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The financial statements were approved and authorised for issue by the Board of Directors on 29 April 2026. The financial statements were signed on behalf of the Board of Directors by Mr. Adrian Muscat (Director) and Mr. Mario Camilleri (Director) as per the Directors\u2019 Declaration on ESEF Annual Financial Report submitted in conjunction with the Annual Report and Financial Statement.
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"entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11982639": { "value": "-2000000.0", "decimals": 0, "dimensions": { "concept": "ext:MovementInThirdPartyLoans", "entity": "scheme:485100T71HGPIVIIF136", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11982640": { "value": "-0.0", "dimensions": { "concept": "ifrs-full:CashRepaymentsOfAdvancesAndLoansFromRelatedParties", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11982641": { "value": "947639.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashRepaymentsOfAdvancesAndLoansFromRelatedParties", "entity": "scheme:485100T71HGPIVIIF136", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11982642": { "value": "4951305.0", "decimals": 0, "dimensions": { "concept": "ext:MovementInBankBorrowings", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11982643": { "value": "2029033.0", "decimals": 0, "dimensions": { "concept": "ext:MovementInBankBorrowings", "entity": "scheme:485100T71HGPIVIIF136", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11982644": { "value": "0.0", "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11982645": { "value": "4185452.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:485100T71HGPIVIIF136", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11982646": { "value": "-5101305.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11982647": { "value": "3208780.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:485100T71HGPIVIIF136", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11982648": { "value": "377358.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11982649": { "value": "-7137119.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:485100T71HGPIVIIF136", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_11982650": { "value": "2151346.0", "decimals": 0, "dimensions": { "concept": 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"v1-page15-cflshid_5828-tag11982503": { "value": "
1.General Information
1.2.Information about the Group
The Group\u2019s subsidiaries as at 31 December 2025 and 2024 are shown below. For each subsidiary, the percentage of equity held corresponds to the percentage voting rights held by the Group.
20252024
SubsidiaryPrincipal activity% holding% holding
Juel Holdings LimitedReal estate 99.9999.99
Juel Hospitality LimitedHotel management 99.9999.99
Muscat Holdings LimitedReal estate99.9999.99
Muscat Holdings II Limited Real estate 99.8299.82
All subsidiaries have a registered address at Hyatt Centric Malta, Triq Santu Wistin, San Giljan.
The Group also holds investments in associates, which are shown below. For each associate, the percentage of equity held corresponds to the percentage voting rights held by the Group.
20252024
Associates and Joint venturePrincipal activityRegistered address% holding% holding
Associates
GAP Group Investments (II) LimitedReal estatePLAN Group head office, triq il \u2013 Wirt Naturali, Bahar ic-Caghaq, Naxxar33.3333.33
Joint Venture
Acmus Group P.L.CReal estateHyatt Centric Malta, Triq Santu Wistin, San Giljan50%-
Further information on the subsidiaries, associates and joint venture is disclosed in note 8.1 and 8.2
1.3Basis of preparation
Compliance with IFRS and with the Maltese Companies Act
The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and in accordance with the requirements of the Companies Act, Cap. 386 of the Laws of Malta.
Cost convention and presentation currency
These financial statements have been prepared under the historical cost convention and are presented in euro (\u201c\u20ac\u201d), which is also the Group and the Company\u2019s functional currency and the currency in which its share capital is denominated.
Voluntary change in accounting policy
With effect from these financial statements, the Group has elected to present its notes by giving prominence to the areas of its activities that the directors consider to be most relevant to an understanding of the Group\u2019s financial performance and financial position. This change in accounting policy has impacted the systematic manner in which notes are grouped within the financial statements, but has not had any impact on the amounts recognised within the financial statements.
8.Interest in subsidiaries and other entities
Investments in subsidiaries and other entities comprise:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Subsidiaries--10,948,39010,948,390
Associates18,332,94216,041,03418,332,94216,041,034
Joint ventures 3,494,49042,480--
21,827,43216,083,51429,281,33226,989,424
8.1 Subsidiaries
In the Company\u2019s financial statements, investments in subsidiaries are accounted for on the basis of the direct equity interest and are stated at cost less any accumulated impairment losses. Dividends from the investment are recognised in profit or loss.
8.2 Interest in associates and joint ventures
In the Company\u2019s financial statements, investments in associates are accounted for on the basis of the direct equity interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5828-tag11982484": { "value": "
1.General Information
1.3Basis of preparation
Cost convention and presentation currency
These financial statements have been prepared under the historical cost convention and are presented in euro (\u201c\u20ac\u201d), which is also the Group and the Company\u2019s functional currency and the currency in which its share capital is denominated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5828-tag11982464": { "value": "
1.General Information
1.2.Information about the Group
The Group\u2019s subsidiaries as at 31 December 2025 and 2024 are shown below. For each subsidiary, the percentage of equity held corresponds to the percentage voting rights held by the Group.
20252024
SubsidiaryPrincipal activity% holding% holding
Juel Holdings LimitedReal estate 99.9999.99
Juel Hospitality LimitedHotel management 99.9999.99
Muscat Holdings LimitedReal estate99.9999.99
Muscat Holdings II Limited Real estate 99.8299.82
All subsidiaries have a registered address at Hyatt Centric Malta, Triq Santu Wistin, San Giljan.
8.Interest in subsidiaries and other entities
Investments in subsidiaries and other entities comprise:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Subsidiaries--10,948,39010,948,390
Associates18,332,94216,041,03418,332,94216,041,034
Joint ventures 3,494,49042,480--
21,827,43216,083,51429,281,33226,989,424
8.1 Subsidiaries
The Group financial statements include the financial statements of the parent Company and all its subsidiaries. The results of the subsidiaries acquired or disposed of during the period are included in the Group statement of profit or loss and other comprehensive income from the date of their acquisition or up to date of their disposal. There are no subsidiaries with material non-controlling interests.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5828-tag11982463": { "value": "
1.General Information
1.2.Information about the Group
The Group also holds investments in associates, which are shown below. For each associate, the percentage of equity held corresponds to the percentage voting rights held by the Group.
20252024
Associates and Joint venturePrincipal activityRegistered address% holding% holding
Associates
GAP Group Investments (II) LimitedReal estatePLAN Group head office, triq il \u2013 Wirt Naturali, Bahar ic-Caghaq, Naxxar33.3333.33
Joint Venture
Acmus Group P.L.CReal estateHyatt Centric Malta, Triq Santu Wistin, San Giljan50%-
8.Interest in subsidiaries and other entities
8.2 Interest in associates and joint ventures
The Group has a 33.33% interest and voting rights in Gap Group Investments (II) Limited (2024: 33.33%) and 50% interest in Acmus P.L.C.
The below table analyses the carrying amount of and the movements in the Group\u2019s investments in associates and joint ventures, which are measured using the equity method of accounting.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Investment in associates18,332,94216,041,03418,332,94216,041,034
Investments in joint ventures 3,494,49042,480--
21,827,43216,083,51418,332,94216,041,034
Joint ventureAssociatesTotalJoint ventureAssociatesTotal
202520252025202420242024
Group\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
As At 1 January 42,48016,041,03416,083,5141,623,27811,178,23712,801,515
Additions600-6001,075,001-1,075,001
Transfer from/(to) loans and advances \u2013 Note i 3,495,020-3,495,020(2,578,898)-(2,578,898)
Share of profit/ (loss) after tax(43,610)2,291,9082,248,298(76,901)4,862,7974,785,896
As at 31 December 3,494,49018,332,94221,827,43242,48016,041,03416,083,514
Note i \u2013 Transfer from loans and advances
During the financial year, the terms of a loan previously recognised as a receivable were amended. Under the original agreement, the loan was contractually receivable. Following the amendment to the agreement, the Group has the contractual right to call for repayment with such obligation to be settled by the issuance of shares in the Joint Venture. In view of this change in contractual terms, and considering the substance of the revised arrangement, the balance has been reclassified from a receivable to investment in the financial statements with effect from the date of the amended agreement. Refer to note 10.6 note iii
Group re-organisation
In July 2025, the Muscat Holdings II, a subsidiary of the Juel Group P.L.C, undertook a group reorganisation involving the insertion of a new holding company; Acmus P.L.C. , above its existing investment in Acmus property Developments Limited.
In July 2025, as part of this reorganisation, Muscat Holdings II, a subsidiary of the Juel Group P.L.C. transferred its entire shareholding in Acmus Property Development Limited to Acmus P.L.C. \u2013 a new Company formed on 19 February 2025 by way of a share-for-share exchange. The fair value of the consideration received, based on the value of shares issued by Acmus P.L.C., amounted to \u20ac3,075,926.
The transaction forms part of a group restructuring under common control, as the ultimate ownership and control of the underlying entities remained unchanged before and after the reorganisation. Accordingly, the investment in Acmus P.L.C. has been recognised at the carrying amount of the investment in Acmus property development Limited transferred, being \u20ac152,000. No gain or loss has been recognised in the statement of profit or loss as a result of this transaction.
The substance of the acquisition was that of a group restructuring and the accounting treatment adopted is consistent with the principles applicable to transactions under common control, whereby assets exchanged are recorded at their existing carrying amounts.
The following table illustrates the summarised financial information of the Group\u2019s investment in these entities:
GroupGroupCompanyCompany
2025202420252024
Associates\u20ac\u20ac\u20ac\u20ac
Current assets65,247,74268,860,19165,247,74268,860,191
Non-current assets8,759,20913,593,9908,759,20613,593,990
Current liabilities16,333,02126,468,49016,233,02126,468,490
Non-current liabilities4,9077,862,5934,9077,862,593
Revenue24,697,41048,181,29924,697,41048,181,299
Profit for the year 6,875,72514,591,9336,875,72514,591,933
GroupGroupCompanyCompany
2025202420252024
Joint Venture \u20ac\u20ac\u20ac\u20ac
Current assets34,849,21814,760,972--
Non-current assets48,06842,306--
Current liabilities6,380,966314,721--
Non-current liabilities26,257,35114,403,609--
Revenue1,413,000---
Loss for the year (87,219)(153,801)--
The associates and joint venture has no contingent liabilities or capital commitments as at 31 December 2025 and 31 December 2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5828-tag11982448": { "value": "
1.General Information
1.2.Information about the Group
The Group also holds investments in associates, which are shown below. For each associate, the percentage of equity held corresponds to the percentage voting rights held by the Group.
20252024
Associates and Joint venturePrincipal activityRegistered address% holding% holding
Associates
GAP Group Investments (II) LimitedReal estatePLAN Group head office, triq il \u2013 Wirt Naturali, Bahar ic-Caghaq, Naxxar33.3333.33
Joint Venture
Acmus Group P.L.CReal estateHyatt Centric Malta, Triq Santu Wistin, San Giljan50%-
8.Interest in subsidiaries and other entities
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Subsidiaries--10,948,39010,948,390
Associates18,332,94216,041,03418,332,94216,041,034
Joint ventures 3,494,49042,480--
21,827,43216,083,51429,281,33226,989,424
8.2 Interest in associates and joint ventures
The Group has a 33.33% interest and voting rights in Gap Group Investments (II) Limited (2024: 33.33%) and 50% interest in Acmus P.L.C.
The results and assets and liabilities of associates and joint ventures are incorporated in these financial statements using the equity method of accounting.
The below table analyses the carrying amount of and the movements in the Group\u2019s investments in associates and joint ventures, which are measured using the equity method of accounting.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Investment in associates18,332,94216,041,03418,332,94216,041,034
Investments in joint ventures 3,494,49042,480--
21,827,43216,083,51418,332,94216,041,034
Joint ventureAssociatesTotalJoint ventureAssociatesTotal
202520252025202420242024
Group\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
As At 1 January 42,48016,041,03416,083,5141,623,27811,178,23712,801,515
Additions600-6001,075,001-1,075,001
Transfer from/(to) loans and advances \u2013 Note i 3,495,020-3,495,020(2,578,898)-(2,578,898)
Share of profit/ (loss) after tax(43,610)2,291,9082,248,298(76,901)4,862,7974,785,896
As at 31 December 3,494,49018,332,94221,827,43242,48016,041,03416,083,514
Note i \u2013 Transfer from loans and advances
During the financial year, the terms of a loan previously recognised as a receivable were amended. Under the original agreement, the loan was contractually receivable. Following the amendment to the agreement, the Group has the contractual right to call for repayment with such obligation to be settled by the issuance of shares in the Joint Venture. In view of this change in contractual terms, and considering the substance of the revised arrangement, the balance has been reclassified from a receivable to investment in the financial statements with effect from the date of the amended agreement. Refer to note 10.6 note iii
Group re-organisation
In July 2025, the Muscat Holdings II, a subsidiary of the Juel Group P.L.C, undertook a group reorganisation involving the insertion of a new holding company; Acmus P.L.C. , above its existing investment in Acmus property Developments Limited.
In July 2025, as part of this reorganisation, Muscat Holdings II, a subsidiary of the Juel Group P.L.C. transferred its entire shareholding in Acmus Property Development Limited to Acmus P.L.C. \u2013 a new Company formed on 19 February 2025 by way of a share-for-share exchange. The fair value of the consideration received, based on the value of shares issued by Acmus P.L.C., amounted to \u20ac3,075,926.
The transaction forms part of a group restructuring under common control, as the ultimate ownership and control of the underlying entities remained unchanged before and after the reorganisation. Accordingly, the investment in Acmus P.L.C. has been recognised at the carrying amount of the investment in Acmus property development Limited transferred, being \u20ac152,000. No gain or loss has been recognised in the statement of profit or loss as a result of this transaction.
The substance of the acquisition was that of a group restructuring and the accounting treatment adopted is consistent with the principles applicable to transactions under common control, whereby assets exchanged are recorded at their existing carrying amounts.
GroupGroupCompanyCompany
2025202420252024
Joint Venture \u20ac\u20ac\u20ac\u20ac
Current assets34,849,21814,760,972--
Non-current assets48,06842,306--
Current liabilities6,380,966314,721--
Non-current liabilities26,257,35114,403,609--
Revenue1,413,000---
Loss for the year (87,219)(153,801)--
The associates and joint venture has no contingent liabilities or capital commitments as at 31 December 2025 and 31 December 2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5828-tag11982445": { "value": "
1.General Information
1.2.Information about the Group
The Group also holds investments in associates, which are shown below. For each associate, the percentage of equity held corresponds to the percentage voting rights held by the Group.
20252024
Associates and Joint venturePrincipal activityRegistered address% holding% holding
Associates
GAP Group Investments (II) LimitedReal estatePLAN Group head office, triq il \u2013 Wirt Naturali, Bahar ic-Caghaq, Naxxar33.3333.33
Joint Venture
Acmus Group P.L.CReal estateHyatt Centric Malta, Triq Santu Wistin, San Giljan50%-
8.Interest in subsidiaries and other entities
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Subsidiaries--10,948,39010,948,390
Associates18,332,94216,041,03418,332,94216,041,034
Joint ventures 3,494,49042,480--
21,827,43216,083,51429,281,33226,989,424
8.2 Interest in associates and joint ventures
The Group has a 33.33% interest and voting rights in Gap Group Investments (II) Limited (2024: 33.33%) and 50% interest in Acmus P.L.C.
The results and assets and liabilities of associates and joint ventures are incorporated in these financial statements using the equity method of accounting.
The below table analyses the carrying amount of and the movements in the Group\u2019s investments in associates and joint ventures, which are measured using the equity method of accounting.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Investment in associates18,332,94216,041,03418,332,94216,041,034
Investments in joint ventures 3,494,49042,480--
21,827,43216,083,51418,332,94216,041,034
Joint ventureAssociatesTotalJoint ventureAssociatesTotal
202520252025202420242024
Group\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
As At 1 January 42,48016,041,03416,083,5141,623,27811,178,23712,801,515
Additions600-6001,075,001-1,075,001
Transfer from/(to) loans and advances \u2013 Note i 3,495,020-3,495,020(2,578,898)-(2,578,898)
Share of profit/ (loss) after tax(43,610)2,291,9082,248,298(76,901)4,862,7974,785,896
As at 31 December 3,494,49018,332,94221,827,43242,48016,041,03416,083,514
Note i \u2013 Transfer from loans and advances
During the financial year, the terms of a loan previously recognised as a receivable were amended. Under the original agreement, the loan was contractually receivable. Following the amendment to the agreement, the Group has the contractual right to call for repayment with such obligation to be settled by the issuance of shares in the Joint Venture. In view of this change in contractual terms, and considering the substance of the revised arrangement, the balance has been reclassified from a receivable to investment in the financial statements with effect from the date of the amended agreement. Refer to note 10.6 note iii
Group re-organisation
In July 2025, the Muscat Holdings II, a subsidiary of the Juel Group P.L.C, undertook a group reorganisation involving the insertion of a new holding company; Acmus P.L.C. , above its existing investment in Acmus property Developments Limited.
In July 2025, as part of this reorganisation, Muscat Holdings II, a subsidiary of the Juel Group P.L.C. transferred its entire shareholding in Acmus Property Development Limited to Acmus P.L.C. \u2013 a new Company formed on 19 February 2025 by way of a share-for-share exchange. The fair value of the consideration received, based on the value of shares issued by Acmus P.L.C., amounted to \u20ac3,075,926.
The transaction forms part of a group restructuring under common control, as the ultimate ownership and control of the underlying entities remained unchanged before and after the reorganisation. Accordingly, the investment in Acmus P.L.C. has been recognised at the carrying amount of the investment in Acmus property development Limited transferred, being \u20ac152,000. No gain or loss has been recognised in the statement of profit or loss as a result of this transaction.
The substance of the acquisition was that of a group restructuring and the accounting treatment adopted is consistent with the principles applicable to transactions under common control, whereby assets exchanged are recorded at their existing carrying amounts.
The following table illustrates the summarised financial information of the Group\u2019s investment in these entities:
GroupGroupCompanyCompany
2025202420252024
Associates\u20ac\u20ac\u20ac\u20ac
Current assets65,247,74268,860,19165,247,74268,860,191
Non-current assets8,759,20913,593,9908,759,20613,593,990
Current liabilities16,333,02126,468,49016,233,02126,468,490
Non-current liabilities4,9077,862,5934,9077,862,593
Revenue24,697,41048,181,29924,697,41048,181,299
Profit for the year 6,875,72514,591,9336,875,72514,591,933
GroupGroupCompanyCompany
2025202420252024
Joint Venture \u20ac\u20ac\u20ac\u20ac
Current assets34,849,21814,760,972--
Non-current assets48,06842,306--
Current liabilities6,380,966314,721--
Non-current liabilities26,257,35114,403,609--
Revenue1,413,000---
Loss for the year (87,219)(153,801)--
The associates and joint venture has no contingent liabilities or capital commitments as at 31 December 2025 and 31 December 2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5828-tag11982442": { "value": "
1.General Information
1.2.Information about the Group
The Group\u2019s subsidiaries as at 31 December 2025 and 2024 are shown below. For each subsidiary, the percentage of equity held corresponds to the percentage voting rights held by the Group.
20252024
SubsidiaryPrincipal activity% holding% holding
Juel Holdings LimitedReal estate 99.9999.99
Juel Hospitality LimitedHotel management 99.9999.99
Muscat Holdings LimitedReal estate99.9999.99
Muscat Holdings II Limited Real estate 99.8299.82
All subsidiaries have a registered address at Hyatt Centric Malta, Triq Santu Wistin, San Giljan.
The Group also holds investments in associates, which are shown below. For each associate, the percentage of equity held corresponds to the percentage voting rights held by the Group.
20252024
Associates and Joint venturePrincipal activityRegistered address% holding% holding
Associates
GAP Group Investments (II) LimitedReal estatePLAN Group head office, triq il \u2013 Wirt Naturali, Bahar ic-Caghaq, Naxxar33.3333.33
Joint Venture
Acmus Group P.L.CReal estateHyatt Centric Malta, Triq Santu Wistin, San Giljan50%-
Further information on the subsidiaries, associates and joint venture is disclosed in note 8.1 and 8.2
8.Interest in subsidiaries and other entities
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Subsidiaries--10,948,39010,948,390
Associates18,332,94216,041,03418,332,94216,041,034
Joint ventures 3,494,49042,480--
21,827,43216,083,51429,281,33226,989,424
8.2 Interest in associates and joint ventures
The Group has a 33.33% interest and voting rights in Gap Group Investments (II) Limited (2024: 33.33%) and 50% interest in Acmus P.L.C.
The results and assets and liabilities of associates and joint ventures are incorporated in these financial statements using the equity method of accounting.
The below table analyses the carrying amount of and the movements in the Group\u2019s investments in associates and joint ventures, which are measured using the equity method of accounting.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Investment in associates18,332,94216,041,03418,332,94216,041,034
Investments in joint ventures 3,494,49042,480--
21,827,43216,083,51418,332,94216,041,034
Joint ventureAssociatesTotalJoint ventureAssociatesTotal
202520252025202420242024
Group\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
As At 1 January 42,48016,041,03416,083,5141,623,27811,178,23712,801,515
Additions600-6001,075,001-1,075,001
Transfer from/(to) loans and advances \u2013 Note i 3,495,020-3,495,020(2,578,898)-(2,578,898)
Share of profit/ (loss) after tax(43,610)2,291,9082,248,298(76,901)4,862,7974,785,896
As at 31 December 3,494,49018,332,94221,827,43242,48016,041,03416,083,514
AssociatesTotalAssociatesTotal
2025202520242024
Company\u20ac\u20ac\u20ac\u20ac
As At 1 January 16,041,03416,041,03411,178,23711,178,237
Share of profit/ (loss) after tax2,291,9082,291,9084,862,7974,862,797
As at 31 December 18,332,94218,332,94216,041,03416,041,034
Note i \u2013 Transfer from loans and advances
During the financial year, the terms of a loan previously recognised as a receivable were amended. Under the original agreement, the loan was contractually receivable. Following the amendment to the agreement, the Group has the contractual right to call for repayment with such obligation to be settled by the issuance of shares in the Joint Venture. In view of this change in contractual terms, and considering the substance of the revised arrangement, the balance has been reclassified from a receivable to investment in the financial statements with effect from the date of the amended agreement. Refer to note 10.6 note iii
Group re-organisation
In July 2025, the Muscat Holdings II, a subsidiary of the Juel Group P.L.C, undertook a group reorganisation involving the insertion of a new holding company; Acmus P.L.C. , above its existing investment in Acmus property Developments Limited.
In July 2025, as part of this reorganisation, Muscat Holdings II, a subsidiary of the Juel Group P.L.C. transferred its entire shareholding in Acmus Property Development Limited to Acmus P.L.C. \u2013 a new Company formed on 19 February 2025 by way of a share-for-share exchange. The fair value of the consideration received, based on the value of shares issued by Acmus P.L.C., amounted to \u20ac3,075,926.
The transaction forms part of a group restructuring under common control, as the ultimate ownership and control of the underlying entities remained unchanged before and after the reorganisation. Accordingly, the investment in Acmus P.L.C. has been recognised at the carrying amount of the investment in Acmus property development Limited transferred, being \u20ac152,000. No gain or loss has been recognised in the statement of profit or loss as a result of this transaction.
The substance of the acquisition was that of a group restructuring and the accounting treatment adopted is consistent with the principles applicable to transactions under common control, whereby assets exchanged are recorded at their existing carrying amounts.
The following table illustrates the summarised financial information of the Group\u2019s investment in these entities:
GroupGroupCompanyCompany
2025202420252024
Associates\u20ac\u20ac\u20ac\u20ac
Current assets65,247,74268,860,19165,247,74268,860,191
Non-current assets8,759,20913,593,9908,759,20613,593,990
Current liabilities16,333,02126,468,49016,233,02126,468,490
Non-current liabilities4,9077,862,5934,9077,862,593
Revenue24,697,41048,181,29924,697,41048,181,299
Profit for the year 6,875,72514,591,9336,875,72514,591,933
GroupGroupCompanyCompany
2025202420252024
Joint Venture \u20ac\u20ac\u20ac\u20ac
Current assets34,849,21814,760,972--
Non-current assets48,06842,306--
Current liabilities6,380,966314,721--
Non-current liabilities26,257,35114,403,609--
Revenue1,413,000---
Loss for the year (87,219)(153,801)--
The associates and joint venture has no contingent liabilities or capital commitments as at 31 December 2025 and 31 December 2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5828-tag11982435": { "value": "
1.General Information
1.4Going Concern
The Group registered total revenue of \u20ac23,978,260 (2024: \u20ac6,600,171), representing proceeds from the sale of properties which have been fully developed during the current year and from the operations of the Hyatt Centric Hotel. The Group reported profit before tax of \u20ac2,650,353 (2024: \u20ac5,992,595) as shown in the Statement of profit or loss.
The Company registered interest income of \u20ac2,270,000 (2024: 2,232,374) representing interest charge on bond and notes proceeds advanced to subsidiaries and share of profits in associates of \u20ac2,291,908 (2024: \u20ac4,862,797). The Company registered profit before tax of \u20ac2,226,657 (2024: \u20ac4,869,119).
As at 31 December 2025, the Company\u2019s current assets exceeded current liabilities by \u20ac2,611,797 (2024: \u20ac3,087,175). Given the nature of the Company and its function within the Group, of which it is the ultimate parent company, the Company is dependent on the Group for financial support.
As at 31 December 2025, the Group\u2019s current assets exceeded its current liabilities by \u20ac4,544,858 (2024: current liabilities exceed its current assets by \u20ac4,251,238) whereas the Group\u2019s total assets exceeded its total liabilities by \u20ac35,588,718 (2024: \u20ac30,784,794).
The Directors have prepared a cashflow forecast for the Juel Group P.L.C covering 48 months from the reporting date, considering significant events and transactions that have occurred or are expected to occur subsequent to period end. The cash flow forecasts include expected proceeds from the sale of properties, earnings from hotel operations and dividends from associates. A portion of the forecast sales relates to properties for which deposits have already been secured. These deposits were received prior to the reporting date and are recognised as advance deposits within liabilities in the statement of financial position.
The forecasts also take into account the repayment of bank borrowings obtained to part-finance certain development projects. These borrowings are contractually repayable upon the sale of the related properties. In addition, the forecasts include the repayment of interest arising from bond and notes issuances.
As part of their assessment, the Directors have considered the impact of adverse scenarios, including delays in the timing of property sales. The cash flow forecasts assume the injection of additional funding from the shareholder to enable the Group to meet its obligations as they fall due. Even under these stressed assumptions, the Group is projected to maintain sufficient liquidity throughout the forecast period.
Based on this assessment, the Directors have a reasonable expectation that the Group and the Company have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5828-tag11982434": { "value": "
1.General Information
1.2.Information about the Group
The consolidated financial statements comprise Juel Group P.L.C and its subsidiaries (together referred to as the \u2018Group\u2019).
1.3Basis of preparation
Compliance with IFRS and with the Maltese Companies Act
The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and in accordance with the requirements of the Companies Act, Cap. 386 of the Laws of Malta.
Cost convention and presentation currency
These financial statements have been prepared under the historical cost convention and are presented in euro (\u201c\u20ac\u201d), which is also the Group and the Company\u2019s functional currency and the currency in which its share capital is denominated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5828-tag11982423": { "value": "
1.General Information
1.3Basis of preparation
Cost convention and presentation currency
These financial statements have been prepared under the historical cost convention and are presented in euro (\u201c\u20ac\u201d), which is also the Group and the Company\u2019s functional currency and the currency in which its share capital is denominated.
13.Income tax and other income and expense items
13.3 Other income/ expense
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Difference on exchange11,710(966)--
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5828-tag11982416": { "value": "
1.General Information
1.3Basis of preparation
Voluntary change in accounting policy
With effect from these financial statements, the Group has elected to present its notes by giving prominence to the areas of its activities that the directors consider to be most relevant to an understanding of the Group\u2019s financial performance and financial position. This change in accounting policy has impacted the systematic manner in which notes are grouped within the financial statements, but has not had any impact on the amounts recognised within the financial statements.
Prior to the change in accounting policy, the notes to the financial statements were grouped following the order of the line items in the statement of financial position, income statements and statements of other comprehensive income and cash flows. Comparative information has been presented and disclosed in a manner that complies with this year\u2019s presentation.
2.Standards, interpretations and amendments to published standards effective in 2025
In 2025, the Group adopted new standards, amendments and interpretations to existing standards that are mandatory for the Group\u2019s accounting period beginning on 1 January 2025. The Group has applied the following amendments for the first time for its annual reporting period commencing from 1 January 2025:
\u2022The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability \u2013 Amendments to IAS 21
The adoption of these revisions to the requirements of IFRSs as adopted by the EU did not result in substantial changes to the Group\u2019s and the Company\u2019s accounting policies.
3.Standards, interpretations and amendments to published standards that are not yet effective
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and it also includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes.
In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest.
In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively.
The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. The initial expected material impacts on Group\u2019s financial statements are, as follows:
a)New disclosure will be added: (a) management-defined performance measures; (b) specified expense by nature if expenses are presented by function in the operating category of the statement of profit or loss;
b)and (c) a reconciliation for each line item in the statement of profit or loss between the restated amounts presented applying IFRS 18 and the amounts previously presented applying IAS 1.
c)Interest received and interest paid will be classified in the investing activities and financing activities, respectively, on the statement of cash flows.
IFRS 19 Subsidiaries without Public Accountability:
As the Group\u2019s instruments are publicly traded, it is not eligible to elect to apply IFRS 19.
Amendments to the Classification and Measurement of Financial Instruments\u2014Amendments to IFRS 9 and IFRS 7
In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the Amendments). The Amendments include:
a)A clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the introduction of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date
b)Additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed
c)Clarifications on what constitute \u2018non-recourse features\u2019 and what are the characteristics of contractually linked instruments
d)The introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI)
The Amendments are effective for annual periods starting on or after 1 January 2026 with early adoption permitted for classification of financial assets and related disclosures only.
The Group does not anticipate that the amendments will have a material effect on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5828-tag11982415": { "value": "
1.General Information
1.3Basis of preparation
Voluntary change in accounting policy
With effect from these financial statements, the Group has elected to present its notes by giving prominence to the areas of its activities that the directors consider to be most relevant to an understanding of the Group\u2019s financial performance and financial position. This change in accounting policy has impacted the systematic manner in which notes are grouped within the financial statements, but has not had any impact on the amounts recognised within the financial statements.
Prior to the change in accounting policy, the notes to the financial statements were grouped following the order of the line items in the statement of financial position, income statements and statements of other comprehensive income and cash flows. Comparative information has been presented and disclosed in a manner that complies with this year\u2019s presentation.
2.Standards, interpretations and amendments to published standards effective in 2025
In 2025, the Group adopted new standards, amendments and interpretations to existing standards that are mandatory for the Group\u2019s accounting period beginning on 1 January 2025. The Group has applied the following amendments for the first time for its annual reporting period commencing from 1 January 2025:
\u2022The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability \u2013 Amendments to IAS 21
The adoption of these revisions to the requirements of IFRSs as adopted by the EU did not result in substantial changes to the Group\u2019s and the Company\u2019s accounting policies.
3.Standards, interpretations and amendments to published standards that are not yet effective
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and it also includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes.
In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest.
In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively.
The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. The initial expected material impacts on Group\u2019s financial statements are, as follows:
a)New disclosure will be added: (a) management-defined performance measures; (b) specified expense by nature if expenses are presented by function in the operating category of the statement of profit or loss;
b)and (c) a reconciliation for each line item in the statement of profit or loss between the restated amounts presented applying IFRS 18 and the amounts previously presented applying IAS 1.
c)Interest received and interest paid will be classified in the investing activities and financing activities, respectively, on the statement of cash flows.
IFRS 19 Subsidiaries without Public Accountability:
As the Group\u2019s instruments are publicly traded, it is not eligible to elect to apply IFRS 19.
Amendments to the Classification and Measurement of Financial Instruments\u2014Amendments to IFRS 9 and IFRS 7
In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the Amendments). The Amendments include:
a)A clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the introduction of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date
b)Additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed
c)Clarifications on what constitute \u2018non-recourse features\u2019 and what are the characteristics of contractually linked instruments
d)The introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI)
The Amendments are effective for annual periods starting on or after 1 January 2026 with early adoption permitted for classification of financial assets and related disclosures only.
The Group does not anticipate that the amendments will have a material effect on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5828-tag11982410": { "value": "
1.General Information
1.3Basis of preparation
Compliance with IFRS and with the Maltese Companies Act
The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and in accordance with the requirements of the Companies Act, Cap. 386 of the Laws of Malta.
Cost convention and presentation currency
These financial statements have been prepared under the historical cost convention and are presented in euro (\u201c\u20ac\u201d), which is also the Group and the Company\u2019s functional currency and the currency in which its share capital is denominated.
Voluntary change in accounting policy
With effect from these financial statements, the Group has elected to present its notes by giving prominence to the areas of its activities that the directors consider to be most relevant to an understanding of the Group\u2019s financial performance and financial position. This change in accounting policy has impacted the systematic manner in which notes are grouped within the financial statements, but has not had any impact on the amounts recognised within the financial statements.
Prior to the change in accounting policy, the notes to the financial statements were grouped following the order of the line items in the statement of financial position, income statements and statements of other comprehensive income and cash flows. Comparative information has been presented and disclosed in a manner that complies with this year\u2019s presentation.
Use of judgements and estimates
The preparation of financial statements requires the use of accounting estimates which, by definition, will likely differ from the actual results. Management also needs to exercise judgement in applying the group\u2019s accounting policies.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to final outcomes deviating from estimates and assumptions made. Information about key judgements made in applying accounting policies, together with estimates made at the reporting date, that have the most significant effects on the amounts recognised in these consolidated financial statements is disclosed in the following notes:
a)Note 10.9, credit risk: estimates and assumptions made in measuring expected credit loss allowances on loans and advances.
b)Note 13.1, taxes: judgement made in determining the amount of deferred tax asset that can be recognised.
c)Note 7.2 NRV of inventories \u2013 estimates and assumptions made in determining the NRV of properties held for re-sale
1.4Going Concern
The Group registered total revenue of \u20ac23,978,260 (2024: \u20ac6,600,171), representing proceeds from the sale of properties which have been fully developed during the current year and from the operations of the Hyatt Centric Hotel. The Group reported profit before tax of \u20ac2,650,353 (2024: \u20ac5,992,595) as shown in the Statement of profit or loss.
The Company registered interest income of \u20ac2,270,000 (2024: 2,232,374) representing interest charge on bond and notes proceeds advanced to subsidiaries and share of profits in associates of \u20ac2,291,908 (2024: \u20ac4,862,797). The Company registered profit before tax of \u20ac2,226,657 (2024: \u20ac4,869,119).
As at 31 December 2025, the Company\u2019s current assets exceeded current liabilities by \u20ac2,611,797 (2024: \u20ac3,087,175). Given the nature of the Company and its function within the Group, of which it is the ultimate parent company, the Company is dependent on the Group for financial support.
As at 31 December 2025, the Group\u2019s current assets exceeded its current liabilities by \u20ac4,544,858 (2024: current liabilities exceed its current assets by \u20ac4,251,238) whereas the Group\u2019s total assets exceeded its total liabilities by \u20ac35,588,718 (2024: \u20ac30,784,794).
The Directors have prepared a cashflow forecast for the Juel Group P.L.C covering 48 months from the reporting date, considering significant events and transactions that have occurred or are expected to occur subsequent to period end. The cash flow forecasts include expected proceeds from the sale of properties, earnings from hotel operations and dividends from associates. A portion of the forecast sales relates to properties for which deposits have already been secured. These deposits were received prior to the reporting date and are recognised as advance deposits within liabilities in the statement of financial position.
The forecasts also take into account the repayment of bank borrowings obtained to part-finance certain development projects. These borrowings are contractually repayable upon the sale of the related properties. In addition, the forecasts include the repayment of interest arising from bond and notes issuances.
As part of their assessment, the Directors have considered the impact of adverse scenarios, including delays in the timing of property sales. The cash flow forecasts assume the injection of additional funding from the shareholder to enable the Group to meet its obligations as they fall due. Even under these stressed assumptions, the Group is projected to maintain sufficient liquidity throughout the forecast period.
Based on this assessment, the Directors have a reasonable expectation that the Group and the Company have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5828-tag11982405": { "value": "
1.General Information
1.3Basis of preparation
Use of judgements and estimates
The preparation of financial statements requires the use of accounting estimates which, by definition, will likely differ from the actual results. Management also needs to exercise judgement in applying the group\u2019s accounting policies.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to final outcomes deviating from estimates and assumptions made. Information about key judgements made in applying accounting policies, together with estimates made at the reporting date, that have the most significant effects on the amounts recognised in these consolidated financial statements is disclosed in the following notes:
a)Note 10.9, credit risk: estimates and assumptions made in measuring expected credit loss allowances on loans and advances.
b)Note 13.1, taxes: judgement made in determining the amount of deferred tax asset that can be recognised.
c)Note 7.2 NRV of inventories \u2013 estimates and assumptions made in determining the NRV of properties held for re-sale
7.Inventories
7.2Estimates and judgements
The determination of net realisable value requires the use of management judgement and estimates. In assessing the recoverability of property inventory, management considers a number of factors including recent market transactions for comparable properties, current market conditions, expected selling prices, stage of completion of the properties and estimated costs required to complete and sell the properties. These estimates are reviewed at each reporting date and adjusted where necessary to reflect current market conditions and available information. Where the net realisable value of a property is lower than its carrying amount, a write-down is recognised in profit or loss. Due to the inherent uncertainty involved in estimating selling prices and future costs, actual outcomes may differ from these estimates.
13.Income tax and other income and expense items
13.1 Income taxes
Judgements
Deferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with future tax planning strategies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5828-tag11982403": { "value": "
1.General Information
1.3Basis of preparation
Voluntary change in accounting policy
With effect from these financial statements, the Group has elected to present its notes by giving prominence to the areas of its activities that the directors consider to be most relevant to an understanding of the Group\u2019s financial performance and financial position. This change in accounting policy has impacted the systematic manner in which notes are grouped within the financial statements, but has not had any impact on the amounts recognised within the financial statements.
Prior to the change in accounting policy, the notes to the financial statements were grouped following the order of the line items in the statement of financial position, income statements and statements of other comprehensive income and cash flows. Comparative information has been presented and disclosed in a manner that complies with this year\u2019s presentation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5828-tag11982402": { "value": "
1.General Information
1.3Basis of preparation
Compliance with IFRS and with the Maltese Companies Act
The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and in accordance with the requirements of the Companies Act, Cap. 386 of the Laws of Malta.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5830-tag11982404": { "value": "1.General Information1.3Basis of preparationUse of judgements and estimatesThe preparation of financial statements requires the use of accounting estimates which, by definition, will likely differ from the actual results. Management also needs to exercise judgement in applying the group\u2019s accounting policies.This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to final outcomes deviating from estimates and assumptions made. Information about key judgements made in applying accounting policies, together with estimates made at the reporting date, that have the most significant effects on the amounts recognised in these consolidated financial statements is disclosed in the following notes:a)Note 10.9, credit risk: estimates and assumptions made in measuring expected credit loss allowances on loans and advances.b)Note 13.1, taxes: judgement made in determining the amount of deferred tax asset that can be recognised. c)Note 7.2 NRV of inventories \u2013 estimates and assumptions made in determining the NRV of properties held for re-sale 7.Inventories 7.2Estimates and judgements The determination of net realisable value requires the use of management judgement and estimates. In assessing the recoverability of property inventory, management considers a number of factors including recent market transactions for comparable properties, current market conditions, expected selling prices, stage of completion of the properties and estimated costs required to complete and sell the properties. These estimates are reviewed at each reporting date and adjusted where necessary to reflect current market conditions and available information. Where the net realisable value of a property is lower than its carrying amount, a write-down is recognised in profit or loss. Due to the inherent uncertainty involved in estimating selling prices and future costs, actual outcomes may differ from these estimates.10.Financial assets other than interest in subsidiaries and other entities 10.7 Estimates and judgementsAmounts due from subsidiariesAt each reporting date, the Company assesses whether there has been a significant increase in credit risk since initial recognition and update the assumptions used in estimating PD, LGD and EAD accordingly. The measurement of ECLs on amounts due from subsidiaries requires significant estimates. Changes in assumptions regarding project cash flows, property market conditions, development timelines and broader economic factors may result in material adjustments to the recognised ECL allowance.13.Income tax and other income and expense items13.1 Income taxesJudgementsDeferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with future tax planning strategies. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5836-tag11982395": { "value": "Juel Group P.L.C", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5836-tag11982397": { "value": "public limited liability Company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5853-tag11982396": { "value": "Malta", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5853-tag11982398": { "value": "Malta", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page15-cflshid_5861-tag11982401": { "value": "The Group owns the Hyatt Centric Hotel in St. Julians which it operates under a franchise agreement, and is involved in the development, construction and sale of properties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page17-cflshid_6784-tag11982475": { "value": "
3.Standards, interpretations and amendments to published standards that are not yet effective
Amendments to the Classification and Measurement of Financial Instruments\u2014Amendments to IFRS 9 and IFRS 7
In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the Amendments). The Amendments include:
a)A clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the introduction of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date
10.Financial assets other than interest in subsidiaries and other entities
10.2 Subsequent measurement
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment in accordance with the expected credit loss model. Gains and losses are recognised in profit or loss when the financial asset is derecognised, modified or impaired.
10.4 Derecognition
A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either the Group has transferred substantially all the risks and rewards of the asset, or the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement.
11.Financial liabilities
The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, cancelled or expired.
11.2 Subsequent measurement
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.
11.3 Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page18-cflshid_7133-tag11982452": { "value": "
4.Revenue and operating segments
The Group earns revenue from operations within the property and hospitality industry. Revenue is recognised in accordance with the policies set out below. Wherever the Group collects the transaction price in advance of providing the related service or good, the Group does not adjust the transaction price for a significant financing component, as the period between receipt of payment and transfer of services or goods is typically less than one year.
Hospitality
The Group generates revenue from the provision of hotel accommodation (bed nights) and food and beverage (\u201cF&B\u201d) services to guests. Accommodation and F&B services are considered distinct performance obligations, as they are separately identifiable and can be consumed independently by customers. Revenue from this income stream is recognised when control of the services is transferred to the customer:
Accommodation revenue is recognised over time, on a straight-line basis over the period of the guest\u2019s stay, as the customer simultaneously receives and consumes the benefits.
F&B revenue is recognised at a point in time when the goods or services are delivered to the customer.
In practice, both accommodation and F&B revenue are typically recognised within the same period as the guest stay.
The transaction price reflects the consideration to which the Group expects to be entitled, net of discounts, rebates and value added tax. Payments are often received in advance of the stay. Amounts received in advance of the provision of services are recognised as contract liabilities and released to revenue when the related services are provided.
Costs incurred to obtain contracts with customers, including commissions payable to online travel agents and other intermediaries, are expensed as incurred. The Group applies the practical expedient in IFRS 15 permitting such costs to be recognised as an expense when incurred, as the amortisation period of the related asset would be one year or less.
Real estate and development
Sale of completed property constitutes a single performance obligation and the Group has determined that this is satisfied at the point in time when control transfers. For unconditional exchange of contracts, this generally occurs when legal title transfers to the customer. For conditional exchanges, this generally occurs when all significant conditions are satisfied. Payments are received when legal title is transferred
5.Property, Plant and Equipment
5.1Measurement of different classes of property, plant and equipment
Property, plant and equipment comprise a 171-room, hotel operating under the Hyatt Centric Malta brand, including the related building structure, guest facilities, furniture, fixtures, equipment, and other operational assets necessary for the hotel\u2019s operations.
Property, plant and equipment is initially recorded at cost and subsequently stated at historical cost less depreciation and impairment losses, if any.
Depreciation commences when the depreciable assets are available for use and is charged to profit or loss so as to write off the cost or revalued amount, less any estimated residual value, over their estimated useful lives, using the straight-line method, on the following bases:
Buildings2%
Mechanical, electrical & installations20%
Furniture, fixtures and fittings10%
Equipment7% \u2013 20%
Freehold land is not depreciated as it is deemed to have an indefinite life. The depreciation method applied, the residual value and the useful life are reviewed, and adjusted if appropriate, at the end of each reporting period.
Assets are reclassified from property, plant and equipment to inventory when there is a change in use, evidenced by a decision to sell the assets in the ordinary course of business.
Property, plant and equipment, including furniture and fittings, is transferred to inventory when such assets are no longer held for use in the production of services but are intended for sale. These assets are reclassified at their carrying amounts at the date of transfer, which becomes their deemed cost under IAS 2 Inventories. Subsequent to reclassification, such assets are measured in accordance with IAS 2 Inventories, at the lower of cost and net realisable value.
6.Investment property
During the year, the Directors resolved to dispose of certain investment properties, resulting in a change in use. Accordingly, these properties were no longer held to earn rental income but were instead held for sale in the ordinary course of business.
Prior to the change in use, the investment properties were measured at fair value in accordance with IAS 40 Investment Property, with changes in fair value recognised in profit or loss. Upon transfer to inventory, the properties were transferred at their fair value at the date of change in use, which became their deemed cost in accordance with IAS 2 Inventories. This fair value is consistent with the carrying amount of the properties at the date of transfer.
Subsequent to reclassification, the properties are measured at the lower of this deemed cost and net realisable value.
Any difference between the deemed cost and the ultimate selling price of the properties is recognised in profit or loss upon disposal as part of the results from the sale of inventory. No additional fair value adjustments are recognised after the date of transfer.
7.Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is calculated using the weighted average method and comprises expenditure incurred in acquiring the inventories and other costs incurred in bringing the inventories to their present location and condition. Net realisable value is the estimated price at which stocks can be sold in the course of business less anticipated costs of selling. The Group\u2019s inventories comprises properties held for resale in the ordinary course of the business and the hotel\u2019s operating stock.
Properties held for re-sale
During the year, certain properties were reclassified from investment property to inventory following a change in use.
These properties were transferred at their fair value at the date of reclassification, which became their deemed cost in accordance with IAS 2 Inventories. Subsequent to transfer, the properties are measured at the lower of cost and net realisable value.
The costs incurred in bringing each property to its present location and condition includes:
i.Freehold and leasehold rights for land
ii.Amounts paid to contractors for development and finishings
iii.Planning and design costs, costs of site preparation, professional fees for legal services, property transfer taxes, borrowing costs, development overheads and other related costs
When an inventory property is sold, the carrying amount of the property is recognised as an expense in the period in which the related revenue is recognised. The carrying amount of inventory property recognised in profit or loss is determined with reference to the directly attributable costs incurred on the property sold and an allocation of any other related costs based on the sales price of the property sold.
Hotel operating stock
Hotel operating stock consists primarily of beverages, crockery and cutlery, linen and other consumables used in the operation of the Group\u2019s hospitality activities. Cost is calculated using the weighted average method and comprises expenditure incurred in acquiring the inventories and other costs incurred in bringing the inventories to their present location and condition.
Capitalised borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of bank interest and other costs that the Company incurs in connection with the borrowing of funds. No borrowings costs were capitalised during the period (2024: \u20ac2,241,679)
8.Interest in subsidiaries and other entities
8.1 Subsidiaries
The Group financial statements include the financial statements of the parent Company and all its subsidiaries. The results of the subsidiaries acquired or disposed of during the period are included in the Group statement of profit or loss and other comprehensive income from the date of their acquisition or up to date of their disposal. There are no subsidiaries with material non-controlling interests.
8.2 Interest in associates and joint ventures
The results and assets and liabilities of associates and joint ventures are incorporated in these financial statements using the equity method of accounting.
In the Company\u2019s financial statements, investments in associates are accounted for on the basis of the direct equity interest. In the Group\u2019s financial statements, investment in associates and joint ventures are accounted for on the basis of the direct equity interest. No dividends were distributed from associates and joint ventures during the year.
9.Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
10.Financial assets other than interest in subsidiaries and other entities
10.1 Initial recognition and measurement
At initial recognition, the Group and the Company classify their financial assets as subsequently measured at amortised cost. Financial assets at amortised cost are measured using the effective interest method and are subject to impairment. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s and Company\u2019s business model for managing them. At initial recognition, the Group and the Company measure a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.
10.2 Subsequent measurement
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment in accordance with the expected credit loss model. Gains and losses are recognised in profit or loss when the financial asset is derecognised, modified or impaired.
10.3 Debt instruments
The Group\u2019s financial assets measured at amortised cost comprise other receivable balances, deposits paid on promise of sale agreements for the acquisition of properties, deposits on furnishings and finishings relating to property development projects recognised within inventories, amounts due from commonly controlled entities outside the Group. The Company\u2019s financial assets also include amounts due from subsidiaries in respect of bond and notes proceeds and other funds advanced to those subsidiaries included under non-current financial assets.
10.4 Derecognition
A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either the Group has transferred substantially all the risks and rewards of the asset, or the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement.
10.5 Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions and credit exposure in note 8.9
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
10.6 Trade and other receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 90 days and therefore are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in policy \u2018Impairment of financial assets\u2019 and 8.9
10.7 Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on amounts due from subsidiaries relating to bond proceeds and other funds advanced to finance the acquisition, development and construction of property projects. These balances are subject to impairment using the general approach under IFRS 9.
10.8 Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits and short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position. Bank deposits that the directors do not consider a component of cash equivalents, are presented separately in the statement of financial position.
11.Financial liabilities
The Group recognises a financial liability when it becomes a party to the contractual provision of the instrument. The Group\u2019s financial liabilities are classified as financial liabilities which are not at fair value through profit or loss. These financial liabilities are recognised initially at fair value, being the fair value of consideration received, net of transactions costs that are directly attributable to the acquisition or the issue of the financial liability. They are subsequently measured at amortised cost. The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, cancelled or expired.
11.1 Initial recognition, measurement and presentation
Financial liabilities are classified, at initial recognition, as loans and borrowings or payables as appropriate. All financial liabilities are recognised initially at fair value net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables and borrowings comprising bank borrowings, bonds and notes.
11.2 Subsequent measurement
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings.
11.3 Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
11.4 Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method unless the effect of discounting is immaterial.
Borrowings are classified as current liabilities unless the companies within the Group have an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.
Subsequent to initial recognition, interest-bearing bank overdrafts are carried at face value in view of their short-term maturities.
11.5Finance costs
Borrowing costs include the costs incurred in obtaining external financing. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
11.7 Trade and other payables
Trade payables are classified within current liabilities unless payment is not due within 12 months from the reporting period. They are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method.
13.Income tax and other income and expense items
13.1 Income taxes
Current and deferred tax is recognised in profit or loss, except when it relates to items recognised in other comprehensive income or directly in equity, in which case the current and deferred tax is also dealt with in other comprehensive income or in equity, as appropriate.
Current tax is based on the taxable result for the period. The taxable result for the period differs from the result as reported in profit or loss because it excludes items which are non-assessable or disallowed and it further excludes items that are taxable or deductible in other periods. It is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. However, deferred tax is not accounted for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.
The deferred tax liability in relation to investment property that is measured at fair value is determined assuming the property will be recovered entirely through sale.
Deferred tax in relation to the revaluation of land and buildings is charged or credited to other comprehensive income (to the extent that the revaluation is recognised in other comprehensive income). For buildings, deferred tax is recognised on the basis that the tax will be recovered through use (i.e. the corporate rate of tax in Malta), whilst land is expected to be recovered through sale. Deferred income tax on the difference between the actual depreciation on the property and the equivalent depreciation based on the historical cost of the property is realised through the income statement.
Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets, including deferred tax assets for unused tax losses and unused tax credits carried forward, are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences (or the unused tax losses and unused tax credits) can be utilised to the period when the asset is realised or the liability is settled based on the tax rates that have been enacted by the balance sheet date. Deferred tax assets and liabilities are offset when the Group\u2019s Companies have a legally enforceable right to settle its current tax assets and liabilities on a net basis.
13.2 Finance income
Finance income comprises interest income earned on financing arrangements with subsidiary undertakings.Interest income is recognised in profit or loss using the effective interest method over the period in which it accrues.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page18-cflshid_7133-tag11982477": { "value": "
4.Revenue and operating segments
Hospitality
Costs incurred to obtain contracts with customers, including commissions payable to online travel agents and other intermediaries, are expensed as incurred. The Group applies the practical expedient in IFRS 15 permitting such costs to be recognised as an expense when incurred, as the amortisation period of the related asset would be one year or less.
5.Property, Plant and Equipment
5.1Measurement of different classes of property, plant and equipment
Depreciation commences when the depreciable assets are available for use and is charged to profit or loss so as to write off the cost or revalued amount, less any estimated residual value, over their estimated useful lives, using the straight-line method, on the following bases:
Buildings2%
Mechanical, electrical & installations20%
Furniture, fixtures and fittings10%
Equipment7% \u2013 20%
Freehold land is not depreciated as it is deemed to have an indefinite life. The depreciation method applied, the residual value and the useful life are reviewed, and adjusted if appropriate, at the end of each reporting period.
6.Investment property
Prior to the change in use, the investment properties were measured at fair value in accordance with IAS 40 Investment Property, with changes in fair value recognised in profit or loss. Upon transfer to inventory, the properties were transferred at their fair value at the date of change in use, which became their deemed cost in accordance with IAS 2 Inventories. This fair value is consistent with the carrying amount of the properties at the date of transfer.
Subsequent to reclassification, the properties are measured at the lower of this deemed cost and net realisable value.
Any difference between the deemed cost and the ultimate selling price of the properties is recognised in profit or loss upon disposal as part of the results from the sale of inventory. No additional fair value adjustments are recognised after the date of transfer.
7.Inventories
Properties held for re-sale
When an inventory property is sold, the carrying amount of the property is recognised as an expense in the period in which the related revenue is recognised. The carrying amount of inventory property recognised in profit or loss is determined with reference to the directly attributable costs incurred on the property sold and an allocation of any other related costs based on the sales price of the property sold.
7.1Make up of inventory items
Capitalised borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of bank interest and other costs that the Company incurs in connection with the borrowing of funds.
10.Financial assets other than interest in subsidiaries and other entities
10.2 Subsequent measurement
Gains and losses are recognised in profit or loss when the financial asset is derecognised, modified or impaired.
10.5 Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions and credit exposure in note 8.9
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
11.Financial liabilities
11.3 Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
13.Income tax and other income and expense items
13.1 Income taxes
Current and deferred tax is recognised in profit or loss, except when it relates to items recognised in other comprehensive income or directly in equity, in which case the current and deferred tax is also dealt with in other comprehensive income or in equity, as appropriate.
Current tax is based on the taxable result for the period. The taxable result for the period differs from the result as reported in profit or loss because it excludes items which are non-assessable or disallowed and it further excludes items that are taxable or deductible in other periods. It is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. However, deferred tax is not accounted for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.
The deferred tax liability in relation to investment property that is measured at fair value is determined assuming the property will be recovered entirely through sale.
Deferred tax in relation to the revaluation of land and buildings is charged or credited to other comprehensive income (to the extent that the revaluation is recognised in other comprehensive income). For buildings, deferred tax is recognised on the basis that the tax will be recovered through use (i.e. the corporate rate of tax in Malta), whilst land is expected to be recovered through sale. Deferred income tax on the difference between the actual depreciation on the property and the equivalent depreciation based on the historical cost of the property is realised through the income statement.
Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets, including deferred tax assets for unused tax losses and unused tax credits carried forward, are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences (or the unused tax losses and unused tax credits) can be utilised to the period when the asset is realised or the liability is settled based on the tax rates that have been enacted by the balance sheet date. Deferred tax assets and liabilities are offset when the Group\u2019s Companies have a legally enforceable right to settle its current tax assets and liabilities on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page18-cflshid_7280-tag11982499": { "value": "4.Revenue and operating segments
The Group earns revenue from operations within the property and hospitality industry. Revenue is recognised in accordance with the policies set out below. Wherever the Group collects the transaction price in advance of providing the related service or good, the Group does not adjust the transaction price for a significant financing component, as the period between receipt of payment and transfer of services or goods is typically less than one year.
Hospitality
The Group generates revenue from the provision of hotel accommodation (bed nights) and food and beverage (\u201cF&B\u201d) services to guests. Accommodation and F&B services are considered distinct performance obligations, as they are separately identifiable and can be consumed independently by customers. Revenue from this income stream is recognised when control of the services is transferred to the customer:
Accommodation revenue is recognised over time, on a straight-line basis over the period of the guest\u2019s stay, as the customer simultaneously receives and consumes the benefits.
F&B revenue is recognised at a point in time when the goods or services are delivered to the customer.
In practice, both accommodation and F&B revenue are typically recognised within the same period as the guest stay.
The transaction price reflects the consideration to which the Group expects to be entitled, net of discounts, rebates and value added tax. Payments are often received in advance of the stay. Amounts received in advance of the provision of services are recognised as contract liabilities and released to revenue when the related services are provided.
Costs incurred to obtain contracts with customers, including commissions payable to online travel agents and other intermediaries, are expensed as incurred. The Group applies the practical expedient in IFRS 15 permitting such costs to be recognised as an expense when incurred, as the amortisation period of the related asset would be one year or less.
Real estate and development
Sale of completed property constitutes a single performance obligation and the Group has determined that this is satisfied at the point in time when control transfers. For unconditional exchange of contracts, this generally occurs when legal title transfers to the customer. For conditional exchanges, this generally occurs when all significant conditions are satisfied. Payments are received when legal title is transferred
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page18-cflshid_7280-tag11982498": { "value": "4.Revenue and operating segments
4.1Disaggregation of revenue from contracts with customers
NotesGroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Management fees---79,800
Hospitality segment
Accommodation 7,593,9691,162,817--
Food and Beverage 1,114,835111,362--
Other ancillary services55,81610,092--
Real estate
Sale of properties 15,213,6405,315,900--
23,978,2606,600,171-79,800
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page18-cflshid_7280-tag11982476": { "value": "4.Revenue and operating segments
Hospitality
The transaction price reflects the consideration to which the Group expects to be entitled, net of discounts, rebates and value added tax. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page18-cflshid_7280-tag11982461": { "value": "4.Revenue and operating segments
4.1Disaggregation of revenue from contracts with customers
NotesGroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Management fees---79,800
Hospitality segment
Accommodation 7,593,9691,162,817--
Food and Beverage 1,114,835111,362--
Other ancillary services55,81610,092--
Real estate
Sale of properties 15,213,6405,315,900--
23,978,2606,600,171-79,800
The Group has recognised the following liabilities relating to contracts with customers:
NotesGroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Advance deposits \u2013 hospitality15,17027,350--
Advance deposits \u2013 real estate 1,245,670564,887--
1,260,840592,237--
Revenue that that was included as advance deposit balance at the beginning of the period
Hospitality operations 27,350---
Real estate 564,887150,377--
592,237150,377--
11.Financial liabilities
11.7 Trade and other payables
Note GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade and other payables - Non Current
Deferred income v963,3331,000,000--
Capital creditorsiv2,151,747---
Trade payables1,147,0731,147,077--
4,262,1532,147,077--
Trade and other payables - Current
Trade payables2,308,6823,050,359644,130
Amounts due to shareholder199,10524,150--
Amounts due to subsidiaries iii--382,113273,558
VAT payable451,028---
Accruals ii1,612,6901,266,5251,142,2041,146,849
Deposits received 4.21,260,840592,237--
Capital accrualsi2,279,4028,353,538--
Other payables241,01919,260--
8,352,76613,306,0691,524,3811,424,537
\u00a0
Trade and other payables12,614,91915,453,1461,524,3811,424,537
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page18-cflshid_7280-tag11982460": { "value": "4.Revenue and operating segments
4.1Disaggregation of revenue from contracts with customers
NotesGroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Management fees---79,800
Hospitality segment
Accommodation 7,593,9691,162,817--
Food and Beverage 1,114,835111,362--
Other ancillary services55,81610,092--
Real estate
Sale of properties 15,213,6405,315,900--
23,978,2606,600,171-79,800
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page18-cflshid_7280-tag11982427": { "value": "4.Revenue and operating segments
4.2Expenses by nature
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Laundry198,08221,857--
Wages and salaries2,705,637588,54162,91054,723
Uniforms 228,66416,881--
Cost of property sold 10,197,9703,099,113--
Compensations and complimentary195,5989,068--
Franchise fees313,70527,793--
Repairs and maintenance 114,9157,320--
Water and electricity 303,18173,926--
Decorations 100,9675,121--
Cost of food & beverage431,72890,402--
Commission fees1,439,001254,372--
Stock exchange charges35,4436,63835,4436,638
Staff welfare and training90,43926,761--
Management fees340,1712,052--
Legal and professional fees58,132115,53130291,708
Other expenses782,848362,97025,12847,096
17,536,4814,708,346123,783200,165
Other expenses relate to various expenses with the largest expense within this category amounting t0 \u20ac93,397 in relation to sub-contractors (2024: \u20ac8,447).
5.Property, Plant and Equipment
5.2Analysis of balance
GroupLandBuildingsMechanical, Electrical & installationsEquipmentFurniture, fixtures and finishingsTotal
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Cost
At 1 January 202420,900,4136,044,05419,60019,960289,43827,273,465
Additions-1,946,12511,506,547168,62710,254,29123,875,590
At 31 December 202420,900,4137,990,17911,526,147188,58710,543,72951,149,055
Additions-211,753325,62322,3431,568,7732,128,492
Transfer to inventory \u2013 note i--(19,600)(12,663)(271,999)(304,262)
As at 31 December 202520,900,4138,201,93211,832,170198,26711,840,50352,973,285
Depreciation
At 1 January 2024--15,68011,53487,999115,213
Depreciation-76,464270,1378,413195,874550,888
At 31 December 2024-76,464285,81719,947283,873666,101
Depreciation-503,3441,806,68048,2171,161,9643,520,205
Released on transfer - note--(19,600)(10,374)(107,773)(137,747)
As at 31 December 2025-579,8082,072,89757,7901,338,0644,048,559
Net Book Value
As at 31 December 202520,900,4137,622,1249,759,273140,47710,502,43948,924,726
As at 31 December 202420,900,4137,913,71511,240,330168,64010,259,85650,482,954
1 January 202520,900,4137,913,71511,240,330168,64010,259,85650,482,954
11.Financial liabilities
11.4 Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method unless the effect of discounting is immaterial.
Borrowings are classified as current liabilities unless the companies within the Group have an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.
Subsequent to initial recognition, interest-bearing bank overdrafts are carried at face value in view of their short-term maturities.
The following borrowings were outstanding at 31st December 2025 and 2024:
Note GroupGroupCompanyCompany
2025202420252024
Current interest-bearing borrowings\u20ac\u20ac\u20ac\u20ac
Bank overdraft310,295---
Bank borrowings ii2,608,9552,897,495--
2,919,2502,897,495--
Current non-interest-bearing borrowings
Third party loansiii200,000150,000--
Total current borrowings3,119,2503,047,495--
Non-Current interest-bearing borrowings
Bank borrowings-4,789,233--
Bond and notes fundsi36,311,92036,185,45236,311,92036,185,452
Third party loans1,650,0001,850,000--
Total non-current borrowings37,961,92042,824,68536,311,92036,185,452
Total borrowings41,081,17045,872,18036,311,92036,185,452
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Face value of bonds
Bonds32,000,00032,000,00032,000,00032,000,000
Bank borrowings 5,000,0005,000,0005,000,0005,000,000
37,000,00037,000,00037,000,00037,000,000
Amortised costs
Issue costs941,016941,016941,016941,016
Amortisation on bond issue costs (252,936)(126,468)(252,936)(126,468)
688,080814,548688,080814,548
36,311,92036,185,45236,311,92036,185,452
Note i \u2013 Debt securities in issue
The bonds are measured at the amount of net proceeds adjusted for the amortisation of the difference between the net proceeds and the redemption value of such bonds, using effective yield method.
On 27th June 2023, JUEL Group p.l.c. issued up to \u20ac32,000,000 5.5% Secured Bonds 2035. The bond interest is payable annually in arrears on 27th June. The bonds have been admitted to the Stock exchange on 4th July 2023. The quoted market price as at 31st December 2025 for the bonds was \u20ac98.95 (2024: \u20ac103)
\u00a0
The 5.5% Secured Bonds 2035 are redeemable at par on 27th June 2035. The bond is secured for the full nominal value of the Secured Bond interests thereon as follows:
-The first-ranking general hypothec for the amount is \u20ac32,000,000, over all the present and future property of the Issuer;
-The first-ranking general hypothec for the amount of \u20ac32,000,000, over all the present and future property of Juel Hospitality Limited;
-The first-ranking special hypothec granted by Juel Hospitality Limited for the amount of \u20ac32,000,000 over the Hotel site (and any developments and constructions thereon).
In addition, there are joint and several guarantees granted by Juel Holdings Limited, Juel Hospitality Limited, Muscat Holdings Limited and Muscat Holdings (II) Limited.
In 2024, Juel Group plc issued two tranches amounting to Eur 5,000,000 6.5% Unsecured Notes 2027-2029. On 22nd April 2024, the Group issued one tranche amounting to Eur 3,500,000 which interest is payable annually in arrears on 18th April. On 28th May 2024, the Group issued another tranche amounting to Eur 1,500,000 which interest is payable annually in arrears on 24th May
Note ii \u2013 Bank borrowings
These loans are secured by general hypothecs over the assets of the Group and special hypothecs over the Group\u2019s properties classified as inventory. The Group has unutilised loan facilities of \u20ac2,000,000 as at 31 December 2025. These loans are repayable by December 2026 as per the terms stipulated in the sanction letter.
Note iii \u2013 Third party borrowings
These loans are unsecured, bear interest rate of 2% and are repayable by November 2034 with monthly instalments
Interest rate exposure and maturities of borrowings
20252024Interest rateMaturity
\u20ac\u20ac%
Group
Bank Borrowings2,608,3864,789,2334.65:Bank base rate + 2.5Upon sale of property units or upon repayment as at Dec 2026 and Dec 2027.
Third party loans1,650,0001,850,0002November 2032
Bonds
Secured Bond 32,000,00032,000,0005.5June 2035
Unsecured notes 5,000,0005,000,0006.5April 2029
37,000,00037,000,000
Compliance with loan covenants
The Group and the Company have complied with the financial covenants of its bank loans during both periods presented.
11.5Finance costs
Borrowing costs include the costs incurred in obtaining external financing. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Bank interest319,76172,283--
Amortisation on bond and notes issue costs126,468126,468126,468126,468
Interest expense on debt securities2,085,000-2,085,0001,979,219
2,531,229198,7512,211,4682,105,687
RateGroupGroupCompanyCompany
2025202420252024
%\u20ac\u20ac\u20ac\u20ac
Bond and notes interest capitalised 5.5-6.5-1,979,219--
Bank interest capitalised4.65-262,460--
Finance cost capitalised -2,241,679--
13.Income tax and other income and expense items
13.1 Income taxes
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current tax
FWT on property sales1,164,833417,389--
Current tax-10,456-10,456
Deferred tax credit(3,318,404)64,340--
(2,153,571)492,185-10,456
The tax expense and the tax charge using the statutory income tax rate of 35% are reconciled as follows:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Profit before tax2,650,3535,992,5952,222,6574,869,119
Tax thereon at 35%927,6242,097,410779,3301,704,192
Income taxed at FWT (4,169,014)(321,112)--
Deferred tax not recognised in prior year(1,940,048)---
Expenses disallowed for tax purposes 4,010,85161,22222,8388,243
Additional allowance on rental income-(10,668)--
Unabsorbed tax losses and capital allowances-340,396--
Unwind of deferred tax on revalued property sold during the year(180,816)---
Share of profit in associates and joint ventures(802,168)(1,675,063)(802,168)(1,701,979)
(2,153,571)492,185-10,456
Deferred tax
Deferred taxes are calculated on all temporary differences under the liability method using a principal tax rate of 35% / 10% (2022: 35% / 10%). The analysis of deferred tax balances, and the movement in the deferred tax account, is as follows:
As at 1 January 2025Recognised in profit & lossAs at 31 December 2025
\u20ac\u20ac\u20ac
Deferred tax asset
Deferred tax asset on unabsorbed capital allowances and trading losses6,2561,814,8351,821,091
Deferred tax credit on hotel investment-1,663,3201,663,320
Timing differences between WDV and NBV-(340,395)(340,395)
6,2563,137,7603,144,016
Deferred tax liability
Deferred tax on revaluation of property (944,000)180,816(763,184)
13.3 Other income/ expense
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Difference on exchange11,710(966)--
13.4 Fees paid to the auditors
Profit before tax for the Group is stated after charging the following fees in relation to services provided by the external auditors of the Group.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Other assurance services7,3167,3167,3167,316
Audit fees27,33026,26712,61712,617
34,64633,58320,99519,933
13.5 Staff wages and employee information
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Wages and salaries2,581,894571,80462,91054,723
Social security costs123,74316,737--
2,705,637588,54162,91054,726
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Director\u2019s remuneration62,91054,72362,91054,723
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page18-cflshid_7280-tag11982426": { "value": "4.Revenue and operating segments
4.2Expenses by nature
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Laundry198,08221,857--
Wages and salaries2,705,637588,54162,91054,723
Uniforms 228,66416,881--
Cost of property sold 10,197,9703,099,113--
Compensations and complimentary195,5989,068--
Franchise fees313,70527,793--
Repairs and maintenance 114,9157,320--
Water and electricity 303,18173,926--
Decorations 100,9675,121--
Cost of food & beverage431,72890,402--
Commission fees1,439,001254,372--
Stock exchange charges35,4436,63835,4436,638
Staff welfare and training90,43926,761--
Management fees340,1712,052--
Legal and professional fees58,132115,53130291,708
Other expenses782,848362,97025,12847,096
17,536,4814,708,346123,783200,165
Other expenses relate to various expenses with the largest expense within this category amounting t0 \u20ac93,397 in relation to sub-contractors (2024: \u20ac8,447).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page18-cflshid_7280-tag11982425": { "value": "4.Revenue and operating segments
4.1Disaggregation of revenue from contracts with customers
NotesGroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Management fees---79,800
Hospitality segment
Accommodation 7,593,9691,162,817--
Food and Beverage 1,114,835111,362--
Other ancillary services55,81610,092--
Real estate
Sale of properties 15,213,6405,315,900--
23,978,2606,600,171-79,800
The Group has recognised the following liabilities relating to contracts with customers:
NotesGroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Advance deposits \u2013 hospitality15,17027,350--
Advance deposits \u2013 real estate 1,245,670564,887--
1,260,840592,237--
Revenue that that was included as advance deposit balance at the beginning of the period
Hospitality operations 27,350---
Real estate 564,887150,377--
592,237150,377--
4.3Segment information
2025Hospitality OperationsProperty TradingUnallocatedTotal
\u20ac\u20ac\u20ac\u20ac
Revenue8,737,58315,240,677-23,978,260
Segment profit2,471,0394,094,523(123,783)6,441,779
Other operating income-6,0006,000
Group EBITDA2,471,0394,100,523(123,783)6,447,779
Depreciation (3,520,205)(31,324)(3,520,205)
Finance costs(2,192,836)(338,393)(2,531,229)
Investment income5,710-5,710
Share of profit in associates and joint venture 110,0202,138,2792,248,298
Profit before taxation(3,204,968)3,840,8262,014,4952,650,353
Tax credit/ (charge) 3,138,569(984,998)-2,153,571
Profit for the year(66,399)2,855,8282,014,4954,803,924
Segment assets53,584,71536,193,868280,70590,059,288
Segment liabilities(46,881,369)(6,236,534)(1,352,663)(54,470,566)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8646-tag11982497": { "value": "
5.Property, Plant and Equipment
5.1Measurement of different classes of property, plant and equipment
Property, plant and equipment comprise a 171-room, hotel operating under the Hyatt Centric Malta brand, including the related building structure, guest facilities, furniture, fixtures, equipment, and other operational assets necessary for the hotel\u2019s operations.
Property, plant and equipment is initially recorded at cost and subsequently stated at historical cost less depreciation and impairment losses, if any.
Depreciation commences when the depreciable assets are available for use and is charged to profit or loss so as to write off the cost or revalued amount, less any estimated residual value, over their estimated useful lives, using the straight-line method, on the following bases:
Buildings2%
Mechanical, electrical & installations20%
Furniture, fixtures and fittings10%
Equipment7% \u2013 20%
Freehold land is not depreciated as it is deemed to have an indefinite life. The depreciation method applied, the residual value and the useful life are reviewed, and adjusted if appropriate, at the end of each reporting period.
Assets are reclassified from property, plant and equipment to inventory when there is a change in use, evidenced by a decision to sell the assets in the ordinary course of business.
Property, plant and equipment, including furniture and fittings, is transferred to inventory when such assets are no longer held for use in the production of services but are intended for sale. These assets are reclassified at their carrying amounts at the date of transfer, which becomes their deemed cost under IAS 2 Inventories. Subsequent to reclassification, such assets are measured in accordance with IAS 2 Inventories, at the lower of cost and net realisable value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8646-tag11982506": { "value": "
5.Property, Plant and Equipment
5.1Measurement of different classes of property, plant and equipment
Property, plant and equipment is initially recorded at cost and subsequently stated at historical cost less depreciation and impairment losses, if any.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8646-tag11982485": { "value": "
5.Property, Plant and Equipment
5.1Measurement of different classes of property, plant and equipment
Property, plant and equipment is initially recorded at cost and subsequently stated at historical cost less depreciation and impairment losses, if any.
10.Financial assets other than interest in subsidiaries and other entities
10.2 Subsequent measurement
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment in accordance with the expected credit loss model. Gains and losses are recognised in profit or loss when the financial asset is derecognised, modified or impaired.
10.5 Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions and credit exposure in note 8.9
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
10.7 Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on amounts due from subsidiaries relating to bond proceeds and other funds advanced to finance the acquisition, development and construction of property projects. These balances are subject to impairment using the general approach under IFRS 9.
10.9 Credit risk exposure from financial assets
The Group and the Company apply IFRS 9\u2019s general impairment model to other financial assets at amortised cost. This model requires an assessment as to whether the counterparty has experienced a significant increase in credit risk since initial recognition. This assessment forms the basis as to whether lifetime ECL should be recognised and is based on significant increases in the likelihood or risk of a default occurring since initial recognition.
Cash at bank and deposits
The Group\u2019s cash, include cash and cash equivalent and is placed with reputable financial institutions, such that management does not expect any institution to fail to meet repayments of amounts held in the name of the companies within the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8646-tag11982474": { "value": "
5.Property, Plant and Equipment
5.1Measurement of different classes of property, plant and equipment
Depreciation commences when the depreciable assets are available for use and is charged to profit or loss so as to write off the cost or revalued amount, less any estimated residual value, over their estimated useful lives, using the straight-line method, on the following bases:
Buildings2%
Mechanical, electrical & installations20%
Furniture, fixtures and fittings10%
Equipment7% \u2013 20%
Freehold land is not depreciated as it is deemed to have an indefinite life. The depreciation method applied, the residual value and the useful life are reviewed, and adjusted if appropriate, at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8646-tag11982505": { "value": "
5.Property, Plant and Equipment
5.2Analysis of balance
GroupLandBuildingsMechanical, Electrical & installationsEquipmentFurniture, fixtures and finishingsTotal
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Cost
At 1 January 202420,900,4136,044,05419,60019,960289,43827,273,465
Additions-1,946,12511,506,547168,62710,254,29123,875,590
At 31 December 202420,900,4137,990,17911,526,147188,58710,543,72951,149,055
Additions-211,753325,62322,3431,568,7732,128,492
Transfer to inventory \u2013 note i--(19,600)(12,663)(271,999)(304,262)
As at 31 December 202520,900,4138,201,93211,832,170198,26711,840,50352,973,285
Depreciation
At 1 January 2024--15,68011,53487,999115,213
Depreciation-76,464270,1378,413195,874550,888
At 31 December 2024-76,464285,81719,947283,873666,101
Depreciation-503,3441,806,68048,2171,161,9643,520,205
Released on transfer - note--(19,600)(10,374)(107,773)(137,747)
As at 31 December 2025-579,8082,072,89757,7901,338,0644,048,559
Net Book Value
As at 31 December 202520,900,4137,622,1249,759,273140,47710,502,43948,924,726
As at 31 December 202420,900,4137,913,71511,240,330168,64010,259,85650,482,954
1 January 202520,900,4137,913,71511,240,330168,64010,259,85650,482,954
Note i - Transfer to inventory
During the year, the Directors resolved to dispose of certain furniture and fittings previously classified as property, plant and equipment within these properties were also transferred to inventory, as they are intended to be sold together with the related properties. These items were reclassified at their respective carrying amounts at the date of transfer, in accordance with IAS 16 Property, Plant and Equipment and IAS 2 Inventories. No gain or loss was recognised on the reclassification of these assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8646-tag11982458": { "value": "
5.Property, Plant and Equipment
5.2Analysis of balance
GroupLandBuildingsMechanical, Electrical & installationsEquipmentFurniture, fixtures and finishingsTotal
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Cost
At 1 January 202420,900,4136,044,05419,60019,960289,43827,273,465
Additions-1,946,12511,506,547168,62710,254,29123,875,590
At 31 December 202420,900,4137,990,17911,526,147188,58710,543,72951,149,055
Additions-211,753325,62322,3431,568,7732,128,492
Transfer to inventory \u2013 note i--(19,600)(12,663)(271,999)(304,262)
As at 31 December 202520,900,4138,201,93211,832,170198,26711,840,50352,973,285
Depreciation
At 1 January 2024--15,68011,53487,999115,213
Depreciation-76,464270,1378,413195,874550,888
At 31 December 2024-76,464285,81719,947283,873666,101
Depreciation-503,3441,806,68048,2171,161,9643,520,205
Released on transfer - note--(19,600)(10,374)(107,773)(137,747)
As at 31 December 2025-579,8082,072,89757,7901,338,0644,048,559
Net Book Value
As at 31 December 202520,900,4137,622,1249,759,273140,47710,502,43948,924,726
As at 31 December 202420,900,4137,913,71511,240,330168,64010,259,85650,482,954
1 January 202520,900,4137,913,71511,240,330168,64010,259,85650,482,954
Note i - Transfer to inventory
During the year, the Directors resolved to dispose of certain furniture and fittings previously classified as property, plant and equipment within these properties were also transferred to inventory, as they are intended to be sold together with the related properties. These items were reclassified at their respective carrying amounts at the date of transfer, in accordance with IAS 16 Property, Plant and Equipment and IAS 2 Inventories. No gain or loss was recognised on the reclassification of these assets.
5.3Security
The hotel within property, plant and equipment is held as security for the \u20ac32,000,000 (2024: \u20ac32,000,000) 5.5% Secured Bonds 2035 in issue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8646-tag11982443": { "value": "
5.Property, Plant and Equipment
5.2Analysis of balance
Note i - Transfer to inventory
During the year, the Directors resolved to dispose of certain furniture and fittings previously classified as property, plant and equipment within these properties were also transferred to inventory, as they are intended to be sold together with the related properties. These items were reclassified at their respective carrying amounts at the date of transfer, in accordance with IAS 16 Property, Plant and Equipment and IAS 2 Inventories. No gain or loss was recognised on the reclassification of these assets.
6.Investment property
Note i - Transfer to inventory
During the year, the Directors resolved to dispose of certain investment properties as part of a change in the Group\u2019s strategic intentions. As a result of this decision, these properties were no longer held to earn rental income or for capital appreciation but were instead held for sale in the ordinary course of business. Accordingly, the properties were reclassified from investment property to inventory in line with the requirements of IAS 40 Investment Property and IAS 2 Inventories.
The transfer was made at the carrying amount of the properties at the date of change in use, which subsequently forms their deemed cost as inventory.
7.Inventories
7.1Make up of inventory items
GroupGroup
20252024
\u20ac\u20ac
Properties held for re-sale
Property cost of land and development cost 11,858,0718,820,390
Hospitality inventory
Food and beverage 51,84330,764
Crockery and linen 186,994186,739
Consumables and others128,27494,645
12,225,1829,132,538
Inventories recognised as an expense during the year ended 31st December 2025 amounted to \u20ac10,107,386 (2024: \u20ac1,335,757). These were included in operating expenses.
Inventory balance includes amounts of \u20ac11,800,000 and \u20ac166,515 transferred from investment property and property, plant and equipment respectively. Refer to note 6 note i and 5.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page21-cflshid_8646-tag11982393": { "value": "
5.Property, Plant and Equipment
5.3Security
The hotel within property, plant and equipment is held as security for the \u20ac32,000,000 (2024: \u20ac32,000,000) 5.5% Secured Bonds 2035 in issue.
11.Financial liabilities
11.4 Borrowings
Note GroupGroupCompanyCompany
2025202420252024
Current interest-bearing borrowings\u20ac\u20ac\u20ac\u20ac
Bank overdraft310,295---
Bank borrowings ii2,608,9552,897,495--
2,919,2502,897,495--
Current non-interest-bearing borrowings
Third party loansiii200,000150,000--
Total current borrowings3,119,2503,047,495--
Non-Current interest-bearing borrowings
Bank borrowings-4,789,233--
Bond and notes fundsi36,311,92036,185,45236,311,92036,185,452
Third party loans1,650,0001,850,000--
Total non-current borrowings37,961,92042,824,68536,311,92036,185,452
Total borrowings41,081,17045,872,18036,311,92036,185,452
Note i \u2013 Debt securities in issue
The 5.5% Secured Bonds 2035 are redeemable at par on 27th June 2035. The bond is secured for the full nominal value of the Secured Bond interests thereon as follows:
-The first-ranking general hypothec for the amount is \u20ac32,000,000, over all the present and future property of the Issuer;
-The first-ranking general hypothec for the amount of \u20ac32,000,000, over all the present and future property of Juel Hospitality Limited;
-The first-ranking special hypothec granted by Juel Hospitality Limited for the amount of \u20ac32,000,000 over the Hotel site (and any developments and constructions thereon).
In addition, there are joint and several guarantees granted by Juel Holdings Limited, Juel Hospitality Limited, Muscat Holdings Limited and Muscat Holdings (II) Limited.
Note ii \u2013 Bank borrowings
These loans are secured by general hypothecs over the assets of the Group and special hypothecs over the Group\u2019s properties classified as inventory. The Group has unutilised loan facilities of \u20ac2,000,000 as at 31 December 2025. These loans are repayable by December 2026 as per the terms stipulated in the sanction letter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page22-cflshid_9403-tag11982446": { "value": "
6.Investment property
During the year, the Directors resolved to dispose of certain investment properties, resulting in a change in use. Accordingly, these properties were no longer held to earn rental income but were instead held for sale in the ordinary course of business.
Prior to the change in use, the investment properties were measured at fair value in accordance with IAS 40 Investment Property, with changes in fair value recognised in profit or loss. Upon transfer to inventory, the properties were transferred at their fair value at the date of change in use, which became their deemed cost in accordance with IAS 2 Inventories. This fair value is consistent with the carrying amount of the properties at the date of transfer.
Subsequent to reclassification, the properties are measured at the lower of this deemed cost and net realisable value.
Any difference between the deemed cost and the ultimate selling price of the properties is recognised in profit or loss upon disposal as part of the results from the sale of inventory. No additional fair value adjustments are recognised after the date of transfer.
NotesGroupGroup
20252024
\u20ac\u20ac
At fair value 11,800,00011,800,000
As at 1 January
Transfer to inventory 7.1(11,800,000)-
As at 31 December-11,800,000
Investment properties in the prior year comprised commercial properties that were leased to third parties and to related parties. Rental income recognised by the Group during 2024 was \u20ac671,534 and was included with revenue. Rental income during the year amounted to \u20ac27k which relates to the period till the properties was transferred to inventories.
Note i - Transfer to inventory
During the year, the Directors resolved to dispose of certain investment properties as part of a change in the Group\u2019s strategic intentions. As a result of this decision, these properties were no longer held to earn rental income or for capital appreciation but were instead held for sale in the ordinary course of business. Accordingly, the properties were reclassified from investment property to inventory in line with the requirements of IAS 40 Investment Property and IAS 2 Inventories.
The transfer was made at the carrying amount of the properties at the date of change in use, which subsequently forms their deemed cost as inventory.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page22-cflshid_9403-tag11982491": { "value": "
6.Investment property
During the year, the Directors resolved to dispose of certain investment properties, resulting in a change in use. Accordingly, these properties were no longer held to earn rental income but were instead held for sale in the ordinary course of business.
Prior to the change in use, the investment properties were measured at fair value in accordance with IAS 40 Investment Property, with changes in fair value recognised in profit or loss. Upon transfer to inventory, the properties were transferred at their fair value at the date of change in use, which became their deemed cost in accordance with IAS 2 Inventories. This fair value is consistent with the carrying amount of the properties at the date of transfer.
Subsequent to reclassification, the properties are measured at the lower of this deemed cost and net realisable value.
Any difference between the deemed cost and the ultimate selling price of the properties is recognised in profit or loss upon disposal as part of the results from the sale of inventory. No additional fair value adjustments are recognised after the date of transfer.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page22-cflshid_9403-tag11982493": { "value": "
6.Investment property
Prior to the change in use, the investment properties were measured at fair value in accordance with IAS 40 Investment Property, with changes in fair value recognised in profit or loss. Upon transfer to inventory, the properties were transferred at their fair value at the date of change in use, which became their deemed cost in accordance with IAS 2 Inventories. This fair value is consistent with the carrying amount of the properties at the date of transfer.
9.Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
10.Financial assets other than interest in subsidiaries and other entities
10.1 Initial recognition and measurement
At initial recognition, the Group and the Company classify their financial assets as subsequently measured at amortised cost. Financial assets at amortised cost are measured using the effective interest method and are subject to impairment. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s and Company\u2019s business model for managing them. At initial recognition, the Group and the Company measure a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.
10.2 Subsequent measurement
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment in accordance with the expected credit loss model. Gains and losses are recognised in profit or loss when the financial asset is derecognised, modified or impaired.
10.3 Debt instruments
The Group\u2019s financial assets measured at amortised cost comprise other receivable balances, deposits paid on promise of sale agreements for the acquisition of properties, deposits on furnishings and finishings relating to property development projects recognised within inventories, amounts due from commonly controlled entities outside the Group. The Company\u2019s financial assets also include amounts due from subsidiaries in respect of bond and notes proceeds and other funds advanced to those subsidiaries included under non-current financial assets.
10.4 Derecognition
A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either the Group has transferred substantially all the risks and rewards of the asset, or the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page22-cflshid_9403-tag11982478": { "value": "
6.Investment property
Prior to the change in use, the investment properties were measured at fair value in accordance with IAS 40 Investment Property, with changes in fair value recognised in profit or loss. Upon transfer to inventory, the properties were transferred at their fair value at the date of change in use, which became their deemed cost in accordance with IAS 2 Inventories. This fair value is consistent with the carrying amount of the properties at the date of transfer.
Subsequent to reclassification, the properties are measured at the lower of this deemed cost and net realisable value.
Any difference between the deemed cost and the ultimate selling price of the properties is recognised in profit or loss upon disposal as part of the results from the sale of inventory. No additional fair value adjustments are recognised after the date of transfer.
7.Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is calculated using the weighted average method and comprises expenditure incurred in acquiring the inventories and other costs incurred in bringing the inventories to their present location and condition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page22-cflshid_9513-tag11982449": { "value": "6.Investment propertyInvestment properties in the prior year comprised commercial properties that were leased to third parties and to related parties. Rental income recognised by the Group during 2024 was \u20ac671,534 and was included with revenue. Rental income during the year amounted to \u20ac27k which relates to the period till the properties was transferred to inventories.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page22-cflshid_9513-tag11982444": { "value": "6.Investment property
NotesGroupGroup
20252024
\u20ac\u20ac
At fair value 11,800,00011,800,000
As at 1 January
Transfer to inventory 7.1(11,800,000)-
As at 31 December-11,800,000
Investment properties in the prior year comprised commercial properties that were leased to third parties and to related parties. Rental income recognised by the Group during 2024 was \u20ac671,534 and was included with revenue. Rental income during the year amounted to \u20ac27k which relates to the period till the properties was transferred to inventories.
Note i - Transfer to inventory
During the year, the Directors resolved to dispose of certain investment properties as part of a change in the Group\u2019s strategic intentions. As a result of this decision, these properties were no longer held to earn rental income or for capital appreciation but were instead held for sale in the ordinary course of business. Accordingly, the properties were reclassified from investment property to inventory in line with the requirements of IAS 40 Investment Property and IAS 2 Inventories.
The transfer was made at the carrying amount of the properties at the date of change in use, which subsequently forms their deemed cost as inventory.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page22-cflshid_9513-tag11982428": { "value": "6.Investment property
Prior to the change in use, the investment properties were measured at fair value in accordance with IAS 40 Investment Property, with changes in fair value recognised in profit or loss. Upon transfer to inventory, the properties were transferred at their fair value at the date of change in use, which became their deemed cost in accordance with IAS 2 Inventories. This fair value is consistent with the carrying amount of the properties at the date of transfer.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page22-cflshid_9403-tag11982495": { "value": "
7.Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is calculated using the weighted average method and comprises expenditure incurred in acquiring the inventories and other costs incurred in bringing the inventories to their present location and condition. Net realisable value is the estimated price at which stocks can be sold in the course of business less anticipated costs of selling. The Group\u2019s inventories comprises properties held for resale in the ordinary course of the business and the hotel\u2019s operating stock.
Properties held for re-sale
During the year, certain properties were reclassified from investment property to inventory following a change in use.
These properties were transferred at their fair value at the date of reclassification, which became their deemed cost in accordance with IAS 2 Inventories. Subsequent to transfer, the properties are measured at the lower of cost and net realisable value.
The costs incurred in bringing each property to its present location and condition includes:
i.Freehold and leasehold rights for land
ii.Amounts paid to contractors for development and finishings
iii.Planning and design costs, costs of site preparation, professional fees for legal services, property transfer taxes, borrowing costs, development overheads and other related costs
When an inventory property is sold, the carrying amount of the property is recognised as an expense in the period in which the related revenue is recognised. The carrying amount of inventory property recognised in profit or loss is determined with reference to the directly attributable costs incurred on the property sold and an allocation of any other related costs based on the sales price of the property sold.
Hotel operating stock
Hotel operating stock consists primarily of beverages, crockery and cutlery, linen and other consumables used in the operation of the Group\u2019s hospitality activities. Cost is calculated using the weighted average method and comprises expenditure incurred in acquiring the inventories and other costs incurred in bringing the inventories to their present location and condition.
7.2Estimates and judgements
The determination of net realisable value requires the use of management judgement and estimates. In assessing the recoverability of property inventory, management considers a number of factors including recent market transactions for comparable properties, current market conditions, expected selling prices, stage of completion of the properties and estimated costs required to complete and sell the properties. These estimates are reviewed at each reporting date and adjusted where necessary to reflect current market conditions and available information. Where the net realisable value of a property is lower than its carrying amount, a write-down is recognised in profit or loss. Due to the inherent uncertainty involved in estimating selling prices and future costs, actual outcomes may differ from these estimates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page22-cflshid_9403-tag11982472": { "value": "
7.Inventories
7.1Make up of inventory items
Capitalised borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of bank interest and other costs that the Company incurs in connection with the borrowing of funds. No borrowings costs were capitalised during the period (2024: \u20ac2,241,679)
10.Financial assets other than interest in subsidiaries and other entities
10.7 Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on amounts due from subsidiaries relating to bond proceeds and other funds advanced to finance the acquisition, development and construction of property projects. These balances are subject to impairment using the general approach under IFRS 9.
11.Financial liabilities
11.5Finance costs
Borrowing costs include the costs incurred in obtaining external financing. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page24-cflshid_10559-tag11982504": { "value": "
8.Interest in subsidiaries and other entities
8.1 Subsidiaries
The Group financial statements include the financial statements of the parent Company and all its subsidiaries. The results of the subsidiaries acquired or disposed of during the period are included in the Group statement of profit or loss and other comprehensive income from the date of their acquisition or up to date of their disposal. There are no subsidiaries with material non-controlling interests.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page24-cflshid_10559-tag11982492": { "value": "
8.Interest in subsidiaries and other entities
8.2 Interest in associates and joint ventures
The results and assets and liabilities of associates and joint ventures are incorporated in these financial statements using the equity method of accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page24-cflshid_10559-tag11982490": { "value": "
8.Interest in subsidiaries and other entities
8.2 Interest in associates and joint ventures
The results and assets and liabilities of associates and joint ventures are incorporated in these financial statements using the equity method of accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page24-cflshid_10559-tag11982489": { "value": "
8.Interest in subsidiaries and other entities
8.2 Interest in associates and joint ventures
The results and assets and liabilities of associates and joint ventures are incorporated in these financial statements using the equity method of accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page24-cflshid_10559-tag11982459": { "value": "
8.Interest in subsidiaries and other entities
8.2 Interest in associates and joint ventures
The Group has a 33.33% interest and voting rights in Gap Group Investments (II) Limited (2024: 33.33%) and 50% interest in Acmus P.L.C.
The below table analyses the carrying amount of and the movements in the Group\u2019s investments in associates and joint ventures, which are measured using the equity method of accounting.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Investment in associates18,332,94216,041,03418,332,94216,041,034
Investments in joint ventures 3,494,49042,480--
21,827,43216,083,51418,332,94216,041,034
Joint ventureAssociatesTotalJoint ventureAssociatesTotal
202520252025202420242024
Group\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
As At 1 January 42,48016,041,03416,083,5141,623,27811,178,23712,801,515
Additions600-6001,075,001-1,075,001
Transfer from/(to) loans and advances \u2013 Note i 3,495,020-3,495,020(2,578,898)-(2,578,898)
Share of profit/ (loss) after tax(43,610)2,291,9082,248,298(76,901)4,862,7974,785,896
As at 31 December 3,494,49018,332,94221,827,43242,48016,041,03416,083,514
Note i \u2013 Transfer from loans and advances
During the financial year, the terms of a loan previously recognised as a receivable were amended. Under the original agreement, the loan was contractually receivable. Following the amendment to the agreement, the Group has the contractual right to call for repayment with such obligation to be settled by the issuance of shares in the Joint Venture. In view of this change in contractual terms, and considering the substance of the revised arrangement, the balance has been reclassified from a receivable to investment in the financial statements with effect from the date of the amended agreement. Refer to note 10.6 note iii
Group re-organisation
In July 2025, the Muscat Holdings II, a subsidiary of the Juel Group P.L.C, undertook a group reorganisation involving the insertion of a new holding company; Acmus P.L.C. , above its existing investment in Acmus property Developments Limited.
In July 2025, as part of this reorganisation, Muscat Holdings II, a subsidiary of the Juel Group P.L.C. transferred its entire shareholding in Acmus Property Development Limited to Acmus P.L.C. \u2013 a new Company formed on 19 February 2025 by way of a share-for-share exchange. The fair value of the consideration received, based on the value of shares issued by Acmus P.L.C., amounted to \u20ac3,075,926.
The transaction forms part of a group restructuring under common control, as the ultimate ownership and control of the underlying entities remained unchanged before and after the reorganisation. Accordingly, the investment in Acmus P.L.C. has been recognised at the carrying amount of the investment in Acmus property development Limited transferred, being \u20ac152,000. No gain or loss has been recognised in the statement of profit or loss as a result of this transaction.
The substance of the acquisition was that of a group restructuring and the accounting treatment adopted is consistent with the principles applicable to transactions under common control, whereby assets exchanged are recorded at their existing carrying amounts.
The following table illustrates the summarised financial information of the Group\u2019s investment in these entities:
GroupGroupCompanyCompany
2025202420252024
Associates\u20ac\u20ac\u20ac\u20ac
Current assets65,247,74268,860,19165,247,74268,860,191
Non-current assets8,759,20913,593,9908,759,20613,593,990
Current liabilities16,333,02126,468,49016,233,02126,468,490
Non-current liabilities4,9077,862,5934,9077,862,593
Revenue24,697,41048,181,29924,697,41048,181,299
Profit for the year 6,875,72514,591,9336,875,72514,591,933
GroupGroupCompanyCompany
2025202420252024
Joint Venture \u20ac\u20ac\u20ac\u20ac
Current assets34,849,21814,760,972--
Non-current assets48,06842,306--
Current liabilities6,380,966314,721--
Non-current liabilities26,257,35114,403,609--
Revenue1,413,000---
Loss for the year (87,219)(153,801)--
The associates and joint venture has no contingent liabilities or capital commitments as at 31 December 2025 and 31 December 2024
10.Financial assets other than interest in subsidiaries and other entities
10.6 Trade and other receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 90 days and therefore are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in policy \u2018Impairment of financial assets\u2019 and 8.9
Note GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-Current
Loans to subsidiaries i--35,733,79435,197,199
Amounts due from joint ventureiii-2,578,898--
Trade receivables 134,950---
134,9502,578,89835,733,79435,197,199
Current
Amounts due from subsidiariesii--3,873,0194,496,924
Trade receivables407,103189,279--
Other receivables69,98759,349-1,250
Amounts due from joint venture140,107---
Amounts due from shareholder209,245560--
Prepayments & accrued income127,836114,64020,11620,287
VAT receivable-506,130--
954,278869,9583,893,1354,518,461
Note iii \u2013 Amounts due from joint venture
During the financial year, the terms of this loan were amended. Under the original agreement, the loan was contractually receivable. Following the amendment to the agreement, the Group has the contractual right to call for repayment with such obligation to be settled by the issuance of shares in the Joint Venture. In view of this change in contractual terms, and considering the substance of the revised arrangement, the balance has been reclassified from a receivable to investment in the financial statements with effect from the date of the amended agreement. Refer to note 8.2 note i
11.Financial liabilities
11.4 Borrowings
Note i \u2013 Debt securities in issue
The 5.5% Secured Bonds 2035 are redeemable at par on 27th June 2035. The bond is secured for the full nominal value of the Secured Bond interests thereon as follows:
-The first-ranking general hypothec for the amount is \u20ac32,000,000, over all the present and future property of the Issuer;
-The first-ranking general hypothec for the amount of \u20ac32,000,000, over all the present and future property of Juel Hospitality Limited;
-The first-ranking special hypothec granted by Juel Hospitality Limited for the amount of \u20ac32,000,000 over the Hotel site (and any developments and constructions thereon).
In addition, there are joint and several guarantees granted by Juel Holdings Limited, Juel Hospitality Limited, Muscat Holdings Limited and Muscat Holdings (II) Limited.
11.7 Trade and other payables
Note GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade and other payables - Non Current
Deferred income v963,3331,000,000--
Capital creditorsiv2,151,747---
Trade payables1,147,0731,147,077--
4,262,1532,147,077--
Trade and other payables - Current
Trade payables2,308,6823,050,359644,130
Amounts due to shareholder199,10524,150--
Amounts due to subsidiaries iii--382,113273,558
VAT payable451,028---
Accruals ii1,612,6901,266,5251,142,2041,146,849
Deposits received 4.21,260,840592,237--
Capital accrualsi2,279,4028,353,538--
Other payables241,01919,260--
8,352,76613,306,0691,524,3811,424,537
\u00a0
Trade and other payables12,614,91915,453,1461,524,3811,424,537
13.Income tax and other income and expense items
13.5 Staff wages and employee information
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Director\u2019s remuneration62,91054,72362,91054,723
16.Other disclosures
16.1 Related party transactions
Related party activityRelated party activity
20252024
\u20ac\u20ac
Group
Transfer of amounts to/ from loans to investment2,578,898(2,578,898)
Additional Investment in joint venture916,122-
Re-charges of wages and salaries 29,104-
Company
Finance income2,270,0002,232,374
Loans advanced to subsidiaries35,733,79435,197,199
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page24-cflshid_10559-tag11982412": { "value": "
8.Interest in subsidiaries and other entities
8.2 Interest in associates and joint ventures
Group re-organisation
In July 2025, the Muscat Holdings II, a subsidiary of the Juel Group P.L.C, undertook a group reorganisation involving the insertion of a new holding company; Acmus P.L.C. , above its existing investment in Acmus property Developments Limited.
In July 2025, as part of this reorganisation, Muscat Holdings II, a subsidiary of the Juel Group P.L.C. transferred its entire shareholding in Acmus Property Development Limited to Acmus P.L.C. \u2013 a new Company formed on 19 February 2025 by way of a share-for-share exchange. The fair value of the consideration received, based on the value of shares issued by Acmus P.L.C., amounted to \u20ac3,075,926.
The transaction forms part of a group restructuring under common control, as the ultimate ownership and control of the underlying entities remained unchanged before and after the reorganisation. Accordingly, the investment in Acmus P.L.C. has been recognised at the carrying amount of the investment in Acmus property development Limited transferred, being \u20ac152,000. No gain or loss has been recognised in the statement of profit or loss as a result of this transaction.
The substance of the acquisition was that of a group restructuring and the accounting treatment adopted is consistent with the principles applicable to transactions under common control, whereby assets exchanged are recorded at their existing carrying amounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page24-cflshid_10559-tag11982409": { "value": "
8.Interest in subsidiaries and other entities
8.1 Subsidiaries
The Group financial statements include the financial statements of the parent Company and all its subsidiaries. The results of the subsidiaries acquired or disposed of during the period are included in the Group statement of profit or loss and other comprehensive income from the date of their acquisition or up to date of their disposal. There are no subsidiaries with material non-controlling interests.
In the Company\u2019s financial statements, investments in subsidiaries are accounted for on the basis of the direct equity interest and are stated at cost less any accumulated impairment losses. Dividends from the investment are recognised in profit or loss. The below table analyses the carrying amount of movements in the Company\u2019s investments in subsidiaries.
CompanyCompany
20252024
\u20ac\u20ac
Company
At 1 January 10,948,39010,948,390
At 31 December 10,948,39010,948,390
At 31 December
Cost10,948,39010,948,390
These financial statements comprise the results and position of the Group and the Company as at 31 December 2025, which is a common year-end of all subsidiaries forming part of the Group. The list of consolidated subsidiaries is disclosed in note 1.2
8.2 Interest in associates and joint ventures
The results and assets and liabilities of associates and joint ventures are incorporated in these financial statements using the equity method of accounting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_11926-tag11982501": { "value": "
9.Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
10.Financial assets other than interest in subsidiaries and other entities
10.1 Initial recognition and measurement
At initial recognition, the Group and the Company classify their financial assets as subsequently measured at amortised cost. Financial assets at amortised cost are measured using the effective interest method and are subject to impairment. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s and Company\u2019s business model for managing them. At initial recognition, the Group and the Company measure a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.
10.2 Subsequent measurement
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment in accordance with the expected credit loss model. Gains and losses are recognised in profit or loss when the financial asset is derecognised, modified or impaired.
10.3 Debt instruments
The Group\u2019s financial assets measured at amortised cost comprise other receivable balances, deposits paid on promise of sale agreements for the acquisition of properties, deposits on furnishings and finishings relating to property development projects recognised within inventories, amounts due from commonly controlled entities outside the Group. The Company\u2019s financial assets also include amounts due from subsidiaries in respect of bond and notes proceeds and other funds advanced to those subsidiaries included under non-current financial assets.
10.4 Derecognition
A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either the Group has transferred substantially all the risks and rewards of the asset, or the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement.
10.5 Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions and credit exposure in note 8.9
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
10.6 Trade and other receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 90 days and therefore are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in policy \u2018Impairment of financial assets\u2019 and 8.9
10.7 Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on amounts due from subsidiaries relating to bond proceeds and other funds advanced to finance the acquisition, development and construction of property projects. These balances are subject to impairment using the general approach under IFRS 9.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_11926-tag11982500": { "value": "
9.Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
11.Financial liabilities
The Group recognises a financial liability when it becomes a party to the contractual provision of the instrument. The Group\u2019s financial liabilities are classified as financial liabilities which are not at fair value through profit or loss. These financial liabilities are recognised initially at fair value, being the fair value of consideration received, net of transactions costs that are directly attributable to the acquisition or the issue of the financial liability. They are subsequently measured at amortised cost. The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, cancelled or expired.
11.1 Initial recognition, measurement and presentation
Financial liabilities are classified, at initial recognition, as loans and borrowings or payables as appropriate. All financial liabilities are recognised initially at fair value net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables and borrowings comprising bank borrowings, bonds and notes.
11.2 Subsequent measurement
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings.
11.3 Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
11.7 Trade and other payables
Trade payables are classified within current liabilities unless payment is not due within 12 months from the reporting period. They are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_11926-tag11982470": { "value": "
9.Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
11.Financial liabilities
11.1 Initial recognition, measurement and presentation
Financial liabilities are classified, at initial recognition, as loans and borrowings or payables as appropriate. All financial liabilities are recognised initially at fair value net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables and borrowings comprising bank borrowings, bonds and notes.
11.2 Subsequent measurement
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings.
11.3 Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
11.4 Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method unless the effect of discounting is immaterial.
Borrowings are classified as current liabilities unless the companies within the Group have an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.
Subsequent to initial recognition, interest-bearing bank overdrafts are carried at face value in view of their short-term maturities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_11926-tag11982432": { "value": "
9.Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
10.Financial assets other than interest in subsidiaries and other entities10.6 Trade and other receivables
Note GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-Current
Loans to subsidiaries i--35,733,79435,197,199
Amounts due from joint ventureiii-2,578,898--
Trade receivables 134,950---
134,9502,578,89835,733,79435,197,199
Current
Amounts due from subsidiariesii--3,873,0194,496,924
Trade receivables407,103189,279--
Other receivables69,98759,349-1,250
Amounts due from joint venture140,107---
Amounts due from shareholder209,245560--
Prepayments & accrued income127,836114,64020,11620,287
VAT receivable-506,130--
954,278869,9583,893,1354,518,461
Note ii \u2013Amounts owed by subsidiaries
These amounts represent interest charged to subsidiaries on loans advanced in note i. These amounts are unsecured, interest free and repayable on demand.
Note iii \u2013 Amounts due from joint venture
During the financial year, the terms of this loan were amended. Under the original agreement, the loan was contractually receivable. Following the amendment to the agreement, the Group has the contractual right to call for repayment with such obligation to be settled by the issuance of shares in the Joint Venture. In view of this change in contractual terms, and considering the substance of the revised arrangement, the balance has been reclassified from a receivable to investment in the financial statements with effect from the date of the amended agreement. Refer to note 8.2 note i
10.8 Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits and short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position. Bank deposits that the directors do not consider a component of cash equivalents, are presented separately in the statement of financial position.
\u00a0
For the purposes of the statement of cash flows, cash and cash equivalents comprise the following
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Cash at bank and in hand2,838,9992,151,346254,333965
Bank overdraft11.4(310,295)---
As shown in the cashflow statement2,528,7042,151,346254,333965
The balances of cash and cash equivalents are available for use by the Group and Company in their entirety.
11.Financial liabilities
11.4 Borrowings
The following borrowings were outstanding at 31st December 2025 and 2024:
Note GroupGroupCompanyCompany
2025202420252024
Current interest-bearing borrowings\u20ac\u20ac\u20ac\u20ac
Bank overdraft310,295---
Bank borrowings ii2,608,9552,897,495--
2,919,2502,897,495--
Current non-interest-bearing borrowings
Third party loansiii200,000150,000--
Total current borrowings3,119,2503,047,495--
Non-Current interest-bearing borrowings
Bank borrowings-4,789,233--
Bond and notes fundsi36,311,92036,185,45236,311,92036,185,452
Third party loans1,650,0001,850,000--
Total non-current borrowings37,961,92042,824,68536,311,92036,185,452
Total borrowings41,081,17045,872,18036,311,92036,185,452
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Face value of bonds
Bonds32,000,00032,000,00032,000,00032,000,000
Bank borrowings 5,000,0005,000,0005,000,0005,000,000
37,000,00037,000,00037,000,00037,000,000
Amortised costs
Issue costs941,016941,016941,016941,016
Amortisation on bond issue costs (252,936)(126,468)(252,936)(126,468)
688,080814,548688,080814,548
36,311,92036,185,45236,311,92036,185,452
Note i \u2013 Debt securities in issue
The bonds are measured at the amount of net proceeds adjusted for the amortisation of the difference between the net proceeds and the redemption value of such bonds, using effective yield method.
On 27th June 2023, JUEL Group p.l.c. issued up to \u20ac32,000,000 5.5% Secured Bonds 2035. The bond interest is payable annually in arrears on 27th June. The bonds have been admitted to the Stock exchange on 4th July 2023. The quoted market price as at 31st December 2025 for the bonds was \u20ac98.95 (2024: \u20ac103)
\u00a0
The 5.5% Secured Bonds 2035 are redeemable at par on 27th June 2035. The bond is secured for the full nominal value of the Secured Bond interests thereon as follows:
-The first-ranking general hypothec for the amount is \u20ac32,000,000, over all the present and future property of the Issuer;
-The first-ranking general hypothec for the amount of \u20ac32,000,000, over all the present and future property of Juel Hospitality Limited;
-The first-ranking special hypothec granted by Juel Hospitality Limited for the amount of \u20ac32,000,000 over the Hotel site (and any developments and constructions thereon).
In addition, there are joint and several guarantees granted by Juel Holdings Limited, Juel Hospitality Limited, Muscat Holdings Limited and Muscat Holdings (II) Limited.
In 2024, Juel Group plc issued two tranches amounting to Eur 5,000,000 6.5% Unsecured Notes 2027-2029. On 22nd April 2024, the Group issued one tranche amounting to Eur 3,500,000 which interest is payable annually in arrears on 18th April. On 28th May 2024, the Group issued another tranche amounting to Eur 1,500,000 which interest is payable annually in arrears on 24th May
Note ii \u2013 Bank borrowings
These loans are secured by general hypothecs over the assets of the Group and special hypothecs over the Group\u2019s properties classified as inventory. The Group has unutilised loan facilities of \u20ac2,000,000 as at 31 December 2025. These loans are repayable by December 2026 as per the terms stipulated in the sanction letter.
Note iii \u2013 Third party borrowings
These loans are unsecured, bear interest rate of 2% and are repayable by November 2034 with monthly instalments
Interest rate exposure and maturities of borrowings
20252024Interest rateMaturity
\u20ac\u20ac%
Group
Bank Borrowings2,608,3864,789,2334.65:Bank base rate + 2.5Upon sale of property units or upon repayment as at Dec 2026 and Dec 2027.
Third party loans1,650,0001,850,0002November 2032
Bonds
Secured Bond 32,000,00032,000,0005.5June 2035
Unsecured notes 5,000,0005,000,0006.5April 2029
37,000,00037,000,000
11.5Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Bank interest319,76172,283--
Amortisation on bond and notes issue costs126,468126,468126,468126,468
Interest expense on debt securities2,085,000-2,085,0001,979,219
2,531,229198,7512,211,4682,105,687
RateGroupGroupCompanyCompany
2025202420252024
%\u20ac\u20ac\u20ac\u20ac
Bond and notes interest capitalised 5.5-6.5-1,979,219--
Bank interest capitalised4.65-262,460--
Finance cost capitalised -2,241,679--
11.7 Trade and other payables
They are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method.
Note GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade and other payables - Non Current
Deferred income v963,3331,000,000--
Capital creditorsiv2,151,747---
Trade payables1,147,0731,147,077--
4,262,1532,147,077--
Trade and other payables - Current
Trade payables2,308,6823,050,359644,130
Amounts due to shareholder199,10524,150--
Amounts due to subsidiaries iii--382,113273,558
VAT payable451,028---
Accruals ii1,612,6901,266,5251,142,2041,146,849
Deposits received 4.21,260,840592,237--
Capital accrualsi2,279,4028,353,538--
Other payables241,01919,260--
8,352,76613,306,0691,524,3811,424,537
\u00a0
Trade and other payables12,614,91915,453,1461,524,3811,424,537
Note i - Capital accruals
Capital accruals represent costs relating to construction, development works and finishings performed on the Group\u2019s hotel property for which the related supplier invoices had not yet been received as at the reporting date. These costs are recognised based on work performed up to year end and are included within PPE as part of the cost.
The accruals are recognised in accordance with the Group\u2019s accounting policy and reflect management\u2019s best estimate of costs incurred but not yet invoiced at the reporting date.
Note ii \u2013 Accruals
Accruals mainly comprise accrued interest on debt securities in issue and other accruals in the normal course of business.
Note iii \u2013 Amounts due to subsidiaries
These amounts are unsecured, interest free and repayable on demand.
Note iv \u2013 Capital creditors
Capital creditors represent amounts payable to contractors and suppliers who have performed construction and improvement works on the hotel property. The Group has entered into structured repayment arrangements with these creditors, under which outstanding balances are being settled over agreed periods in accordance with mutually agreed terms.
Note v \u2013 Deferred income
Deferred income relates to funds received from the franchisor in connection with the development of the hotel. The consideration was received upfront and is recognised as a contract liability within liabilities in the statement of financial position. The key money is recognised in profit or loss on a systematic basis over the term of the underlying arrangement, which reflects the period over which the Group satisfies its performance obligations and derives the related economic benefits from the use of the hotel asset. Management has determined that recognising the key money over the useful life of the related asset appropriately reflects the substance of the arrangement and the pattern of benefit consumption.
13.Income tax and other income and expense items
13.2 Finance income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest receivable from investment-65,480-54,955
Interest income on loans to subsidiaries--2,270,0002,177,419
-65,4802,270,0002,232,374
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_11926-tag11982496": { "value": "
9.Financial instruments
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_11926-tag11982482": { "value": "
10.Financial assets other than interest in subsidiaries and other entities
10.1 Initial recognition and measurement
At initial recognition, the Group and the Company classify their financial assets as subsequently measured at amortised cost. Financial assets at amortised cost are measured using the effective interest method and are subject to impairment. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s and Company\u2019s business model for managing them. At initial recognition, the Group and the Company measure a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.
10.2 Subsequent measurement
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment in accordance with the expected credit loss model. Gains and losses are recognised in profit or loss when the financial asset is derecognised, modified or impaired.
10.3 Debt instruments
The Group\u2019s financial assets measured at amortised cost comprise other receivable balances, deposits paid on promise of sale agreements for the acquisition of properties, deposits on furnishings and finishings relating to property development projects recognised within inventories, amounts due from commonly controlled entities outside the Group. The Company\u2019s financial assets also include amounts due from subsidiaries in respect of bond and notes proceeds and other funds advanced to those subsidiaries included under non-current financial assets.
10.4 Derecognition
A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either the Group has transferred substantially all the risks and rewards of the asset, or the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement.
10.5 Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions and credit exposure in note 8.9
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
10.6 Trade and other receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 90 days and therefore are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in policy \u2018Impairment of financial assets\u2019 and 8.9
10.7 Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on amounts due from subsidiaries relating to bond proceeds and other funds advanced to finance the acquisition, development and construction of property projects. These balances are subject to impairment using the general approach under IFRS 9.
10.8 Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits and short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position. Bank deposits that the directors do not consider a component of cash equivalents, are presented separately in the statement of financial position.
11.Financial liabilities
The Group recognises a financial liability when it becomes a party to the contractual provision of the instrument. The Group\u2019s financial liabilities are classified as financial liabilities which are not at fair value through profit or loss. These financial liabilities are recognised initially at fair value, being the fair value of consideration received, net of transactions costs that are directly attributable to the acquisition or the issue of the financial liability. They are subsequently measured at amortised cost. The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, cancelled or expired.
11.1 Initial recognition, measurement and presentation
Financial liabilities are classified, at initial recognition, as loans and borrowings or payables as appropriate. All financial liabilities are recognised initially at fair value net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables and borrowings comprising bank borrowings, bonds and notes.
11.2 Subsequent measurement
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings.
11.3 Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
11.4 Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method unless the effect of discounting is immaterial.
Borrowings are classified as current liabilities unless the companies within the Group have an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.
Subsequent to initial recognition, interest-bearing bank overdrafts are carried at face value in view of their short-term maturities.
11.5Finance costs
Borrowing costs include the costs incurred in obtaining external financing. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
11.7 Trade and other payables
Trade payables are classified within current liabilities unless payment is not due within 12 months from the reporting period. They are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_11926-tag11982481": { "value": "
10.Financial assets other than interest in subsidiaries and other entities
10.1 Initial recognition and measurement
At initial recognition, the Group and the Company classify their financial assets as subsequently measured at amortised cost. Financial assets at amortised cost are measured using the effective interest method and are subject to impairment. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s and Company\u2019s business model for managing them. At initial recognition, the Group and the Company measure a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.
10.2 Subsequent measurement
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment in accordance with the expected credit loss model. Gains and losses are recognised in profit or loss when the financial asset is derecognised, modified or impaired.
10.3 Debt instruments
The Group\u2019s financial assets measured at amortised cost comprise other receivable balances, deposits paid on promise of sale agreements for the acquisition of properties, deposits on furnishings and finishings relating to property development projects recognised within inventories, amounts due from commonly controlled entities outside the Group. The Company\u2019s financial assets also include amounts due from subsidiaries in respect of bond and notes proceeds and other funds advanced to those subsidiaries included under non-current financial assets.
10.4 Derecognition
A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either the Group has transferred substantially all the risks and rewards of the asset, or the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement.
10.5 Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions and credit exposure in note 8.9
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
10.6 Trade and other receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 90 days and therefore are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in policy \u2018Impairment of financial assets\u2019 and 8.9
10.7 Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on amounts due from subsidiaries relating to bond proceeds and other funds advanced to finance the acquisition, development and construction of property projects. These balances are subject to impairment using the general approach under IFRS 9.
10.8 Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits and short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position. Bank deposits that the directors do not consider a component of cash equivalents, are presented separately in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_11926-tag11982471": { "value": "
10.Financial assets other than interest in subsidiaries and other entities
10.8 Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits and short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position. Bank deposits that the directors do not consider a component of cash equivalents, are presented separately in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_11926-tag11982466": { "value": "
10.Financial assets other than interest in subsidiaries and other entities
10.6 Trade and other receivables
Note GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-Current
Loans to subsidiaries i--35,733,79435,197,199
Amounts due from joint ventureiii-2,578,898--
Trade receivables 134,950---
134,9502,578,89835,733,79435,197,199
Current
Amounts due from subsidiariesii--3,873,0194,496,924
Trade receivables407,103189,279--
Other receivables69,98759,349-1,250
Amounts due from joint venture140,107---
Amounts due from shareholder209,245560--
Prepayments & accrued income127,836114,64020,11620,287
VAT receivable-506,130--
954,278869,9583,893,1354,518,461
11.Financial liabilities
11.7 Trade and other payables
Note GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade and other payables - Non Current
Deferred income v963,3331,000,000--
Capital creditorsiv2,151,747---
Trade payables1,147,0731,147,077--
4,262,1532,147,077--
Trade and other payables - Current
Trade payables2,308,6823,050,359644,130
Amounts due to shareholder199,10524,150--
Amounts due to subsidiaries iii--382,113273,558
VAT payable451,028---
Accruals ii1,612,6901,266,5251,142,2041,146,849
Deposits received 4.21,260,840592,237--
Capital accrualsi2,279,4028,353,538--
Other payables241,01919,260--
8,352,76613,306,0691,524,3811,424,537
\u00a0
Trade and other payables12,614,91915,453,1461,524,3811,424,537
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_11926-tag11982419": { "value": "
10.Financial assets other than interest in subsidiaries and other entities
10.9 Credit risk exposure from financial assets
Credit risk arises from cash and cash equivalents as well as credit risk exposures to customers, including outstanding receivables and committed transactions. The carrying amount of the financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Carrying amounts
Loans to subsidiaries --39,606,81339,694,123
Amounts due from joint venture 140,1072,578,898--
Trade receivables 542,053189,279--
Amounts due from shareholder 209,245560--
Other receivables 69,987565,479-1,250
Cash at hand and in bank2,838,9992,151,346254,333965
3,800,3915,485,56239,861,14639,696,338
The Group has no concentration of credit risk that could materially impact on the sustainability of its operations. However, in common with similar business concerns, the failure of specific large customers could have a material impact on the Group\u2019s results.
The above assets are subject to an expected credit loss (\u201cECL\u201d) model for the purposes of providing for credit losses. The general ECL model requires management to make complex judgments and estimates about the credit risk of counterparties and the expected future recoverability of financial assets. The model incorporates a forward-looking view of credit losses, using historical data, current conditions, and reasonable and supportable forecasts of future economic conditions.
ECLs are measured on either a 12-month or lifetime basis depending on whether there has been a significant increase in credit risk since initial recognition. The assessment involves:
-Evaluating the financial health and repayment ability of counterparties
-Considering historical loss experience
-Incorporating macroeconomic indicators such as GDP growth, interest rates, and industry outlook
-Applying probability-weighted scenarios where appropriate
Where balances are with related parties, additional qualitative factors are considered, including:
-The related party\u2019s financial position and liquidity
-Strategic or operational importance of the relationship
-Any indications of restructuring, dispute, or repayment delays
The Group and the Company apply IFRS 9\u2019s general impairment model to other financial assets at amortised cost. This model requires an assessment as to whether the counterparty has experienced a significant increase in credit risk since initial recognition. This assessment forms the basis as to whether lifetime ECL should be recognised and is based on significant increases in the likelihood or risk of a default occurring since initial recognition.
Amounts owed by related undertakings that do not form part of the Group are unsecured; therefore, the failure of the related undertakings could have an impact on the Group\u2019s results.
The Group and the Company monitor intra-group credit exposures at individual entity level on a regular basis and ensure timely performance of these assets in the context of its overall liquidity management. The loss allowances for these financial assets are based on assumptions about risk of default and expected loss rates. The Company\u2019s management uses judgement in making these assumptions, based on the counterparty\u2019s past history, existing market conditions, as well as forward-looking estimates at the end of each reporting period. No other counterparty making up the above balances has experienced a significant increase in credit risk since origination.
As at 31 December 2025 and 2024, the majority of loans with related parties were on terms that allowed the Group to request repayment of the balance as at reporting date (i.e. repayable on demand). In such cases, when assessing the ECL, the directors base their assessment on the assumption that the loan is demanded at the reporting date.
Where the counterparties\u2019 financial position suggests that it does not have sufficient liquid assets at balance sheet date to repay the loan if this is demanded, the probability of default is deemed to be 100%. Given that most of the related party relationships of such balances are between entities under common control, the directors assess the loss given default of the balance by analysing recovery strategies that the Group would allow, taking cognisance of such related party relationship. These recovery strategies typically include a projection of the net cash flows emanating from allowing the counterparty to operate, incorporating multiple forward-looking scenarios that take into account all reasonable and supportable information available to the Group.
After making this analysis, the directors concluded that the resulting loss-given-default rates are low, such that when applied to the exposure to calculate the IFRS 9 ECL allowance, the resulting impairment allowance to be recognised in the statement of profit and loss for the year was deemed to be immaterial.
Trade receivables and accrued income
The Group assesses the credit quality of its customers taking into account financial position, past experience and other factors. Standard credit terms are in place for individual clients, however, wherever possible, new corporate customers are analysed individually for creditworthiness before the Group\u2019s standard payment and service delivery terms and conditions are offered. The Group\u2019s review includes external credit worthiness databases when available.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and accrued income. To measure the expected credit losses, trade receivables and accrued income have been grouped based on shared credit risk characteristics and the days past due. The Group has concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the accrued income since they have substantially the same characteristics.
The expected loss rates are based on the payment profiles of sales over a period of 12 months before 31 December 2024 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.
Based on the assessment carried out in accordance with the above methodology, the identified expected credit loss allowance on trade receivables and accrued income was deemed immaterial. The movement in loss allowances as at 31 December 2025 and 2024 is also deemed immaterial by management. On this basis, the information pertaining to loss rates and loss allowances in the Group\u2019s provisions matrix, which would have otherwise been required by IFRS 7, is not presented as at 31 December 2025 and 2024.
Trade receivables and accrued income are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 1 year past due.
Cash at bank and deposits
The Group\u2019s companies bank only with local financial institutions with high quality standing or rating.
The Group\u2019s cash, include cash and cash equivalent and is placed with reputable financial institutions, such that management does not expect any institution to fail to meet repayments of amounts held in the name of the companies within the Group. While cash and cash equivalents and deposits are also subject to the impairment requirements of IFRS 9, the identified impairment loss was insignificant. No bank which the Group banks with has experienced a significant increase in credit risk since origination.
17.Financial risk management
The exposures to credit risk and to liquidity risk, together with the management thereof, are disclosed in notes 10.9 and 11.8 respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_11926-tag11982414": { "value": "
10.Financial assets other than interest in subsidiaries and other entities
10.8 Cash and cash equivalents
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Cash at bank and in hand2,838,9992,151,346254,333965
Bank overdraft11.4(310,295)---
As shown in the cashflow statement2,528,7042,151,346254,333965
The balances of cash and cash equivalents are available for use by the Group and Company in their entirety.
11.Financial liabilities
11.6Reconciliation of liabilities arising from financing activities
The table below details changes in the Company\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Statement of Cash Flows as cash flows from financing activities.
At 1 January 2025Cash flowsAmortisation of bond & notes issue costsAt 31 December 2025
\u20ac\u20ac\u20ac\u20ac
Bonds and notes net of bond issue costs36,185,452-126,46836,311,920
Third party borrowings2,000,000(150,000)-1,850,000
Bank borrowings 7,686,728(5,077,773)-2,608,955
45,872,180(5,227,773)126,46840,770,875
At 1 January 2024Cash flowsIssue costs and Amortisation of bond & notes issue costsAt 31 December 2024
\u20ac\u20ac\u20ac\u20ac
Bonds and notes net of bond issue costs32,000,0005,000,000814,54836,185,452
Third party borrowings-2,000,000-2,000,000
Bank borrowings 9,715,761(2,029,033)-7,686,728
41,715,7614,970,967814,54845,872,180
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_11926-tag11982413": { "value": "
10.Financial assets other than interest in subsidiaries and other entities
10.8 Cash and cash equivalents
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Cash at bank and in hand2,838,9992,151,346254,333965
Bank overdraft11.4(310,295)---
As shown in the cashflow statement2,528,7042,151,346254,333965
The balances of cash and cash equivalents are available for use by the Group and Company in their entirety.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_11926-tag11982407": { "value": "
10.Financial assets other than interest in subsidiaries and other entities
10.9 Credit risk exposure from financial assets
As at 31 December 2025 and 2024, the majority of loans with related parties were on terms that allowed the Group to request repayment of the balance as at reporting date (i.e. repayable on demand). In such cases, when assessing the ECL, the directors base their assessment on the assumption that the loan is demanded at the reporting date.
Where the counterparties\u2019 financial position suggests that it does not have sufficient liquid assets at balance sheet date to repay the loan if this is demanded, the probability of default is deemed to be 100%. Given that most of the related party relationships of such balances are between entities under common control, the directors assess the loss given default of the balance by analysing recovery strategies that the Group would allow, taking cognisance of such related party relationship. These recovery strategies typically include a projection of the net cash flows emanating from allowing the counterparty to operate, incorporating multiple forward-looking scenarios that take into account all reasonable and supportable information available to the Group.
After making this analysis, the directors concluded that the resulting loss-given-default rates are low, such that when applied to the exposure to calculate the IFRS 9 ECL allowance, the resulting impairment allowance to be recognised in the statement of profit and loss for the year was deemed to be immaterial.
Trade receivables and accrued income
Based on the assessment carried out in accordance with the above methodology, the identified expected credit loss allowance on trade receivables and accrued income was deemed immaterial. The movement in loss allowances as at 31 December 2025 and 2024 is also deemed immaterial by management. On this basis, the information pertaining to loss rates and loss allowances in the Group\u2019s provisions matrix, which would have otherwise been required by IFRS 7, is not presented as at 31 December 2025 and 2024.
Trade receivables and accrued income are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 1 year past due.
Cash at bank and deposits
The Group\u2019s cash, include cash and cash equivalent and is placed with reputable financial institutions, such that management does not expect any institution to fail to meet repayments of amounts held in the name of the companies within the Group. While cash and cash equivalents and deposits are also subject to the impairment requirements of IFRS 9, the identified impairment loss was insignificant. No bank which the Group banks with has experienced a significant increase in credit risk since origination.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_12175-tag11982502": { "value": "10.Financial assets other than interest in subsidiaries and other entities
10.8 Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits and short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position. Bank deposits that the directors do not consider a component of cash equivalents, are presented separately in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_12175-tag11982486": { "value": "10.Financial assets other than interest in subsidiaries and other entities
10.2 Subsequent measurement
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment in accordance with the expected credit loss model. Gains and losses are recognised in profit or loss when the financial asset is derecognised, modified or impaired.
10.5 Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
-Disclosures for significant assumptions and credit exposure in note 8.9
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
10.7 Estimates and judgements
The Group measures expected credit losses (\u201cECLs\u201d) on amounts due from subsidiaries relating to bond proceeds and other funds advanced to finance the acquisition, development and construction of property projects. These balances are subject to impairment using the general approach under IFRS 9.
10.9 Credit risk exposure from financial assets
The Group and the Company apply IFRS 9\u2019s general impairment model to other financial assets at amortised cost. This model requires an assessment as to whether the counterparty has experienced a significant increase in credit risk since initial recognition. This assessment forms the basis as to whether lifetime ECL should be recognised and is based on significant increases in the likelihood or risk of a default occurring since initial recognition.
Cash at bank and deposits
The Group\u2019s cash, include cash and cash equivalent and is placed with reputable financial institutions, such that management does not expect any institution to fail to meet repayments of amounts held in the name of the companies within the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_12175-tag11982468": { "value": "10.Financial assets other than interest in subsidiaries and other entities
10.6 Trade and other receivables
Note GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-Current
Loans to subsidiaries i--35,733,79435,197,199
Amounts due from joint ventureiii-2,578,898--
Trade receivables 134,950---
134,9502,578,89835,733,79435,197,199
Current
Amounts due from subsidiariesii--3,873,0194,496,924
Trade receivables407,103189,279--
Other receivables69,98759,349-1,250
Amounts due from joint venture140,107---
Amounts due from shareholder209,245560--
Prepayments & accrued income127,836114,64020,11620,287
VAT receivable-506,130--
954,278869,9583,893,1354,518,461
Note iii \u2013 Amounts due from joint venture
During the financial year, the terms of this loan were amended. Under the original agreement, the loan was contractually receivable. Following the amendment to the agreement, the Group has the contractual right to call for repayment with such obligation to be settled by the issuance of shares in the Joint Venture. In view of this change in contractual terms, and considering the substance of the revised arrangement, the balance has been reclassified from a receivable to investment in the financial statements with effect from the date of the amended agreement. Refer to note 8.2 note i
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_12175-tag11982457": { "value": "10.Financial assets other than interest in subsidiaries and other entities
10.6 Trade and other receivables
Note GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-Current
Loans to subsidiaries i--35,733,79435,197,199
Amounts due from joint ventureiii-2,578,898--
Trade receivables 134,950---
134,9502,578,89835,733,79435,197,199
Current
Amounts due from subsidiariesii--3,873,0194,496,924
Trade receivables407,103189,279--
Other receivables69,98759,349-1,250
Amounts due from joint venture140,107---
Amounts due from shareholder209,245560--
Prepayments & accrued income127,836114,64020,11620,287
VAT receivable-506,130--
954,278869,9583,893,1354,518,461
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_12175-tag11982454": { "value": "10.Financial assets other than interest in subsidiaries and other entities10.6 Trade and other receivables
Note GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-Current
Loans to subsidiaries i--35,733,79435,197,199
Amounts due from joint ventureiii-2,578,898--
Trade receivables 134,950---
134,9502,578,89835,733,79435,197,199
Current
Amounts due from subsidiariesii--3,873,0194,496,924
Trade receivables407,103189,279--
Other receivables69,98759,349-1,250
Amounts due from joint venture140,107---
Amounts due from shareholder209,245560--
Prepayments & accrued income127,836114,64020,11620,287
VAT receivable-506,130--
954,278869,9583,893,1354,518,461
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page26-cflshid_12175-tag11982433": { "value": "10.Financial assets other than interest in subsidiaries and other entities
10.9 Credit risk exposure from financial assets
Credit risk arises from cash and cash equivalents as well as credit risk exposures to customers, including outstanding receivables and committed transactions. The carrying amount of the financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Carrying amounts
Loans to subsidiaries --39,606,81339,694,123
Amounts due from joint venture 140,1072,578,898--
Trade receivables 542,053189,279--
Amounts due from shareholder 209,245560--
Other receivables 69,987565,479-1,250
Cash at hand and in bank2,838,9992,151,346254,333965
3,800,3915,485,56239,861,14639,696,338
The Group has no concentration of credit risk that could materially impact on the sustainability of its operations. However, in common with similar business concerns, the failure of specific large customers could have a material impact on the Group\u2019s results.
The above assets are subject to an expected credit loss (\u201cECL\u201d) model for the purposes of providing for credit losses. The general ECL model requires management to make complex judgments and estimates about the credit risk of counterparties and the expected future recoverability of financial assets. The model incorporates a forward-looking view of credit losses, using historical data, current conditions, and reasonable and supportable forecasts of future economic conditions.
ECLs are measured on either a 12-month or lifetime basis depending on whether there has been a significant increase in credit risk since initial recognition. The assessment involves:
-Evaluating the financial health and repayment ability of counterparties
-Considering historical loss experience
-Incorporating macroeconomic indicators such as GDP growth, interest rates, and industry outlook
-Applying probability-weighted scenarios where appropriate
Where balances are with related parties, additional qualitative factors are considered, including:
-The related party\u2019s financial position and liquidity
-Strategic or operational importance of the relationship
-Any indications of restructuring, dispute, or repayment delays
The Group and the Company apply IFRS 9\u2019s general impairment model to other financial assets at amortised cost. This model requires an assessment as to whether the counterparty has experienced a significant increase in credit risk since initial recognition. This assessment forms the basis as to whether lifetime ECL should be recognised and is based on significant increases in the likelihood or risk of a default occurring since initial recognition.
Amounts owed by related undertakings that do not form part of the Group are unsecured; therefore, the failure of the related undertakings could have an impact on the Group\u2019s results.
The Group and the Company monitor intra-group credit exposures at individual entity level on a regular basis and ensure timely performance of these assets in the context of its overall liquidity management. The loss allowances for these financial assets are based on assumptions about risk of default and expected loss rates. The Company\u2019s management uses judgement in making these assumptions, based on the counterparty\u2019s past history, existing market conditions, as well as forward-looking estimates at the end of each reporting period. No other counterparty making up the above balances has experienced a significant increase in credit risk since origination.
As at 31 December 2025 and 2024, the majority of loans with related parties were on terms that allowed the Group to request repayment of the balance as at reporting date (i.e. repayable on demand). In such cases, when assessing the ECL, the directors base their assessment on the assumption that the loan is demanded at the reporting date.
Where the counterparties\u2019 financial position suggests that it does not have sufficient liquid assets at balance sheet date to repay the loan if this is demanded, the probability of default is deemed to be 100%. Given that most of the related party relationships of such balances are between entities under common control, the directors assess the loss given default of the balance by analysing recovery strategies that the Group would allow, taking cognisance of such related party relationship. These recovery strategies typically include a projection of the net cash flows emanating from allowing the counterparty to operate, incorporating multiple forward-looking scenarios that take into account all reasonable and supportable information available to the Group.
After making this analysis, the directors concluded that the resulting loss-given-default rates are low, such that when applied to the exposure to calculate the IFRS 9 ECL allowance, the resulting impairment allowance to be recognised in the statement of profit and loss for the year was deemed to be immaterial.
Trade receivables and accrued income
The Group assesses the credit quality of its customers taking into account financial position, past experience and other factors. Standard credit terms are in place for individual clients, however, wherever possible, new corporate customers are analysed individually for creditworthiness before the Group\u2019s standard payment and service delivery terms and conditions are offered. The Group\u2019s review includes external credit worthiness databases when available.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and accrued income. To measure the expected credit losses, trade receivables and accrued income have been grouped based on shared credit risk characteristics and the days past due. The Group has concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the accrued income since they have substantially the same characteristics.
The expected loss rates are based on the payment profiles of sales over a period of 12 months before 31 December 2024 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.
Based on the assessment carried out in accordance with the above methodology, the identified expected credit loss allowance on trade receivables and accrued income was deemed immaterial. The movement in loss allowances as at 31 December 2025 and 2024 is also deemed immaterial by management. On this basis, the information pertaining to loss rates and loss allowances in the Group\u2019s provisions matrix, which would have otherwise been required by IFRS 7, is not presented as at 31 December 2025 and 2024.
Trade receivables and accrued income are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 1 year past due.
Cash at bank and deposits
The Group\u2019s companies bank only with local financial institutions with high quality standing or rating.
The Group\u2019s cash, include cash and cash equivalent and is placed with reputable financial institutions, such that management does not expect any institution to fail to meet repayments of amounts held in the name of the companies within the Group. While cash and cash equivalents and deposits are also subject to the impairment requirements of IFRS 9, the identified impairment loss was insignificant. No bank which the Group banks with has experienced a significant increase in credit risk since origination.
11.Financial liabilities
11.8Liquidity risk exposure from financial liabilities
The Group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which comprise principally trade and other payables and interest-bearing borrowings disclosed in notes 9.6. Prudent liquidity risk management includes maintaining sufficient cash and committed credit lines to ensure the availability of an adequate amount of funding to meeting the Group\u2019s obligations.
The directors monitor liquidity risk by means of cash flow forecasts on the basis of expected cash flows over a twelve-month period, in order to ensure that adequate funding is in place in order for the Group to be in a position to meet its commitments as and when they will fall due.
As at 31 December 2025, the Group is in a net current asset position of \u20ac4.54m (2024: net current liability position of \u20ac4.25m). However, in light of the facilities in place, management believe that the Group has adequate resources to meet its obligations as and when they fall due for the foreseeable future. Accordingly, these financial statements are prepared on a going concern basis.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
11.9 Maturities of financial liabilities
The table below analyses the Company\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
On demandWithin 1 year2 \u2013 5 yearsOver 5 yearsTotal
\u20ac\u20ac\u20ac\u20ac\u20ac
Group 2025
Trade and other payables3,000,72937,000148,0001,924,0002,109,000
Bank borrowings 310,2952,729,676--3,039,971
Bond-1,760,00013,015,00040,800,00055,575,000
Total contractual cashflows3,311,0244,526,67613,163,00042,724,00060,723,971
Group 2024
Trade and other payables3,069,62637,000148,0001,961,0005,216,626
Bank borrowings-5,011,932--5,011,932
Bonds-1,760,00013,015,00042,560,00057,335,000
Total contractual cashflows3,069,6263,047,4955,789,233850,0009,686,728
Company 2025
Bond-1,760,00013,015,00040,800,00055,575,000
Total contractual cashflows-1,760,00013,015,00040,800,00055,575,000
The amount of trade and other payables classified as repayable within one year in the table above are contractually repayable on demand.
17.Financial risk management
The Group\u2019s activities potentially expose it to a variety of financial risks on its financial assets and financial liabilities. The key components of financial risks to the Group are market risk (namely, cash flow interest rate risk and fair value interest rate risk), credit risk and liquidity risk. The Group\u2019s overall risk management focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance.
The exposures to credit risk and to liquidity risk, together with the management thereof, are disclosed in notes 10.9 and 11.8 respectively. This note provides information about other Group risks as disclosed below.
17.1Cash flow and fair value interest rate risk
The Group\u2019s interest rate risk arises on its interest-bearing borrowings, deposits held with banks, and debt investments. Borrowings issued at variable rates, comprising bank borrowings, expose the Group to cash flow interest rate risk. The Group\u2019s bank borrowings are subject to an interest rate that varies according to revisions made to the Bank\u2019s Base Rate and / or three-month Euribor. The directors monitor the level of floating rate borrowings as a measure of cash flow risk taken on.
The Group has adopted a cautious risk policy with regards to interest rate fluctuation through the issue of a \u20ac32,000,000 ten-year bond incurring interest of 5.5% and \u20ac5,000,000 five year securities incurring interest of 6.5% Debt securities issued at fixed rates. Debt securities are however carried at amortised cost. Accordingly, a shift in interest rates would not have an impact on profit or loss.
A shift in interest rates on borrowings at variable rates will however have an impact on profit or loss. The directors consider the potential impact on the Group\u2019s profit or loss of a defined interest rate shift of 1.5%, that is reasonably possible, at the end of the reporting period keeping all other variables constant, to amount to +/- \u20ac39,000 (2024: +/- \u20ac115,301). The impact of a reasonably possible shift in interest rates is not expected to impact the fair value of FVOCI financial assets materially and therefore the directors believe that the potential impact of such a shift on other comprehensive income is immaterial.
17.2Economic and Financial Risks
Financing Risks
The Group\u2019s projects are partly financed through external resources. Future developments are expected to continue to rely on external financing while maintaining prudent equity levels. Debt servicing represents a significant cash outflow, and increased borrowings may affect profitability. Lenders covenants and changes in lenders\u2019 risk appetite may restrict access to financing or limit operational and investment flexibility.
Geopolitical Risks
Global geopolitical developments may disrupt travel demand, supply chains, and project timelines through political instability, trade restrictions, and higher fuel costs. The Group\u2019s hospitality operations are particularly sensitive to such conditions, which could adversely impact operational and financial performance. Tourism activity may also be adversely affected by extraordinary events such as terrorism, transportation disruptions (including fuel shortages, industrial action, or border closures), civil unrest, extreme weather conditions, natural disasters, or public health emergencies, any of which could reduce travel demand and visitor arrivals.
17.3Market Risks of the Group
Market risk is the risk that changes in market prices, such as interest rates, and quoted prices, will affect the Group\u2019s income or financial position. The objective of the Group\u2019s market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk.
17.4Risks Specific to the Property Sector
The Group\u2019s activities in property acquisition, development, and disposal thereof are subject to risks inherent to the property sector.
17.5Risks Specific to the Hospitality and Tourism Industry
Risks relating to the Franchise Agreement
The Hotel operates under the \u201cHYATT CENTRIC\u201d brand pursuant to a Franchise Agreement with the Franchisor. Under this agreement, Juel Hospitality Ltd is required to comply with various obligations, including adherence to prescribed brand standards, operational requirements, and performance benchmarks.
Any failure to meet these obligations may result in penalties and, in more severe cases, the termination or non-renewal of the Franchise Agreement. If the Franchise Agreement were to be terminated or not renewed, the Group would lose the benefits associated with the brand\u2019s reputation, marketing support, and customer loyalty, which could materially and adversely affect the Hotel\u2019s occupancy levels, revenues, and overall profitability.
Competition Risks
The Group\u2019s hospitality operations operate within the broader tourism sector, which is subject to a number of external factors that may affect operating performance and revenue generation.
The local hospitality industry is highly competitive, with a wide range of temporary accommodation options available in the market. The Hotel competes with local hotels, serviced apartments, and other accommodation providers offering similar lodging and related services.
While the Hotel benefits from the brand recognition and loyalty associated with the Hyatt brand, there can be no assurance that increased competition, new hotel developments, or an oversupply of hotel beds in the market will not adversely affect occupancy rates, pricing, and profitability. Competitive pressures may therefore have a material adverse effect on the Group\u2019s results of operations.
17.6Other Group Risks
Regulatory Risk
The Group operates in regulated sectors, including construction, property development, and hospitality, and is subject to environmental, health and safety, property, and consumer protection laws. These regulations are subject to change and may give rise to compliance risks, including fines, penalties, permit restrictions, or revocations. Environmental issues, such as the presence of hazardous materials, may also result in third-party claims. Non-compliance could adversely affect the Group\u2019s financial position, operations, reputation, and competitive standing. Furthermore, the Group is subject to an extensive regulatory framework governing capital markets.
Data Protection and Privacy Risk
The Group processes personal data and is subject to local and EU data protection legislation. Failure to comply may result in significant penalties, increased costs, and operational constraints. The Group also faces risks relating to cyber incidents or unauthorised data access, which could lead to reputational damage, loss of consumer confidence, and legal or financial liabilities, ultimately impacting business performance.
Information Technology Risk
The Group\u2019s increasing reliance on digital systems exposes it to cybersecurity risks, including data breaches, ransomware, and other cyber threats. The Group mitigates these risks through ongoing investment in IT security, regular system reviews, and adherence to relevant regulatory requirements.
ESG Considerations
Growing expectations from regulators, investors, and stakeholders require companies to integrate ESG considerations into their business models. The Group\u2019s activities in property development, rental, and hospitality involve ESG factors such as energy efficiency, waste management, renewable energy use, and employee welfare.
Climate-related risks, including extreme weather events and regulatory developments, may adversely affect the Group\u2019s operations and financial performance. In addition, governance failures, including ineffective management or non-compliance, could impair the Group\u2019s income, reputation, and stakeholder relationships.
A failure to adopt sustainable and responsible practices may negatively affect the Group\u2019s long-term performance and public perception.
Financial instruments not measured at fair value
At 31st December 2025 and 31st December 2024, the carrying amounts of payables, receivables and short-term borrowings approximated their fair values due to the short-term maturities of these assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982483": { "value": "
11.Financial liabilities
The Group recognises a financial liability when it becomes a party to the contractual provision of the instrument. The Group\u2019s financial liabilities are classified as financial liabilities which are not at fair value through profit or loss. These financial liabilities are recognised initially at fair value, being the fair value of consideration received, net of transactions costs that are directly attributable to the acquisition or the issue of the financial liability. They are subsequently measured at amortised cost. The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, cancelled or expired.
11.1 Initial recognition, measurement and presentation
Financial liabilities are classified, at initial recognition, as loans and borrowings or payables as appropriate. All financial liabilities are recognised initially at fair value net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables and borrowings comprising bank borrowings, bonds and notes.
11.2 Subsequent measurement
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings.
11.3 Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
11.4 Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method unless the effect of discounting is immaterial.
Borrowings are classified as current liabilities unless the companies within the Group have an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.
Subsequent to initial recognition, interest-bearing bank overdrafts are carried at face value in view of their short-term maturities.
11.5Finance costs
Borrowing costs include the costs incurred in obtaining external financing. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
11.7 Trade and other payables
Trade payables are classified within current liabilities unless payment is not due within 12 months from the reporting period. They are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982488": { "value": "
11.Financial liabilities
11.2 Subsequent measurement
The EIR amortisation is included as finance costs in the statement of profit or loss.
11.5Finance costs
Borrowing costs include the costs incurred in obtaining external financing. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
13.Income tax and other income and expense items
13.2 Finance income
Finance income comprises interest income earned on financing arrangements with subsidiary undertakings. The Company advances funds to its subsidiaries primarily from the proceeds of bonds and notes issued by the Company and other financing provided by the shareholders. These balances bear interest at a fixed rate of 6.5% per annum. Interest income is recognised in profit or loss using the effective interest method over the period in which it accrues.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982480": { "value": "
11.Financial liabilities
11.5Finance costs
Borrowing costs include the costs incurred in obtaining external financing. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
13.Income tax and other income and expense items
13.2 Finance income
Finance income comprises interest income earned on financing arrangements with subsidiary undertakings. Interest income is recognised in profit or loss using the effective interest method over the period in which it accrues.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982479": { "value": "
11.Financial liabilities
11.5Finance costs
Borrowing costs include the costs incurred in obtaining external financing. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982469": { "value": "
11.Financial liabilities
11.5Finance costs
Borrowing costs include the costs incurred in obtaining external financing. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982467": { "value": "
11.Financial liabilities
11.7 Trade and other payables
Note GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade and other payables - Non Current
Deferred income v963,3331,000,000--
Capital creditorsiv2,151,747---
Trade payables1,147,0731,147,077--
4,262,1532,147,077--
Trade and other payables - Current
Trade payables2,308,6823,050,359644,130
Amounts due to shareholder199,10524,150--
Amounts due to subsidiaries iii--382,113273,558
VAT payable451,028---
Accruals ii1,612,6901,266,5251,142,2041,146,849
Deposits received 4.21,260,840592,237--
Capital accrualsi2,279,4028,353,538--
Other payables241,01919,260--
8,352,76613,306,0691,524,3811,424,537
\u00a0
Trade and other payables12,614,91915,453,1461,524,3811,424,537
Note i - Capital accruals
Capital accruals represent costs relating to construction, development works and finishings performed on the Group\u2019s hotel property for which the related supplier invoices had not yet been received as at the reporting date. These costs are recognised based on work performed up to year end and are included within PPE as part of the cost.
The accruals are recognised in accordance with the Group\u2019s accounting policy and reflect management\u2019s best estimate of costs incurred but not yet invoiced at the reporting date.
Note ii \u2013 Accruals
Accruals mainly comprise accrued interest on debt securities in issue and other accruals in the normal course of business.
Note iv \u2013 Capital creditors
Capital creditors represent amounts payable to contractors and suppliers who have performed construction and improvement works on the hotel property. The Group has entered into structured repayment arrangements with these creditors, under which outstanding balances are being settled over agreed periods in accordance with mutually agreed terms.
Note v \u2013 Deferred income
Deferred income relates to funds received from the franchisor in connection with the development of the hotel. The consideration was received upfront and is recognised as a contract liability within liabilities in the statement of financial position. The key money is recognised in profit or loss on a systematic basis over the term of the underlying arrangement, which reflects the period over which the Group satisfies its performance obligations and derives the related economic benefits from the use of the hotel asset. Management has determined that recognising the key money over the useful life of the related asset appropriately reflects the substance of the arrangement and the pattern of benefit consumption.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982465": { "value": "
11.Financial liabilities
11.4 Borrowings
The following borrowings were outstanding at 31st December 2025 and 2024:
Note GroupGroupCompanyCompany
2025202420252024
Current interest-bearing borrowings\u20ac\u20ac\u20ac\u20ac
Bank overdraft310,295---
Bank borrowings ii2,608,9552,897,495--
2,919,2502,897,495--
Current non-interest-bearing borrowings
Third party loansiii200,000150,000--
Total current borrowings3,119,2503,047,495--
Non-Current interest-bearing borrowings
Bank borrowings-4,789,233--
Bond and notes fundsi36,311,92036,185,45236,311,92036,185,452
Third party loans1,650,0001,850,000--
Total non-current borrowings37,961,92042,824,68536,311,92036,185,452
Total borrowings41,081,17045,872,18036,311,92036,185,452
Note i \u2013 Debt securities in issue
In 2024, Juel Group plc issued two tranches amounting to Eur 5,000,000 6.5% Unsecured Notes 2027-2029. On 22nd April 2024, the Group issued one tranche amounting to Eur 3,500,000 which interest is payable annually in arrears on 18th April. On 28th May 2024, the Group issued another tranche amounting to Eur 1,500,000 which interest is payable annually in arrears on 24th May
Note iii \u2013 Third party borrowings
These loans are unsecured, bear interest rate of 2% and are repayable by November 2034 with monthly instalments
Interest rate exposure and maturities of borrowings
20252024Interest rateMaturity
\u20ac\u20ac%
Group
Bank Borrowings2,608,3864,789,2334.65:Bank base rate + 2.5Upon sale of property units or upon repayment as at Dec 2026 and Dec 2027.
Third party loans1,650,0001,850,0002November 2032
Bonds
Secured Bond 32,000,00032,000,0005.5June 2035
Unsecured notes 5,000,0005,000,0006.5April 2029
37,000,00037,000,000
11.7 Trade and other payables
Note GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade and other payables - Non Current
Deferred income v963,3331,000,000--
Capital creditorsiv2,151,747---
Trade payables1,147,0731,147,077--
4,262,1532,147,077--
Trade and other payables - Current
Trade payables2,308,6823,050,359644,130
Amounts due to shareholder199,10524,150--
Amounts due to subsidiaries iii--382,113273,558
VAT payable451,028---
Accruals ii1,612,6901,266,5251,142,2041,146,849
Deposits received 4.21,260,840592,237--
Capital accrualsi2,279,4028,353,538--
Other payables241,01919,260--
8,352,76613,306,0691,524,3811,424,537
\u00a0
Trade and other payables12,614,91915,453,1461,524,3811,424,537
Note iv \u2013 Capital creditors
Capital creditors represent amounts payable to contractors and suppliers who have performed construction and improvement works on the hotel property. The Group has entered into structured repayment arrangements with these creditors, under which outstanding balances are being settled over agreed periods in accordance with mutually agreed terms.
Note v \u2013 Deferred income
Deferred income relates to funds received from the franchisor in connection with the development of the hotel. The consideration was received upfront and is recognised as a contract liability within liabilities in the statement of financial position. The key money is recognised in profit or loss on a systematic basis over the term of the underlying arrangement, which reflects the period over which the Group satisfies its performance obligations and derives the related economic benefits from the use of the hotel asset. Management has determined that recognising the key money over the useful life of the related asset appropriately reflects the substance of the arrangement and the pattern of benefit consumption.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982456": { "value": "
11.Financial liabilities
11.7 Trade and other payables
Note GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade and other payables - Non Current
Deferred income v963,3331,000,000--
Capital creditorsiv2,151,747---
Trade payables1,147,0731,147,077--
4,262,1532,147,077--
Trade and other payables - Current
Trade payables2,308,6823,050,359644,130
Amounts due to shareholder199,10524,150--
Amounts due to subsidiaries iii--382,113273,558
VAT payable451,028---
Accruals ii1,612,6901,266,5251,142,2041,146,849
Deposits received 4.21,260,840592,237--
Capital accrualsi2,279,4028,353,538--
Other payables241,01919,260--
8,352,76613,306,0691,524,3811,424,537
\u00a0
Trade and other payables12,614,91915,453,1461,524,3811,424,537
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982455": { "value": "
11.Financial liabilities
11.7 Trade and other payables
Note GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade and other payables - Non Current
Deferred income v963,3331,000,000--
Capital creditorsiv2,151,747---
Trade payables1,147,0731,147,077--
4,262,1532,147,077--
Trade and other payables - Current
Trade payables2,308,6823,050,359644,130
Amounts due to shareholder199,10524,150--
Amounts due to subsidiaries iii--382,113273,558
VAT payable451,028---
Accruals ii1,612,6901,266,5251,142,2041,146,849
Deposits received 4.21,260,840592,237--
Capital accrualsi2,279,4028,353,538--
Other payables241,01919,260--
8,352,76613,306,0691,524,3811,424,537
\u00a0
Trade and other payables12,614,91915,453,1461,524,3811,424,537
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982450": { "value": "
11.Financial liabilities
11.8Liquidity risk exposure from financial liabilities
The Group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which comprise principally trade and other payables and interest-bearing borrowings disclosed in notes 9.6. Prudent liquidity risk management includes maintaining sufficient cash and committed credit lines to ensure the availability of an adequate amount of funding to meeting the Group\u2019s obligations.
The directors monitor liquidity risk by means of cash flow forecasts on the basis of expected cash flows over a twelve-month period, in order to ensure that adequate funding is in place in order for the Group to be in a position to meet its commitments as and when they will fall due.
As at 31 December 2025, the Group is in a net current asset position of \u20ac4.54m (2024: net current liability position of \u20ac4.25m). However, in light of the facilities in place, management believe that the Group has adequate resources to meet its obligations as and when they fall due for the foreseeable future. Accordingly, these financial statements are prepared on a going concern basis.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
11.9 Maturities of financial liabilities
The table below analyses the Company\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
On demandWithin 1 year2 \u2013 5 yearsOver 5 yearsTotal
\u20ac\u20ac\u20ac\u20ac\u20ac
Group 2025
Trade and other payables3,000,72937,000148,0001,924,0002,109,000
Bank borrowings 310,2952,729,676--3,039,971
Bond-1,760,00013,015,00040,800,00055,575,000
Total contractual cashflows3,311,0244,526,67613,163,00042,724,00060,723,971
Group 2024
Trade and other payables3,069,62637,000148,0001,961,0005,216,626
Bank borrowings-5,011,932--5,011,932
Bonds-1,760,00013,015,00042,560,00057,335,000
Total contractual cashflows3,069,6263,047,4955,789,233850,0009,686,728
Company 2025
Bond-1,760,00013,015,00040,800,00055,575,000
Total contractual cashflows-1,760,00013,015,00040,800,00055,575,000
The amount of trade and other payables classified as repayable within one year in the table above are contractually repayable on demand.
17.Financial risk management
17.2Economic and Financial Risks
Financing Risks
The Group\u2019s projects are partly financed through external resources. Future developments are expected to continue to rely on external financing while maintaining prudent equity levels. Debt servicing represents a significant cash outflow, and increased borrowings may affect profitability. Lenders covenants and changes in lenders\u2019 risk appetite may restrict access to financing or limit operational and investment flexibility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982440": { "value": "
11.Financial liabilities
11.5Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Bank interest319,76172,283--
Amortisation on bond and notes issue costs126,468126,468126,468126,468
Interest expense on debt securities2,085,000-2,085,0001,979,219
2,531,229198,7512,211,4682,105,687
RateGroupGroupCompanyCompany
2025202420252024
%\u20ac\u20ac\u20ac\u20ac
Bond and notes interest capitalised 5.5-6.5-1,979,219--
Bank interest capitalised4.65-262,460--
Finance cost capitalised -2,241,679--
13.Income tax and other income and expense items
13.2 Finance income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest receivable from investment-65,480-54,955
Interest income on loans to subsidiaries--2,270,0002,177,419
-65,4802,270,0002,232,374
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982439": { "value": "
11.Financial liabilities
11.5Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Bank interest319,76172,283--
Amortisation on bond and notes issue costs126,468126,468126,468126,468
Interest expense on debt securities2,085,000-2,085,0001,979,219
2,531,229198,7512,211,4682,105,687
RateGroupGroupCompanyCompany
2025202420252024
%\u20ac\u20ac\u20ac\u20ac
Bond and notes interest capitalised 5.5-6.5-1,979,219--
Bank interest capitalised4.65-262,460--
Finance cost capitalised -2,241,679--
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982430": { "value": "
11.Financial liabilities
11.5Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Bank interest319,76172,283--
Amortisation on bond and notes issue costs126,468126,468126,468126,468
Interest expense on debt securities2,085,000-2,085,0001,979,219
2,531,229198,7512,211,4682,105,687
RateGroupGroupCompanyCompany
2025202420252024
%\u20ac\u20ac\u20ac\u20ac
Bond and notes interest capitalised 5.5-6.5-1,979,219--
Bank interest capitalised4.65-262,460--
Finance cost capitalised -2,241,679--
13.Income tax and other income and expense items
13.2 Finance income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest receivable from investment-65,480-54,955
Interest income on loans to subsidiaries--2,270,0002,177,419
-65,4802,270,0002,232,374
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982429": { "value": "
11.Financial liabilities
11.5Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Bank interest319,76172,283--
Amortisation on bond and notes issue costs126,468126,468126,468126,468
Interest expense on debt securities2,085,000-2,085,0001,979,219
2,531,229198,7512,211,4682,105,687
RateGroupGroupCompanyCompany
2025202420252024
%\u20ac\u20ac\u20ac\u20ac
Bond and notes interest capitalised 5.5-6.5-1,979,219--
Bank interest capitalised4.65-262,460--
Finance cost capitalised -2,241,679--
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982421": { "value": "
11.Financial liabilities
11.7 Trade and other payables
Note GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade and other payables - Non Current
Deferred income v963,3331,000,000--
Capital creditorsiv2,151,747---
Trade payables1,147,0731,147,077--
4,262,1532,147,077--
Trade and other payables - Current
Trade payables2,308,6823,050,359644,130
Amounts due to shareholder199,10524,150--
Amounts due to subsidiaries iii--382,113273,558
VAT payable451,028---
Accruals ii1,612,6901,266,5251,142,2041,146,849
Deposits received 4.21,260,840592,237--
Capital accrualsi2,279,4028,353,538--
Other payables241,01919,260--
8,352,76613,306,0691,524,3811,424,537
\u00a0
Trade and other payables12,614,91915,453,1461,524,3811,424,537
Note v \u2013 Deferred income
Deferred income relates to funds received from the franchisor in connection with the development of the hotel. The consideration was received upfront and is recognised as a contract liability within liabilities in the statement of financial position. The key money is recognised in profit or loss on a systematic basis over the term of the underlying arrangement, which reflects the period over which the Group satisfies its performance obligations and derives the related economic benefits from the use of the hotel asset. Management has determined that recognising the key money over the useful life of the related asset appropriately reflects the substance of the arrangement and the pattern of benefit consumption.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982420": { "value": "
11.Financial liabilities
11.4 Borrowings
The following borrowings were outstanding at 31st December 2025 and 2024:
Note GroupGroupCompanyCompany
2025202420252024
Current interest-bearing borrowings\u20ac\u20ac\u20ac\u20ac
Bank overdraft310,295---
Bank borrowings ii2,608,9552,897,495--
2,919,2502,897,495--
Current non-interest-bearing borrowings
Third party loansiii200,000150,000--
Total current borrowings3,119,2503,047,495--
Non-Current interest-bearing borrowings
Bank borrowings-4,789,233--
Bond and notes fundsi36,311,92036,185,45236,311,92036,185,452
Third party loans1,650,0001,850,000--
Total non-current borrowings37,961,92042,824,68536,311,92036,185,452
Total borrowings41,081,17045,872,18036,311,92036,185,452
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Face value of bonds
Bonds32,000,00032,000,00032,000,00032,000,000
Bank borrowings 5,000,0005,000,0005,000,0005,000,000
37,000,00037,000,00037,000,00037,000,000
Amortised costs
Issue costs941,016941,016941,016941,016
Amortisation on bond issue costs (252,936)(126,468)(252,936)(126,468)
688,080814,548688,080814,548
36,311,92036,185,45236,311,92036,185,452
Note i \u2013 Debt securities in issue
The bonds are measured at the amount of net proceeds adjusted for the amortisation of the difference between the net proceeds and the redemption value of such bonds, using effective yield method.
On 27th June 2023, JUEL Group p.l.c. issued up to \u20ac32,000,000 5.5% Secured Bonds 2035. The bond interest is payable annually in arrears on 27th June. The bonds have been admitted to the Stock exchange on 4th July 2023. The quoted market price as at 31st December 2025 for the bonds was \u20ac98.95 (2024: \u20ac103)
\u00a0
The 5.5% Secured Bonds 2035 are redeemable at par on 27th June 2035. The bond is secured for the full nominal value of the Secured Bond interests thereon as follows:
-The first-ranking general hypothec for the amount is \u20ac32,000,000, over all the present and future property of the Issuer;
-The first-ranking general hypothec for the amount of \u20ac32,000,000, over all the present and future property of Juel Hospitality Limited;
-The first-ranking special hypothec granted by Juel Hospitality Limited for the amount of \u20ac32,000,000 over the Hotel site (and any developments and constructions thereon).
In addition, there are joint and several guarantees granted by Juel Holdings Limited, Juel Hospitality Limited, Muscat Holdings Limited and Muscat Holdings (II) Limited.
In 2024, Juel Group plc issued two tranches amounting to Eur 5,000,000 6.5% Unsecured Notes 2027-2029. On 22nd April 2024, the Group issued one tranche amounting to Eur 3,500,000 which interest is payable annually in arrears on 18th April. On 28th May 2024, the Group issued another tranche amounting to Eur 1,500,000 which interest is payable annually in arrears on 24th May
Note ii \u2013 Bank borrowings
These loans are secured by general hypothecs over the assets of the Group and special hypothecs over the Group\u2019s properties classified as inventory. The Group has unutilised loan facilities of \u20ac2,000,000 as at 31 December 2025. These loans are repayable by December 2026 as per the terms stipulated in the sanction letter.
Note iii \u2013 Third party borrowings
These loans are unsecured, bear interest rate of 2% and are repayable by November 2034 with monthly instalments
Interest rate exposure and maturities of borrowings
20252024Interest rateMaturity
\u20ac\u20ac%
Group
Bank Borrowings2,608,3864,789,2334.65:Bank base rate + 2.5Upon sale of property units or upon repayment as at Dec 2026 and Dec 2027.
Third party loans1,650,0001,850,0002November 2032
Bonds
Secured Bond 32,000,00032,000,0005.5June 2035
Unsecured notes 5,000,0005,000,0006.5April 2029
37,000,00037,000,000
Compliance with loan covenants
The Group and the Company have complied with the financial covenants of its bank loans during both periods presented", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982418": { "value": "
11.Financial liabilities
11.4 Borrowings
Interest rate exposure and maturities of borrowings
20252024Interest rateMaturity
\u20ac\u20ac%
Group
Bank Borrowings2,608,3864,789,2334.65:Bank base rate + 2.5Upon sale of property units or upon repayment as at Dec 2026 and Dec 2027.
Third party loans1,650,0001,850,0002November 2032
Bonds
Secured Bond 32,000,00032,000,0005.5June 2035
Unsecured notes 5,000,0005,000,0006.5April 2029
37,000,00037,000,000
11.8Liquidity risk exposure from financial liabilities
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
11.9 Maturities of financial liabilities
The table below analyses the Company\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
On demandWithin 1 year2 \u2013 5 yearsOver 5 yearsTotal
\u20ac\u20ac\u20ac\u20ac\u20ac
Group 2025
Trade and other payables3,000,72937,000148,0001,924,0002,109,000
Bank borrowings 310,2952,729,676--3,039,971
Bond-1,760,00013,015,00040,800,00055,575,000
Total contractual cashflows3,311,0244,526,67613,163,00042,724,00060,723,971
Group 2024
Trade and other payables3,069,62637,000148,0001,961,0005,216,626
Bank borrowings-5,011,932--5,011,932
Bonds-1,760,00013,015,00042,560,00057,335,000
Total contractual cashflows3,069,6263,047,4955,789,233850,0009,686,728
Company 2025
Bond-1,760,00013,015,00040,800,00055,575,000
Total contractual cashflows-1,760,00013,015,00040,800,00055,575,000
The amount of trade and other payables classified as repayable within one year in the table above are contractually repayable on demand.
12Commitments
As at 31 December 2025 the Group had promise of sale agreements in relation to property stock which was transferred from investment property as disclosed in note 6. Advance deposits on promise of sales amounted to \u20ac1,245,670 (2024: \u20ac564,887).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982417": { "value": "
11.Financial liabilities
11.4 Borrowings
Interest rate exposure and maturities of borrowings
20252024Interest rateMaturity
\u20ac\u20ac%
Group
Bank Borrowings2,608,3864,789,2334.65:Bank base rate + 2.5Upon sale of property units or upon repayment as at Dec 2026 and Dec 2027.
Third party loans1,650,0001,850,0002November 2032
Bonds
Secured Bond 32,000,00032,000,0005.5June 2035
Unsecured notes 5,000,0005,000,0006.5April 2029
37,000,00037,000,000
11.8Liquidity risk exposure from financial liabilities
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
11.9 Maturities of financial liabilities
The table below analyses the Company\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
On demandWithin 1 year2 \u2013 5 yearsOver 5 yearsTotal
\u20ac\u20ac\u20ac\u20ac\u20ac
Group 2025
Trade and other payables3,000,72937,000148,0001,924,0002,109,000
Bank borrowings 310,2952,729,676--3,039,971
Bond-1,760,00013,015,00040,800,00055,575,000
Total contractual cashflows3,311,0244,526,67613,163,00042,724,00060,723,971
Group 2024
Trade and other payables3,069,62637,000148,0001,961,0005,216,626
Bank borrowings-5,011,932--5,011,932
Bonds-1,760,00013,015,00042,560,00057,335,000
Total contractual cashflows3,069,6263,047,4955,789,233850,0009,686,728
Company 2025
Bond-1,760,00013,015,00040,800,00055,575,000
Total contractual cashflows-1,760,00013,015,00040,800,00055,575,000
The amount of trade and other payables classified as repayable within one year in the table above are contractually repayable on demand.
12Commitments
As at 31 December 2025 the Group had promise of sale agreements in relation to property stock which was transferred from investment property as disclosed in note 6. Advance deposits on promise of sales amounted to \u20ac1,245,670 (2024: \u20ac564,887).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982411": { "value": "
11.Financial liabilities
11.4 Borrowings
Interest rate exposure and maturities of borrowings
20252024Interest rateMaturity
\u20ac\u20ac%
Group
Bank Borrowings2,608,3864,789,2334.65:Bank base rate + 2.5Upon sale of property units or upon repayment as at Dec 2026 and Dec 2027.
Third party loans1,650,0001,850,0002November 2032
Bonds
Secured Bond 32,000,00032,000,0005.5June 2035
Unsecured notes 5,000,0005,000,0006.5April 2029
37,000,00037,000,000
11.5Finance costs
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Bank interest319,76172,283--
Amortisation on bond and notes issue costs126,468126,468126,468126,468
Interest expense on debt securities2,085,000-2,085,0001,979,219
2,531,229198,7512,211,4682,105,687
RateGroupGroupCompanyCompany
2025202420252024
%\u20ac\u20ac\u20ac\u20ac
Bond and notes interest capitalised 5.5-6.5-1,979,219--
Bank interest capitalised4.65-262,460--
Finance cost capitalised -2,241,679--
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982406": { "value": "
11.Financial liabilities
11.7 Trade and other payables
Note GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade and other payables - Non Current
Deferred income v963,3331,000,000--
Capital creditorsiv2,151,747---
Trade payables1,147,0731,147,077--
4,262,1532,147,077--
Trade and other payables - Current
Trade payables2,308,6823,050,359644,130
Amounts due to shareholder199,10524,150--
Amounts due to subsidiaries iii--382,113273,558
VAT payable451,028---
Accruals ii1,612,6901,266,5251,142,2041,146,849
Deposits received 4.21,260,840592,237--
Capital accrualsi2,279,4028,353,538--
Other payables241,01919,260--
8,352,76613,306,0691,524,3811,424,537
\u00a0
Trade and other payables12,614,91915,453,1461,524,3811,424,537
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page31-cflshid_15014-tag11982394": { "value": "
11.Financial liabilities
11.4 Borrowings
The following borrowings were outstanding at 31st December 2025 and 2024:
Note GroupGroupCompanyCompany
2025202420252024
Current interest-bearing borrowings\u20ac\u20ac\u20ac\u20ac
Bank overdraft310,295---
Bank borrowings ii2,608,9552,897,495--
2,919,2502,897,495--
Current non-interest-bearing borrowings
Third party loansiii200,000150,000--
Total current borrowings3,119,2503,047,495--
Non-Current interest-bearing borrowings
Bank borrowings-4,789,233--
Bond and notes fundsi36,311,92036,185,45236,311,92036,185,452
Third party loans1,650,0001,850,000--
Total non-current borrowings37,961,92042,824,68536,311,92036,185,452
Total borrowings41,081,17045,872,18036,311,92036,185,452
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Face value of bonds
Bonds32,000,00032,000,00032,000,00032,000,000
Bank borrowings 5,000,0005,000,0005,000,0005,000,000
37,000,00037,000,00037,000,00037,000,000
Amortised costs
Issue costs941,016941,016941,016941,016
Amortisation on bond issue costs (252,936)(126,468)(252,936)(126,468)
688,080814,548688,080814,548
36,311,92036,185,45236,311,92036,185,452
Note i \u2013 Debt securities in issue
The bonds are measured at the amount of net proceeds adjusted for the amortisation of the difference between the net proceeds and the redemption value of such bonds, using effective yield method.
On 27th June 2023, JUEL Group p.l.c. issued up to \u20ac32,000,000 5.5% Secured Bonds 2035. The bond interest is payable annually in arrears on 27th June. The bonds have been admitted to the Stock exchange on 4th July 2023. The quoted market price as at 31st December 2025 for the bonds was \u20ac98.95 (2024: \u20ac103)
\u00a0
The 5.5% Secured Bonds 2035 are redeemable at par on 27th June 2035. The bond is secured for the full nominal value of the Secured Bond interests thereon as follows:
-The first-ranking general hypothec for the amount is \u20ac32,000,000, over all the present and future property of the Issuer;
-The first-ranking general hypothec for the amount of \u20ac32,000,000, over all the present and future property of Juel Hospitality Limited;
-The first-ranking special hypothec granted by Juel Hospitality Limited for the amount of \u20ac32,000,000 over the Hotel site (and any developments and constructions thereon).
In addition, there are joint and several guarantees granted by Juel Holdings Limited, Juel Hospitality Limited, Muscat Holdings Limited and Muscat Holdings (II) Limited.
In 2024, Juel Group plc issued two tranches amounting to Eur 5,000,000 6.5% Unsecured Notes 2027-2029. On 22nd April 2024, the Group issued one tranche amounting to Eur 3,500,000 which interest is payable annually in arrears on 18th April. On 28th May 2024, the Group issued another tranche amounting to Eur 1,500,000 which interest is payable annually in arrears on 24th May
Note ii \u2013 Bank borrowings
These loans are secured by general hypothecs over the assets of the Group and special hypothecs over the Group\u2019s properties classified as inventory. The Group has unutilised loan facilities of \u20ac2,000,000 as at 31 December 2025. These loans are repayable by December 2026 as per the terms stipulated in the sanction letter.
Note iii \u2013 Third party borrowings
These loans are unsecured, bear interest rate of 2% and are repayable by November 2034 with monthly instalments
Interest rate exposure and maturities of borrowings
20252024Interest rateMaturity
\u20ac\u20ac%
Group
Bank Borrowings2,608,3864,789,2334.65:Bank base rate + 2.5Upon sale of property units or upon repayment as at Dec 2026 and Dec 2027.
Third party loans1,650,0001,850,0002November 2032
Bonds
Secured Bond 32,000,00032,000,0005.5June 2035
Unsecured notes 5,000,0005,000,0006.5April 2029
37,000,00037,000,000
Compliance with loan covenants
The Group and the Company have complied with the financial covenants of its bank loans during both periods presented.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page37-cflshid_18275-tag11982487": { "value": "
13.Income tax and other income and expense items
13.1 Income taxes
Current and deferred tax is recognised in profit or loss, except when it relates to items recognised in other comprehensive income or directly in equity, in which case the current and deferred tax is also dealt with in other comprehensive income or in equity, as appropriate.
Current tax is based on the taxable result for the period. The taxable result for the period differs from the result as reported in profit or loss because it excludes items which are non-assessable or disallowed and it further excludes items that are taxable or deductible in other periods. It is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page37-cflshid_18275-tag11982473": { "value": "
13.Income tax and other income and expense items
13.1 Income taxes
Current and deferred tax is recognised in profit or loss, except when it relates to items recognised in other comprehensive income or directly in equity, in which case the current and deferred tax is also dealt with in other comprehensive income or in equity, as appropriate.
Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. However, deferred tax is not accounted for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.
The deferred tax liability in relation to investment property that is measured at fair value is determined assuming the property will be recovered entirely through sale.
Deferred tax in relation to the revaluation of land and buildings is charged or credited to other comprehensive income (to the extent that the revaluation is recognised in other comprehensive income). For buildings, deferred tax is recognised on the basis that the tax will be recovered through use (i.e. the corporate rate of tax in Malta), whilst land is expected to be recovered through sale. Deferred income tax on the difference between the actual depreciation on the property and the equivalent depreciation based on the historical cost of the property is realised through the income statement.
Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets, including deferred tax assets for unused tax losses and unused tax credits carried forward, are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences (or the unused tax losses and unused tax credits) can be utilised to the period when the asset is realised or the liability is settled based on the tax rates that have been enacted by the balance sheet date. Deferred tax assets and liabilities are offset when the Group\u2019s Companies have a legally enforceable right to settle its current tax assets and liabilities on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page37-cflshid_18275-tag11982436": { "value": "
13.Income tax and other income and expense items
13.1 Income taxes
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current tax
FWT on property sales1,164,833417,389--
Current tax-10,456-10,456
Deferred tax credit(3,318,404)64,340--
(2,153,571)492,185-10,456
The tax expense and the tax charge using the statutory income tax rate of 35% are reconciled as follows:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Profit before tax2,650,3535,992,5952,222,6574,869,119
Tax thereon at 35%927,6242,097,410779,3301,704,192
Income taxed at FWT (4,169,014)(321,112)--
Deferred tax not recognised in prior year(1,940,048)---
Expenses disallowed for tax purposes 4,010,85161,22222,8388,243
Additional allowance on rental income-(10,668)--
Unabsorbed tax losses and capital allowances-340,396--
Unwind of deferred tax on revalued property sold during the year(180,816)---
Share of profit in associates and joint ventures(802,168)(1,675,063)(802,168)(1,701,979)
(2,153,571)492,185-10,456
Deferred tax
Deferred taxes are calculated on all temporary differences under the liability method using a principal tax rate of 35% / 10% (2022: 35% / 10%). The analysis of deferred tax balances, and the movement in the deferred tax account, is as follows:
As at 1 January 2025Recognised in profit & lossAs at 31 December 2025
\u20ac\u20ac\u20ac
Deferred tax asset
Deferred tax asset on unabsorbed capital allowances and trading losses6,2561,814,8351,821,091
Deferred tax credit on hotel investment-1,663,3201,663,320
Timing differences between WDV and NBV-(340,395)(340,395)
6,2563,137,7603,144,016
Deferred tax liability
Deferred tax on revaluation of property (944,000)180,816(763,184)
Judgements
Deferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with future tax planning strategies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:485100T71HGPIVIIF136", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page37-cflshid_18275-tag11982422": { "value": "
13.Income tax and other income and expense items
13.1 Income taxes
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current tax
FWT on property sales1,164,833417,389--
Current tax-10,456-10,456
Deferred tax credit(3,318,404)64,340--
(2,153,571)492,185-10,456
The tax expense and the tax charge using the statutory income tax rate of 35% are reconciled as follows:
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Profit before tax2,650,3535,992,5952,222,6574,869,119
Tax thereon at 35%927,6242,097,410779,3301,704,192
Income taxed at FWT (4,169,014)(321,112)--
Deferred tax not recognised in prior year(1,940,048)---
Expenses disallowed for tax purposes 4,010,85161,22222,8388,243
Additional allowance on rental income-(10,668)--
Unabsorbed tax losses and capital allowances-340,396--
Unwind of deferred tax on revalued property sold during the year(180,816)---
Share of profit in associates and joint ventures(802,168)(1,675,063)(802,168)(1,701,979)
(2,153,571)492,185-10,456
Deferred tax
Deferred taxes are calculated on all temporary differences under the liability method using a principal tax rate of 35% / 10% (2022: 35% / 10%). The analysis of deferred tax balances, and the movement in the deferred tax account, is as follows:
As at 1 January 2025Recognised in profit & lossAs at 31 December 2025
\u20ac\u20ac\u20ac
Deferred tax asset
Deferred tax asset on unabsorbed capital allowances and trading losses6,2561,814,8351,821,091
Deferred tax credit on hotel investment-1,663,3201,663,320
Timing differences between WDV and NBV-(340,395)(340,395)
6,2563,137,7603,144,016
Deferred tax liability
Deferred tax on revaluation of property (944,000)180,816(763,184)
Judgements
Deferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with future tax planning strategies.
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13.Income tax and other income and expense items
13.2 Finance income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest receivable from investment-65,480-54,955
Interest income on loans to subsidiaries--2,270,0002,177,419
-65,4802,270,0002,232,374
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13.Income tax and other income and expense items
13.5 Staff wages and employee information
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Director\u2019s remuneration62,91054,72362,91054,723
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13.Income tax and other income and expense items
13.5 Staff wages and employee information
The average number of persons employed by the company during the year was 54 (2024: 17)
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13.Income tax and other income and expense items
13.2 Finance income
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest receivable from investment-65,480-54,955
Interest income on loans to subsidiaries--2,270,0002,177,419
-65,4802,270,0002,232,374
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13.Income tax and other income and expense items
13.5 Staff wages and employee information
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Wages and salaries2,581,894571,80462,91054,723
Social security costs123,74316,737--
2,705,637588,54162,91054,726
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Director\u2019s remuneration62,91054,72362,91054,723
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13.Income tax and other income and expense items
13.4 Fees paid to the auditors
Profit before tax for the Group is stated after charging the following fees in relation to services provided by the external auditors of the Group.
GroupGroupCompanyCompany
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Other assurance services7,3167,3167,3167,316
Audit fees27,33026,26712,61712,617
34,64633,58320,99519,933
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14.Capital management
The Group\u2019s objectives when managing capital are to:
-Safeguard the Company\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and
-to maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Company may issue new shares or adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Consistent with others in the industry, the group monitors capital on the basis of the following gearing ratio:
Net debt (borrowings as presented in note 11.4) divided by total equity (as shown in the statement of financial position).
The Group and the Company manage their capital structure and make adjustments in light of changes in economic conditions. To maintain and adjust the capital structure, the Group and the Company may adjust the dividend payment to shareholders or issue new debt. The Group monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Group includes within net debt interest bearing loans and borrowings, trade and other payables and other financial liabilities less cash and cash equivalents.
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15.Equity
15.1 Share capital
Ordinary shares issued by the Company are classified as equity instruments. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.
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15.Equity
15.1 Share capital
GroupGroupCompanyCompany
2025202420252024
Authorised\u20ac\u20ac\u20ac\u20ac
19,999,999 Ordinary \u2018A\u2019 Shares of \u20ac1 each19,999,99919,999,99919,999,99919,999,999
1 Ordinary \u2018B\u2019 shares of \u20ac1 each1111
20,000,00020,000,00020,000,00020,000,000
Issued
19,066,226 Ordinary \u2018A\u2019 Shares of \u20ac 1 each19,066,22619,066,22619,066,22619,066,226
1 Ordinary \u2018B\u2019 shares of \u20ac1 each1111
19,066,22719,066,22719,066,22719,066,227
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15.Equity
15.1 Share capital
GroupGroupCompanyCompany
2025202420252024
Authorised\u20ac\u20ac\u20ac\u20ac
19,999,999 Ordinary \u2018A\u2019 Shares of \u20ac1 each19,999,99919,999,99919,999,99919,999,999
1 Ordinary \u2018B\u2019 shares of \u20ac1 each1111
20,000,00020,000,00020,000,00020,000,000
Issued
19,066,226 Ordinary \u2018A\u2019 Shares of \u20ac 1 each19,066,22619,066,22619,066,22619,066,226
1 Ordinary \u2018B\u2019 shares of \u20ac1 each1111
19,066,22719,066,22719,066,22719,066,227
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17.Financial risk management
The Group\u2019s activities potentially expose it to a variety of financial risks on its financial assets and financial liabilities. The key components of financial risks to the Group are market risk (namely, cash flow interest rate risk and fair value interest rate risk), credit risk and liquidity risk. The Group\u2019s overall risk management focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance.
17.1Cash flow and fair value interest rate risk
The Group\u2019s interest rate risk arises on its interest-bearing borrowings, deposits held with banks, and debt investments. Borrowings issued at variable rates, comprising bank borrowings, expose the Group to cash flow interest rate risk. The Group\u2019s bank borrowings are subject to an interest rate that varies according to revisions made to the Bank\u2019s Base Rate and / or three-month Euribor. The directors monitor the level of floating rate borrowings as a measure of cash flow risk taken on.
The Group has adopted a cautious risk policy with regards to interest rate fluctuation through the issue of a \u20ac32,000,000 ten-year bond incurring interest of 5.5% and \u20ac5,000,000 five year securities incurring interest of 6.5% Debt securities issued at fixed rates. Debt securities are however carried at amortised cost. Accordingly, a shift in interest rates would not have an impact on profit or loss.
A shift in interest rates on borrowings at variable rates will however have an impact on profit or loss. The directors consider the potential impact on the Group\u2019s profit or loss of a defined interest rate shift of 1.5%, that is reasonably possible, at the end of the reporting period keeping all other variables constant, to amount to +/- \u20ac39,000 (2024: +/- \u20ac115,301). The impact of a reasonably possible shift in interest rates is not expected to impact the fair value of FVOCI financial assets materially and therefore the directors believe that the potential impact of such a shift on other comprehensive income is immaterial.
17.3Market Risks of the Group
Market risk is the risk that changes in market prices, such as interest rates, and quoted prices, will affect the Group\u2019s income or financial position. The objective of the Group\u2019s market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk.
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