life of 30 years. Amortisation of these intangible assets commenced in September 2025, being the date on which the related franchise operations and associated benefits are expected to become available for use within the Group\u2019s core structure. These franchise related intangible assets will therefore be amortised on a straight line basis over 30 years, with the resulting amortisation expense recognised in profit or loss. 10. Intangible assets Franchise rights have an estimated useful life which is on average 30 years. Whilst patents and computer equipment have an estimated useful life of 5 years. The Group holds patents and franchises to carry out its quick-food services. Amortisation is included in cost of sales within the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7147": { "value": "2. Material Accounting Policiesl. TaxationIncome tax expense comprises current and deferred tax. These are recognised in profit or loss.Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7146": { "value": "2. Material Accounting Policiesf. Financial instrumentsImpairment of financial assetsThe Group recognises a loss allowance for expected credit losses on trade receivables in accordance with IFRS 9 Financial Instruments using the simplified approach. Under this approach, a loss allowance equal to lifetime expected credit losses is recognised on initial recognition of the receivable.The Group always recognises lifetime ECL for trade receivables. Lifetime expected credit losses are measured using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted where appropriate for forward looking information. Historical default rates are derived from actual observed loss rates over recent periods and reflect the characteristics of the customer base and the ageing profile of receivables.Forward looking information incorporated into the assessment includes consideration of current and expected economic conditions, customer specific factors, and publicly available information obtained through periodic external credit checks for significant customers.Trade receivables are also assessed individually where there are specific indicators of impairment, such as evidence of financial difficulty, insolvency proceedings or significant overdue balances. Where such indicators exist, an individual loss allowance is recognised to reflect the estimated recoverable amount.Other financial assets measured at amortised cost, including amounts due from related parties, are subject to the general expected credit loss model under IFRS 9. Under the general model, expected credit losses are measured at 12-month ECL, unless there has been a significant increase in credit risk (\u201cSICR\u201d) since initial recognition, in which case lifetime ECL is recognised. As at 31 December 2025, no significant increase in credit risk was identified in respect of these balances, and therefore the related loss allowance is measured using 12-month expected credit losses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7141": { "value": "2. Material Accounting Policiesa. Consolidation Business combinations Goodwill is initially measured as the excess of the consideration transferred and the amount of any non controlling interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. c. Intangible assets i. Recognition and measurement Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or business concern at the date of acquisition. Goodwill on acquisitions of subsidiaries/business concerns is included in intangible assets. Goodwill is initially recognised and measured as set out in note 2a. Goodwill, while an intangible asset in nature, is presented separately from other intangible assets in the statement of financial position and is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose, identified according to operating segment. A cash generating unit to which goodwill has been allocated is tested for impairment annually, and whenever there is an indication that the unit may be impaired by comparing the carrying amount of the unit, including the goodwill, with the recoverable amount of the unit. The recoverable amount is the higher of fair value less costs to sell and value in use. p. Critical Judgements & Estimates Application of acquisition accounting Having concluded that the transaction meets the definition of a business combination and that Quinco Holdings p.l.c. obtained control of Food Chain Limited and Quintano Foods Limited as defined by IFRS 10 Consolidated Financial Statements, the Group applied the acquisition method of accounting.Under the acquisition method:\u2022 Identifiable assets acquired and liabilities assumed have been recognised at their fair values as at the acquisition date, subject to the specific recognition and measurement provisions of IFRS 3.\u2022 Goodwill has been recognised to the extent that the consideration transferred exceeds the fair value of the identifiable net assets acquired.\u2022 Acquisition-related costs have been expensed as incurred in accordance with IFRS 3.9. Goodwill Goodwill arose on the acquisition of Food Chain Limited and Quintano Foods Limited on 10 September 2025 and represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired at the acquisition date. The goodwill recognised was determined at the acquisition date and was based on an external valuation, with acquisition date fair values derived using discounted cash flow techniques and adjusted for acquisition date information in accordance with IFRS Accounting Standards, as applied by analogy. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7140": { "value": "2. Material Accounting Policiesf. Financial instrumentsFinancial assets and financial liabilities are initially measured at fair value, except for short term receivables and payables that do not have a significant financing component which are measured at transaction price. All recognised financial assets are measured subsequently in their entirety at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cashflows. The Group classifies its financial assets at amortised cost only if both the following criteria are met: \u2022 The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Impairment of financial assets The Group recognises a loss allowance for expected credit losses on trade receivables in accordance with IFRS 9 Financial Instruments using the simplified approach. Under this approach, a loss allowance equal to lifetime expected credit losses is recognised on initial recognition of the receivable. The Group always recognises lifetime ECL for trade receivables. Lifetime expected credit losses are measured using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted where appropriate for forward looking information. Historical default rates are derived from actual observed loss rates over recent periods and reflect the characteristics of the customer base and the ageing profile of receivables. Forward looking information incorporated into the assessment includes consideration of current and expected economic conditions, customer specific factors, and publicly available information obtained through periodic external credit checks for significant customers. Trade receivables are also assessed individually where there are specific indicators of impairment, such as evidence of financial difficulty, insolvency proceedings or significant overdue balances. Where such indicators exist, an individual loss allowance is recognised to reflect the estimated recoverable amount. Other financial assets measured at amortised cost, including amounts due from related parties, are subject to the general expected credit loss model under IFRS 9. Under the general model, expected credit losses are measured at 12-month ECL, unless there has been a significant increase in credit risk (\u201cSICR\u201d) since initial recognition, in which case lifetime ECL is recognised. As at 31 December 2025, no significant increase in credit risk was identified in respect of these balances, and therefore the related loss allowance is measured using 12-month expected credit losses. g. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cashflows and are presented in current liabilities on the statement of financial position. i. Trade payablesTrade and other payables are stated at cost, which approximates fair value due to the short-term nature of these liabilities. k. LeasesObligations under lease The Group leases immoveable property. Rental lease and ground rent contracts are typically made for fixed periods of 5 years to 15 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants. Leased assets may or may not be used as security for borrowing purposes. At the inception of each contract, the Group assesses whether the arrangement is, or contains, a lease by evaluating whether it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In performing this assessment, particular focus is placed on property agreements entered into by the Group\u2019s operating subsidiaries, primarily Food Chain Limited and Quintano Foods Limited, which relate to: \u2022 restaurant outlets operated under long term franchise arrangements;\u2022 logistics, warehousing and distribution facilities; and\u2022 administrative or support premises.These arrangements typically provide the relevant subsidiary with substantive decision making rights over how and for what purpose the premises are used, including control over opening hours, layout and day to day operation, and therefore meet the definition of a lease under IFRS 16. Contracts that do not convey such rights, or that relate solely to the provision of services, are excluded from lease accounting and are recognised in profit or loss as incurred. Leases are recognised as a right of use asset and a corresponding liability at the date at which the leased asset is available for use, except for short-term leases (defined as leases with a lease term of 12 months or less). For these leases, the group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed lease payments (including in substance fixed payments), less any lease incentives receivable. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.In view that the Group was formed in September 2025, all new leases (in line with IFRS 3 and IFRS 16) were remeasured to show the lease liability at the present value of the remaining lease payments as if the acquired lease were a new lease at the acquisition date. The Group measured the right-of-use assets at the same amount as the lease liability. The Group\u2019s lease agreements include contractual rent escalation clauses. These comprise fixed annual or periodic increases to the base rent, as well as variable lease payments calculated as a percentage of revenue generated from the leased premises. Lease payments that include determinable increases are included in the measurement of lease liabilities using the index or rate applicable at the commencement date. The lease liability is remeasured when such increases take effect, with a corresponding adjustment to the right-of-use asset. Variable lease payments that are dependent on revenue or turnover are excluded from the measurement of lease liabilities and are recognised as an expense in profit or loss as incurred. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7139": { "value": "2. Material Accounting Policiesf. Financial instrumentsFinancial assets and financial liabilities are initially measured at fair value, except for short term receivables and payables that do not have a significant financing component which are measured at transaction price. All recognised financial assets are measured subsequently in their entirety at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cashflows. The Group classifies its financial assets at amortised cost only if both the following criteria are met: \u2022 The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Impairment of financial assetsThe Group recognises a loss allowance for expected credit losses on trade receivables in accordance with IFRS 9 Financial Instruments using the simplified approach. Under this approach, a loss allowance equal to lifetime expected credit losses is recognised on initial recognition of the receivable.The Group always recognises lifetime ECL for trade receivables. Lifetime expected credit losses are measured using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted where appropriate for forward looking information. Historical default rates are derived from actual observed loss rates over recent periods and reflect the characteristics of the customer base and the ageing profile of receivables.Forward looking information incorporated into the assessment includes consideration of current and expected economic conditions, customer specific factors, and publicly available information obtained through periodic external credit checks for significant customers.Trade receivables are also assessed individually where there are specific indicators of impairment, such as evidence of financial difficulty, insolvency proceedings or significant overdue balances. Where such indicators exist, an individual loss allowance is recognised to reflect the estimated recoverable amount.g. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cashflows and are presented in current liabilities on the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7136": { "value": "2. Material Accounting Policiesb. Property, plant and equipment Depreciation of these assets, determined on the same basis as other property assets, commences when the assets are ready for their intended use. ii. Depreciation Depreciation is charged to the statement of profit and loss account on a straight line basis over the estimated useful lives of items of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows:
Buildings 50-150 years
Plant, machinery and equipment 3-20 years
IT equipment 4 years
c. Intangible assets i. Recognition and measurement Intangible assets acquired in a business combination Amortisation of these intangible assets commenced in September 2025, being the date on which the related franchise operations and associated benefits are expected to become available for use within the Group\u2019s core structure. These franchise related intangible assets will therefore be amortised on a straight line basis over 30 years, with the resulting amortisation expense recognised in profit or loss. f. Financial instruments Impairment of financial assets The Group recognises a loss allowance for expected credit losses on trade receivables in accordance with IFRS 9 Financial Instruments using the simplified approach. Under this approach, a loss allowance equal to lifetime expected credit losses is recognised on initial recognition of the receivable. The Group always recognises lifetime ECL for trade receivables. Lifetime expected credit losses are measured using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted where appropriate for forward looking information. Historical default rates are derived from actual observed loss rates over recent periods and reflect the characteristics of the customer base and the ageing profile of receivables. Forward looking information incorporated into the assessment includes consideration of current and expected economic conditions, customer specific factors, and publicly available information obtained through periodic external credit checks for significant customers. Trade receivables are also assessed individually where there are specific indicators of impairment, such as evidence of financial difficulty, insolvency proceedings or significant overdue balances. Where such indicators exist, an individual loss allowance is recognised to reflect the estimated recoverable amount. k. Leases Obligations under lease Leases are recognised as a right of use asset and a corresponding liability at the date at which the leased asset is available for use, except for short-term leases (defined as leases with a lease term of 12 months or less). For these leases, the group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. Lease payments are allocated between principal and financecost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right of use assets are depreciated over the shorter of the asset's useful life and the lease term on a straight line basis. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Property, Plant and Equipment\u2019 policy. Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and the right of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included in the line \u201cCost of Sales\u201d in profit or loss. m. Employee benefits i. Short-term employee benefits Short term employee benefit obligations are measured on an undiscounted basis and are recognised as a liability and expense as employees render service. ii. Defined contribution plans The Group contributes towards the State defined contribution pension plan in accordance with local legislation in exchange for services rendered by employees and to which it has no commitment beyond the payment of fixed contributions. Obligations for contributions are recognised as an employee benefit in profit or loss in the periods during which services are rendered by employees. 10. Intangible assets Franchise rights have an estimated useful life which is on average 30 years. Whilst patents and computer equipment have an estimated useful life of 5 years. The Group holds patents and franchises to carry out its quick-food services. Amortisation is included in cost of sales within the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7134": { "value": "2. Material Accounting Policiesm. Employee benefits i. Short-term employee benefits Short term employee benefit obligations are measured on an undiscounted basis and are recognised as a liability and expense as employees render service. ii. Defined contribution plans The Group contributes towards the State defined contribution pension plan in accordance with local legislation in exchange for services rendered by employees and to which it has no commitment beyond the payment of fixed contributions. Obligations for contributions are recognised as an employee benefit in profit or loss in the periods during which services are rendered by employees. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7132": { "value": "2. Material Accounting Policiesn. Earnings per shareThe Group presents basic earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the consolidated profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding at the end of the period. Diluted EPS is equivalent to basic EPS as there are no potentially dilutive shares in issue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7131": { "value": "2. Material Accounting Policiesh. Equity instruments ii. DividendsDividends proposed by the Board of Directors are not recognised in the financial statements until they have been approved by shareholders at the Annual General Meeting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7130": { "value": "2. Material Accounting Policiesl. Taxation Income tax expense comprises current and deferred tax. These are recognised in profit or loss. Deferred tax is recognised using the balance sheet liability method, providing for temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantially enacted by the reporting date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset as there is a legally enforceable right to offset current tax assets against current tax liabilities and they relate to income taxes levied by the same taxation authority and the group intends to settle its current tax assets and liabilities on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7127": { "value": "2. Material Accounting Policiesa. Consolidation Business combinations The Group applies the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, except that deferred tax assets or liabilities and assets or liabilities are recognised and measured in accordance with IAS 12 Income Taxes. Goodwill is initially measured as the excess of the consideration transferred and the amount of any non controlling interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. A listing of the subsidiaries is set out in Note 17 of the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7124": { "value": "2. Material Accounting Policiesa. ConsolidationBusiness combinations The Group applies the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, except that deferred tax assets or liabilities and assets or liabilities are recognised and measured in accordance with IAS 12 Income Taxes. Goodwill is initially measured as the excess of the consideration transferred and the amount of any non controlling interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. A listing of the subsidiaries is set out in Note 17 of the financial statements. c. Intangible assetsi. Recognition and measurementGoodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or business concern at the date of acquisition. Goodwill on acquisitions of subsidiaries/business concerns is included in intangible assets. Goodwill is initially recognised and measured as set out in note 2a. Goodwill, while an intangible asset in nature, is presented separately from other intangible assets in the statement of financial position and is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose, identified according to operating segment. A cash generating unit to which goodwill has been allocated is tested for impairment annually, and whenever there is an indication that the unit may be impaired by comparing the carrying amount of the unit, including the goodwill, with the recoverable amount of the unit. The recoverable amount is the higher of fair value less costs to sell and value in use. p. Critical Judgements & Estimates Application of acquisition accounting Having concluded that the transaction meets the definition of a business combination and that Quinco Holdings p.l.c. obtained control of Food Chain Limited and Quintano Foods Limited as defined by IFRS 10 Consolidated Financial Statements, the Group applied the acquisition method of accounting.Under the acquisition method:\u2022 Identifiable assets acquired and liabilities assumed have been recognised at their fair values as at the acquisition date, subject to the specific recognition and measurement provisions of IFRS 3.\u2022 Goodwill has been recognised to the extent that the consideration transferred exceeds the fair value of the identifiable net assets acquired.\u2022 Acquisition-related costs have been expensed as incurred in accordance with IFRS 3.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7122": { "value": "2. Material Accounting Policiesk. LeasesObligations under lease The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms, security and conditions. The incremental borrowing rate is determined at the lease commencement date and reflects the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain an asset of a similar value to the right of use asset in a similar economic environment. The incremental borrowing rate is determined primarily with reference to risk free interest rates derived from government bond yields, adjusted to reflect the lease term, currency and commencement date of the lease. Where relevant, an entity specific adjustment is applied in circumstances where the lease is entered into by an entity whose risk profile differs from that of the Group, and the lease does not benefit from an explicit guarantee from the Group. To determine the incremental borrowing rate, the Group: a. where possible, uses recent third party financing received by the lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received; b. uses a build up approach that starts with a risk free interest rate adjusted for credit risk for leases held by the Group and Company, where there is no third party financing; and c. makes adjustments specific to the lease. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7465": { "value": "3. Revenue (ii) Contract costs \u2013 sales commissions: the Group incurs sales commissions in respect of most of the wholesale sales generated, which are payable to members of the sales and marketing team and are directly linked to completed sales transactions. These commissions represent incremental costs of obtaining contracts with customers in accordance with IFRS 15. The commissions relate to contracts with a duration of less than one year and are recognised within the same reporting period as the related revenue. 4. Net financing costs and income
Group2025
\u20ac
Financing cost:
Interest Charge on leases 73,201
Financial income:
Interest on financial assets measured at amortised cost (9,129)
Net Finance Costs 64,072
5. Profit for the period Profit before tax is stated after charging the following:
Group08.05.2025 Company08.05.2025
toto
31.12.202531.12.2025
\u20ac\u20ac
Depreciation of property, plant and equipment (406,029) \ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900 (170)\ue900\ue900\ue900
Depreciation of right-of-use assets (303,703) -
Amortisation of intangible assets (180,514) (908)
Movement in inventory balances (156,495) -
Purchases (5,499,756) -
Employee benefit expense (note 5a) (2,850,840) (56,568)
Loss allowance on trade receivables & net impairment 289,071 -
a. Staff costs Staff costs incurred during the period are analysed as follows:
Group08.05.2025 Company08.05.2025
toto
31.12.202531.12.2025
\u20ac\u20ac
Salaries and wages 2,672,078 55,316
Employer's share of social security contributions 178,762 1,252
8. Property, plant and equipment
31 December 2025 Assets in course of constructionBuildings under Con-structionGroupLands and improve-ments to premisesPlant, machinery and motor vehiclesOther fixtures, fittings, tools andequipmentITEquipmentTotal
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Year ended 31 December 2025
Net book amounts acquired upon acquisition of subsidiaries 59,483 727,328 1,440,537 2,524,618 2,180,048 - 6,932,014
Additions 2,348,152 7,426,746 7,835,158 512,585 749,592 7,370 18,879,603
Disposals - - - (3,014) - - (3,014)
Depreciation - (8,863) (52,578) (168,405) (176,013) (170) (406,029)
Closing net book amount 2,407,635 8,145,211 9,223,117 2,865,784 2,753,627 7,200 25,402,574
As at 31 December 2025
Cost 2,407,635 8,154,074 9,275,695 3,034,189 2,929,640 7,370 25,808,603
Accumulated depreciation and impairment - (8,863) (52,578) (168,405) (176,013) (170) (406,029)
Net book amount 2,407,635 8,145,211 9,223,117 2,865,784 2,753,627 7,200 25,402,574
Depreciation charge of \u20ac355,904 is included in the Group\u2019s cost of sales, \u20ac38,858 is included in the Group\u2019s selling and distribution expenses, whilst \u20ac11,267 is included in the administration expenses.9. Goodwill
31 December 2025Goodwill
\u20ac
Cost -
Recognised on acquisition of subsidiaries 10,724,069
At 31 December 2025 10,724,069
As at 31 December 2025 -
Impairment losses for the year -
At 31 December 2025 -
Carrying amount -
At 31 December 2025 10,724,069
Impairment assessment The first impairment test was performed prior to year end. This test involved comparing: \u2022 actual trading performance and cash flows generated after acquisition; and \u2022 the forecasts and assumptions used in the acquisition date valuation prepared by an independent valuer. Actual performance following acquisition exceeded the projections used in measuring acquisition date fair values. On this basis, and assuming continuation of observed trends and unchanged discount rates, no impairment was identified. Impairment assessment as at 31 December 2025 Following the recognition of goodwill, four months prior to year end, Management also reassessed the carrying value of goodwill as at 31 December 2025 by preparing updated financial forecasts at year end. This assessment involved: \u2022 preparing cash flow projections covering a three year period for each CGU, based on year end actual results and revised management expectations; \u2022 comparing these updated projections with those underpinning the original acquisition date valuation prepared; and \u2022 assessing whether any adverse changes had occurred in forecast performance, growth expectations or discount rates. The updated forecasts and cash flows were consistent with, or exceeded, the projections applied in the acquisition date valuation. Accordingly, the recoverable amounts of both CGUs continued to exceed their carrying amounts at year end, including goodwill. As a result, no impairment loss was recognised and the goodwill balances remained unchanged at 31 December 2025. The key assumptions used in determining value in use were as follows: Food Chain Limited CGU \u2022 Projection period: 3 years based on approved business plans \u2022 Terminal average growth rate of around 2.0% \u2022 Pre tax discount rate: 11.7%, reflecting the CGU specific WACC Growth assumptions also reflect also any new outlet openings factored in and any new decision taken in the interim as well as margin stabilisation consistent with franchise agreements and historical performance. Quintano Food Limited CGU \u2022 Projection period: 3 years based on approved budgets \u2022 Growth rate: 2.0% \u2022 Pre tax discount rate: 11.5%, reflecting the risk profile of wholesale distribution activities Growth assumptions reflect volume growth, product mix changes and margin evolution consistent with historical trends and market expectations. Sensitivity analysis Management has performed sensitivity analyses on the key assumptions applied in the impairment tests, including changes to growth rates and discount rates. Based on these analyses, management concluded that no reasonably possible change in key assumptions would result in the carrying amount of either CGU exceeding its recoverable amount at the reporting date. 10. Intangible assets Group
Patents,trademarks and other rightsComputer softwareFranchisesTotal
\u20ac\u20ac\u20ac\u20ac
08 May 2025
Additions 10,600 12,054 - 22,654
Recognised on acquisition of subsidiaries - - 15,284,329 15,284,329
Balance at 31 December 2025 10,600 12,054 15,284,329 15,306,983
08 May 2025
Charge for the period (707) (201) (179,606) (180,514)
Balance at 31 December 2025 (707) (201) (179,606) (180,514)
At 08 May 2025 - - - -
At 31 December 2025 9,893 11,853 15,104,723 15,126,469
Amortisation is included in cost of sales within the income statement. 11. Leases a. Right-of-use assets The following table shows the carrying amounts of the right of use assets recognised and the movements during the period.
31 December 2025 Group Buildings\u20ac
Cost 8,060,296
Depreciation (303,703)
Carrying amount 7,756,593
Amounts recognised in profit and loss
31 December 2025 Group Buildings\u20ac
Depreciation expense on right-of-use assets 303,703
Interest expense on lease liabilities 73,201
Expense relating to short-term leases 249,662
Expense relating to variable lease payments not included in the measurement of the lease liability 321,664
For short-term leases (defined as leases with a lease term of 12 months or less) the group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. 13. Trade and other receivables The Group applies the IFRS 9 Expected Credit Loss model using a provision matrix based on historical loss experience and forward looking information. At the acquisition date, trade receivables were at fair value. Balances assessed as credit impaired (Stage 3) were fully provided. This resulted in a Bad Debt Provision of \u20ac65,220, representing the lifetime expected credit losses on customers deemed non recoverable due to age, inactivity, legal status, or adverse payment history. 19. Lease liabilities
Group2025
\u20ac
Recognised upon acquisition of subsidiaries 5,734,168
New Leases 2,326,128
Interest 73,201
Payments (766,790)
Closing Balance 7,366,707
Analysed as:
Non-Current 6,382,710
Current 983,997
21. Related party transactions a. Related party relationships Key management personnel consists of Directors\u2019 and Senior Management. b. Related party transactions
Group2025 Company2025
\u20ac\u20ac
Income from goods and services
Services to subsidiaries - 259,439
Goods to related parties 15,230
Recharged expenses payable from related party 202,743 -
Expenditure for goods and services
Purchases of goods and services from related party 333,454 -
Rental expenses from related party 111,860 -
Computer related expenses 10,715 -
Recharged expenses payable to related party 642,529 2,321
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7452": { "value": "3. Revenue (i) The Group derives its revenue from contracts with customers for the transfer of food wholesale goods, food retail quick service and its management services. Revenue is recognised at a point in time when the goods are delivered and when the service is provided to the customer. Revenue is disaggregated as follows:
Group Company2025
2025
\u20ac\u20ac
Sale of goods (retail) 10,043,369 -
Sale of goods (wholesale) 3,273,229 -
Management services - 259,439
Total 13,316,598 259,439
The wholesale business of the Group acts as the main procuring entity of the retail segment of the Group, with sales worth \u20ac3,156,445 removed upon consolidation. The sales of goods figure above is therefore net of this amount. 24. Segment ReportingThe Group operates two business activities which are the operation of Quick Service Restaurants business which activities are licensed under the terms of the franchise agreements, and the operation of importation, marketing and distribution of fast-moving consumer goods operating primarily in the food and beverage sector. The disclosure of revenue by operation is consistent with the revenue information that is disclosed for each reportable segment under IFRS 8 Operating Segments. The Group has determined that geographical information is not relevant to its operations, as all significant revenue generating activities are conducted within a single economic and geographical environment, being Malta. Disaggregation of revenue
External revenue by operation2025
\u20ac
Quick Service Restaurants 10,043,369
Fast-moving consumer goods 3,273,229
13,316,598
External revenue by timing of revenue
Goods transferred at a point in time 13,316,598
13,316,598
The transaction price allocated to performance obligations is \u20ac13.32 million. Products and services from which reportable segments derive their revenues Information reported to the group\u2019s Executive Chairman (the Chief Operating Decision Maker (CODM)) for the purposes of resource allocation and assessment of segment performance is focused on the category of customer for each type of activity. The principal categories of customer are direct sales to major customers, wholesalers and internet sales. The group\u2019s reportable segments under IFRS 8 are therefore as follows:
Quick Service Restaurants Food & Beverage sales - Direct Sale Customers
Fast-moving consumer goods Food & Beverage goods - Wholesale Customers
Segment revenues and profits The following is an analysis of the group\u2019s revenue and results by reportable segment in 2025:
RevenueQuick-Service restaurants2025Fast-moving consumer goods2025Adjustments and eliminations 2025Consolidated2025
\u20ac\u20ac\u20ac\u20ac
External customers 10,043,369 3,273,229 - 13,316,598
Inter-segment - 3,156,445 (3,156,445) -
10,043,369 6,429,674 (3,156,445) 13,316,598
Cost of sales (8,138,936) (4,938,169) 3,192,194 (9,884,911)
Selling and Distribution expenses - (692,540) - (692,540)
Administrative expenses (1,130,302) (411,029) (120,693) (1,662,024)
Loss allowance on trade receivables - 289,071 - 289,071
Finance costs (73,201) - - (73,201)
Finance income 9,129 - - 9,129
Other income 957 - - 957
Segment profit 711,016 677,007 (84,944) 1,303,079
Total assets 42,170,093 16,315,003 13,668,780 72,153,876
Total liabilities 20,278,275 5,686,681 (1,656,115) 24,308,841
The accounting policies of the reportable segments are the same as the group\u2019s accounting policies described in note 2.
Segment assets2025
\u20ac
Quick Service Restaurants 42,170,093
Fast-moving consumer goods 16,315,003
Total segment assets 58,485,096
Unallocated assets:- 13,668,780
Property, plant and equipment 17,526,656
Intangible Assets 21,746
Goodwill 10,724,069
Trade and other receivables 350,978
Consolidation adjustments and eliminations (18,196,290)
Cash and cash equivalents 3,241,621
Consolidated total assets 72,153,876
Segment liabilities2025
\u20ac
Quick Service Restaurants 20,278,275
Fast-moving consumer goods 5,686,681
Total segment liabilities 25,964,956
Unallocated liabilities:- (1,656,115)
Trade and other payables 16,095,118
Deferred tax liabilities 2,250
Current tax liabilities 13,810
Consolidation adjustments (17,767,293)
Consolidated total liabilities 24,308,841
For the purposes of monitoring segment performance and allocating resources between segments the group\u2019s Chief Executive monitors the tangible, intangible and financial assets attributable to each segment.
Other segment informationDepreciation andamortisation2025Additions tonon-current assets2025
\u20ac\u20ac
Quick Service Restaurants 848,826 3,558,139
Fast-moving consumer goods 40,340 118,275
889,166 3,676,414
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7221": { "value": "3. Revenue (i) The Group derives its revenue from contracts with customers for the transfer of food wholesale goods, food retail quick service and its management services. Revenue is recognised at a point in time when the goods are delivered and when the service is provided to the customer. Revenue is disaggregated as follows:
Group Company2025
2025
\u20ac\u20ac
Sale of goods (retail) 10,043,369 -
Sale of goods (wholesale) 3,273,229 -
Management services - 259,439
Total 13,316,598 259,439
The wholesale business of the Group acts as the main procuring entity of the retail segment of the Group, with sales worth \u20ac3,156,445 removed upon consolidation. The sales of goods figure above is therefore net of this amount. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7105": { "value": "3. Revenue(i) The Group derives its revenue from contracts with customers for the transfer of food wholesale goods, food retail quick service and its management services. Revenue is recognised at a point in time when the goods are delivered and when the service is provided to the customer. Revenue is disaggregated as follows:
Group Company2025
2025
\u20ac\u20ac
Sale of goods (retail) 10,043,369 -
Sale of goods (wholesale) 3,273,229 -
Management services - 259,439
Total 13,316,598 259,439
The wholesale business of the Group acts as the main procuring entity of the retail segment of the Group, with sales worth \u20ac3,156,445 removed upon consolidation. The sales of goods figure above is therefore net of this amount. (ii) Contract costs \u2013 sales commissions: the Group incurs sales commissions in respect of most of the wholesale sales generated, which are payable to members of the sales and marketing team and are directly linked to completed sales transactions. These commissions represent incremental costs of obtaining contracts with customers in accordance with IFRS 15. The commissions relate to contracts with a duration of less than one year and are recognised within the same reporting period as the related revenue. Such commissions are recognised as incurred. Accordingly, no contract cost asset is recognised in the statement of financial position, and sales commissions are recognised within selling and distribution expenses in the statement of profit or loss. Sales commissions recognised as an expense during the period September to December amounted to \u20ac68,445.
Group Company2025
2025
\u20ac\u20ac
Trade payables 4,030,535 22,822
Other payables 6,937 -
Indirect taxation 1,032,995 42,169
Accruals 2,263,867 94,153
Payroll liability 13,434 13,434
Amount due to related party 2,332,739 387,338
Amount due to subsidiaries - 15,535,202
9,680,507 16,095,118
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7198": { "value": "4. Net financing costs and income
Group2025
\u20ac
Financing cost:
Interest Charge on leases 73,201
Financial income:
Interest on financial assets measured at amortised cost (9,129)
Net Finance Costs 64,072
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7117": { "value": "4. Net financing costs and income
Group2025
\u20ac
Financing cost:
Interest Charge on leases 73,201
Financial income:
Interest on financial assets measured at amortised cost (9,129)
Net Finance Costs 64,072
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7116": { "value": "4. Net financing costs and income
Group2025
\u20ac
Financing cost:
Interest Charge on leases 73,201
Financial income:
Interest on financial assets measured at amortised cost (9,129)
Net Finance Costs 64,072
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7112": { "value": "4. Net financing costs and income
Group2025
\u20ac
Financing cost:
Interest Charge on leases 73,201
Financial income:
Interest on financial assets measured at amortised cost (9,129)
Net Finance Costs 64,072
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7104": { "value": "4. Net financing costs and income
Group2025
\u20ac
Financing cost:
Interest Charge on leases 73,201
Financial income:
Interest on financial assets measured at amortised cost (9,129)
Net Finance Costs 64,072
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7103": { "value": "4. Net financing costs and income
Group2025
\u20ac
Financing cost:
Interest Charge on leases 73,201
Financial income:
Interest on financial assets measured at amortised cost (9,129)
Net Finance Costs 64,072
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7065": { "value": "4. Net financing costs and income
Group2025
\u20ac
Financing cost:
Interest Charge on leases 73,201
Financial income:
Interest on financial assets measured at amortised cost (9,129)
Net Finance Costs 64,072
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7748": { "value": "5. Profit for the period The amount that is payable to the parent company\u2019s auditors for the audit of the Company and Group financial statements amounted to EUR19,950 and EUR68,111 respectively. Total fees payable for assurance services amounted to EUR4,800 and total fees payable for non-audit services amounted to EUR2,350. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7409": { "value": "5. Profit for the periodProfit before tax is stated after charging the following:
Group08.05.2025 Company08.05.2025
toto
31.12.202531.12.2025
\u20ac\u20ac
Depreciation of property, plant and equipment (406,029) \ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900 (170)\ue900\ue900\ue900
Depreciation of right-of-use assets (303,703) -
Amortisation of intangible assets (180,514) (908)
Movement in inventory balances (156,495) -
Purchases (5,499,756) -
Employee benefit expense (note 5a) (2,850,840) (56,568)
Loss allowance on trade receivables & net impairment 289,071 -
12. Inventories
Group2025
\u20ac
Finished Goods 2,261,138
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7119": { "value": "5. Profit for the periodb. Number of employees (FTEs)The average number of persons employed by the Company during the period was as follows:
Group08.05.2025 Company08.05.2025to
to
31.12.202531.12.2025
Management and administration 47 2
Operations 375 -
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7094": { "value": "5. Profit for the periodProfit before tax is stated after charging the following:
Group08.05.2025 Company08.05.2025
toto
31.12.202531.12.2025
\u20ac\u20ac
Depreciation of property, plant and equipment (406,029) \ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900 (170)\ue900\ue900\ue900
Depreciation of right-of-use assets (303,703) -
Amortisation of intangible assets (180,514) (908)
Movement in inventory balances (156,495) -
Purchases (5,499,756) -
Employee benefit expense (note 5a) (2,850,840) (56,568)
Loss allowance on trade receivables & net impairment 289,071 -
a. Staff costs Staff costs incurred during the period are analysed as follows:
Group08.05.2025 Company08.05.2025
toto
31.12.202531.12.2025
\u20ac\u20ac
Salaries and wages 2,672,078 55,316
Employer's share of social security contributions 178,762 1,252
21. Related party transactions a. Related party relationships Key management personnel consists of Directors\u2019 and Senior Management. b. Related party transactions The remuneration of key management personnel, including directors, amounts to \u20ac209,581, as disclosed in the remuneration report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7089": { "value": "5. Profit for the periodProfit before tax is stated after charging the following:
Group08.05.2025 Company08.05.2025
toto
31.12.202531.12.2025
\u20ac\u20ac
Depreciation of property, plant and equipment (406,029) \ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900\ue900 (170)\ue900\ue900\ue900
Depreciation of right-of-use assets (303,703) -
Amortisation of intangible assets (180,514) (908)
Movement in inventory balances (156,495) -
Purchases (5,499,756) -
Employee benefit expense (note 5a) (2,850,840) (56,568)
Loss allowance on trade receivables & net impairment 289,071 -
8. Property, plant and equipment
31 December 2025 Assets in course of constructionBuildings under Con-structionGroupLands and improve-ments to premisesPlant, machinery and motor vehiclesOther fixtures, fittings, tools andequipmentITEquipmentTotal
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Year ended 31 December 2025
Net book amounts acquired upon acquisition of subsidiaries 59,483 727,328 1,440,537 2,524,618 2,180,048 - 6,932,014
Additions 2,348,152 7,426,746 7,835,158 512,585 749,592 7,370 18,879,603
Disposals - - - (3,014) - - (3,014)
Depreciation - (8,863) (52,578) (168,405) (176,013) (170) (406,029)
Closing net book amount 2,407,635 8,145,211 9,223,117 2,865,784 2,753,627 7,200 25,402,574
As at 31 December 2025
Cost 2,407,635 8,154,074 9,275,695 3,034,189 2,929,640 7,370 25,808,603
Accumulated depreciation and impairment - (8,863) (52,578) (168,405) (176,013) (170) (406,029)
Net book amount 2,407,635 8,145,211 9,223,117 2,865,784 2,753,627 7,200 25,402,574
9. Goodwill
31 December 2025Goodwill
\u20ac
Cost -
Recognised on acquisition of subsidiaries 10,724,069
At 31 December 2025 10,724,069
As at 31 December 2025 -
Impairment losses for the year -
At 31 December 2025 -
Carrying amount -
At 31 December 2025 10,724,069
10. Intangible assets
Patents,trademarks and other rightsComputer softwareFranchisesTotal
\u20ac\u20ac\u20ac\u20ac
08 May 2025
Additions 10,600 12,054 - 22,654
Recognised on acquisition of subsidiaries - - 15,284,329 15,284,329
Balance at 31 December 2025 10,600 12,054 15,284,329 15,306,983
08 May 2025
Charge for the period (707) (201) (179,606) (180,514)
Balance at 31 December 2025 (707) (201) (179,606) (180,514)
At 08 May 2025 - - - -
At 31 December 2025 9,893 11,853 15,104,723 15,126,469
Amortisation is included in cost of sales within the income statement. 11. LeasesAmounts recognised in profit and loss
31 December 2025 Group Buildings\u20ac
Depreciation expense on right-of-use assets 303,703
Interest expense on lease liabilities 73,201
Expense relating to short-term leases 249,662
Expense relating to variable lease payments not included in the measurement of the lease liability 321,664
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7100": { "value": "6. Taxation a. Income tax expense
Group Company2025
2025
\u20ac\u20ac
Current tax expense 523,840 13,810
Deferred tax (credit)/expense (265,796) 2,250
Total 258,044 16,060
7. Deferred Tax Asset/(Liability)
Group Company
20252025
\u20ac\u20ac
At 8 May 2025
On acquisition of subsidiaries (5,338,982) -
Deferred tax credit/(charge to income statement) 265,796 (2,250)
Deferred Tax Asset/(Liability) (5,073,186) (2,250)
At 8 May 2025
Temporary differences on Intangible Assets (5,286,716) -
Temporary differences on fixed assets 190,703 (2,250)
Temporary differences on credit loss allowance 22,827 -
Tax Asset/(Liability) (5,073,186) (2,250)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7086": { "value": "6. Taxationa. Income tax expense
Group Company2025
2025
\u20ac\u20ac
Current tax expense 523,840 13,810
Deferred tax (credit)/expense (265,796) 2,250
Total 258,044 16,060
b. Tax reconciliation
Group Company2025
2025
\u20ac\u20ac
Profit for the period 1,303,079 45,885
Tax at 35% 456,078 16,060
Tax effect of:
Non-deductable expenses 231 -
Depreciation on ineligible assets 21,226 -
Other 38,067 -
Deferred tax asset not recognised upon requisition (257,558) -
Tax charge 258,044 16,060
7. Deferred Tax Asset/(Liability)
Group Company
20252025
\u20ac\u20ac
At 8 May 2025
On acquisition of subsidiaries (5,338,982) -
Deferred tax credit/(charge to income statement) 265,796 (2,250)
Deferred Tax Asset/(Liability) (5,073,186) (2,250)
At 8 May 2025
Temporary differences on Intangible Assets (5,286,716) -
Temporary differences on fixed assets 190,703 (2,250)
Temporary differences on credit loss allowance 22,827 -
Tax Asset/(Liability) (5,073,186) (2,250)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7218": { "value": "8. Property, plant and equipmentAt 31 December 2025, the group had entered into contractual commitment for the Handaq project amounting to \u20ac10.2 million. The Group has also committed but not yet contracted to a capital expenditure of \u20ac3.8 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7216": { "value": "8. Property, plant and equipment At 31 December 2025, the group had entered into contractual commitment for the Handaq project amounting to \u20ac10.2 million. The Group has also committed but not yet contracted to a capital expenditure of \u20ac3.8 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7101": { "value": "8. Property, plant and equipment
31 December 2025 Assets in course of constructionBuildings under Con-structionGroupLands and improve-ments to premisesPlant, machinery and motor vehiclesOther fixtures, fittings, tools andequipmentITEquipmentTotal
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Year ended 31 December 2025
Net book amounts acquired upon acquisition of subsidiaries 59,483 727,328 1,440,537 2,524,618 2,180,048 - 6,932,014
Additions 2,348,152 7,426,746 7,835,158 512,585 749,592 7,370 18,879,603
Disposals - - - (3,014) - - (3,014)
Depreciation - (8,863) (52,578) (168,405) (176,013) (170) (406,029)
Closing net book amount 2,407,635 8,145,211 9,223,117 2,865,784 2,753,627 7,200 25,402,574
As at 31 December 2025
Cost 2,407,635 8,154,074 9,275,695 3,034,189 2,929,640 7,370 25,808,603
Accumulated depreciation and impairment - (8,863) (52,578) (168,405) (176,013) (170) (406,029)
Net book amount 2,407,635 8,145,211 9,223,117 2,865,784 2,753,627 7,200 25,402,574
Depreciation charge of \u20ac355,904 is included in the Group\u2019s cost of sales, \u20ac38,858 is included in the Group\u2019s selling and distribution expenses, whilst \u20ac11,267 is included in the administration expenses. At 31 December 2025, the group had entered into contractual commitment for the Handaq project amounting to \u20ac10.2 million. The Group has also committed but not yet contracted to a capital expenditure of \u20ac3.8 million. Transfer of Land and Land Valuation The land and buildings were transferred from Quintano Foods Limited to Quinco Holdings p.l.c. on the 5 August 2025. No depreciation was incurred for the period under review given that the buildings are still under construction and not yet ready for use. Land and buildings were transferred to the parent company for a value of \u20ac15,163,892. This value included both the fair value of the land and the development costs. This acquisition was of a non-cash nature and the relevant amount is shown as an amount due to the subsidiary at the Company level. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7099": { "value": "8. Property, plant and equipment
31 December 2025 Assets in course of constructionBuildings under Con-structionGroupLands and improve-ments to premisesPlant, machinery and motor vehiclesOther fixtures, fittings, tools andequipmentITEquipmentTotal
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Year ended 31 December 2025
Net book amounts acquired upon acquisition of subsidiaries 59,483 727,328 1,440,537 2,524,618 2,180,048 - 6,932,014
Additions 2,348,152 7,426,746 7,835,158 512,585 749,592 7,370 18,879,603
Disposals - - - (3,014) - - (3,014)
Depreciation - (8,863) (52,578) (168,405) (176,013) (170) (406,029)
Closing net book amount 2,407,635 8,145,211 9,223,117 2,865,784 2,753,627 7,200 25,402,574
As at 31 December 2025
Cost 2,407,635 8,154,074 9,275,695 3,034,189 2,929,640 7,370 25,808,603
Accumulated depreciation and impairment - (8,863) (52,578) (168,405) (176,013) (170) (406,029)
Net book amount 2,407,635 8,145,211 9,223,117 2,865,784 2,753,627 7,200 25,402,574
9. Goodwill
31 December 2025Goodwill
\u20ac
Cost -
Recognised on acquisition of subsidiaries 10,724,069
At 31 December 2025 10,724,069
As at 31 December 2025 -
Impairment losses for the year -
At 31 December 2025 -
Carrying amount -
At 31 December 2025 10,724,069
Allocation of goodwill to cash generating units Goodwill is allocated to cash generating units (\u201cCGUs\u201d) that are expected to benefit from the business combination. The Group has identified the following CGUs: \u2022 Food Chain CGU, comprising the quick service restaurant operations conducted under the Burger King, KFC and Pizza Hut franchises; and\u2022 Quintano CGU, comprising the food importation, marketing and distribution activities.The allocation of goodwill reflects differences in operating characteristics, risk profiles and cash flow generation and is consistent with the basis used in acquisition date valuation and management reporting. Impairment assessment as at 31 December 2025 Following the recognition of goodwill, four months prior to year end, Management also reassessed the carrying value of goodwill as at 31 December 2025 by preparing updated financial forecasts at year end. This assessment involved: \u2022 preparing cash flow projections covering a three year period for each CGU, based on year end actual results and revised management expectations; \u2022 comparing these updated projections with those underpinning the original acquisition date valuation prepared; and \u2022 assessing whether any adverse changes had occurred in forecast performance, growth expectations or discount rates. The updated forecasts and cash flows were consistent with, or exceeded, the projections applied in the acquisition date valuation. Accordingly, the recoverable amounts of both CGUs continued to exceed their carrying amounts at year end, including goodwill. As a result, no impairment loss was recognised and the goodwill balances remained unchanged at 31 December 2025. The key assumptions used in determining value in use were as follows: Food Chain Limited CGU \u2022 Projection period: 3 years based on approved business plans \u2022 Terminal average growth rate of around 2.0% \u2022 Pre tax discount rate: 11.7%, reflecting the CGU specific WACC Growth assumptions also reflect also any new outlet openings factored in and any new decision taken in the interim as well as margin stabilisation consistent with franchise agreements and historical performance. Quintano Food Limited CGU \u2022 Projection period: 3 years based on approved budgets \u2022 Growth rate: 2.0% \u2022 Pre tax discount rate: 11.5%, reflecting the risk profile of wholesale distribution activities Growth assumptions reflect volume growth, product mix changes and margin evolution consistent with historical trends and market expectations. Sensitivity analysis Management has performed sensitivity analyses on the key assumptions applied in the impairment tests, including changes to growth rates and discount rates. Based on these analyses, management concluded that no reasonably possible change in key assumptions would result in the carrying amount of either CGU exceeding its recoverable amount at the reporting date. 10. Intangible assets
Patents,trademarks and other rightsComputer softwareFranchisesTotal
\u20ac\u20ac\u20ac\u20ac
08 May 2025
Additions 10,600 12,054 - 22,654
Recognised on acquisition of subsidiaries - - 15,284,329 15,284,329
Balance at 31 December 2025 10,600 12,054 15,284,329 15,306,983
08 May 2025
Charge for the period (707) (201) (179,606) (180,514)
Balance at 31 December 2025 (707) (201) (179,606) (180,514)
At 08 May 2025 - - - -
At 31 December 2025 9,893 11,853 15,104,723 15,126,469
Franchise rights have an estimated useful life which is on average 30 years. Whilst patents and computer equipment have an estimated useful life of 5 years. The Group holds patents and franchises to carry out its quick-food services. Amortisation is included in cost of sales within the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7380": { "value": "9. Goodwill
31 December 2025Goodwill
\u20ac
Cost -
Recognised on acquisition of subsidiaries 10,724,069
At 31 December 2025 10,724,069
As at 31 December 2025 -
Impairment losses for the year -
At 31 December 2025 -
Carrying amount -
At 31 December 2025 10,724,069
Goodwill arose on the acquisition of Food Chain Limited and Quintano Foods Limited on 10 September 2025 and represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired at the acquisition date. The goodwill recognised was determined at the acquisition date and was based on an external valuation, with acquisition date fair values derived using discounted cash flow techniques and adjusted for acquisition date information in accordance with IFRS Accounting Standards, as applied by analogy. At 31 December 2025, the carrying amount of goodwill is of \u20ac10.724M with this divided into: \u2022 Food Chain Limited CGU: \u20ac5.726 million\u2022 Quintano Foods Limited CGU: \u20ac4.998 millionGoodwill is presented as a separate line item in the consolidated statement of financial position and is carried at cost less accumulated impairment losses. Goodwill is not amortised. Impairment losses on goodwill are not reversed.Nature of goodwill recognisedGoodwill represents future economic benefits arising from assets that are not capable of being individually identified and separately recognised in accordance with IFRS 3 and IAS 38.For the Food Chain Limited cash generating unit (\u201cCGU\u201d), goodwill primarily relates to:\u2022 the assembled workforce and established operating platform;\u2022 operational know how embedded within the restaurant network; and\u2022 expected synergies arising from integration within the Quinco Group, including benefits from scale, centralised procurement and logistics integration through the Handaq head office and logistics complex.In addition, goodwill includes the impact arising from the recognition of a deferred tax liability at acquisition in respect of identifiable franchise representation intangible assets. As these intangible assets are not deductible for tax purposes and therefore have a nil tax base, a taxable temporary difference arose on initial recognition. In accordance with IAS 12 Income Taxes, the resulting deferred tax liability recognised at acquisition date reduced the amount of identifiable net assets acquired, with the corresponding adjustment recognised as an increase in goodwill.The relatively limited amount of goodwill recognised for Food Chain reflects the fact that the principal value generating assets of the business, namely the franchise rights, were identified, valued and recognised separately as identifiable intangible assets as part of the acquisition accounting.For Quintano Foods Ltd CGU, goodwill mainly relates to supplier relationships, customer relationships and distribution channels which, while integral to the business and its ability to generate cash flows, do not meet the separability or contractual legal criteria required for separate recognition as intangible assets.Allocation of goodwill to cash generating units Goodwill is allocated to cash generating units (\u201cCGUs\u201d) that are expected to benefit from the business combination. The Group has identified the following CGUs: \u2022 Food Chain CGU, comprising the quick service restaurant operations conducted under the Burger King, KFC and Pizza Hut franchises; and\u2022 Quintano CGU, comprising the food importation, marketing and distribution activities.The allocation of goodwill reflects differences in operating characteristics, risk profiles and cash flow generation and is consistent with the basis used in acquisition date valuation and management reporting. Impairment assessment The first impairment test was performed prior to year end. This test involved comparing: \u2022 actual trading performance and cash flows generated after acquisition; and \u2022 the forecasts and assumptions used in the acquisition date valuation prepared by an independent valuer. Actual performance following acquisition exceeded the projections used in measuring acquisition date fair values. On this basis, and assuming continuation of observed trends and unchanged discount rates, no impairment was identified. Impairment assessment as at 31 December 2025 Following the recognition of goodwill, four months prior to year end, Management also reassessed the carrying value of goodwill as at 31 December 2025 by preparing updated financial forecasts at year end. This assessment involved: \u2022 preparing cash flow projections covering a three year period for each CGU, based on year end actual results and revised management expectations; \u2022 comparing these updated projections with those underpinning the original acquisition date valuation prepared; and \u2022 assessing whether any adverse changes had occurred in forecast performance, growth expectations or discount rates. The updated forecasts and cash flows were consistent with, or exceeded, the projections applied in the acquisition date valuation. Accordingly, the recoverable amounts of both CGUs continued to exceed their carrying amounts at year end, including goodwill. As a result, no impairment loss was recognised and the goodwill balances remained unchanged at 31 December 2025. The key assumptions used in determining value in use were as follows: Food Chain Limited CGU \u2022 Projection period: 3 years based on approved business plans \u2022 Terminal average growth rate of around 2.0% \u2022 Pre tax discount rate: 11.7%, reflecting the CGU specific WACC Growth assumptions also reflect also any new outlet openings factored in and any new decision taken in the interim as well as margin stabilisation consistent with franchise agreements and historical performance. Quintano Food Limited CGU \u2022 Projection period: 3 years based on approved budgets \u2022 Growth rate: 2.0% \u2022 Pre tax discount rate: 11.5%, reflecting the risk profile of wholesale distribution activities Growth assumptions reflect volume growth, product mix changes and margin evolution consistent with historical trends and market expectations. Sensitivity analysis Management has performed sensitivity analyses on the key assumptions applied in the impairment tests, including changes to growth rates and discount rates. Based on these analyses, management concluded that no reasonably possible change in key assumptions would result in the carrying amount of either CGU exceeding its recoverable amount at the reporting date. 10. Intangible assets
Patents,trademarks and other rightsComputer softwareFranchisesTotal
\u20ac\u20ac\u20ac\u20ac
08 May 2025
Additions 10,600 12,054 - 22,654
Recognised on acquisition of subsidiaries - - 15,284,329 15,284,329
Balance at 31 December 2025 10,600 12,054 15,284,329 15,306,983
08 May 2025
Charge for the period (707) (201) (179,606) (180,514)
Balance at 31 December 2025 (707) (201) (179,606) (180,514)
At 08 May 2025 - - - -
At 31 December 2025 9,893 11,853 15,104,723 15,126,469
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7370": { "value": "9. Goodwill
31 December 2025Goodwill
\u20ac
Cost -
Recognised on acquisition of subsidiaries 10,724,069
At 31 December 2025 10,724,069
As at 31 December 2025 -
Impairment losses for the year -
At 31 December 2025 -
Carrying amount -
At 31 December 2025 10,724,069
Goodwill arose on the acquisition of Food Chain Limited and Quintano Foods Limited on 10 September 2025 and represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired at the acquisition date. The goodwill recognised was determined at the acquisition date and was based on an external valuation, with acquisition date fair values derived using discounted cash flow techniques and adjusted for acquisition date information in accordance with IFRS Accounting Standards, as applied by analogy. At 31 December 2025, the carrying amount of goodwill is of \u20ac10.724M with this divided into: \u2022 Food Chain Limited CGU: \u20ac5.726 million \u2022 Quintano Foods Limited CGU: \u20ac4.998 million Goodwill is presented as a separate line item in the consolidated statement of financial position and is carried at cost less accumulated impairment losses. Goodwill is not amortised. Impairment losses on goodwill are not reversed. Nature of goodwill recognised Goodwill represents future economic benefits arising from assets that are not capable of being individually identified and separately recognised in accordance with IFRS 3 and IAS 38. For the Food Chain Limited cash generating unit (\u201cCGU\u201d), goodwill primarily relates to: \u2022 the assembled workforce and established operating platform; \u2022 operational know how embedded within the restaurant network; and \u2022 expected synergies arising from integration within the Quinco Group, including benefits from scale, centralised procurement and logistics integration through the Handaq head office and logistics complex. In addition, goodwill includes the impact arising from the recognition of a deferred tax liability at acquisition in respect of identifiable franchise representation intangible assets. As these intangible assets are not deductible for tax purposes and therefore have a nil tax base, a taxable temporary difference arose on initial recognition. In accordance with IAS 12 Income Taxes, the resulting deferred tax liability recognised at acquisition date reduced the amount of identifiable net assets acquired, with the corresponding adjustment recognised as an increase in goodwill. The relatively limited amount of goodwill recognised for Food Chain reflects the fact that the principal value generating assets of the business, namely the franchise rights, were identified, valued and recognised separately as identifiable intangible assets as part of the acquisition accounting. For Quintano Foods Ltd CGU, goodwill mainly relates to supplier relationships, customer relationships and distribution channels which, while integral to the business and its ability to generate cash flows, do not meet the separability or contractual legal criteria required for separate recognition as intangible assets. Allocation of goodwill to cash generating units Goodwill is allocated to cash generating units (\u201cCGUs\u201d) that are expected to benefit from the business combination. The Group has identified the following CGUs: \u2022 Food Chain CGU, comprising the quick service restaurant operations conducted under the Burger King, KFC and Pizza Hut franchises; and \u2022 Quintano CGU, comprising the food importation, marketing and distribution activities. The allocation of goodwill reflects differences in operating characteristics, risk profiles and cash flow generation and is consistent with the basis used in acquisition date valuation and management reporting. Impairment assessment The first impairment test was performed prior to year end. This test involved comparing: \u2022 actual trading performance and cash flows generated after acquisition; and \u2022 the forecasts and assumptions used in the acquisition date valuation prepared by an independent valuer. Actual performance following acquisition exceeded the projections used in measuring acquisition date fair values. On this basis, and assuming continuation of observed trends and unchanged discount rates, no impairment was identified. Impairment assessment as at 31 December 2025 Following the recognition of goodwill, four months prior to year end, Management also reassessed the carrying value of goodwill as at 31 December 2025 by preparing updated financial forecasts at year end. This assessment involved: \u2022 preparing cash flow projections covering a three year period for each CGU, based on year end actual results and revised management expectations; \u2022 comparing these updated projections with those underpinning the original acquisition date valuation prepared; and \u2022 assessing whether any adverse changes had occurred in forecast performance, growth expectations or discount rates. The updated forecasts and cash flows were consistent with, or exceeded, the projections applied in the acquisition date valuation. Accordingly, the recoverable amounts of both CGUs continued to exceed their carrying amounts at year end, including goodwill. As a result, no impairment loss was recognised and the goodwill balances remained unchanged at 31 December 2025. The key assumptions used in determining value in use were as follows: Food Chain Limited CGU \u2022 Projection period: 3 years based on approved business plans \u2022 Terminal average growth rate of around 2.0% \u2022 Pre tax discount rate: 11.7%, reflecting the CGU specific WACC Growth assumptions also reflect also any new outlet openings factored in and any new decision taken in the interim as well as margin stabilisation consistent with franchise agreements and historical performance. Quintano Food Limited CGU \u2022 Projection period: 3 years based on approved budgets \u2022 Growth rate: 2.0% \u2022 Pre tax discount rate: 11.5%, reflecting the risk profile of wholesale distribution activities Growth assumptions reflect volume growth, product mix changes and margin evolution consistent with historical trends and market expectations. Sensitivity analysis Management has performed sensitivity analyses on the key assumptions applied in the impairment tests, including changes to growth rates and discount rates. Based on these analyses, management concluded that no reasonably possible change in key assumptions would result in the carrying amount of either CGU exceeding its recoverable amount at the reporting date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7227": { "value": "10. Intangible assetsFranchise rights have an estimated useful life which is on average 30 years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFranchiseFeesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7118": { "value": "10. Intangible assets
Patents,trademarks and other rightsComputer softwareFranchisesTotal
\u20ac\u20ac\u20ac\u20ac
08 May 2025
Additions 10,600 12,054 - 22,654
Recognised on acquisition of subsidiaries - - 15,284,329 15,284,329
Balance at 31 December 2025 10,600 12,054 15,284,329 15,306,983
08 May 2025
Charge for the period (707) (201) (179,606) (180,514)
Balance at 31 December 2025 (707) (201) (179,606) (180,514)
At 08 May 2025 - - - -
At 31 December 2025 9,893 11,853 15,104,723 15,126,469
Franchise rights have an estimated useful life which is on average 30 years. Whilst patents and computer equipment have an estimated useful life of 5 years. The Group holds patents and franchises to carry out its quick-food services. Amortisation is included in cost of sales within the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7082": { "value": "11. Leasesa. Right-of-use assetsThe following table shows the carrying amounts of the right of use assets recognised and the movements during the period.
31 December 2025 Group Buildings\u20ac
Cost 8,060,296
Depreciation (303,703)
Carrying amount 7,756,593
Cost is made up of \u20ac5,734,168 recognised upon acquisition of subsidiaries and additions for the year amounting to \u20ac2,326,128. The Group leases out buildings. The average lease term is 7 years. Amounts recognised in profit and loss
31 December 2025 Group Buildings\u20ac
Depreciation expense on right-of-use assets 303,703
Interest expense on lease liabilities 73,201
Expense relating to short-term leases 249,662
Expense relating to variable lease payments not included in the measurement of the lease liability 321,664
For short-term leases (defined as leases with a lease term of 12 months or less) the group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. As 31 December 2025, the group is committed to a short-term lease of \u20ac27,965. Some of the property leases in which the group is the lessee contain variable lease payment terms that are linked to sales generated from the leased stores. Variable payment terms are used to link rental payments to store cash flows and reduce fixed cost. The total cash outflows for the period were:
2025
\u20ac
Fixed payments (including short-term lease) 1,016,452
Variable payments 321,664
Total payments 1,338,116
19. Lease liabilities
Group2025
\u20ac
Recognised upon acquisition of subsidiaries 5,734,168
New Leases 2,326,128
Interest 73,201
Payments (766,790)
Closing Balance 7,366,707
Analysed as:
Non-Current 6,382,710
Current 983,997
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7567": { "value": "13. Trade and other receivables The following table details the risk profile of trade receivables based on the Company\u2019s provision matrix.
31 December 2025(0\u201190 days)\u20ac000Past due(91\u2011180 days)\u20ac000Past due(181+ days)\u20ac000TOTAL\u20ac000
Carrying Amount 2,426 196 53 2,675
Expected Credit Loss Rate 0.40% 1.25% 100%
Expected Credit Loss 10 2 53 65
\u20ac000s
Loss allowances on receivable acquired in business combination 354
(Decrease) recognised in profit or loss during the period (289)
Closing loss allowance at 31 December 2025 65
14. Cash and cash equivalentsIn determining the ECL for cash and cash equivalents, the directors of the Company have considered the high credit quality of the financial institutions in question. The resulting ECL was deemed not material to be included in the financial statements. 22. Financial risk management a. Credit riskCredit risk arises from trade and other receivables and cash and cash equivalents. The Group manages credit risk primarily through ongoing monitoring of customer payment behaviour and internal trading history. The Group does not apply a formal internal credit rating system. Instead, credit assessments for significant customers are supported by periodic external credit checks obtained from third party credit information providers, which include information on legal proceedings, insolvency status and other publicly available indicators of creditworthiness. .Based on this information, together with historical loss experience and forward looking considerations, the Group applies the simplified lifetime expected credit loss approach to trade receivables.Where specific indicators of impairment exist, trade receivables are reviewed on an individual basis to ensure that adequate loss allowances are recognised for irrecoverable amounts.Credit approval procedures and ongoing monitoring processes are in place to ensure timely follow up and recovery action in respect of overdue balances.The Group\u2019s maximum exposure to credit risk at the reporting date equals the carrying amount of its financial assets that are exposed to credit risk, without taking account of collateral held or other credit enhancements.The amounts due from related parties are considered to be performing financial assets. The directors have assessed these balances as having a low risk of default, taking into account the financial strength of the counterparties, their ongoing relationship with the Group, and the fact that there are no past due amounts as at the reporting date. Accordingly, no significant increase in credit risk has been identified since initial recognitionCredit risk arises primarily from trade receivables, amounts due from related parties, and cash and cash equivalents held with financial institutions. For trade receivables, the Group has applied the simplified approach in IFRS 9 to measure the loss allowance at lifetime ECL. The Group determines the ECL on these terms by using an estimate based on historical credit loss experience based on the past due status of the debtors, adjusted as appropriate to reflect current conditions and estimates of future economic conditions.For cash and cash equivalents, the Group considers these as low credit risk since funds are held with reliable financial institutions. As at year end, \u20ac5.4M, worth of cash and cash equivalents are held with a local bank whose UK parent entity has an AA- rating and the balance is held with a local bank with a rating of BBB. Cash in hand has not been included in the maximum exposure to credit risk as it does not give rise to counterparty credit risk.
Financial asset NoteCarrying amount (\u20ac)
Trade receivables 13 2,674,917
Amounts due from related parties 13 600,669
Cash and cash equivalents 14 5,372,239
Total maximum exposure to credit risk 8,647,825
Category Description Basis for recognising ECL
Performing A low risk of default and no past due amounts. 12 month ECL
DoubtfulAmount is greater than 30 days past due or there has been asignificant increase in credit risk since initial recognition.Lifetime ECL \u2013 not credit impaired
In defaultAmount is greater than 90 days past due or there is evidenceindicating the asset is credit impaired.Lifetime ECL \u2013 credit impaired
Write-offThere is evidence indicating that the debtor is in severe financial difficulty and the Company has no realisticprospect of recovery.Amount is written off
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7352": { "value": "13. Trade and other receivables
Group Company
20252025
\u20ac\u20ac
Current
Trade receivables 2,674,917 -
Prepayments 1,900,957 -
Amount due from related parties 600,669 -
Amount due from subsidiaries - 350,979
Other receivables 12,355 -
5,188,898 350,979
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7351": { "value": "13. Trade and other receivables
Group Company
20252025
\u20ac\u20ac
Current
Trade receivables 2,674,917 -
Prepayments 1,900,957 -
Amount due from related parties 600,669 -
Amount due from subsidiaries - 350,979
Other receivables 12,355 -
5,188,898 350,979
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7223": { "value": "13. Trade and other receivables
Group Company
20252025
\u20ac\u20ac
Current
Trade receivables 2,674,917 -
Prepayments 1,900,957 -
Amount due from related parties 600,669 -
Amount due from subsidiaries - 350,979
Other receivables 12,355 -
5,188,898 350,979
Amount due from related parties is considered to be unsecured, interest free and repayable on demand. 17. Acquisition of SubsidiariesAcquisition of Quintano Foods Limited and Food Chain LimitedOn the 10th September 2025, Quinco Holdings p.l.c., the Parent Company, acquired a 100% share in Food Chain Limited and Quintano Foods Limited from Simonds Farsons Cisk p.l.c. The acquisitions were affected as part of the spin off and reorganisation of the food business of Simonds Farsons Cisk p.l.c. (\u201cSFC\u201d), and the subsequent listing of Quinco Holdings p.l.c. on the Malta Stock Exchange on the 6th October. 20. Trade and other payables
Group Company2025
2025
\u20ac\u20ac
Trade payables 4,030,535 22,822
Other payables 6,937 -
Indirect taxation 1,032,995 42,169
Accruals 2,263,867 94,153
Payroll liability 13,434 13,434
Amount due to related party 2,332,739 387,338
Amount due to subsidiaries - 15,535,202
9,680,507 16,095,118
Amount due to related parties is considered to be unsecured, interest free and repayable on demand. Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is between 30 and 90 days. The group has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.The directors consider that the carrying amount of trade payables approximates to their fair values. 21. Related party transactions a. Related party relationships The shareholders outlined in note 23 (with the exception of shares held by the general public) exercise significant influence over the Company. The transactions set out below were carried out with related parties. Key management personnel consists of Directors\u2019 and Senior Management. Balances and transactions between entities in the group have been eliminated on consolidation and are not disclosed in this note. Transactions between the group and other related parties are disclosed below; b. Related party transactions
Group2025 Company2025
\u20ac\u20ac
Income from goods and services
Services to subsidiaries - 259,439
Goods to related parties 15,230
Recharged expenses payable from related party 202,743 -
Expenditure for goods and services
Purchases of goods and services from related party 333,454 -
Rental expenses from related party 111,860 -
Computer related expenses 10,715 -
Recharged expenses payable to related party 642,529 2,321
The remuneration of key management personnel, including directors, amounts to \u20ac209,581, as disclosed in the remuneration report. The Company has no profit sharing, share options or pension benefits arrangements with key management personnel. 23. Shareholdings
Group and Company
Rate%Nominal value ofshareholdingNumber of shares
\u20ac\u20ac\u20ac
Farrugia Investments Limited 26.50 9,540,000 9,540,000
M.S.M. Investments Limited 26.50 9,540,000 9,540,000
Scicluna's Estates Limited 26.32 9,475,200 9,475,200
General Public (holdings less than 5% each) 20.68 7,444,800 7,444,800
36,000,000 36,000,000
26. Group Information The Group\u2019s consolidated financial statements include the financial statements of the parent company and its subsidiaries, all of which are incorporated and domiciled in Malta. The Company acquired control of its subsidiaries on 10 September 2025, and they have been consolidated from that date. Details of the principal subsidiaries of the Group as at 31 December 2025 are set out below:
SubsidiaryCountry of incorporationRegistered Office Principal activity Effective ownership
Food Chain Limited (C 753) Malta303, Qormi Road, MarsaOperation of franchised quick service restaurants operating under the Burger King, KFC and Pizza Hut brands100%
Quintano Foods Limited(C 33660)Malta303, Qormi Road, MarsaImportation, marketing and wholesale distribution of food and beverage products100%
All subsidiaries are directly held by Quinco Holdings p.l.c. and there are no non controlling interests with the Company exercising full control over all entities within the Group", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7137": { "value": "13. Trade and other receivablesThe Group applies the IFRS 9 Expected Credit Loss model using a provision matrix based on historical loss experience and forward looking information. At the acquisition date, trade receivables were at fair value. Balances assessed as credit impaired (Stage 3) were fully provided. This resulted in a Bad Debt Provision of \u20ac65,220, representing the lifetime expected credit losses on customers deemed non recoverable due to age, inactivity, legal status, or adverse payment history. The following table details the risk profile of trade receivables based on the Company\u2019s provision matrix.
31 December 2025(0\u201190 days)\u20ac000Past due(91\u2011180 days)\u20ac000Past due(181+ days)\u20ac000TOTAL\u20ac000
Carrying Amount 2,426 196 53 2,675
Expected Credit Loss Rate 0.40% 1.25% 100%
Expected Credit Loss 10 2 53 65
The following table reconciles the movement in the loss allowance for trade receivables from the acquisition date to the reporting date:
\u20ac000s
Loss allowances on receivable acquired in business combination 354
(Decrease) recognised in profit or loss during the period (289)
Closing loss allowance at 31 December 2025 65
22. Financial risk management a. Credit risk Credit risk arises from trade and other receivables and cash and cash equivalents. The Group manages credit risk primarily through ongoing monitoring of customer payment behaviour and internal trading history. The Group does not apply a formal internal credit rating system. Instead, credit assessments for significant customers are supported by periodic external credit checks obtained from third party credit information providers, which include information on legal proceedings, insolvency status and other publicly available indicators of creditworthiness. . Based on this information, together with historical loss experience and forward looking considerations, the Group applies the simplified lifetime expected credit loss approach to trade receivables. Where specific indicators of impairment exist, trade receivables are reviewed on an individual basis to ensure that adequate loss allowances are recognised for irrecoverable amounts. Credit approval procedures and ongoing monitoring processes are in place to ensure timely follow up and recovery action in respect of overdue balances. The Group\u2019s maximum exposure to credit risk at the reporting date equals the carrying amount of its financial assets that are exposed to credit risk, without taking account of collateral held or other credit enhancements. The amounts due from related parties are considered to be performing financial assets. The directors have assessed these balances as having a low risk of default, taking into account the financial strength of the counterparties, their ongoing relationship with the Group, and the fact that there are no past due amounts as at the reporting date. Accordingly, no significant increase in credit risk has been identified since initial recognition Credit risk arises primarily from trade receivables, amounts due from related parties, and cash and cash equivalents held with financial institutions. For trade receivables, the Group has applied the simplified approach in IFRS 9 to measure the loss allowance at lifetime ECL. The Group determines the ECL on these terms by using an estimate based on historical credit loss experience based on the past due status of the debtors, adjusted as appropriate to reflect current conditions and estimates of future economic conditions. For cash and cash equivalents, the Group considers these as low credit risk since funds are held with reliable financial institutions. As at year end, \u20ac5.4M, worth of cash and cash equivalents are held with a local bank whose UK parent entity has an AA- rating and the balance is held with a local bank with a rating of BBB. Cash in hand has not been included in the maximum exposure to credit risk as it does not give rise to counterparty credit risk.
Financial asset NoteCarrying amount (\u20ac)
Trade receivables 13 2,674,917
Amounts due from related parties 13 600,669
Cash and cash equivalents 14 5,372,239
Total maximum exposure to credit risk 8,647,825
Category Description Basis for recognising ECL
Performing A low risk of default and no past due amounts. 12 month ECL
DoubtfulAmount is greater than 30 days past due or there has been asignificant increase in credit risk since initial recognition.Lifetime ECL \u2013 not credit impaired
In defaultAmount is greater than 90 days past due or there is evidenceindicating the asset is credit impaired.Lifetime ECL \u2013 credit impaired
Write-offThere is evidence indicating that the debtor is in severe financial difficulty and the Company has no realisticprospect of recovery.Amount is written off
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7093": { "value": "13. Trade and other receivables
Group Company
20252025
\u20ac\u20ac
Current
Trade receivables 2,674,917 -
Prepayments 1,900,957 -
Amount due from related parties 600,669 -
Amount due from subsidiaries - 350,979
Other receivables 12,355 -
5,188,898 350,979
14. Cash and cash equivalents Cash and cash equivalents for the purpose of the cash flow statement are as follows:
Group Company2025
2025
\u20ac\u20ac
Cash in hand 178,853 -
Bank balances 5,372,239 3,241,619
Bank Overdraft (903,045) -
4,648,047 3,241,619
18. Borrowings
Group2025
\u20ac
Current liabilities
Bank overdrafts 903,045
19. Lease liabilities
Group2025
\u20ac
Recognised upon acquisition of subsidiaries 5,734,168
New Leases 2,326,128
Interest 73,201
Payments (766,790)
Closing Balance 7,366,707
Analysed as:
Non-Current 6,382,710
Current 983,997
20. Trade and other payables
Group Company2025
2025
\u20ac\u20ac
Trade payables 4,030,535 22,822
Other payables 6,937 -
Indirect taxation 1,032,995 42,169
Accruals 2,263,867 94,153
Payroll liability 13,434 13,434
Amount due to related party 2,332,739 387,338
Amount due to subsidiaries - 15,535,202
9,680,507 16,095,118
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7090": { "value": "13. Trade and other receivables
Group Company
20252025
\u20ac\u20ac
Current
Trade receivables 2,674,917 -
Prepayments 1,900,957 -
Amount due from related parties 600,669 -
Amount due from subsidiaries - 350,979
Other receivables 12,355 -
5,188,898 350,979
Amount due from related parties is considered to be unsecured, interest free and repayable on demand. The Group applies the IFRS 9 Expected Credit Loss model using a provision matrix based on historical loss experience and forward looking information. At the acquisition date, trade receivables were at fair value. Balances assessed as credit impaired (Stage 3) were fully provided. This resulted in a Bad Debt Provision of \u20ac65,220, representing the lifetime expected credit losses on customers deemed non recoverable due to age, inactivity, legal status, or adverse payment history. The following table details the risk profile of trade receivables based on the Company\u2019s provision matrix.
31 December 2025(0\u201190 days)\u20ac000Past due(91\u2011180 days)\u20ac000Past due(181+ days)\u20ac000TOTAL\u20ac000
Carrying Amount 2,426 196 53 2,675
Expected Credit Loss Rate 0.40% 1.25% 100%
Expected Credit Loss 10 2 53 65
The following table reconciles the movement in the loss allowance for trade receivables from the acquisition date to the reporting date:
\u20ac000s
Loss allowances on receivable acquired in business combination 354
(Decrease) recognised in profit or loss during the period (289)
Closing loss allowance at 31 December 2025 65
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7088": { "value": "13. Trade and other receivables
Group Company
20252025
\u20ac\u20ac
Current
Trade receivables 2,674,917 -
Prepayments 1,900,957 -
Amount due from related parties 600,669 -
Amount due from subsidiaries - 350,979
Other receivables 12,355 -
5,188,898 350,979
Amount due from related parties is considered to be unsecured, interest free and repayable on demand. The Group applies the IFRS 9 Expected Credit Loss model using a provision matrix based on historical loss experience and forward looking information. At the acquisition date, trade receivables were at fair value. Balances assessed as credit impaired (Stage 3) were fully provided. This resulted in a Bad Debt Provision of \u20ac65,220, representing the lifetime expected credit losses on customers deemed non recoverable due to age, inactivity, legal status, or adverse payment history. 20. Trade and other payables
Group Company2025
2025
\u20ac\u20ac
Trade payables 4,030,535 22,822
Other payables 6,937 -
Indirect taxation 1,032,995 42,169
Accruals 2,263,867 94,153
Payroll liability 13,434 13,434
Amount due to related party 2,332,739 387,338
Amount due to subsidiaries - 15,535,202
9,680,507 16,095,118
Amount due to related parties is considered to be unsecured, interest free and repayable on demand. Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is between 30 and 90 days. The group has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms. The directors consider that the carrying amount of trade payables approximates to their fair values. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7087": { "value": "13. Trade and other receivables
Group Company
20252025
\u20ac\u20ac
Current
Trade receivables 2,674,917 -
Prepayments 1,900,957 -
Amount due from related parties 600,669 -
Amount due from subsidiaries - 350,979
Other receivables 12,355 -
5,188,898 350,979
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7399": { "value": "14. Cash and cash equivalentsCash and cash equivalents for the purpose of the cash flow statement are as follows:
Group Company2025
2025
\u20ac\u20ac
Cash in hand 178,853 -
Bank balances 5,372,239 3,241,619
Bank Overdraft (903,045) -
4,648,047 3,241,619
Changes in liabilities arising from financing activities The table below details changes in the group\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the group\u2019s consolidated statement of cash flows as cash flows from financing activities.
31 December 2025 Group
8 May 2025Acquired throughbusiness combinationAdditionsLease payments31 Decem-ber 2025
\u20ac\u20ac\u20ac\u20ac\u20ac
Lease Liabilities - (5,734,168) (\u20ac2,326,128) 693,589 (7,366,707)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7068": { "value": "14. Cash and cash equivalentsCash and cash equivalents for the purpose of the cash flow statement are as follows:
Group Company2025
2025
\u20ac\u20ac
Cash in hand 178,853 -
Bank balances 5,372,239 3,241,619
Bank Overdraft (903,045) -
4,648,047 3,241,619
In determining the ECL for cash and cash equivalents, the directors of the Company have considered the high credit quality of the financial institutions in question. The resulting ECL was deemed not material to be included in the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7078": { "value": "15. Share capital
Authorised
50,000,000 Ordinary Shares of \u20ac1 each 50,000,000
Issued and fully paid up
36,000,000 Ordinary Shares of \u20ac1 each 36,000,000
Retained earnings Retained earnings represent accumulated profits or losses. No dividends were paid out of retained earnings during the period. 16. Share Premium
2025
\u20ac
Balance on 8 May 2025 -
Premium arising on issue of equity shares 10,800,000
Balance on 31 December 2025 10,800,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7075": { "value": "15. Share capital Retained earnings Retained earnings represent accumulated profits or losses. No dividends were paid out of retained earnings during the period.16. Share Premium
2025
\u20ac
Balance on 8 May 2025 -
Premium arising on issue of equity shares 10,800,000
Balance on 31 December 2025 10,800,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7074": { "value": "15. Share capital
Authorised
50,000,000 Ordinary Shares of \u20ac1 each 50,000,000
Issued and fully paid up
36,000,000 Ordinary Shares of \u20ac1 each 36,000,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7072": { "value": "15. Share capitalNo dividends were paid out of retained earnings during the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7716": { "value": "17. Acquisition of Subsidiaries Background to the Transaction: Quinco Holdings p.l.c. (\u201cQuinco\u201d or the \u201cParent\u201d) was incorporated in May 2025 to act as the holding company of a newly structured group focused on food importation, distribution and related logistics activities in Malta. Immediately following its incorporation, Quinco commenced substantive economic activity through the acquisition of the Handaq logistics land and development, and the establishment of management and governance structures as led by the Executive Chairman to direct and oversee the group\u2019s strategic activities to materialise business plans for the existing food business lines. This firstly entailed the acquisition of the Handaq logistics land under development. The property is a sizeable strategic asset intended to be developed and operated as a centralised logistics hub to support the Group\u2019s food businesses, while also having capacity to serve third party external customers. During the period under review significant construction and development works were undertaken on the logistics hub, amounting to approximately \u20ac15 million by year end. The facility is expected to become operational towards the third quarter of 2026. In parallel, Quinco was actively engaged in discussions to secure external financing for the development of the project, which were finalised subsequent to year end. As part of a broader spin off and reorganisation of the food business of Simonds Farsons Cisk p.l.c. (\u201cSFC\u201d), Quinco was established as the ultimate parent and reporting entity of the food operations, resulting in the presentation of the first consolidated financial statements of the newly formed group. Acquisition of Quintano Foods Limited and Food Chain Limited On the 10th September 2025, Quinco Holdings p.l.c., the Parent Company, acquired a 100% share in Food Chain Limited and Quintano Foods Limited from Simonds Farsons Cisk p.l.c. The acquisitions were affected as part of the spin off and reorganisation of the food business of Simonds Farsons Cisk p.l.c. (\u201cSFC\u201d), and the subsequent listing of Quinco Holdings p.l.c. on the Malta Stock Exchange on the 6th October. The acquisition was transacted through a share-for-share exchange transaction, whereby Quinco Holdings p.l.c. issued 31,000,000 ordinary shares with a nominal value of \u20ac1 each to SFC in consideration for the transfer of the shares held by SFC in Food Chain Limited and Quintano Foods Limited, valued at \u20ac26.008M and \u20ac15.792M respectively, divided in share capital of \u20ac31M and share premium of \u20ac10.8M. Both acquired entities meet the definition of a business under IFRS 3 Business Combinations. Quinco Holdings p.l.c. has applied the acquisition method in accounting for these transactions. The Purchase Price Allocation (PPA) exercise performed in relation to the transfer of Food Chain Limited and Quintano Foods Limited to Quinco Holdings p.l.c. followed IFRS 3 Business Combinations, applying a structured valuation methodology to determine the fair value of identifiable assets, liabilities, intangible assets, and goodwill. No contingent liabilities were recognised or assumed as part of the acquisitions. No acquisition related costs were borne in profit or loss during the period, as any professional, legal or advisory costs incurred were intragroup in nature and eliminated on consolidation. Identifiable Assets Acquired and Liabilities Assumed The fair values recognised in respect of the assets acquired and liabilities assumed are those determined at the acquisition date of 10 September 2025.
ASSETS Fair Value Recog-nised at Acquisition
\u20ac 000s \u20ac 000s
Inventories 2,105
Trade and other receivables 17,431
Property, plant and equipment 6,932
Right of use asset 5,734
Cash and cash equivalents 2,971
Identifiable intangible assets \u2013 franchise rights 14,992
Identifiable intangible assets \u2013 existing 292
50,457
Liabilities
Trade Payables (7,598)
Lease liabilities (5,734)
Current tax liabilities (710)
Deferred Tax Asset/Liability (5,339)
(19,381)
Total identifiable net assets at fair value 31,076
Goodwill arising on acquisition 10,724
Purchase Consideration Transferred 41,800
At the acquisition date, the fair value of trade receivables acquired amounted to \u20ac17.431 million. The gross contractual amount receivable was \u20ac17.785 million with the difference to the fair value reflecting expected credit losses recognised at the acquisition date in accordance with IFRS9. Based on the credit quality of the receivables and historical collection experience, the fair value measurement incorporated management\u2019s best estimate of contractual cash flows not expected to be collected at acquisition. Accordingly, expected credit losses were reflected in the initial measurement of the receivables. These pro forma amounts are presented for illustrative purposes only and are not necessarily indicative of the results that would have been achieved had the acquisitions occurred on those dates. Revenue and Profit or Loss of the Acquirees The following table summarises the revenue and profit or loss before tax of each acquiree included in the Group\u2019s consolidated statement of profit or loss for the period from the acquisition date to 31 December 2025:
Food Chain Limited\u20ac000sQuintano Foods Limited\u20ac000sConsolidation Adjustments\u20ac000sTotal\u20ac000s
Revenue 10,043 6,430 (3,156) 13,317
Profit before tax 711 677 1,388
Had FCL and QFL been consolidated for a whole financial year, that is, 1 January 2025 (12 months), the consolidated revenue of the Group for the period would have amounted to approximately \u20ac41 million and consolidated profit before tax to \u20ac4.25 million. Accounting Treatment: Based on technical opinions provided to management, the transfer of the subsidiaries to Quinco Holdings p.l.c. constitutes a business combination, as defined by IFRS. Whilst at acquisition date, the transaction is a common control acquisition, the restructuring resulted in the creation of a new parent entity and reporting group. The substance of the transaction therefore differs from a simple internal reorganisation within an existing consolidated group. The transaction represents the formation of a new economic reporting entity and not merely a transfer of assets between commonly controlled entities. Several factors support this argument amongst which: 1. Substantive Economic Activity within Quinco: Prior to the acquisition of the subsidiaries, Quinco Holdings p.l.c. had already commenced substantive economic activity through the acquisition of the Handaq logistics land and development. The acquisition of this sizeable property formed part of Quinco\u2019s strategic objective to establish and grow a centralised logistics hub to support the expansion and integration of the food importation and distribution activities of the Group, while also being developed with sufficient capacity to serve external third-party customers. Shortly after its incorporation, Quinco assumed control of the land and continued the development of the logistics facility, with significant construction works undertaken during the year, amounting to approximately \u20ac15 million by year end. The logistics hub is expected to become operational upon completion towards Q3 of 2026 and represents a long-term strategic asset under Quinco\u2019s control. In parallel, Quinco was actively engaged in discussions to secure external financing to fund the development of the project, which were subsequently finalised after year end. These activities demonstrate that, at the acquisition date, Quinco was an operational entity with strategic assets, development plans and independent economic substance, and not a passive or transitory shell established solely to facilitate the transfer of subsidiaries. 2. Spin-Off Nature of the Transaction: The acquisition of the subsidiaries forms part of a broader spin-off and restructuring process, intended to separate and reorganise the Food business activities of SFC under a new corporate structure. This transaction results in the formation of a new reporting entity with separate governance structures, rather than merely reorganising the food subsidiaries within SFC group. 3. Provision of a Transparent Opening Financial Position : Applying acquisition accounting results in the recognition of identifiable assets and liabilities at fair value at the acquisition date, providing users with a transparent and economically meaningful opening balance sheet for the newly established group. In the absence of specific guidance under IFRS Accounting Standards for common control transactions, management exercised judgement in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to develop and apply an accounting policy that provides relevant and reliable information. Management determined that applying the acquisition method by relation to IFRS 3 best reflects the substance of the transaction and provides consistent, decision-useful information to users of the financial statements. Accordingly, having elected to apply the acquisition method, the Group has applied the recognition, measurement and disclosure requirements of IFRS 3 in accounting for the transaction. Accordingly: - Quinco Holdings p.l.c. is identified as the accounting acquirer. - The subsidiaries transferred from SFC are treated as acquired businesses. - The identifiable assets acquired and liabilities assumed are recognised at their fair values at the acquisition date. The Purchase Price Allocation (PPA) Method: under the acquisition method of accounting, the Group recognised, at the acquisition date, the identifiable assets acquired and liabilities assumed at their fair values, with any excess of the fair value of the consideration transferred over the net identifiable assets recognised as goodwill. An independent valuation specialist was engaged to support management in determining the fair values used in the PPA. The PPA commenced with the determination of the enterprise value of the combined food segment, comprising FCL and QFL. The valuation was derived using an income-based discounted cash flow approach, supported by market-based reasonableness checks. This resulted in an adjusted enterprise value of \u20ac25.998 million, which was allocated between FCL (\u20ac19.060 million) and QFL (\u20ac6.938 million). The allocated enterprise values formed the basis for determining the equity values of the acquired businesses following consideration of debt-like items, working capital balances and other acquisition-date adjustments, resulting in total equity values of \u20ac26.008 million for FCL and \u20ac15.792 million for QFL. Recognition of Leases: at the acquisition date, lease liabilities recognised as part of the acquisition of Food Chain Limited relate to property leases for restaurant outlets and operational premises. In accordance with the Group\u2019s accounting policy and applying the acquisition method by analogy to IFRS 3, lease liabilities were recognised at the present value of the remaining lease payments at the acquisition date, measured as if the acquired leases were new leases entered into on that date, in accordance with IFRS 16 Leases. The lease liabilities were measured using appropriate incremental borrowing rates applicable to the respective entities at the acquisition date. Corresponding right of use assets were recognised at an amount equal to the lease liabilities, adjusted for any prepaid or accrued lease payments recognised in the acquirees\u2019 balance sheets at acquisition. Variable lease payments dependent on turnover were excluded from the measurement of lease liabilities and continue to be recognised in profit or loss as incurred. Recognition of Deferred Tax: Deferred tax assets and liabilities were recognised at the acquisition date in respect of temporary differences arising between the fair values of identifiable assets and liabilities recognised as part of the acquisition and their corresponding tax bases, in accordance with IAS 12 Income Taxes. In particular, deferred tax liabilities were recognised in relation to fair value adjustments arising on identifiable intangible assets recognised as part of the Purchase Price Allocation. Deferred tax balances recognised as part of the acquisition were measured using substantively enacted tax rates applicable at the acquisition date and reflect the tax consequences of recovering or settling the recognised assets and liabilities through their expected manner of recovery or settlement. Deferred tax recognised on acquisition forms part of the net identifiable assets acquired and therefore impacts the determination of goodwill. Identification of Intangible Assets: a key judgement relates to assessing which intangible assets acquired as part of the business combinations satisfy the separability or contractual legal criteria consistent with IAS 38 and IFRS 3. For FCL, management concluded that the long standing franchise arrangements with Burger King, KFC and Pizza Hut constitute identifiable intangible assets because they arise from enforceable contractual rights and provide access to ongoing economic benefits that are separable from the acquired business. Fair value measured this intangible at \u20ac14.992m. Conversely, for QFL, management exercised judgement in determining that supplier representations, customer relationships and distribution channels do not meet the IFRS 3 recognition criteria. This conclusion reflects factors such as the absence of control over supplier appointments, potential reallocation of territories by principals, competitive pressures from parallel importation, and the lack of identifiable, legally enforceable rights. As these items do not meet the recognition thresholds, their value is reflected within goodwill. Determination of Goodwill: Goodwill reflects elements of the acquired businesses that are not recognised separately as identifiable assets in accordance with IFRS 3, including expected operating synergies, the assembled workforce and efficiencies arising from integration with the Handaq head office and logistics complex. In the case of Food Chain Limited, goodwill largely represents the value of the assembled workforce, established operating platform and expected operational synergies arising from integration within the Quinco Group, including benefits expected from scale, centralised procurement and logistics integration with the Handaq head office and logistics complex. The limited amount of goodwill recognised reflects the fact that the principal value-gen -erating assets of Food Chain \u2014 particularly its franchise and master franchise rights \u2014 were recognised separately as identifiable intangible assets as part of the Purchase Price Allocation. Goodwill therefore represents only the residual non-identifiable going-concern value inherent in the business. In addition, goodwill includes the value attributable to supplier representations, customer relationships and distribution channels within Quintano Foods Limited which, while integral to the ongoing operations of the business, do not meet the separability or contractual-legal recognition criteria required for identification as intangible assets under IFRS 3 and IAS 38. The allocation of goodwill between cash-generating units requires management judgement and is based on the expected synergies and value drivers specific to each business. Goodwill was therefore calculated as the residual after deducting the fair value of tangible assets, identifiable intangible assets and liabilities from the enterprise value allocated to each entity using the methodology described above. This resulted in acquisition-date goodwill of \u20ac5.726 million for Food Chain Limited and \u20ac4.998 million for Quintano Foods Limited. Assessment of Measurement Period Adjustments: in accordance with IFRS 3, where fair value estimates are based on provisional information, management must assess whether new information obtained after the acquisition date relates to facts and circumstances existing at that date. Judgement is applied in determining whether adjustments qualify as measurement period refinements or should be recognised prospectively. For the acquisitions of FCL and QFL, management concluded that the fair values recognised represent final amounts, and no further measurement period adjustments are expected. 26. Group Information The Group\u2019s consolidated financial statements include the financial statements of the parent company and its subsidiaries, all of which are incorporated and domiciled in Malta. The Company acquired control of its subsidiaries on 10 September 2025, and they have been consolidated from that date. Details of the principal subsidiaries of the Group as at 31 December 2025 are set out below:
SubsidiaryCountry of incorporationRegistered Office Principal activity Effective ownership
Food Chain Limited (C 753) Malta303, Qormi Road, MarsaOperation of franchised quick service restaurants operating under the Burger King, KFC and Pizza Hut brands100%
Quintano Foods Limited(C 33660)Malta303, Qormi Road, MarsaImportation, marketing and wholesale distribution of food and beverage products100%
All subsidiaries are directly held by Quinco Holdings p.l.c. and there are no non controlling interests with the Company exercising full control over all entities within the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7337": { "value": "17. Acquisition of SubsidiariesAcquisition of Quintano Foods Limited and Food Chain LimitedOn the 10th September 2025, Quinco Holdings p.l.c., the Parent Company, acquired a 100% share in Food Chain Limited and Quintano Foods Limited from Simonds Farsons Cisk p.l.c. The acquisitions were affected as part of the spin off and reorganisation of the food business of Simonds Farsons Cisk p.l.c. (\u201cSFC\u201d), and the subsequent listing of Quinco Holdings p.l.c. on the Malta Stock Exchange on the 6th October.26. Group Information The Group\u2019s consolidated financial statements include the financial statements of the parent company and its subsidiaries, all of which are incorporated and domiciled in Malta. The Company acquired control of its subsidiaries on 10 September 2025, and they have been consolidated from that date. Details of the principal subsidiaries of the Group as at 31 December 2025 are set out below:
SubsidiaryCountry of incorporationRegistered Office Principal activity Effective ownership
Food Chain Limited (C 753) Malta303, Qormi Road, MarsaOperation of franchised quick service restaurants operating under the Burger King, KFC and Pizza Hut brands100%
Quintano Foods Limited(C 33660)Malta303, Qormi Road, MarsaImportation, marketing and wholesale distribution of food and beverage products100%
All subsidiaries are directly held by Quinco Holdings p.l.c. and there are no non controlling interests with the Company exercising full control over all entities within the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7335": { "value": "17. Acquisition of SubsidiariesAcquisition of Quintano Foods Limited and Food Chain LimitedOn the 10th September 2025, Quinco Holdings p.l.c., the Parent Company, acquired a 100% share in Food Chain Limited and Quintano Foods Limited from Simonds Farsons Cisk p.l.c. The acquisitions were affected as part of the spin off and reorganisation of the food business of Simonds Farsons Cisk p.l.c. (\u201cSFC\u201d), and the subsequent listing of Quinco Holdings p.l.c. on the Malta Stock Exchange on the 6th October.26. Group Information The Group\u2019s consolidated financial statements include the financial statements of the parent company and its subsidiaries, all of which are incorporated and domiciled in Malta. The Company acquired control of its subsidiaries on 10 September 2025, and they have been consolidated from that date. Details of the principal subsidiaries of the Group as at 31 December 2025 are set out below:
SubsidiaryCountry of incorporationRegistered Office Principal activity Effective ownership
Food Chain Limited (C 753) Malta303, Qormi Road, MarsaOperation of franchised quick service restaurants operating under the Burger King, KFC and Pizza Hut brands100%
Quintano Foods Limited(C 33660)Malta303, Qormi Road, MarsaImportation, marketing and wholesale distribution of food and beverage products100%
All subsidiaries are directly held by Quinco Holdings p.l.c. and there are no non controlling interests with the Company exercising full control over all entities within the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7070": { "value": "18. Borrowingsa. Borrowings The contractual terms of the Group\u2019s loans and borrowings are set out below. For more information about the Group\u2019s exposure to interest rate and currency risks, refer to Note 22. concerning financial instruments.
Group2025
\u20ac
Current liabilities
Bank overdrafts 903,045
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7066": { "value": "18. Borrowingsa. BorrowingsThe contractual terms of the Group\u2019s loans and borrowings are set out below. For more information about the Group\u2019s exposure to interest rate and currency risks, refer to Note 22. concerning financial instruments.
Group2025
\u20ac
Current liabilities
Bank overdrafts 903,045
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7318": { "value": "19. Lease liabilities
Group2025
\u20ac
Recognised upon acquisition of subsidiaries 5,734,168
New Leases 2,326,128
Interest 73,201
Payments (766,790)
Closing Balance 7,366,707
Analysed as:
Non-Current 6,382,710
Current 983,997
20. Trade and other payables
Group Company2025
2025
\u20ac\u20ac
Trade payables 4,030,535 22,822
Other payables 6,937 -
Indirect taxation 1,032,995 42,169
Accruals 2,263,867 94,153
Payroll liability 13,434 13,434
Amount due to related party 2,332,739 387,338
Amount due to subsidiaries - 15,535,202
9,680,507 16,095,118
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7108": { "value": "20. Trade and other payables
Group Company2025
2025
\u20ac\u20ac
Trade payables 4,030,535 22,822
Other payables 6,937 -
Indirect taxation 1,032,995 42,169
Accruals 2,263,867 94,153
Payroll liability 13,434 13,434
Amount due to related party 2,332,739 387,338
Amount due to subsidiaries - 15,535,202
9,680,507 16,095,118
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7107": { "value": "20. Trade and other payables
Group Company2025
2025
\u20ac\u20ac
Trade payables 4,030,535 22,822
Other payables 6,937 -
Indirect taxation 1,032,995 42,169
Accruals 2,263,867 94,153
Payroll liability 13,434 13,434
Amount due to related party 2,332,739 387,338
Amount due to subsidiaries - 15,535,202
9,680,507 16,095,118
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7102": { "value": "20. Trade and other payables
Group Company2025
2025
\u20ac\u20ac
Trade payables 4,030,535 22,822
Other payables 6,937 -
Indirect taxation 1,032,995 42,169
Accruals 2,263,867 94,153
Payroll liability 13,434 13,434
Amount due to related party 2,332,739 387,338
Amount due to subsidiaries - 15,535,202
9,680,507 16,095,118
Amount due to related parties is considered to be unsecured, interest free and repayable on demand. Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is between 30 and 90 days. The group has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.The directors consider that the carrying amount of trade payables approximates to their fair values. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7060": { "value": "20. Trade and other payables
Group Company2025
2025
\u20ac\u20ac
Trade payables 4,030,535 22,822
Other payables 6,937 -
Indirect taxation 1,032,995 42,169
Accruals 2,263,867 94,153
Payroll liability 13,434 13,434
Amount due to related party 2,332,739 387,338
Amount due to subsidiaries - 15,535,202
9,680,507 16,095,118
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7073": { "value": "21. Related party transactions a. Related party relationships Key management personnel consists of Directors\u2019 and Senior Management. b. Related party transactionsThe remuneration of key management personnel, including directors, amounts to \u20ac209,581, as disclosed in the remuneration report. The Company has no profit sharing, share options or pension benefits arrangements with key management personnel. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7244": { "value": "22. Financial risk managementThe exposures to risk and the way risks arise, together with the Group\u2019s objectives, policies and processes for managing and measuring these risks are disclosed in more detail below. The objectives, policies and processes for managing financial risks and the methods used to measure such risks are subject to continual improvement and development. Credit riskCredit risk arises from trade and other receivables and cash and cash equivalents. The Group manages credit risk primarily through ongoing monitoring of customer payment behaviour and internal trading history. The Group does not apply a formal internal credit rating system. Instead, credit assessments for significant customers are supported by periodic external credit checks obtained from third party credit information providers, which include information on legal proceedings, insolvency status and other publicly available indicators of creditworthiness. .Based on this information, together with historical loss experience and forward looking considerations, the Group applies the simplified lifetime expected credit loss approach to trade receivables.Where specific indicators of impairment exist, trade receivables are reviewed on an individual basis to ensure that adequate loss allowances are recognised for irrecoverable amounts.Credit approval procedures and ongoing monitoring processes are in place to ensure timely follow up and recovery action in respect of overdue balances.The Group\u2019s maximum exposure to credit risk at the reporting date equals the carrying amount of its financial assets that are exposed to credit risk, without taking account of collateral held or other credit enhancements.The amounts due from related parties are considered to be performing financial assets. The directors have assessed these balances as having a low risk of default, taking into account the financial strength of the counterparties, their ongoing relationship with the Group, and the fact that there are no past due amounts as at the reporting date. Accordingly, no significant increase in credit risk has been identified since initial recognitionCredit risk arises primarily from trade receivables, amounts due from related parties, and cash and cash equivalents held with financial institutions. For trade receivables, the Group has applied the simplified approach in IFRS 9 to measure the loss allowance at lifetime ECL. The Group determines the ECL on these terms by using an estimate based on historical credit loss experience based on the past due status of the debtors, adjusted as appropriate to reflect current conditions and estimates of future economic conditions.For cash and cash equivalents, the Group considers these as low credit risk since funds are held with reliable financial institutions. As at year end, \u20ac5.4M, worth of cash and cash equivalents are held with a local bank whose UK parent entity has an AA- rating and the balance is held with a local bank with a rating of BBB. Cash in hand has not been included in the maximum exposure to credit risk as it does not give rise to counterparty credit risk.
Financial asset NoteCarrying amount (\u20ac)
Trade receivables 13 2,674,917
Amounts due from related parties 13 600,669
Cash and cash equivalents 14 5,372,239
Total maximum exposure to credit risk 8,647,825
Category Description Basis for recognising ECL
Performing A low risk of default and no past due amounts. 12 month ECL
DoubtfulAmount is greater than 30 days past due or there has been asignificant increase in credit risk since initial recognition.Lifetime ECL \u2013 not credit impaired
In defaultAmount is greater than 90 days past due or there is evidenceindicating the asset is credit impaired.Lifetime ECL \u2013 credit impaired
Write-offThere is evidence indicating that the debtor is in severe financial difficulty and the Company has no realisticprospect of recovery.Amount is written off
b. Interest rate risk The group is exposed to interest rate risk because entities in the group borrow funds at fixed interest rates. c. Liquidity risk The Group monitors and manages its risk to a shortage of funds by maintaining sufficient cash and by monitoring the availability of raising funds to meet commitments associated with financial instruments and by maintaining adequate banking facilities. Liquidity exposure reflects the risk that the Group will have insufficient resources to meet its financial liabilities as they fall due. The Group is exposed to liquidity risk. In fact, the Group obtained funding from related parties to maintain liquidity. The Group's liabilities are disclosed in note 20. The following tables detail the group\u2019s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the group can be required to pay. The table includes both interest and principal cash flows. To the extent that interest cash flows are floating rate, the undiscounted amount is derived from interest rate curves at the reporting date. The contractual maturity is based on the earliest date on which the group may be required to pay
Carrying amountContractual cash flowsWithin 1year 1 \u2011 5years More than 5 years
\u20ac\u20ac\u20ac\u20ac
31 December 2025
Bank Overdrafts 903,045 903,045 903,045 - -
Trade and other payables 8,647,512 8,647,512 8,647,512 - -
Lease liability 7,366,707 9,464,750 1,207,492 5,090,194 3,167,064
16,917,264 19,015,307 10,758,049 5,090,194 3,167,064
d. Company level liquidity positionAt Company level, Quinco Holdings p.l.c. presents a net current liability position as at 31 December 2025. Assets and liabilities are classified as current where they are expected to be realised or settled within twelve months from the reporting date, or where the Company does not have an unconditional right to defer settlement for at least twelve months. The Company\u2019s net current liability position arises primarily from amounts due to subsidiaries, which are presented as current liabilities as they are contractually repayable on demand. Correspondingly, these balances are reflected as current assets in the subsidiaries\u2019 financial statements and are eliminated on consolidation. The Directors note that the existence of a net current liability position at Company level does not reflect a liquidity shortfall. Quinco Holdings p.l.c. operates as the Group\u2019s holding, financing and central services entity, and does not generate standalone operating cash flows independent of its subsidiaries. Accordingly, the assessment of liquidity risk and classification of current and non current balances has been performed in line with IAS 1 based on contractual terms, while liquidity is managed by reference to the Group\u2019s overall cash position and cash generating capacity. The Company\u2019s obligations are supported by: \u2022 cash and cash equivalents held at Group level;\u2022 ongoing cash flows generated by the operating subsidiaries; and\u2022 the ability of the Group to manage and allocate liquidity centrally.The Directors therefore consider that, notwithstanding the net current liability position of the Company, both the Group and the Company are able to meet their financial obligations as they fall due in the normal course of business, and that no material liquidity risk exists. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7220": { "value": "22. Financial risk managementb. Interest rate riskThe group is exposed to interest rate risk because entities in the group borrow funds at fixed interest rates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7061": { "value": "22. Financial risk managemente. Capital risk managementThe Group\u2019s objectives when managing capital are: \u2022 to safeguard its ability to continue as a going concern; and\u2022 to maximise the return to stakeholders through the optimisation of the debt and equity balance.The primary objective of the Group\u2019s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximise shareholder value. The capital structure of the Group consists of items presented within equity in the statement of financial position. The Group\u2019s directors manage the Group\u2019s capital structure and makes adjustments to it, in light of changes in economic conditions. The capital structure is reviewed on an ongoing basis. Based on recommendations of the directors, the Group balances its overall capital structure through the payments of dividends, new share issues as well as the issue of new debt or the redemption of existing debt. The Group's capital is disclosed within the statement of changes in equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7059": { "value": "22. Financial risk managementc. Liquidity riskThe Group monitors and manages its risk to a shortage of funds by maintaining sufficient cash and by monitoring the availability of raising funds to meet commitments associated with financial instruments and by maintaining adequate banking facilities. Liquidity exposure reflects the risk that the Group will have insufficient resources to meet its financial liabilities as they fall due. The Group is exposed to liquidity risk. In fact, the Group obtained funding from related parties to maintain liquidity. The Group's liabilities are disclosed in note 20. The following tables detail the group\u2019s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the group can be required to pay. The table includes both interest and principal cash flows. To the extent that interest cash flows are floating rate, the undiscounted amount is derived from interest rate curves at the reporting date. The contractual maturity is based on the earliest date on which the group may be required to pay
Carrying amountContractual cash flowsWithin 1year 1 \u2011 5years More than 5 years
\u20ac\u20ac\u20ac\u20ac
31 December 2025
Bank Overdrafts 903,045 903,045 903,045 - -
Trade and other payables 8,647,512 8,647,512 8,647,512 - -
Lease liability 7,366,707 9,464,750 1,207,492 5,090,194 3,167,064
16,917,264 19,015,307 10,758,049 5,090,194 3,167,064
d. Company level liquidity position At Company level, Quinco Holdings p.l.c. presents a net current liability position as at 31 December 2025. Assets and liabilities are classified as current where they are expected to be realised or settled within twelve months from the reporting date, or where the Company does not have an unconditional right to defer settlement for at least twelve months. The Company\u2019s net current liability position arises primarily from amounts due to subsidiaries, which are presented as current liabilities as they are contractually repayable on demand. Correspondingly, these balances are reflected as current assets in the subsidiaries\u2019 financial statements and are eliminated on consolidation. The Directors note that the existence of a net current liability position at Company level does not reflect a liquidity shortfall. Quinco Holdings p.l.c. operates as the Group\u2019s holding, financing and central services entity, and does not generate standalone operating cash flows independent of its subsidiaries. Accordingly, the assessment of liquidity risk and classification of current and non current balances has been performed in line with IAS 1 based on contractual terms, while liquidity is managed by reference to the Group\u2019s overall cash position and cash generating capacity. The Company\u2019s obligations are supported by: \u2022 cash and cash equivalents held at Group level; \u2022 ongoing cash flows generated by the operating subsidiaries; and \u2022 the ability of the Group to manage and allocate liquidity centrally. The Directors therefore consider that, notwithstanding the net current liability position of the Company, both the Group and the Company are able to meet their financial obligations as they fall due in the normal course of business, and that no material liquidity risk exists. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } }, "mapping_7251": { "value": "25. Earnings per shareEarnings per share amounts presented on the face of the consolidated statement of profit or loss and other comprehensive income have been calculated in accordance with IAS 33 Earnings per Share. Basic EPS is calculated by dividing the profit attributable to the equity holders of Quinco Holdings p.l.c., as reported in the consolidated statement of profit or loss, by the weighted average number of ordinary shares outstanding during the period. The weighted average number of ordinary shares outstanding during the period was calculated in accordance with IAS 33. Ordinary shares issued as consideration for the acquisition of subsidiaries were included in the weighted average number of shares from the acquisition date, being 10 September 2025, in line with IAS 33.22. Diluted EPS is calculated by adjusting the profit attributable to equity holders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares. As the Group has no dilutive potential ordinary shares in issue, diluted EPS is equivalent to basic EPS. The EPS for the period is of \u20ac0.053.
2025
\u20ac
Profit attributable to shareholders 1,045,035
Weighted average number of ordinary shares 19,718,487
Basic earnings per share 0.053
Diluted earnings per share 0.053
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:485100J5UJF1O643X037", "period": "2025-05-08T00:00:00/2026-01-01T00:00:00" } } } }