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Basis of Preparation (a) Reporting entity Cairn Homes plc (\u2018the Company\u2019) is a company domiciled in Ireland. The Company\u2019s registered office is 45 Mespil Road, Dublin 4, D04 W2F1. These consolidated financial statements cover the year ended 31 December 2024 for the Company and its subsidiaries (together referred to as \u2018the Group\u2019) and the Group\u2019s interest in a joint venture undertaking. The Group is predominantly involved in the development of residential property for sale. (b) Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and their interpretations approved by the International Accounting Standards Board (IASB), as adopted by the European Union (EU), and those parts of the Companies Act 2014 applicable to companies reporting under IFRS and Article 4 of the IAS Regulation. (c) New standards and interpretations The following standards and interpretations were effective for the Group for the first time from 1 January 2024. They did not have a material effect on the consolidated results of the Group: \u2022 Amendments to IFRS 16, Lease Liability in a Sale and Leaseback. \u2022 Amendments to IAS 1, Classification of Liabilities as Current or Non-current and Deferral of Effective Date. \u2022 Amendments to IAS 1, Non-current Liabilities with Covenants. \u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements. The following amendments to standards have been endorsed by the EU, and are effective from 1 January 2025. The Group has not adopted these amendments early. The potential impact of these amendments on the Group is under review: \u2022 Amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates: lack of exchangeability. The following standards and interpretations are not yet endorsed by the EU. The potential impact of these standards on the Group is under review: \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures. \u2022 Contracts Referencing Nature-dependent Electricity- Amendments to IFRS 9 and IFRS 7. \u2022 Amendments to the Classification and Measurement of Financial Instruments- Amendments to IFRS 9 and IFRS 7. \u2022 Annual Improvements Volume 11. \u2022 IFRS 18 Presentation and Disclosure in Financial Statements. The Group notes that IFRS 18 Presentation and Disclosure may have a material impact on the Financial Statements in the future as follows: This new pronouncement aims to give users of financial statements more transparent and comparable information about an entity\u2019s financial performance. The new standard will replace IAS 1 \u2018Presentation of Financial Statements\u2019 but will retain many of the requirements from that standard. The key new concepts introduced in IFRS 18 relate to: \u2022 the structure of Income Statement; \u2022 required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (management defined performance measures); and \u2022 enhanced principles on aggregation and disaggregation which apply to the primary statements and notes. The amendments are subject to endorsement by the EU. The effective date is for financial periods beginning on or after 1 January 2027. While IFRS 18 will not change recognition criteria or measurement basis, it may have a significant impact on presenting information in the financial statements. The Group is currently assessing any impact . (d) Functional and presentation currency These consolidated financial statements are presented in Euro, which is the functional currency of the Company and presentation currency of the Group, rounded to the nearest thousand. (e) Going concern basis of accounting The Group delivered our strongest ever performance in 2024 with a year-on-year growth of 29% in both revenue and units and a 34% increase in profit after tax. With 2,241 units 1 and total revenue of \u20ac859.9 million in the year, the Group generated \u20ac134.7 million in operational cash flow, a significant increase from the \u20ac107.0 million generated in 2023 and started 2025 with a multi-year forward sales pipeline of 2,361 new homes with a net sales value of c.\u20ac910 million. 1 This comprises both closed sales and equivalent units. Equivalent units relate to forward fund transactions which are calculated on a percentage completion basis based on the constructed value of work completed divided by total estimated cost. The Group has a growth strategy that focuses on minimising financial risk and maintaining financial flexibility to ensure we have a strong, sustainable and long-term business. The business has strong liquidity, a significant investment in construction work-in-progress underpinned by a significant forward order book, a robust balance sheet and committed, lowly leveraged debt facilities. To mitigate liquidity risk, the Group applies a prudent cash management policy ensuring our construction activities in the near and medium-term are focused on forward sold inventories, including lower average selling price starter homes for our core first time buyer market and scaled apartment developments with multi-year delivery timelines. The Group had a total committed debt facility of \u20ac385.0 million at the start of 2025. This increased to \u20ac460.0 million in February 2025, of which \u20ac402.5 million is a syndicate facility comprising a Sustainability Linked term loan and revolving credit facility with Allied Irish Banks plc, Bank of Ireland, and Home Building Finance Ireland (HBFI), maturing in June 2029 with a one-year extension option at our discretion. HBFI joined our syndicate during 2024. Four sustainability performance targets underpin these green facilities which are linked directly to key elements of our sustainability strategy. Net debt was \u20ac154.4 million as at 31 December 2024 (31 December 2023: \u20ac148.3 million). The Company had available liquidity (cash and undrawn facilities) at 31 December 2024 of \u20ac229.6 million (31 December 2023: \u20ac200.6 million), including \u20ac27.6 million of cash (31 December 2023: \u20ac25.5 million). The Group invested \u20ac484.3 million in our construction activities during 2024, including commencing construction on ten large-scale, multi-year, new developments. The Group continues to focus our new site commencements on our core starter homes market and large apartment developments for State-supported counterparties. During the period, the Group entered into a number of forward fund transactions which benefit the business from a liquidity perspective and support our continued and ambitious growth plans. The Group is also encouraged by the sustained level of underlying demand for new homes in the market as evidenced by the size of its forward sales pipeline, with strong demand continuing into the early months of 2025. Enquiry lists across all of our active selling sites remain high with particularly strong interest in our starter home developments. The Group\u2019s closed and forward sales pipeline increased to 2,593 new homes with a net sales value of \u20ac989 million as at 26 February 2025. Of these, over 1,600 new homes are expected to close in 2025. The Directors have carried out a detailed assessment of the principal risks facing the Group and have considered the impact of these risks on the going concern of the business. In making this assessment, consideration has been given to the uncertainty inherent in financial forecasting including future market conditions such as sales prices. Where appropriate, severe but plausible downside-sensitivities have been applied to the key factors affecting the future financial performance of the Group. Having considered the Group\u2019s forecasts and outlook including the strength of its forward order book, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they are satisfied that it is appropriate to continue to adopt the going concern basis in preparing these consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-498": { "value": "
(a) Reporting entity
Cairn Homes plc (\u2018the Company\u2019) is a company domiciled in Ireland. The Company\u2019s registered office is 45 Mespil Road, Dublin 4, D04 W2F1. These consolidated financial statements cover the year ended 31 December 2024 for the
Company and its subsidiaries (together referred to as \u2018the Group\u2019) and the Group\u2019s interest in a joint venture undertaking. The Group is predominantly involved in the development of residential property for sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-1": { "value": "Cairn Homes plc ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-448": { "value": "Cairn Homes plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-447": { "value": "Cairn Homes plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-445": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-449": { "value": " Ireland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "Ireland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-446": { "value": "Ireland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "45 Mespil Road, Dublin 4, D04 W2F1", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "development of residential property for sale", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-499": { "value": "
(b) Statement of compliance
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and their interpretations approved by the International Accounting Standards Board (IASB), as
adopted by the European Union (EU), and those parts of the Companies Act 2014 applicable to companies reporting under IFRS and Article 4 of the IAS Regulation.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-501": { "value": "(c) New standards and interpretations The following standards and interpretations were effective for the Group for the first time from 1 January 2024. They did not have a material effect on the consolidated results of the Group: \u2022 Amendments to IFRS 16, Lease Liability in a Sale and Leaseback. \u2022 Amendments to IAS 1, Classification of Liabilities as Current or Non-current and Deferral of Effective Date. \u2022 Amendments to IAS 1, Non-current Liabilities with Covenants. \u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements. The following amendments to standards have been endorsed by the EU, and are effective from 1 January 2025. The Group has not adopted these amendments early. The potential impact of these amendments on the Group is under review: \u2022 Amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates: lack of exchangeability. The following standards and interpretations are not yet endorsed by the EU. The potential impact of these standards on the Group is under review: \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures. \u2022 Contracts Referencing Nature-dependent Electricity- Amendments to IFRS 9 and IFRS 7. \u2022 Amendments to the Classification and Measurement of Financial Instruments- Amendments to IFRS 9 and IFRS 7. \u2022 Annual Improvements Volume 11. \u2022 IFRS 18 Presentation and Disclosure in Financial Statements. The Group notes that IFRS 18 Presentation and Disclosure may have a material impact on the Financial Statements in the future as follows: This new pronouncement aims to give users of financial statements more transparent and comparable information about an entity\u2019s financial performance. The new standard will replace IAS 1 \u2018Presentation of Financial Statements\u2019 but will retain many of the requirements from that standard. The key new concepts introduced in IFRS 18 relate to: \u2022 the structure of Income Statement; \u2022 required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (management defined performance measures); and \u2022 enhanced principles on aggregation and disaggregation which apply to the primary statements and notes. The amendments are subject to endorsement by the EU. The effective date is for financial periods beginning on or after 1 January 2027. While IFRS 18 will not change recognition criteria or measurement basis, it may have a significant impact on presenting information in the financial statements. The Group is currently assessing any impact ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-500": { "value": "
(d) Functional and presentation currency
These consolidated financial statements are presented in Euro, which is the functional currency of the Company and presentation currency of the Group, rounded to the nearest thousand.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-502": { "value": "
(e) Going concern basis of accounting
The Group delivered our strongest ever performance in 2024 with a year-on-year growth of 29% in both revenue and units and a 34% increase in profit after tax. With 2,241 units
1
and total revenue of \u20ac859.9 million in the year, the
Group generated \u20ac134.7 million in operational cash flow, a significant increase from the \u20ac107.0 million generated in 2023 and started 2025 with a multi-year forward sales pipeline of 2,361 new homes with a net sales value of
c.\u20ac910 million.
1 This comprises both closed sales and equivalent units. Equivalent units relate to forward fund transactions which are calculated on a percentage completion basis based on the constructed value of work completed divided by total estimated cost.
The Group has a growth strategy that focuses on minimising financial risk and maintaining financial flexibility to ensure we have a strong, sustainable and long-term business. The business has strong liquidity, a significant
investment in construction work-in-progress underpinned by a significant forward order book, a robust balance sheet and committed, lowly leveraged debt facilities.
To mitigate liquidity risk, the Group applies a prudent cash management policy ensuring our construction activities in the near and medium-term are focused on forward sold inventories, including lower average selling price
starter homes for our core first time buyer market and scaled apartment developments with multi-year delivery timelines.
The Group had a total committed debt facility of \u20ac385.0 million at the start of 2025. This increased to \u20ac460.0 million in February 2025, of which \u20ac402.5 million is a syndicate facility comprising a Sustainability Linked term loan and
revolving credit facility with Allied Irish Banks plc, Bank of Ireland, and Home Building Finance Ireland (HBFI), maturing in June 2029 with a one-year extension option at our discretion. HBFI joined our syndicate during 2024. Four
sustainability performance targets underpin these green facilities which are linked directly to key elements of our sustainability strategy.
Net debt was \u20ac154.4 million as at 31 December 2024 (31 December 2023: \u20ac148.3 million). The Company had available liquidity (cash and undrawn facilities) at 31 December 2024 of \u20ac229.6 million (31 December 2023: \u20ac200.6
million), including \u20ac27.6 million of cash (31 December 2023: \u20ac25.5 million).
The Group invested \u20ac484.3 million in our construction activities during 2024, including commencing construction on ten large-scale, multi-year, new developments. The Group continues to focus our new site commencements on
our core starter homes market and large apartment developments for State-supported counterparties. During the period, the Group entered into a number of forward fund transactions which benefit the business from a liquidity
perspective and support our continued and ambitious growth plans.
The Group is also encouraged by the sustained level of underlying demand for new homes in the market as evidenced by the size of its forward sales pipeline, with strong demand continuing into the early months of 2025. Enquiry
lists across all of our active selling sites remain high with particularly strong interest in our starter home developments. The Group\u2019s closed and forward sales pipeline increased to 2,593 new homes with a net sales value of \u20ac989
million as at 26 February 2025. Of these, over 1,600 new homes are expected to close in 2025.
The Directors have carried out a detailed assessment of the principal risks facing the Group and have considered the impact of these risks on the going concern of the business. In making this assessment, consideration has been
given to the uncertainty inherent in financial forecasting including future market conditions such as sales prices. Where appropriate, severe but plausible downside-sensitivities have been applied to the key factors affecting the
future financial performance of the Group.
Having considered the Group\u2019s forecasts and outlook including the strength of its forward order book, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for
the foreseeable future. Accordingly, they are satisfied that it is appropriate to continue to adopt the going concern basis in preparing these consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-452": { "value": "
2. Key Judgements and Estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Actual
results could differ materially from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The significant accounting judgements impacting these financial statements, in order of significance, are:
\u2022 scale and mix of each development and the achievement of associated planning permissions.
This may involve assumptions on new or amended planning permission applications. This judgement then feeds into the process of forecasting expected profitability by development which is used to determine the profit that the
Group is able to recognise on its developments in each reporting period and the net realisable value of inventories.
\u2022 revenue recognition in relation to forward fund transactions.
When contractual arrangements exist whereby land is sold up-front and the cost of delivering the new homes is paid for by the purchaser on a phased basis, there is a judgement as to whether the sale of land and the delivery of
residential units are a single performance obligation or separate performance obligations for the purposes of revenue recognition. Based on the facts and circumstances it was determined that for these transactions the delivery of
land and residential units were highly interrelated and formed a single performance obligation to be delivered over time.
The key sources of estimation uncertainty impacting these financial statements are:
\u2022 forecast selling prices;
\u2022 build cost inflation; and
\u2022 carrying value of inventories and allocations from inventories to cost of sales (see Note 3 (g) and 16).
Due to the nature of the Group\u2019s activities and, in particular the scale of its development costs and the length of the development cycle, the Group has to allocate site-wide development costs between units completed in the
current year and those in future years. It also has to forecast the costs to complete on such developments and make estimates relating to future sales prices. Forecast selling prices and build cost inflation are inherently uncertain
due to changes in market conditions. These estimates impact management\u2019s assessment of the net realisable value of the Group\u2019s inventories and also determine the extent of profit or loss that should be recognised in respect of
each development in each reporting period. Note 16 includes disclosures on judgements and estimates in relation to profit margins and carrying values of inventories. In making such assessments and allocations, there is a degree
of inherent estimation uncertainty.
The Group has developed internal controls designed to effectively assess and review carrying values and profit recognition and the appropriateness of estimates made. The Group recognises its gross profit on each sale, based on
the particular unit sold and the total cost attaching to that unit. As the build cost on a site can take place over a number of reporting periods the determination of the cost of sale to release on each individual unit sale is dependent
on up-to-date cost forecasting and expected profit margins across the scheme.
In preparing the financial statements, the Directors have considered the impact of climate change and the Group\u2019s commitment to the Science Based Targets initiative (SBTi) Net Zero standard as well as any additional costs,
savings and revenues associated with climate risks or opportunities as identified in the Task Force on Climate-Related Financial Disclosures on pages 58 to 63 of the annual report. Costs and revenues associated with climate risks
or opportunities are reflected in the Group\u2019s forecasts used to determine margins on active and non-active developments. There has been no other material impact identified on the financial reporting judgements and estimates
as a result of climate change. In particular, the Directors considered the impact of climate change in respect of the following areas: going concern and viability of the Group over the next three years; cash flow forecasts used in the
impairment assessments of inventories; and carrying value and useful economic lives of property, plant and equipment. Whilst there is currently no expected material medium-term impact on the Group from climate change, the
Directors are aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-450": { "value": "
3. Material Accounting Policies
The accounting policies set out below have been applied in these financial statements.
(a) Basis of consolidation
The consolidated financial statements include the results of Cairn Homes plc and all its subsidiary undertakings and the Group\u2019s share of its joint venture undertaking for the year ended 31 December 2024.
Business combinations
The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net
assets acquired. Goodwill arising on consolidation represents the excess of the fair value of the consideration over the fair value of the separately identifiable net assets and liabilities acquired.
Any goodwill that arises is capitalised and tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt
or equity securities.
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss.
Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration is classified as equity, then it is not remeasured, and settlement is accounted for within equity.
Otherwise, subsequent changes in the fair value of contingent consideration that meets the definition of a financial instrument are recognised in profit or loss .
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power
over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Changes in the ownership interest
in a subsidiary that do not result in loss of control are recognised in equity.
Non-controlling interests, as stated in the statement of financial position if any, represents the portion of the equity of subsidiaries which is not attributable to the owners of the Company.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated.
(b) Joint ventures
A joint venture is an arrangement where the Group has joint control and the Group has rights to the net assets of the arrangement. Investments in joint ventures are accounted for using the equity method. The investment
in a joint venture is initially recognised at cost. Subsequent to initial recognition, the carrying amount of the investment in a joint venture is increased or decreased to recognise the Group\u2019s share of the profit or loss and other
comprehensive income of the joint venture, adjusted where necessary to ensure consistency with the accounting policies of the Group until the joint control ceases. The Group does not continue to recognise its share of losses of
joint ventures when the carrying value has been reduced to zero.
(c) Property, plant and equipment
Property, plant and equipment are initially recognised at cost. Depreciation is provided using the straight-line method to write off the cost less any residual value over the estimated useful life of the asset on the following basis:
\u2022 Leasehold improvements 7-10 years;
\u2022 Motor vehicles 4 years; and
\u2022 Computers & equipment 3-7 years.
The assets\u2019 useful economic lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its
recoverable amount.
(d) Leases
All assets held by the Group under lease agreements which are greater than twelve months in duration are recognised as right-of-use assets within the statement of financial position representing its rights to use the underlying
asset. The present value of future payments to be made under those lease agreements is recognised as a liability representing its obligation to make lease payments.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The lease liability is subsequently increased by the interest costs on the lease liability
and decreased by the lease payments made. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability plus any initial direct costs, and subsequently at cost less accumulated
depreciation. Depreciation is charged on a straight-line basis over the lease term from the lease commencement date.
The right-of-use assets and lease liabilities recognised represent the Group\u2019s leases on the central support office and vehicles. The right-of-use assets and related lease liabilities have been determined by discounting the lease
payments over the expected term of the leases at discount rates reflecting the Group\u2019s incremental borrowing rate at inception.
(e) Intangible assets
Computer software
Acquired computer software is capitalised as intangible assets on the basis of the costs incurred to acquire and bring to use the specific software.
Costs that are directly attributable to the production of identifiable and unique software products controlled by the Group, and that will probably generate economic benefits exceeding costs beyond one year, are recognised as
intangible assets.
Computer software costs are amortised over their estimated useful lives from three to ten years for specialised software which is expected to provide benefits over those periods. Other costs in respect of computer software are recognised as an expense or capitalised as part of inventory costs as incurred. The assets\u2019 useful lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. (f) Revenue Revenue represents the fair value of consideration received or receivable, net of value-added tax. The Group recognises revenue using point in time or over time methodology based on the specific terms of the contractual arrangements for each transaction. Point in time transactions Revenue is recognised at the point in time for single unit and some multi-unit transactions when control over the property has been transferred to the customer, which occurs at legal completion. Revenue is measured at the transaction price agreed under the contract. Booking and contract deposits on units sold by the Group are held by the Group\u2019s legal advisors, externally to the Group, until legal completion of the sale, at which point all such deposits and the final payment are paid to the Group and recognised as revenue. Where a multiple unit contract involves a number of phases being delivered over phased delivery dates, the Group recognises revenue on legal completion of each phase when control passes to the customer, with each phase having its own pre-agreed pricing for a defined number of units and a pre-determined handover date. Over time transactions During the year, the Group entered into a number of forward fund transactions with State-supported counterparties. The forward fund transactions involve the Group delivering new homes under a contractual relationship where land is sold up-front to the State-supported counterparties and the cost of delivering the new homes is paid by the State-supported counterparties to the Group on a phased basis. The accounting treatment for revenue is assessed based on the specific terms of the contractual arrangements for each transaction. This resulted in the adoption of a new revenue recognition method in accordance with IFRS 15 Revenue from Contracts with Customers. Judgment was applied in considering whether the delivery of land and residential units under these arrangements formed a single performance obligation or separate performance obligations. Based on the facts and circumstances it was determined that for these transactions the delivery of land and residential units formed a single performance obligation to be delivered over time. Revenue relating to these transactions is recognised over time on a cost completion basis. This is measured by the proportion of total costs incurred at the reporting date relative to the estimated total costs of the contract using an independent third-party valuation of the work performed. These contracts may give rise to contract assets and/or contract liabilities. Contract assets are calculated as the amount by which the cumulative value of revenue earned on certain long-term contracts exceeds the amounts invoiced to the customer or consists of revenue earned on forward fund transactions with State-suppoered counterparties where the right to timing of receipt of consideration is conditioned on something other than the passage of time. Conversely, contract liabilities represent the amount by which the cumulative amounts invoiced for stage payments on certain long-term contracts exceed the revenue recognised. Rental income Rental income is recognised on a straight-line basis over the life of the operating lease. This income principally arises from properties let on a short-term basis. (g) Inventories Units in the course of development and completed units are valued at the lower of cost and net realisable value. Cost includes the cost of land, raw materials, stamp duty, direct labour, direct wages and salaries and development costs, but excludes indirect overheads. Land purchased for development, including land in the course of development, is initially recorded at cost. For development property acquired through business combinations, cost is the sum of the fair value at acquisition plus subsequent direct costs. The Group\u2019s developments can take place over several reporting periods and the Group has to allocate site-wide development costs between units built in the current year and in future years. It also has to estimate the costs to completion of such developments. In making these assessments, which impact on estimating the appropriate amounts from inventories to be recognised as cost of sales on units sold, there is a degree of inherent uncertainty. The Group is predominantly involved in the development of residential property units for sale. Because the nature of such individual units is that they are produced in large quantities on a repetitive basis over a relatively short period of time, the Group\u2019s inventories are not considered to be qualifying assets for the purposes of capitalisation of borrowing costs. Inventories are carried at the lower of cost and net realisable value, such that provision is made, where appropriate, to reduce the value of inventories to their net realisable value.
Where a site has commenced selling units, the Group compares the margin recognised on a site in the year to the forecast margin on a site over the life of the development, taking account of updated sales prices and cost
estimates. Where a site has not yet commenced selling, the Group compares the most recent forecast to prior forecasts for that site. The Group assesses whether any such updated margin forecasts indicate that the inventory
balance needs to be adjusted to reflect the net realisable value.
Where a site purchased for redevelopment includes existing rental properties which will be demolished or vacated as part of the planned redevelopment of the site, the full cost of the site is classified within inventories.
Contract deposits for purchases of development land are recognised as deposits when paid and are transferred to inventories on legal completion of the contract when the remainder of the contract price is paid.
Non-refundable land option payments are initially recognised in inventory. These represent options to purchase land at market value at a future point in time. They are reviewed regularly and written off to profit or loss if it is
probable that the option will not be exercised.
(h) Share-based payments
The Group has issued equity-settled share-based payments to certain employees (compromising long-term incentive awards, the stretch CEO long- term incentive plan, restricted share unit awards and share options).
The grant-date fair value of equity-settled share-based payment awards granted to employees is generally recognised as an expense, with a corresponding increase in equity over the vesting period of the awards. The amounts
recognised as an expense are adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the
number of awards that meet the related service and non-market performance conditions, where applicable at the vesting date.
The amount recognised as an expense is not adjusted for market conditions not being met. For share-based payment awards with non vesting conditions, the grant-date fair value of the share-based payment is measured to
reflect such conditions and there is no true-up for differences between expected and actual outcomes.
(i) Taxation
Tax expense comprises current tax and deferred tax. Tax expense is recognised in profit or loss except to the extent that it relates to a business combination or items recognised in other comprehensive income or equity.
Current tax is the expected tax payable on taxable profit or loss for the period and any adjustment to tax payable in respect of previous years. It is measured using tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for:
\u2022 temporary differences relating to investments in subsidiaries to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and
\u2022 taxable temporary differences arising on the initial recognition of goodwill.
Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used.
Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable
profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred tax
reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amounts of its assets and liabilities.
The Group has adopted international Tax Reform- Pillar Two Model Rules (Amendments to IAS 12) upon their release on 23 May 2023. The amendments provide a temporary mandatory exception from deferred tax accounting
for the top-up tax and requires disclosures about the Pillar Two exposure (see Note 10). The mandatory exception is applied retrospectively. However, because no new legislation to implement the top-up tax was enacted or
substantively enacted at 31 December 2023 in the jurisdiction in which the Group operates and no related deferred tax was recognised at that date, the retrospective application had no impact on the Group\u2019s consolidated
financial statements.
The measurement of uncertain tax positions within tax assets and liabilities requires judgement in interpreting tax legislation and current case law in order to estimate the amount to be recognised. In line with accounting
standards, the Group reflects the effect of an uncertainty using either the \u2018most likely amount\u2019 method or the \u2018expected value\u2019 method, as appropriate for the particular uncertainty.
(j) Pensions
The Group operates defined contribution schemes for employees. The Group\u2019s contributions to the schemes are charged to profit or loss in the year in which the contributions fall due.
(k) Construction bonds receivables
Construction bonds are development bonds that are put in place with local authorities or utility providers until development sites are fully completed and conditions of planning have been met or utilities are taken in charge. All
construction bonds are considered current assets as they will be realised in the Group\u2019s normal operating cycle, which is such that a proportion of construction bonds will not be recovered within 12 months. Construction bonds
not recoverable in 12 months are disclosed in Note 17.
(l) Cash and cash equivalents
Cash and cash equivalents include cash and bank balances in bank accounts with no notice or on short-term deposits which are subject to insignificant risk of changes in value.
Any cash and bank balances that are not available for use by the Group are presented as restricted cash. Amounts of restricted cash which are restricted from being exchanged or used to settle a liability for at least 12 months after
the end of the reporting year are classified as non-current assets.
(m) Provisions
Provisions are recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to
settle the obligation, and the amount can be reliably estimated.
(n) Ordinary shares
Incremental costs directly attributable to the issue of ordinary shares, net of any tax effects, are recognised as a deduction from equity through retained earnings.
(o) Exceptional items
Items that are material in size and unusual or infrequent are presented as exceptional items in the statement of profit or loss and other comprehensive income. The Directors are of the opinion that the separate presentation of
exceptional items, where applicable, provides helpful information about the Group\u2019s underlying business performance.
(p) Segmental reporting
Operating segments are reported in a manner consistent with the internal organisational and management structure and the internal reporting information provided to the Chief Operating Decision Maker (\u2018CODM\u2019) (designated
as the Board of Directors), which is responsible for allocating resources and assessing performance of operating segments.
(q) Finance income and costs
Interest income and expense is recognised using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability (or group of financial assets or
financial liabilities) and of allocating the interest income, interest expense and fees paid and received over the relevant period. Commitment fees in relation to undrawn loan facilities are accounted for on the accruals basis, within
finance costs.
The Group is required to capitalise borrowing costs directly attributable to the acquisition, construction and production of a qualifying asset, as part of the costs of that asset. Inventories which are produced in large quantities on a
repetitive basis over a relatively short period of time are not qualifying assets. The Group does not generally produce qualifying assets.
(r) Financial instruments (i) Financial assets and financial liabilities Under IFRS 9, financial assets and financial liabilities are initially recognised at fair value and are subsequently measured based on their classification as described below. Their classification depends on the p financial instruments were acquired or issued, their characteristics and the Group\u2019s designation of such instruments. IFRS 9 requires that all financial assets and financial liabilities be classified as fair value th (\u2018FVTPL\u2019), amortised cost or fair value through other comprehensive income (\u2018FVOCI\u2019). (ii) Classification of financial instruments The following summarises the classification and measurement the Group has elected to apply to each of its significant categories of financial instruments: Type Financial assets Cash and cash equivalents Trade and other receivables Derivatives Fair value ( cash Financial liabilities Loans and borrowings Trade payables and accruals, including deferred consideration (iii) Trade and other receivables Trade and other receivables are initially recognised at fair value when they are originated and are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduce which are measured using an expected credit loss model. Any interest income and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. (iv) Financial liabilities Financial liabilities are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method. (v) Derecognition and modification of financial liabilities The Group derecognises a financial liability when it is extinguished (when its contractual obligations are discharged or cancelled, or expire). The Group also derecognises a financial liability when there is a substantial modification of the liability. A substantial modification is deemed to have occurred when the present value of the cash flows und discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows under the original terms. If the financial liability is deemed to have modified, a new financial liability is recognised at fair value. The difference between this fair value and the previous carrying amount of the financial liability prior to its derecognition is recognised in profit or A non-substantial modification of a financial liability is deemed to have occurred when the present value of the cash flows under the modified terms, discounted using the original effective interest rate, is l from the discounted present value of the remaining cash flows under the original terms, and there are no other qualitative factors which indicate that a substantial modification has occurred. For non-subs the amortised cost of the liability is recalculated by discounting the modified cash flows at the original effective interest rate and any resulting gain or loss is recognised in profit or loss. For non-substantial impact is that the interest on floating rate liabilities has been repriced at current market terms, the original effective interest rate is adjusted to reflect the current market terms at the time of the modificatio directly attributable to the modification of the financial liability are recognised as an adjustment to the carrying amount of the modified financial liability and amortised over its remaining term under the ef Any unamortised costs attributable to the original financial liability, with the exception of unamortised arrangement fees, are recognised as an adjustment to the carrying amount of the modified financial l over the remaining term of the modified liability under the effective interest method. Unamortised arrangement fees relating to the original financial liability are recognised in profit or loss on modification.
(vi) Derivatives and hedging
The Group has transacted derivatives relating to an interest rate swap to manage the interest rate risk arising from floating rate borrowings. Derivatives are initially recognised at fair value on the date a derivative contract is entered
into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and,
if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash
flow hedges).
Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in other comprehensive income to the extent that the hedge is effective. The gain or loss relating to the ineffective portion
is recognised immediately in profit or loss.
Amounts accumulated in other comprehensive income are reclassified to profit or loss in the same periods that the hedged items affect profit or loss. The reclassified gain or loss relating to the effective portion of interest rate
swaps hedging variable rate borrowings is recognised in profit or loss within finance income or costs respectively.
If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in
other comprehensive income remains there until the forecast transaction occurs, unless the hedged transaction is no longer expected to occur, in which case the cumulative gain or loss that was previously recognised in other
comprehensive income is transferred to profit and loss.
At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to
offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions.
The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining
maturity of the hedged item is less than 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-453": { "value": "(a) Basis of consolidation The consolidated financial statements include the results of Cairn Homes plc and all its subsidiary undertakings and the Group\u2019s share of its joint venture undertaking for the year ended 31 December 2024. Business combinations The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Goodwill arising on consolidation represents the excess of the fair value of the consideration over the fair value of the separately identifiable net assets and liabilities acquired. Any goodwill that arises is capitalised and tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of contingent consideration that meets the definition of a financial instrument are recognised in profit or loss Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Changes in the ownership interest in a subsidiary that do not result in loss of control are recognised in equity. Non-controlling interests, as stated in the statement of financial position if any, represents the portion of the equity of subsidiaries which is not attributable to the owners of the Company. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-552": { "value": "Business combinations The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Goodwill arising on consolidation represents the excess of the fair value of the consideration over the fair value of the separately identifiable net assets and liabilities acquired. Any goodwill that arises is capitalised and tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of contingent consideration that meets the definition of a financial instrument are recognised in profit or loss . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-538": { "value": "Business combinations The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Goodwill arising on consolidation represents the excess of the fair value of the consideration over the fair value of the separately identifiable net assets and liabilities acquired. Any goodwill that arises is capitalised and tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of contingent consideration that meets the definition of a financial instrument are recognised in profit or loss . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-503": { "value": "Business combinations The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Goodwill arising on consolidation represents the excess of the fair value of the consideration over the fair value of the separately identifiable net assets and liabilities acquired. Any goodwill that arises is capitalised and tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of contingent consideration that meets the definition of a financial instrument are recognised in profit or loss . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-505": { "value": "Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Changes in the ownership interest in a subsidiary that do not result in loss of control are recognised in equity. Non-controlling interests, as stated in the statement of financial position if any, represents the portion of the equity of subsidiaries which is not attributable to the owners of the Company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-454": { "value": "(b) Joint ventures A joint venture is an arrangement where the Group has joint control and the Group has rights to the net assets of the arrangement. Investments in joint ventures are accounted for using the equity method. The investment in a joint venture is initially recognised at cost. Subsequent to initial recognition, the carrying amount of the investment in a joint venture is increased or decreased to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint venture, adjusted where necessary to ensure consistency with the accounting policies of the Group until the joint control ceases. The Group does not continue to recognise its share of losses of joint ventures when the carrying value has been reduced to zero. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-558": { "value": "(c) Property, plant and equipment Property, plant and equipment are initially recognised at cost. Depreciation is provided using the straight-line method to write off the cost less any residual value over the estimated useful life of the asset on the following basis: \u2022 Leasehold improvements 7-10 years; \u2022 Motor vehicles 4 years; and \u2022 Computers & equipment 3-7 years. The assets\u2019 useful economic lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-455": { "value": "(c) Property, plant and equipment Property, plant and equipment are initially recognised at cost. Depreciation is provided using the straight-line method to write off the cost less any residual value over the estimated useful life of the asset on the following basis: \u2022 Leasehold improvements 7-10 years; \u2022 Motor vehicles 4 years; and \u2022 Computers & equipment 3-7 years. The assets\u2019 useful economic lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-539": { "value": "Property, plant and equipment are initially recognised at cost. Depreciation is provided using the straight-line method to write off the cost less any residual value over the estimated useful life of the asset on the following basis: \u2022 Leasehold improvements 7-10 years; \u2022 Motor vehicles 4 years; and \u2022 Computers & equipment 3-7 years. The assets\u2019 useful economic lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-456": { "value": "(d) Leases All assets held by the Group under lease agreements which are greater than twelve months in duration are recognised as right-of-use assets within the statement of financial position representing its rights to use the underlying asset. The present value of future payments to be made under those lease agreements is recognised as a liability representing its obligation to make lease payments. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The lease liability is subsequently increased by the interest costs on the lease liability and decreased by the lease payments made. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability plus any initial direct costs, and subsequently at cost less accumulated depreciation. Depreciation is charged on a straight-line basis over the lease term from the lease commencement date. The right-of-use assets and lease liabilities recognised represent the Group\u2019s leases on the central support office and vehicles. The right-of-use assets and related lease liabilities have been determined by discounting the lease payments over the expected term of the leases at discount rates reflecting the Group\u2019s incremental borrowing rate at inception. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-504": { "value": "(e) Intangible assets Computer software Acquired computer software is capitalised as intangible assets on the basis of the costs incurred to acquire and bring to use the specific software. Costs that are directly attributable to the production of identifiable and unique software products controlled by the Group, and that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Computer software costs are amortised over their estimated useful lives from three to ten years for specialised software which is expected to provide benefits over those periods. Other costs in respect of computer software are recognised as an expense or capitalised as part of inventory costs as incurred. The assets\u2019 useful lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-457": { "value": "(e) Intangible assets Computer software Acquired computer software is capitalised as intangible assets on the basis of the costs incurred to acquire and bring to use the specific software. Costs that are directly attributable to the production of identifiable and unique software products controlled by the Group, and that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets.
Computer software costs are amortised over their estimated useful lives from three to ten years for specialised software which is expected to provide benefits over those periods. Other costs in respect of computer software are
recognised as an expense or capitalised as part of inventory costs as incurred.
The assets\u2019 useful lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-458": { "value": "
(f) Revenue
Revenue represents the fair value of consideration received or receivable, net of value-added tax. The Group recognises revenue using point in time or over time methodology based on the specific terms of the contractual
arrangements for each transaction.
Point in time transactions
Revenue is recognised at the point in time for single unit and some multi-unit transactions when control over the property has been transferred to the customer, which occurs at legal completion. Revenue is measured at the
transaction price agreed under the contract.
Booking and contract deposits on units sold by the Group are held by the Group\u2019s legal advisors, externally to the Group, until legal completion of the sale, at which point all such deposits and the final payment are paid to the
Group and recognised as revenue. Where a multiple unit contract involves a number of phases being delivered over phased delivery dates, the Group recognises revenue on legal completion of each phase when control passes to
the customer, with each phase having its own pre-agreed pricing for a defined number of units and a pre-determined handover date.
Over time transactions
During the year, the Group entered into a number of forward fund transactions with State-supported counterparties. The forward fund transactions involve the Group delivering new homes under a contractual relationship where
land is sold up-front to the State-supported counterparties and the cost of delivering the new homes is paid by the State-supported counterparties to the Group on a phased basis. The accounting treatment for revenue is assessed
based on the specific terms of the contractual arrangements for each transaction. This resulted in the adoption of a new revenue recognition method in accordance with IFRS 15 Revenue from Contracts with Customers. Judgment
was applied in considering whether the delivery of land and residential units under these arrangements formed a single performance obligation or separate performance obligations. Based on the facts and circumstances it
was determined that for these transactions the delivery of land and residential units formed a single performance obligation to be delivered over time. Revenue relating to these transactions is recognised over time on a cost
completion basis. This is measured by the proportion of total costs incurred at the reporting date relative to the estimated total costs of the contract using an independent third-party valuation of the work performed. These
contracts may give rise to contract assets and/or contract liabilities. Contract assets are calculated as the amount by which the cumulative value of revenue earned on certain long-term contracts exceeds the amounts invoiced
to the customer or consists of revenue earned on forward fund transactions with State-suppoered counterparties where the right to timing of receipt of consideration is conditioned on something other than the passage of time.
Conversely, contract liabilities represent the amount by which the cumulative amounts invoiced for stage payments on certain long-term contracts exceed the revenue recognised.
Rental income
Rental income is recognised on a straight-line basis over the life of the operating lease. This income principally arises from properties let on a short-term basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-459": { "value": "
(g) Inventories
Units in the course of development and completed units are valued at the lower of cost and net realisable value. Cost includes the cost of land, raw materials, stamp duty, direct labour, direct wages and salaries and development
costs, but excludes indirect overheads. Land purchased for development, including land in the course of development, is initially recorded at cost. For development property acquired through business combinations, cost is the
sum of the fair value at acquisition plus subsequent direct costs. The Group\u2019s developments can take place over several reporting periods and the Group has to allocate site-wide development costs between units built in the
current year and in future years. It also has to estimate the costs to completion of such developments. In making these assessments, which impact on estimating the appropriate amounts from inventories to be recognised as cost
of sales on units sold, there is a degree of inherent uncertainty.
The Group is predominantly involved in the development of residential property units for sale. Because the nature of such individual units is that they are produced in large quantities on a repetitive basis over a relatively short
period of time, the Group\u2019s inventories are not considered to be qualifying assets for the purposes of capitalisation of borrowing costs.
Inventories are carried at the lower of cost and net realisable value, such that provision is made, where appropriate, to reduce the value of inventories to their net realisable value.
Where a site has commenced selling units, the Group compares the margin recognised on a site in the year to the forecast margin on a site over the life of the development, taking account of updated sales prices and cost estimates. Where a site has not yet commenced selling, the Group compares the most recent forecast to prior forecasts for that site. The Group assesses whether any such updated margin forecasts indicate that the inventory balance needs to be adjusted to reflect the net realisable value. Where a site purchased for redevelopment includes existing rental properties which will be demolished or vacated as part of the planned redevelopment of the site, the full cost of the site is classified within inventories. Contract deposits for purchases of development land are recognised as deposits when paid and are transferred to inventories on legal completion of the contract when the remainder of the contract price is paid. Non-refundable land option payments are initially recognised in inventory. These represent options to purchase land at market value at a future point in time. They are reviewed regularly and written off to profit or loss if it is probable that the option will not be exercised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-460": { "value": "(h) Share-based payments The Group has issued equity-settled share-based payments to certain employees (compromising long-term incentive awards, the stretch CEO long- term incentive plan, restricted share unit awards and share options). The grant-date fair value of equity-settled share-based payment awards granted to employees is generally recognised as an expense, with a corresponding increase in equity over the vesting period of the awards. The amounts recognised as an expense are adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions, where applicable at the vesting date. The amount recognised as an expense is not adjusted for market conditions not being met. For share-based payment awards with non vesting conditions, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-461": { "value": "(i) Taxation Tax expense comprises current tax and deferred tax. Tax expense is recognised in profit or loss except to the extent that it relates to a business combination or items recognised in other comprehensive income or equity. Current tax is the expected tax payable on taxable profit or loss for the period and any adjustment to tax payable in respect of previous years. It is measured using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: \u2022 temporary differences relating to investments in subsidiaries to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2022 taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amounts of its assets and liabilities. The Group has adopted international Tax Reform- Pillar Two Model Rules (Amendments to IAS 12) upon their release on 23 May 2023. The amendments provide a temporary mandatory exception from deferred tax accounting for the top-up tax and requires disclosures about the Pillar Two exposure (see Note 10). The mandatory exception is applied retrospectively. However, because no new legislation to implement the top-up tax was enacted or substantively enacted at 31 December 2023 in the jurisdiction in which the Group operates and no related deferred tax was recognised at that date, the retrospective application had no impact on the Group\u2019s consolidated financial statements. The measurement of uncertain tax positions within tax assets and liabilities requires judgement in interpreting tax legislation and current case law in order to estimate the amount to be recognised. In line with accounting standards, the Group reflects the effect of an uncertainty using either the \u2018most likely amount\u2019 method or the \u2018expected value\u2019 method, as appropriate for the particular uncertainty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-506": { "value": "Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: \u2022 temporary differences relating to investments in subsidiaries to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2022 taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amounts of its assets and liabilities. The Group has adopted international Tax Reform- Pillar Two Model Rules (Amendments to IAS 12) upon their release on 23 May 2023. The amendments provide a temporary mandatory exception from deferred tax accounting for the top-up tax and requires disclosures about the Pillar Two exposure (see Note 10). The mandatory exception is applied retrospectively. However, because no new legislation to implement the top-up tax was enacted or substantively enacted at 31 December 2023 in the jurisdiction in which the Group operates and no related deferred tax was recognised at that date, the retrospective application had no impact on the Group\u2019s consolidated financial statements. The measurement of uncertain tax positions within tax assets and liabilities requires judgement in interpreting tax legislation and current case law in order to estimate the amount to be recognised. In line with accounting standards, the Group reflects the effect of an uncertainty using either the \u2018most likely amount\u2019 method or the \u2018expected value\u2019 method, as appropriate for the particular uncertainty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-559": { "value": "Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amounts of its assets and liabilities. The Group has adopted international Tax Reform- Pillar Two Model Rules (Amendments to IAS 12) upon their release on 23 May 2023. The amendments provide a temporary mandatory exception from deferred tax accounting for the top-up tax and requires disclosures about the Pillar Two exposure (see Note 10). The mandatory exception is applied retrospectively. However, because no new legislation to implement the top-up tax was enacted or substantively enacted at 31 December 2023 in the jurisdiction in which the Group operates and no related deferred tax was recognised at that date, the retrospective application had no impact on the Group\u2019s consolidated financial statements. The measurement of uncertain tax positions within tax assets and liabilities requires judgement in interpreting tax legislation and current case law in order to estimate the amount to be recognised. In line with accounting standards, the Group reflects the effect of an uncertainty using either the \u2018most likely amount\u2019 method or the \u2018expected value\u2019 method, as appropriate for the particular uncertainty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-462": { "value": "(j) Pensions The Group operates defined contribution schemes for employees. The Group\u2019s contributions to the schemes are charged to profit or loss in the year in which the contributions fall due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-560": { "value": "(k) Construction bonds receivables Construction bonds are development bonds that are put in place with local authorities or utility providers until development sites are fully completed and conditions of planning have been met or utilities are taken in charge. All construction bonds are considered current assets as they will be realised in the Group\u2019s normal operating cycle, which is such that a proportion of construction bonds will not be recovered within 12 months. Construction bonds not recoverable in 12 months are disclosed in Note 17. (l) Cash and cash equivalents Cash and cash equivalents include cash and bank balances in bank accounts with no notice or on short-term deposits which are subject to insignificant risk of changes in value. Any cash and bank balances that are not available for use by the Group are presented as restricted cash. Amounts of restricted cash which are restricted from being exchanged or used to settle a liability for at least 12 months after the end of the reporting year are classified as non-current assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-463": { "value": "(k) Construction bonds receivables Construction bonds are development bonds that are put in place with local authorities or utility providers until development sites are fully completed and conditions of planning have been met or utilities are taken in charge. All construction bonds are considered current assets as they will be realised in the Group\u2019s normal operating cycle, which is such that a proportion of construction bonds will not be recovered within 12 months. Construction bonds not recoverable in 12 months are disclosed in Note 17. ", "dimensions": { "concept": "cairnhomesplc:DescriptionOfAccountingPolicyForConstructionsBondsReceivables", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-464": { "value": "(l) Cash and cash equivalents Cash and cash equivalents include cash and bank balances in bank accounts with no notice or on short-term deposits which are subject to insignificant risk of changes in value. Any cash and bank balances that are not available for use by the Group are presented as restricted cash. Amounts of restricted cash which are restricted from being exchanged or used to settle a liability for at least 12 months after the end of the reporting year are classified as non-current assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-465": { "value": "(m) Provisions Provisions are recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount can be reliably estimated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-466": { "value": "(n) Ordinary shares Incremental costs directly attributable to the issue of ordinary shares, net of any tax effects, are recognised as a deduction from equity through retained earnings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-467": { "value": "(o) Exceptional items Items that are material in size and unusual or infrequent are presented as exceptional items in the statement of profit or loss and other comprehensive income. The Directors are of the opinion that the separate presentation of exceptional items, where applicable, provides helpful information about the Group\u2019s underlying business performance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-468": { "value": "(p) Segmental reporting Operating segments are reported in a manner consistent with the internal organisational and management structure and the internal reporting information provided to the Chief Operating Decision Maker (\u2018CODM\u2019) (designated as the Board of Directors), which is responsible for allocating resources and assessing performance of operating segments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-540": { "value": "(q) Finance income and costs Interest income and expense is recognised using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability (or group of financial assets or financial liabilities) and of allocating the interest income, interest expense and fees paid and received over the relevant period. Commitment fees in relation to undrawn loan facilities are accounted for on the accruals basis, within finance costs. The Group is required to capitalise borrowing costs directly attributable to the acquisition, construction and production of a qualifying asset, as part of the costs of that asset. Inventories which are produced in large quantities on a repetitive basis over a relatively short period of time are not qualifying assets. The Group does not generally produce qualifying assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-507": { "value": "(q) Finance income and costs Interest income and expense is recognised using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability (or group of financial assets or financial liabilities) and of allocating the interest income, interest expense and fees paid and received over the relevant period. Commitment fees in relation to undrawn loan facilities are accounted for on the accruals basis, within finance costs. The Group is required to capitalise borrowing costs directly attributable to the acquisition, construction and production of a qualifying asset, as part of the costs of that asset. Inventories which are produced in large quantities on a repetitive basis over a relatively short period of time are not qualifying assets. The Group does not generally produce qualifying assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-469": { "value": "(q) Finance income and costs Interest income and expense is recognised using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability (or group of financial assets or financial liabilities) and of allocating the interest income, interest expense and fees paid and received over the relevant period. Commitment fees in relation to undrawn loan facilities are accounted for on the accruals basis, within finance costs. The Group is required to capitalise borrowing costs directly attributable to the acquisition, construction and production of a qualifying asset, as part of the costs of that asset. Inventories which are produced in large quantities on a repetitive basis over a relatively short period of time are not qualifying assets. The Group does not generally produce qualifying assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-470": { "value": "
(r) Financial instruments
(i) Financial assets and financial liabilities
Under IFRS 9, financial assets and financial liabilities are initially recognised at fair value and are subsequently measured based on their classification as described below. Their classification depends on the p urpose for which the
financial instruments were acquired or issued, their characteristics and the Group\u2019s designation of such instruments. IFRS 9 requires that all financial assets and financial liabilities be classified as fair value th rough profit or loss
(\u2018FVTPL\u2019), amortised cost or fair value through other comprehensive income (\u2018FVOCI\u2019).
(ii) Classification of financial instruments
The following summarises the classification and measurement the Group has elected to apply to each of its significant categories of financial instruments:
Type
IFRS 9 classification
Financial assets
Cash and cash equivalents
Amortised cost
Trade and other receivables
Amortised cost
Derivatives
Fair value ( cash flow hedge accounting)
Financial liabilities
Loans and borrowings
Amortised cost
Trade payables and accruals, including deferred consideration
Amortised cost
(iii) Trade and other receivables
Trade and other receivables are initially recognised at fair value when they are originated and are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduce d by impairment losses,
which are measured using an expected credit loss model. Any interest income and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.
(iv) Financial liabilities
Financial liabilities are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method.
(v) Derecognition and modification of financial liabilities
The Group derecognises a financial liability when it is extinguished (when its contractual obligations are discharged or cancelled, or expire).
The Group also derecognises a financial liability when there is a substantial modification of the liability. A substantial modification is deemed to have occurred when the present value of the cash flows und er the modified terms,
discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows under the original terms. If the financial liability is deemed to have been substantially
modified, a new financial liability is recognised at fair value. The difference between this fair value and the previous carrying amount of the financial liability prior to its derecognition is recognised in profit or loss.
A non-substantial modification of a financial liability is deemed to have occurred when the present value of the cash flows under the modified terms, discounted using the original effective interest rate, is l ess than 10% different
from the discounted present value of the remaining cash flows under the original terms, and there are no other qualitative factors which indicate that a substantial modification has occurred. For non-subs tantial modifications,
the amortised cost of the liability is recalculated by discounting the modified cash flows at the original effective interest rate and any resulting gain or loss is recognised in profit or loss. For non-substantial modifications where the
impact is that the interest on floating rate liabilities has been repriced at current market terms, the original effective interest rate is adjusted to reflect the current market terms at the time of the modificatio n. Any costs and fees
directly attributable to the modification of the financial liability are recognised as an adjustment to the carrying amount of the modified financial liability and amortised over its remaining term under the ef fective interest method.
Any unamortised costs attributable to the original financial liability, with the exception of unamortised arrangement fees, are recognised as an adjustment to the carrying amount of the modified financial l iability and amortised
over the remaining term of the modified liability under the effective interest method. Unamortised arrangement fees relating to the original financial liability are recognised in profit or loss on modification.
(vi) Derivatives and hedging The Group has transacted derivatives relating to an interest rate swap to manage the interest rate risk arising from floating rate borrowings. Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges). Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in other comprehensive income to the extent that the hedge is effective. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts accumulated in other comprehensive income are reclassified to profit or loss in the same periods that the hedged items affect profit or loss. The reclassified gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in profit or loss within finance income or costs respectively. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in other comprehensive income remains there until the forecast transaction occurs, unless the hedged transaction is no longer expected to occur, in which case the cumulative gain or loss that was previously recognised in other comprehensive income is transferred to profit and loss. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-569": { "value": "(r) Financial instruments (i) Financial assets and financial liabilities Under IFRS 9, financial assets and financial liabilities are initially recognised at fair value and are subsequently measured based on their classification as described below. Their classification depends on the p urpose for which the financial instruments were acquired or issued, their characteristics and the Group\u2019s designation of such instruments. IFRS 9 requires that all financial assets and financial liabilities be classified as fair value th rough profit or loss (\u2018FVTPL\u2019), amortised cost or fair value through other comprehensive income (\u2018FVOCI\u2019). (ii) Classification of financial instruments The following summarises the classification and measurement the Group has elected to apply to each of its significant categories of financial instruments:
Type
IFRS 9 classification
Financial assets
Cash and cash equivalents
Amortised cost
Trade and other receivables
Amortised cost
Derivatives
Fair value ( cash flow hedge accounting)
Financial liabilities
Loans and borrowings
Amortised cost
Trade payables and accruals, including deferred consideration
Amortised cost
(iii) Trade and other receivables Trade and other receivables are initially recognised at fair value when they are originated and are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduce d by impairment losses, which are measured using an expected credit loss model. Any interest income and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. (iv) Financial liabilities Financial liabilities are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method. (v) Derecognition and modification of financial liabilities The Group derecognises a financial liability when it is extinguished (when its contractual obligations are discharged or cancelled, or expire). The Group also derecognises a financial liability when there is a substantial modification of the liability. A substantial modification is deemed to have occurred when the present value of the cash flows und er the modified terms, discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows under the original terms. If the financial liability is deemed to have been substantially modified, a new financial liability is recognised at fair value. The difference between this fair value and the previous carrying amount of the financial liability prior to its derecognition is recognised in profit or loss. A non-substantial modification of a financial liability is deemed to have occurred when the present value of the cash flows under the modified terms, discounted using the original effective interest rate, is l ess than 10% different from the discounted present value of the remaining cash flows under the original terms, and there are no other qualitative factors which indicate that a substantial modification has occurred. For non-subs tantial modifications, the amortised cost of the liability is recalculated by discounting the modified cash flows at the original effective interest rate and any resulting gain or loss is recognised in profit or loss. For non-substantial modifications where the impact is that the interest on floating rate liabilities has been repriced at current market terms, the original effective interest rate is adjusted to reflect the current market terms at the time of the modificatio n. Any costs and fees directly attributable to the modification of the financial liability are recognised as an adjustment to the carrying amount of the modified financial liability and amortised over its remaining term under the ef fective interest method. Any unamortised costs attributable to the original financial liability, with the exception of unamortised arrangement fees, are recognised as an adjustment to the carrying amount of the modified financial l iability and amortised over the remaining term of the modified liability under the effective interest method. Unamortised arrangement fees relating to the original financial liability are recognised in profit or loss on modification. (vi) Derivatives and hedging The Group has transacted derivatives relating to an interest rate swap to manage the interest rate risk arising from floating rate borrowings. Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges). Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in other comprehensive income to the extent that the hedge is effective. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts accumulated in other comprehensive income are reclassified to profit or loss in the same periods that the hedged items affect profit or loss. The reclassified gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in profit or loss within finance income or costs respectively. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in other comprehensive income remains there until the forecast transaction occurs, unless the hedged transaction is no longer expected to occur, in which case the cumulative gain or loss that was previously recognised in other comprehensive income is transferred to profit and loss. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-542": { "value": "(r) Financial instruments (i) Financial assets and financial liabilities Under IFRS 9, financial assets and financial liabilities are initially recognised at fair value and are subsequently measured based on their classification as described below. Their classification depends on the p urpose for which the financial instruments were acquired or issued, their characteristics and the Group\u2019s designation of such instruments. IFRS 9 requires that all financial assets and financial liabilities be classified as fair value th rough profit or loss (\u2018FVTPL\u2019), amortised cost or fair value through other comprehensive income (\u2018FVOCI\u2019). (ii) Classification of financial instruments The following summarises the classification and measurement the Group has elected to apply to each of its significant categories of financial instruments:
Type
IFRS 9 classification
Financial assets
Cash and cash equivalents
Amortised cost
Trade and other receivables
Amortised cost
Derivatives
Fair value ( cash flow hedge accounting)
Financial liabilities
Loans and borrowings
Amortised cost
Trade payables and accruals, including deferred consideration
Amortised cost
(iii) Trade and other receivables Trade and other receivables are initially recognised at fair value when they are originated and are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduce d by impairment losses, which are measured using an expected credit loss model. Any interest income and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-508": { "value": "(iii) Trade and other receivables Trade and other receivables are initially recognised at fair value when they are originated and are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduce d by impairment losses, which are measured using an expected credit loss model. Any interest income and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-541": { "value": "(iv) Financial liabilities Financial liabilities are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method. (v) Derecognition and modification of financial liabilities The Group derecognises a financial liability when it is extinguished (when its contractual obligations are discharged or cancelled, or expire). The Group also derecognises a financial liability when there is a substantial modification of the liability. A substantial modification is deemed to have occurred when the present value of the cash flows und er the modified terms, discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows under the original terms. If the financial liability is deemed to have been substantially modified, a new financial liability is recognised at fair value. The difference between this fair value and the previous carrying amount of the financial liability prior to its derecognition is recognised in profit or loss. A non-substantial modification of a financial liability is deemed to have occurred when the present value of the cash flows under the modified terms, discounted using the original effective interest rate, is l ess than 10% different from the discounted present value of the remaining cash flows under the original terms, and there are no other qualitative factors which indicate that a substantial modification has occurred. For non-subs tantial modifications, the amortised cost of the liability is recalculated by discounting the modified cash flows at the original effective interest rate and any resulting gain or loss is recognised in profit or loss. For non-substantial modifications where the impact is that the interest on floating rate liabilities has been repriced at current market terms, the original effective interest rate is adjusted to reflect the current market terms at the time of the modificatio n. Any costs and fees directly attributable to the modification of the financial liability are recognised as an adjustment to the carrying amount of the modified financial liability and amortised over its remaining term under the ef fective interest method. Any unamortised costs attributable to the original financial liability, with the exception of unamortised arrangement fees, are recognised as an adjustment to the carrying amount of the modified financial l iability and amortised over the remaining term of the modified liability under the effective interest method. Unamortised arrangement fees relating to the original financial liability are recognised in profit or loss on modification. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-509": { "value": "(iv) Financial liabilities Financial liabilities 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:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-510": { "value": "(v) Derecognition and modification of financial liabilities The Group derecognises a financial liability when it is extinguished (when its contractual obligations are discharged or cancelled, or expire). The Group also derecognises a financial liability when there is a substantial modification of the liability. A substantial modification is deemed to have occurred when the present value of the cash flows und er the modified terms, discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows under the original terms. If the financial liability is deemed to have been substantially modified, a new financial liability is recognised at fair value. The difference between this fair value and the previous carrying amount of the financial liability prior to its derecognition is recognised in profit or loss. A non-substantial modification of a financial liability is deemed to have occurred when the present value of the cash flows under the modified terms, discounted using the original effective interest rate, is l ess than 10% different from the discounted present value of the remaining cash flows under the original terms, and there are no other qualitative factors which indicate that a substantial modification has occurred. For non-subs tantial modifications, the amortised cost of the liability is recalculated by discounting the modified cash flows at the original effective interest rate and any resulting gain or loss is recognised in profit or loss. For non-substantial modifications where the impact is that the interest on floating rate liabilities has been repriced at current market terms, the original effective interest rate is adjusted to reflect the current market terms at the time of the modificatio n. Any costs and fees directly attributable to the modification of the financial liability are recognised as an adjustment to the carrying amount of the modified financial liability and amortised over its remaining term under the ef fective interest method. Any unamortised costs attributable to the original financial liability, with the exception of unamortised arrangement fees, are recognised as an adjustment to the carrying amount of the modified financial l iability and amortised over the remaining term of the modified liability under the effective interest method. Unamortised arrangement fees relating to the original financial liability are recognised in profit or loss on modification. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-570": { "value": "(vi) Derivatives and hedging The Group has transacted derivatives relating to an interest rate swap to manage the interest rate risk arising from floating rate borrowings. Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges). Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in other comprehensive income to the extent that the hedge is effective. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts accumulated in other comprehensive income are reclassified to profit or loss in the same periods that the hedged items affect profit or loss. The reclassified gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in profit or loss within finance income or costs respectively. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in other comprehensive income remains there until the forecast transaction occurs, unless the hedged transaction is no longer expected to occur, in which case the cumulative gain or loss that was previously recognised in other comprehensive income is transferred to profit and loss. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-561": { "value": "(vi) Derivatives and hedging The Group has transacted derivatives relating to an interest rate swap to manage the interest rate risk arising from floating rate borrowings. Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges). Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in other comprehensive income to the extent that the hedge is effective. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts accumulated in other comprehensive income are reclassified to profit or loss in the same periods that the hedged items affect profit or loss. The reclassified gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in profit or loss within finance income or costs respectively. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in other comprehensive income remains there until the forecast transaction occurs, unless the hedged transaction is no longer expected to occur, in which case the cumulative gain or loss that was previously recognised in other comprehensive income is transferred to profit and loss. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-554": { "value": "(vi) Derivatives and hedging The Group has transacted derivatives relating to an interest rate swap to manage the interest rate risk arising from floating rate borrowings. Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges). Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in other comprehensive income to the extent that the hedge is effective. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts accumulated in other comprehensive income are reclassified to profit or loss in the same periods that the hedged items affect profit or loss. The reclassified gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in profit or loss within finance income or costs respectively. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in other comprehensive income remains there until the forecast transaction occurs, unless the hedged transaction is no longer expected to occur, in which case the cumulative gain or loss that was previously recognised in other comprehensive income is transferred to profit and loss. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-512": { "value": "(vi) Derivatives and hedging The Group has transacted derivatives relating to an interest rate swap to manage the interest rate risk arising from floating rate borrowings. Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges). Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in other comprehensive income to the extent that the hedge is effective. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts accumulated in other comprehensive income are reclassified to profit or loss in the same periods that the hedged items affect profit or loss. The reclassified gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in profit or loss within finance income or costs respectively. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in other comprehensive income remains there until the forecast transaction occurs, unless the hedged transaction is no longer expected to occur, in which case the cumulative gain or loss that was previously recognised in other comprehensive income is transferred to profit and loss. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-543": { "value": "(vi) Derivatives and hedging The Group has transacted derivatives relating to an interest rate swap to manage the interest rate risk arising from floating rate borrowings. Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges). Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in other comprehensive income to the extent that the hedge is effective. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts accumulated in other comprehensive income are reclassified to profit or loss in the same periods that the hedged items affect profit or loss. The reclassified gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in profit or loss within finance income or costs respectively. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in other comprehensive income remains there until the forecast transaction occurs, unless the hedged transaction is no longer expected to occur, in which case the cumulative gain or loss that was previously recognised in other comprehensive income is transferred to profit and loss. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-511": { "value": "
4. Measurement of Fair Values
Certain of the Group\u2019s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair value is defined in IFRS 13, Fair Value Measurement, as the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring the fair value of an asset or a liability, the Group uses observable
market data as far as possible.
Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques, as follows:
\u2022 Level 1: quoted prices, (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
\u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the
lowest level input that is significant to the entire measurement.
The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting year during which the change has occurred.
Further disclosures about the assumptions made in measuring fair values are included in Note 29 Financial Instruments and Risk Management.
(g) Fair value of financial assets and financial liabilities Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. For financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2: valuation techniques for which the lowest level of inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and \u2022 Level 3: valuation techniques for which the lowest level of inputs that have a significant effect on the recorded fair value are not based on observable market data. The following table shows the Group\u2019s financial assets and liabilities and the methods used to calculate fair value.
Asset/Liability
Carrying value
Level
Method
Assumptions
Borrowings
Amortised cost
2
Discounted Cash Flow
Valuation based on future repayment and interest cashflows discounted at a year-end market interest rate.
Interest rate swaps
Fair Value
2
Discounted Cash Flow
Valuation based on the present value of the estimated future cash flows based on observable yield curves .
The following table shows the carrying values of financial assets and liabilities including their values in the fair value hierarchy. A fair value disclosure for lease liabilities is not required. The table does not include fair value information for other financial assets and liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
2024 Fair value
Carrying value Level 1 Level 2 Level 3
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Financial assets measured at fair value
Derivative interest rate swap
105
105
Financial assets measured at amortised cost
Trade and other receivables (excluding prepayments)
151,009
Cash and cash equivalents
27,623
178,632
Financial liabilities measured at amortised cost
Trade payables and accruals
79,064
Deferred consideration
7,500
Loans and borrowings
182,046
181,912
268,610
2023 Fair value
Carrying value Level 1 Level 2 Level 3
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Financial assets measured at fair value
Derivative interest rate swap
436
436
Financial assets measured at amortised cost
Trade and other receivables (excluding prepayments)
52,905
Cash and cash equivalents
25,553
78,894
Financial liabilities measured at amortised cost
Trade payables and accruals
57,478
Deferred consideration
11,810
Loans and borrowings
173,828
168,479
243,116
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-553": { "value": "4. Measurement of Fair Values Certain of the Group\u2019s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair value is defined in IFRS 13, Fair Value Measurement, as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques, as follows: \u2022 Level 1: quoted prices, (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). 14. Derivatives and Cashflow Hedge Reserve
2024 2023
Current assets \u20ac\u2019000 \u20ac\u2019000
Derivative financial instruments
Interest rate swaps \u2013 cash flow hedges
105
\u2013
2024 2023
Non-current assets \u20ac\u2019000 \u20ac\u2019000
Derivative financial instruments
Interest rate swaps \u2013 cash flow hedges
\u2013
436
The Group has an interest rate swap (swap) in respect of \u20ac18.75 million of its \u20ac90.5 million syndicate term loan. The interest rate swap has a fixed interest rate of 1.346% and variable interest rate of three-month Euribor. The fair value of the swap as at 31 December 2024 was \u20ac105,000 (2023: \u20ac436,000). Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in the cashflow hedge reserve to the extent that the hedge is effective. Any gain or loss relating to the ineffective portion is recognised in profit or loss in the period incurred. The hedge was fully effective for the year ended 31 December 2024 and the year ended 31 December 2023. Amounts accounted for in the cashflow hedge reserve in respect of the swap during the current and prior year have been set out in the Consolidated Statement of Changes in Equity on page 163. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the derivative is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the derivative is less than 12 months. As the swap is maturing in June 2025, the Group has classified this as a current asset at 31 December 2024. Cashflow hedge reserve The cashflow hedge reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss or directly included in the initial cost or other carrying amount of a non-financial asset or non-financial liability. 21. Loans and Borrowings
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Bank and other loans
Current liabilities
Repayable within one year
14,992
14,992
14,992
14,992
Non-current liabilities
Repayable as follows:
Between one and two years
42,495
14,992
Between two and five years
124,559
143,844
Greater than five years
\u2013
\u2013
167,054
158,836
Total
182,046
173,828
As at 31 December 2024, the Group has a \u20ac327.5 million syndicate facility (2023: \u20ac277.5 million). HBFI (Home Building Finance Ireland) joined the Group\u2019s existing syndicate of lenders during the year. This resulted in the Sustainability Linked facility increasing by \u20ac50.0 million from \u20ac277.5 million to \u20ac327.5 million. There was no change to the existing terms of the syndicate facility. The syndicate facility comprises a \u20ac90.5 million Sustainability Linked term and \u20ac237.0 million revolving credit facility with Allied Irish Banks plc, Bank of Ireland plc, Barclays Bank Ireland plc and HBFI, maturing in June 2027. The drawn revolving credit facility at 31 December 2024 was \u20ac35.0 million (2023: \u20ac25.0 million) Additionally, the Group has \u20ac57.5 million (2023: \u20ac72.5 million) of loan notes with Pricoa Capital Group, repayable on 31 July 2025 (\u20ac15.0 million) and 31 July 2026 (\u20ac42.5 million). In July 2024, the Group repaid \u20ac15 million to Pricoa Private Capital in respect of a loan note maturity. All debt facilities are secured by a debenture incorporating fixed and floating charges and assignments over all the assets of the Group. The carrying value of inventories as at 31 December 2024 pledged as security is \u20ac862.1 million (\u20ac943.4 million as at 31 December 2023). The Group had drawn revolving credit facilities of \u20ac35.0 million as at 31 December 2024 (\u20ac25.0 million as at 31 December 2023). The amount presented in the financial statements is net of related unamortised arrangement fees and transaction costs of \u20ac1.0 million (2023: \u20ac1.2 million). During February 2025, the Group successfully completed a debt refinancing of the \u20ac327.5 million syndicate facility into a new \u20ac402.5 million Sustainability Linked Syndicate term loan and revolving credit facility with Allied Irish Banks plc, Bank of Ireland plc and HBFI, repayable in June 2029 with a one-year extension option (Note 32). 29. Financial Instruments and Risk Management The Group has exposure to the following risks arising from financial instruments: \u2022 credit risk; \u2022 liquidity risk; and \u2022 market risk. This note presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s management of capital. (a) Risk management framework The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. Identifying, understanding and managing risk is fundamental to the delivery of our strategy, our financial performance, and the effectiveness of our business operations. We continue to improve and refine our risk management controls, ensuring they are fully integrated into our activities, from the Board and Executive to site development, whilst informing business improvement plans and our ongoing strategy. The Group Audit & Risk Committee keeps under review the adequacy and effectiveness of the Group\u2019s internal financial controls and the internal control and risk management systems
(b) Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade and other receivables and cash and cash
equivalents. The carrying amount of financial assets represents the maximum credit exposure.
Exposure to credit risk
Group management, in conjunction with the Board, manages the risk associated with cash and cash equivalents by depositing funds with a number of Irish financial institutions and BBB+ rated international institutions.
Trade and other receivables (excluding prepayments) of \u20ac151.0 million at 31 December 2024 were not past due. Trade receivables relate to amounts due in relation to residential property sales to institutional investors and State-
supported counterparties. Included within trade receivables are amounts of \u20ac65.4 million which relate to funds due from State-supported counterparties. Within the trade receivables, \u20ac18.5 million relates to retentions. All trade
receivables excluding retentions have been received post year end. Contract assets of \u20ac55.3 million (31 December 2023: \u20acnil) consists of revenue earned on forward fund transactions with State-supported counterparties that is
either unbilled or the timing of receipt of consideration is conditioned on something other than the passage of time.
The maximum amount of credit exposure is therefore:
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Trade and other receivables (excluding prepayments)
151,009
52,905
Cash and cash equivalents
27,623
25,553
178,632
78,458
Expected credit losses in relation to all financial assets are immaterial.
(c) Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. The Group\u2019s approach to managing
liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s
reputation.
The Group monitors the level of expected cash inflows from residential property sales, site and other sales, income from rental properties, and other receivables together with expected cash outflows on trade and other payables
and commitments. All trade and other payables at 31 December 2024 are considered current with the expected cash outflow equivalent to their carrying value.
Management monitors the adequacy of the Group\u2019s liquidity reserves (comprising undrawn borrowing facilities as detailed in Note 21 and cash and cash equivalents as detailed in Note 18 i.e. available funds) against rolling cash
flow forecasts. In addition, the Group\u2019s liquidity risk management policy involves monitoring short-term and long-term cash flow forecasts.
The Group had committed syndicate facilities at 31 December 2024 totalling \u20ac327.5 million until June 2027, including a \u20ac237 million revolving credit facility to manage Group liquidity. The undrawn revolving credit facility at
31 December 2024 was \u20ac202 million (2023: \u20ac175 million). During February 2025, the Group successfully completed a debt refinancing of the \u20ac327.5 million syndicate facility into a new \u20ac402.5 million Sustainability Linked Syndicate
term loan and revolving credit facility with Allied Irish Banks plc, Bank of Ireland plc and HBFI, repayable in June 2029 with a one-year extension option (Note 32) .
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Financial liabilities due in less than one year
Trade payables and accruals
79,064
57,478
Deferred consideration
7,500
11,810
Lease liabilities
1,254
937
Loans and borrowings
14,992
14,992
102,810
85,217
Financial liabilities due after more than one year
Lease liabilities
5,191
5,490
Loans and borrowings
167,054
158,836
172,245
164,326
Total financial liabilities
275,055
249,543
Available funds:
Cash and cash equivalents
27,623
25,553
Revolving credit facilities undrawn
202,000
175,000
229,623
200,553
The Directors have reviewed the Group financial forecasts and associated risks for the period beyond one year from the date of approval of the financial statements. The forecasts reflect key assumptions, based on information available to the Directors at the time of the preparation of the financial forecasts. These forecasts are based on: \u2022 detailed forecasting by site for the period 2025-2027, reflecting trends experienced up to the date of preparation of the financial forecasts; and \u2022 future revenues for 2025-2027 based on management\u2019s assessment of trends across principal development sites. The Group is in a strong financial position and has a strong outlook (Note 1 (e)). The Directors expect that the Group will meet all of its obligations as they fall due on the basis that there is expected to be sufficient liquidity available to the Group for the period beyond one year from the date of approval of these financial statements. The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments.
Contractual cash flows
Carrying 6 months
amount Total or less 6-12 months 1-2 years 2-5 years >5 years
31 December 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Trade payables and accruals
79,064
(79,064)
(79,064)
\u2013
\u2013
\u2013
\u2013
Deferred consideration
7,500
(7,500)
(3,750)
(3,750)
\u2013
\u2013
\u2013
Lease liabilities
6,445
(7,120)
(750)
(713)
(1,356)
(2,683)
(1,618)
Loans and borrowings
182,046
(199,659)
(3,847)
(18,516)
(48,958)
(128,338)
\u2013
275,055
(293,343)
(87,411)
(22,979)
(50,314)
(131,021)
(1,618)
Contractual cash flows
Carrying 6 months
amount Total or less 6-12 months 1-2 years 2-5 years >5 years
31 December 2023 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Trade payables and accruals
57,478
(57,478)
(57,478)
\u2013
\u2013
\u2013
\u2013
Deferred consideration
11,810
(11,810)
(6,310)
(5,500)
\u2013
\u2013
\u2013
Lease liabilities
6,427
(7,170)
(564)
(558)
(1,077)
(2,543)
(2,428)
Loans and borrowings
173,828
(193,419)
(3,326)
(17,991)
(20,559)
(151,543)
\u2013
249,543
(269,877)
(67,678)
(24,049)
(21,636)
(154,086)
(2,428)
(d) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. (i) Currency risk The Group is not exposed to significant currency risk. The Group operates only in the Republic of Ireland. (ii) Interest rate risk At 31 December 2024, the Group had the following facilities: (a) \u20ac327.5 million syndicate term loan and revolving credit facilities with Allied Irish Bank plc, Bank of Ireland plc, Barclays Bank Ireland plc and HBFI all committed until June 2027, that had principal drawn balances of \u20ac90.5 million (term loan) (31 December 2023: \u20ac77.5 million) and \u20ac35.0 million (revolving credit facility) (31 December 2023: \u20ac25.0 million). \u2022 The revolving credit facility has a variable interest rate of three-month Euribor (with a 0% floor) plus a margin. The average interest rate on the revolving credit facility during the year was 5.94% (2023: 5.94%); \u2022 \u20ac58.75 million of the syndicate term loan facility (31 December 2023: \u20ac58.75 million) has a three-year fixed interest rate until 30 June 2025 plus a margin of 2.45%. The balance of \u20ac31.75 million (31 December 2023: \u20ac18.75 million) of the term loan has a variable interest rate of three-month Euribor plus a margin of 2.6%. The Group entered into a three-year interest rate swap in July 2022 (Note 14), maturing on 30 June 2025, in relation to \u20ac18.75 million of the variable element of its term loan in order to manage its interest rate risk (see Note 29(e)). The average interest rate on the term loan during the year was 3.96% (2022: 4.71%); and \u2022 The Group has an exposure to cash flow interest rate risk where there are changes in Euribor rates. (b) a \u20ac57.5 million (2023: \u20ac72.5 million) private placement of loan notes with Pricoa Capital which have a fixed coupon of 3.36% (2023: 3.36%).
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Interest rate profile of loans and borrowings
Fixed-rate
115,527
130,361
Variable-rate
66,519
43,467
Loans and borrowings
182,046
173,828
Variable rate instruments
Gross variable rate borrowings
66,519
43,467
Impact of interest rate swaps
(18,519)
(18,467)
48,000
25,000
Cash flow sensitivity analysis for variable-rate instruments A reasonably possible change of 100 basis points in Euribor benchmark interest rates at the reporting date would have increased/(decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables remain constant and the rate change is only applied to the loans that are exposed to movements in Euribor.
Profit or loss
Equity
100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
31 December 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Variable-rate instruments \u2013 borrowings
(1,308)
1,308
(1,308)
1,308
Cash flow sensitivity (net)
(1,308)
1,308
(1,308)
1,308
Profit or loss
Equity
100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
31 December 2023 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Variable-rate instruments \u2013 borrowings
(1,214)
1,214
(1,214)
1,214
Cash flow sensitivity (net)
(1,214)
1,214
(1,214)
1,214
The Group is also exposed to interest rate risk on its cash and cash equivalents. These balances attract low interest rates and therefore a relative increase or decrease in their interest rates would not have a material effect on profit or loss. The Group has the following derivative financial instruments in the statement of financial position:
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Current assets \u2013 Derivative Financial Instruments
Interest rate swaps \u2013 cash flow hedges
105
\u2013
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Non-current assets \u2013 Derivative Financial Instruments
Interest rate swaps \u2013 cash flow hedges
\u2013
436
The Group has an interest rate swap in respect of \u20ac18.75 million of its syndicate term loan. The interest rate swap has a fixed interest rate of 1.346% and variable interest rate of three-month Euribor. The maturity date of the interest rate swap is 30 June 2025. The swap is designated as a cash flow hedge and is set so as to closely match the critical terms of the underlying debt being hedged. Hedge ineffectiveness is determined at the inception of the hedge relationship and through periodic prospective hedge effectiveness assessments to ensure that an economic relationship exists between the hedged item and the hedging instrument. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and notional amounts. The Group does not hedge 100% of its loans, therefore the hedged item is identified as a proportion of the outstanding loans up to the notional amount of the swaps. The hedge is transacted with a ratio of 1:1. As the Group enters into hedge relationships where the critical terms of the hedging instrument materially match the terms of the hedged item, a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Hedge ineffectiveness for interest rate swaps may occur due to: \u2022 consideration of any floors on the interest basis of the floating rate funding that is not replicated in the interest basis of the interest rate swap; \u2022 differences in the timing and the interest rate basis of cash flows on the hedged item and hedging instrument; \u2022 reduction or modification of the highly probable hedged item below the notional level of the interest rate swap; and \u2022 significant change in the credit risk of either party to the hedging relationship. There was no material ineffectiveness in hedged risk in relation to this hedging arrangement in 2024. Amounts accounted for in the cashflow hedge reserve in respect of the swap have been set out in Other Comprehensive Income. These fair value gains and losses reflected in the cash flow hedge reserve are expected to impact on profit and loss in 2025, in line with the underlying debt being hedged. The following table shows a breakdown of the cash flow hedge reserve and the movements in this reserve during the year: Interest rate swaps
Cash flow Cash flow
hedge reserve hedge reserve
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Opening balance 1 January
436
847
Change in fair value of hedging instrument recognised in cash flow hedge reserve
124
(331)
Reclassified from cash flow hedge reserve to profit or loss \u2013 included in finance cost
(455)
(80)
Closing balance 31 December
105
436
(f) Capital management The Board\u2019s policy is to maintain a strong capital base (defined as shareholders\u2019 equity) so as to maintain investor, creditor and market confidence and to sustain the future development of the business. The Group takes a conservative approach to bank financing and the net debt to total asset value ratio was 14.6% at 31 December 2024 (2023: 14.3%). Net debt is defined as loans and borrowings (Note 21) less cash and cash equivalents (Note 18). Net debt of \u20ac154.4 million as at 31 December 2024 (31 December 2023: \u20ac148.3 million) comprised of drawn debt of \u20ac182.0 million (net of unamortised arrangement fees and issue costs) (31 December 2023: \u20ac173.8 million) and available cash of \u20ac27.6 million (31 December 2023: \u20ac25.6 million). From a capital allocation perspective, the Group distributes surplus capital after investing in our business and paying dividends to shareholders through a combination of share buybacks and/or special dividends. On 3 March 2023 the Company commenced a \u20ac40 million share buyback programme, and on 6 September 2023 the Company increased the size of the share buyback programme by a further \u20ac35 million, for a total of \u20ac75 million (the FY23 programme). The total cost of ordinary shares repurchased under the FY23 programme during 2024 was \u20ac27.4 million which was recorded directly in equity in retained earnings. In accordance with the share buyback programme, all repurchased shares are subsequently cancelled. 17,743,924 shares were repurchased (at an average share price of \u20ac1.54) and were cancelled during the year. On 3 July 2024, the Company announced a new \u20ac45 million share buyback programme, which represents \u20ac40 million in respect of a new programme and the remaining \u20ac5 million of the FY23 programme (the FY24 programme). As at 31 December 2024 the total cost of shares repurchased under the FY24 programme was \u20ac43.2 million which was recorded directly in equity in retained earnings. In accordance with the share buyback programme, all repurchased shares are subsequently cancelled. 21,770,362 shares were repurchased under the FY24 programme (at an average share price of \u20ac1.98) and were cancelled in the year ended 31 December 2024. Between 2 January 2025 and 9 January 2025, the Company repurchased 803,939 shares at a cost of \u20ac1.8 million which completed the FY24 programme. Dividends of \u20ac44.7 million (Note 25) were paid by the Company during the year ended 31 December 2024 (2023: \u20ac41.9 million). Details of proposed dividends after the year end are set out in Note 32. (g) Fair value of financial assets and financial liabilities Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. For financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2: valuation techniques for which the lowest level of inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and \u2022 Level 3: valuation techniques for which the lowest level of inputs that have a significant effect on the recorded fair value are not based on observable market data. The following table shows the Group\u2019s financial assets and liabilities and the methods used to calculate fair value. Asset/Liability Carrying value Level Method Assumptions Borrowings Amortised cost 2 Discounted Cash Flow Valuation based on future repayment and interest cashflows discounted at a year-end market interest rate. Interest rate swaps Fair Value 2 Discounted Cash Flow Valuation based on the present value of the estimated future cash flows based on observable yield curves The following table shows the carrying values of financial assets and liabilities including their values in the fair value hierarchy. A fair value disclosure for lease liabilities is not required. The table does not include fair value information for other financial assets and liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
2024 Fair value
Carrying value Level 1 Level 2 Level 3
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Financial assets measured at fair value
Derivative interest rate swap
105
105
Financial assets measured at amortised cost
Trade and other receivables (excluding prepayments)
151,009
Cash and cash equivalents
27,623
178,632
Financial liabilities measured at amortised cost
Trade payables and accruals
79,064
Deferred consideration
7,500
Loans and borrowings
182,046
181,912
268,610
2023 Fair value
Carrying value Level 1 Level 2 Level 3
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Financial assets measured at fair value
Derivative interest rate swap
436
436
Financial assets measured at amortised cost
Trade and other receivables (excluding prepayments)
52,905
Cash and cash equivalents
25,553
78,894
Financial liabilities measured at amortised cost
Trade payables and accruals
57,478
Deferred consideration
11,810
Loans and borrowings
173,828
168,479
243,116
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-529": { "value": "4. Measurement of Fair Values Certain of the Group\u2019s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair value is defined in IFRS 13, Fair Value Measurement, as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques, as follows: \u2022 Level 1: quoted prices, (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). (g) Fair value of financial assets and financial liabilities Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. For financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2: valuation techniques for which the lowest level of inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and \u2022 Level 3: valuation techniques for which the lowest level of inputs that have a significant effect on the recorded fair value are not based on observable market data. The following table shows the Group\u2019s financial assets and liabilities and the methods used to calculate fair value.
Asset/Liability
Carrying value
Level
Method
Assumptions
Borrowings
Amortised cost
2
Discounted Cash Flow
Valuation based on future repayment and interest cashflows discounted at a year-end market interest rate.
Interest rate swaps
Fair Value
2
Discounted Cash Flow
Valuation based on the present value of the estimated future cash flows based on observable yield curves .
The following table shows the carrying values of financial assets and liabilities including their values in the fair value hierarchy. A fair value disclosure for lease liabilities is not required. The table does not include fair value information for other financial assets and liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
2024 Fair value
Carrying value Level 1 Level 2 Level 3
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Financial assets measured at fair value
Derivative interest rate swap
105
105
Financial assets measured at amortised cost
Trade and other receivables (excluding prepayments)
151,009
Cash and cash equivalents
27,623
178,632
Financial liabilities measured at amortised cost
Trade payables and accruals
79,064
Deferred consideration
7,500
Loans and borrowings
182,046
181,912
268,610
2023 Fair value
Carrying value Level 1 Level 2 Level 3
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Financial assets measured at fair value
Derivative interest rate swap
436
436
Financial assets measured at amortised cost
Trade and other receivables (excluding prepayments)
52,905
Cash and cash equivalents
25,553
78,894
Financial liabilities measured at amortised cost
Trade payables and accruals
57,478
Deferred consideration
11,810
Loans and borrowings
173,828
168,479
243,116
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-471": { "value": "
5. Segmental Information
Segmental information is presented on the same basis as that used for internal reporting purposes. Operating segments are reported in a manner consistent with the internal reporting provided to the CODM. The CODM has been
identified as the Board of Directors of the Company.
Having considered the criteria in IFRS 8 Operating Segments and considering how the Group manages its business and allocates resources, the Group has determined that it has one reportable segment. The Group is managed as a
single business unit, building and property development. As the Group operates in a single geographic market, Ireland, no geographical segmentation is provided.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-473": { "value": "
6. Revenue
2024 2023
Residential property sales \u20ac\u2019000 \u20ac\u2019000
Recognised at a point in time
382,802
649,879
Recognised over time
455,706
\u2013
Total residential property sales
838,508
649,879
Site and other sales \u2013 recognised at a point in time
21,310
16,902
Revenue from contracts with customers
859,818
666,781
Other revenue
Income from property rental
53
26
859,871
666,807
Revenue is recognised either at a point in time or over time, according to the specific contractual arrangements. Revenue recognised at a point in time is recognised when control over the property has been transferred to the
customer, which occurs at legal completion.
Revenue recognised over time arises on forward fund contracts where land is sold up-front and the cost of delivering the new homes is paid for by the purchaser on a phased basis. This revenue is measured based on total costs
incurred at the reporting date relative to the estimated total cost of the contract, using an independent third-party valuation of the work performed.
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Residential property sales
Houses and duplexes
287,066
382,903
Apartments
551,442
266,976
838,508
649,879
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-562": { "value": "6. Revenue
2024 2023
Residential property sales \u20ac\u2019000 \u20ac\u2019000
Recognised at a point in time
382,802
649,879
Recognised over time
455,706
\u2013
Total residential property sales
838,508
649,879
Site and other sales \u2013 recognised at a point in time
21,310
16,902
Revenue from contracts with customers
859,818
666,781
Other revenue
Income from property rental
53
26
859,871
666,807
Revenue is recognised either at a point in time or over time, according to the specific contractual arrangements. Revenue recognised at a point in time is recognised when control over the property has been transferred to the customer, which occurs at legal completion. Revenue recognised over time arises on forward fund contracts where land is sold up-front and the cost of delivering the new homes is paid for by the purchaser on a phased basis. This revenue is measured based on total costs incurred at the reporting date relative to the estimated total cost of the contract, using an independent third-party valuation of the work performed.
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Residential property sales
Houses and duplexes
287,066
382,903
Apartments
551,442
266,976
838,508
649,879
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-472": { "value": "
7. Administrative Expenses
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Employee benefits expense (Note 9)
23,223
22,518
Other expenses
13,731
11,711
36,954
34,229
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-555": { "value": "7. Administrative Expenses
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Employee benefits expense (Note 9)
23,223
22,518
Other expenses
13,731
11,711
36,954
34,229
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-544": { "value": "7. Administrative Expenses
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Employee benefits expense (Note 9)
23,223
22,518
Other expenses
13,731
11,711
36,954
34,229
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-513": { "value": "7. Administrative Expenses
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Employee benefits expense (Note 9)
23,223
22,518
Other expenses
13,731
11,711
36,954
34,229
9. Statutory and Other Information (i) Employees The average number of persons employed by the Group (including Executive Directors) during the year was:
2024
2023
Number of employees
397
345
The aggregate payroll costs of these employees were:
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Wages and salaries
41,255
36,634
Social welfare costs
4,455
4,049
Pension costs \u2013 defined contribution schemes
1,528
1,350
Share-based payments charge
6,942
7,075
54,180
49,108
Amounts included in cost of sales or capitalised into inventories
(30,826)
(25,987)
Amounts capitalised into intangibles
(131)
(603)
Employee benefits expense
23,223
22,518
(ii) Other information
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Net foreign currency loss recognised in profit or loss
\u2013
\u2013
Auditor\u2019s remuneration
Audit of Group, Company and subsidiary financial statements
339
339
Other assurance services
30
30
Tax advisory services
90
90
Other non-audit services
71
73
530
532
Auditor\u2019s remuneration for the audit of the Company financial statements was \u20ac20,000 (2023: \u20ac20,000)
Directors\u2019 remuneration
Salaries, fees and other emoluments
2,533
2,572
Pension contributions \u2013 defined contribution schemes
84
100
Gains on vesting of awards under LTIP scheme
1,988
912
4,605
3,584
11. Property, Plant and Equipment
Leasehold Motor Computers & 2024
improvements vehicles equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2024
2,905
59
8,436
11,400
Additions
\u2013
\u2013
2,592
2,592
Disposals
\u2013
(59)
\u2013
(59)
At 31 December 2024
2,905
\u2013
11,028
13,933
Accumulated depreciation
At 1 January 2024
(828)
(58)
(4,394)
(5,280)
Depreciation
(260)
\u2013
(1,281)
(1,541)
Disposals
\u2013
58
\u2013
58
At 31 December 2024
(1,088)
\u2013
(5,675)
(6,763)
Net book value
At 31 December 2024
1,817
\u2013
5,353
7,170
The main additions during the period related to equipment purchases for construction sites and equipment. Depreciation of \u20ac1.3 million (2023: \u20ac1.2 million) in relation to construction related assets was included in construction work in progress in inventories. All property, plant and equipment is pledged as security against the Group\u2019s borrowings (Note 21).
Leasehold Motor Computers & 2023
improvements vehicles equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2023
2,860
77
6,792
9,729
Additions
45
\u2013
1,644
1,689
Disposals
\u2013
(18)
\u2013
(18)
At 31 December 2023
2,905
59
8,436
11,400
Accumulated depreciation
At 1 January 2023
(567)
(68)
(3,305)
(3,940)
Depreciation
(261)
(8)
(1,089)
(1,358)
Disposals
\u2013
18
\u2013
18
At 31 December 2023
(828)
(58)
(4,394)
(5,280)
Net book value
At 31 December 2023
2,077
1
4,042
6,120
13. Intangible Assets
2024 2023
Software \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January
6,630
4,282
Additions
1,744
2,401
Disposals
\u2013
(53)
At 31 December
8,374
6,630
Accumulated amortisation
At 1 January
(2,419)
(1,239)
Amortisation
(1,532)
(1,180)
At 31 December
(3,951)
(2,419)
Net book value
At 31 December
4,423
4,211
During the year ended 31 December 2024 payroll costs totalling \u20ac0.1 million (2023: \u20ac0.6 million) were capitalised into Intangible Assets (Note 9).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-475": { "value": "
8. Finance Costs
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Interest expense on financial liabilities measured at amortised cost
14,474
13,331
Cashflow hedges-reclassified from other comprehensive income
(455)
(80)
Other finance costs
843
661
Interest on lease liabilities (Note 12)
233
206
15,095
14,118
Interest expense includes interest and amortised arrangement fees and issue costs on the drawn term loans, revolving credit facility and loan notes. Other finance costs include commitment fees on the undrawn element of the
revolving credit facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-545": { "value": "8. Finance Costs
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Interest expense on financial liabilities measured at amortised cost
14,474
13,331
Cashflow hedges-reclassified from other comprehensive income
(455)
(80)
Other finance costs
843
661
Interest on lease liabilities (Note 12)
233
206
15,095
14,118
Interest expense includes interest and amortised arrangement fees and issue costs on the drawn term loans, revolving credit facility and loan notes. Other finance costs include commitment fees on the undrawn element of the revolving credit facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-514": { "value": "8. Finance Costs
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Interest expense on financial liabilities measured at amortised cost
14,474
13,331
Cashflow hedges-reclassified from other comprehensive income
(455)
(80)
Other finance costs
843
661
Interest on lease liabilities (Note 12)
233
206
15,095
14,118
Interest expense includes interest and amortised arrangement fees and issue costs on the drawn term loans, revolving credit facility and loan notes. Other finance costs include commitment fees on the undrawn element of the revolving credit facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-556": { "value": "2023 \u20ac\u2019000 Interest expense on financial liabilities measured at amortised cost 14,474 13,331 Cashflow hedges-reclassified from other comprehensive income (455) (80) Other finance costs 843 661 Interest on lease liabilities (Note 12) 233 206 15,095 14,118 Interest expense includes interest and amortised arrangement fees and issue costs on the drawn term loans, revolving credit facility and loan notes. Other finance costs include commitment fees on the undrawn element of the revolving credit facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-474": { "value": "
9. Statutory and Other Information
(i) Employees
The average number of persons employed by the Group (including Executive Directors) during the year was:
2024
2023
Number of employees
397
345
The aggregate payroll costs of these employees were:
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Wages and salaries
41,255
36,634
Social welfare costs
4,455
4,049
Pension costs \u2013 defined contribution schemes
1,528
1,350
Share-based payments charge
6,942
7,075
54,180
49,108
Amounts included in cost of sales or capitalised into inventories
(30,826)
(25,987)
Amounts capitalised into intangibles
(131)
(603)
Employee benefits expense
23,223
22,518
(ii) Other information
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Net foreign currency loss recognised in profit or loss
\u2013
\u2013
Auditor\u2019s remuneration
Audit of Group, Company and subsidiary financial statements
339
339
Other assurance services
30
30
Tax advisory services
90
90
Other non-audit services
71
73
530
532
Auditor\u2019s remuneration for the audit of the Company financial statements was \u20ac20,000 (2023: \u20ac20,000)
Directors\u2019 remuneration
Salaries, fees and other emoluments
2,533
2,572
Pension contributions \u2013 defined contribution schemes
84
100
Gains on vesting of awards under LTIP scheme
1,988
912
4,605
3,584
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-530": { "value": "Net foreign currency loss recognised in profit or loss \u2013 \u2013 Auditor\u2019s remuneration Audit of Group, Company and subsidiary financial statements 339 339 Other assurance services 30 30 Tax advisory services 90 90 Other non-audit services 71 73 530 532 Auditor\u2019s remuneration for the audit of the Company financial statements was \u20ac20,000 (2023: \u20ac20,000) ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-476": { "value": "
10. Taxation
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Current tax charge for the year
Corporation tax \u2013 current year
20,569
13,951
Adjustment in respect of prior year
(220)
40
20,349
13,991
Deferred tax credit for the year (Note 23)
(49)
\u2013
Total tax charge
20,300
13,991
The tax assessed for the year differs from the standard rate of tax in Ireland. The differences are explained below.
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Profit before tax
134,872
99,423
Tax charge at standard Irish income tax rate of 12.5%
16,859
12,428
Effects of:
Expenses not deductible for tax purposes
1,203
1,523
Income taxed at the higher rate
1,285
\u2013
Adjustment in respect of prior year
(220)
40
Other
1,173
\u2013
Total tax charge
20,300
13,991
Global minimum top-up tax
The Group operates in Ireland, which has enacted legislation to implement the global minimum top-up tax. The Group does not expect to be subject to the top-up tax in relation to its operations in Ireland in the medium-term.
23. Deferred Taxation
2024 2023
Movement in net deferred tax liability: \u20ac\u2019000 \u20ac\u2019000
Opening balance
3,139
3,139
Credit to profit or loss (Note 10)
(49)
\u2013
As at year end
3,090
3,139
Deferred tax arises from temporary differences relating to tax losses and lease liabilities (deferred tax assets of \u20ac1.335 million at 31 December 2024) and land held for development and right of use assets (deferred tax liabilities of
\u20ac4.425 million at 31 December 2024). The movements in gross deferred tax assets and liabilities are set out below.
Deferred tax Deferred tax Net deferred
assets liabilities tax liability
2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Opening balance
476
(3,615)
(3,139)
Credit/(charge) to profit or loss
859
(810)
49
Closing balance
1,335
(4,425)
(3,090)
During the year ended 31 December 2024, the Group recognised deferred tax assets of \u20ac0.859 million and deferred tax liabilities of \u20ac0.810 million in relation to its lease liabilities and right of use assets due to the fact that
the company holding the majority of these leases and assets within the Group now expects to recover the related net deferred tax asset of \u20ac0.049 million. There is an unrecognised deferred tax asset of \u20ac0.129 million as at
31 December 2024 relating to losses not expected to be utilised.
Deferred tax Deferred tax Net deferred
assets liabilities tax liability
2023 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Opening balance
476
(3,615)
(3,139)
Credit/(charge) to profit or loss
\u2013
\u2013
\u2013
Closing balance
476
(3,615)
(3,139)
There was no movement in the deferred tax liability during the year ended 31 December 2023 as there were no sales on the developments which impacted deferred tax. There were unrecognised deferred tax assets of \u20ac0.238
million at 31 December 2023. As at 31 December 2023, the Group did not recognise any deferred tax related to its right of use assets or lease liabilities, due to the fact that the company holding the majority of these leases within
the Group did not expect to recover the related net deferred tax asset of \u20ac0.109 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-477": { "value": "
11. Property, Plant and Equipment
Leasehold Motor Computers & 2024
improvements vehicles equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2024
2,905
59
8,436
11,400
Additions
\u2013
\u2013
2,592
2,592
Disposals
\u2013
(59)
\u2013
(59)
At 31 December 2024
2,905
\u2013
11,028
13,933
Accumulated depreciation
At 1 January 2024
(828)
(58)
(4,394)
(5,280)
Depreciation
(260)
\u2013
(1,281)
(1,541)
Disposals
\u2013
58
\u2013
58
At 31 December 2024
(1,088)
\u2013
(5,675)
(6,763)
Net book value
At 31 December 2024
1,817
\u2013
5,353
7,170
The main additions during the period related to equipment purchases for construction sites and equipment. Depreciation of \u20ac1.3 million (2023: \u20ac1.2 million) in relation to construction related assets was included in construction
work in progress in inventories. All property, plant and equipment is pledged as security against the Group\u2019s borrowings (Note 21).
Leasehold Motor Computers & 2023
improvements vehicles equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2023
2,860
77
6,792
9,729
Additions
45
\u2013
1,644
1,689
Disposals
\u2013
(18)
\u2013
(18)
At 31 December 2023
2,905
59
8,436
11,400
Accumulated depreciation
At 1 January 2023
(567)
(68)
(3,305)
(3,940)
Depreciation
(261)
(8)
(1,089)
(1,358)
Disposals
\u2013
18
\u2013
18
At 31 December 2023
(828)
(58)
(4,394)
(5,280)
Net book value
At 31 December 2023
2,077
1
4,042
6,120
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-546": { "value": "11. Property, Plant and Equipment
Leasehold Motor Computers & 2024
improvements vehicles equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2024
2,905
59
8,436
11,400
Additions
\u2013
\u2013
2,592
2,592
Disposals
\u2013
(59)
\u2013
(59)
At 31 December 2024
2,905
\u2013
11,028
13,933
Accumulated depreciation
At 1 January 2024
(828)
(58)
(4,394)
(5,280)
Depreciation
(260)
\u2013
(1,281)
(1,541)
Disposals
\u2013
58
\u2013
58
At 31 December 2024
(1,088)
\u2013
(5,675)
(6,763)
Net book value
At 31 December 2024
1,817
\u2013
5,353
7,170
The main additions during the period related to equipment purchases for construction sites and equipment. Depreciation of \u20ac1.3 million (2023: \u20ac1.2 million) in relation to construction related assets was included in construction work in progress in inventories. All property, plant and equipment is pledged as security against the Group\u2019s borrowings (Note 21).
Leasehold Motor Computers & 2023
improvements vehicles equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2023
2,860
77
6,792
9,729
Additions
45
\u2013
1,644
1,689
Disposals
\u2013
(18)
\u2013
(18)
At 31 December 2023
2,905
59
8,436
11,400
Accumulated depreciation
At 1 January 2023
(567)
(68)
(3,305)
(3,940)
Depreciation
(261)
(8)
(1,089)
(1,358)
Disposals
\u2013
18
\u2013
18
At 31 December 2023
(828)
(58)
(4,394)
(5,280)
Net book value
At 31 December 2023
2,077
1
4,042
6,120
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-531": { "value": "11. Property, Plant and Equipment
Leasehold Motor Computers & 2024
improvements vehicles equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2024
2,905
59
8,436
11,400
Additions
\u2013
\u2013
2,592
2,592
Disposals
\u2013
(59)
\u2013
(59)
At 31 December 2024
2,905
\u2013
11,028
13,933
Accumulated depreciation
At 1 January 2024
(828)
(58)
(4,394)
(5,280)
Depreciation
(260)
\u2013
(1,281)
(1,541)
Disposals
\u2013
58
\u2013
58
At 31 December 2024
(1,088)
\u2013
(5,675)
(6,763)
Net book value
At 31 December 2024
1,817
\u2013
5,353
7,170
The main additions during the period related to equipment purchases for construction sites and equipment. Depreciation of \u20ac1.3 million (2023: \u20ac1.2 million) in relation to construction related assets was included in construction work in progress in inventories. All property, plant and equipment is pledged as security against the Group\u2019s borrowings (Note 21).
Leasehold Motor Computers & 2023
improvements vehicles equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2023
2,860
77
6,792
9,729
Additions
45
\u2013
1,644
1,689
Disposals
\u2013
(18)
\u2013
(18)
At 31 December 2023
2,905
59
8,436
11,400
Accumulated depreciation
At 1 January 2023
(567)
(68)
(3,305)
(3,940)
Depreciation
(261)
(8)
(1,089)
(1,358)
Disposals
\u2013
18
\u2013
18
At 31 December 2023
(828)
(58)
(4,394)
(5,280)
Net book value
At 31 December 2023
2,077
1
4,042
6,120
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-478": { "value": "
12. Leases
The Group leases its central support office property and certain motor vehicles. The office lease formed the majority of the right of use assets and lease liabilities balance as at 31 December 2024 and 31 December 2023. The
discount rate attributed to the office lease is 2.6%.
The additions during the year ended 31 December 2024 relate to vehicle leases and have various commencement dates throughout the year. The average discount rate associated with these leases is 6.03% (2023: 6.21%) which
reflects the Group\u2019s incremental borrowing rate at the date of commencement.
Right of use assets
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January
7,139
8,190
Additions
1,022
391
Disposal
(162)
(1,442)
At 31 December
7,999
7,139
Accumulated depreciation
At 1 January
(1,582)
(2,187)
Disposal
162
1,442
Depreciation
(987)
(837)
At 31 December
(2,407)
(1,582)
Net book value
At 31 December
5,592
5,557
Lease liabilities
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Current liabilities
Repayable within one year
1,254
937
1,254
937
Non-current liabilities
Repayable as follows:
Between one and two years
1,194
927
Between two and five years
2,427
2,244
Greater than five years
1,570
2,319
5,191
5,490
Total lease liabilities
6,445
6,427
The movements in total lease liabilities during 2024 and 2023 were as follows:
2024 2023
\u20ac\u2019000 \u20ac\u2019000
At 1 January
6,427
6,797
Additions
1,022
391
Interest on lease liabilities (Note 8)
233
206
Lease payments
(1,237)
(967)
At 31 December
6,445
6,427
The undiscounted remaining contractual cash flows for leases at 31 December 2024 were as follows:
As at 31 December 2024
Contractual cash flows
6 months
Total or less 6-12 months 1-2 years 2-5 years 5 years +
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Lease liabilities
(7,120)
(750)
(713)
(1,356)
(2,683)
(1,618)
The undiscounted remaining contractual cash flows for leases at 31 December 2023 were as follows:
As at 31 December 2023
Contractual cash flows
6 months
Total or less 6-12 months 1-2 years 2-5 years 5 years +
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Lease liabilities
(7,170)
(564)
(558)
(1,077)
(2,543)
(2,428)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-515": { "value": "Right of use assets
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January
7,139
8,190
Additions
1,022
391
Disposal
(162)
(1,442)
At 31 December
7,999
7,139
Accumulated depreciation
At 1 January
(1,582)
(2,187)
Disposal
162
1,442
Depreciation
(987)
(837)
At 31 December
(2,407)
(1,582)
Net book value
At 31 December
5,592
5,557
The movements in total lease liabilities during 2024 and 2023 were as follows:
2024 2023
\u20ac\u2019000 \u20ac\u2019000
At 1 January
6,427
6,797
Additions
1,022
391
Interest on lease liabilities (Note 8)
233
206
Lease payments
(1,237)
(967)
At 31 December
6,445
6,427
The undiscounted remaining contractual cash flows for leases at 31 December 2024 were as follows: As at 31 December 2024
Contractual cash flows
6 months
Total or less 6-12 months 1-2 years 2-5 years 5 years +
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Lease liabilities
(7,120)
(750)
(713)
(1,356)
(2,683)
(1,618)
The undiscounted remaining contractual cash flows for leases at 31 December 2023 were as follows: As at 31 December 2023
Contractual cash flows
6 months
Total or less 6-12 months 1-2 years 2-5 years 5 years +
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Lease liabilities
(7,170)
(564)
(558)
(1,077)
(2,543)
(2,428)
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-480": { "value": "
13. Intangible Assets
2024 2023
Software \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January
6,630
4,282
Additions
1,744
2,401
Disposals
\u2013
(53)
At 31 December
8,374
6,630
Accumulated amortisation
At 1 January
(2,419)
(1,239)
Amortisation
(1,532)
(1,180)
At 31 December
(3,951)
(2,419)
Net book value
At 31 December
4,423
4,211
During the year ended 31 December 2024 payroll costs totalling \u20ac0.1 million (2023: \u20ac0.6 million) were capitalised into Intangible Assets (Note 9).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-533": { "value": "13. Intangible Assets
2024 2023
Software \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January
6,630
4,282
Additions
1,744
2,401
Disposals
\u2013
(53)
At 31 December
8,374
6,630
Accumulated amortisation
At 1 January
(2,419)
(1,239)
Amortisation
(1,532)
(1,180)
At 31 December
(3,951)
(2,419)
Net book value
At 31 December
4,423
4,211
During the year ended 31 December 2024 payroll costs totalling \u20ac0.1 million (2023: \u20ac0.6 million) were capitalised into Intangible Assets (Note 9).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-479": { "value": "
14. Derivatives and Cashflow Hedge Reserve
2024 2023
Current assets \u20ac\u2019000 \u20ac\u2019000
Derivative financial instruments
Interest rate swaps \u2013 cash flow hedges
105
\u2013
2024 2023
Non-current assets \u20ac\u2019000 \u20ac\u2019000
Derivative financial instruments
Interest rate swaps \u2013 cash flow hedges
\u2013
436
The Group has an interest rate swap (swap) in respect of \u20ac18.75 million of its \u20ac90.5 million syndicate term loan. The interest rate swap has a fixed interest rate of 1.346% and variable interest rate of three-month Euribor. The fair
value of the swap as at 31 December 2024 was \u20ac105,000 (2023: \u20ac436,000). Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in the cashflow hedge reserve to the extent
that the hedge is effective. Any gain or loss relating to the ineffective portion is recognised in profit or loss in the period incurred. The hedge was fully effective for the year ended 31 December 2024 and the year ended 31 December
2023. Amounts accounted for in the cashflow hedge reserve in respect of the swap during the current and prior year have been set out in the Consolidated Statement of Changes in Equity on page 163.
The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the derivative is more than 12 months; it is classified as a current asset or liability when the remaining maturity
of the derivative is less than 12 months. As the swap is maturing in June 2025, the Group has classified this as a current asset at 31 December 2024.
Cashflow hedge reserve
The cashflow hedge reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss or directly included in
the initial cost or other carrying amount of a non-financial asset or non-financial liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-532": { "value": "14. Derivatives and Cashflow Hedge Reserve
2024 2023
Current assets \u20ac\u2019000 \u20ac\u2019000
Derivative financial instruments
Interest rate swaps \u2013 cash flow hedges
105
\u2013
2024 2023
Non-current assets \u20ac\u2019000 \u20ac\u2019000
Derivative financial instruments
Interest rate swaps \u2013 cash flow hedges
\u2013
436
The Group has an interest rate swap (swap) in respect of \u20ac18.75 million of its \u20ac90.5 million syndicate term loan. The interest rate swap has a fixed interest rate of 1.346% and variable interest rate of three-month Euribor. The fair value of the swap as at 31 December 2024 was \u20ac105,000 (2023: \u20ac436,000). Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in the cashflow hedge reserve to the extent that the hedge is effective. Any gain or loss relating to the ineffective portion is recognised in profit or loss in the period incurred. The hedge was fully effective for the year ended 31 December 2024 and the year ended 31 December 2023. Amounts accounted for in the cashflow hedge reserve in respect of the swap during the current and prior year have been set out in the Consolidated Statement of Changes in Equity on page 163. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the derivative is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the derivative is less than 12 months. As the swap is maturing in June 2025, the Group has classified this as a current asset at 31 December 2024. Cashflow hedge reserve The cashflow hedge reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss or directly included in the initial cost or other carrying amount of a non-financial asset or non-financial liability. ", "dimensions": { "concept": "cairnhomesplc:DisclosureOfDerivativesAndCashflowHedgeReserve", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-516": { "value": "14. Derivatives and Cashflow Hedge Reserve
2024 2023
Current assets \u20ac\u2019000 \u20ac\u2019000
Derivative financial instruments
Interest rate swaps \u2013 cash flow hedges
105
\u2013
2024 2023
Non-current assets \u20ac\u2019000 \u20ac\u2019000
Derivative financial instruments
Interest rate swaps \u2013 cash flow hedges
\u2013
436
The Group has an interest rate swap (swap) in respect of \u20ac18.75 million of its \u20ac90.5 million syndicate term loan. The interest rate swap has a fixed interest rate of 1.346% and variable interest rate of three-month Euribor. The fair value of the swap as at 31 December 2024 was \u20ac105,000 (2023: \u20ac436,000). Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in the cashflow hedge reserve to the extent that the hedge is effective. Any gain or loss relating to the ineffective portion is recognised in profit or loss in the period incurred. The hedge was fully effective for the year ended 31 December 2024 and the year ended 31 December 2023. Amounts accounted for in the cashflow hedge reserve in respect of the swap during the current and prior year have been set out in the Consolidated Statement of Changes in Equity on page 163. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the derivative is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the derivative is less than 12 months. As the swap is maturing in June 2025, the Group has classified this as a current asset at 31 December 2024. Cashflow hedge reserve The cashflow hedge reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss or directly included in the initial cost or other carrying amount of a non-financial asset or non-financial liability.
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Interest rate profile of loans and borrowings
Fixed-rate
115,527
130,361
Variable-rate
66,519
43,467
Loans and borrowings
182,046
173,828
Variable rate instruments
Gross variable rate borrowings
66,519
43,467
Impact of interest rate swaps
(18,519)
(18,467)
48,000
25,000
Cash flow sensitivity analysis for variable-rate instruments A reasonably possible change of 100 basis points in Euribor benchmark interest rates at the reporting date would have increased/(decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables remain constant and the rate change is only applied to the loans that are exposed to movements in Euribor.
Profit or loss
Equity
100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
31 December 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Variable-rate instruments \u2013 borrowings
(1,308)
1,308
(1,308)
1,308
Cash flow sensitivity (net)
(1,308)
1,308
(1,308)
1,308
Profit or loss
Equity
100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
31 December 2023 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Variable-rate instruments \u2013 borrowings
(1,214)
1,214
(1,214)
1,214
Cash flow sensitivity (net)
(1,214)
1,214
(1,214)
1,214
The Group is also exposed to interest rate risk on its cash and cash equivalents. These balances attract low interest rates and therefore a relative increase or decrease in their interest rates would not have a material effect on profit or loss. The Group has the following derivative financial instruments in the statement of financial position:
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Current assets \u2013 Derivative Financial Instruments
Interest rate swaps \u2013 cash flow hedges
105
\u2013
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Non-current assets \u2013 Derivative Financial Instruments
Interest rate swaps \u2013 cash flow hedges
\u2013
436
The Group has an interest rate swap in respect of \u20ac18.75 million of its syndicate term loan. The interest rate swap has a fixed interest rate of 1.346% and variable interest rate of three-month Euribor. The maturity date of the interest rate swap is 30 June 2025. The swap is designated as a cash flow hedge and is set so as to closely match the critical terms of the underlying debt being hedged. Hedge ineffectiveness is determined at the inception of the hedge relationship and through periodic prospective hedge effectiveness assessments to ensure that an economic relationship exists between the hedged item and the hedging instrument. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and notional amounts. The Group does not hedge 100% of its loans, therefore the hedged item is identified as a proportion of the outstanding loans up to the notional amount of the swaps. The hedge is transacted with a ratio of 1:1. As the Group enters into hedge relationships where the critical terms of the hedging instrument materially match the terms of the hedged item, a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Hedge ineffectiveness for interest rate swaps may occur due to: \u2022 consideration of any floors on the interest basis of the floating rate funding that is not replicated in the interest basis of the interest rate swap; \u2022 differences in the timing and the interest rate basis of cash flows on the hedged item and hedging instrument; \u2022 reduction or modification of the highly probable hedged item below the notional level of the interest rate swap; and \u2022 significant change in the credit risk of either party to the hedging relationship. There was no material ineffectiveness in hedged risk in relation to this hedging arrangement in 2024. Amounts accounted for in the cashflow hedge reserve in respect of the swap have been set out in Other Comprehensive Income. These fair value gains and losses reflected in the cash flow hedge reserve are expected to impact on profit and loss in 2025, in line with the underlying debt being hedged. The following table shows a breakdown of the cash flow hedge reserve and the movements in this reserve during the year: Interest rate swaps
Cash flow Cash flow
hedge reserve hedge reserve
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Opening balance 1 January
436
847
Change in fair value of hedging instrument recognised in cash flow hedge reserve
124
(331)
Reclassified from cash flow hedge reserve to profit or loss \u2013 included in finance cost
(455)
(80)
Closing balance 31 December
105
436
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-481": { "value": "
15. Equity-Accounted Investee
In 2022 the Group acquired an 80.57% shareholding in a joint venture arrangement, Clonburris Infrastructure Limited. The remaining shareholding is shared between the other parties. The business of Clonburris Infrastructure
Limited is to procure the planning, design, construction and delivery of the infrastructure in the Clonburris strategic development zone (\u2018SDZ\u2019).
Clonburris Infrastructure Limited has three directors who are appointed to represent each of the shareholders of the company and all directors have equal voting rights. Although the Group has the largest shareholding, it can only
appoint one director with the other directors being appointed by the remaining shareholders. The voting rights are shared between the three directors equally and unanimous consent is required for all key decisions impacting on
the operations of this entity. Accordingly the Group has classified its interest in Clonburris Infrastructure Limited as a joint venture as it does not have control in its own right over this entity. The movement during 2024 pertains to
the funding and expenses incurred in respect of delivering the infrastructure in the Clonburris SDZ.
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Opening investment in joint venture
237
85
Group\u2019s share of (loss)/profit
(203)
152
Closing investment In joint venture
34
237
Please see Note 27 for details of the registered office for Clonburris Infrastructure Limited.
Summarised financial information relating to the Clonburris Infrastructure Limited is as follows:
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Summarised statement of financial position for Clonburris Infrastructure Limited
Non-current assets
\u2013
\u2013
Current assets
2,132
1,134
Current liabilities
(2,089)
(839)
Non-current liabilities
\u2013
\u2013
Net assets of Clonburris Infrastructure Limited (100%)
43
295
Percentage ownership interest by the Group
80.57%
80.57%
Group share of net assets recognised as investment in joint venture (80.57%)
34
237
Summarised income statement of Clonburris Infrastructure Limited
Revenue
26,682
13,895
Operating expenses
(26,934)
(13,706)
Tax
\u2013
\u2013
(Loss)/profit for the year (100%)
(252)
189
Group share of (loss)/profit for year recognised in profit or loss (80.57%)
(203)
152
27. Group Entities The Company\u2019s subsidiaries and its joint venture undertaking as at 31 December 2024 are set out below. All of the Company\u2019s subsidiaries and its joint venture undertaking are resident in Ireland, with all subsidiaries having a registered address at 45 Mespil Road, Dublin 4,D04 W2F1 and the joint venture undertaking having a registered address of 88 Harcourt Street, Dublin 2, D02 DK18. All Group entities operate in Ireland only.
Subsidiaries
Company\u2019s holding
Group company
Principal activity
Direct
Indirect
Cairn Homes Holdings Limited
Holding company
100%
\u2013
Cairn Homes Properties Limited
Holding of property
\u2013
100%
Cairn Homes Construction Limited
Construction company
\u2013
100%
Cairn Homes Butterly Limited
No activity in period
100%
\u2013
Cairn Homes Galway Limited
Holding of property
100%
\u2013
Cairn Homes Killiney Limited
No activity in the period
100%
\u2013
Cairn Homes Finance Designated Activity Company
Financing activities
100%
\u2013
Cairn Homes Montrose Limited
Holding of property
100%
\u2013
Balgriffin Investment No.2 HoldCo Designated Activity Company
Holding company
100%
\u2013
Cairn Homes Property Holdco Limited
Holding company
\u2013
100%
Cairn Homes Property Holding Three Limited
No activity in period
\u2013
100%
Balgriffin Investment No.2 Designated Activity Company
No activity in period
\u2013
100%
Company\u2019s holding
Joint Venture Undertaking
Principal activity
Direct
Indirect
Clonburris Infrastructure Limited (Note 15)
Construction company
\u2013
80.57%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-563": { "value": "15. Equity-Accounted Investee In 2022 the Group acquired an 80.57% shareholding in a joint venture arrangement, Clonburris Infrastructure Limited. The remaining shareholding is shared between the other parties. The business of Clonburris Infrastructure Limited is to procure the planning, design, construction and delivery of the infrastructure in the Clonburris strategic development zone (\u2018SDZ\u2019). Clonburris Infrastructure Limited has three directors who are appointed to represent each of the shareholders of the company and all directors have equal voting rights. Although the Group has the largest shareholding, it can only appoint one director with the other directors being appointed by the remaining shareholders. The voting rights are shared between the three directors equally and unanimous consent is required for all key decisions impacting on the operations of this entity. Accordingly the Group has classified its interest in Clonburris Infrastructure Limited as a joint venture as it does not have control in its own right over this entity. The movement during 2024 pertains to the funding and expenses incurred in respect of delivering the infrastructure in the Clonburris SDZ.
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Opening investment in joint venture
237
85
Group\u2019s share of (loss)/profit
(203)
152
Closing investment In joint venture
34
237
Please see Note 27 for details of the registered office for Clonburris Infrastructure Limited. Summarised financial information relating to the Clonburris Infrastructure Limited is as follows:
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Summarised statement of financial position for Clonburris Infrastructure Limited
Non-current assets
\u2013
\u2013
Current assets
2,132
1,134
Current liabilities
(2,089)
(839)
Non-current liabilities
\u2013
\u2013
Net assets of Clonburris Infrastructure Limited (100%)
43
295
Percentage ownership interest by the Group
80.57%
80.57%
Group share of net assets recognised as investment in joint venture (80.57%)
34
237
Summarised income statement of Clonburris Infrastructure Limited
Revenue
26,682
13,895
Operating expenses
(26,934)
(13,706)
Tax
\u2013
\u2013
(Loss)/profit for the year (100%)
(252)
189
Group share of (loss)/profit for year recognised in profit or loss (80.57%)
(203)
152
27. Group Entities The Company\u2019s subsidiaries and its joint venture undertaking as at 31 December 2024 are set out below. All of the Company\u2019s subsidiaries and its joint venture undertaking are resident in Ireland, with all subsidiaries having a registered address at 45 Mespil Road, Dublin 4,D04 W2F1 and the joint venture undertaking having a registered address of 88 Harcourt Street, Dublin 2, D02 DK18. All Group entities operate in Ireland only.
Subsidiaries
Company\u2019s holding
Group company
Principal activity
Direct
Indirect
Cairn Homes Holdings Limited
Holding company
100%
\u2013
Cairn Homes Properties Limited
Holding of property
\u2013
100%
Cairn Homes Construction Limited
Construction company
\u2013
100%
Cairn Homes Butterly Limited
No activity in period
100%
\u2013
Cairn Homes Galway Limited
Holding of property
100%
\u2013
Cairn Homes Killiney Limited
No activity in the period
100%
\u2013
Cairn Homes Finance Designated Activity Company
Financing activities
100%
\u2013
Cairn Homes Montrose Limited
Holding of property
100%
\u2013
Balgriffin Investment No.2 HoldCo Designated Activity Company
Holding company
100%
\u2013
Cairn Homes Property Holdco Limited
Holding company
\u2013
100%
Cairn Homes Property Holding Three Limited
No activity in period
\u2013
100%
Balgriffin Investment No.2 Designated Activity Company
No activity in period
\u2013
100%
Company\u2019s holding
Joint Venture Undertaking
Principal activity
Direct
Indirect
Clonburris Infrastructure Limited (Note 15)
Construction company
\u2013
80.57%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-482": { "value": "
16. Inventories
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Land held for development
615,743
609,160
Construction work in progress
246,381
334,257
862,124
943,417
Land held for development includes strategic land acquisitions during the year ended 31 December 2024 of \u20ac99.5 million (2023: \u20ac57.9 million).
The Directors consider that all inventories are essentially current in nature although the Group\u2019s operational cycle is such that a considerable proportion of inventories will not be realised within 12 months. It is not possible to
determine with accuracy when specific inventories will be realised as this will be subject to a number of factors such as consumer demand, the timing of planning permissions and site commencement dates.
The cost of inventories includes direct labour costs and other direct wages and salaries as well as the cost of land, raw materials, and other direct costs. During the year ended 31 December 2024 and 31 December 2023 no direct
wages and salaries for employees in construction related roles were estimated to be non-productive and therefore all such costs were included in the cost of inventories or cost of sales.
As the build costs on each development can take place over a number of reporting periods the determination of the cost of sales to release on each sale is dependent on up to date cost forecasting and expected profit margins
across the various developments. The Directors review forecasting and profit margins on a regular basis and have incorporated any additional costs as a result of inflation. The Directors have also considered the impact of climate
change and the Group\u2019s commitment to the Science Based Targets initiative (SBTi) Net Zero standard as well as any additional costs, savings and revenues associated with climate risks or opportunities as identified in the Task
Force on Climate-Related Financial Disclosures on pages 58 to 63 of the annual report in relation to costs and expected profit margins. There has been no other material impact identified on the financial reporting judgements and
estimates as a result of climate change. Nearer-term costs are largely fixed as they are in most cases fully procured, and others are variable and particular focus has been given to these items to ensure they are accurately reflected
in forecasts and profit margins. There is a risk that one or all of the assumptions may require revision as more information becomes available, with a resulting impact on the carrying value of inventories or the amount of profit
recognised. The risk is managed through ongoing development profitability reforecasting with any necessary adjustments being accounted for in the relevant reporting period.
All active developments on which construction has commenced are profitable and due to the forecasting process by which cost of sales is determined as referred to above, the Directors therefore concluded that the net realisable
value of active sites was greater than their carrying amount at 31 December 2024 and hence those sites were not impaired.
All developments on which construction has not yet commenced were also assessed for impairment at 31 December 2024. This assessment was based on the current development plan for the development, reflecting the
number and mix of units expected to be built. For each of these developments, the forecast revenue based on current market prices was greater than the sum of the site cost and the estimated construction costs. The Directors
therefore concluded that the net realisable value of sites on which construction has not yet commenced was greater than their carrying amount at 31 December 2024 and hence those developments were not impaired.
There were no reasonably foreseeable changes in assumptions that would have resulted in an impairment of inventories at 31 December 2024. As a result of the detailed reviews undertaken the Directors are satisfied with the
carrying values of inventories (development land and work in progress), which are stated at the lower of cost and net realisable value, and with the methodology for the release of costs on the sale of inventories.
The total amount charged to cost of sales from inventories during the year was \u20ac665.5 million (2023: \u20ac514.8 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-483": { "value": "
17. Trade and Other Receivables
2024 2023
Current assets \u20ac\u2019000 \u20ac\u2019000
Trade receivables
73,495
32,706
Contract assets
45,331
\u2013
Prepayments
1,311
1,152
Construction bonds
11,938
16,533
Other receivables
9,457
3,666
141,532
54,057
2024 2023
Non-current assets \u20ac\u2019000 \u20ac\u2019000
Contract assets
10,001
\u2013
Other receivables
787
\u2013
10,788
\u2013
Trade receivables relate to amounts due in relation to residential property sales to institutional investors and State-supported counterparties. Included within trade receivables are amounts of \u20ac65.4 million which relate to funds
due from State-supported counterparties. Within the trade receivables, \u20ac18.5 million relates to retentions. All Trade Receivables excluding retentions have been received post year end.
Contract assets of \u20ac55.3 million (31 December 2023: \u20acnil) consists of revenue earned on forward fund transactions with State-supported counterparties that is either unbilled or the timing of receipt of consideration is conditioned
on something other than the passage of time.
The Directors consider that all construction bonds are current assets as they will be realised in the Group\u2019s normal operating cycle, which is such that a proportion of construction bonds will not be recovered within 12 months. It is
estimated that \u20ac6.4 million (2023: \u20ac9.3 million) of the construction bond balance at 31 December 2024 will be recovered after more than 12 months from that date.
The carrying value of all trade and other receivables is approximate to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-564": { "value": "17. Trade and Other Receivables
2024 2023
Current assets \u20ac\u2019000 \u20ac\u2019000
Trade receivables
73,495
32,706
Contract assets
45,331
\u2013
Prepayments
1,311
1,152
Construction bonds
11,938
16,533
Other receivables
9,457
3,666
141,532
54,057
2024 2023
Non-current assets \u20ac\u2019000 \u20ac\u2019000
Contract assets
10,001
\u2013
Other receivables
787
\u2013
10,788
\u2013
Trade receivables relate to amounts due in relation to residential property sales to institutional investors and State-supported counterparties. Included within trade receivables are amounts of \u20ac65.4 million which relate to funds due from State-supported counterparties. Within the trade receivables, \u20ac18.5 million relates to retentions. All Trade Receivables excluding retentions have been received post year end. Contract assets of \u20ac55.3 million (31 December 2023: \u20acnil) consists of revenue earned on forward fund transactions with State-supported counterparties that is either unbilled or the timing of receipt of consideration is conditioned on something other than the passage of time. The Directors consider that all construction bonds are current assets as they will be realised in the Group\u2019s normal operating cycle, which is such that a proportion of construction bonds will not be recovered within 12 months. It is estimated that \u20ac6.4 million (2023: \u20ac9.3 million) of the construction bond balance at 31 December 2024 will be recovered after more than 12 months from that date. The carrying value of all trade and other receivables is approximate to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-557": { "value": "17. Trade and Other Receivables
2024 2023
Current assets \u20ac\u2019000 \u20ac\u2019000
Trade receivables
73,495
32,706
Contract assets
45,331
\u2013
Prepayments
1,311
1,152
Construction bonds
11,938
16,533
Other receivables
9,457
3,666
141,532
54,057
2024 2023
Non-current assets \u20ac\u2019000 \u20ac\u2019000
Contract assets
10,001
\u2013
Other receivables
787
\u2013
10,788
\u2013
Trade receivables relate to amounts due in relation to residential property sales to institutional investors and State-supported counterparties. Included within trade receivables are amounts of \u20ac65.4 million which relate to funds due from State-supported counterparties. Within the trade receivables, \u20ac18.5 million relates to retentions. All Trade Receivables excluding retentions have been received post year end. Contract assets of \u20ac55.3 million (31 December 2023: \u20acnil) consists of revenue earned on forward fund transactions with State-supported counterparties that is either unbilled or the timing of receipt of consideration is conditioned on something other than the passage of time. The Directors consider that all construction bonds are current assets as they will be realised in the Group\u2019s normal operating cycle, which is such that a proportion of construction bonds will not be recovered within 12 months. It is estimated that \u20ac6.4 million (2023: \u20ac9.3 million) of the construction bond balance at 31 December 2024 will be recovered after more than 12 months from that date. The carrying value of all trade and other receivables is approximate to their fair value.
2024 2023
Movement in net deferred tax liability: \u20ac\u2019000 \u20ac\u2019000
Opening balance
3,139
3,139
Credit to profit or loss (Note 10)
(49)
\u2013
As at year end
3,090
3,139
Deferred tax arises from temporary differences relating to tax losses and lease liabilities (deferred tax assets of \u20ac1.335 million at 31 December 2024) and land held for development and right of use assets (deferred tax liabilities of \u20ac4.425 million at 31 December 2024). The movements in gross deferred tax assets and liabilities are set out below.
Deferred tax Deferred tax Net deferred
assets liabilities tax liability
2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Opening balance
476
(3,615)
(3,139)
Credit/(charge) to profit or loss
859
(810)
49
Closing balance
1,335
(4,425)
(3,090)
During the year ended 31 December 2024, the Group recognised deferred tax assets of \u20ac0.859 million and deferred tax liabilities of \u20ac0.810 million in relation to its lease liabilities and right of use assets due to the fact that the company holding the majority of these leases and assets within the Group now expects to recover the related net deferred tax asset of \u20ac0.049 million. There is an unrecognised deferred tax asset of \u20ac0.129 million as at 31 December 2024 relating to losses not expected to be utilised.
Deferred tax Deferred tax Net deferred
assets liabilities tax liability
2023 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Opening balance
476
(3,615)
(3,139)
Credit/(charge) to profit or loss
\u2013
\u2013
\u2013
Closing balance
476
(3,615)
(3,139)
There was no movement in the deferred tax liability during the year ended 31 December 2023 as there were no sales on the developments which impacted deferred tax. There were unrecognised deferred tax assets of \u20ac0.238 million at 31 December 2023. As at 31 December 2023, the Group did not recognise any deferred tax related to its right of use assets or lease liabilities, due to the fact that the company holding the majority of these leases within the Group did not expect to recover the related net deferred tax asset of \u20ac0.109 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-547": { "value": "17. Trade and Other Receivables
2024 2023
Current assets \u20ac\u2019000 \u20ac\u2019000
Trade receivables
73,495
32,706
Contract assets
45,331
\u2013
Prepayments
1,311
1,152
Construction bonds
11,938
16,533
Other receivables
9,457
3,666
141,532
54,057
2024 2023
Non-current assets \u20ac\u2019000 \u20ac\u2019000
Contract assets
10,001
\u2013
Other receivables
787
\u2013
10,788
\u2013
Trade receivables relate to amounts due in relation to residential property sales to institutional investors and State-supported counterparties. Included within trade receivables are amounts of \u20ac65.4 million which relate to funds due from State-supported counterparties. Within the trade receivables, \u20ac18.5 million relates to retentions. All Trade Receivables excluding retentions have been received post year end. Contract assets of \u20ac55.3 million (31 December 2023: \u20acnil) consists of revenue earned on forward fund transactions with State-supported counterparties that is either unbilled or the timing of receipt of consideration is conditioned on something other than the passage of time. The Directors consider that all construction bonds are current assets as they will be realised in the Group\u2019s normal operating cycle, which is such that a proportion of construction bonds will not be recovered within 12 months. It is estimated that \u20ac6.4 million (2023: \u20ac9.3 million) of the construction bond balance at 31 December 2024 will be recovered after more than 12 months from that date. The carrying value of all trade and other receivables is approximate to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-484": { "value": "
18. Cash and Cash Equivalents
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Cash and cash equivalents
27,623
25,553
Cash deposits are made for varying short-term periods depending on the immediate cash requirements of the Group. All deposits can be withdrawn without any changes in value and accordingly the fair value of cash and cash
equivalents is identical to the carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-485": { "value": "
19. Share Capital and Share Premium
2024 2023
Authorised
Number
\u20ac\u2019000
Number
\u20ac\u2019000
Ordinary shares of \u20ac0.001 each
1,000,000,000
1,000
1,000,000,000
1,000
Founder shares of \u20ac0.001 each
\u2013
\u2013
100,000,000
100
Deferred shares of \u20ac0.001 each
\u2013
\u2013
120,000,000
120
A Ordinary shares of \u20ac1.00 each
\u2013
\u2013
20,000
20
Total authorised share capital
1,000
1,240
During the year ended 31 December 2024, all authorised A ordinary, founder and deferred shares were cancelled. All issued founder and deferred issued shares were cancelled during the year ended 31 December 2023.
Share Share
capital premium Total
Issued and fully paid
Number
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
As at 31 December 2024
Ordinary shares of \u20ac0.001 each
621,051,046
621
201,894
202,515
Total issued and fully paid
621
201,894
202,515
Share Share
capital premium Total
Issued and fully paid
Number
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
As at 31 December 2023
Ordinary shares of \u20ac0.001 each
654,888,041
655
201,100
201,755
Total issued and fully paid
655
201,100
201,755
Share buyback programmes
On 3 March 2023 the Company commenced a \u20ac40 million share buyback programme, and on 6 September 2023 the Company increased the size of the share buyback programme by a further \u20ac35 million, for a total of \u20ac75 million
(the FY23 programme).
The total cost of ordinary shares repurchased under the FY23 programme during 2024 was \u20ac27.4 million which was recorded directly in equity in retained earnings. In accordance with the share buyback programme, all repurchased
shares are subsequently cancelled. 17,743,924 shares were repurchased under the FY23 programme (at an average share price of \u20ac1.54) and were cancelled during the year ended 31 December 2024.
On 3 July 2024, the Company announced a new \u20ac45 million share buyback programme, which represents \u20ac40 million in respect of a new programme and the remaining \u20ac5 million of the FY23 programme (the FY24 programme).
As at 31 December 2024 the total cost of shares repurchased under the FY24 programme was \u20ac43.2 million which was recorded directly in equity in retained earnings. In accordance with the share buyback programme, all
repurchased shares are subsequently cancelled. 21,770,362 shares were repurchased under the FY24 programme (at an average share price of \u20ac1.98) and were cancelled in the year ended 31 December 2024. Between 2 January
2025 and 9 January 2025, the Company repurchased 803,939 shares at a cost of \u20ac1.8 million which completed the FY24 programme.
In the prior year the total cost of shares repurchased under the FY23 programme was \u20ac42.7 million which was recorded directly in equity in retained earnings. In accordance with the share buyback programme, all repurchased
shares are subsequently cancelled. 38,739,281 repurchased shares were cancelled in the year ended 31 December 2023.
Share issues On 5 April 2024, 4,817,522 ordinary shares at a nominal value of \u20ac0.001 per share in relation to the vesting of the 2021 LTIP were issued. In the prior year, the Company issued 5,331,233 ordinary shares at a nominal value of \u20ac0.001 per share in respect of the vesting of awards under the 2020 LTIP. During the year ended 31 December 2024, the Company issued 359,769 ordinary shares at a nominal value of \u20ac0.001 in relation to the vesting of the 2021 save as you earn option scheme (SAYE), and \u20ac0.153 million was transferred from the share-based payments reserve to retained earnings relating to the 2021 vesting. In the prior year, the Company issued 2,518,637 ordinary shares at a nominal value of \u20ac0.001 in relation to the vesting of the 2020 SAYE option scheme, and \u20ac0.726 million was transferred from the share-based payments reserve to retained earnings relating to the 2020 vesting. During the year ended 31 December 2024, 500,000 ordinary share options were exercised and \u20ac0.110 million was transferred from share-based payment reserve to retained earnings (2023: \u20acnil).
2024 2023
Other Undenominated Capital \u20ac\u2019000 \u20ac\u2019000
At 1 January
183
105
Nominal value of own shares purchased
39
39
Cancellation of Deferred and Founder shares
\u2013
39
At 31 December
222
183
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-517": { "value": "19. Share Capital and Share Premium
2024 2023
Authorised
Number
\u20ac\u2019000
Number
\u20ac\u2019000
Ordinary shares of \u20ac0.001 each
1,000,000,000
1,000
1,000,000,000
1,000
Founder shares of \u20ac0.001 each
\u2013
\u2013
100,000,000
100
Deferred shares of \u20ac0.001 each
\u2013
\u2013
120,000,000
120
A Ordinary shares of \u20ac1.00 each
\u2013
\u2013
20,000
20
Total authorised share capital
1,000
1,240
During the year ended 31 December 2024, all authorised A ordinary, founder and deferred shares were cancelled. All issued founder and deferred issued shares were cancelled during the year ended 31 December 2023.
Share Share
capital premium Total
Issued and fully paid
Number
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
As at 31 December 2024
Ordinary shares of \u20ac0.001 each
621,051,046
621
201,894
202,515
Total issued and fully paid
621
201,894
202,515
Share Share
capital premium Total
Issued and fully paid
Number
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
As at 31 December 2023
Ordinary shares of \u20ac0.001 each
654,888,041
655
201,100
201,755
Total issued and fully paid
655
201,100
201,755
Share buyback programmes On 3 March 2023 the Company commenced a \u20ac40 million share buyback programme, and on 6 September 2023 the Company increased the size of the share buyback programme by a further \u20ac35 million, for a total of \u20ac75 million (the FY23 programme). The total cost of ordinary shares repurchased under the FY23 programme during 2024 was \u20ac27.4 million which was recorded directly in equity in retained earnings. In accordance with the share buyback programme, all repurchased shares are subsequently cancelled. 17,743,924 shares were repurchased under the FY23 programme (at an average share price of \u20ac1.54) and were cancelled during the year ended 31 December 2024. On 3 July 2024, the Company announced a new \u20ac45 million share buyback programme, which represents \u20ac40 million in respect of a new programme and the remaining \u20ac5 million of the FY23 programme (the FY24 programme). As at 31 December 2024 the total cost of shares repurchased under the FY24 programme was \u20ac43.2 million which was recorded directly in equity in retained earnings. In accordance with the share buyback programme, all repurchased shares are subsequently cancelled. 21,770,362 shares were repurchased under the FY24 programme (at an average share price of \u20ac1.98) and were cancelled in the year ended 31 December 2024. Between 2 January 2025 and 9 January 2025, the Company repurchased 803,939 shares at a cost of \u20ac1.8 million which completed the FY24 programme. In the prior year the total cost of shares repurchased under the FY23 programme was \u20ac42.7 million which was recorded directly in equity in retained earnings. In accordance with the share buyback programme, all repurchased shares are subsequently cancelled. 38,739,281 repurchased shares were cancelled in the year ended 31 December 2023.
Share issues
On 5 April 2024, 4,817,522 ordinary shares at a nominal value of \u20ac0.001 per share in relation to the vesting of the 2021 LTIP were issued. In the prior year, the Company issued 5,331,233 ordinary shares at a nominal value of \u20ac0.001
per share in respect of the vesting of awards under the 2020 LTIP.
During the year ended 31 December 2024, the Company issued 359,769 ordinary shares at a nominal value of \u20ac0.001 in relation to the vesting of the 2021 save as you earn option scheme (SAYE), and \u20ac0.153 million was transferred
from the share-based payments reserve to retained earnings relating to the 2021 vesting. In the prior year, the Company issued 2,518,637 ordinary shares at a nominal value of \u20ac0.001 in relation to the vesting of the 2020 SAYE
option scheme, and \u20ac0.726 million was transferred from the share-based payments reserve to retained earnings relating to the 2020 vesting.
During the year ended 31 December 2024, 500,000 ordinary share options were exercised and \u20ac0.110 million was transferred from share-based payment reserve to retained earnings (2023: \u20acnil).
2024 2023
Other Undenominated Capital \u20ac\u2019000 \u20ac\u2019000
At 1 January
183
105
Nominal value of own shares purchased
39
39
Cancellation of Deferred and Founder shares
\u2013
39
At 31 December
222
183
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-486": { "value": "
20. Share-Based Payments
Long-Term Incentive Plan (\u2018LTIP\u2019)
The Group operates an equity settled LTIP, which was approved at the May 2017 Annual General Meeting, under which conditional awards of 16,166,510 shares made to employees remain outstanding as at 31 December 2024
(2023: 15,775,886). The shares will vest on satisfaction of service and performance conditions attaching to the LTIP over a three-year period. During the year ended 31 December 2024 the Company issued 4,817,522 (2023:
5,331,233) ordinary shares at par in relation to the vesting of the 2021 (2023:2020) LTIP. \u20ac4.927 million (2023: \u20ac4.110 million) was transferred from the share-based payments reserve to retained earnings in relation to the 2021
(2023:2020) vesting.
The outstanding 2022, 2023 and 2024 LTIP awards are subject to both financial and non-financial metrics. 60% of the 2022 and 2023 awards will vest subject to the achievement of cumulative EPS targets over the three-year
performance period from 2022 to 2024 and 2023 to 2025 respectively. 55% of the 2024 award will vest subject to the achievement of cumulative EPS targets over the three-year performance period from 2024 to 2026. 20% of the
2022 and 2023 awards will vest subject to the achievement of a return on equity (ROE) target and 20% subject to the achievement of a biodiversity target. 25% of the 2024 award will vest subject to the achievement of an ROE
target, 10% subject to the achievement of a biodiversity target and 10% dependent on passive standard unit commencements. Awards to Executive Directors are also subject to an additional two-year holding period after vesting.
The Group recognised a charge related to the LTIP during the year ended 31 December 2024 of \u20ac3.845 million (2023: \u20ac4.390 million) of which \u20ac3.157 million (2023: \u20ac3.332 million) was charged to administrative expenses in profit or
loss and a charge of \u20ac0.688 million (2023: \u20ac1.058 million) was included in construction work in progress within inventories. Conditional awards of 5,423,265 shares (2023: 6,187,597 shares) were made to employees under the LTIP
in the year ended 31 December 2024.
The number of outstanding conditional share awards under the LTIP are as follows:
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Outstanding at beginning of year
15,775,886
15,776,346
Forfeited during the year
(215,119)
(856,824)
Vesting during the year
(4,
817,522)
(5,331,233)
Granted during the year
5,423,265
6,187,597
Outstanding at end of year
16,166,510
15,775,886
Dividend equivalents
The Group operates a dividend equivalent scheme linked to its equity settled LTIP. Under this scheme employees are entitled to shares or cash (the choice of settlement is as determined by the Group) to the value of dividends
declared over the LTIP\u2019s vesting period based on the number of shares that vest. During the year ended 31 December 2024 the Group settled dividend equivalents in cash of \u20ac0.619 million (2023: \u20ac0.457 million) and this amount
was deducted from the share-based payment reserve.
The Group recognised a charge related to dividend equivalents during the year ended 31 December 2024 of \u20ac1.084 million (2023: \u20ac0.669 million) of which \u20ac0.946 million (2023: \u20ac0.473 million) was charged to administrative
expenses in profit or loss and a charge of \u20ac0.138 million (2023: \u20ac0.196 million) was included in construction work in progress within inventories.
Stretch CEO LTIP
On 31 August 2023 shareholders approved the adoption and implementation of an additional LTIP to deliver certain bespoke awards of shares to the Company\u2019s CEO, Mr. Michael Stanley (the Stretch CEO LTIP). The award is
structured in two tranches, with an equal number of ordinary shares in the capital of the Company granted to the CEO in each of 2023 and 2024. The 2023 Award will be subject to a three-year performance period (2023-2025) and
the 2024 Award will be subject to a four-year performance period (2023-2026), both from the baseline year of 2022 and subject to the achievement of certain performance conditions linked to profit after tax and ROE weighted
75% and 25% respectively.
The 2023 award was granted in 2023, at a value of \u20ac3.5 million, with the number of conditional share awards determined by the closing share price on the evening preceding the grant date. The number of conditional share awards
granted under the 2024 award was identical to the first award. The 2023 grant took place on 8 September 2023 with a grant price of \u20ac1.108 per share equating to 3,158,845 ordinary shares. The 2024 grant of 3,158,845 ordinary
shares took place on 10 April 2024.
Due to the nature of the awards and given that the performance period for the 2023 and 2024 awards commenced on 1 January 2023, the Group recognised a charge in profit or loss related to the Stretch CEO LTIP of \u20ac1.952 million
(2023: \u20ac1.899 million) during the year ended 31 December 2024.
The Group purchased 2,409,797 shares, for the purpose of the stretch CEO LTIP, at a total cost of \u20ac3.196 million during the year ended 31 December 2023 which was recorded directly in equity in treasury shares. During the year
ended 31 December 2024 a further 2,581,487 shares were purchased by the Group, at a total cost of \u20ac5.006 million, and were recorded directly in equity as treasury shares. A trust structure has been set up with Computershare
Trustees (Jersey) Limited to hold these shares until any future vesting arises.
Save as you earn scheme
The Group operates a Revenue approved savings related share option scheme (save as you earn scheme), which was approved at the May 2019 Annual General Meeting, under which the Group recognised a charge during the year
ended 31 December 2024 of \u20ac0.061 million (2023: \u20ac0.117 million) of which \u20ac0.022 million (2023: \u20ac0.048 million) was charged to profit or loss and \u20ac0.039 million (2023: \u20ac0.069 million) was included in construction work in progress
within inventories. During the year ended 31 December 2024, the Company issued 359,769 ordinary shares at a nominal value of \u20ac0.001 in relation to the vesting of the 2021 option scheme. This resulted in \u20ac0.377 million being
included in share premium. \u20ac0.153 million was transferred from the share-based payments reserve to retained earnings relating to the 2021 vesting.
Other share options
500,000 ordinary share options were issued in the year ended 31 December 2015 to a Director at that time. 250,000 of these options vested during 2018 and the remaining 250,000 vested during 2019. The exercise price of each
ordinary share option is \u20ac1.00. At grant date, the fair value of the options that vested during 2018 was calculated at \u20ac0.219 per share while the fair value of options that vested during 2019 was calculated at \u20ac0.220 per share. During
the year ended 31 December 2024, 500,000 ordinary share options were exercised and \u20ac0.110 million was transferred from share-based payment reserve to retained earnings (2023: \u20acnil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-487": { "value": "
21. Loans and Borrowings
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Bank and other loans
Current liabilities
Repayable within one year
14,992
14,992
14,992
14,992
Non-current liabilities
Repayable as follows:
Between one and two years
42,495
14,992
Between two and five years
124,559
143,844
Greater than five years
\u2013
\u2013
167,054
158,836
Total
182,046
173,828
As at 31 December 2024, the Group has a \u20ac327.5 million syndicate facility (2023: \u20ac277.5 million). HBFI (Home Building Finance Ireland) joined the Group\u2019s existing syndicate of lenders during the year. This resulted in the
Sustainability Linked facility increasing by \u20ac50.0 million from \u20ac277.5 million to \u20ac327.5 million. There was no change to the existing terms of the syndicate facility. The syndicate facility comprises a \u20ac90.5 million Sustainability Linked
term and \u20ac237.0 million revolving credit facility with Allied Irish Banks plc, Bank of Ireland plc, Barclays Bank Ireland plc and HBFI, maturing in June 2027. The drawn revolving credit facility at 31 December 2024 was \u20ac35.0 million
(2023: \u20ac25.0 million)
Additionally, the Group has \u20ac57.5 million (2023: \u20ac72.5 million) of loan notes with Pricoa Capital Group, repayable on 31 July 2025 (\u20ac15.0 million) and 31 July 2026 (\u20ac42.5 million). In July 2024, the Group repaid \u20ac15 million to Pricoa
Private Capital in respect of a loan note maturity.
All debt facilities are secured by a debenture incorporating fixed and floating charges and assignments over all the assets of the Group. The carrying value of inventories as at 31 December 2024 pledged as security is \u20ac862.1 million
(\u20ac943.4 million as at 31 December 2023). The Group had drawn revolving credit facilities of \u20ac35.0 million as at 31 December 2024 (\u20ac25.0 million as at 31 December 2023). The amount presented in the financial statements is net of
related unamortised arrangement fees and transaction costs of \u20ac1.0 million (2023: \u20ac1.2 million).
During February 2025, the Group successfully completed a debt refinancing of the \u20ac327.5 million syndicate facility into a new \u20ac402.5 million Sustainability Linked Syndicate term loan and revolving credit facility with Allied Irish
Banks plc, Bank of Ireland plc and HBFI, repayable in June 2029 with a one-year extension option (Note 32).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-518": { "value": "21. Loans and Borrowings
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Bank and other loans
Current liabilities
Repayable within one year
14,992
14,992
14,992
14,992
Non-current liabilities
Repayable as follows:
Between one and two years
42,495
14,992
Between two and five years
124,559
143,844
Greater than five years
\u2013
\u2013
167,054
158,836
Total
182,046
173,828
As at 31 December 2024, the Group has a \u20ac327.5 million syndicate facility (2023: \u20ac277.5 million). HBFI (Home Building Finance Ireland) joined the Group\u2019s existing syndicate of lenders during the year. This resulted in the Sustainability Linked facility increasing by \u20ac50.0 million from \u20ac277.5 million to \u20ac327.5 million. There was no change to the existing terms of the syndicate facility. The syndicate facility comprises a \u20ac90.5 million Sustainability Linked term and \u20ac237.0 million revolving credit facility with Allied Irish Banks plc, Bank of Ireland plc, Barclays Bank Ireland plc and HBFI, maturing in June 2027. The drawn revolving credit facility at 31 December 2024 was \u20ac35.0 million (2023: \u20ac25.0 million) Additionally, the Group has \u20ac57.5 million (2023: \u20ac72.5 million) of loan notes with Pricoa Capital Group, repayable on 31 July 2025 (\u20ac15.0 million) and 31 July 2026 (\u20ac42.5 million). In July 2024, the Group repaid \u20ac15 million to Pricoa Private Capital in respect of a loan note maturity. All debt facilities are secured by a debenture incorporating fixed and floating charges and assignments over all the assets of the Group. The carrying value of inventories as at 31 December 2024 pledged as security is \u20ac862.1 million (\u20ac943.4 million as at 31 December 2023). The Group had drawn revolving credit facilities of \u20ac35.0 million as at 31 December 2024 (\u20ac25.0 million as at 31 December 2023). The amount presented in the financial statements is net of related unamortised arrangement fees and transaction costs of \u20ac1.0 million (2023: \u20ac1.2 million). During February 2025, the Group successfully completed a debt refinancing of the \u20ac327.5 million syndicate facility into a new \u20ac402.5 million Sustainability Linked Syndicate term loan and revolving credit facility with Allied Irish Banks plc, Bank of Ireland plc and HBFI, repayable in June 2029 with a one-year extension option (Note 32). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-488": { "value": "
22. Reconciliation of Movement of Liabilities to Cash Flows Arising from Financing Activities
Liabilities
Loans and Accrued interest
Revolving borrowings Total and other
Term loan credit facility Loan notes (Note 21) finance costs Lease liabilities Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January 2024
76,348
25,000
72,480
173,828
672
6,427
180,927
Proceeds from borrowings
12,850
380,000
\u2013
392,850
\u2013
\u2013
392,850
Repayment of loans
\u2013
(370,000)
(15,000)
(385,000)
\u2013
\u2013
(385,000)
Interest and other finance costs paid
\u2013
\u2013
\u2013
\u2013
(14,667)
(233)
(14,900)
Repayment of lease liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(1,004)
(1,004)
Total changes from financing cash flows
12,850
10,000
(15,000)
7,850
(14,667)
(1,237)
(8,054)
Other changes
Amortisation of borrowing costs
360
\u2013
8
368
\u2013
\u2013
368
Interest and other finance costs for the year
\u2013
\u2013
\u2013
\u2013
14,041
233
14,274
Recognition of lease liabilities for new leases
\u2013
\u2013
\u2013
\u2013
\u2013
1,022
1,022
Total other changes
360
\u2013
8
368
14,041
1,255
15,665
Balance at 31 December 2024
89,558
35,000
57,488
182,046
46
6,445
188,537
Liabilities
Loans and Accrued interest
Revolving borrowings Total and other
Term loan credit facility Loan notes (Note 21) finance costs Lease liabilities Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January 2023
76,019
22,500
72,472
170,991
883
6,797
178,671
Proceeds from borrowings
\u2013
317,50
0
\u2013
317,500
\u2013
\u2013
317,500
Repayment of loans
\u2013
(315,000)
\u2013
(315,000)
\u2013
\u2013
(315,000)
Interest and other finance costs paid
\u2013
\u2013
\u2013
\u2013
(13,866)
(206)
(14,072)
Repayment of lease liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(761)
(761)
Total changes from financing cash flows
\u2013
2,500
\u2013
2,500
(13,866)
(967)
(12,333)
Other changes
Amortisation of borrowing costs
329
\u2013
8
337
\u2013
\u2013
337
Interest and other finance costs for the year
\u2013
\u2013
\u2013
\u2013
13,655
206
13,861
Recognition of lease liabilities for new leases
\u2013
\u2013
\u2013
\u2013
\u2013
391
391
Total other changes
329
\u2013
8
337
13,655
597
14,589
Balance at 31 December 2023
76,348
25,000
72,480
173,828
672
6,427
180,927
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-519": { "value": "23. Deferred Taxation
2024 2023
Movement in net deferred tax liability: \u20ac\u2019000 \u20ac\u2019000
Opening balance
3,139
3,139
Credit to profit or loss (Note 10)
(49)
\u2013
As at year end
3,090
3,139
Deferred tax arises from temporary differences relating to tax losses and lease liabilities (deferred tax assets of \u20ac1.335 million at 31 December 2024) and land held for development and right of use assets (deferred tax liabilities of \u20ac4.425 million at 31 December 2024). The movements in gross deferred tax assets and liabilities are set out below.
Deferred tax Deferred tax Net deferred
assets liabilities tax liability
2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Opening balance
476
(3,615)
(3,139)
Credit/(charge) to profit or loss
859
(810)
49
Closing balance
1,335
(4,425)
(3,090)
During the year ended 31 December 2024, the Group recognised deferred tax assets of \u20ac0.859 million and deferred tax liabilities of \u20ac0.810 million in relation to its lease liabilities and right of use assets due to the fact that the company holding the majority of these leases and assets within the Group now expects to recover the related net deferred tax asset of \u20ac0.049 million. There is an unrecognised deferred tax asset of \u20ac0.129 million as at 31 December 2024 relating to losses not expected to be utilised.
Deferred tax Deferred tax Net deferred
assets liabilities tax liability
2023 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Opening balance
476
(3,615)
(3,139)
Credit/(charge) to profit or loss
\u2013
\u2013
\u2013
Closing balance
476
(3,615)
(3,139)
There was no movement in the deferred tax liability during the year ended 31 December 2023 as there were no sales on the developments which impacted deferred tax. There were unrecognised deferred tax assets of \u20ac0.238 million at 31 December 2023. As at 31 December 2023, the Group did not recognise any deferred tax related to its right of use assets or lease liabilities, due to the fact that the company holding the majority of these leases within the Group did not expect to recover the related net deferred tax asset of \u20ac0.109 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-534": { "value": "
2024 2023
Movement in net deferred tax liability: \u20ac\u2019000 \u20ac\u2019000
Opening balance
3,139
3,139
Credit to profit or loss (Note 10)
(49)
\u2013
As at year end
3,090
3,139
Deferred tax arises from temporary differences relating to tax losses and lease liabilities (deferred tax assets of \u20ac1.335 million at 31 December 2024) and land held for development and right of use assets (deferred tax liabilities of \u20ac4.425 million at 31 December 2024). The movements in gross deferred tax assets and liabilities are set out below.
Deferred tax Deferred tax Net deferred
assets liabilities tax liability
2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Opening balance
476
(3,615)
(3,139)
Credit/(charge) to profit or loss
859
(810)
49
Closing balance
1,335
(4,425)
(3,090)
During the year ended 31 December 2024, the Group recognised deferred tax assets of \u20ac0.859 million and deferred tax liabilities of \u20ac0.810 million in relation to its lease liabilities and right of use assets due to the fact that the company holding the majority of these leases and assets within the Group now expects to recover the related net deferred tax asset of \u20ac0.049 million. There is an unrecognised deferred tax asset of \u20ac0.129 million as at 31 December 2024 relating to losses not expected to be utilised.
Deferred tax Deferred tax Net deferred
assets liabilities tax liability
2023 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Opening balance
476
(3,615)
(3,139)
Credit/(charge) to profit or loss
\u2013
\u2013
\u2013
Closing balance
476
(3,615)
(3,139)
There was no movement in the deferred tax liability during the year ended 31 December 2023 as there were no sales on the developments which impacted deferred tax. There were unrecognised deferred tax assets of \u20ac0.238 million at 31 December 2023. As at 31 December 2023, the Group did not recognise any deferred tax related to its right of use assets or lease liabilities, due to the fact that the company holding the majority of these leases within the Group did not expect to recover the related net deferred tax asset of \u20ac0.109 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-565": { "value": "
2024 2023
Movement in net deferred tax liability: \u20ac\u2019000 \u20ac\u2019000
Opening balance
3,139
3,139
Credit to profit or loss (Note 10)
(49)
\u2013
As at year end
3,090
3,139
Deferred tax arises from temporary differences relating to tax losses and lease liabilities (deferred tax assets of \u20ac1.335 million at 31 December 2024) and land held for development and right of use assets (deferred tax liabilities of \u20ac4.425 million at 31 December 2024). The movements in gross deferred tax assets and liabilities are set out below.
Deferred tax Deferred tax Net deferred
assets liabilities tax liability
2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Opening balance
476
(3,615)
(3,139)
Credit/(charge) to profit or loss
859
(810)
49
Closing balance
1,335
(4,425)
(3,090)
During the year ended 31 December 2024, the Group recognised deferred tax assets of \u20ac0.859 million and deferred tax liabilities of \u20ac0.810 million in relation to its lease liabilities and right of use assets due to the fact that the company holding the majority of these leases and assets within the Group now expects to recover the related net deferred tax asset of \u20ac0.049 million. There is an unrecognised deferred tax asset of \u20ac0.129 million as at 31 December 2024 relating to losses not expected to be utilised.
Deferred tax Deferred tax Net deferred
assets liabilities tax liability
2023 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Opening balance
476
(3,615)
(3,139)
Credit/(charge) to profit or loss
\u2013
\u2013
\u2013
Closing balance
476
(3,615)
(3,139)
There was no movement in the deferred tax liability during the year ended 31 December 2023 as there were no sales on the developments which impacted deferred tax. There were unrecognised deferred tax assets of \u20ac0.238 million at 31 December 2023. As at 31 December 2023, the Group did not recognise any deferred tax related to its right of use assets or lease liabilities, due to the fact that the company holding the majority of these leases within the Group did not expect to recover the related net deferred tax asset of \u20ac0.109 million. 24. Trade and Other Payables
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Trade payables
26,896
22,053
Deferred consideration
7,500
11,810
Accruals
52,168
35,425
VAT liability
17,920
27,977
Other creditors
2,969
2,079
107,453
99,344
Deferred consideration relates to amounts payable in relation to land purchased. Other creditors represents amounts due for payroll taxes and Relevant Contracts Tax. The carrying value of all trade and other payables is approximate to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-489": { "value": "
24. Trade and Other Payables
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Trade payables
26,896
22,053
Deferred consideration
7,500
11,810
Accruals
52,168
35,425
VAT liability
17,920
27,977
Other creditors
2,969
2,079
107,453
99,344
Deferred consideration relates to amounts payable in relation to land purchased. Other creditors represents amounts due for payroll taxes and Relevant Contracts Tax. The carrying value of all trade and other payables is
approximate to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-548": { "value": "24. Trade and Other Payables
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Trade payables
26,896
22,053
Deferred consideration
7,500
11,810
Accruals
52,168
35,425
VAT liability
17,920
27,977
Other creditors
2,969
2,079
107,453
99,344
Deferred consideration relates to amounts payable in relation to land purchased. Other creditors represents amounts due for payroll taxes and Relevant Contracts Tax. The carrying value of all trade and other payables is approximate to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-520": { "value": "24. Trade and Other Payables
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Trade payables
26,896
22,053
Deferred consideration
7,500
11,810
Accruals
52,168
35,425
VAT liability
17,920
27,977
Other creditors
2,969
2,079
107,453
99,344
Deferred consideration relates to amounts payable in relation to land purchased. Other creditors represents amounts due for payroll taxes and Relevant Contracts Tax. The carrying value of all trade and other payables is approximate to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-491": { "value": "
25. Dividends
Dividends of \u20ac44.7 million were paid by the Company during the year (2023: \u20ac41.9 million). A dividend of 3. 20 cent per ordinary share, totalling \u20ac20.6 million, was paid on 17 May 2024 and a dividend of 3. 80 cent per ordinary share,
totalling \u20ac24.1 million, was paid on 4 October 2024. Details of proposed dividends subsequent to the year end are set out in Note 32.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-549": { "value": "0.032", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-551": { "value": "0.038", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-490": { "value": "
26. Related Party Transactions
There were no related party transactions during the year ended 31 December 2024 and the year ended 31 December 2023 other than key management personnel compensation.
Key management personnel comprises the Board of Directors of the Company and also, in 2024, the former CFO while he remained an employee until 31 October 2024 after stepping down as a Director in May 2024.
Key management personnel compensation was as follows,:
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Short-term employee benefits
2,987
2,572
Post-employment benefits (pension contributions \u2013 defined contribution schemes)
106
100
Share-based payment expense \u2013 LTIP/Stretch CEO LTIP
3,324
2,995
Total key management personnel compensation
6,417
5,667
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-521": { "value": "26. Related Party Transactions There were no related party transactions during the year ended 31 December 2024 and the year ended 31 December 2023 other than key management personnel compensation. Key management personnel comprises the Board of Directors of the Company and also, in 2024, the former CFO while he remained an employee until 31 October 2024 after stepping down as a Director in May 2024. Key management personnel compensation was as follows,:
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Short-term employee benefits
2,987
2,572
Post-employment benefits (pension contributions \u2013 defined contribution schemes)
106
100
Share-based payment expense \u2013 LTIP/Stretch CEO LTIP
3,324
2,995
Total key management personnel compensation
6,417
5,667
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-550": { "value": "Key management personnel comprises the Board of Directors of the Company and also, in 2024, the former CFO while he remained an employee until 31 October 2024 after stepping down as a Director in May 2024. Key management personnel compensation was as follows,:
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Short-term employee benefits
2,987
2,572
Post-employment benefits (pension contributions \u2013 defined contribution schemes)
106
100
Share-based payment expense \u2013 LTIP/Stretch CEO LTIP
3,324
2,995
Total key management personnel compensation
6,417
5,667
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-535": { "value": "27. Group Entities The Company\u2019s subsidiaries and its joint venture undertaking as at 31 December 2024 are set out below. All of the Company\u2019s subsidiaries and its joint venture undertaking are resident in Ireland, with all subsidiaries having a registered address at 45 Mespil Road, Dublin 4,D04 W2F1 and the joint venture undertaking having a registered address of 88 Harcourt Street, Dublin 2, D02 DK18. All Group entities operate in Ireland only.
Subsidiaries
Company\u2019s holding
Group company
Principal activity
Direct
Indirect
Cairn Homes Holdings Limited
Holding company
100%
\u2013
Cairn Homes Properties Limited
Holding of property
\u2013
100%
Cairn Homes Construction Limited
Construction company
\u2013
100%
Cairn Homes Butterly Limited
No activity in period
100%
\u2013
Cairn Homes Galway Limited
Holding of property
100%
\u2013
Cairn Homes Killiney Limited
No activity in the period
100%
\u2013
Cairn Homes Finance Designated Activity Company
Financing activities
100%
\u2013
Cairn Homes Montrose Limited
Holding of property
100%
\u2013
Balgriffin Investment No.2 HoldCo Designated Activity Company
Holding company
100%
\u2013
Cairn Homes Property Holdco Limited
Holding company
\u2013
100%
Cairn Homes Property Holding Three Limited
No activity in period
\u2013
100%
Balgriffin Investment No.2 Designated Activity Company
No activity in period
\u2013
100%
Company\u2019s holding
Joint Venture Undertaking
Principal activity
Direct
Indirect
Clonburris Infrastructure Limited (Note 15)
Construction company
\u2013
80.57%
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-522": { "value": "
Subsidiaries
Company\u2019s holding
Group company
Principal activity
Direct
Indirect
Cairn Homes Holdings Limited
Holding company
100%
\u2013
Cairn Homes Properties Limited
Holding of property
\u2013
100%
Cairn Homes Construction Limited
Construction company
\u2013
100%
Cairn Homes Butterly Limited
No activity in period
100%
\u2013
Cairn Homes Galway Limited
Holding of property
100%
\u2013
Cairn Homes Killiney Limited
No activity in the period
100%
\u2013
Cairn Homes Finance Designated Activity Company
Financing activities
100%
\u2013
Cairn Homes Montrose Limited
Holding of property
100%
\u2013
Balgriffin Investment No.2 HoldCo Designated Activity Company
Holding company
100%
\u2013
Cairn Homes Property Holdco Limited
Holding company
\u2013
100%
Cairn Homes Property Holding Three Limited
No activity in period
\u2013
100%
Balgriffin Investment No.2 Designated Activity Company
No activity in period
\u2013
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-523": { "value": "
Company\u2019s holding
Joint Venture Undertaking
Principal activity
Direct
Indirect
Clonburris Infrastructure Limited (Note 15)
Construction company
\u2013
80.57%
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-492": { "value": "
The basic EPS for the year ended 31 December 2024 is based on the earnings attributable to ordinary shareholders of \u20ac114.6 million (2023: \u20ac85.4 million) and the weighted average number of ordinary shares outstanding for the
period.
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Profit for the year attributable to the owners of the Company
114,572
85,432
Numerator for basic and diluted earnings per share
114,572
85,432
Number of Number of
Shares Shares
Weighted average number of ordinary shares for the year (basic)
640,183,692
673,796,613
Dilutive effect of options
\u2013
41,284
Dilutive effect of LTIP awards
4,491,305
4,738,040
Denominator for diluted earnings per share
644,674,997
678,575,937
Earnings per share (cent)
\u2013 Basic
17.9
12.7
\u2013 Diluted
17.8
12.6
The diluted earnings per share calculation reflects the dilutive impact of LTIP awards and share options (Note 20).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-493": { "value": "29. Financial Instruments and Risk Management The Group has exposure to the following risks arising from financial instruments: \u2022 credit risk; \u2022 liquidity risk; and \u2022 market risk. This note presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s management of capital. (a) Risk management framework The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. Identifying, understanding and managing risk is fundamental to the delivery of our strategy, our financial performance, and the effectiveness of our business operations. We continue to improve and refine our risk management controls, ensuring they are fully integrated into our activities, from the Board and Executive to site development, whilst informing business improvement plans and our ongoing strategy. The Group Audit & Risk Committee keeps under review the adequacy and effectiveness of the Group\u2019s internal financial controls and the internal control and risk management systems . (b) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade and other receivables and cash and cash equivalents. The carrying amount of financial assets represents the maximum credit exposure. Exposure to credit risk Group management, in conjunction with the Board, manages the risk associated with cash and cash equivalents by depositing funds with a number of Irish financial institutions and BBB+ rated international institutions. Trade and other receivables (excluding prepayments) of \u20ac151.0 million at 31 December 2024 were not past due. Trade receivables relate to amounts due in relation to residential property sales to institutional investors and State- supported counterparties. Included within trade receivables are amounts of \u20ac65.4 million which relate to funds due from State-supported counterparties. Within the trade receivables, \u20ac18.5 million relates to retentions. All trade receivables excluding retentions have been received post year end. Contract assets of \u20ac55.3 million (31 December 2023: \u20acnil) consists of revenue earned on forward fund transactions with State-supported counterparties that is either unbilled or the timing of receipt of consideration is conditioned on something other than the passage of time. The maximum amount of credit exposure is therefore:
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Trade and other receivables (excluding prepayments)
151,009
52,905
Cash and cash equivalents
27,623
25,553
178,632
78,458
Expected credit losses in relation to all financial assets are immaterial. (c) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group monitors the level of expected cash inflows from residential property sales, site and other sales, income from rental properties, and other receivables together with expected cash outflows on trade and other payables and commitments. All trade and other payables at 31 December 2024 are considered current with the expected cash outflow equivalent to their carrying value. Management monitors the adequacy of the Group\u2019s liquidity reserves (comprising undrawn borrowing facilities as detailed in Note 21 and cash and cash equivalents as detailed in Note 18 i.e. available funds) against rolling cash flow forecasts. In addition, the Group\u2019s liquidity risk management policy involves monitoring short-term and long-term cash flow forecasts. The Group had committed syndicate facilities at 31 December 2024 totalling \u20ac327.5 million until June 2027, including a \u20ac237 million revolving credit facility to manage Group liquidity. The undrawn revolving credit facility at 31 December 2024 was \u20ac202 million (2023: \u20ac175 million). During February 2025, the Group successfully completed a debt refinancing of the \u20ac327.5 million syndicate facility into a new \u20ac402.5 million Sustainability Linked Syndicate term loan and revolving credit facility with Allied Irish Banks plc, Bank of Ireland plc and HBFI, repayable in June 2029 with a one-year extension option (Note 32)
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Financial liabilities due in less than one year
Trade payables and accruals
79,064
57,478
Deferred consideration
7,500
11,810
Lease liabilities
1,254
937
Loans and borrowings
14,992
14,992
102,810
85,217
Financial liabilities due after more than one year
Lease liabilities
5,191
5,490
Loans and borrowings
167,054
158,836
172,245
164,326
Total financial liabilities
275,055
249,543
Available funds:
Cash and cash equivalents
27,623
25,553
Revolving credit facilities undrawn
202,000
175,000
229,623
200,553
The Directors have reviewed the Group financial forecasts and associated risks for the period beyond one year from the date of approval of the financial statements. The forecasts reflect key assumptions, based on information
available to the Directors at the time of the preparation of the financial forecasts.
These forecasts are based on:
\u2022 detailed forecasting by site for the period 2025-2027, reflecting trends experienced up to the date of preparation of the financial forecasts; and
\u2022 future revenues for 2025-2027 based on management\u2019s assessment of trends across principal development sites.
The Group is in a strong financial position and has a strong outlook (Note 1 (e)). The Directors expect that the Group will meet all of its obligations as they fall due on the basis that there is expected to be sufficient liquidity available
to the Group for the period beyond one year from the date of approval of these financial statements.
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments.
Contractual cash flows
Carrying 6 months
amount Total or less 6-12 months 1-2 years 2-5 years >5 years
31 December 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Trade payables and accruals
79,064
(79,064)
(79,064)
\u2013
\u2013
\u2013
\u2013
Deferred consideration
7,500
(7,500)
(3,750)
(3,750)
\u2013
\u2013
\u2013
Lease liabilities
6,445
(7,120)
(750)
(713)
(1,356)
(2,683)
(1,618)
Loans and borrowings
182,046
(199,659)
(3,847)
(18,516)
(48,958)
(128,338)
\u2013
275,055
(293,343)
(87,411)
(22,979)
(50,314)
(131,021)
(1,618)
Contractual cash flows
Carrying 6 months
amount Total or less 6-12 months 1-2 years 2-5 years >5 years
31 December 2023 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Trade payables and accruals
57,478
(57,478)
(57,478)
\u2013
\u2013
\u2013
\u2013
Deferred consideration
11,810
(11,810)
(6,310)
(5,500)
\u2013
\u2013
\u2013
Lease liabilities
6,427
(7,170)
(564)
(558)
(1,077)
(2,543)
(2,428)
Loans and borrowings
173,828
(193,419)
(3,326)
(17,991)
(20,559)
(151,543)
\u2013
249,543
(269,877)
(67,678)
(24,049)
(21,636)
(154,086)
(2,428)
(d) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
(i) Currency risk
The Group is not exposed to significant currency risk. The Group operates only in the Republic of Ireland.
(ii) Interest rate risk
At 31 December 2024, the Group had the following facilities:
(a) \u20ac327.5 million syndicate term loan and revolving credit facilities with Allied Irish Bank plc, Bank of Ireland plc, Barclays Bank Ireland plc and HBFI all committed until June 2027, that had principal drawn balances of \u20ac90.5 million
(term loan) (31 December 2023: \u20ac77.5 million) and \u20ac35.0 million (revolving credit facility) (31 December 2023: \u20ac25.0 million).
\u2022 The revolving credit facility has a variable interest rate of three-month Euribor (with a 0% floor) plus a margin. The average interest rate on the revolving credit facility during the year was 5.94% (2023: 5.94%);
\u2022 \u20ac58.75 million of the syndicate term loan facility (31 December 2023: \u20ac58.75 million) has a three-year fixed interest rate until 30 June 2025 plus a margin of 2.45%. The balance of \u20ac31.75 million (31 December 2023: \u20ac18.75
million) of the term loan has a variable interest rate of three-month Euribor plus a margin of 2.6%. The Group entered into a three-year interest rate swap in July 2022 (Note 14), maturing on 30 June 2025, in relation to \u20ac18.75
million of the variable element of its term loan in order to manage its interest rate risk (see Note 29(e)). The average interest rate on the term loan during the year was 3.96% (2022: 4.71%); and
\u2022 The Group has an exposure to cash flow interest rate risk where there are changes in Euribor rates.
(b) a \u20ac57.5 million (2023: \u20ac72.5 million) private placement of loan notes with Pricoa Capital which have a fixed coupon of 3.36% (2023: 3.36%).
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Interest rate profile of loans and borrowings
Fixed-rate
115,527
130,361
Variable-rate
66,519
43,467
Loans and borrowings
182,046
173,828
Variable rate instruments
Gross variable rate borrowings
66,519
43,467
Impact of interest rate swaps
(18,519)
(18,467)
48,000
25,000
Cash flow sensitivity analysis for variable-rate instruments
A reasonably possible change of 100 basis points in Euribor benchmark interest rates at the reporting date would have increased/(decreased) profit or loss by the amounts shown below. This analysis assumes that all other
variables remain constant and the rate change is only applied to the loans that are exposed to movements in Euribor.
Profit or loss
Equity
100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
31 December 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Variable-rate instruments \u2013 borrowings
(1,308)
1,308
(1,308)
1,308
Cash flow sensitivity (net)
(1,308)
1,308
(1,308)
1,308
Profit or loss
Equity
100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
31 December 2023 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Variable-rate instruments \u2013 borrowings
(1,214)
1,214
(1,214)
1,214
Cash flow sensitivity (net)
(1,214)
1,214
(1,214)
1,214
The Group is also exposed to interest rate risk on its cash and cash equivalents. These balances attract low interest rates and therefore a relative increase or decrease in their interest rates would not have a material effect on profit
or loss.
The Group has the following derivative financial instruments in the statement of financial position:
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Current assets \u2013 Derivative Financial Instruments
Interest rate swaps \u2013 cash flow hedges
105
\u2013
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Non-current assets \u2013 Derivative Financial Instruments
Interest rate swaps \u2013 cash flow hedges
\u2013
436
The Group has an interest rate swap in respect of \u20ac18.75 million of its syndicate term loan.
The interest rate swap has a fixed interest rate of 1.346% and variable interest rate of three-month Euribor. The maturity date of the interest rate swap is 30 June 2025.
The swap is designated as a cash flow hedge and is set so as to closely match the critical terms of the underlying debt being hedged. Hedge ineffectiveness is determined at the inception of the hedge relationship and through
periodic prospective hedge effectiveness assessments to ensure that an economic relationship exists between the hedged item and the hedging instrument. The Group determines the existence of an economic relationship
between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and notional amounts. The Group does not hedge 100% of its loans, therefore the hedged item
is identified as a proportion of the outstanding loans up to the notional amount of the swaps. The hedge is transacted with a ratio of 1:1. As the Group enters into hedge relationships where the critical terms of the hedging
instrument materially match the terms of the hedged item, a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match
exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness.
Hedge ineffectiveness for interest rate swaps may occur due to:
\u2022 consideration of any floors on the interest basis of the floating rate funding that is not replicated in the interest basis of the interest rate swap;
\u2022 differences in the timing and the interest rate basis of cash flows on the hedged item and hedging instrument;
\u2022 reduction or modification of the highly probable hedged item below the notional level of the interest rate swap; and
\u2022 significant change in the credit risk of either party to the hedging relationship.
There was no material ineffectiveness in hedged risk in relation to this hedging arrangement in 2024. Amounts accounted for in the cashflow hedge reserve in respect of the swap have been set out in Other Comprehensive
Income. These fair value gains and losses reflected in the cash flow hedge reserve are expected to impact on profit and loss in 2025, in line with the underlying debt being hedged.
The following table shows a breakdown of the cash flow hedge reserve and the movements in this reserve during the year:
Interest rate swaps
Cash flow Cash flow
hedge reserve hedge reserve
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Opening balance 1 January
436
847
Change in fair value of hedging instrument recognised in cash flow hedge reserve
124
(331)
Reclassified from cash flow hedge reserve to profit or loss \u2013 included in finance cost
(455)
(80)
Closing balance 31 December
105
436
(f) Capital management
The Board\u2019s policy is to maintain a strong capital base (defined as shareholders\u2019 equity) so as to maintain investor, creditor and market confidence and to sustain the future development of the business. The Group takes a
conservative approach to bank financing and the net debt to total asset value ratio was 14.6% at 31 December 2024 (2023: 14.3%). Net debt is defined as loans and borrowings (Note 21) less cash and cash equivalents (Note 18).
Net debt of \u20ac154.4 million as at 31 December 2024 (31 December 2023: \u20ac148.3 million) comprised of drawn debt of \u20ac182.0 million (net of unamortised arrangement fees and issue costs) (31 December 2023: \u20ac173.8 million) and
available cash of \u20ac27.6 million (31 December 2023: \u20ac25.6 million).
From a capital allocation perspective, the Group distributes surplus capital after investing in our business and paying dividends to shareholders through a combination of share buybacks and/or special dividends.
On 3 March 2023 the Company commenced a \u20ac40 million share buyback programme, and on 6 September 2023 the Company increased the size of the share buyback programme by a further \u20ac35 million, for a total of \u20ac75 million
(the FY23 programme). The total cost of ordinary shares repurchased under the FY23 programme during 2024 was \u20ac27.4 million which was recorded directly in equity in retained earnings. In accordance with the share buyback
programme, all repurchased shares are subsequently cancelled. 17,743,924 shares were repurchased (at an average share price of \u20ac1.54) and were cancelled during the year.
On 3 July 2024, the Company announced a new \u20ac45 million share buyback programme, which represents \u20ac40 million in respect of a new programme and the remaining \u20ac5 million of the FY23 programme (the FY24 programme).
As at 31 December 2024 the total cost of shares repurchased under the FY24 programme was \u20ac43.2 million which was recorded directly in equity in retained earnings. In accordance with the share buyback programme, all
repurchased shares are subsequently cancelled. 21,770,362 shares were repurchased under the FY24 programme (at an average share price of \u20ac1.98) and were cancelled in the year ended 31 December 2024. Between 2 January
2025 and 9 January 2025, the Company repurchased 803,939 shares at a cost of \u20ac1.8 million which completed the FY24 programme.
Dividends of \u20ac44.7 million (Note 25) were paid by the Company during the year ended 31 December 2024 (2023: \u20ac41.9 million). Details of proposed dividends after the year end are set out in Note 32.
(g) Fair value of financial assets and financial liabilities
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
For financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value
measurement in its entirety, which are described as follows:
\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2: valuation techniques for which the lowest level of inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and
\u2022 Level 3: valuation techniques for which the lowest level of inputs that have a significant effect on the recorded fair value are not based on observable market data.
The following table shows the Group\u2019s financial assets and liabilities and the methods used to calculate fair value.
Asset/Liability
Carrying value
Level
Method
Assumptions
Borrowings
Amortised cost
2
Discounted Cash Flow
Valuation based on future repayment and interest cashflows discounted at a year-end market interest rate.
Interest rate swaps
Fair Value
2
Discounted Cash Flow
Valuation based on the present value of the estimated future cash flows based on observable yield curves .
The following table shows the carrying values of financial assets and liabilities including their values in the fair value hierarchy. A fair value disclosure for lease liabilities is not required. The table does not include fair value
information for other financial assets and liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
2024 Fair value
Carrying value Level 1 Level 2 Level 3
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Financial assets measured at fair value
Derivative interest rate swap
105
105
Financial assets measured at amortised cost
Trade and other receivables (excluding prepayments)
151,009
Cash and cash equivalents
27,623
178,632
Financial liabilities measured at amortised cost
Trade payables and accruals
79,064
Deferred consideration
7,500
Loans and borrowings
182,046
181,912
268,610
2023 Fair value
Carrying value Level 1 Level 2 Level 3
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Financial assets measured at fair value
Derivative interest rate swap
436
436
Financial assets measured at amortised cost
Trade and other receivables (excluding prepayments)
52,905
Cash and cash equivalents
25,553
78,894
Financial liabilities measured at amortised cost
Trade payables and accruals
57,478
Deferred consideration
11,810
Loans and borrowings
173,828
168,479
243,116
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-524": { "value": "(b) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade and other receivables and cash and cash equivalents. The carrying amount of financial assets represents the maximum credit exposure. Exposure to credit risk Group management, in conjunction with the Board, manages the risk associated with cash and cash equivalents by depositing funds with a number of Irish financial institutions and BBB+ rated international institutions. Trade and other receivables (excluding prepayments) of \u20ac151.0 million at 31 December 2024 were not past due. Trade receivables relate to amounts due in relation to residential property sales to institutional investors and State- supported counterparties. Included within trade receivables are amounts of \u20ac65.4 million which relate to funds due from State-supported counterparties. Within the trade receivables, \u20ac18.5 million relates to retentions. All trade receivables excluding retentions have been received post year end. Contract assets of \u20ac55.3 million (31 December 2023: \u20acnil) consists of revenue earned on forward fund transactions with State-supported counterparties that is either unbilled or the timing of receipt of consideration is conditioned on something other than the passage of time. The maximum amount of credit exposure is therefore:
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Trade and other receivables (excluding prepayments)
151,009
52,905
Cash and cash equivalents
27,623
25,553
178,632
78,458
Expected credit losses in relation to all financial assets are immaterial. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-525": { "value": "(c) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group monitors the level of expected cash inflows from residential property sales, site and other sales, income from rental properties, and other receivables together with expected cash outflows on trade and other payables and commitments. All trade and other payables at 31 December 2024 are considered current with the expected cash outflow equivalent to their carrying value. Management monitors the adequacy of the Group\u2019s liquidity reserves (comprising undrawn borrowing facilities as detailed in Note 21 and cash and cash equivalents as detailed in Note 18 i.e. available funds) against rolling cash flow forecasts. In addition, the Group\u2019s liquidity risk management policy involves monitoring short-term and long-term cash flow forecasts. The Group had committed syndicate facilities at 31 December 2024 totalling \u20ac327.5 million until June 2027, including a \u20ac237 million revolving credit facility to manage Group liquidity. The undrawn revolving credit facility at 31 December 2024 was \u20ac202 million (2023: \u20ac175 million). During February 2025, the Group successfully completed a debt refinancing of the \u20ac327.5 million syndicate facility into a new \u20ac402.5 million Sustainability Linked Syndicate term loan and revolving credit facility with Allied Irish Banks plc, Bank of Ireland plc and HBFI, repayable in June 2029 with a one-year extension option (Note 32) .
2024 2023
\u20ac\u2019000 \u20ac\u2019000
Financial liabilities due in less than one year
Trade payables and accruals
79,064
57,478
Deferred consideration
7,500
11,810
Lease liabilities
1,254
937
Loans and borrowings
14,992
14,992
102,810
85,217
Financial liabilities due after more than one year
Lease liabilities
5,191
5,490
Loans and borrowings
167,054
158,836
172,245
164,326
Total financial liabilities
275,055
249,543
Available funds:
Cash and cash equivalents
27,623
25,553
Revolving credit facilities undrawn
202,000
175,000
229,623
200,553
The Directors have reviewed the Group financial forecasts and associated risks for the period beyond one year from the date of approval of the financial statements. The forecasts reflect key assumptions, based on information available to the Directors at the time of the preparation of the financial forecasts. These forecasts are based on: \u2022 detailed forecasting by site for the period 2025-2027, reflecting trends experienced up to the date of preparation of the financial forecasts; and \u2022 future revenues for 2025-2027 based on management\u2019s assessment of trends across principal development sites. The Group is in a strong financial position and has a strong outlook (Note 1 (e)). The Directors expect that the Group will meet all of its obligations as they fall due on the basis that there is expected to be sufficient liquidity available to the Group for the period beyond one year from the date of approval of these financial statements. The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments.
Contractual cash flows
Carrying 6 months
amount Total or less 6-12 months 1-2 years 2-5 years >5 years
31 December 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Trade payables and accruals
79,064
(79,064)
(79,064)
\u2013
\u2013
\u2013
\u2013
Deferred consideration
7,500
(7,500)
(3,750)
(3,750)
\u2013
\u2013
\u2013
Lease liabilities
6,445
(7,120)
(750)
(713)
(1,356)
(2,683)
(1,618)
Loans and borrowings
182,046
(199,659)
(3,847)
(18,516)
(48,958)
(128,338)
\u2013
275,055
(293,343)
(87,411)
(22,979)
(50,314)
(131,021)
(1,618)
Contractual cash flows
Carrying 6 months
amount Total or less 6-12 months 1-2 years 2-5 years >5 years
31 December 2023 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Trade payables and accruals
57,478
(57,478)
(57,478)
\u2013
\u2013
\u2013
\u2013
Deferred consideration
11,810
(11,810)
(6,310)
(5,500)
\u2013
\u2013
\u2013
Lease liabilities
6,427
(7,170)
(564)
(558)
(1,077)
(2,543)
(2,428)
Loans and borrowings
173,828
(193,419)
(3,326)
(17,991)
(20,559)
(151,543)
\u2013
249,543
(269,877)
(67,678)
(24,049)
(21,636)
(154,086)
(2,428)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-536": { "value": "(d) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. (i) Currency risk The Group is not exposed to significant currency risk. The Group operates only in the Republic of Ireland. (ii) Interest rate risk At 31 December 2024, the Group had the following facilities: (a) \u20ac327.5 million syndicate term loan and revolving credit facilities with Allied Irish Bank plc, Bank of Ireland plc, Barclays Bank Ireland plc and HBFI all committed until June 2027, that had principal drawn balances of \u20ac90.5 million (term loan) (31 December 2023: \u20ac77.5 million) and \u20ac35.0 million (revolving credit facility) (31 December 2023: \u20ac25.0 million). \u2022 The revolving credit facility has a variable interest rate of three-month Euribor (with a 0% floor) plus a margin. The average interest rate on the revolving credit facility during the year was 5.94% (2023: 5.94%); \u2022 \u20ac58.75 million of the syndicate term loan facility (31 December 2023: \u20ac58.75 million) has a three-year fixed interest rate until 30 June 2025 plus a margin of 2.45%. The balance of \u20ac31.75 million (31 December 2023: \u20ac18.75 million) of the term loan has a variable interest rate of three-month Euribor plus a margin of 2.6%. The Group entered into a three-year interest rate swap in July 2022 (Note 14), maturing on 30 June 2025, in relation to \u20ac18.75 million of the variable element of its term loan in order to manage its interest rate risk (see Note 29(e)). The average interest rate on the term loan during the year was 3.96% (2022: 4.71%); and \u2022 The Group has an exposure to cash flow interest rate risk where there are changes in Euribor rates. (b) a \u20ac57.5 million (2023: \u20ac72.5 million) private placement of loan notes with Pricoa Capital which have a fixed coupon of 3.36% (2023: 3.36%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-526": { "value": "(d) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. (i) Currency risk The Group is not exposed to significant currency risk. The Group operates only in the Republic of Ireland. (ii) Interest rate risk At 31 December 2024, the Group had the following facilities: (a) \u20ac327.5 million syndicate term loan and revolving credit facilities with Allied Irish Bank plc, Bank of Ireland plc, Barclays Bank Ireland plc and HBFI all committed until June 2027, that had principal drawn balances of \u20ac90.5 million (term loan) (31 December 2023: \u20ac77.5 million) and \u20ac35.0 million (revolving credit facility) (31 December 2023: \u20ac25.0 million). \u2022 The revolving credit facility has a variable interest rate of three-month Euribor (with a 0% floor) plus a margin. The average interest rate on the revolving credit facility during the year was 5.94% (2023: 5.94%); \u2022 \u20ac58.75 million of the syndicate term loan facility (31 December 2023: \u20ac58.75 million) has a three-year fixed interest rate until 30 June 2025 plus a margin of 2.45%. The balance of \u20ac31.75 million (31 December 2023: \u20ac18.75 million) of the term loan has a variable interest rate of three-month Euribor plus a margin of 2.6%. The Group entered into a three-year interest rate swap in July 2022 (Note 14), maturing on 30 June 2025, in relation to \u20ac18.75 million of the variable element of its term loan in order to manage its interest rate risk (see Note 29(e)). The average interest rate on the term loan during the year was 3.96% (2022: 4.71%); and \u2022 The Group has an exposure to cash flow interest rate risk where there are changes in Euribor rates. (b) a \u20ac57.5 million (2023: \u20ac72.5 million) private placement of loan notes with Pricoa Capital which have a fixed coupon of 3.36% (2023: 3.36%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-527": { "value": "(f) Capital management The Board\u2019s policy is to maintain a strong capital base (defined as shareholders\u2019 equity) so as to maintain investor, creditor and market confidence and to sustain the future development of the business. The Group takes a conservative approach to bank financing and the net debt to total asset value ratio was 14.6% at 31 December 2024 (2023: 14.3%). Net debt is defined as loans and borrowings (Note 21) less cash and cash equivalents (Note 18). Net debt of \u20ac154.4 million as at 31 December 2024 (31 December 2023: \u20ac148.3 million) comprised of drawn debt of \u20ac182.0 million (net of unamortised arrangement fees and issue costs) (31 December 2023: \u20ac173.8 million) and available cash of \u20ac27.6 million (31 December 2023: \u20ac25.6 million). From a capital allocation perspective, the Group distributes surplus capital after investing in our business and paying dividends to shareholders through a combination of share buybacks and/or special dividends. On 3 March 2023 the Company commenced a \u20ac40 million share buyback programme, and on 6 September 2023 the Company increased the size of the share buyback programme by a further \u20ac35 million, for a total of \u20ac75 million (the FY23 programme). The total cost of ordinary shares repurchased under the FY23 programme during 2024 was \u20ac27.4 million which was recorded directly in equity in retained earnings. In accordance with the share buyback programme, all repurchased shares are subsequently cancelled. 17,743,924 shares were repurchased (at an average share price of \u20ac1.54) and were cancelled during the year. On 3 July 2024, the Company announced a new \u20ac45 million share buyback programme, which represents \u20ac40 million in respect of a new programme and the remaining \u20ac5 million of the FY23 programme (the FY24 programme). As at 31 December 2024 the total cost of shares repurchased under the FY24 programme was \u20ac43.2 million which was recorded directly in equity in retained earnings. In accordance with the share buyback programme, all repurchased shares are subsequently cancelled. 21,770,362 shares were repurchased under the FY24 programme (at an average share price of \u20ac1.98) and were cancelled in the year ended 31 December 2024. Between 2 January 2025 and 9 January 2025, the Company repurchased 803,939 shares at a cost of \u20ac1.8 million which completed the FY24 programme. Dividends of \u20ac44.7 million (Note 25) were paid by the Company during the year ended 31 December 2024 (2023: \u20ac41.9 million). Details of proposed dividends after the year end are set out in Note 32. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-494": { "value": "
30. Other Commitments and Contingent Liabilities
Pursuant to the provisions of Section 357, Companies Act 2014, the Company has guaranteed the liabilities and commitments of its subsidiary undertakings for their financial years ending 31 December 2024 and as a result such
subsidiary undertakings have been exempted from the filing provisions of Companies Act 2014. Details of the Group\u2019s subsidiaries are included in Note 27 and all subsidiaries listed there are covered by the Section 357 exemption.
The Company has given guarantees to third parties in respect of specific borrowings drawn down by one of its subsidiaries. Further details are set out in Note 1(b) to the company financial statements.
As at 31 December 2024 Cairn Homes Properties Limited had committed to sell 2,361 new homes for c. \u20ac910 million (ex. VAT).
At 31 December 2024, the Group had a contingent liability in respect of construction surety bonds in the amount of \u20ac14.5 million (2023: \u20ac4.6 million).
The Group in the normal course of business has given counterindemnities in respect of performance bonds relating to the Group\u2019s own contracts. The possibility of any outflow in settlement for these is remote.
The Group is not aware of any other commitments or contingent liabilities that should be disclosed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-566": { "value": "30. Other Commitments and Contingent Liabilities Pursuant to the provisions of Section 357, Companies Act 2014, the Company has guaranteed the liabilities and commitments of its subsidiary undertakings for their financial years ending 31 December 2024 and as a result such subsidiary undertakings have been exempted from the filing provisions of Companies Act 2014. Details of the Group\u2019s subsidiaries are included in Note 27 and all subsidiaries listed there are covered by the Section 357 exemption. The Company has given guarantees to third parties in respect of specific borrowings drawn down by one of its subsidiaries. Further details are set out in Note 1(b) to the company financial statements. As at 31 December 2024 Cairn Homes Properties Limited had committed to sell 2,361 new homes for c. \u20ac910 million (ex. VAT). At 31 December 2024, the Group had a contingent liability in respect of construction surety bonds in the amount of \u20ac14.5 million (2023: \u20ac4.6 million). The Group in the normal course of business has given counterindemnities in respect of performance bonds relating to the Group\u2019s own contracts. The possibility of any outflow in settlement for these is remote. The Group is not aware of any other commitments or contingent liabilities that should be disclosed.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-537": { "value": "30. Other Commitments and Contingent Liabilities Pursuant to the provisions of Section 357, Companies Act 2014, the Company has guaranteed the liabilities and commitments of its subsidiary undertakings for their financial years ending 31 December 2024 and as a result such subsidiary undertakings have been exempted from the filing provisions of Companies Act 2014. Details of the Group\u2019s subsidiaries are included in Note 27 and all subsidiaries listed there are covered by the Section 357 exemption. The Company has given guarantees to third parties in respect of specific borrowings drawn down by one of its subsidiaries. Further details are set out in Note 1(b) to the company financial statements. As at 31 December 2024 Cairn Homes Properties Limited had committed to sell 2,361 new homes for c. \u20ac910 million (ex. VAT). At 31 December 2024, the Group had a contingent liability in respect of construction surety bonds in the amount of \u20ac14.5 million (2023: \u20ac4.6 million). The Group in the normal course of business has given counterindemnities in respect of performance bonds relating to the Group\u2019s own contracts. The possibility of any outflow in settlement for these is remote. The Group is not aware of any other commitments or contingent liabilities that should be disclosed.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-528": { "value": "30. Other Commitments and Contingent Liabilities Pursuant to the provisions of Section 357, Companies Act 2014, the Company has guaranteed the liabilities and commitments of its subsidiary undertakings for their financial years ending 31 December 2024 and as a result such subsidiary undertakings have been exempted from the filing provisions of Companies Act 2014. Details of the Group\u2019s subsidiaries are included in Note 27 and all subsidiaries listed there are covered by the Section 357 exemption. The Company has given guarantees to third parties in respect of specific borrowings drawn down by one of its subsidiaries. Further details are set out in Note 1(b) to the company financial statements. As at 31 December 2024 Cairn Homes Properties Limited had committed to sell 2,361 new homes for c. \u20ac910 million (ex. VAT). At 31 December 2024, the Group had a contingent liability in respect of construction surety bonds in the amount of \u20ac14.5 million (2023: \u20ac4.6 million). The Group in the normal course of business has given counterindemnities in respect of performance bonds relating to the Group\u2019s own contracts. The possibility of any outflow in settlement for these is remote. The Group is not aware of any other commitments or contingent liabilities that should be disclosed.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-495": { "value": "
31. Profit or Loss of the Parent Company
The parent company of the Group is Cairn Homes plc. In accordance with Section 304 of the Companies Act 2014, the Company is availing of the exemption from presenting its individual statement of profit or loss and other
comprehensive income to the Annual General Meeting and from filing it with the Registrar of Companies. The Company\u2019s profit after tax for the year ended 31 December 2024, determined in accordance with IFRS as adopted by
the EU, is \u20ac69.0 million (2023: loss of \u20ac18.6 million). The company made a profit during the year due to changes in the Group\u2019s operating model relating solely to intragroup transactions.
", "dimensions": { "concept": "cairnhomesplc:DisclosureOfProfitOrLossOfTheParentCompany", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-496": { "value": "
32. Events After the Reporting Period
Between 2 January 2025 and 9 January 2025, the Company repurchased 803,939 shares which completed the FY24 \u20ac45 million share buyback programme (Note 20). In accordance with the share buyback programme, all
repurchased shares are subsequently cancelled.
On 26 February 2025, the Company proposed a final 2024 dividend of 4 .4 cent per share subject to shareholder approval at the 2025 AGM on 08 May 2025. Based on the ordinary shares in issue at 14 March 2025, the amount of
dividend proposed is \u20ac27 .3 million. The proposed final dividend of 4.4 cent per ordinary shares will be paid on 16 May 2025 to ordinary shareholders on the Company\u2019s register on 25 April 2025.
During February 2025, the Group successfully completed a debt refinancing of the \u20ac327.5 million syndicate facility into a new \u20ac402.5 million Sustainability Linked Syndicate term loan and revolving credit facility with Allied Irish
Banks plc, Bank of Ireland plc and HBFI, repayable in June 2029 with a one-year extension option (Note 21).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-568": { "value": "0.044", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-567": { "value": "27300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-497": { "value": "
33. Approval of Financial Statements
The financial statements were approved by the Board of Directors on 14 March 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }