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"ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00218": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OutflowsOfCashFromInvestingActivities", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00217": { "value": "68363.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OutflowsOfCashFromInvestingActivities", "entity": "scheme:9845002AB33C9911EF94", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00251": { "value": "-6480451.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00250": { "value": "-178182.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:9845002AB33C9911EF94", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00220": { "value": "11653872.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00219": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:9845002AB33C9911EF94", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00222": { "value": "796695.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00221": { "value": "85508.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:9845002AB33C9911EF94", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00223": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfOrdinaryShares", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00229": { "value": "285745.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00228": { "value": "117665.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:9845002AB33C9911EF94", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00233": { "value": "165687.0", "decimals": 0, "dimensions": { "concept": "qlzh:MovementInRelatedPartyBalances", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00232": { "value": "-590898.0", "decimals": 0, "dimensions": { "concept": "qlzh:MovementInRelatedPartyBalances", "entity": "scheme:9845002AB33C9911EF94", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00235": { "value": "376860.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00234": { "value": "522941.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:9845002AB33C9911EF94", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00237": { "value": "6120.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00236": { "value": "6120.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:9845002AB33C9911EF94", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00239": { "value": "34695.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00238": { "value": "7982.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:9845002AB33C9911EF94", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00355": { "value": "11912834.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00354": { "value": "-1160098.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:9845002AB33C9911EF94", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00241": { "value": "5228900.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00240": { "value": "29644.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:9845002AB33C9911EF94", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00243": { "value": "275125.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00242": { "value": "245481.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:9845002AB33C9911EF94", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00247": { "value": "5504025.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:9845002AB33C9911EF94", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00246": { "value": "275125.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "NotesToTheFinancialStatements_Label_00279": { "value": "1.
Summary of material accounting policies
The material accounting policies adopted in the preparation of these financial statements are set
out below. These policies have been consistently applied to all periods presented, unless
otherwise stated.
1.1 Basis of preparation
The consolidated financial statements include the financial statements of QLZH Holding p.l.c.
and its subsidiaries and are prepared in accordance with the requirements of International
Financial Reporting Standards (IFRSs) as adopted by the EU and with the requirements of the
Maltese Companies Act (Cap. 386). The financial statements have been prepared under the
historical cost convention, except as disclosed in the accounting policies below.
The preparation of financial statements in conformity with IFRSs as adopted by the EU requires
the use of certain accounting estimates. It also requires the Directors to exercise their judgement
in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree
of judgement or complexity, or areas where assumptions and estimates are significant to the
consolidated financial statements, are disclosed in Note 3.
Financial position of the Group and the Group\u2019s cash flow forecasting process
The Group envisages that it will continue generate a significant level of earnings throughout the
forthcoming financial year, through its cash generating units, which will enable the Group to
manage effectively its forecasted cash flows and liquidity needs. These factors are embedded
within the Group\u2019s cash flow forecasts.
Standards, interpretations and amendments to published standards effective in 2025
The Group adopted new standards, amendments and interpretations to existing standards that
are mandatory for the Group\u2019s accounting period beginning on 1 January 2025.
Standards, interpretations and amendments to published standards that are not yet adopted
At the date of authorisation of these financial statements, certain new standards, amendments
and interpretations to existing standards have been published by the IASB that are not yet
effective, and have not been early adopted by the Group. The Directors are of the opinion that
there are no requirements that will have a possible significant impact on the Group\u2019s and
Company\u2019s financial statements in the period of initial application.
1.2
Consolidation
(a) Subsidiaries
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group
controls an entity when the Group 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 existence
and effect of potential voting rights that are currently exercisable or convertible are considered when
assessing whether the Group controls another entity. The Group also assesses existence of control
where it does not have more than 50% of the voting power but is able to govern the financial and
operating policies by virtue of de-facto control. De-facto control may arise in circumstances where, for
instance the size of the Group\u2019s voting rights relative to the size and dispersion of holdings of other
shareholders give the Group the power to govern the financial and operating policies. Subsidiaries are
fully consolidated from the date on which control is transferred to the Group. They are de-consolidated
from the date that control ceases.
The Group applies the acquisition method of accounting to account for business combinations that fall
within the scope of IFRS 3. The consideration transferred for the acquisition of a subsidiary is the fair
value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the
equity interests issued by the Group. The consideration transferred includes the fair value of any asset
or liability resulting from a contingent consideration arrangement. Acquisition-related costs are
expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed
(identifiable net assets) in a business combination are measured initially at their fair values at the
acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling
interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of
the recognised amounts of the acquiree\u2019s identifiable net assets.
Goodwill is initially measured as the excess of the consideration transferred, the amount of any non-
controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in
the acquiree over the fair value of the identifiable net assets acquired. If this is less than the fair value
of the identifiable net assets of the subsidiary acquired in the case of a bargain purchase, the
difference is recognised directly in profit or loss.
Upon consolidation, inter-company transactions, balances and unrealised gains on transactions
between Group companies are eliminated. Unrealised losses are also eliminated but considered an
impairment indicator of the asset transferred. Accounting policies of subsidiaries are changed where
necessary to ensure consistency with the policies adopted by the Group.
In the Company\u2019s separate financial statements, investments in subsidiaries are accounted for by the
cost method of accounting, i.e. at cost less impairment. Cost is adjusted to reflect changes in
consideration arising from contingent consideration amendments. Cost also includes directly
attributable costs of acquiring the investment. Provisions are recorded where, in the opinion of the
Directors, there is an impairment in value. Where there has been an impairment in the value of an
investment, it is recognised as an expense in the period in which the diminution is identified. The
results of subsidiaries are reflected in the Company\u2019s separate financial statements only to the extent
of dividends receivable. On disposal of an investment, the difference between the net disposal
proceeds and the carrying amount is charged or credited to profit or loss.
(b) Transactions with non-controlling interests
The Group treats transactions with non-controlling interests, where the acquisition or disposal of partial
interests in a subsidiary has no impact on the Group\u2019s ability to control the subsidiary\u2019s financial and
operating policies, as transactions with equity owners of the Group. For purchases from non-
controlling interests, the difference between any consideration paid and the relevant share acquired
of the carrying value of the identifiable net assets of the subsidiary is recorded in equity. Gains or
losses on disposals to non-controlling interests are also recorded in equity.
1.3
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the
currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019).
The consolidated financial statements are presented in Euro, which is the Company\u2019s functional and
presentation currency.
1.4
Property, plant and equipment
All property, plant and equipment is stated at historical cost less accumulated depreciation and
accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the
acquisition of the items.
Borrowing costs which are incurred for the purpose of acquiring or constructing a qualifying asset are
capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is
actively underway. Capitalisation of borrowing costs is ceased once the asset is substantially
complete, and is suspended if the development of the asset is suspended.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow
to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced
part is derecognised. All other repairs and maintenance are charged to profit or loss during the
financial period in which they are incurred.
Land is not depreciated as it is deemed to have an indefinite life. Depreciation on other assets is
calculated using the straight-line method to allocate their cost or revalued amounts to their residual
values over their estimated useful life. Leased assets are depreciated over the shorter of the lease
term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the
end of the lease term.
The rates of depreciation used for the current and comparative periods are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
%
Fixtures and fittings
6.67 - 10
Computer equipment
25
Motor vehicles
20
Leasehold improvements
6.67
\n
The assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate, at the end of
each reporting period. An asset\u2019s carrying amount is written down immediately to its recoverable
amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and
losses on disposal of an item of property, plant and equipment are determined by comparing the
proceeds from disposal with the carrying amount and are recognised in profit or loss.
1.5
Intangible assets
(a) Computer software
In determining the classification of an asset that incorporates both intangible and tangible elements,
judgement is used in assessing which element is more significant. Computer software which is an
integral part of the related hardware is classified as property, plant and equipment and accounted for
in accordance with the company\u2019s accounting policy on property, plant and equipment. Where the
software is not an integral part of the related hardware, this is classified as an intangible asset and
carried at cost less any accumulated amortisation and any accumulated impairment losses. Computer
software classified as an intangible asset is amortised on a straight-line basis over four years.
(b) Brand name
The brand name is carried net cost and was acquired from a company with the same shareholding.
The trademark classified as an intangible asset is amortised on a straight-line basis over fifty years.
(c) Goodwill
Goodwill represents the excess of the consideration transferred over the fair value of the Group\u2019s
share of the identifiable net assets of the acquired subsidiary at the date of acquisition. Goodwill on
acquisitions of subsidiaries is included in \u2018intangible assets\u2019.
Goodwill that is recognised separately within \u2018intangible assets\u2019 is carried at cost less accumulated
impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination
is allocated to each of the cash-generating units (CGUs) or groups of CGUs that are expected to
benefit from the synergies of the business combination. Each unit or group of units to which the
goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for
internal management purposes.
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, and
also whenever there is an indication that the unit may be impaired, by comparing the carrying amount
of the unit, including the goodwill, with the recoverable amount of the unit. The recoverable amount is
the higher of fair value less costs to sell and value in use. Impairment losses on goodwill are not
reversed.
Amortisation
Amortisation is calculated using the straight-line method to allocate the cost of the intangible assets
to their residual value over their estimated useful lives as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
%
Computer software
25
Brand names
2
\n
The assets\u2019 residual values and useful lives are reviewed and adjusted as appropriate, at the end of
each reporting period.
1.6
Impairment of non-financial assets
Assets that have an indefinite useful life, for example goodwill or certain intangible assets, are not
subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation
are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s
carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s
fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are
grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating
units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible
reversal of the impairment at the end of each reporting period.
1.7
Financial assets
Classification
The Group classifies its financial assets in the following measurement categories:
-
those to be measured subsequently at fair value (either through Other Comprehensive Income,
or through profit or loss), and
-
those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the
contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be
recorded in profit or loss or Other Comprehensive Income (OCI). For investments in equity instruments
that are not held for trading, this will depend on whether the Group has made an irrevocable election
at the time of initial recognition to account for the equity investment at fair value through other
comprehensive income (FVOCI). The Group reclassifies debt investments when and only when its
business model for managing those assets changes.
Recognition and derecognition
The Group recognises a financial asset in its statement of financial position when it becomes a party
to the contractual provisions of the instrument.
Regular way purchases and sales of financial assets are recognised on settlement date, the date on
which an asset is delivered to or by the Group. Financial assets are derecognised when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership or has not retained control of the asset.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a
financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly
attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at
FVPL are expensed in profit or loss.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group\u2019s
management has elected to present fair value gains and losses on equity investments in OCI, there
is no subsequent reclassification of fair value gains and losses to profit or loss following the
derecognition of the investment. Dividends from such investments continue to be recognised in profit
or loss when the Group\u2019s right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the
income statement as applicable. Impairment losses (and reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair value.
Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt
instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on
whether there has been a significant increase in credit risk.
For trade receivables and contract assets, the Group applies the simplified approach permitted by
IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the
receivables.
For all other financial assets that are subject to impairment under IFRS 9, the Group applies a three-
stage model for impairment, based on changes in credit quality since initial recognition. A financial
asset that is not credit impaired on initial recognition is classified in stage 1.
Financial assets in stage 1, have their expected credit loss measured at an amount equal to the portion
of lifetime expected credit loss that results from default events possible within the next 12 months, or
until contractual maturity if shorter. If the Group identifies a significant increase in credit risk since
initial recognition, the asset is transferred to stage 2 and its expected credit loss is measured on a
lifetime basis, that is up until contractual maturity. If the Group determines that a financial asset is
credit impaired, the asset is transferred to stage 3 and the expected credit loss is measured on a
lifetime credit loss basis.
1.7.1
Trade and other receivables
Trade receivables comprise amounts due from customers for services performed in the ordinary
course of business. If collection is expected in one year or less (or in the normal operating cycle of the
business if longer), they are classified as current assets. If not, they are presented as non-current
assets.
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method, less expected credit loss allowances.
Trade receivables are recognised initially at the amount of consideration that is unconditional unless
they contain significant financing components, when they are recognised at fair value. The Group
holds the trade receivables with the objective to collect the contractual cash flows and therefore
measures them subsequently at amortised cost using the effective interest method.
1.8
Cash and cash equivalents
In the statement of cash flows, cash and cash equivalents includes cash in hand and deposits held at
call with banks.
1.9
Inventory
One of the main objects of the Company is the development of land acquired for development and
resale. This development is intended in the main for resale purposes, and is accordingly classified
in the financial statements as Inventory. Any elements of a project which are identified for business
operation or long-term investment properties are transferred at their carrying amount to Property,
plant and equipment or investment properties when such identification is made and the cost thereof
can reliably be segregated.
i)
The cost incurred on development works, including demolition, site clearance, excavation,
construction, etc., together with the costs of ancillary activities such as site security.
ii)
The cost of various design and other studies conducted in connection with the project, together
with all other expenses incurred in connection therewith.
iii)
Any borrowing costs, including imputed interest, attributable to the development phases of the
project.
The purchase cost of acquiring the land represents the cash equivalent of the contracted price. This
was determined at date of purchase by discounting to present value the future cash outflows
comprising the purchase consideration.
Net realisable value is the estimated selling price in the
ordinary course of business, less the costs of completion and selling expenses.
1.10
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.
1.11
Financial liabilities
The Group recognises a financial liability in its statement of financial position when it becomes a
party to the contractual provisions of the instrument. The Group\u2019s financial liabilities are classified
as financial liabilities measured at amortised cost, i.e. not at fair value through profit or loss under
IFRS 9. Financial liabilities not at fair value through profit or loss are recognised initially at fair value,
being the fair value of consideration received, net of transaction costs that are directly attributable
to the acquisition or the issue of the financial liability. These liabilities are subsequently measured at
amortised cost. The Group derecognises a financial liability from its statement of financial position
when the obligation specified in the contract or arrangement is discharged, is cancelled or expires.
1.11.1
Trade and other payables
Trade payables comprise obligations to pay for goods or services that have been acquired in the
ordinary course of business from suppliers. Accounts payable are classified as current liabilities if
payment is due within one year or less (or in the normal operating cycle of the business if longer). If
not, they are presented as non-current liabilities. Trade and other payables are recognised initially
at fair value and subsequently measured at amortised cost using the effective interest method.
1.11.2
Borrowings
Borrowings are recognised initially at the fair value of proceeds received, net of transaction costs
incurred. Borrowings are subsequently carried at amortised cost; any difference between the
proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the
period of the borrowings using the effective interest method. Borrowings are classified as current
liabilities unless the Group has an unconditional right to defer settlement of the liability for at least
twelve months after the end of the reporting period.
1.12
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the statement of financial
position when there is a legally enforceable right to set off the recognised amounts and there is an
intention to settle on a net basis, or realise the asset and settle the liability simultaneously.
1.13
Current and deferred tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or
loss, except to the extent that it relates to items recognised in other comprehensive income or directly
in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity,
respectively.
The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted
at the reporting date.
Deferred tax is recognised, using the liability method, on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated financial
statements. However, deferred tax liabilities are not recognised if they arise from the initial
recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset
or liability in a transaction other than a business combination that at the time of the transaction affects
neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws)
that have been enacted or substantively enacted by the end of the reporting period and are expected
to apply when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will
be available against which the temporary differences can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current
tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to
income taxes levied by the same taxation authority on either the same taxable entity or different
taxable entities where there is an intention to settle the balances on a net basis.
1.14
Provisions for legal and other claims
Provisions for legal and other claims are recognised when the Group has a present legal or
constructive obligation as a result of past events, it is probable that an outflow of resources will be
required to settle the obligation, and the amount has been reliably estimated. Provisions are not
recognised for future operating losses.
Provisions are measured at the present value of the expenditures expected to be required to settle
the obligation using a pre-tax rate that reflects current market assessments of the time value of
money and the risks specific to the obligation. The increase in the provision due to passage of time
is recognised as interest expense.
1.15
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the provision of
services in the ordinary course of the company\u2019s activities. Revenue is shown net of value added
tax, returns, rebates and discounts. The company recognises revenue when the amount of revenue
can be reliably measured, it is probable that future economic benefits will flow to the entity and when
the specific criteria have been met as described below.
(i)
Franchise and agency fees
Revenue is calculated as a percentage of franchisee sales and is recognised upon the completion
of a sale or letting of a property listing by one of the franchisees\u2019 agents. This is generally considered
to occur on the contract of sale of a property or letting agreement.
1.16
Leases
The Group is the lessee
At inception of a contract, an entity shall assess whether the contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the
leased asset is available for use by the Group.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease
liabilities include the net present value of the following lease payments:
-
fixed payments (including in-substance fixed payments), less any lease incentives receivable
-
variable lease payments that are based on an index or a rate, initially measured using the index
or rate as at the commencement date
-
payments of penalties for terminating the lease, if the lease term reflects the Group exercising
that option.
Lease payments to be made under reasonably certain extension options are also included in the
measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be
readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental
borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the
funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic
environment with similar terms, security and conditions.
Lease payments are allocated between principal and finance cost. The finance cost is charged to
profit or loss over the lease period so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
-
the amount of the initial measurement of lease liability;
-
any lease payments made at or before the commencement date less any lease incentives
received; and
-
any initial direct costs.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease
term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the
right-of-use asset is depreciated over the underlying asset\u2019s useful life.
Payments associated with short-term leases of equipment and vehicles and all leases of low-value
assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are
leases with a lease term of 12 months or less. In determining the lease term, management considers
all facts and circumstances that create an economic incentive to exercise an extension option, or
not exercise a termination option. Extension options (or periods after termination options) are only
included in the lease term if the lease is reasonably certain to be extended (or not terminated).
For leases of properties, the following factors are normally the most relevant:
-
if there are significant penalties to terminate (or not extend), the Group is typically reasonably
certain to extend (or not terminate);
-
if any leasehold improvements are expected to have a significant remaining value, the Group
is typically reasonably certain to extend (or not terminate);
-
otherwise, the Group considers other factors including historical lease durations and the costs
and business disruption required to replace the leased asset.
The lease term is reassessed if an option is actually exercised (or not exercised) or the Group
becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only
revised if a significant event or a significant change in circumstances occurs, which affects this
assessment, and that is within the control of the lessee.
1.17
Dividend distribution
Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Company\u2019s
financial statements in the period in which the dividends are approved by the Company\u2019s
shareholders.
1.18
Borrowing costs
Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying property,
plant and equipment or investment property are capitalised as part of its cost. Borrowing costs are
capitalised while acquisition or construction is actively underway, during the period of time that is
required to complete and prepare the asset for its intended use. Capitalisation of borrowing costs is
ceased once the asset is substantially complete and is suspended if the development of the asset
is suspended. All other borrowing costs are recognised as an expense in the profit or loss account
in the period as incurred. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00281": { "value": "The consolidated financial statements include the financial statements of QLZH Holding p.l.c.
and its subsidiaries and are prepared in accordance with the requirements of International
Financial Reporting Standards (IFRSs) as adopted by the EU and with the requirements of the
Maltese Companies Act (Cap. 386). The financial statements have been prepared under the
historical cost convention, except as disclosed in the accounting policies below.
The preparation of financial statements in conformity with IFRSs as adopted by the EU requires
the use of certain accounting estimates. It also requires the Directors to exercise their judgement
in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree
of judgement or complexity, or areas where assumptions and estimates are significant to the
consolidated financial statements, are disclosed in Note 3.28.
Statutory information
QLZH Holding p.l.c. is a limited liability company and is incorporated in Malta, with its registered
address at Cali House, 3
rd
Floor, Vjal ir-Rihan, San Gwann, SGN 9020, Malta.
The parent company of QLZH Holding p.l.c. Is Valletta Hub Limited, a company registered in
Malta, with its registered address at Cali House, 3
rd
Floor, Vjal ir-Rihan, San Gwann, SGN 9020,
Malta.
The directors consider the ultimate controlling party to be Mr. Stephen Mercieca.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00280": { "value": "The consolidated financial statements include the financial statements of QLZH Holding p.l.c.
and its subsidiaries and are prepared in accordance with the requirements of International
Financial Reporting Standards (IFRSs) as adopted by the EU and with the requirements of the
Maltese Companies Act (Cap. 386). The financial statements have been prepared under the
historical cost convention, except as disclosed in the accounting policies below.
The preparation of financial statements in conformity with IFRSs as adopted by the EU requires
the use of certain accounting estimates. It also requires the Directors to exercise their judgement
in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree
of judgement or complexity, or areas where assumptions and estimates are significant to the
consolidated financial statements, are disclosed in Note 3.
Financial position of the Group and the Group\u2019s cash flow forecasting process
The Group envisages that it will continue generate a significant level of earnings throughout the
forthcoming financial year, through its cash generating units, which will enable the Group to
manage effectively its forecasted cash flows and liquidity needs. These factors are embedded
within the Group\u2019s cash flow forecasts.
Standards, interpretations and amendments to published standards effective in 2025
The Group adopted new standards, amendments and interpretations to existing standards that
are mandatory for the Group\u2019s accounting period beginning on 1 January 2025.
Standards, interpretations and amendments to published standards that are not yet adopted
At the date of authorisation of these financial statements, certain new standards, amendments
and interpretations to existing standards have been published by the IASB that are not yet
effective, and have not been early adopted by the Group. The Directors are of the opinion that
there are no requirements that will have a possible significant impact on the Group\u2019s and
Company\u2019s financial statements in the period of initial application. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_003": { "value": "QLZH Holding p.l.c.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00282": { "value": "1.2
Consolidation
(a) Subsidiaries
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group
controls an entity when the Group 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 existence
and effect of potential voting rights that are currently exercisable or convertible are considered when
assessing whether the Group controls another entity. The Group also assesses existence of control
where it does not have more than 50% of the voting power but is able to govern the financial and
operating policies by virtue of de-facto control. De-facto control may arise in circumstances where, for
instance the size of the Group\u2019s voting rights relative to the size and dispersion of holdings of other
shareholders give the Group the power to govern the financial and operating policies. Subsidiaries are
fully consolidated from the date on which control is transferred to the Group. They are de-consolidated
from the date that control ceases.
The Group applies the acquisition method of accounting to account for business combinations that fall
within the scope of IFRS 3. The consideration transferred for the acquisition of a subsidiary is the fair
value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the
equity interests issued by the Group. The consideration transferred includes the fair value of any asset
or liability resulting from a contingent consideration arrangement. Acquisition-related costs are
expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed
(identifiable net assets) in a business combination are measured initially at their fair values at the
acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling
interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of
the recognised amounts of the acquiree\u2019s identifiable net assets.
Goodwill is initially measured as the excess of the consideration transferred, the amount of any non-
controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in
the acquiree over the fair value of the identifiable net assets acquired. If this is less than the fair value
of the identifiable net assets of the subsidiary acquired in the case of a bargain purchase, the
difference is recognised directly in profit or loss.
Upon consolidation, inter-company transactions, balances and unrealised gains on transactions
between Group companies are eliminated. Unrealised losses are also eliminated but considered an
impairment indicator of the asset transferred. Accounting policies of subsidiaries are changed where
necessary to ensure consistency with the policies adopted by the Group.
In the Company\u2019s separate financial statements, investments in subsidiaries are accounted for by the
cost method of accounting, i.e. at cost less impairment. Cost is adjusted to reflect changes in
consideration arising from contingent consideration amendments. Cost also includes directly
attributable costs of acquiring the investment. Provisions are recorded where, in the opinion of the
Directors, there is an impairment in value. Where there has been an impairment in the value of an
investment, it is recognised as an expense in the period in which the diminution is identified. The
results of subsidiaries are reflected in the Company\u2019s separate financial statements only to the extent
of dividends receivable. On disposal of an investment, the difference between the net disposal
proceeds and the carrying amount is charged or credited to profit or loss.
(b) Transactions with non-controlling interests
The Group treats transactions with non-controlling interests, where the acquisition or disposal of partial
interests in a subsidiary has no impact on the Group\u2019s ability to control the subsidiary\u2019s financial and
operating policies, as transactions with equity owners of the Group. For purchases from non-
controlling interests, the difference between any consideration paid and the relevant share acquired
of the carrying value of the identifiable net assets of the subsidiary is recorded in equity. Gains or
losses on disposals to non-controlling interests are also recorded in equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00322": { "value": "(a) Subsidiaries
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group
controls an entity when the Group 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 existence
and effect of potential voting rights that are currently exercisable or convertible are considered when
assessing whether the Group controls another entity. The Group also assesses existence of control
where it does not have more than 50% of the voting power but is able to govern the financial and
operating policies by virtue of de-facto control. De-facto control may arise in circumstances where, for
instance the size of the Group\u2019s voting rights relative to the size and dispersion of holdings of other
shareholders give the Group the power to govern the financial and operating policies. Subsidiaries are
fully consolidated from the date on which control is transferred to the Group. They are de-consolidated
from the date that control ceases.
The Group applies the acquisition method of accounting to account for business combinations that fall
within the scope of IFRS 3. The consideration transferred for the acquisition of a subsidiary is the fair
value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the
equity interests issued by the Group. The consideration transferred includes the fair value of any asset
or liability resulting from a contingent consideration arrangement. Acquisition-related costs are
expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed
(identifiable net assets) in a business combination are measured initially at their fair values at the
acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling
interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of
the recognised amounts of the acquiree\u2019s identifiable net assets.
Goodwill is initially measured as the excess of the consideration transferred, the amount of any non-
controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in
the acquiree over the fair value of the identifiable net assets acquired. If this is less than the fair value
of the identifiable net assets of the subsidiary acquired in the case of a bargain purchase, the
difference is recognised directly in profit or loss.
Upon consolidation, inter-company transactions, balances and unrealised gains on transactions
between Group companies are eliminated. Unrealised losses are also eliminated but considered an
impairment indicator of the asset transferred. Accounting policies of subsidiaries are changed where
necessary to ensure consistency with the policies adopted by the Group.
In the Company\u2019s separate financial statements, investments in subsidiaries are accounted for by the
cost method of accounting, i.e. at cost less impairment. Cost is adjusted to reflect changes in
consideration arising from contingent consideration amendments. Cost also includes directly
attributable costs of acquiring the investment. Provisions are recorded where, in the opinion of the
Directors, there is an impairment in value. Where there has been an impairment in the value of an
investment, it is recognised as an expense in the period in which the diminution is identified. The
results of subsidiaries are reflected in the Company\u2019s separate financial statements only to the extent
of dividends receivable. On disposal of an investment, the difference between the net disposal
proceeds and the carrying amount is charged or credited to profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00323": { "value": "(b) Transactions with non-controlling interests
The Group treats transactions with non-controlling interests, where the acquisition or disposal of partial
interests in a subsidiary has no impact on the Group\u2019s ability to control the subsidiary\u2019s financial and
operating policies, as transactions with equity owners of the Group. For purchases from non-
controlling interests, the difference between any consideration paid and the relevant share acquired
of the carrying value of the identifiable net assets of the subsidiary is recorded in equity. Gains or
losses on disposals to non-controlling interests are also recorded in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00324": { "value": "1.3
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the
currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019).
The consolidated financial statements are presented in Euro, which is the Company\u2019s functional and
presentation currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00325": { "value": "1.4
Property, plant and equipment
All property, plant and equipment is stated at historical cost less accumulated depreciation and
accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the
acquisition of the items.
Borrowing costs which are incurred for the purpose of acquiring or constructing a qualifying asset are
capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is
actively underway. Capitalisation of borrowing costs is ceased once the asset is substantially
complete, and is suspended if the development of the asset is suspended.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow
to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced
part is derecognised. All other repairs and maintenance are charged to profit or loss during the
financial period in which they are incurred.
Land is not depreciated as it is deemed to have an indefinite life. Depreciation on other assets is
calculated using the straight-line method to allocate their cost or revalued amounts to their residual
values over their estimated useful life. Leased assets are depreciated over the shorter of the lease
term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the
end of the lease term.
The rates of depreciation used for the current and comparative periods are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
%
Fixtures and fittings
6.67 - 10
Computer equipment
25
Motor vehicles
20
Leasehold improvements
6.67
\n
The assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate, at the end of
each reporting period. An asset\u2019s carrying amount is written down immediately to its recoverable
amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and
losses on disposal of an item of property, plant and equipment are determined by comparing the
proceeds from disposal with the carrying amount and are recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00326": { "value": "Borrowing costs which are incurred for the purpose of acquiring or constructing a qualifying asset are
capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is
actively underway. Capitalisation of borrowing costs is ceased once the asset is substantially
complete, and is suspended if the development of the asset is suspended. 1.18
Borrowing costs
Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying property,
plant and equipment or investment property are capitalised as part of its cost. Borrowing costs are
capitalised while acquisition or construction is actively underway, during the period of time that is
required to complete and prepare the asset for its intended use. Capitalisation of borrowing costs is
ceased once the asset is substantially complete and is suspended if the development of the asset
is suspended. All other borrowing costs are recognised as an expense in the profit or loss account
in the period as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00327": { "value": "Land is not depreciated as it is deemed to have an indefinite life. Depreciation on other assets is
calculated using the straight-line method to allocate their cost or revalued amounts to their residual
values over their estimated useful life. Leased assets are depreciated over the shorter of the lease
term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the
end of the lease term.
The rates of depreciation used for the current and comparative periods are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
%
Fixtures and fittings
6.67 - 10
Computer equipment
25
Motor vehicles
20
Leasehold improvements
6.67
\n
The assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate, at the end of
each reporting period. An asset\u2019s carrying amount is written down immediately to its recoverable
amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and
losses on disposal of an item of property, plant and equipment are determined by comparing the
proceeds from disposal with the carrying amount and are recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00329": { "value": "1.5
Intangible assets
(a) Computer software
In determining the classification of an asset that incorporates both intangible and tangible elements,
judgement is used in assessing which element is more significant. Computer software which is an
integral part of the related hardware is classified as property, plant and equipment and accounted for
in accordance with the company\u2019s accounting policy on property, plant and equipment. Where the
software is not an integral part of the related hardware, this is classified as an intangible asset and
carried at cost less any accumulated amortisation and any accumulated impairment losses. Computer
software classified as an intangible asset is amortised on a straight-line basis over four years.
(b) Brand name
The brand name is carried net cost and was acquired from a company with the same shareholding.
The trademark classified as an intangible asset is amortised on a straight-line basis over fifty years.
(c) Goodwill
Goodwill represents the excess of the consideration transferred over the fair value of the Group\u2019s
share of the identifiable net assets of the acquired subsidiary at the date of acquisition. Goodwill on
acquisitions of subsidiaries is included in \u2018intangible assets\u2019.
Goodwill that is recognised separately within \u2018intangible assets\u2019 is carried at cost less accumulated
impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination
is allocated to each of the cash-generating units (CGUs) or groups of CGUs that are expected to
benefit from the synergies of the business combination. Each unit or group of units to which the
goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for
internal management purposes.
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, and
also whenever there is an indication that the unit may be impaired, by comparing the carrying amount
of the unit, including the goodwill, with the recoverable amount of the unit. The recoverable amount is
the higher of fair value less costs to sell and value in use. Impairment losses on goodwill are not
reversed.
Amortisation
Amortisation is calculated using the straight-line method to allocate the cost of the intangible assets
to their residual value over their estimated useful lives as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
%
Computer software
25
Brand names
2
\n
The assets\u2019 residual values and useful lives are reviewed and adjusted as appropriate, at the end of
each reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00328": { "value": "1.5
Intangible assets
(a) Computer software
In determining the classification of an asset that incorporates both intangible and tangible elements,
judgement is used in assessing which element is more significant. Computer software which is an
integral part of the related hardware is classified as property, plant and equipment and accounted for
in accordance with the company\u2019s accounting policy on property, plant and equipment. Where the
software is not an integral part of the related hardware, this is classified as an intangible asset and
carried at cost less any accumulated amortisation and any accumulated impairment losses. Computer
software classified as an intangible asset is amortised on a straight-line basis over four years.
(b) Brand name
The brand name is carried net cost and was acquired from a company with the same shareholding.
The trademark classified as an intangible asset is amortised on a straight-line basis over fifty years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00330": { "value": "(c) Goodwill
Goodwill represents the excess of the consideration transferred over the fair value of the Group\u2019s
share of the identifiable net assets of the acquired subsidiary at the date of acquisition. Goodwill on
acquisitions of subsidiaries is included in \u2018intangible assets\u2019.
Goodwill that is recognised separately within \u2018intangible assets\u2019 is carried at cost less accumulated
impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination
is allocated to each of the cash-generating units (CGUs) or groups of CGUs that are expected to
benefit from the synergies of the business combination. Each unit or group of units to which the
goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for
internal management purposes.
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, and
also whenever there is an indication that the unit may be impaired, by comparing the carrying amount
of the unit, including the goodwill, with the recoverable amount of the unit. The recoverable amount is
the higher of fair value less costs to sell and value in use. Impairment losses on goodwill are not
reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00331": { "value": "1.6
Impairment of non-financial assets
Assets that have an indefinite useful life, for example goodwill or certain intangible assets, are not
subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation
are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s
carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s
fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are
grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating
units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible
reversal of the impairment at the end of each reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00332": { "value": "1.7
Financial assets
Classification
The Group classifies its financial assets in the following measurement categories:
-
those to be measured subsequently at fair value (either through Other Comprehensive Income,
or through profit or loss), and
-
those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the
contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be
recorded in profit or loss or Other Comprehensive Income (OCI). For investments in equity instruments
that are not held for trading, this will depend on whether the Group has made an irrevocable election
at the time of initial recognition to account for the equity investment at fair value through other
comprehensive income (FVOCI). The Group reclassifies debt investments when and only when its
business model for managing those assets changes.
Recognition and derecognition
The Group recognises a financial asset in its statement of financial position when it becomes a party
to the contractual provisions of the instrument.
Regular way purchases and sales of financial assets are recognised on settlement date, the date on
which an asset is delivered to or by the Group. Financial assets are derecognised when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership or has not retained control of the asset.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a
financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly
attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at
FVPL are expensed in profit or loss.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group\u2019s
management has elected to present fair value gains and losses on equity investments in OCI, there
is no subsequent reclassification of fair value gains and losses to profit or loss following the
derecognition of the investment. Dividends from such investments continue to be recognised in profit
or loss when the Group\u2019s right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the
income statement as applicable. Impairment losses (and reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair value.
Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt
instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on
whether there has been a significant increase in credit risk.
For trade receivables and contract assets, the Group applies the simplified approach permitted by
IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the
receivables.
For all other financial assets that are subject to impairment under IFRS 9, the Group applies a three-
stage model for impairment, based on changes in credit quality since initial recognition. A financial
asset that is not credit impaired on initial recognition is classified in stage 1.
Financial assets in stage 1, have their expected credit loss measured at an amount equal to the portion
of lifetime expected credit loss that results from default events possible within the next 12 months, or
until contractual maturity if shorter. If the Group identifies a significant increase in credit risk since
initial recognition, the asset is transferred to stage 2 and its expected credit loss is measured on a
lifetime basis, that is up until contractual maturity. If the Group determines that a financial asset is
credit impaired, the asset is transferred to stage 3 and the expected credit loss is measured on a
lifetime credit loss basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00333": { "value": "Recognition and derecognition
The Group recognises a financial asset in its statement of financial position when it becomes a party
to the contractual provisions of the instrument.
Regular way purchases and sales of financial assets are recognised on settlement date, the date on
which an asset is delivered to or by the Group. Financial assets are derecognised when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership or has not retained control of the asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00334": { "value": "Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a
financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly
attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at
FVPL are expensed in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00335": { "value": "1.7.1
Trade and other receivables
Trade receivables comprise amounts due from customers for services performed in the ordinary
course of business. If collection is expected in one year or less (or in the normal operating cycle of the
business if longer), they are classified as current assets. If not, they are presented as non-current
assets.
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method, less expected credit loss allowances.
Trade receivables are recognised initially at the amount of consideration that is unconditional unless
they contain significant financing components, when they are recognised at fair value. The Group
holds the trade receivables with the objective to collect the contractual cash flows and therefore
measures them subsequently at amortised cost using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00337": { "value": "1.8
Cash and cash equivalents
In the statement of cash flows, cash and cash equivalents includes cash in hand and deposits held at
call with banks.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00336": { "value": "In the statement of cash flows, cash and cash equivalents includes cash in hand and deposits held at call with banks.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00338": { "value": "1.9
Inventory
One of the main objects of the Company is the development of land acquired for development and
resale. This development is intended in the main for resale purposes, and is accordingly classified
in the financial statements as Inventory. Any elements of a project which are identified for business
operation or long-term investment properties are transferred at their carrying amount to Property,
plant and equipment or investment properties when such identification is made and the cost thereof
can reliably be segregated.
i)
The cost incurred on development works, including demolition, site clearance, excavation,
construction, etc., together with the costs of ancillary activities such as site security.
ii)
The cost of various design and other studies conducted in connection with the project, together
with all other expenses incurred in connection therewith.
iii)
Any borrowing costs, including imputed interest, attributable to the development phases of the
project.
The purchase cost of acquiring the land represents the cash equivalent of the contracted price. This
was determined at date of purchase by discounting to present value the future cash outflows
comprising the purchase consideration.
Net realisable value is the estimated selling price in the
ordinary course of business, less the costs of completion and selling expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00339": { "value": "1.10
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00340": { "value": "1.11
Financial liabilities
The Group recognises a financial liability in its statement of financial position when it becomes a
party to the contractual provisions of the instrument. The Group\u2019s financial liabilities are classified
as financial liabilities measured at amortised cost, i.e. not at fair value through profit or loss under
IFRS 9. Financial liabilities not at fair value through profit or loss are recognised initially at fair value,
being the fair value of consideration received, net of transaction costs that are directly attributable
to the acquisition or the issue of the financial liability. These liabilities are subsequently measured at
amortised cost. The Group derecognises a financial liability from its statement of financial position
when the obligation specified in the contract or arrangement is discharged, is cancelled or expires.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00341": { "value": "1.11.1
Trade and other payables
Trade payables comprise obligations to pay for goods or services that have been acquired in the
ordinary course of business from suppliers. Accounts payable are classified as current liabilities if
payment is due within one year or less (or in the normal operating cycle of the business if longer). If
not, they are presented as non-current liabilities. Trade and other payables are recognised initially
at fair value and subsequently measured at amortised cost using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00342": { "value": "1.11.2
Borrowings
Borrowings are recognised initially at the fair value of proceeds received, net of transaction costs
incurred. Borrowings are subsequently carried at amortised cost; any difference between the
proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the
period of the borrowings using the effective interest method. Borrowings are classified as current
liabilities unless the Group has an unconditional right to defer settlement of the liability for at least
twelve months after the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00343": { "value": "1.12
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the statement of financial
position when there is a legally enforceable right to set off the recognised amounts and there is an
intention to settle on a net basis, or realise the asset and settle the liability simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00349": { "value": "1.13
Current and deferred tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or
loss, except to the extent that it relates to items recognised in other comprehensive income or directly
in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity,
respectively.
The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted
at the reporting date.
Deferred tax is recognised, using the liability method, on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated financial
statements. However, deferred tax liabilities are not recognised if they arise from the initial
recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset
or liability in a transaction other than a business combination that at the time of the transaction affects
neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws)
that have been enacted or substantively enacted by the end of the reporting period and are expected
to apply when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will
be available against which the temporary differences can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current
tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to
income taxes levied by the same taxation authority on either the same taxable entity or different
taxable entities where there is an intention to settle the balances on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00348": { "value": "1.13
Current and deferred tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or
loss, except to the extent that it relates to items recognised in other comprehensive income or directly
in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity,
respectively.
The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted
at the reporting date.
Deferred tax is recognised, using the liability method, on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated financial
statements. However, deferred tax liabilities are not recognised if they arise from the initial
recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset
or liability in a transaction other than a business combination that at the time of the transaction affects
neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws)
that have been enacted or substantively enacted by the end of the reporting period and are expected
to apply when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will
be available against which the temporary differences can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current
tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to
income taxes levied by the same taxation authority on either the same taxable entity or different
taxable entities where there is an intention to settle the balances on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00350": { "value": "1.14
Provisions for legal and other claims
Provisions for legal and other claims are recognised when the Group has a present legal or
constructive obligation as a result of past events, it is probable that an outflow of resources will be
required to settle the obligation, and the amount has been reliably estimated. Provisions are not
recognised for future operating losses.
Provisions are measured at the present value of the expenditures expected to be required to settle
the obligation using a pre-tax rate that reflects current market assessments of the time value of
money and the risks specific to the obligation. The increase in the provision due to passage of time
is recognised as interest expense.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00351": { "value": "1.15
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the provision of
services in the ordinary course of the company\u2019s activities. Revenue is shown net of value added
tax, returns, rebates and discounts. The company recognises revenue when the amount of revenue
can be reliably measured, it is probable that future economic benefits will flow to the entity and when
the specific criteria have been met as described below.
(i)
Franchise and agency fees
Revenue is calculated as a percentage of franchisee sales and is recognised upon the completion
of a sale or letting of a property listing by one of the franchisees\u2019 agents. This is generally considered
to occur on the contract of sale of a property or letting agreement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00352": { "value": "1.16
Leases
The Group is the lessee
At inception of a contract, an entity shall assess whether the contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the
leased asset is available for use by the Group.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease
liabilities include the net present value of the following lease payments:
-
fixed payments (including in-substance fixed payments), less any lease incentives receivable
-
variable lease payments that are based on an index or a rate, initially measured using the index
or rate as at the commencement date
-
payments of penalties for terminating the lease, if the lease term reflects the Group exercising
that option.
Lease payments to be made under reasonably certain extension options are also included in the
measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be
readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental
borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the
funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic
environment with similar terms, security and conditions.
Lease payments are allocated between principal and finance cost. The finance cost is charged to
profit or loss over the lease period so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
-
the amount of the initial measurement of lease liability;
-
any lease payments made at or before the commencement date less any lease incentives
received; and
-
any initial direct costs.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease
term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the
right-of-use asset is depreciated over the underlying asset\u2019s useful life.
Payments associated with short-term leases of equipment and vehicles and all leases of low-value
assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are
leases with a lease term of 12 months or less. In determining the lease term, management considers
all facts and circumstances that create an economic incentive to exercise an extension option, or
not exercise a termination option. Extension options (or periods after termination options) are only
included in the lease term if the lease is reasonably certain to be extended (or not terminated).
For leases of properties, the following factors are normally the most relevant:
-
if there are significant penalties to terminate (or not extend), the Group is typically reasonably
certain to extend (or not terminate);
-
if any leasehold improvements are expected to have a significant remaining value, the Group
is typically reasonably certain to extend (or not terminate);
-
otherwise, the Group considers other factors including historical lease durations and the costs
and business disruption required to replace the leased asset.
The lease term is reassessed if an option is actually exercised (or not exercised) or the Group
becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only
revised if a significant event or a significant change in circumstances occurs, which affects this
assessment, and that is within the control of the lessee. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00353": { "value": "1.17
Dividend distribution
Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Company\u2019s
financial statements in the period in which the dividends are approved by the Company\u2019s
shareholders.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00283": { "value": "2.
Segment reporting
The Group determines and presents operating segments based on the information that
internally is provided to the Board of Directors, which is the Group's chief operating decision-
maker in accordance with the requirements of IFRS 8, Operating Segments.
An operating segment is a component of the Group that engages in business activities from
which it may earn revenues and incur expenses, including revenues and expenses that relate
to transactions with any of the Group's other components, and for which discrete financial
information is available. An operating segment's operating results are reviewed regularly by the
Board of Directors to make decisions about resources to be allocated to the segment and to
assess its performance executing the function of the chief operating decision-maker.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00284": { "value": "3.
Financial risk management
3.1
Financial risk factors
The Group\u2019s activities potentially expose it to a variety of risks: market risk, economic risk, credit
risk and liquidity risk. Where possible, the board provides principles for overall risk
management, as well as policies to mitigate these risks in the most prudent way.
(a) Market risk
(i)
Cash flow and fair value interest rate risk
The interest rate profile of the Group\u2019s and the Company\u2019s interest-bearing financial
instruments at the end of the reporting periods is analysed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
202
5
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Financial
assets
\u00a0 \u00a0 \u00a0 \u00a0
Bank balances
5,698,535
307,429
5,250,833
1,317
Financial
liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Bank loans
1,047,629
130,484
-
-
Debt securities in issue
11,659,805
-
-
-
Other borrowings
-
198,791
-
-
\n
The Group\u2019s significant instruments which are subject to fixed interest rates consist principally
of a bank loan and a loan due to third party. In this respect, the Group is exposed to fair value
interest rate risk in view of the fixed interest nature of these instruments, which are however
measured at amortised cost.
(a) Credit risk
Credit risk principally arises from cash and cash equivalents comprising deposits with financial
institutions, loans or amounts due to related parties, as well as credit exposures from
outstanding receivables. The Group\u2019s and the Company\u2019s principal exposures to credit risk as
at the end of the reporting period are analysed as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
202
5
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Carrying amount
\u00a0 \u00a0 \u00a0 \u00a0
Trade and other receivables
1,290,174
238,741
5,4
03
15,432
Cash and cash equivalents
5,698,535
307,429
5,250,833
1,317
\u00a0
6,988,709
546,170
5,256,236
16,749
\n
The maximum exposure to credit risk at the end of the reporting period in respect of the financial
assets mentioned above is equivalent to their carrying amount as disclosed in the respective
notes to the financial statements. The Group does not hold any significant collateral as security
in this respect. The figures disclosed in the table above in respect of trade and other receivables
exclude prepayments.
Cash and cash equivalents
The credit risk in respect of cash balances held with banks and deposits with banks are
managed via diversification of bank deposits and are only with major reputable financial
institutions.
Trade and other receivables
The Group applies the IFRS 9 simplified model of recognising lifetime expected credit losses
for all trade receivables as these items do not have a significant financing component. In
measuring the expected credit losses, the trade receivables have been assessed on a collective
basis as they posses share credit risk characteristics. They have been grouped based on the
days past due.
Trade receivables are written off when there is no reasonable expectation of recovery. Failure
to make payments within 180 days from the invoice date and failure to engage with the Group
on alternative payment arrangement amongst other is considered indicators of no reasonable
expectation of recovery.
On the above basis the expected credit loss for trade receivables as at 31 December 2024 was
determined as follows:
Other financial assets amortised at Group level include amounts due to related companies. The
\n
closing balance of the other receivables at amortised costs loss allowance as at 31 December
\n
2024 reconciles with the other receivables at amortised costs loss allowance opening balance
\n
as follows:
\n\n \n
Group
-
202
4
Days past due
\u2013
simplified approach
Not past
31-59
60-89
90-119
Trade receivables
due
Days
Days
Days
>120
Total
Expected credit loss rate
0.81%
2.00%
3.20%
9.87%
17.30%
Estimated total gross
carrying amount at default
225,857
27,436
7,615
-
46,018
306,926
Lifetime ECL at 31
-
-
-
-
-
December 2024
1,829
409
244
-
7,961
10,443
Net carrying amount at 31
December 2024
224,028
27,027
7,371
-
38,057
296,483
\n\n \n
Group
-
202
5
Days past due
\u2013
simplified approach
Not past
31-59
60-89
90-119
Trade receivables
due
Days
Days
Days
>120
Total
Expected credit loss rate
0.81%
2.00%
3.20%
9.87%
17.30%
Estimated total gross
carrying amount at default
260,062
7,566
6
,098
-
93,802
36
7
,528
Lifetime ECL at 31
December 2024
(2,107)
(112)
(195)
-
(16,228)
(18,642)
Net carrying amount at 31
December 2024
257,955
7,454
5
,903
-
77,574
348,886
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
-
202
4
Days past due
\u2013
simplified approach
\u00a0
\u00a0
Not past
31-59
60-89
90-119
\u00a0 \u00a0
Trade receivables
due
Days
Days
Days
>120
Total
Expected credit loss rate
0.81%
1.49%
3.20%
9.87%
17.30%
\u00a0
Estimated total gross
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
carrying amount at default
4,394
-
-
1,154
9,772
15,320
Lifetime ECL at 31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December 2024
(36)
-
-
(114)
(1,691)
(1,841)
Net carrying amount at 31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December 2024
4,358
-
-
1,040
8,081
13,479
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
-
202
5
Days past due
\u2013
simplified approach
\u00a0
\u00a0
Not past
31-59
60-89
90-119
\u00a0 \u00a0
Trade receivables
due
Days
Days
Days
>120
Total
Expected credit loss rate
0.81%
1.49%
3.20%
9.87%
17.30%
\u00a0
Estimated total gross
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
carrying amount at default
5,045
764
-
-
-
5,809
Lifetime ECL at 31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December 2025
(41)
(11)
-
-
-
(52)
Net carrying amount at 31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December 2025
5,004
753
-
-
-
5,757
\n
Other financial assets amortised at Group level include amounts due to related companies. The
closing balance of the other receivables at amortised costs loss allowance as at 31 December 2025
reconciles with the other receivables at amortised costs loss allowance opening balance as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Group
Other receivables
\u00a0
\u20ac
Opening loss allowance at 1 January 2025
-
For the year
27,693
\u00a0
27,693
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
Other receivables
\u00a0
\u20ac
Opening loss allowance at 1 January 2025
-
Reversal of previous loss allowance
-
\u00a0
-
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Group
Other receivables
\u00a0
At amortised cost
\u00a0
\u20ac
Opening loss allowance at 1 January 2025
1,545
For the year
55,774
\u00a0
57,319
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
Other receivables
\u00a0
At amortised cost
\u00a0
\u20ac
Opening loss allowance at 1 January 2025
824
Reversal of previous loss allowance
10,479
\u00a0
11,303
\n
(b) Liquidity risk
The Group is exposed to liquidity risk in relation to meeting future obligations associated with its
financial liabilities, which comprise principally trade and other payables and borrowings. Prudent
liquidity risk management includes maintaining sufficient cash to ensure the availability of an
adequate amount of funding to meet the Company's financial obligations.
Management monitors liquidity risk by reviewing expected cash flows through cash flow forecasts,
and ensures that no additional financing facilities are expected to be required over the coming year.
This is performed at a central treasury function, which controls the overall liquidity requirements of
the Group within certain parameters.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Less than
Between
Between
\u00a0
\u00a0
Carrying
Contractual
1 year
1 and 2
2 and 5
After 5
Group
amount
cashflows
\u00a0
years
years
years
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
\u20ac
\u20ac
Bank loans
98,180
111,028
9,806
19,613
73,789
7,820
Trade and other payables
1,285,599
1,285,599
1,285,599
-
-
-
Lease liabilities
959,391
1,076,482
106,722
149,411
820,349
-
Loans to third party
198,791
198,791
2,027
-
196,764
-
Loans to related company
393,020
393,020
393,020
-
-
-
31 December 2024
2,934,981
3,064,920
1,797,174
169,024
1,090,902
7,820
Bank loans
894,875
1,133,665
-
266,078
360,053
507,534
Trade and other payables
2,802,641
2,802,641
2,802,641
-
-
-
Lease liabilities
1,260,357
1,465,932
65,365
346,086
971,913
82,569
Loans to third party
-
-
-
-
-
-
Loans to related company
-
-
-
-
-
-
31 December 202
5
4,957,873
5,402,238
2,868,006
612,164
1,331,966
590,103
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Less than
Between
Between
\u00a0
\u00a0
Carrying
Contractual
1 year
1 and 2
2 and 5
After 5
Company
amount
cashflows
\u00a0
years
years
years
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
\u20ac
\u20ac
Trade and other payables
286,042
286,042
286,042
-
-
-
31 December 2024
286,042
286,042
286,042
-
-
-
Trade and other payables
1,134,
692
1,134,692
1,134,692
-
-
-
31 December 2025
1,134,692
1,134,692
1,134,692
-
-
-
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00285": { "value": "(a) Market risk
(i)
Cash flow and fair value interest rate risk
The interest rate profile of the Group\u2019s and the Company\u2019s interest-bearing financial
instruments at the end of the reporting periods is analysed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
202
5
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Financial
assets
\u00a0 \u00a0 \u00a0 \u00a0
Bank balances
5,698,535
307,429
5,250,833
1,317
Financial
liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Bank loans
1,047,629
130,484
-
-
Debt securities in issue
11,659,805
-
-
-
Other borrowings
-
198,791
-
-
\n
The Group\u2019s significant instruments which are subject to fixed interest rates consist principally
of a bank loan and a loan due to third party. In this respect, the Group is exposed to fair value
interest rate risk in view of the fixed interest nature of these instruments, which are however
measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00286": { "value": "(a) Credit risk
Credit risk principally arises from cash and cash equivalents comprising deposits with financial
institutions, loans or amounts due to related parties, as well as credit exposures from
outstanding receivables. The Group\u2019s and the Company\u2019s principal exposures to credit risk as
at the end of the reporting period are analysed as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
202
5
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Carrying amount
\u00a0 \u00a0 \u00a0 \u00a0
Trade and other receivables
1,290,174
238,741
5,4
03
15,432
Cash and cash equivalents
5,698,535
307,429
5,250,833
1,317
\u00a0
6,988,709
546,170
5,256,236
16,749
\n
The maximum exposure to credit risk at the end of the reporting period in respect of the financial
assets mentioned above is equivalent to their carrying amount as disclosed in the respective
notes to the financial statements. The Group does not hold any significant collateral as security
in this respect. The figures disclosed in the table above in respect of trade and other receivables
exclude prepayments.
Cash and cash equivalents
The credit risk in respect of cash balances held with banks and deposits with banks are
managed via diversification of bank deposits and are only with major reputable financial
institutions.
Trade and other receivables
The Group applies the IFRS 9 simplified model of recognising lifetime expected credit losses
for all trade receivables as these items do not have a significant financing component. In
measuring the expected credit losses, the trade receivables have been assessed on a collective
basis as they posses share credit risk characteristics. They have been grouped based on the
days past due.
Trade receivables are written off when there is no reasonable expectation of recovery. Failure
to make payments within 180 days from the invoice date and failure to engage with the Group
on alternative payment arrangement amongst other is considered indicators of no reasonable
expectation of recovery.
On the above basis the expected credit loss for trade receivables as at 31 December 2024 was
determined as follows:
\n\n\n\n\n\n\n\n
Other financial assets amortised at Group level include amounts due to related companies. The
\n
closing balance of the other receivables at amortised costs loss allowance as at 31 December
\n
2024 reconciles with the other receivables at amortised costs loss allowance opening balance
\n
as follows:
\n\n \n
Group
-
202
4
Days past due
\u2013
simplified approach
Not past
31-59
60-89
90-119
Trade receivables
due
Days
Days
Days
>120
Total
Expected credit loss rate
0.81%
2.00%
3.20%
9.87%
17.30%
Estimated total gross
carrying amount at default
225,857
27,436
7,615
-
46,018
306,926
Lifetime ECL at 31
-
-
-
-
-
December 2024
1,829
409
244
-
7,961
10,443
Net carrying amount at 31
December 2024
224,028
27,027
7,371
-
38,057
296,483
\n\n \n
Group
-
202
5
Days past due
\u2013
simplified approach
Not past
31-59
60-89
90-119
Trade receivables
due
Days
Days
Days
>120
Total
Expected credit loss rate
0.81%
2.00%
3.20%
9.87%
17.30%
Estimated total gross
carrying amount at default
260,062
7,566
6
,098
-
93,802
36
7
,528
Lifetime ECL at 31
December 2024
(2,107)
(112)
(195)
-
(16,228)
(18,642)
Net carrying amount at 31
December 2024
257,955
7,454
5
,903
-
77,574
348,886
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
-
202
4
Days past due
\u2013
simplified approach
\u00a0
\u00a0
Not past
31-59
60-89
90-119
\u00a0 \u00a0
Trade receivables
due
Days
Days
Days
>120
Total
Expected credit loss rate
0.81%
1.49%
3.20%
9.87%
17.30%
\u00a0
Estimated total gross
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
carrying amount at default
4,394
-
-
1,154
9,772
15,320
Lifetime ECL at 31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December 2024
(36)
-
-
(114)
(1,691)
(1,841)
Net carrying amount at 31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December 2024
4,358
-
-
1,040
8,081
13,479
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
-
202
5
Days past due
\u2013
simplified approach
\u00a0
\u00a0
Not past
31-59
60-89
90-119
\u00a0 \u00a0
Trade receivables
due
Days
Days
Days
>120
Total
Expected credit loss rate
0.81%
1.49%
3.20%
9.87%
17.30%
\u00a0
Estimated total gross
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
carrying amount at default
5,045
764
-
-
-
5,809
Lifetime ECL at 31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December 2025
(41)
(11)
-
-
-
(52)
Net carrying amount at 31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December 2025
5,004
753
-
-
-
5,757
\n
Other financial assets amortised at Group level include amounts due to related companies. The
closing balance of the other receivables at amortised costs loss allowance as at 31 December 2025
reconciles with the other receivables at amortised costs loss allowance opening balance as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Group
Other receivables
\u00a0
\u20ac
Opening loss allowance at 1 January 2025
-
For the year
27,693
\u00a0
27,693
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
Other receivables
\u00a0
\u20ac
Opening loss allowance at 1 January 2025
-
Reversal of previous loss allowance
-
\u00a0
-
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Group
Other receivables
\u00a0
At amortised cost
\u00a0
\u20ac
Opening loss allowance at 1 January 2025
1,545
For the year
55,774
\u00a0
57,319
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
Other receivables
\u00a0
At amortised cost
\u00a0
\u20ac
Opening loss allowance at 1 January 2025
824
Reversal of previous loss allowance
10,479
\u00a0
11,303
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00288": { "value": "Trade and other receivables
The Group applies the IFRS 9 simplified model of recognising lifetime expected credit losses
for all trade receivables as these items do not have a significant financing component. In
measuring the expected credit losses, the trade receivables have been assessed on a collective
basis as they posses share credit risk characteristics. They have been grouped based on the
days past due.
Trade receivables are written off when there is no reasonable expectation of recovery. Failure
to make payments within 180 days from the invoice date and failure to engage with the Group
on alternative payment arrangement amongst other is considered indicators of no reasonable
expectation of recovery.
On the above basis the expected credit loss for trade receivables as at 31 December 2024 was
determined as follows:
\n\n\n\n\n\n\n\n
Other financial assets amortised at Group level include amounts due to related companies. The
\n
closing balance of the other receivables at amortised costs loss allowance as at 31 December
\n
2024 reconciles with the other receivables at amortised costs loss allowance opening balance
\n
as follows:
\n\n \n
Group
-
202
4
Days past due
\u2013
simplified approach
Not past
31-59
60-89
90-119
Trade receivables
due
Days
Days
Days
>120
Total
Expected credit loss rate
0.81%
2.00%
3.20%
9.87%
17.30%
Estimated total gross
carrying amount at default
225,857
27,436
7,615
-
46,018
306,926
Lifetime ECL at 31
-
-
-
-
-
December 2024
1,829
409
244
-
7,961
10,443
Net carrying amount at 31
December 2024
224,028
27,027
7,371
-
38,057
296,483
\n\n \n
Group
-
202
5
Days past due
\u2013
simplified approach
Not past
31-59
60-89
90-119
Trade receivables
due
Days
Days
Days
>120
Total
Expected credit loss rate
0.81%
2.00%
3.20%
9.87%
17.30%
Estimated total gross
carrying amount at default
260,062
7,566
6
,098
-
93,802
36
7
,528
Lifetime ECL at 31
December 2024
(2,107)
(112)
(195)
-
(16,228)
(18,642)
Net carrying amount at 31
December 2024
257,955
7,454
5
,903
-
77,574
348,886
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
-
202
4
Days past due
\u2013
simplified approach
\u00a0
\u00a0
Not past
31-59
60-89
90-119
\u00a0 \u00a0
Trade receivables
due
Days
Days
Days
>120
Total
Expected credit loss rate
0.81%
1.49%
3.20%
9.87%
17.30%
\u00a0
Estimated total gross
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
carrying amount at default
4,394
-
-
1,154
9,772
15,320
Lifetime ECL at 31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December 2024
(36)
-
-
(114)
(1,691)
(1,841)
Net carrying amount at 31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December 2024
4,358
-
-
1,040
8,081
13,479
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
-
202
5
Days past due
\u2013
simplified approach
\u00a0
\u00a0
Not past
31-59
60-89
90-119
\u00a0 \u00a0
Trade receivables
due
Days
Days
Days
>120
Total
Expected credit loss rate
0.81%
1.49%
3.20%
9.87%
17.30%
\u00a0
Estimated total gross
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
carrying amount at default
5,045
764
-
-
-
5,809
Lifetime ECL at 31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December 2025
(41)
(11)
-
-
-
(52)
Net carrying amount at 31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December 2025
5,004
753
-
-
-
5,757
\n9.
Trade and other receivables
\u00a0
Group
Company
\u00a0
2025
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Trade receivables
3
2
5
,
491
277,327
5,455
13,556
Amounts due from shareholders
126,100
464,233
-
-
Amounts due from related parties
1,
4
78
,
152
508,640
5
,
567
,
925
514,158
Prepayments and accrued income
4
09
,
865
24,207
20,243
-
Other receivables
2
42
,
775
11,414
31,560
114
\u00a0
2,582,383
1,285,821
5
,
625
,
183
527,828
\n
The amounts due from shareholders and related parties are unsecured, interest free and
repayable on demand. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00289": { "value": "(b) Liquidity risk
The Group is exposed to liquidity risk in relation to meeting future obligations associated with its
financial liabilities, which comprise principally trade and other payables and borrowings. Prudent
liquidity risk management includes maintaining sufficient cash to ensure the availability of an
adequate amount of funding to meet the Company's financial obligations.
Management monitors liquidity risk by reviewing expected cash flows through cash flow forecasts,
and ensures that no additional financing facilities are expected to be required over the coming year.
This is performed at a central treasury function, which controls the overall liquidity requirements of
the Group within certain parameters.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Less than
Between
Between
\u00a0
\u00a0
Carrying
Contractual
1 year
1 and 2
2 and 5
After 5
Group
amount
cashflows
\u00a0
years
years
years
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
\u20ac
\u20ac
Bank loans
98,180
111,028
9,806
19,613
73,789
7,820
Trade and other payables
1,285,599
1,285,599
1,285,599
-
-
-
Lease liabilities
959,391
1,076,482
106,722
149,411
820,349
-
Loans to third party
198,791
198,791
2,027
-
196,764
-
Loans to related company
393,020
393,020
393,020
-
-
-
31 December 2024
2,934,981
3,064,920
1,797,174
169,024
1,090,902
7,820
Bank loans
894,875
1,133,665
-
266,078
360,053
507,534
Trade and other payables
2,802,641
2,802,641
2,802,641
-
-
-
Lease liabilities
1,260,357
1,465,932
65,365
346,086
971,913
82,569
Loans to third party
-
-
-
-
-
-
Loans to related company
-
-
-
-
-
-
31 December 202
5
4,957,873
5,402,238
2,868,006
612,164
1,331,966
590,103
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Less than
Between
Between
\u00a0
\u00a0
Carrying
Contractual
1 year
1 and 2
2 and 5
After 5
Company
amount
cashflows
\u00a0
years
years
years
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
\u20ac
\u20ac
Trade and other payables
286,042
286,042
286,042
-
-
-
31 December 2024
286,042
286,042
286,042
-
-
-
Trade and other payables
1,134,
692
1,134,692
1,134,692
-
-
-
31 December 2025
1,134,692
1,134,692
1,134,692
-
-
-
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00290": { "value": "4.
Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and based on historical experience and other
factors including expectations of future events that are believed to be reasonable under the
circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting
estimates will, by definition, seldom equal the related actual results. These estimates and
assumptions present a risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year. The Group\u2019s management also makes judgements, apart
from those involving estimations, in the process of applying the entity's accounting policies that may
have a significant effect on the amounts recognised in the financial statements.
Estimates and judgements are continually evaluated and based on historical experience and other
factors including expectations of future events that are believed to be reasonable under the
circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting
estimates will, by definition, seldom equal the related actual results. These estimates and
assumptions present a risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year. The Group\u2019s management also makes judgements, apart
from those involving estimations, in the process of applying the entity's accounting policies that may
have a significant effect on the amounts recognised in the financial statements.
4.1
Impairment testing
IFRSs require management to undertake an annual test for impairment of goodwill and non-financial
assets having an indefinite useful life, and require management to test for impairment if events or
changes in circumstances indicate that the carrying amount of a non-financial asset having a finite
useful life may not be recoverable. For the purposes of assessing impairment, non-financial assets
are grouped at the lowest levels for which there are separately identifiable cash flows (cash
generating units). The Group also assesses at the end of each reporting period whether there is
objective evidence that a financial asset or a group of financial assets is impaired.
Impairment testing is an area involving management judgement, requiring assessment as to whether
the carrying value of assets or cash-generating units can be supported by the net present value of
future cash flows derived from such assets or cash-generating units using cash flow projections,
which have been discounted at an appropriate rate. In calculating the net present value of the future
cash flows, in particular those derived from the Group\u2019s cash-generating units, certain assumptions
are required to be made in respect of highly uncertain matters including management\u2019s expectations
of growth in earnings before interest, taxation, depreciation and amortisation (EBITDA), long-term
growth rates, and the selection of discount rates to reflect the risks involved. Changing the
assumptions selected by management, in particular the discount rate and growth rate assumptions
used in the cash flow projections, could significantly affect the Group\u2019s impairment evaluation and
hence results.
The useful life used to amortise intangible assets relates to the future performance of the assets
acquired and management\u2019s judgement of the period over which economic benefit will be derived
from the asset. The useful lives and residual values of the Group\u2019s property, plant and equipment
are determined by management at the time the asset is acquired and reviewed annually for
appropriateness. The lives are based on historical experience with similar assets as well as
anticipation of future events which may impact their life such as changes in technology.
Assessment of matters referred to above
In the opinion of the Directors, the accounting estimates and judgements made in the course of
preparing these consolidated financial statements, which have been highlighted above, are not
difficult, subjective or complex to a degree which would warrant their description as critical in terms
of the requirements of IAS 1.
The Directors also draw attention to the fact that there are no assumptions and other major sources
of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in
a material adjustment to the carrying amounts of assets and liabilities within the next financial year.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00291": { "value": "4.1
Impairment testing
IFRSs require management to undertake an annual test for impairment of goodwill and non-financial
assets having an indefinite useful life, and require management to test for impairment if events or
changes in circumstances indicate that the carrying amount of a non-financial asset having a finite
useful life may not be recoverable. For the purposes of assessing impairment, non-financial assets
are grouped at the lowest levels for which there are separately identifiable cash flows (cash
generating units). The Group also assesses at the end of each reporting period whether there is
objective evidence that a financial asset or a group of financial assets is impaired.
Impairment testing is an area involving management judgement, requiring assessment as to whether
the carrying value of assets or cash-generating units can be supported by the net present value of
future cash flows derived from such assets or cash-generating units using cash flow projections,
which have been discounted at an appropriate rate. In calculating the net present value of the future
cash flows, in particular those derived from the Group\u2019s cash-generating units, certain assumptions
are required to be made in respect of highly uncertain matters including management\u2019s expectations
of growth in earnings before interest, taxation, depreciation and amortisation (EBITDA), long-term
growth rates, and the selection of discount rates to reflect the risks involved. Changing the
assumptions selected by management, in particular the discount rate and growth rate assumptions
used in the cash flow projections, could significantly affect the Group\u2019s impairment evaluation and
hence results.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00292": { "value": "5.
Property, plant and equipment
Group
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Leasehold
Fixtures and
Airconditioners
Computer
Motor
Improvements
Fittings
Equipment
Vehicles
Total
Year ended 31 December 2024
Opening net book amount
6,279
40,315
-
4,960
80,999
132,553
Additions
-
5,386
4,769
5,940
35,334
51,429
Depreciation
(855)
(10,341)
(795)
(4,738)
(35,634)
(52,363)
Closing net book amount
5,424
35,360
3,974
6,162
80,699
131,619
At
31 December
202
4
Cost
12,806
108,785
4,769
34,603
191,301
352,264
Accumulated depreciation
(7,382)
(73,425)
(795)
(28,441)
(110,602)
(220,645)
Net book amount
5,424
35,360
3,974
6,162
80,699
131,619
Year ended 31 December 202
5
Opening net book amount
5,424
35,360
3,974
6,162
80,699
131,619
Acquired through business combination
-
15,954
-
190
-
16,144
Additions
-
7,675
-
1,302
40
7
9,38
4
Depreciation
(854)
(16,198)
(797)
(
3,574
)
(35,633)
(57,056)
once
Closing net book amount
4,570
42,791
3,177
4,080
45,4
7
3
100,0
91
At 31 December 202
5
Cost
12,806
174,
495
4,769
38,858
191,708
422,636
Accumulated depreciation
(8,236)
(131,704)
(1,592)
(34,778)
(146,235)
(322,545)
Net book amount
4,570
42,791
3,177
4,080
45,473
100,091
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00297": { "value": "
Leasehold
Fixtures and
Airconditioners
Computer
Motor
Improvements
Fittings
Equipment
Vehicles
Total
Year ended 31 December 2024
Opening net book amount
6,279
40,315
-
4,960
80,999
132,553
Additions
-
5,386
4,769
5,940
35,334
51,429
Depreciation
(855)
(10,341)
(795)
(4,738)
(35,634)
(52,363)
Closing net book amount
5,424
35,360
3,974
6,162
80,699
131,619
At
31 December
202
4
Cost
12,806
108,785
4,769
34,603
191,301
352,264
Accumulated depreciation
(7,382)
(73,425)
(795)
(28,441)
(110,602)
(220,645)
Net book amount
5,424
35,360
3,974
6,162
80,699
131,619
Year ended 31 December 202
5
Opening net book amount
5,424
35,360
3,974
6,162
80,699
131,619
Acquired through business combination
-
15,954
-
190
-
16,144
Additions
-
7,675
-
1,302
40
7
9,38
4
Depreciation
(854)
(16,198)
(797)
(
3,574
)
(35,633)
(57,056)
once
Closing net book amount
4,570
42,791
3,177
4,080
45,4
7
3
100,0
91
At 31 December 202
5
Cost
12,806
174,
495
4,769
38,858
191,708
422,636
Accumulated depreciation
(8,236)
(131,704)
(1,592)
(34,778)
(146,235)
(322,545)
Net book amount
4,570
42,791
3,177
4,080
45,473
100,091
Software
Brand
Goodwill
Total
names
EUR
EUR
EUR
EUR
At
1 January 2024
Cost
250,478
619,930
2,587,150
3,458,265
Accumulated amortisation
(167,027)
(12,399)
-
(179,426)
Net book amount
83,451
607,531
2,587,150
3,278,839
Year ended 31 December 202
4
Opening net book amount
83,451
607,531
2,587,150
3,278,839
Additions
59,250
-
-
59,250
Release on disposal of subsidiary
-
-
(960)
(960)
Amortisation
(50,098)
(12,398)
-
(62,496)
Closing net book amount
92,603
595,133
2,586,897
3,274,633
At 31 December 202
4
Cost
309,728
619,930
2,586,897
3,516,555
Accumulated amortisation
(217,125)
(24,797)
-
(241,922)
Net book amount
92,603
595,133
2,586,897
3,274,633
Year ended 31 December 202
5
Opening net book amount
92,603
595,133
2,586,897
3,274,633
Additions
74,600
-
-
74,600
Amortisation
(64,389)
(
12
,
399
)
-
(
76,788
)
Closing net book amount
102,814
582,734
2,586,897
3,
272
,
445
At 31 December 202
5
Cost
384,328
619,930
2,586,897
3,591,155
Accumulated amortisation
(281,51
4
)
(
37,196
)
-
(
318,710
)
Net book amount
102,81
4
582,734
2,586,897
3,272,445
Investment
Property
Property
\u20ac
\u20ac
At 1 January 2024
Cost
-
391,082
Accumulated amortisation
-
(27,220)
Net book amount
-
363,862
Year ended 31 December 2024
Opening net book amount
-
363,862
Additions
666,723
-
Amortisation
(24,279)
(83,088)
Closing net book amount
642,444
280,774
At 31 December 2024
Cost
666,723
391,082
Accumulated amortisation
(24,279)
(110,308)
Net book amount
642,444
280,774
Year ended 31 December 2025
Opening net book amount
642,444
280,774
Additions
393,025
-
Acquired through business combination
-
272,237
Release upon disposal
(
83
,
73
2)
-
Amortisation
(
160,702
)
(
137
,
535
)
Closing net book amount
791,034
415,476
At 31 December 2025
Cost
963,376
772,213
Accumulated amortisation
(172,342)
(356,737)
Net book amount
791,034
415,476
\u00a0
Group
\u00a0
2025
2024
\u00a0
\u20ac
\u20ac
Amortisation of intangible assets
22,948
(256,917)
Unabsorbed losses and capital allowances
224,744
616,282
\u00a0
247,69
2
359,365
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Profit after tax
965,809
862,556
427,628
487,155
Loss from discontinued operations
-
1,688,413
-
-
Adjustments for:
\u00a0 \u00a0 \u00a0 \u00a0
Tax expense
171,261
(359,365)
2,532
-
Depreciation and amortization
438,014
222,226
-
-
Amortization of bond issue cost
-
-
5,933
-
Finance lease modification
(3,000)
\u00a0
-
\u00a0
Finance lease interest
53,096
21,179
-
-
Net interest cost
90,495
7,982
171,359
-
Expected credit losses
25,401
8,539
45,268
(13,873)
Dividends received
-
-
(591,370)
(506,609)
Revaluation gains
(781,875)
-
-
-
Share of losses in joint venture
3,074
-
3,074
-
Changes in working capital:
\u00a0 \u00a0 \u00a0 \u00a0
Inventory
(1,298,790)
-
-
-
Trade and other receivables
(669,376)
1,125,622
(10,730)
(14,013)
Trade and other payables
804,940
(2,209,228)
326,725
147,821
Cash (used in)/generated from operations
(200,951)
1,367,924
380,419
100,481
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00299": { "value": "
Leasehold
Fixtures and
Airconditioners
Computer
Motor
Improvements
Fittings
Equipment
Vehicles
Total
Year ended 31 December 2024
Opening net book amount
6,279
40,315
-
4,960
80,999
132,553
Additions
-
5,386
4,769
5,940
35,334
51,429
Depreciation
(855)
(10,341)
(795)
(4,738)
(35,634)
(52,363)
Closing net book amount
5,424
35,360
3,974
6,162
80,699
131,619
At
31 December
202
4
Cost
12,806
108,785
4,769
34,603
191,301
352,264
Accumulated depreciation
(7,382)
(73,425)
(795)
(28,441)
(110,602)
(220,645)
Net book amount
5,424
35,360
3,974
6,162
80,699
131,619
Year ended 31 December 202
5
Opening net book amount
5,424
35,360
3,974
6,162
80,699
131,619
Acquired through business combination
-
15,954
-
190
-
16,144
Additions
-
7,675
-
1,302
40
7
9,38
4
Depreciation
(854)
(16,198)
(797)
(
3,574
)
(35,633)
(57,056)
once
Closing net book amount
4,570
42,791
3,177
4,080
45,4
7
3
100,0
91
At 31 December 202
5
Cost
12,806
174,
495
4,769
38,858
191,708
422,636
Accumulated depreciation
(8,236)
(131,704)
(1,592)
(34,778)
(146,235)
(322,545)
Net book amount
4,570
42,791
3,177
4,080
45,473
100,091
Investment
Property
Property
\u20ac
\u20ac
At 1 January 2024
Cost
-
391,082
Accumulated amortisation
-
(27,220)
Net book amount
-
363,862
Year ended 31 December 2024
Opening net book amount
-
363,862
Additions
666,723
-
Amortisation
(24,279)
(83,088)
Closing net book amount
642,444
280,774
At 31 December 2024
Cost
666,723
391,082
Accumulated amortisation
(24,279)
(110,308)
Net book amount
642,444
280,774
Year ended 31 December 2025
Opening net book amount
642,444
280,774
Additions
393,025
-
Acquired through business combination
-
272,237
Release upon disposal
(
83
,
73
2)
-
Amortisation
(
160,702
)
(
137
,
535
)
Closing net book amount
791,034
415,476
At 31 December 2025
Cost
963,376
772,213
Accumulated amortisation
(172,342)
(356,737)
Net book amount
791,034
415,476
16.
Business combinations
Dowdall (Real Estate) Limited:
On 4 June 2025, QLZH Holding p.l.c acquired 100% of the issued share capital of Dowdall (Real
Estate) Limited (C 63332), a property agency company operating in Malta. The total consideration
payable for the subscription of shares was \u20ac68,250.
\u00a0
\u20ac
Fair value of 100% equity holding in Dowdall (Real Estate Limited)
68,250
\n
The assets and liabilities recognised as a result of the acquisition are as follows:
\u00a0
\u20ac
Property, plant and equipment
16,144
Other investments
36
Trade and other receivables
1,251,987
Cash and cash equivalents
117,989
Trade and other payables
(1,312,020)
Current tax liability
(2,504)
Net asset value as at acquisition date
71,632
Net assets acquired
71,632
\n
QLZH Developments Ltd.
On 9 May 2025, QLZH pl.c. acquired 90.4% of the issued share capital of QLZH Developments Ltd.
(C 108591), a property development company operating in Malta. The total consideration payable
for the subscription of shares was \u20ac1,890.
The remaining 9.6% of the issued share capital of QLZH Developments Ltd. was acquired by QLZH
p.l.c. on 10 November 2025 for \u20ac200.
\u00a0
\u20ac
QLZH Developments Ltd acquisition value:
2,090
\n
Details of the purchase consideration as at 9 May 2025 are as follows:
\u00a0
\u20ac
Loan receivable
141,000
Cash and cash equivalents
29,091
Inventory
25,512
Trade and other payables
(241,210)
Net liabilities acquired
(45,608)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00293": { "value": "6.
Intangible assets
Group
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Software
Brand
Goodwill
Total
names
EUR
EUR
EUR
EUR
At
1 January 2024
Cost
250,478
619,930
2,587,150
3,458,265
Accumulated amortisation
(167,027)
(12,399)
-
(179,426)
Net book amount
83,451
607,531
2,587,150
3,278,839
Year ended 31 December 202
4
Opening net book amount
83,451
607,531
2,587,150
3,278,839
Additions
59,250
-
-
59,250
Release on disposal of subsidiary
-
-
(960)
(960)
Amortisation
(50,098)
(12,398)
-
(62,496)
Closing net book amount
92,603
595,133
2,586,897
3,274,633
At 31 December 202
4
Cost
309,728
619,930
2,586,897
3,516,555
Accumulated amortisation
(217,125)
(24,797)
-
(241,922)
Net book amount
92,603
595,133
2,586,897
3,274,633
Year ended 31 December 202
5
Opening net book amount
92,603
595,133
2,586,897
3,274,633
Additions
74,600
-
-
74,600
Amortisation
(64,389)
(
12
,
399
)
-
(
76,788
)
Closing net book amount
102,814
582,734
2,586,897
3,
272
,
445
At 31 December 202
5
Cost
384,328
619,930
2,586,897
3,591,155
Accumulated amortisation
(281,51
4
)
(
37,196
)
-
(
318,710
)
Net book amount
102,81
4
582,734
2,586,897
3,272,445
6.1
Impairment testing
Goodwill is allocated to the following cash-generating units (CGUs), which represent the lowest
level within the Group at which goodwill is monitored for internal management purposes:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
2025
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Goodwill allocated to operating segments:
\u00a0 \u00a0 \u00a0 \u00a0
Dowdall ZH Limited
508,336
508,336
-
-
Quicklets Property Management Ltd
2,078,075
2,078,075
-
-
QLC Real Estate Ltd
486
486
-
-
\u00a0
2,586,897
2,586,897
-
-
\n
The Group tests cash-generating units with goodwill annually for impairment, or more frequently
if there is an indication that a cash-generating unit to which goodwill has been allocated may
be impaired. The recoverable amount of a cash generating unit is the higher of the cash-
generating unit\u2019s fair value less cost of disposal (\u2018FVLCD\u2019) and its value-in-use.
For the year ended 31 December 2025 and 31 December 2024, the recoverable amounts for
all CGUs exceeded their carrying values, and therefore no impairment loss was recognised.
Method of valuation
For the purpose of impairment testing for the three entities, the recoverable amount was
determined using the value in use method:
\u2022
a pre-tax discount rate of 5.5% was applied to projected cash flows over a five-year
forecast period. The discount rate was determined based on a weighted average cost of
capital (WACC) that reflects the specific risks relating to each CGU.
\u2022
a terminal growth rate of 3% was applied beyond the forecast period, using the Gordon
Growth Model to estimate terminal value. Cash flow projections were based on financial
budgets approved by management, incorporating revenue growth assumptions of 5% to
10% per annum and stable gross margins based on past performance and industry
outlooks.
Management also performed sensitivity analysis on key assumptions, including the discount
rate and revenue growth rates. Based on these analyses, no reasonably possible change in
assumptions would cause the carrying amount of any CGU to exceed its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00300": { "value": "
Software
Brand
Goodwill
Total
names
EUR
EUR
EUR
EUR
At
1 January 2024
Cost
250,478
619,930
2,587,150
3,458,265
Accumulated amortisation
(167,027)
(12,399)
-
(179,426)
Net book amount
83,451
607,531
2,587,150
3,278,839
Year ended 31 December 202
4
Opening net book amount
83,451
607,531
2,587,150
3,278,839
Additions
59,250
-
-
59,250
Release on disposal of subsidiary
-
-
(960)
(960)
Amortisation
(50,098)
(12,398)
-
(62,496)
Closing net book amount
92,603
595,133
2,586,897
3,274,633
At 31 December 202
4
Cost
309,728
619,930
2,586,897
3,516,555
Accumulated amortisation
(217,125)
(24,797)
-
(241,922)
Net book amount
92,603
595,133
2,586,897
3,274,633
Year ended 31 December 202
5
Opening net book amount
92,603
595,133
2,586,897
3,274,633
Additions
74,600
-
-
74,600
Amortisation
(64,389)
(
12
,
399
)
-
(
76,788
)
Closing net book amount
102,814
582,734
2,586,897
3,
272
,
445
At 31 December 202
5
Cost
384,328
619,930
2,586,897
3,591,155
Accumulated amortisation
(281,51
4
)
(
37,196
)
-
(
318,710
)
Net book amount
102,81
4
582,734
2,586,897
3,272,445
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00295": { "value": "6.
Right of Use Assets
Group
\u00a0 \u00a0 \u00a0
Investment
Property
Property
\u20ac
\u20ac
At 1 January 2024
Cost
-
391,082
Accumulated amortisation
-
(27,220)
Net book amount
-
363,862
Year ended 31 December 2024
Opening net book amount
-
363,862
Additions
666,723
-
Amortisation
(24,279)
(83,088)
Closing net book amount
642,444
280,774
At 31 December 2024
Cost
666,723
391,082
Accumulated amortisation
(24,279)
(110,308)
Net book amount
642,444
280,774
Year ended 31 December 2025
Opening net book amount
642,444
280,774
Additions
393,025
-
Acquired through business combination
-
272,237
Release upon disposal
(
83
,
73
2)
-
Amortisation
(
160,702
)
(
137
,
535
)
Closing net book amount
791,034
415,476
At 31 December 2025
Cost
963,376
772,213
Accumulated amortisation
(172,342)
(356,737)
Net book amount
791,034
415,476
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00294": { "value": "6.
Right of Use Assets
Group
\u00a0 \u00a0 \u00a0
Investment
Property
Property
\u20ac
\u20ac
At 1 January 2024
Cost
-
391,082
Accumulated amortisation
-
(27,220)
Net book amount
-
363,862
Year ended 31 December 2024
Opening net book amount
-
363,862
Additions
666,723
-
Amortisation
(24,279)
(83,088)
Closing net book amount
642,444
280,774
At 31 December 2024
Cost
666,723
391,082
Accumulated amortisation
(24,279)
(110,308)
Net book amount
642,444
280,774
Year ended 31 December 2025
Opening net book amount
642,444
280,774
Additions
393,025
-
Acquired through business combination
-
272,237
Release upon disposal
(
83
,
73
2)
-
Amortisation
(
160,702
)
(
137
,
535
)
Closing net book amount
791,034
415,476
At 31 December 2025
Cost
963,376
772,213
Accumulated amortisation
(172,342)
(356,737)
Net book amount
791,034
415,476
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00296": { "value": "7.
Investment property
Year ended 31 December 2025
Group
Company
\u00a0
\u20ac
\u20ac
Opening net book amount
-
-
Additions
2,751,426
-
Revaluation gain
781,875
-
Closing net book amount
3,
533
,
301
-
\n
During the current financial reporting period, the group acquired several properties for
redevelopment into residential apartments and a guesthouse for long term and short term rental
purposes.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00298": { "value": "8.
Deferred tax asset
Deferred taxes are calculated on all temporary differences under the liability method and are
measured at the tax rates that are expected to apply to the period when the asset is realised or
the liability is settled based on tax rates (and tax laws) that have been substantively enacted by
the end of the reporting period.
The balance at 31 December represents temporary differences attributable to:
\u00a0
Group
\u00a0
2025
2024
\u00a0
\u20ac
\u20ac
Amortisation of intangible assets
22,948
(256,917)
Unabsorbed losses and capital allowances
224,744
616,282
\u00a0
247,69
2
359,365
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
Current tax
\u20ac
\u20ac
\u20ac
\u20ac
Deferred tax
168,729
(359,365)
-
-
Current tax
-
-
-
-
Witholding tax
2,532
-
2,532
-
Current tax expense
171,261
(359,365)
2,532
-
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00301": { "value": "10.
Inventory
\u00a0
Group
Company
\u00a0
2025
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Property for redevelopment
1,324,302
-
-
-
\n
During the current financial reporting period, the Group acquired a property for redevelopment
into residential apartments and will be sold upon completion.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00287": { "value": "11.
Cash and cash equivalents
Cash and cash equivalents included in the cash flow statement comprise:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
202
5
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Bank deposits
5,698,535
309,429
5,
25
0
,
833
1,323
Less expected credit losses
(39,108)
(1,998)
(36,507)
(6)
\u00a0
5,6
59
,
427
307,429
5,2
1
4
,
326
1,317
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00302": { "value": "12.
Share capital
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Company
\u00a0
202
5
202
4
Authorised
\u20ac
\u20ac
789,600 Ordinary \u2018A\u2019 shares of \u20ac1 each
789,600
789,600
3,180,960 Ordinary \u2018B\u2019 shares of \u20ac1 each
3,180,960
3,180,960
246,667 Non-redeemable preference shares
246,667
246,667
1,000 Ordinary \u2018C\u2019 shares of \u20ac1 each
1,000
-
Closing net book amount
4,21
8
,
227
4,21
7
,
227
Issued and fully paid up
\u20ac
\u20ac
789,600 Ordinary \u2018A\u2019 shares of \u20ac1 each
789,600
789,250
3,180,960 Ordinary \u2018B\u2019 shares of \u20ac1 each
3,180,960
3,179,550
246,667 Non-redeemable preference shares
246,667
246,667
1,000 Ordinary \u2018C\u2019 shares of \u20ac1 each
1,000
-
Closing net book amount
4,218,227
4,215,819
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00303": { "value": "12.
Share capital
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Company
\u00a0
202
5
202
4
Authorised
\u20ac
\u20ac
789,600 Ordinary \u2018A\u2019 shares of \u20ac1 each
789,600
789,600
3,180,960 Ordinary \u2018B\u2019 shares of \u20ac1 each
3,180,960
3,180,960
246,667 Non-redeemable preference shares
246,667
246,667
1,000 Ordinary \u2018C\u2019 shares of \u20ac1 each
1,000
-
Closing net book amount
4,21
8
,
227
4,21
7
,
227
Issued and fully paid up
\u20ac
\u20ac
789,600 Ordinary \u2018A\u2019 shares of \u20ac1 each
789,600
789,250
3,180,960 Ordinary \u2018B\u2019 shares of \u20ac1 each
3,180,960
3,179,550
246,667 Non-redeemable preference shares
246,667
246,667
1,000 Ordinary \u2018C\u2019 shares of \u20ac1 each
1,000
-
Closing net book amount
4,218,227
4,215,819
\n
13.
Capital contribution reserve
During the previous financial periods, the Company received a capital contribution from its
shareholders amounting to \u20ac20,000 in order to strengthen the financial position of the Company.
During the current financial reporting period, there was an increase of \u20ac991,582 which
represents loans from shareholders. These loans are interest free, have no fixed date of
repayment and are only repayable at the option of the company. These loans are expected to
be capitalised during the financial year ending 31 December 2026.
14.
Fair value reserve
The Company has elected to recognise changes in the fair value of certain investments in equity
securities in OCI. These changes are accumulated within the FVOCI reserve within equity. The
Company transfers amounts from this reserve to retained earnings when the relevant equity
securities are derecognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00304": { "value": "13.
Capital contribution reserve
During the previous financial periods, the Company received a capital contribution from its
shareholders amounting to \u20ac20,000 in order to strengthen the financial position of the Company.
During the current financial reporting period, there was an increase of \u20ac991,582 which
represents loans from shareholders. These loans are interest free, have no fixed date of
repayment and are only repayable at the option of the company. These loans are expected to
be capitalised during the financial year ending 31 December 2026.
14.
Fair value reserve
The Company has elected to recognise changes in the fair value of certain investments in equity
securities in OCI. These changes are accumulated within the FVOCI reserve within equity. The
Company transfers amounts from this reserve to retained earnings when the relevant equity
securities are derecognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00305": { "value": "15.
Investments
15.1
Composition of the Group
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Registered office
202
5
2024
Quicklets Property
Cali House, 3
rd
Floor, Vjal ir-Rihan San
100%
100%
Management Ltd
Gwann
\u00a0\u00a0
Dowdall (QL) IP Limited
Cali House, 3
rd
Floor, Vjal ir-Rihan San
100%
100%
\u00a0
Gwann
\u00a0\u00a0
Dowdall Holdings (ZH)
Cali House, 3
rd
Floor, Vjal ir-Rihan San
89.80%
89.80%
Limited
Gwann
\u00a0\u00a0
Dowdall (ZH) Limited
Cali House, 3
rd
Floor, Vjal ir-Rihan San
89.80%
89.80%
\u00a0
Gwann
\u00a0\u00a0
Dowdall Developments
Cali House, 3
rd
Floor, Vjal ir-Rihan San
100%
100%
Limited
Gwann
\u00a0\u00a0
Dowdall Lease Management
Cali House, 3
rd
Floor, Vjal ir-Rihan San
100%
100%
Limited
Gwann
\u00a0 \u00a0
Dowdall (Real Estate)
Cali House, 3
rd
Floor, Vjal ir-Rihan San
100%
-
Limited
Gwann
\u00a0 \u00a0
QLZH Developments Limited
Cali House, 3
rd
Floor, Vjal ir-Rihan San
100%
-
\u00a0
Gwann
\u00a0\u00a0
Merci Development Limited
Cali House, 3
rd
Floor, Vjal ir-Rihan San
100%
100%
\u00a0
Gwann
\u00a0 \u00a0
\n
Quicklets Property Management Ltd has further subsidiaries as per below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Registered office
202
5
2024
QLC Real Estate Limited
Zanzi Homes, Birkirkara Hill, San Giljan
87.5%
87.5%
\n
15.2
Investments in subsidiaries
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Company
\u00a0
202
5
2024
\u00a0
\u20ac
\u20ac
Opening balance
4,854,835
4,850,935
Additions
70,340
3,900
Closing balance
4,925,175
4,854,835
\n
15.3
Other investments at FVOCI
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
\u20ac
\u20ac
At at 1 January 2024
11,317
-
Fair value movement
101
-
At 31 December 2024
11,418
-
At 1 January 2025
11,418
-
Additions
3,716,870
3,716,830
At 31 December 2025
3,728,288
3,716,830
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentEntitiesExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00306": { "value": "17.
Trade and other payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Non
-
current
\u00a0 \u00a0 \u00a0 \u00a0
Other payables
1,900
-
-
-
\u00a0
1,900
-
-
-
Current
\u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
340,763
264,679
7
6
,
640
2,262
Amounts due to related parties
414,985
-
521,727
-
Indirect taxation
802,320
638,997
318,642
257,011
Advances from customers
268,000
-
-
-
Other payables
297,512
127,779
41
5
2,414
Accruals and deferred income
7
41
,
96
2
254,146
217,265
24,355
\u00a0
2,
86
5
,54
2
1,285,601
1,
134
,
6
89
286,042
\nThe amounts due to related parties are unsecured, interest free and repayable on demand.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00307": { "value": "18.
Borrowings
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Non
-
current
\u00a0 \u00a0 \u00a0 \u00a0
Loan to third party
-
196,764
-
-
Loan to related party
-
-
-
137,641
Bank loan
797,136
73,496
732,291
-
\u00a0
797,136
270,260
732,291
-
Current
\u00a0 \u00a0 \u00a0 \u00a0
Loan to third party
-
2,027
-
-
Related party balance
-
393,020
-
-
Bank loans
97,739
24,684
62,683
-
Bank overdraft
152
,
754
32,304
-
\u00a0
\u00a0
250,493
452,035
62,683
-
\n
Debt securities in issue
The bonds are measured at the amount of net proceeds adjusted for the amortisation of the difference
between the net proceeds and the redemption value of such bonds.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
2025
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Face value
\u00a0 \u00a0 \u00a0 \u00a0
5.5% Secured Callable Bonds 2030-2035
12,000,000
-
12,000,000
-
Bond issue costs
(340,195)
-
(340,195)
-
Amortised cost
11,659,805
-
11,659,805
-
\n
On 24 July 2025, QLZH Holding p.l.c. issued up to 6,800,000 5.5% (Tranche 1) secured callable bonds
2030-2035 of a nominal value of \u20ac100 per Bond issued at par. The bond interest is payable annually in
arrears on 22 July of each year, with the first interest payment due on 22 July 2026.
Furthermore, on 4 December 2025, QLZH Holding p.l.c. issued up to 5,200,000 5.5% (Tranche 2)
secured callable bonds 2030-2035 of a nominal value of \u20ac100 per Bond issued at par. The bond interest
is payable annually in arrears on 22 July of each year, with the first interest payment due on 22 July
2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00308": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Non
-
current
\u00a0 \u00a0 \u00a0 \u00a0
Loan to third party
-
196,764
-
-
Loan to related party
-
-
-
137,641
Bank loan
797,136
73,496
732,291
-
\u00a0
797,136
270,260
732,291
-
Current
\u00a0 \u00a0 \u00a0 \u00a0
Loan to third party
-
2,027
-
-
Related party balance
-
393,020
-
-
Bank loans
97,739
24,684
62,683
-
Bank overdraft
152
,
754
32,304
-
\u00a0
\u00a0
250,493
452,035
62,683
-
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00310": { "value": "19.
Revenue
Revenue represents agency fees on property sales and letting of residential and commercial
properties generated from various branches. The parent company income is derived from
dividends receivable and wages recharged to group entities and to related entities outside the
group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Agency fees
4,58
0
,
446
3,105,137
-
-
Property management
\u00a0 \u00a0
-
-
and sub-letting income
483,
695
-
\u00a0 \u00a0
Dividends received
-
-
591,370
506,609
Wages recharges
-
-
837,043
607,960
\u00a0
5,06
4,141
3,105,137
1,428,413
1,114,569
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00311": { "value": "20.
Expenses by nature
The operating profit for the period is stated after charging the following:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Cost of sales
2,806,072
1,267,600
-
-
Employee benefit expense
837,043
610,388
837,043
467,445
Depreciation of property, plant and
\u00a0 \u00a0 \u00a0 \u00a0
equipment (Note 5)
57,056
52,363
-
-
Amortisation of intangible assets (Note 6)
76,788
62,496
5,933
-
Depreciation of right of use assets (Note 6)
298,237
107,367
-
-
Impairment of investment in financial assets
-
36
-
-
Annual statutory audit fees
41,500
32,826
3,500
3,600
Other
776,188
924,686
394,666
30,149
Total cost of sales, administrative and other
\u00a0 \u00a0 \u00a0 \u00a0
related expenses
4,
892
,
884
3,057,762
1,
241
,
142
501,194
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00312": { "value": "20.
Expenses by nature
The operating profit for the period is stated after charging the following:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Cost of sales
2,806,072
1,267,600
-
-
Employee benefit expense
837,043
610,388
837,043
467,445
Depreciation of property, plant and
\u00a0 \u00a0 \u00a0 \u00a0
equipment (Note 5)
57,056
52,363
-
-
Amortisation of intangible assets (Note 6)
76,788
62,496
5,933
-
Depreciation of right of use assets (Note 6)
298,237
107,367
-
-
Impairment of investment in financial assets
-
36
-
-
Annual statutory audit fees
41,500
32,826
3,500
3,600
Other
776,188
924,686
394,666
30,149
Total cost of sales, administrative and other
\u00a0 \u00a0 \u00a0 \u00a0
related expenses
4,
892
,
884
3,057,762
1,
241
,
142
501,194
\n21.
Employee benefit expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Wages and salaries
784,843
570,908
784,843
569,484
Social security costs
52,200
39,480
52,200
38,476
Total employee benefit expense
837,043
610,388
837,043
607,960
\n
The average number of persons employed by the Group and the Company during the period
amounted to 24 and 24 respectively (2024: 19 and 13 respectively). \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Fees
45,500
-
45,500
-
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00313": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Cost of sales
2,806,072
1,267,600
-
-
Employee benefit expense
837,043
610,388
837,043
467,445
Depreciation of property, plant and
\u00a0 \u00a0 \u00a0 \u00a0
equipment (Note 5)
57,056
52,363
-
-
Amortisation of intangible assets (Note 6)
76,788
62,496
5,933
-
Depreciation of right of use assets (Note 6)
298,237
107,367
-
-
Impairment of investment in financial assets
-
36
-
-
Annual statutory audit fees
41,500
32,826
3,500
3,600
Other
776,188
924,686
394,666
30,149
Total cost of sales, administrative and other
\u00a0 \u00a0 \u00a0 \u00a0
related expenses
4,
892
,
884
3,057,762
1,
241
,
142
501,194
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00314": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Cost of sales
2,806,072
1,267,600
-
-
Employee benefit expense
837,043
610,388
837,043
467,445
Depreciation of property, plant and
\u00a0 \u00a0 \u00a0 \u00a0
equipment (Note 5)
57,056
52,363
-
-
Amortisation of intangible assets (Note 6)
76,788
62,496
5,933
-
Depreciation of right of use assets (Note 6)
298,237
107,367
-
-
Impairment of investment in financial assets
-
36
-
-
Annual statutory audit fees
41,500
32,826
3,500
3,600
Other
776,188
924,686
394,666
30,149
Total cost of sales, administrative and other
\u00a0 \u00a0 \u00a0 \u00a0
related expenses
4,
892
,
884
3,057,762
1,
241
,
142
501,194
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00315": { "value": "21.
Employee benefit expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Wages and salaries
784,843
570,908
784,843
569,484
Social security costs
52,200
39,480
52,200
38,476
Total employee benefit expense
837,043
610,388
837,043
607,960
\n
The average number of persons employed by the Group and the Company during the period
amounted to 24 and 24 respectively (2024: 19 and 13 respectively). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00316": { "value": "The average number of persons employed by the Group and the Company during the period amounted to 24 and 24 respectively (2024: 19 and 13 respectively). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00317": { "value": "22.
Directors\u2019 emoluments
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Fees
45,500
-
45,500
-
\nDirectors\u2019 emoluments are included within \u2018administrative and other related expenses\u2019.", "dimensions": { "concept": "qlzh:DisclosureOfDirectorsEmolumentsExplanatoryTextBlock", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00319": { "value": "23.
Other income
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Management fees and recharges of
330,602
507,820
229,783
-
expenses
\u00a0 \u00a0 \u00a0 \u00a0
Other income
-
-
16,664
-
\n26.
Cash generated from operations
Reconciliation of operating profit to cash generated from operations:
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Profit after tax
965,809
862,556
427,628
487,155
Loss from discontinued operations
-
1,688,413
-
-
Adjustments for:
\u00a0 \u00a0 \u00a0 \u00a0
Tax expense
171,261
(359,365)
2,532
-
Depreciation and amortization
438,014
222,226
-
-
Amortization of bond issue cost
-
-
5,933
-
Finance lease modification
(3,000)
\u00a0
-
\u00a0
Finance lease interest
53,096
21,179
-
-
Net interest cost
90,495
7,982
171,359
-
Expected credit losses
25,401
8,539
45,268
(13,873)
Dividends received
-
-
(591,370)
(506,609)
Revaluation gains
(781,875)
-
-
-
Share of losses in joint venture
3,074
-
3,074
-
Changes in working capital:
\u00a0 \u00a0 \u00a0 \u00a0
Inventory
(1,298,790)
-
-
-
Trade and other receivables
(669,376)
1,125,622
(10,730)
(14,013)
Trade and other payables
804,940
(2,209,228)
326,725
147,821
Cash (used in)/generated from operations
(200,951)
1,367,924
380,419
100,481
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00318": { "value": "24.
Finance costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Bank loan interest
7,039
7,982
3,557
-
Bond interest
46,807
-
167,802
-
Bank charges
-
9,265
-
-
Other interest
3
6
,
648
13,578
-
-
Finance cost on finance lease
53,096
21,179
-
-
\u00a0
143,590
52,004
171,359
-
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00320": { "value": "25.
Tax expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
Current tax
\u20ac
\u20ac
\u20ac
\u20ac
Deferred tax
168,729
(359,365)
-
-
Current tax
-
-
-
-
Witholding tax
2,532
-
2,532
-
Current tax expense
171,261
(359,365)
2,532
-
\n
The accounting profits and the tax charge for the year are reconciled as shown hereunder:
\u00a0
Group
Company
\u00a0
202
5
2024
202
5
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Profit for the year
1,140,144
503,191
430,161
487,155
Tax on profit at 35% applicable to taxable
399,050
176,117
150,556
170,504
profits in Malta
\u00a0 \u00a0 \u00a0 \u00a0
Tax effect of:
\u00a0 \u00a0 \u00a0 \u00a0
Disallowed expenses
191,019
35,436
58,956
6,808
Income exempt from tax
(206,980)
-
(206,980)
(177,312)
Gain on revaluation
(273,656)
-
-
-
Rental Income taxed at source
(3,376)
-
-
-
Other adjustment
3,740
-
-
-
Deferred tax not recognized
61,464
(570,918)
-
-
\u00a0
171,261
(359,365)
2,532
-
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00321": { "value": "26.
Cash generated from operations
Reconciliation of operating profit to cash generated from operations:
\u00a0
Group
Company
\u00a0
202
5
2024
2025
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Profit after tax
965,809
862,556
427,628
487,155
Loss from discontinued operations
-
1,688,413
-
-
Adjustments for:
\u00a0 \u00a0 \u00a0 \u00a0
Tax expense
171,261
(359,365)
2,532
-
Depreciation and amortization
438,014
222,226
-
-
Amortization of bond issue cost
-
-
5,933
-
Finance lease modification
(3,000)
\u00a0
-
\u00a0
Finance lease interest
53,096
21,179
-
-
Net interest cost
90,495
7,982
171,359
-
Expected credit losses
25,401
8,539
45,268
(13,873)
Dividends received
-
-
(591,370)
(506,609)
Revaluation gains
(781,875)
-
-
-
Share of losses in joint venture
3,074
-
3,074
-
Changes in working capital:
\u00a0 \u00a0 \u00a0 \u00a0
Inventory
(1,298,790)
-
-
-
Trade and other receivables
(669,376)
1,125,622
(10,730)
(14,013)
Trade and other payables
804,940
(2,209,228)
326,725
147,821
Cash (used in)/generated from operations
(200,951)
1,367,924
380,419
100,481
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_00309": { "value": "27.
Related party transactions
Companies having the same shareholders and directors are considered by the directors to be
related parties.
During the course of the period, the Company and the Group entered into transactions with
related undertakings all of which arise in the ordinary course of business. The related party
transactions were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
202
5
2024
202
5
2024
\u00a0
\u20ac
\u20ac
\u20ac
\u20ac
Income
\u00a0 \u00a0 \u00a0 \u00a0
Dividend income
-
-
591,370
506,909
Management fees to related companies outside the
\u00a0 \u00a0 \u00a0 \u00a0
group
198,240
182,000
-
-
Wages recharged to group entities
-
59,340
837,043
607,947
\n
Balances due to/from shareholders and related parties are disclosed in Notes 9, 17 and 18
respectively. During the year, the parent company declared dividends amounting to EUR
489,870 to its shareholders (2024: EUR 522,941). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_005": { "value": " limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_006": { "value": "Malta", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_008": { "value": "Malta", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_007": { "value": " Cali House, 3 rd Floor, Vjal ir-Rihan, San Gwann, SGN 9020, Malta", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_004": { "value": "Malta", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_0010": { "value": "Valletta Hub Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NotesToTheFinancialStatements_Label_0011": { "value": "Valletta Hub Limited", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:9845002AB33C9911EF94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }