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"iso4217:EUR" } }, "shtag_9310378": { "value": "15928597.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAdvancesAndLoansMadeToRelatedParties", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310379": { "value": "-0.0", "dimensions": { "concept": "ifrs-full:CashAdvancesAndLoansMadeToRelatedParties", "entity": "scheme:98450090A83C3F590A19", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310380": { "value": "1633514.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310381": { "value": "0.0", "dimensions": { "concept": "ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties", "entity": "scheme:98450090A83C3F590A19", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310382": { "value": "-14705121.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310383": { "value": "-85202.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:98450090A83C3F590A19", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310384": { "value": "216117.0", "decimals": 0, "dimensions": { "concept": "ext:ProceedsFromLoansAndBorrowingsOtherThanBonds", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310385": { "value": "106683.0", "decimals": 0, "dimensions": { "concept": "ext:ProceedsFromLoansAndBorrowingsOtherThanBonds", "entity": "scheme:98450090A83C3F590A19", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310386": { "value": "16000000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310387": { "value": "0.0", "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:98450090A83C3F590A19", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310388": { "value": "305441.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310389": { "value": "-0.0", "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:98450090A83C3F590A19", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310390": { "value": "18170.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310391": { "value": "-0.0", "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:98450090A83C3F590A19", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310392": { "value": "15892506.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310393": { "value": "106683.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:98450090A83C3F590A19", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310394": { "value": "873917.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310395": { "value": "115698.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:98450090A83C3F590A19", "period": "2023-02-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310396": { "value": "113248.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310397": { "value": "-2450.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:98450090A83C3F590A19", "period": "2023-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310398": { "value": "987165.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_9310399": { "value": "113248.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00", "unit": "iso4217:EUR" } }, "v1-page11-cflshid_3186-tag9310155": { "value": "1Reporting entityThese consolidated financial statements comprise the Company and its wholly owned subsidiaries (collectively the \u201cGroup\u201d and individually as \u201cGroup Companies\u201d) and the Group\u2019s interest in an equity accounted investee.
2Basis of preparation
2.1Basis of accounting
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and the requirements of the Maltese Companies Act, 1995 (Cap. 386).
2.3Functional and presentation currency
These financial statements are presented in Euro (\u20ac), which is the Company\u2019s \u2018functional currency\u2019, being the currency of the primary economic environment in which the Group operates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page11-cflshid_3186-tag9310132": { "value": "1Reporting entityThe Company acts as the finance arm of the group by raising finance and advancing same to the companies within the Group and fellow subsidiaries within the Burmarrad Group. The Group's operating activities include vehicle leasing through Burmarrad Group Fleets Limited, which manages vehicles and related assets leased to commonly controlled operating companies which do not make part of the Group, and property investment through Burmarrad Group Properties Limited, which holds immovable properties for development, capital appreciation, and rental income generation.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page11-cflshid_3189-tag9310219": { "value": "Burmarrad Group Assets p.l.c.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page11-cflshid_3189-tag9310129": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page11-cflshid_3206-tag9310128": { "value": "Malta", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page11-cflshid_3206-tag9310130": { "value": "Malta", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page11-cflshid_3206-tag9310131": { "value": "Malta", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page11-cflshid_3189-tag9310220": { "value": "Marjo, Burmarrad Road, Burmarrad, St. Paul\u2019s Bay, Malta", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page11-cflshid_3186-tag9310221": { "value": "
2Basis of preparation
2.1Basis of accounting
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and the requirements of the Maltese Companies Act, 1995 (Cap. 386).
The principal activity of the Company in the comparative year was to hold and develop investment property. During the current year, the directors changed its principal activity to that of a holding company, with the intention of holding the major assets of the Burmarrad Group (mainly the investment in BBT plc, now held by Burmarrad Group Assets plc, the vehicles used in the Burmarrad Group\u2019s leasing and rentals business, now held by Burmarrad Group Fleets Limited and the Burmarrad Group\u2019s investment properties, now held by Burmarrad Group Properties Limited) and issue bonds on the Malta Stock Exchange.
The directors have, at the time of approving the financial statements, a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus, the group has applied the going concern basis of accounting in preparing the financial statements.
2.2Basis of measurement
Assets and liabilities are measured at historical cost except for investment property which is stated at fair value.
2.3Functional and presentation currency
These financial statements are presented in Euro (\u20ac), which is the Company\u2019s \u2018functional currency\u2019, being the currency of the primary economic environment in which the Group operates.
2.4Use of estimates and judgements
The preparation of the financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
2.4.1Fleet leasing and financing
Burmarrad Group Fleets Limited\u2019s, one of the subsidiaries of the Group, acquired vehicles and fixed assets related to the vehicle manufacturing and servicing business from a number of fellow subsidiaries which do make part of the Group and leased them to the same fellow subsidiaries and other related undertakings. It also acquired new vehicles which it leased to its related undertakings. The nature of these transactions were analysed in detail for proper classification and measurement under International Financial Reporting Standards as adopted by the EU.
The classification and measurement of the transactions involving the acquisition of vehicles and fixed assets and their subsequent leaseback to related undertakings involved significant judgement and estimation in order to ascertain whether the substance of the transactions represented a sale and leaseback or a financing arrangement. Specifically, management assessed whether control over the assets was transferred to the Group during acquisition. The determination of control transfer involved evaluating the risks and rewards associated with the assets and the extent to which the Group retained substantive rights over the assets.
Management therefore recognised financial assets measured at amortised cost for transactions in which control was not transferred as per IFRS 15 Revenue from Contracts with customers. Estimated future cash flows have been based on the contracted upon leases at the point of recognition for the respective receivables.
2.4.2Fair valuation of investment property
The determination of the fair value of investment property at the year-end requires the use of significant management estimates. Details of key assumptions are disclosed in note 12 to the financial statements.
In the opinion of the directors accounting estimates and judgements made in the course of preparing these financial statements are not difficult to reach, subjective or complex to a degree which would warrant their description as significant and critical in terms of the requirements of IAS 1 Presentation of Financial Statements except as disclosed above and in note 12 to the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page11-cflshid_3186-tag9310133": { "value": "
2Basis of preparation
2.1Basis of accounting
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and the requirements of the Maltese Companies Act, 1995 (Cap. 386).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page11-cflshid_3186-tag9310203": { "value": "
2Basis of preparation
2.1Basis of accounting
The directors have, at the time of approving the financial statements, a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus, the group has applied the going concern basis of accounting in preparing the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page11-cflshid_3186-tag9310208": { "value": "
2Basis of preparation
2.3Functional and presentation currency
These financial statements are presented in Euro (\u20ac), which is the Company\u2019s \u2018functional currency\u2019, being the currency of the primary economic environment in which the Group operates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page11-cflshid_3186-tag9310183": { "value": "
2Basis of preparation
2.3Functional and presentation currency
These financial statements are presented in Euro (\u20ac), which is the Company\u2019s \u2018functional currency\u2019, being the currency of the primary economic environment in which the Group operates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page11-cflshid_3186-tag9310136": { "value": "
2Basis of preparation
2.4Use of estimates and judgements
The preparation of the financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
2.4.1Fleet leasing and financing
Burmarrad Group Fleets Limited\u2019s, one of the subsidiaries of the Group, acquired vehicles and fixed assets related to the vehicle manufacturing and servicing business from a number of fellow subsidiaries which do make part of the Group and leased them to the same fellow subsidiaries and other related undertakings. It also acquired new vehicles which it leased to its related undertakings. The nature of these transactions were analysed in detail for proper classification and measurement under International Financial Reporting Standards as adopted by the EU.
The classification and measurement of the transactions involving the acquisition of vehicles and fixed assets and their subsequent leaseback to related undertakings involved significant judgement and estimation in order to ascertain whether the substance of the transactions represented a sale and leaseback or a financing arrangement. Specifically, management assessed whether control over the assets was transferred to the Group during acquisition. The determination of control transfer involved evaluating the risks and rewards associated with the assets and the extent to which the Group retained substantive rights over the assets.
Management therefore recognised financial assets measured at amortised cost for transactions in which control was not transferred as per IFRS 15 Revenue from Contracts with customers. Estimated future cash flows have been based on the contracted upon leases at the point of recognition for the respective receivables.
2.4.2Fair valuation of investment property
The determination of the fair value of investment property at the year-end requires the use of significant management estimates. Details of key assumptions are disclosed in note 12 to the financial statements.
In the opinion of the directors accounting estimates and judgements made in the course of preparing these financial statements are not difficult to reach, subjective or complex to a degree which would warrant their description as significant and critical in terms of the requirements of IAS 1 Presentation of Financial Statements except as disclosed above and in note 12 to the financial statements.
12Investment property
Investment property Total
\u20ac\u20ac
Cost
At 1 February 20232,100,0002,100,000
Additions1,645,2021,645,202
At 1 February 20243,745,2023,745,202
Additions428,208428,208
Change in fair value335,000335,000
At 31 January 20254,508,4104,508,410
Carrying amount
At 31 January 20254,508,4104,508,410
At 31 January 2024 3,745,2023,745,202
12.2Investment property consists of land situated in Burmarrad, properties held for development purposes, garages, commercial and residential buildings in Burmarrad and a restaurant in Nadur. An amount of \u20ac972,675 included within the carrying amount as at 31 January 2025 was investment property under construction throughout the year. The Group has not entered into any contractual obligations to purchase, construct, or develop investment property, nor has it entered into any contractual obligations for repairs, maintenance, or enhancements of investment property. Rental income of \u20ac40,848 (2024: \u20ac8,500) has been included within other revenue on the Consolidated Statement of Comprehensive Income as disclosed in note 10.
12.3Investment property is revalued by professionally qualified independent architects or surveyors on the basis of assessments of the fair value of the property in accordance with international valuations standards and professional practice with recent experience of commercial property in Malta. An updated valuation is carried out where management identifies potential discrepancies following discussions with the architect or other external experts. In the periods where a valuation is not obtained, management verifies all major inputs to the independent valuation report, assesses any property valuation movements when compared to the prior period valuation reports and holds discussions with the independent valuer, as necessary. The fair value of the Group\u2019s investment property as at 31 January 2025 amounts to \u20ac4,508,410 (31 January 2024: \u20ac3,745,202). The directors are of the opinion that the fair value of the property required adjustment as at 31 January 2025, resulting in a revaluation of \u20ac335,000. There has been no change to the valuation technique during the year.
12.4In estimating the fair value of the properties, the highest and best use of the properties is their current use.
12.5The Group\u2019s property has been determined to fall within level 3 of the fair valuation hierarchy as defined note 3.3.1.
12.7The table below includes further information about the Group\u2019s level 3 fair value measurements.
As at 31 January 2025Significant observable inputNarrative sensitivity
Commercial property, including restaurantEstimated sales value of \u20ac2,000 per square metre (31.01.2024: \u20ac2,000 per square metre)The higher the sales price per square metre, the higher the fair value
Garages and storageEstimated sales value ranging from \u20ac1,500 to \u20ac2,800 per square metre (31.01.2024: \u20ac650 to \u20ac2,800 per square metre)The higher the sales price per square metre, the higher the fair value
Residential propertyEstimated sales value ranging from \u20ac2,000 to \u20ac2,300 per square metre (31.01.2024: \u20ac2,000 to \u20ac2,300 per square metre)The higher the sales price per square metre, the higher the fair value
Development siteEstimated sales value of \u20ac2,600 per square metre (31.01.2024: \u20ac2,600 per square metre)The higher the sales price per square metre, the higher the fair value
Agricultural landEstimated sales value of \u20ac50 per square metre (31.1.2024: \u20ac50 per square metre)The higher the sales price per square metre, the higher the fair value
Judgement is exercised to estimate the sales price, which is a significant input used to determine the fair value of the investment property. Comparable sales of similar properties in the vicinity are considered as a basis for this estimate.
A change of \u20ac1 per square meter in the fair value of investment property is estimated to impact the Group\u2019s profit before tax by approximately \u20ac3,762, based on the current level of investment property holdings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page11-cflshid_3186-tag9310135": { "value": "
2Basis of preparation
2.4Use of estimates and judgements
The preparation of the financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
2.4.1Fleet leasing and financing
Burmarrad Group Fleets Limited\u2019s, one of the subsidiaries of the Group, acquired vehicles and fixed assets related to the vehicle manufacturing and servicing business from a number of fellow subsidiaries which do make part of the Group and leased them to the same fellow subsidiaries and other related undertakings. It also acquired new vehicles which it leased to its related undertakings. The nature of these transactions were analysed in detail for proper classification and measurement under International Financial Reporting Standards as adopted by the EU.
The classification and measurement of the transactions involving the acquisition of vehicles and fixed assets and their subsequent leaseback to related undertakings involved significant judgement and estimation in order to ascertain whether the substance of the transactions represented a sale and leaseback or a financing arrangement. Specifically, management assessed whether control over the assets was transferred to the Group during acquisition. The determination of control transfer involved evaluating the risks and rewards associated with the assets and the extent to which the Group retained substantive rights over the assets.
Management therefore recognised financial assets measured at amortised cost for transactions in which control was not transferred as per IFRS 15 Revenue from Contracts with customers. Estimated future cash flows have been based on the contracted upon leases at the point of recognition for the respective receivables.
2.4.2Fair valuation of investment property
The determination of the fair value of investment property at the year-end requires the use of significant management estimates. Details of key assumptions are disclosed in note 12 to the financial statements.
In the opinion of the directors accounting estimates and judgements made in the course of preparing these financial statements are not difficult to reach, subjective or complex to a degree which would warrant their description as significant and critical in terms of the requirements of IAS 1 Presentation of Financial Statements except as disclosed above and in note 12 to the financial statements.
12Investment property
Investment property Total
\u20ac\u20ac
Cost
At 1 February 20232,100,0002,100,000
Additions1,645,2021,645,202
At 1 February 20243,745,2023,745,202
Additions428,208428,208
Change in fair value335,000335,000
At 31 January 20254,508,4104,508,410
Carrying amount
At 31 January 20254,508,4104,508,410
At 31 January 2024 3,745,2023,745,202
12.2Investment property consists of land situated in Burmarrad, properties held for development purposes, garages, commercial and residential buildings in Burmarrad and a restaurant in Nadur. An amount of \u20ac972,675 included within the carrying amount as at 31 January 2025 was investment property under construction throughout the year. The Group has not entered into any contractual obligations to purchase, construct, or develop investment property, nor has it entered into any contractual obligations for repairs, maintenance, or enhancements of investment property. Rental income of \u20ac40,848 (2024: \u20ac8,500) has been included within other revenue on the Consolidated Statement of Comprehensive Income as disclosed in note 10.
12.3Investment property is revalued by professionally qualified independent architects or surveyors on the basis of assessments of the fair value of the property in accordance with international valuations standards and professional practice with recent experience of commercial property in Malta. An updated valuation is carried out where management identifies potential discrepancies following discussions with the architect or other external experts. In the periods where a valuation is not obtained, management verifies all major inputs to the independent valuation report, assesses any property valuation movements when compared to the prior period valuation reports and holds discussions with the independent valuer, as necessary. The fair value of the Group\u2019s investment property as at 31 January 2025 amounts to \u20ac4,508,410 (31 January 2024: \u20ac3,745,202). The directors are of the opinion that the fair value of the property required adjustment as at 31 January 2025, resulting in a revaluation of \u20ac335,000. There has been no change to the valuation technique during the year.
12.4In estimating the fair value of the properties, the highest and best use of the properties is their current use.
12.5The Group\u2019s property has been determined to fall within level 3 of the fair valuation hierarchy as defined note 3.3.1.
12.7The table below includes further information about the Group\u2019s level 3 fair value measurements.
As at 31 January 2025Significant observable inputNarrative sensitivity
Commercial property, including restaurantEstimated sales value of \u20ac2,000 per square metre (31.01.2024: \u20ac2,000 per square metre)The higher the sales price per square metre, the higher the fair value
Garages and storageEstimated sales value ranging from \u20ac1,500 to \u20ac2,800 per square metre (31.01.2024: \u20ac650 to \u20ac2,800 per square metre)The higher the sales price per square metre, the higher the fair value
Residential propertyEstimated sales value ranging from \u20ac2,000 to \u20ac2,300 per square metre (31.01.2024: \u20ac2,000 to \u20ac2,300 per square metre)The higher the sales price per square metre, the higher the fair value
Development siteEstimated sales value of \u20ac2,600 per square metre (31.01.2024: \u20ac2,600 per square metre)The higher the sales price per square metre, the higher the fair value
Agricultural landEstimated sales value of \u20ac50 per square metre (31.1.2024: \u20ac50 per square metre)The higher the sales price per square metre, the higher the fair value
Judgement is exercised to estimate the sales price, which is a significant input used to determine the fair value of the investment property. Comparable sales of similar properties in the vicinity are considered as a basis for this estimate.
A change of \u20ac1 per square meter in the fair value of investment property is estimated to impact the Group\u2019s profit before tax by approximately \u20ac3,762, based on the current level of investment property holdings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page11-cflshid_3325-tag9310134": { "value": "2Basis of preparation2.4Use of estimates and judgements The preparation of the financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.2.4.1Fleet leasing and financingBurmarrad Group Fleets Limited\u2019s, one of the subsidiaries of the Group, acquired vehicles and fixed assets related to the vehicle manufacturing and servicing business from a number of fellow subsidiaries which do make part of the Group and leased them to the same fellow subsidiaries and other related undertakings. It also acquired new vehicles which it leased to its related undertakings. The nature of these transactions were analysed in detail for proper classification and measurement under International Financial Reporting Standards as adopted by the EU. The classification and measurement of the transactions involving the acquisition of vehicles and fixed assets and their subsequent leaseback to related undertakings involved significant judgement and estimation in order to ascertain whether the substance of the transactions represented a sale and leaseback or a financing arrangement. Specifically, management assessed whether control over the assets was transferred to the Group during acquisition. The determination of control transfer involved evaluating the risks and rewards associated with the assets and the extent to which the Group retained substantive rights over the assets.Management therefore recognised financial assets measured at amortised cost for transactions in which control was not transferred as per IFRS 15 Revenue from Contracts with customers. Estimated future cash flows have been based on the contracted upon leases at the point of recognition for the respective receivables. 2.4.2Fair valuation of investment propertyThe determination of the fair value of investment property at the year-end requires the use of significant management estimates. Details of key assumptions are disclosed in note 12 to the financial statements.In the opinion of the directors accounting estimates and judgements made in the course of preparing these financial statements are not difficult to reach, subjective or complex to a degree which would warrant their description as significant and critical in terms of the requirements of IAS 1 Presentation of Financial Statements except as disclosed above and in note 12 to the financial statements. 12Investment propertyInvestment property Total \u20ac\u20acCostAt 1 February 20232,100,0002,100,000Additions1,645,2021,645,202At 1 February 20243,745,2023,745,202Additions428,208428,208Change in fair value335,000335,000At 31 January 20254,508,4104,508,410Carrying amount At 31 January 20254,508,4104,508,410At 31 January 2024 3,745,2023,745,20212.2Investment property consists of land situated in Burmarrad, properties held for development purposes, garages, commercial and residential buildings in Burmarrad and a restaurant in Nadur. An amount of \u20ac972,675 included within the carrying amount as at 31 January 2025 was investment property under construction throughout the year. The Group has not entered into any contractual obligations to purchase, construct, or develop investment property, nor has it entered into any contractual obligations for repairs, maintenance, or enhancements of investment property. Rental income of \u20ac40,848 (2024: \u20ac8,500) has been included within other revenue on the Consolidated Statement of Comprehensive Income as disclosed in note 10. 12.3Investment property is revalued by professionally qualified independent architects or surveyors on the basis of assessments of the fair value of the property in accordance with international valuations standards and professional practice with recent experience of commercial property in Malta. An updated valuation is carried out where management identifies potential discrepancies following discussions with the architect or other external experts. In the periods where a valuation is not obtained, management verifies all major inputs to the independent valuation report, assesses any property valuation movements when compared to the prior period valuation reports and holds discussions with the independent valuer, as necessary. The fair value of the Group\u2019s investment property as at 31 January 2025 amounts to \u20ac4,508,410 (31 January 2024: \u20ac3,745,202). The directors are of the opinion that the fair value of the property required adjustment as at 31 January 2025, resulting in a revaluation of \u20ac335,000. There has been no change to the valuation technique during the year.12.4In estimating the fair value of the properties, the highest and best use of the properties is their current use.12.5The Group\u2019s property has been determined to fall within level 3 of the fair valuation hierarchy as defined note 3.3.1. 12.7The table below includes further information about the Group\u2019s level 3 fair value measurements.As at 31 January 2025Significant observable inputNarrative sensitivityCommercial property, including restaurantEstimated sales value of \u20ac2,000 per square metre (31.01.2024: \u20ac2,000 per square metre)The higher the sales price per square metre, the higher the fair valueGarages and storageEstimated sales value ranging from \u20ac1,500 to \u20ac2,800 per square metre (31.01.2024: \u20ac650 to \u20ac2,800 per square metre)The higher the sales price per square metre, the higher the fair valueResidential propertyEstimated sales value ranging from \u20ac2,000 to \u20ac2,300 per square metre (31.01.2024: \u20ac2,000 to \u20ac2,300 per square metre)The higher the sales price per square metre, the higher the fair value Development siteEstimated sales value of \u20ac2,600 per square metre (31.01.2024: \u20ac2,600 per square metre)The higher the sales price per square metre, the higher the fair valueAgricultural landEstimated sales value of \u20ac50 per square metre (31.1.2024: \u20ac50 per square metre)The higher the sales price per square metre, the higher the fair value Judgement is exercised to estimate the sales price, which is a significant input used to determine the fair value of the investment property. Comparable sales of similar properties in the vicinity are considered as a basis for this estimate.A change of \u20ac1 per square meter in the fair value of investment property is estimated to impact the Group\u2019s profit before tax by approximately \u20ac3,762, based on the current level of investment property holdings.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3936-tag9310217": { "value": "
3Material accounting policies
The Group has consistently applied the following accounting policies to all periods presented in these financial statements.
3.1Basis of consolidation
3.1.1Investments in Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an investee when it is exposed to, or has rights to, variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that give the Group the current ability to direct the investee\u2019s relevant activities are taken into account. Assets, liabilities, income and expenses of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.
Profit or loss and each component of OCI are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
The consolidated financial statements reflect the financial position and operation of the Company and its subsidiaries as listed below (together the \u2018Group\u2019).
EntitiesPrincipal ActivitiesCountry of IncorporationOwnership InterestRegistered office
Subsidiaries
Burmarrad Group Fleets LimitedThe company is principally engaged in purchasing, holding and leasing of assets to group companiesMalta100%Marjo, Burmarrad Road, Burmarrad, San Pawl il-Bahar SPB 9060
Burmarrad Group Properties LimitedThe company is principally engaged in holding and developing investment propertyMalta100%Marjo, Burmarrad Road, Burmarrad, San Pawl il-Bahar SPB 9060
3.1.2Loss of control
The group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control detailed above. When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.
3.1.3Interest in equity-accounted investee
The Group\u2019s interest in the equity-accounted investee comprise interest in an associate. Associates are those entities in which the Group has significant influence but not control or joint control over the financial and operating policies. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.
Interests in associates are accounted for using the equity method, except when the investment is classified as held for sale, from the date that significant influence commences until the date that significant influence ceases. Under the equity method, investments in associates are initially recognised at cost and adjusted thereafter for the post-acquisition change in the Company\u2019s share of net assets of the associates, less any impairment in the value of individual investments. The Group\u2019s share of the post-acquisition profit or loss of the associates is recognised in profit or loss and the Group\u2019s share of the post-acquisition changes in other comprehensive income is recognised in other comprehensive income. Distributions received from an investee reduce the carrying amount of the investment. The Group\u2019s share of losses of an associate in excess of its interest in that associate (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate) are not recognised, unless the Group has incurred obligations or made payments on behalf of the associate.
Any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the associate recognised at the date of acquisition is recognised as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of acquisition, after reassessment, is excluded from the carrying amount of the investment and recognised immediately in profit or loss.
Where necessary, in preparing these financial statements, appropriate adjustments are made to the financial statements of associates to bring their accounting policies in line with those used by the Group.
3.1.4Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
3.2Financial instruments
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially recognised at their fair value plus directly attributable transaction costs for all financial assets or financial liabilities not classified at fair value through profit or loss.
Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire or when the entity transfers the financial asset and the transfer qualifies for derecognition.
Financial liabilities are derecognised when they are extinguished. This occurs when the obligation specified in the contract is discharged, cancelled or expires.
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when the Group currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Classification of financial assets
On initial recognition, a financial asset is classified as subsequently measured at amortised cost, FVOCI \u2013 debt instrument, FVOCI \u2013 equity investment; or FVTPL.
Debt instruments that meet the following conditions are subsequently measured at amortised cost:
-the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
-the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
3.2.1Financial assets
The business model
An assessment of business models for managing financial assets is fundamental to the classification of a financial asset. The Group determines the business models at a level that reflects how groups of financial assets are managed together to achieve a particular business objective.
Held to collect - Debt instruments measured at amortised cost
The following financial assets are classified within this category: Other financial asset at amortised cost, trade and other receivables, loans receivable, cash at bank.
Appropriate allowances for expected credit losses (\u2018ECLs\u2019) are recognised in profit or loss in accordance with the Group\u2019s accounting policy on ECLs.
The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance.
Changes in the carrying amount as a result of foreign exchange gains or losses, impairment gains or losses and interest income are recognised in profit or loss.
Assessment whether contractual cash flows are SPPI
The assessment of whether contractual cash flows are solely payments of principal and interest (SPPI) involves evaluating the contractual terms of the financial asset to ensure that they give rise to cash flows that are consistent with a basic lending arrangement.
The principal amount represents the fair value of the financial asset at initial recognition, while interest is compensation for the time value of money, credit risk, and other basic lending risks and costs. Any contractual terms that introduce exposure to risks or volatility unrelated to a basic lending arrangement may result in the cash flows not being considered SPPI.
Interest income using the effective interest method
Interest income is recognised using the effective interest method and is included in the line item \u2018Investment income\u2019.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. For financial instruments other than purchased or originated credit-impaired financial assets, the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding ECLs, through the expected life of the debt instrument, or where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition.
For financial assets other than purchased or originated credit-impaired financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired.
3.2.1.1Loans and receivables
Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition loans and receivables are measured at amortised cost using the effective interest method, less any impairment losses.
3.2.1.2Trade receivables
Trade receivables which do not have a significant financing component are initially measured at their transaction price and are subsequently stated at their nominal value less any loss allowance for ECLs.
3.2.1.3Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, demand deposits and time deposits maturing within three months from the end of the reporting period. Call deposits form an integral part of the Group\u2019s cash management practices.
3.2.2Financial liabilities
The Group initially recognises financial liabilities on the trade date at which the Group becomes a party to the contractual provisions of the instrument.
The Group has the following financial liabilities: debt securities issued, loans and borrowings and trade and other payables.
Such financial liabilities are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortised cost using the effective interest method.
3.2.2.1Bank borrowings
Subsequent to initial recognition, interest-bearing bank loans are measured at amortised cost using the effective interest method. Bank loans are carried at face value due to their market rate of interest.
Subsequent to initial recognition, interest-bearing bank overdrafts are carried at face value in view of their short-term maturities.
3.2.2.2Other borrowings and debt securities issued
Subsequent to initial recognition, other borrowings and issued debt securities are measured at amortised cost using the effective interest method unless the effect of discounting is immaterial.
3.2.2.3Trade and other payables
Trade payables are classified with current liabilities and are stated at their nominal value unless the effect of discounting is material, in which case trade payables are measured at amortised cost using the effective interest method.
3.2.3Share capital
3.2.3.1Ordinary shares
Ordinary shares are classified as equity instruments. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.
3.3Investment Property
Properties treated as investments principally comprise buildings that are held for long term rental income or capital appreciation or both, and that are not occupied by the Group. Investment property is initially measured at cost including related transaction costs. Investment property is measured at fair value based on assessments conducted by professionally qualified independent architects or surveyors, in accordance with international valuation standards and established professional practices with recent experience of commercial property in Malta. In periods where an external valuation is not obtained, management reviews the significant inputs used in the previous valuation, evaluates any changes in property values compared to prior assessments, and consults with the independent valuer, where necessary. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset.
Subsequent expenditure is charged to the asset\u2019s carrying amount 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. All other repairs and maintenance costs are charged to the profit and loss account during the financial period in which they are incurred. Unrealised gains and losses arising from changes in fair value (net of deferred taxation) are initially recognised in profit or loss.
3.3.1Measurement of fair values
The Group owns investment property which is measured at fair value (refer to note 12).
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
For financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurements in its entirety, which are described as follows:
-Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
-Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
-Level 3 inputs are unobservable inputs for the asset or liability.
For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines when transfers are deemed to have occurred between Levels in the hierarchy at the end of each reporting period.
3.4Impairment
The Group recognises a loss allowance for ECLs on the following financial instruments \u2013 debt instruments measured at amortised cost, finance lease receivables, loan commitments, cash and cash equivalents and trade and other receivables.
The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition.
For trade receivables [and contract assets] that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the Group applies the simplified approach and recognises lifetime ECL.
Where the simplified approach is applied, the ECLs on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
For all other financial instruments, the Group uses the general approach and recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL (\u201812m ECL\u2019). The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring. Lifetime ECL represents the ECLs that will result from all possible default events over the expected life of a financial instrument. In contrast, 12m ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.
Significant increase in credit risk
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.
The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 90 days past due.
The Group considers a financial asset to be in default when:
-the customer is unlikely to pay its credit obligations to the Group in full; or
-the financial asset is more than 180 days past due and there is no agreement in place to offset the receivable against amounts due to the same customer
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
Evidence that a financial asset is credit-impaired includes observable data about the following events:
a)significant financial difficulty of the issuer or the borrower;
b)a breach of contract, such as a default or past due event;
c)the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;
d)it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or
e)the disappearance of an active market for that financial asset because of financial difficulties.
Write-off policy
The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery.
Measurement and recognition of ECLs
For financial assets, the credit loss is the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate. ECLs represent the weighted average of credit losses with the respective risks of a default occurring as the weights.
The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information, where applicable. Where applicable, the financial position of the counterparties is also taken into consideration.
For a lease receivable, the cash flows used for determining the ECLs are consistent with the cash flows used in measuring the lease receivable in accordance with IFRS 16 Leases.
Presentation of allowance for ECL in the statement of financial position
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
3.4.1Non-financial assets
The carrying amounts of the Group\u2019s non-financial assets (other than investment property and deferred tax assets), are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
\u00a0
The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
An impairment loss is recognised if the carrying amount of an asset exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss unless impairment relates to assets which are measured at fair value, in which case it is treated as a revaluation decrease.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there
has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
3.5Leases
The Group assesses whether the contract is, or contains, a lease at inception of a contract. 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.
The lease term is determined as the non-cancellable period of a lease, together with both (a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and (b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option.
The Group as a lessor
Leases for which the Group is a lessor continue to be classified as finance or operating leases. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards incidental to ownership to the lessee. All other leases are classified as operating leases. Lease classification is made at the inception of the lease, which is the earlier of the date of the lease agreement and the date of commitment by the parties to the principal provisions of the lease.
Leased assets are presented in the statement of financial position according to their nature and are tested for impairment in accordance with the Group\u2019s accounting policy on impairment. Depreciable leased assets are depreciated in accordance with the Group\u2019s accounting policy on depreciation. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease unless another systematic basis is more representative of the pattern in which benefit from the use of the underlying asset is diminished. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the leased asset.
Amounts due from lessees under a finance lease are presented in the statement of financial position as receivables at the amount of the Group\u2019s net investment in the lease and include initial direct costs. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment in the finance lease.
In sale and leaseback transactions, when the transfer of an asset by the seller-lessee does not satisfy the requirements of IFRS 15 to be accounted for as a sale of such asset:
(a)The seller-lessee shall continue to recognise the transferred asset and shall recognise a financial liability equal to the transfer proceeds. It shall account for the financial liability applying IFRS 9.
(b)The buyer-lessor shall not recognise the transferred asset and shall recognise a financial asset equal to the transfer proceeds. It shall account for the financial asset applying IFRS 9.
3.6 Interest income
As further disclosed in the accounting policy on financial assets, interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. Interest income is recognised to the extent that it is probable that future economic benefits will flow to the Group and these can be measured reliably.
3.7Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale.
Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
3.8Income tax
Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
3.9Rental income
Rental income arising from operating leases on investment properties is recognized on a straight-line basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310239": { "value": "3Material accounting policies
3.1Basis of consolidation
3.1.3Interest in equity-accounted investee
Any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the associate recognised at the date of acquisition is recognised as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of acquisition, after reassessment, is excluded from the carrying amount of the investment and recognised immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310216": { "value": "3Material accounting policies
3.1Basis of consolidation
3.1.3Interest in equity-accounted investee
Under the equity method, investments in associates are initially recognised at cost and adjusted thereafter for the post-acquisition change in the Company\u2019s share of net assets of the associates, less any impairment in the value of individual investments. The Group\u2019s share of the post-acquisition profit or loss of the associates is recognised in profit or loss and the Group\u2019s share of the post-acquisition changes in other comprehensive income is recognised in other comprehensive income.
3.4Impairment
The Group recognises a loss allowance for ECLs on the following financial instruments \u2013 debt instruments measured at amortised cost, finance lease receivables, loan commitments, cash and cash equivalents and trade and other receivables.
The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition.
For trade receivables [and contract assets] that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the Group applies the simplified approach and recognises lifetime ECL.
Where the simplified approach is applied, the ECLs on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
For all other financial instruments, the Group uses the general approach and recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL (\u201812m ECL\u2019). The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring. Lifetime ECL represents the ECLs that will result from all possible default events over the expected life of a financial instrument. In contrast, 12m ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.
Significant increase in credit risk
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.
The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 90 days past due.
The Group considers a financial asset to be in default when:
-the customer is unlikely to pay its credit obligations to the Group in full; or
-the financial asset is more than 180 days past due and there is no agreement in place to offset the receivable against amounts due to the same customer
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
Evidence that a financial asset is credit-impaired includes observable data about the following events:
a)significant financial difficulty of the issuer or the borrower;
b)a breach of contract, such as a default or past due event;
c)the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;
d)it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or
e)the disappearance of an active market for that financial asset because of financial difficulties.
Write-off policy
The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery.
Measurement and recognition of ECLs
For financial assets, the credit loss is the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate. ECLs represent the weighted average of credit losses with the respective risks of a default occurring as the weights.
The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information, where applicable. Where applicable, the financial position of the counterparties is also taken into consideration.
For a lease receivable, the cash flows used for determining the ECLs are consistent with the cash flows used in measuring the lease receivable in accordance with IFRS 16 Leases.
Presentation of allowance for ECL in the statement of financial position
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
3.4.1Non-financial assets
The carrying amounts of the Group\u2019s non-financial assets (other than investment property and deferred tax assets), are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
\u00a0
The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
An impairment loss is recognised if the carrying amount of an asset exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss unless impairment relates to assets which are measured at fair value, in which case it is treated as a revaluation decrease.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there
has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
3.7Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale.
Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
3.8Income tax
Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310215": { "value": "3Material accounting policies
3.2Financial instruments
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially recognised at their fair value plus directly attributable transaction costs for all financial assets or financial liabilities not classified at fair value through profit or loss.
Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire or when the entity transfers the financial asset and the transfer qualifies for derecognition.
Financial liabilities are derecognised when they are extinguished. This occurs when the obligation specified in the contract is discharged, cancelled or expires.
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when the Group currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Classification of financial assets
On initial recognition, a financial asset is classified as subsequently measured at amortised cost, FVOCI \u2013 debt instrument, FVOCI \u2013 equity investment; or FVTPL.
Debt instruments that meet the following conditions are subsequently measured at amortised cost:
-the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
-the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
3.2.1Financial assets
The business model
An assessment of business models for managing financial assets is fundamental to the classification of a financial asset. The Group determines the business models at a level that reflects how groups of financial assets are managed together to achieve a particular business objective.
Held to collect - Debt instruments measured at amortised cost
The following financial assets are classified within this category: Other financial asset at amortised cost, trade and other receivables, loans receivable, cash at bank.
Appropriate allowances for expected credit losses (\u2018ECLs\u2019) are recognised in profit or loss in accordance with the Group\u2019s accounting policy on ECLs.
The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance.
Changes in the carrying amount as a result of foreign exchange gains or losses, impairment gains or losses and interest income are recognised in profit or loss.
Assessment whether contractual cash flows are SPPI
The assessment of whether contractual cash flows are solely payments of principal and interest (SPPI) involves evaluating the contractual terms of the financial asset to ensure that they give rise to cash flows that are consistent with a basic lending arrangement.
The principal amount represents the fair value of the financial asset at initial recognition, while interest is compensation for the time value of money, credit risk, and other basic lending risks and costs. Any contractual terms that introduce exposure to risks or volatility unrelated to a basic lending arrangement may result in the cash flows not being considered SPPI.
Interest income using the effective interest method
Interest income is recognised using the effective interest method and is included in the line item \u2018Investment income\u2019.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. For financial instruments other than purchased or originated credit-impaired financial assets, the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding ECLs, through the expected life of the debt instrument, or where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition.
For financial assets other than purchased or originated credit-impaired financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired.
3.2.1.1Loans and receivables
Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition loans and receivables are measured at amortised cost using the effective interest method, less any impairment losses.
3.2.1.2Trade receivables
Trade receivables which do not have a significant financing component are initially measured at their transaction price and are subsequently stated at their nominal value less any loss allowance for ECLs.
3.2.1.3Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, demand deposits and time deposits maturing within three months from the end of the reporting period. Call deposits form an integral part of the Group\u2019s cash management practices.
3.2.2Financial liabilities
The Group initially recognises financial liabilities on the trade date at which the Group becomes a party to the contractual provisions of the instrument.
The Group has the following financial liabilities: debt securities issued, loans and borrowings and trade and other payables.
Such financial liabilities are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortised cost using the effective interest method.
3.2.2.1Bank borrowings
Subsequent to initial recognition, interest-bearing bank loans are measured at amortised cost using the effective interest method. Bank loans are carried at face value due to their market rate of interest.
Subsequent to initial recognition, interest-bearing bank overdrafts are carried at face value in view of their short-term maturities.
3.2.2.2Other borrowings and debt securities issued
Subsequent to initial recognition, other borrowings and issued debt securities are measured at amortised cost using the effective interest method unless the effect of discounting is immaterial.
3.2.2.3Trade and other payables
Trade payables are classified with current liabilities and are stated at their nominal value unless the effect of discounting is material, in which case trade payables are measured at amortised cost using the effective interest method.
3.4Impairment
The Group recognises a loss allowance for ECLs on the following financial instruments \u2013 debt instruments measured at amortised cost, finance lease receivables, loan commitments, cash and cash equivalents and trade and other receivables.
The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition.
For trade receivables [and contract assets] that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the Group applies the simplified approach and recognises lifetime ECL.
Where the simplified approach is applied, the ECLs on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
For all other financial instruments, the Group uses the general approach and recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL (\u201812m ECL\u2019). The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring. Lifetime ECL represents the ECLs that will result from all possible default events over the expected life of a financial instrument. In contrast, 12m ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.
Significant increase in credit risk
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.
The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 90 days past due.
The Group considers a financial asset to be in default when:
-the customer is unlikely to pay its credit obligations to the Group in full; or
-the financial asset is more than 180 days past due and there is no agreement in place to offset the receivable against amounts due to the same customer
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
Evidence that a financial asset is credit-impaired includes observable data about the following events:
a)significant financial difficulty of the issuer or the borrower;
b)a breach of contract, such as a default or past due event;
c)the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;
d)it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or
e)the disappearance of an active market for that financial asset because of financial difficulties.
Write-off policy
The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery.
Measurement and recognition of ECLs
For financial assets, the credit loss is the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate. ECLs represent the weighted average of credit losses with the respective risks of a default occurring as the weights.
The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information, where applicable. Where applicable, the financial position of the counterparties is also taken into consideration.
For a lease receivable, the cash flows used for determining the ECLs are consistent with the cash flows used in measuring the lease receivable in accordance with IFRS 16 Leases.
Presentation of allowance for ECL in the statement of financial position
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
3.5Leases
The Group as a lessor
Amounts due from lessees under a finance lease are presented in the statement of financial position as receivables at the amount of the Group\u2019s net investment in the lease and include initial direct costs. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment in the finance lease.
3.6 Interest income
As further disclosed in the accounting policy on financial assets, interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. Interest income is recognised to the extent that it is probable that future economic benefits will flow to the Group and these can be measured reliably.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310214": { "value": "3Material accounting policies
3.4Impairment
3.4.1Non-financial assets
The carrying amounts of the Group\u2019s non-financial assets (other than investment property and deferred tax assets), are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
\u00a0
The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
An impairment loss is recognised if the carrying amount of an asset exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss unless impairment relates to assets which are measured at fair value, in which case it is treated as a revaluation decrease.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there
has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310207": { "value": "3Material accounting policies
3.1Basis of consolidation
3.1.1Investments in Subsidiaries
EntitiesPrincipal ActivitiesCountry of IncorporationOwnership InterestRegistered office
Subsidiaries
Burmarrad Group Fleets LimitedThe company is principally engaged in purchasing, holding and leasing of assets to group companiesMalta100%Marjo, Burmarrad Road, Burmarrad, San Pawl il-Bahar SPB 9060
Burmarrad Group Properties LimitedThe company is principally engaged in holding and developing investment propertyMalta100%Marjo, Burmarrad Road, Burmarrad, San Pawl il-Bahar SPB 9060
7Key management personnel compensation
20252024
\u20ac\u20ac
Directors\u2019 emoluments57,217-
During the year, the Group had three non-executive directors who were not engaged on a full-time basis. The aggregate hours contributed by these directors were equivalent to one full-time employee during the reporting period (2024: Nil).
8Investment income
20252024
\u20ac\u20ac
Interest income on finance lease receivables (Note 14)114,730-
Interest income on related party loan (Note 15)145,947-
Interest income on other financial assets at amortised cost (Note 15)1,474,189-
1,734,866-
During 2024 the Group entered into lease agreements with other fellow subsidiaries as disclosed in note 14.
Other financial assets at amortised cost comprise receivables arising from financing arrangements entered into by the Group with entities under common control. These arrangements involve the sale and leaseback of commercial vehicles, rental vehicles, and other fixed assets as disclosed in note 15.
As explained in Note 2.4, the acquisition of these motor vehicles from fellow subsidiaries, followed by their leaseback to the original sellers, does not result in a transfer of control of the underlying assets to the Group and are therefore not accounted for as a sale by the fellow subsidiaries. Accordingly, the transactions fall within the scope of IFRS 9 Financial Instruments, and the resulting balances are accounted for as financial assets measured at amortised cost.
14Finance lease receivables
During the year, the Group entered into finance leasing arrangements as a lessor for commercial vehicles, rental vehicles and other fixed assets to entities under common control. The vehicles and other fixed assets are necessary for the operation of the vehicle rental operations of such entities. The average term of finance leases entered into ranges from 5 to 12 years. Some of these lease contracts include extension or early termination options.
The Group is not exposed to foreign currency risk as a result of the lease arrangements, as all leases are denominated in Euro.
At the end of the reporting period, the respective lessees had outstanding undiscounted lease payments for finance leases, which fall due as follows:
20252024
\u20ac\u20ac
Amounts receivable under finance leases:
Year 1201,400 -
Year 2206,269 -
Year 3211,647 -
Year 4218,014 -
Year 5266,859 -
More than 5 years2,062,538 -
Total undiscounted lease payments3,166,727 -
Less: unearned finance income(1,283,056) -
Net investment in the lease1,883,671 -
Finance income on the net investment in the lease amounted to EUR114,730 (2024 \u2013 \u20acNIL).
15Financial assets
20252024
\u20ac\u20ac
Non-current
Related party loan receivable (Note 15.1)3,160,090-
Other financial assets at amortised cost (Note 15.2)11,009,309-
14,169,399-
Current
Other financial assets at amortised cost (Note 15.2)5,743,680-
15.1The Group issued loans amounting to \u20ac4,200,000 to a fellow subsidiary, Burmarrad Commercials Limited. This loan is unsecured, bears interest at an annual rate of 6.35% and is repayable in 2034.
15.2During the period, the Group entered into financing arrangements with fellow subsidiaries through the sale and leaseback of commercial vehicles, rental vehicles and other fixed assets. The average term of the financing arrangements ranges from 1 to 5 years, bearing an interest of 10% per annum.
20252024
\u20ac\u20ac
Amount expected to be received within 12 months included with current assets5,743,680-
Amount expected to be received after 12 months included with non-current assets11,009,309-
16,752,989-
17Trade and other receivables
20252024
\u20ac\u20ac
Amount due from fellow subsidiaries874,380-
Prepayments32,69397,476
Other receivables3,1304,900
910,203102,376
The amounts due from the fellow subsidiaries are unsecured, interest free and repayable on demand.
21Loans due to related parties
20252024
\u20ac\u20ac
Amounts due to fellow subsidiaries2,161,001-
The amounts due to the fellow subsidiaries are unsecured, interest free and repayable on demand.
22Borrowings
22.1
20252024
\u20ac\u20ac
Falling due within one year:
Loan from key management personnel140,234140,234
Falling due in between two and five years:
Bank Loans515,800299,683
22.3The Loan from key management personnel is unsecured, interest free and repayable on demand.
23Trade and other payables
20252024
\u20ac\u20ac
Non-current
Deferred income72,59697,780
Current
Trade payables110,368-
Amounts due to commonly controlled entity not part of the Group98,18098,180
Amounts owed to fellow subsidiaries 588588
Amounts due to equity holders of the parent910,962659,330
Accruals69,806100,906
Deferred income30,02126,160
Indirect taxation324,601360
Other payables2,4881,000
1,547,014886,524
The amounts due to the related companies and group are unsecured, interest free and repayable on demand.
25Related parties
25.1The parent company is Burmarrad Group Limited, a company registered in Malta, with its registered address at Marjo, Burmarrad Road, Burmarrad, St. Paul\u2019s Bay, SPB 9060. Consolidated financial statements are prepared by Burmarrad Group Limited. The ultimate controlling party of the Group is Mr. Mario Gauci.
25.2Related party transactions
Transactions with related companies during the year were as follows:
\u00a0
20252024
\u20ac\u20ac
Impact on Statement of Comprehensive Income
Interest due on finance lease receivables charged to fellow subsidiaries114,730-
Interest due on financial assets charged to fellow subsidiaries 142,440-
Interest due on other financial assets charged to fellow subsidiaries 1,474,189-
Impact on Statement of Financial Position
Net funds advanced to fellow subsidiaries14,294,489-
Payments by related company on behalf of the Group155,957-
Finance lease receivables granted to fellow subsidiaries 1,883,671-
Loans granted to fellow subsidiaries classified as a financial asset at amortised cost 16,752,989-
Funds advanced by related company125,625-
Net payments on behalf of related companies-74,584
Sale of immovable property to fellow subsidiary-6,640,000
Acquisition of associate from parent company-15,600,000
As at 31 January 2024, investment property with a carrying amount of \u20ac3,745,202 was subject to a special hypothec securing banking facilities for a related company. These hypothecs were cancelled upon settlement of the facilities during the year.
26Subsequent events
After year end, Burmarrad Group Fleets Limited has negotiated a Revolving Credit Facility with its bankers to continue investing in its vehicles fleet and is in the process of registering hypothecary charges on a number of properties owned by Burmarrad Group Properties Limited to secure this facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310206": { "value": "3Material accounting policies
3.1Basis of consolidation
3.1.1Investments in Subsidiaries
EntitiesPrincipal ActivitiesCountry of IncorporationOwnership InterestRegistered office
Subsidiaries
Burmarrad Group Fleets LimitedThe company is principally engaged in purchasing, holding and leasing of assets to group companiesMalta100%Marjo, Burmarrad Road, Burmarrad, San Pawl il-Bahar SPB 9060
Burmarrad Group Properties LimitedThe company is principally engaged in holding and developing investment propertyMalta100%Marjo, Burmarrad Road, Burmarrad, San Pawl il-Bahar SPB 9060
13Equity accounted investee
The carrying value of the investment in associates as at 31 January 2025 is:
Total
\u20ac
At 1 February 2023-
Additions15,600,000
Share of results7,892
At 31 January 2024 15,607,892
Share of results#
At 31 January 2025#
On 19 January 2024, the Group acquired 19.31% interest in BBT p.l.c., whereby the Group took on a net liability of \u20ac10,520,000 arising from the assignment of receivables and payables between the Group, fellow subsidiaries and third parties in respect of the acquisition. This amount, representing the net consideration transferred, was capitalized as part of the share capital of the Group. The registered address of BBT p.l.c. is The Watercourse Zone 2, Central Business District, Mdina Road, Birkirkara, Malta. BBT p.l.c. was established jointly with other entities for the purposes of acquiring, developing, and managing commercial real estate assets. The Group has accounted for its interest in BBT p.l.c. at the fair value of the consideration transferred at inception.
The Group has the right to appoint one of the three directors of the board of BBT p.l.c and is therefore deemed to have significant influence over the investee. As a result, the investment was classified as an associate upon acquisition. BBT p.l.c has a financial year end of 31 December, which differs from the Group\u2019s financial year end of 31 January. In preparing the consolidated financial statements, the Group used the unaudited financial information of BBT p.l.c.for the year ended 31 December 2024. No adjustments were made for the different year end as management assessed that the effect of any transactions or events during this period was not significant to the Group\u2019s financial position or performance. The following table illustrates financial information for BBT p.l.c.
31/01/202531/01/2024
\u20ac\u20ac
Current assets3,842,977
Non-current assets89,613,707
Current liabilities(1,936,399)
Non-current liabilities(21,484,697)
Equity 70,035,588
31/01/202531/01/2024
\u20ac\u20ac
Group\u2019s share in equity \u2013 19.31%13,523,872
Group\u2019s carrying amount of the investment15,607,892
Revenue
Profit for the year1,745,063
Other comprehensive income465,264
Total comprehensive income-
465,264
Group\u2019s share of total comprehensive income for the year/period \u2013 19.31% acquired on 19 January 20247,892
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310202": { "value": "3Material accounting policies
3.2Financial instruments
3.2.1Financial assets
3.2.1.3Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, demand deposits and time deposits maturing within three months from the end of the reporting period. Call deposits form an integral part of the Group\u2019s cash management practices.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310201": { "value": "3Material accounting policies
3.2Financial instruments
3.2.1Financial assets
3.2.1.2Trade receivables
Trade receivables which do not have a significant financing component are initially measured at their transaction price and are subsequently stated at their nominal value less any loss allowance for ECLs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310200": { "value": "3Material accounting policies
3.2Financial instruments
3.2.2Financial liabilities
3.2.2.3Trade and other payables
Trade payables are classified with current liabilities and are stated at their nominal value unless the effect of discounting is material, in which case trade payables are measured at amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310199": { "value": "3Material accounting policies
3.1Basis of consolidation
3.1.1Investments in Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an investee when it is exposed to, or has rights to, variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that give the Group the current ability to direct the investee\u2019s relevant activities are taken into account. Assets, liabilities, income and expenses of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.
Profit or loss and each component of OCI are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
The consolidated financial statements reflect the financial position and operation of the Company and its subsidiaries as listed below (together the \u2018Group\u2019).
EntitiesPrincipal ActivitiesCountry of IncorporationOwnership InterestRegistered office
Subsidiaries
Burmarrad Group Fleets LimitedThe company is principally engaged in purchasing, holding and leasing of assets to group companiesMalta100%Marjo, Burmarrad Road, Burmarrad, San Pawl il-Bahar SPB 9060
Burmarrad Group Properties LimitedThe company is principally engaged in holding and developing investment propertyMalta100%Marjo, Burmarrad Road, Burmarrad, San Pawl il-Bahar SPB 9060
3.1.2Loss of control
The group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control detailed above. When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310198": { "value": "3Material accounting policies
3.2Financial instruments
3.2.1Financial assets
Interest income using the effective interest method
Interest income is recognised using the effective interest method and is included in the line item \u2018Investment income\u2019.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. For financial instruments other than purchased or originated credit-impaired financial assets, the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding ECLs, through the expected life of the debt instrument, or where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition.
For financial assets other than purchased or originated credit-impaired financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired.
3.6 Interest income
As further disclosed in the accounting policy on financial assets, interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. Interest income is recognised to the extent that it is probable that future economic benefits will flow to the Group and these can be measured reliably.
3.9Rental income
Rental income arising from operating leases on investment properties is recognized on a straight-line basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310197": { "value": "3Material accounting policies
3.2Financial instruments
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when the Group currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310196": { "value": "3Material accounting policies
3.5Leases
The Group assesses whether the contract is, or contains, a lease at inception of a contract. 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.
The lease term is determined as the non-cancellable period of a lease, together with both (a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and (b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option.
The Group as a lessor
Leases for which the Group is a lessor continue to be classified as finance or operating leases. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards incidental to ownership to the lessee. All other leases are classified as operating leases. Lease classification is made at the inception of the lease, which is the earlier of the date of the lease agreement and the date of commitment by the parties to the principal provisions of the lease.
Leased assets are presented in the statement of financial position according to their nature and are tested for impairment in accordance with the Group\u2019s accounting policy on impairment. Depreciable leased assets are depreciated in accordance with the Group\u2019s accounting policy on depreciation. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease unless another systematic basis is more representative of the pattern in which benefit from the use of the underlying asset is diminished. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the leased asset.
Amounts due from lessees under a finance lease are presented in the statement of financial position as receivables at the amount of the Group\u2019s net investment in the lease and include initial direct costs. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment in the finance lease.
In sale and leaseback transactions, when the transfer of an asset by the seller-lessee does not satisfy the requirements of IFRS 15 to be accounted for as a sale of such asset:
(a)The seller-lessee shall continue to recognise the transferred asset and shall recognise a financial liability equal to the transfer proceeds. It shall account for the financial liability applying IFRS 9.
(b)The buyer-lessor shall not recognise the transferred asset and shall recognise a financial asset equal to the transfer proceeds. It shall account for the financial asset applying IFRS 9.
3.9Rental income
Rental income arising from operating leases on investment properties is recognized on a straight-line basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310195": { "value": "3Material accounting policies
3.2Financial instruments
3.2.3Share capital
3.2.3.1Ordinary shares
Ordinary shares are classified as equity instruments. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310194": { "value": "3Material accounting policies
3.2Financial instruments
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially recognised at their fair value plus directly attributable transaction costs for all financial assets or financial liabilities not classified at fair value through profit or loss.
Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire or when the entity transfers the financial asset and the transfer qualifies for derecognition.
Financial liabilities are derecognised when they are extinguished. This occurs when the obligation specified in the contract is discharged, cancelled or expires.
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when the Group currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Classification of financial assets
On initial recognition, a financial asset is classified as subsequently measured at amortised cost, FVOCI \u2013 debt instrument, FVOCI \u2013 equity investment; or FVTPL.
Debt instruments that meet the following conditions are subsequently measured at amortised cost:
-the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
-the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
3.2.1Financial assets
The business model
An assessment of business models for managing financial assets is fundamental to the classification of a financial asset. The Group determines the business models at a level that reflects how groups of financial assets are managed together to achieve a particular business objective.
Held to collect - Debt instruments measured at amortised cost
The following financial assets are classified within this category: Other financial asset at amortised cost, trade and other receivables, loans receivable, cash at bank.
Appropriate allowances for expected credit losses (\u2018ECLs\u2019) are recognised in profit or loss in accordance with the Group\u2019s accounting policy on ECLs.
The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance.
Changes in the carrying amount as a result of foreign exchange gains or losses, impairment gains or losses and interest income are recognised in profit or loss.
Assessment whether contractual cash flows are SPPI
The assessment of whether contractual cash flows are solely payments of principal and interest (SPPI) involves evaluating the contractual terms of the financial asset to ensure that they give rise to cash flows that are consistent with a basic lending arrangement.
The principal amount represents the fair value of the financial asset at initial recognition, while interest is compensation for the time value of money, credit risk, and other basic lending risks and costs. Any contractual terms that introduce exposure to risks or volatility unrelated to a basic lending arrangement may result in the cash flows not being considered SPPI.
Interest income using the effective interest method
Interest income is recognised using the effective interest method and is included in the line item \u2018Investment income\u2019.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. For financial instruments other than purchased or originated credit-impaired financial assets, the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding ECLs, through the expected life of the debt instrument, or where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition.
For financial assets other than purchased or originated credit-impaired financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired.
3.2.1.1Loans and receivables
Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition loans and receivables are measured at amortised cost using the effective interest method, less any impairment losses.
3.2.1.3Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, demand deposits and time deposits maturing within three months from the end of the reporting period. Call deposits form an integral part of the Group\u2019s cash management practices.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310193": { "value": "3Material accounting policies
3.3Investment Property
Properties treated as investments principally comprise buildings that are held for long term rental income or capital appreciation or both, and that are not occupied by the Group. Investment property is initially measured at cost including related transaction costs. Investment property is measured at fair value based on assessments conducted by professionally qualified independent architects or surveyors, in accordance with international valuation standards and established professional practices with recent experience of commercial property in Malta. In periods where an external valuation is not obtained, management reviews the significant inputs used in the previous valuation, evaluates any changes in property values compared to prior assessments, and consults with the independent valuer, where necessary. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset.
Subsequent expenditure is charged to the asset\u2019s carrying amount 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. All other repairs and maintenance costs are charged to the profit and loss account during the financial period in which they are incurred. Unrealised gains and losses arising from changes in fair value (net of deferred taxation) are initially recognised in profit or loss.
3.3.1Measurement of fair values
The Group owns investment property which is measured at fair value (refer to note 12).
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
For financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurements in its entirety, which are described as follows:
-Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
-Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
-Level 3 inputs are unobservable inputs for the asset or liability.
For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines when transfers are deemed to have occurred between Levels in the hierarchy at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310192": { "value": "3Material accounting policies
3.1Basis of consolidation
3.1.3Interest in equity-accounted investee
The Group\u2019s interest in the equity-accounted investee comprise interest in an associate. Associates are those entities in which the Group has significant influence but not control or joint control over the financial and operating policies. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.
Interests in associates are accounted for using the equity method, except when the investment is classified as held for sale, from the date that significant influence commences until the date that significant influence ceases. Under the equity method, investments in associates are initially recognised at cost and adjusted thereafter for the post-acquisition change in the Company\u2019s share of net assets of the associates, less any impairment in the value of individual investments. The Group\u2019s share of the post-acquisition profit or loss of the associates is recognised in profit or loss and the Group\u2019s share of the post-acquisition changes in other comprehensive income is recognised in other comprehensive income. Distributions received from an investee reduce the carrying amount of the investment. The Group\u2019s share of losses of an associate in excess of its interest in that associate (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate) are not recognised, unless the Group has incurred obligations or made payments on behalf of the associate.
Any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the associate recognised at the date of acquisition is recognised as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of acquisition, after reassessment, is excluded from the carrying amount of the investment and recognised immediately in profit or loss.
Where necessary, in preparing these financial statements, appropriate adjustments are made to the financial statements of associates to bring their accounting policies in line with those used by the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310191": { "value": "3Material accounting policies
3.1Basis of consolidation
3.1.3Interest in equity-accounted investee
The Group\u2019s interest in the equity-accounted investee comprise interest in an associate. Associates are those entities in which the Group has significant influence but not control or joint control over the financial and operating policies. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.
Interests in associates are accounted for using the equity method, except when the investment is classified as held for sale, from the date that significant influence commences until the date that significant influence ceases. Under the equity method, investments in associates are initially recognised at cost and adjusted thereafter for the post-acquisition change in the Company\u2019s share of net assets of the associates, less any impairment in the value of individual investments. The Group\u2019s share of the post-acquisition profit or loss of the associates is recognised in profit or loss and the Group\u2019s share of the post-acquisition changes in other comprehensive income is recognised in other comprehensive income. Distributions received from an investee reduce the carrying amount of the investment. The Group\u2019s share of losses of an associate in excess of its interest in that associate (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate) are not recognised, unless the Group has incurred obligations or made payments on behalf of the associate.
Any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the associate recognised at the date of acquisition is recognised as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of acquisition, after reassessment, is excluded from the carrying amount of the investment and recognised immediately in profit or loss.
Where necessary, in preparing these financial statements, appropriate adjustments are made to the financial statements of associates to bring their accounting policies in line with those used by the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310189": { "value": "3Material accounting policies
3.2Financial instruments
3.2.1Financial assets
Interest income using the effective interest method
Interest income is recognised using the effective interest method and is included in the line item \u2018Investment income\u2019.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. For financial instruments other than purchased or originated credit-impaired financial assets, the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding ECLs, through the expected life of the debt instrument, or where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition.
For financial assets other than purchased or originated credit-impaired financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired.
3.6 Interest income
As further disclosed in the accounting policy on financial assets, interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. Interest income is recognised to the extent that it is probable that future economic benefits will flow to the Group and these can be measured reliably.
3.7Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale.
Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310188": { "value": "3Material accounting policies
3.1Basis of consolidation
3.1.3Interest in equity-accounted investee
Any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the associate recognised at the date of acquisition is recognised as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of acquisition, after reassessment, is excluded from the carrying amount of the investment and recognised immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310187": { "value": "3Material accounting policies
3.8Income tax
Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310186": { "value": "3Material accounting policies
3.4Impairment
The Group recognises a loss allowance for ECLs on the following financial instruments \u2013 debt instruments measured at amortised cost, finance lease receivables, loan commitments, cash and cash equivalents and trade and other receivables.
The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition.
For trade receivables [and contract assets] that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the Group applies the simplified approach and recognises lifetime ECL.
Where the simplified approach is applied, the ECLs on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
For all other financial instruments, the Group uses the general approach and recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL (\u201812m ECL\u2019). The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring. Lifetime ECL represents the ECLs that will result from all possible default events over the expected life of a financial instrument. In contrast, 12m ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.
Significant increase in credit risk
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.
The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 90 days past due.
The Group considers a financial asset to be in default when:
-the customer is unlikely to pay its credit obligations to the Group in full; or
-the financial asset is more than 180 days past due and there is no agreement in place to offset the receivable against amounts due to the same customer
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
Evidence that a financial asset is credit-impaired includes observable data about the following events:
a)significant financial difficulty of the issuer or the borrower;
b)a breach of contract, such as a default or past due event;
c)the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;
d)it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or
e)the disappearance of an active market for that financial asset because of financial difficulties.
Write-off policy
The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery.
Measurement and recognition of ECLs
For financial assets, the credit loss is the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate. ECLs represent the weighted average of credit losses with the respective risks of a default occurring as the weights.
The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information, where applicable. Where applicable, the financial position of the counterparties is also taken into consideration.
For a lease receivable, the cash flows used for determining the ECLs are consistent with the cash flows used in measuring the lease receivable in accordance with IFRS 16 Leases.
Presentation of allowance for ECL in the statement of financial position
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310185": { "value": "3Material accounting policies
3.4Impairment
The Group recognises a loss allowance for ECLs on the following financial instruments \u2013 debt instruments measured at amortised cost, finance lease receivables, loan commitments, cash and cash equivalents and trade and other receivables.
The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition.
For trade receivables [and contract assets] that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the Group applies the simplified approach and recognises lifetime ECL.
Where the simplified approach is applied, the ECLs on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
For all other financial instruments, the Group uses the general approach and recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL (\u201812m ECL\u2019). The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring. Lifetime ECL represents the ECLs that will result from all possible default events over the expected life of a financial instrument. In contrast, 12m ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.
Significant increase in credit risk
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.
The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 90 days past due.
The Group considers a financial asset to be in default when:
-the customer is unlikely to pay its credit obligations to the Group in full; or
-the financial asset is more than 180 days past due and there is no agreement in place to offset the receivable against amounts due to the same customer
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
Evidence that a financial asset is credit-impaired includes observable data about the following events:
a)significant financial difficulty of the issuer or the borrower;
b)a breach of contract, such as a default or past due event;
c)the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;
d)it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or
e)the disappearance of an active market for that financial asset because of financial difficulties.
Write-off policy
The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery.
Measurement and recognition of ECLs
For financial assets, the credit loss is the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate. ECLs represent the weighted average of credit losses with the respective risks of a default occurring as the weights.
The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information, where applicable. Where applicable, the financial position of the counterparties is also taken into consideration.
For a lease receivable, the cash flows used for determining the ECLs are consistent with the cash flows used in measuring the lease receivable in accordance with IFRS 16 Leases.
Presentation of allowance for ECL in the statement of financial position
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
3.4.1Non-financial assets
The carrying amounts of the Group\u2019s non-financial assets (other than investment property and deferred tax assets), are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
\u00a0
The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
An impairment loss is recognised if the carrying amount of an asset exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss unless impairment relates to assets which are measured at fair value, in which case it is treated as a revaluation decrease.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there
has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310184": { "value": "3Material accounting policies
3.1Basis of consolidation
3.1.3Interest in equity-accounted investee
Any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the associate recognised at the date of acquisition is recognised as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of acquisition, after reassessment, is excluded from the carrying amount of the investment and recognised immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310182": { "value": "3Material accounting policies
3.2Financial instruments
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially recognised at their fair value plus directly attributable transaction costs for all financial assets or financial liabilities not classified at fair value through profit or loss.
Financial liabilities are derecognised when they are extinguished. This occurs when the obligation specified in the contract is discharged, cancelled or expires.
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when the Group currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
3.2.2Financial liabilities
The Group initially recognises financial liabilities on the trade date at which the Group becomes a party to the contractual provisions of the instrument.
The Group has the following financial liabilities: debt securities issued, loans and borrowings and trade and other payables.
Such financial liabilities are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortised cost using the effective interest method.
3.2.2.1Bank borrowings
Subsequent to initial recognition, interest-bearing bank loans are measured at amortised cost using the effective interest method. Bank loans are carried at face value due to their market rate of interest.
Subsequent to initial recognition, interest-bearing bank overdrafts are carried at face value in view of their short-term maturities.
3.2.2.2Other borrowings and debt securities issued
Subsequent to initial recognition, other borrowings and issued debt securities are measured at amortised cost using the effective interest method unless the effect of discounting is immaterial.
3.2.2.3Trade and other payables
Trade payables are classified with current liabilities and are stated at their nominal value unless the effect of discounting is material, in which case trade payables are measured at amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310181": { "value": "3Material accounting policies
3.2Financial instruments
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially recognised at their fair value plus directly attributable transaction costs for all financial assets or financial liabilities not classified at fair value through profit or loss.
Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire or when the entity transfers the financial asset and the transfer qualifies for derecognition.
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when the Group currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Classification of financial assets
On initial recognition, a financial asset is classified as subsequently measured at amortised cost, FVOCI \u2013 debt instrument, FVOCI \u2013 equity investment; or FVTPL.
Debt instruments that meet the following conditions are subsequently measured at amortised cost:
-the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
-the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
3.2.1Financial assets
The business model
An assessment of business models for managing financial assets is fundamental to the classification of a financial asset. The Group determines the business models at a level that reflects how groups of financial assets are managed together to achieve a particular business objective.
Held to collect - Debt instruments measured at amortised cost
The following financial assets are classified within this category: Other financial asset at amortised cost, trade and other receivables, loans receivable, cash at bank.
Appropriate allowances for expected credit losses (\u2018ECLs\u2019) are recognised in profit or loss in accordance with the Group\u2019s accounting policy on ECLs.
The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance.
Changes in the carrying amount as a result of foreign exchange gains or losses, impairment gains or losses and interest income are recognised in profit or loss.
Assessment whether contractual cash flows are SPPI
The assessment of whether contractual cash flows are solely payments of principal and interest (SPPI) involves evaluating the contractual terms of the financial asset to ensure that they give rise to cash flows that are consistent with a basic lending arrangement.
The principal amount represents the fair value of the financial asset at initial recognition, while interest is compensation for the time value of money, credit risk, and other basic lending risks and costs. Any contractual terms that introduce exposure to risks or volatility unrelated to a basic lending arrangement may result in the cash flows not being considered SPPI.
Interest income using the effective interest method
Interest income is recognised using the effective interest method and is included in the line item \u2018Investment income\u2019.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. For financial instruments other than purchased or originated credit-impaired financial assets, the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding ECLs, through the expected life of the debt instrument, or where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition.
For financial assets other than purchased or originated credit-impaired financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired.
3.2.1.1Loans and receivables
Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition loans and receivables are measured at amortised cost using the effective interest method, less any impairment losses.
3.2.1.2Trade receivables
Trade receivables which do not have a significant financing component are initially measured at their transaction price and are subsequently stated at their nominal value less any loss allowance for ECLs.
3.2.1.3Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, demand deposits and time deposits maturing within three months from the end of the reporting period. Call deposits form an integral part of the Group\u2019s cash management practices.
3.4Impairment
The Group recognises a loss allowance for ECLs on the following financial instruments \u2013 debt instruments measured at amortised cost, finance lease receivables, loan commitments, cash and cash equivalents and trade and other receivables.
The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition.
For trade receivables [and contract assets] that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the Group applies the simplified approach and recognises lifetime ECL.
Where the simplified approach is applied, the ECLs on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
For all other financial instruments, the Group uses the general approach and recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL (\u201812m ECL\u2019). The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring. Lifetime ECL represents the ECLs that will result from all possible default events over the expected life of a financial instrument. In contrast, 12m ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.
Significant increase in credit risk
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.
The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 90 days past due.
The Group considers a financial asset to be in default when:
-the customer is unlikely to pay its credit obligations to the Group in full; or
-the financial asset is more than 180 days past due and there is no agreement in place to offset the receivable against amounts due to the same customer
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
Evidence that a financial asset is credit-impaired includes observable data about the following events:
a)significant financial difficulty of the issuer or the borrower;
b)a breach of contract, such as a default or past due event;
c)the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;
d)it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or
e)the disappearance of an active market for that financial asset because of financial difficulties.
Write-off policy
The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery.
Measurement and recognition of ECLs
For financial assets, the credit loss is the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate. ECLs represent the weighted average of credit losses with the respective risks of a default occurring as the weights.
The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information, where applicable. Where applicable, the financial position of the counterparties is also taken into consideration.
For a lease receivable, the cash flows used for determining the ECLs are consistent with the cash flows used in measuring the lease receivable in accordance with IFRS 16 Leases.
Presentation of allowance for ECL in the statement of financial position
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310180": { "value": "3Material accounting policies
3.2Financial instruments
3.2.1Financial assets
Interest income using the effective interest method
Interest income is recognised using the effective interest method and is included in the line item \u2018Investment income\u2019.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. For financial instruments other than purchased or originated credit-impaired financial assets, the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding ECLs, through the expected life of the debt instrument, or where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition.
For financial assets other than purchased or originated credit-impaired financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired.
3.5Leases
The Group as a lessor
Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment in the finance lease.
3.6 Interest income
As further disclosed in the accounting policy on financial assets, interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. Interest income is recognised to the extent that it is probable that future economic benefits will flow to the Group and these can be measured reliably.
3.7Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale.
Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310179": { "value": "3Material accounting policies
3.7Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale.
Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310178": { "value": "3Material accounting policies
3.3Investment Property
3.3.1Measurement of fair values
The Group owns investment property which is measured at fair value (refer to note 12).
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
For financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurements in its entirety, which are described as follows:
-Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
-Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
-Level 3 inputs are unobservable inputs for the asset or liability.
For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines when transfers are deemed to have occurred between Levels in the hierarchy at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310177": { "value": "3Material accounting policies
3.2Financial instruments
Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire or when the entity transfers the financial asset and the transfer qualifies for derecognition.
Financial liabilities are derecognised when they are extinguished. This occurs when the obligation specified in the contract is discharged, cancelled or expires.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310176": { "value": "3Material accounting policies
3.8Income tax
Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in other comprehensive income.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310175": { "value": "3Material accounting policies
3.2Financial instruments
3.2.1Financial assets
3.2.1.3Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, demand deposits and time deposits maturing within three months from the end of the reporting period. Call deposits form an integral part of the Group\u2019s cash management practices.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310174": { "value": "3Material accounting policies
3.1Basis of consolidation
3.1.3Interest in equity-accounted investee
Any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the associate recognised at the date of acquisition is recognised as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of acquisition, after reassessment, is excluded from the carrying amount of the investment and recognised immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310173": { "value": "3Material accounting policies
3.2Financial instruments
3.2.2Financial liabilities
The Group initially recognises financial liabilities on the trade date at which the Group becomes a party to the contractual provisions of the instrument.
Such financial liabilities are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortised cost using the effective interest method.
3.2.2.1Bank borrowings
Subsequent to initial recognition, interest-bearing bank loans are measured at amortised cost using the effective interest method. Bank loans are carried at face value due to their market rate of interest.
Subsequent to initial recognition, interest-bearing bank overdrafts are carried at face value in view of their short-term maturities.
3.2.2.2Other borrowings and debt securities issued
Subsequent to initial recognition, other borrowings and issued debt securities are measured at amortised cost using the effective interest method unless the effect of discounting is immaterial.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310172": { "value": "3Material accounting policies
3.7Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale.
Borrowing costs are suspended during extended periods in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310171": { "value": "3Material accounting policies
3.1Basis of consolidation
EntitiesPrincipal ActivitiesCountry of IncorporationOwnership InterestRegistered office
Subsidiaries
Burmarrad Group Fleets LimitedThe company is principally engaged in purchasing, holding and leasing of assets to group companiesMalta100%Marjo, Burmarrad Road, Burmarrad, San Pawl il-Bahar SPB 9060
Burmarrad Group Properties LimitedThe company is principally engaged in holding and developing investment propertyMalta100%Marjo, Burmarrad Road, Burmarrad, San Pawl il-Bahar SPB 9060
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310145": { "value": "3Material accounting policies
3.1Basis of consolidation
3.1.1Investments in Subsidiaries
EntitiesPrincipal ActivitiesCountry of IncorporationOwnership InterestRegistered office
Subsidiaries
Burmarrad Group Fleets LimitedThe company is principally engaged in purchasing, holding and leasing of assets to group companiesMalta100%Marjo, Burmarrad Road, Burmarrad, San Pawl il-Bahar SPB 9060
Burmarrad Group Properties LimitedThe company is principally engaged in holding and developing investment propertyMalta100%Marjo, Burmarrad Road, Burmarrad, San Pawl il-Bahar SPB 9060
13Equity accounted investee
On 19 January 2024, the Group acquired 19.31% interest in BBT p.l.c., whereby the Group took on a net liability of \u20ac10,520,000 arising from the assignment of receivables and payables between the Group, fellow subsidiaries and third parties in respect of the acquisition. This amount, representing the net consideration transferred, was capitalized as part of the share capital of the Group. The registered address of BBT p.l.c. is The Watercourse Zone 2, Central Business District, Mdina Road, Birkirkara, Malta. BBT p.l.c. was established jointly with other entities for the purposes of acquiring, developing, and managing commercial real estate assets. The Group has accounted for its interest in BBT p.l.c. at the fair value of the consideration transferred at inception.
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page13-cflshid_3949-tag9310139": { "value": "3Material accounting policies
3.1Basis of consolidation
3.1.1Investments in Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an investee when it is exposed to, or has rights to, variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that give the Group the current ability to direct the investee\u2019s relevant activities are taken into account. Assets, liabilities, income and expenses of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.
Profit or loss and each component of OCI are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
The consolidated financial statements reflect the financial position and operation of the Company and its subsidiaries as listed below (together the \u2018Group\u2019).
EntitiesPrincipal ActivitiesCountry of IncorporationOwnership InterestRegistered office
Subsidiaries
Burmarrad Group Fleets LimitedThe company is principally engaged in purchasing, holding and leasing of assets to group companiesMalta100%Marjo, Burmarrad Road, Burmarrad, San Pawl il-Bahar SPB 9060
Burmarrad Group Properties LimitedThe company is principally engaged in holding and developing investment propertyMalta100%Marjo, Burmarrad Road, Burmarrad, San Pawl il-Bahar SPB 9060
3.1.2Loss of control
The group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control detailed above. When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.
3.1.3Interest in equity-accounted investee
The Group\u2019s interest in the equity-accounted investee comprise interest in an associate. Associates are those entities in which the Group has significant influence but not control or joint control over the financial and operating policies. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.
Interests in associates are accounted for using the equity method, except when the investment is classified as held for sale, from the date that significant influence commences until the date that significant influence ceases. Under the equity method, investments in associates are initially recognised at cost and adjusted thereafter for the post-acquisition change in the Company\u2019s share of net assets of the associates, less any impairment in the value of individual investments. The Group\u2019s share of the post-acquisition profit or loss of the associates is recognised in profit or loss and the Group\u2019s share of the post-acquisition changes in other comprehensive income is recognised in other comprehensive income. Distributions received from an investee reduce the carrying amount of the investment. The Group\u2019s share of losses of an associate in excess of its interest in that associate (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate) are not recognised, unless the Group has incurred obligations or made payments on behalf of the associate.
Any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the associate recognised at the date of acquisition is recognised as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of acquisition, after reassessment, is excluded from the carrying amount of the investment and recognised immediately in profit or loss.
Where necessary, in preparing these financial statements, appropriate adjustments are made to the financial statements of associates to bring their accounting policies in line with those used by the Group.
3.1.4Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page23-cflshid_7662-tag9310143": { "value": "
4New standards and interpretations
4.1Relevant standards and amendments issued by the IASB effective during the current year
\u2022Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current (effective for financial years on or after 1 January 2024 by virtue of the October 2022 Amendments) and Non-Current Liabilities with Covenants. The amendments affect only the presentation of liabilities in the statements of financial position and not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. The amendments:
a)clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period and align the wording in all affected paragraphs to refer to the \"right\" to defer settlement by at least twelve months and make explicit that only rights in place \"at the end of the reporting period\" should affect the classification of a liability, and covenants that need to be complied with after the reporting period should not affect that classification;
b)clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability;
c)make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services; and
d)introduce additional presentation and disclosure requirements for liabilities that are subject to covenants.
\u2022Amendments to IAS 7 \u2013 Statements of Cash Flows and IFRS 7 \u2013 Financial Instruments Disclosures: Supplier Finance Arrangements (effective for financial periods beginning on or after 1 January 2024).
\u2022Amendments to IFRS 16 Leases \u2013 Lease Liability in a Sale and Leaseback (effective for financial periods beginning on or after 1 January 2024).
The adoption of these amendments to IFRSs as adopted by the EU did not materially affect the Group or its accounting policies.
4.2Relevant standards and amendments issued by the IASB but not yet effective
As the date of approval of these consolidated financial statements, a number of new standards, amendments and interpretations to existing standards have been published but are not yet effective for the current reporting period and which have not been adopted early by the Group.
4.2.1 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, which becomes effective (subject to endorsement by the EU) for financial periods beginning on or after 1 January 2027, will replace IAS 1 Presentation of Financial Statements. It nevertheless carries forward many of the requirements in IAS 1. The main changes brought about by IFRS 18 are the introduction of new requirements to:
a)present specified categories and defined subtotals in the statement of profit or loss, with special rules applicable to entities whose main business activity is to invest in assets and/or provide financing to customers;
b)provide disclosures on management-defined performance measures in the notes to the financial statements, whereby information about any such alternative performance measures must be presented in a single note that must include, amongst others, reconciliations to the most directly comparable subtotal listed in IFRS 18; and
c)improve aggregation and disaggregation by including which characteristics to consider when assessing whether items have similar or dissimilar characteristics.
In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.
The group is still in the process of assessing the impact of the new standard particularly with respect to the structure of the Group\u2019s statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact of how information is grouped in the financial statements, including for items currently labelled as \u2018other\u2019.
4.2.2 Amendments to the Classification and Measurement of Financial Instruments
Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7), which become effective (subject to endorsement by the EU) for financial periods beginning on or after 1 January 2026:
a)permit an entity to deem a financial liability (or part of it) that will be settled in cash using an electronic payment system to be discharged before the settlement date if specified criteria are met, including that the entity neither has the practical ability to access the cash or to withdraw, stop or cancel the payment instruction, nor has any significant settlement risk;
b)provide clarification on the assessment of whether the contractual cash flows on a financial asset represent solely payments of principal and interest, with additional examples now provided in IFRS 9, and additional guidance on assessing:
owhether contractual terms are consistent with a basic lending arrangement;
oassets with non-recourse features; and
ocontractually-linked instruments;
c)introduce additional disclosures for investments in equity instruments designated at fair value through other comprehensive income; and
d)introduce new disclosures in relation to contractual terms that could change the timing or amount of contractual cash flows on the occurrence (or non-occurrence) of a contingent event that does not relate directly to changes in basic lending risks and costs.
The changes resulting from amendments to IFRS 9 and IFRS 7 (Classification and Measurement of Financial Instruments) are in the process of being assessed by the Group to determine the potential effect on the financial statements of the Group.
The amendments to IAS 21, IFRS 9 and IFRS 7 (Contracts Referencing Nature-dependent Electricity), the Annual Improvements Volume 11, and the introduction of IFRS 19 are not expected to have a significant impact on the Group\u2019s consolidated financial statements.
4.2.3 Other accounting standards
The following new and amended accounting standards are not expected to have a significant impact on the Group\u2019s consolidated financial statements.
\u2022Amendments to IAS 21 \u2013 The Effects of Change in Foreign Exchange Rates \u2013 lack of exchangeability (effective for financial periods beginning on or after 1 January 2025);
\u2022Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature-dependent Electricity (effective for financial periods beginning on or after 1 January 2026);
\u2022Annual Improvements Volume 11 (effective for financial periods beginning on or after 1 January 2026);
\u2022IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures (effective for financial periods beginning on or after 1 January 2027, subject to endorsement by the EU);
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page23-cflshid_7662-tag9310142": { "value": "
4New standards and interpretations
4.1Relevant standards and amendments issued by the IASB effective during the current year
\u2022Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current (effective for financial years on or after 1 January 2024 by virtue of the October 2022 Amendments) and Non-Current Liabilities with Covenants. The amendments affect only the presentation of liabilities in the statements of financial position and not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. The amendments:
a)clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period and align the wording in all affected paragraphs to refer to the \"right\" to defer settlement by at least twelve months and make explicit that only rights in place \"at the end of the reporting period\" should affect the classification of a liability, and covenants that need to be complied with after the reporting period should not affect that classification;
b)clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability;
c)make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services; and
d)introduce additional presentation and disclosure requirements for liabilities that are subject to covenants.
\u2022Amendments to IAS 7 \u2013 Statements of Cash Flows and IFRS 7 \u2013 Financial Instruments Disclosures: Supplier Finance Arrangements (effective for financial periods beginning on or after 1 January 2024).
\u2022Amendments to IFRS 16 Leases \u2013 Lease Liability in a Sale and Leaseback (effective for financial periods beginning on or after 1 January 2024).
The adoption of these amendments to IFRSs as adopted by the EU did not materially affect the Group or its accounting policies.
4.2Relevant standards and amendments issued by the IASB but not yet effective
As the date of approval of these consolidated financial statements, a number of new standards, amendments and interpretations to existing standards have been published but are not yet effective for the current reporting period and which have not been adopted early by the Group.
4.2.1 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, which becomes effective (subject to endorsement by the EU) for financial periods beginning on or after 1 January 2027, will replace IAS 1 Presentation of Financial Statements. It nevertheless carries forward many of the requirements in IAS 1. The main changes brought about by IFRS 18 are the introduction of new requirements to:
a)present specified categories and defined subtotals in the statement of profit or loss, with special rules applicable to entities whose main business activity is to invest in assets and/or provide financing to customers;
b)provide disclosures on management-defined performance measures in the notes to the financial statements, whereby information about any such alternative performance measures must be presented in a single note that must include, amongst others, reconciliations to the most directly comparable subtotal listed in IFRS 18; and
c)improve aggregation and disaggregation by including which characteristics to consider when assessing whether items have similar or dissimilar characteristics.
In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.
The group is still in the process of assessing the impact of the new standard particularly with respect to the structure of the Group\u2019s statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact of how information is grouped in the financial statements, including for items currently labelled as \u2018other\u2019.
4.2.2 Amendments to the Classification and Measurement of Financial Instruments
Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7), which become effective (subject to endorsement by the EU) for financial periods beginning on or after 1 January 2026:
a)permit an entity to deem a financial liability (or part of it) that will be settled in cash using an electronic payment system to be discharged before the settlement date if specified criteria are met, including that the entity neither has the practical ability to access the cash or to withdraw, stop or cancel the payment instruction, nor has any significant settlement risk;
b)provide clarification on the assessment of whether the contractual cash flows on a financial asset represent solely payments of principal and interest, with additional examples now provided in IFRS 9, and additional guidance on assessing:
owhether contractual terms are consistent with a basic lending arrangement;
oassets with non-recourse features; and
ocontractually-linked instruments;
c)introduce additional disclosures for investments in equity instruments designated at fair value through other comprehensive income; and
d)introduce new disclosures in relation to contractual terms that could change the timing or amount of contractual cash flows on the occurrence (or non-occurrence) of a contingent event that does not relate directly to changes in basic lending risks and costs.
The changes resulting from amendments to IFRS 9 and IFRS 7 (Classification and Measurement of Financial Instruments) are in the process of being assessed by the Group to determine the potential effect on the financial statements of the Group.
The amendments to IAS 21, IFRS 9 and IFRS 7 (Contracts Referencing Nature-dependent Electricity), the Annual Improvements Volume 11, and the introduction of IFRS 19 are not expected to have a significant impact on the Group\u2019s consolidated financial statements.
4.2.3 Other accounting standards
The following new and amended accounting standards are not expected to have a significant impact on the Group\u2019s consolidated financial statements.
\u2022Amendments to IAS 21 \u2013 The Effects of Change in Foreign Exchange Rates \u2013 lack of exchangeability (effective for financial periods beginning on or after 1 January 2025);
\u2022Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature-dependent Electricity (effective for financial periods beginning on or after 1 January 2026);
\u2022Annual Improvements Volume 11 (effective for financial periods beginning on or after 1 January 2026);
\u2022IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures (effective for financial periods beginning on or after 1 January 2027, subject to endorsement by the EU);
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page26-cflshid_8633-tag9310205": { "value": "
5Operating segments
The Group determines and presents operating segments based on the information that internally is provided to the Board of Directors, which is the Group\u2019s chief operating decision maker (CODM) in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019.
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s other components, and for which discrete financial information is available. An operating segment\u2019s operating results are reviewed regularly by the Board of Directors to make decisions about resources to be allocated to the segment and to assess its performance executing the function of the CODM.
Products and services from which reportable segments derive their revenues
Information reported to the group\u2019s board of directors (the Chief Operating Decision Makers (CODM)) for the purposes of resource allocation and assessment of performance is focused on the nature of operating activities conducted across the Group\u2019s business segments. In line with the requirements of IFRS 8, the Group has identified the following reportable segments:
-Property investment and development
-Asset leasing and financing
The Property investment and development segment includes immovable properties held for the generation of rental income as well as properties acquired for development purposes, reflecting the Group\u2019s strategy of capital appreciation and recurring income generation through property management and development activities. The Asset leasing and financing segment comprises a fleet of vehicles and equipment leased out under finance leases to related parties. Further information about such leases is included within Note 14 and 15. The Group\u2019s operations are structured around these segments based on the distinct nature of their activities and strategic objectives. Financial information is reported separately for each segment to the CODM to facilitate decision-making and performance evaluation.
Segment revenues and profits
The following is an analysis of the group\u2019s revenue and results by reportable segment in 2024:
Segment revenue 31/01/2025Segmentrevenue 31/01/2024Segment profit 31/01/2025Segment profit 31/01/2024
\u20ac\u20ac\u20ac\u20ac
Property investment and development40,8488,500325,291(10,213)
Fleet leasing and financing1,588,919-1,068,883-
Total1,629,7678,5001,394,174(10,213)
Segment revenue reported above represents revenue generated from external customers, except for \u20ac1,588,919 (2024: \u20acNil) included within the Asset leasing and financing segment which has been generated from related parties. There were no intersegment sales in the current year (2024: \u20acNil).
An amount of \u20ac145,947 (2023: \u20acNil) recorded as Investment income during the current period has not been allocated to a reportable segment.
The accounting policies of the reportable segments are the same as the group\u2019s accounting policies described in note 3. Segment profit represents the profit earned by each segment without allocation of the share of profits of associates, central administration costs including directors\u2019 salaries, finance income, non-operating gains and losses in respect of financial instruments and finance costs, and income tax expense. This is the measure reported to the group\u2019s Chief Executive for the purpose of resource allocation and assessment of segment performance.
Segment Assets
31/01/202531/01/2024
\u20ac\u20ac
Property investment and development4,508,4103,745,202
Fleet leasing and financing18,636,660-
Total segment assets 23,145,0703,745,202
Unallocated assets20,684,34615,823,516
Consolidated total assets 43,829,41619,568,718
For the purposes of monitoring segment performance and allocating resources between segments the group\u2019s Chief Executive monitors the tangible, intangible and financial assets attributable to each segment. All assets are allocated to reportable segments with the exception of investments in associates, a loan receivable, Deferred tax asset, trade and other receivables and cash and cash equivalents.
Other segment information
Depreciation and amortisationAdditions to non-current assets
31/01/202531/01/202431/01/202531/01/2024
\u20ac\u20ac\u20ac\u20ac
Property investment and development--428,2081,645,202
Fleet leasing and financing--18,636,660-
Additions to non-current assets exclude additions to financial instruments, deferred tax assets and net defined benefit assets.
Geographical information
The Group\u2019s revenue from external customers and its segment assets (non-current assets excluding financial instruments, deferred tax assets, and other financial assets) are entirely attributable to operations located in Malta
Information about major customers
Revenues from fellow subsidiaries (within the wider Burmarrad Group) not part of the Group, classified under the Fleet leasing and financing segment represented approximately \u20ac1,588,919 (2023: \u20ac Nil) of the Group's total revenues. A separate amount of \u20ac145,947 (2023: \u20acNil) recorded as investment income during the current period has been recorded from a loan given to a fellow subsidiary. This income has not been allocated to any reportable segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page26-cflshid_8646-tag9310169": { "value": "5Operating segments
Segment revenues and profits
The following is an analysis of the group\u2019s revenue and results by reportable segment in 2024:
Segment revenue 31/01/2025Segmentrevenue 31/01/2024Segment profit 31/01/2025Segment profit 31/01/2024
\u20ac\u20ac\u20ac\u20ac
Property investment and development40,8488,500325,291(10,213)
Fleet leasing and financing1,588,919-1,068,883-
Total1,629,7678,5001,394,174(10,213)
Segment revenue reported above represents revenue generated from external customers, except for \u20ac1,588,919 (2024: \u20acNil) included within the Asset leasing and financing segment which has been generated from related parties. There were no intersegment sales in the current year (2024: \u20acNil).
An amount of \u20ac145,947 (2023: \u20acNil) recorded as Investment income during the current period has not been allocated to a reportable segment.
Geographical information
The Group\u2019s revenue from external customers and its segment assets (non-current assets excluding financial instruments, deferred tax assets, and other financial assets) are entirely attributable to operations located in Malta
Information about major customers
Revenues from fellow subsidiaries (within the wider Burmarrad Group) not part of the Group, classified under the Fleet leasing and financing segment represented approximately \u20ac1,588,919 (2023: \u20ac Nil) of the Group's total revenues. A separate amount of \u20ac145,947 (2023: \u20acNil) recorded as investment income during the current period has been recorded from a loan given to a fellow subsidiary. This income has not been allocated to any reportable segment.
8Investment income
20252024
\u20ac\u20ac
Interest income on finance lease receivables (Note 14)114,730-
Interest income on related party loan (Note 15)145,947-
Interest income on other financial assets at amortised cost (Note 15)1,474,189-
1,734,866-
10Other revenue
20252024
\u20ac\u20ac
Rental income40,8488,500
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page28-cflshid_9475-tag9310151": { "value": "6Administrative expenses
Administrative expenses are made up of the following expenses:
20252024
\u20ac\u20ac
Directors\u2019 remuneration57,217-
Audit fees29,7309,000
Professional fees72,333-
Management fees80,000-
Registration fees9,892-
Bank charges8,104-
Other expenses3,732-
261,008-
7Key management personnel compensation
20252024
\u20ac\u20ac
Directors\u2019 emoluments57,217-
During the year, the Group had three non-executive directors who were not engaged on a full-time basis. The aggregate hours contributed by these directors were equivalent to one full-time employee during the reporting period (2024: Nil).
9Finance costs
20252024
\u20ac\u20ac
Finance cost on debt securities in issue747,801-
11Income tax expense
The tax charge for the year and the result of the accounting profit/(loss) multiplied by the tax rate applicable for the Group in Malta, the Group\u2019s country of incorporation, are reconciled as follows:
20252024
\u20ac\u20ac
Profit/(loss) before income tax(10,213)
Income tax using the Group\u2019s domestic tax rate of 35%3,575
Tax effect of expenses not allowed for tax purposes (9,313)
Difference in tax rates applied to fair value gains168,000
Difference in tax rates applied to rental income1,700
Share of profits from associate #
Non-taxable income2,762
Tax credit for the year166,724
20252024
\u20ac\u20ac
Current tax expense--
Deferred tax expense--
25Related parties
25.2Related party transactions
Transactions with related companies during the year were as follows:
\u00a0
20252024
\u20ac\u20ac
Impact on Statement of Comprehensive Income
Interest due on finance lease receivables charged to fellow subsidiaries114,730-
Interest due on financial assets charged to fellow subsidiaries 142,440-
Interest due on other financial assets charged to fellow subsidiaries 1,474,189-
Impact on Statement of Financial Position
Net funds advanced to fellow subsidiaries14,294,489-
Payments by related company on behalf of the Group155,957-
Finance lease receivables granted to fellow subsidiaries 1,883,671-
Loans granted to fellow subsidiaries classified as a financial asset at amortised cost 16,752,989-
Funds advanced by related company125,625-
Net payments on behalf of related companies-74,584
Sale of immovable property to fellow subsidiary-6,640,000
Acquisition of associate from parent company-15,600,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page28-cflshid_9475-tag9310946": { "value": "6Administrative expenses
Administrative expenses are made up of the following expenses:
20252024
\u20ac\u20ac
Directors\u2019 remuneration57,217-
Audit fees29,7309,000
Professional fees72,333-
Management fees80,000-
Registration fees9,892-
Bank charges8,104-
Other expenses3,732-
261,008-
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page28-cflshid_9475-tag9310209": { "value": "6Administrative expenses
Administrative expenses are made up of the following expenses:
20252024
\u20ac\u20ac
Directors\u2019 remuneration57,217-
Audit fees29,7309,000
Professional fees72,333-
Management fees80,000-
Registration fees9,892-
Bank charges8,104-
Other expenses3,732-
261,008-
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page28-cflshid_9475-tag9310138": { "value": "6Administrative expenses
Administrative expenses are made up of the following expenses:
20252024
\u20ac\u20ac
Directors\u2019 remuneration57,217-
Audit fees29,7309,000
Professional fees72,333-
Management fees80,000-
Registration fees9,892-
Bank charges8,104-
Other expenses3,732-
261,008-
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page28-cflshid_9475-tag9310222": { "value": "
7Key management personnel compensation
20252024
\u20ac\u20ac
Directors\u2019 emoluments57,217-
During the year, the Group had three non-executive directors who were not engaged on a full-time basis. The aggregate hours contributed by these directors were equivalent to one full-time employee during the reporting period (2024: Nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page28-cflshid_9475-tag9310150": { "value": "
7Key management personnel compensation
20252024
\u20ac\u20ac
Directors\u2019 emoluments57,217-
During the year, the Group had three non-executive directors who were not engaged on a full-time basis. The aggregate hours contributed by these directors were equivalent to one full-time employee during the reporting period (2024: Nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page28-cflshid_9475-tag9310224": { "value": "
8Investment income
20252024
\u20ac\u20ac
Interest income on finance lease receivables (Note 14)114,730-
Interest income on related party loan (Note 15)145,947-
Interest income on other financial assets at amortised cost (Note 15)1,474,189-
1,734,866-
During 2024 the Group entered into lease agreements with other fellow subsidiaries as disclosed in note 14.
Other financial assets at amortised cost comprise receivables arising from financing arrangements entered into by the Group with entities under common control. These arrangements involve the sale and leaseback of commercial vehicles, rental vehicles, and other fixed assets as disclosed in note 15.
As explained in Note 2.4, the acquisition of these motor vehicles from fellow subsidiaries, followed by their leaseback to the original sellers, does not result in a transfer of control of the underlying assets to the Group and are therefore not accounted for as a sale by the fellow subsidiaries. Accordingly, the transactions fall within the scope of IFRS 9 Financial Instruments, and the resulting balances are accounted for as financial assets measured at amortised cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page28-cflshid_9475-tag9310223": { "value": "
8Investment income
20252024
\u20ac\u20ac
Interest income on finance lease receivables (Note 14)114,730-
Interest income on related party loan (Note 15)145,947-
Interest income on other financial assets at amortised cost (Note 15)1,474,189-
1,734,866-
During 2024 the Group entered into lease agreements with other fellow subsidiaries as disclosed in note 14.
Other financial assets at amortised cost comprise receivables arising from financing arrangements entered into by the Group with entities under common control. These arrangements involve the sale and leaseback of commercial vehicles, rental vehicles, and other fixed assets as disclosed in note 15.
As explained in Note 2.4, the acquisition of these motor vehicles from fellow subsidiaries, followed by their leaseback to the original sellers, does not result in a transfer of control of the underlying assets to the Group and are therefore not accounted for as a sale by the fellow subsidiaries. Accordingly, the transactions fall within the scope of IFRS 9 Financial Instruments, and the resulting balances are accounted for as financial assets measured at amortised cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page28-cflshid_9475-tag9310211": { "value": "
8Investment income
20252024
\u20ac\u20ac
Interest income on finance lease receivables (Note 14)114,730-
Interest income on related party loan (Note 15)145,947-
Interest income on other financial assets at amortised cost (Note 15)1,474,189-
1,734,866-
During 2024 the Group entered into lease agreements with other fellow subsidiaries as disclosed in note 14.
Other financial assets at amortised cost comprise receivables arising from financing arrangements entered into by the Group with entities under common control. These arrangements involve the sale and leaseback of commercial vehicles, rental vehicles, and other fixed assets as disclosed in note 15.
As explained in Note 2.4, the acquisition of these motor vehicles from fellow subsidiaries, followed by their leaseback to the original sellers, does not result in a transfer of control of the underlying assets to the Group and are therefore not accounted for as a sale by the fellow subsidiaries. Accordingly, the transactions fall within the scope of IFRS 9 Financial Instruments, and the resulting balances are accounted for as financial assets measured at amortised cost.
9Finance costs
20252024
\u20ac\u20ac
Finance cost on debt securities in issue747,801-
14Finance lease receivables
During the year, the Group entered into finance leasing arrangements as a lessor for commercial vehicles, rental vehicles and other fixed assets to entities under common control. The vehicles and other fixed assets are necessary for the operation of the vehicle rental operations of such entities. The average term of finance leases entered into ranges from 5 to 12 years. Some of these lease contracts include extension or early termination options.
The Group is not exposed to foreign currency risk as a result of the lease arrangements, as all leases are denominated in Euro.
At the end of the reporting period, the respective lessees had outstanding undiscounted lease payments for finance leases, which fall due as follows:
20252024
\u20ac\u20ac
Amounts receivable under finance leases:
Year 1201,400 -
Year 2206,269 -
Year 3211,647 -
Year 4218,014 -
Year 5266,859 -
More than 5 years2,062,538 -
Total undiscounted lease payments3,166,727 -
Less: unearned finance income(1,283,056) -
Net investment in the lease1,883,671 -
Finance income on the net investment in the lease amounted to EUR114,730 (2024 \u2013 \u20acNIL).
15Financial assets
20252024
\u20ac\u20ac
Non-current
Related party loan receivable (Note 15.1)3,160,090-
Other financial assets at amortised cost (Note 15.2)11,009,309-
14,169,399-
Current
Other financial assets at amortised cost (Note 15.2)5,743,680-
15.1The Group issued loans amounting to \u20ac4,200,000 to a fellow subsidiary, Burmarrad Commercials Limited. This loan is unsecured, bears interest at an annual rate of 6.35% and is repayable in 2034.
15.2During the period, the Group entered into financing arrangements with fellow subsidiaries through the sale and leaseback of commercial vehicles, rental vehicles and other fixed assets. The average term of the financing arrangements ranges from 1 to 5 years, bearing an interest of 10% per annum.
20252024
\u20ac\u20ac
Amount expected to be received within 12 months included with current assets5,743,680-
Amount expected to be received after 12 months included with non-current assets11,009,309-
16,752,989-
Related party loan receivableOther financial asset at amortised costTotal
\u20ac\u20ac\u20ac
Amortised cost
At 1.2.2024---
Additions3,160,09016,752,98919,913,079
At 31.1.2025 3,160,09016,752,98919,913,079
17Trade and other receivables
20252024
\u20ac\u20ac
Amount due from fellow subsidiaries874,380-
Prepayments32,69397,476
Other receivables3,1304,900
910,203102,376
The amounts due from the fellow subsidiaries are unsecured, interest free and repayable on demand.
18Cash and cash equivalents
20252024
\u20ac\u20ac
Cash at bank987,165113,248
20Debt securities issued
20252024
\u20ac\u20ac
Non-current
Bonds in issue15,715,927-
Current
Bonds in issue \u2013 accrued interest726,433-
The Company has issued by means of a prospectus an aggregate of \u20ac16,000,000 5.85% bonds of a face value of \u20ac100 per bond payable in full upon subscription and to be redeemed and finally repaid at their face value on 14 May 2034. Such offer has been fully subscribed.
The carrying amount in the statement of financial position is gross of interest and net of transaction costs. Transaction costs incurred in connection with debt securities issued during the year amounted \u20ac305,441 (2024: \u20acNIL). The amortisation of these transaction costs, recognised in the profit and loss statement amounted to \u20ac21,368 (2024: \u20acNIL).
The bonds are secured by the collateral which consist of:
a)the BBT Pledge, namely the first ranking pledge over the 22,680 Ordinary A shares of a nominal value of \u20ac1.00 each, fully paid up, in the capital of BBT p.l.c. held by the Issuer (the BBT Pledged Shares); and
b)the BGFL Pledge, namely the first ranking pledge over the 1,200 ordinary shares of a nominal value of \u20ac1.00 each, fully paid up, in the capital of Burmarrad Group Fleets Limited, and constituting the totality of the issued share capital of the said Burmarrad Group Fleets Limited, held by the Issuer (the BGFL Pledged Shares).
The bonds are subject to the terms and conditions in the prospectus dated 28 March 2024. The quoted market price as at 31 January 2025 for the debt securities was \u20ac105.75.
21Loans due to related parties
20252024
\u20ac\u20ac
Amounts due to fellow subsidiaries2,161,001-
The amounts due to the fellow subsidiaries are unsecured, interest free and repayable on demand.
22Borrowings
22.1
20252024
\u20ac\u20ac
Falling due within one year:
Loan from key management personnel140,234140,234
Falling due in between two and five years:
Bank Loans515,800299,683
22.2 The bank loan is secured by a first general hypothec over assets owned by one of the subsidiaries included in the consolidated financial statements and disclosed in Note 13, by a special hypothec over the property in respect of which the loan has been taken and by a pledge taken over a contractors\u2019 insurance policy covering the property being hypothecated. The bank loan is repayable by 31 January 2027 and bears interest at 1.35% over the bank\u2019s base rate.
22.3The Loan from key management personnel is unsecured, interest free and repayable on demand.
23Trade and other payables
20252024
\u20ac\u20ac
Non-current
Deferred income72,59697,780
Current
Trade payables110,368-
Amounts due to commonly controlled entity not part of the Group98,18098,180
Amounts owed to fellow subsidiaries 588588
Amounts due to equity holders of the parent910,962659,330
Accruals69,806100,906
Deferred income30,02126,160
Indirect taxation324,601360
Other payables2,4881,000
1,547,014886,524
The amounts due to the related companies and group are unsecured, interest free and repayable on demand.
24Financial instruments
24.1Overview
The exposures to risk and the way risks arise, together with the Group\u2019s objectives, policies and processes for managing and measuring these risks are disclosed in more detail below. The objectives, policies and processes for managing financial risks and the methods used to measure such risks are subject to continual improvement and development.
Where applicable, any significant changes in the Group\u2019s exposure to financial risks or the manner in which the Group manages and measures these risks are disclosed below. Where possible, the Group aims to reduce and control risk concentrations. Concentrations of financial risk arise when financial instruments with similar characteristics are influenced in the same way by changes in economic or other factors. The amount of the risk exposure associated with financial instruments sharing similar characteristics is disclosed in more detail in the notes to the financial statements.
24.2Credit risk
Credit risk refers to the risk that a counterparty will cause a financial loss for the Group by failing to discharge an obligation. Financial assets which potentially subject the Group to concentrations of credit risk consist principally of receivables, loans, investments and cash at bank.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk by type of counterparty together with credit risk rating at 31 January 2025 was:
Gross carrying amountLoss allowanceNet carrying mount
\u20ac\u20ac\u20ac
Finance lease receivables1,883,671
Financial asset at amortised cost-
Loans receivable from related company3,160,090
Trade receivables: related companies874,380
Amount due from related company-
Other receivables3,130
Cash at bank987,165
6,908,436
The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk by type of counterparty together with credit risk rating at 31 January 2024 was:
External Credit Rating12-month or lifetime ECLGross Carrying amountLoss allowanceNet carrying mount
\u20ac\u20ac\u20ac
Other receivables4,900
Cash at bank113,248
118,148
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristic of each customer. The Group\u2019s customer base consists solely of related parties.
The aging of trade receivables at the reporting date was as following:
GrossImpairmentNet
\u20ac\u20ac\u20ac
31 January
Not past due874,380-874,380
Past due 0 \u2013 30 days---
Past due 31 \u2013 180 days---
Past due more than 180 days---
874,380-874,380
The Group limits its exposure to credit risk from trade receivables by establishing a maximum
payment period of one months. Loss rates are based on actual credit loss experience over the past
# years which are then adjusted to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and the Group's view of economic conditions over the expected lives of the receivables.
24.3Liquidity risk
The Group\u2019s exposure to liquidity risk arises from its obligations to meet its financial liabilities, which comprise of debt securities in issue, loans due to related parties, bank borrowings, trade and other payables and amounts due to other related parties (see notes 20, 21, 22 and 23). Prudent liquidity risk management includes maintaining sufficient cash and committed credit facilities to ensure the availability of an adequate amount of funding to meet the Group\u2019s obligations when they become due.
The following are the contractual maturities of financial liabilities based on the earliest date on which the Group may be required to pay, including estimated interest payments:
Financial Liabilities
Carrying amountContractual cash flowsLess than one yearBetween 1 and 2 yearsBetween 2 and 5 yearsOver 5 Years
As at 31 January 2025
Debt securities16,442,36024,422,433726,433936,0002,080,00020,680,000
Loans due to related parties2,161,0012,161,001---2,161,001
Bank borrowings515,800606,06518,05318,053569,959-
Long-term borrowings140,234140,234--140,234-
Trade and other payables1,516,9931,516,9931,516,993---
Current tax liability
Total non-derivatives20,776,38828,846,7262,261,479954,0532,790,19322,841,001
As at 31 January 2024
Bank borrowings299,683331,15010,48910,489310,172-
Long-term borrowings140,234140,234--140,234-
Trade and other payables860,364860,364860,364---
Total non-derivatives1,300,2811,331,748870,85310,489450,406-
24.4Market risk
Market risk is the risk that changes in market prices, such as interest rates will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group is not exposed to currency risk as its transactions are carried out in Euro, the functional currency.
Interest rate risk
The Group has taken out bank facilities to finance its operations as disclosed in note 22. The interest rates thereon and the terms of such borrowings are disclosed accordingly. The Group has issued a bond, the terms of which are disclosed in note 20. The Group has variable and fixed interest-bearing financial liabilities and does not enter into financial instruments to hedge against this interest rate risk.
Profile
At the reporting date, the interest rate profile of the Group\u2019s interest-bearing financial instruments were:
20252024
\u20ac\u20ac
Fixed instruments
Finance lease receivable1,883,671-
Financial asset at amortised cost16,752,989-
Related party loan receivable3,160,090-
Debt securities(16,442,360)-
Variable rate instruments
Bank loans(515,800)-
Fair value sensitivity analysis for fixed rate instruments
The Group does not account for fixed rate financial assets and liabilities at fair value through profit and loss and does not enter into hedging instruments to hedge against this risk. Therefore, a change in interest rates at the end of the reporting period would not affect profit or loss.
Cash flow sensitivity analysis for variable rate instruments
The directors do not deem the effect of variable rate instruments and variances in interest rates to have a significant effect on the Group\u2019s cash flow and profit or loss.
24.6Fair values
At the reporting date, the carrying amounts of financial assets and financial liabilities approximated their fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page28-cflshid_9475-tag9310158": { "value": "
8Investment income
20252024
\u20ac\u20ac
Interest income on finance lease receivables (Note 14)114,730-
Interest income on related party loan (Note 15)145,947-
Interest income on other financial assets at amortised cost (Note 15)1,474,189-
1,734,866-
During 2024 the Group entered into lease agreements with other fellow subsidiaries as disclosed in note 14.
Other financial assets at amortised cost comprise receivables arising from financing arrangements entered into by the Group with entities under common control. These arrangements involve the sale and leaseback of commercial vehicles, rental vehicles, and other fixed assets as disclosed in note 15.
As explained in Note 2.4, the acquisition of these motor vehicles from fellow subsidiaries, followed by their leaseback to the original sellers, does not result in a transfer of control of the underlying assets to the Group and are therefore not accounted for as a sale by the fellow subsidiaries. Accordingly, the transactions fall within the scope of IFRS 9 Financial Instruments, and the resulting balances are accounted for as financial assets measured at amortised cost.
9Finance costs
20252024
\u20ac\u20ac
Finance cost on debt securities in issue747,801-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page28-cflshid_9475-tag9310154": { "value": "
8Investment income
20252024
\u20ac\u20ac
Interest income on finance lease receivables (Note 14)114,730-
Interest income on related party loan (Note 15)145,947-
Interest income on other financial assets at amortised cost (Note 15)1,474,189-
1,734,866-
During 2024 the Group entered into lease agreements with other fellow subsidiaries as disclosed in note 14.
Other financial assets at amortised cost comprise receivables arising from financing arrangements entered into by the Group with entities under common control. These arrangements involve the sale and leaseback of commercial vehicles, rental vehicles, and other fixed assets as disclosed in note 15.
As explained in Note 2.4, the acquisition of these motor vehicles from fellow subsidiaries, followed by their leaseback to the original sellers, does not result in a transfer of control of the underlying assets to the Group and are therefore not accounted for as a sale by the fellow subsidiaries. Accordingly, the transactions fall within the scope of IFRS 9 Financial Instruments, and the resulting balances are accounted for as financial assets measured at amortised cost.
9Finance costs
20252024
\u20ac\u20ac
Finance cost on debt securities in issue747,801-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page29-cflshid_9964-tag9310157": { "value": "
9Finance costs
20252024
\u20ac\u20ac
Finance cost on debt securities in issue747,801-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page29-cflshid_9964-tag9310153": { "value": "
9Finance costs
20252024
\u20ac\u20ac
Finance cost on debt securities in issue747,801-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page29-cflshid_9964-tag9310140": { "value": "
9Finance costs
20252024
\u20ac\u20ac
Finance cost on debt securities in issue747,801-
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page29-cflshid_9964-tag9310226": { "value": "
10Other revenue
20252024
\u20ac\u20ac
Rental income40,8488,500
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page29-cflshid_9964-tag9310225": { "value": "
10Other revenue
20252024
\u20ac\u20ac
Rental income40,8488,500
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page29-cflshid_9964-tag9310159": { "value": "
10Other revenue
20252024
\u20ac\u20ac
Rental income40,8488,500
12Investment property
Investment property Total
\u20ac\u20ac
Cost
At 1 February 20232,100,0002,100,000
Additions1,645,2021,645,202
At 1 February 20243,745,2023,745,202
Additions428,208428,208
Change in fair value335,000335,000
At 31 January 20254,508,4104,508,410
Carrying amount
At 31 January 20254,508,4104,508,410
At 31 January 2024 3,745,2023,745,202
12.1At 31 January 2024, investment property amounting to \u20ac3,745,202 was subject to a special hypothec to secure banking facilities availed by a related company. These hypothecs were cancelled during the year under review upon settlement of same banking facilities. Investment property with a value of \u20ac972,675 is subject to a special hypothec in favour of the bank for the funds borrowed (Note 22).
12.2Investment property consists of land situated in Burmarrad, properties held for development purposes, garages, commercial and residential buildings in Burmarrad and a restaurant in Nadur. An amount of \u20ac972,675 included within the carrying amount as at 31 January 2025 was investment property under construction throughout the year. The Group has not entered into any contractual obligations to purchase, construct, or develop investment property, nor has it entered into any contractual obligations for repairs, maintenance, or enhancements of investment property. Rental income of \u20ac40,848 (2024: \u20ac8,500) has been included within other revenue on the Consolidated Statement of Comprehensive Income as disclosed in note 10.
12.3Investment property is revalued by professionally qualified independent architects or surveyors on the basis of assessments of the fair value of the property in accordance with international valuations standards and professional practice with recent experience of commercial property in Malta. An updated valuation is carried out where management identifies potential discrepancies following discussions with the architect or other external experts. In the periods where a valuation is not obtained, management verifies all major inputs to the independent valuation report, assesses any property valuation movements when compared to the prior period valuation reports and holds discussions with the independent valuer, as necessary. The fair value of the Group\u2019s investment property as at 31 January 2025 amounts to \u20ac4,508,410 (31 January 2024: \u20ac3,745,202). The directors are of the opinion that the fair value of the property required adjustment as at 31 January 2025, resulting in a revaluation of \u20ac335,000. There has been no change to the valuation technique during the year.
12.6Rental income derived from investment property is disclosed in note 10. There were no direct operating expenses incurred in the generation of this rental income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page29-cflshid_9964-tag9310156": { "value": "
11Income tax expense
The tax charge for the year and the result of the accounting profit/(loss) multiplied by the tax rate applicable for the Group in Malta, the Group\u2019s country of incorporation, are reconciled as follows:
20252024
\u20ac\u20ac
Profit/(loss) before income tax(10,213)
Income tax using the Group\u2019s domestic tax rate of 35%3,575
Tax effect of expenses not allowed for tax purposes (9,313)
Difference in tax rates applied to fair value gains168,000
Difference in tax rates applied to rental income1,700
Share of profits from associate #
Non-taxable income2,762
Tax credit for the year166,724
20252024
\u20ac\u20ac
Current tax expense--
Deferred tax expense--
16Deferred tax
16.1 Deferred tax asset
20252024
\u20ac\u20ac
Opening balance--
Recognised in P&L18,996-
Closing balance18,996-
The deferred tax asset arose on unutilised tax losses carried forward.
16.2 Deferred tax liability
20252024
\u20ac\u20ac
Opening balance--
Recognised in P&L26,800-
Closing balance26,800-
The deferred tax liability arose due to an increase in the fair value of investment property registered during the year under review.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page30-cflshid_10399-tag9310212": { "value": "
12Investment property
Investment property Total
\u20ac\u20ac
Cost
At 1 February 20232,100,0002,100,000
Additions1,645,2021,645,202
At 1 February 20243,745,2023,745,202
Additions428,208428,208
Change in fair value335,000335,000
At 31 January 20254,508,4104,508,410
Carrying amount
At 31 January 20254,508,4104,508,410
At 31 January 2024 3,745,2023,745,202
12.1At 31 January 2024, investment property amounting to \u20ac3,745,202 was subject to a special hypothec to secure banking facilities availed by a related company. These hypothecs were cancelled during the year under review upon settlement of same banking facilities. Investment property with a value of \u20ac972,675 is subject to a special hypothec in favour of the bank for the funds borrowed (Note 22).
12.2Investment property consists of land situated in Burmarrad, properties held for development purposes, garages, commercial and residential buildings in Burmarrad and a restaurant in Nadur. An amount of \u20ac972,675 included within the carrying amount as at 31 January 2025 was investment property under construction throughout the year. The Group has not entered into any contractual obligations to purchase, construct, or develop investment property, nor has it entered into any contractual obligations for repairs, maintenance, or enhancements of investment property. Rental income of \u20ac40,848 (2024: \u20ac8,500) has been included within other revenue on the Consolidated Statement of Comprehensive Income as disclosed in note 10.
12.3Investment property is revalued by professionally qualified independent architects or surveyors on the basis of assessments of the fair value of the property in accordance with international valuations standards and professional practice with recent experience of commercial property in Malta. An updated valuation is carried out where management identifies potential discrepancies following discussions with the architect or other external experts. In the periods where a valuation is not obtained, management verifies all major inputs to the independent valuation report, assesses any property valuation movements when compared to the prior period valuation reports and holds discussions with the independent valuer, as necessary. The fair value of the Group\u2019s investment property as at 31 January 2025 amounts to \u20ac4,508,410 (31 January 2024: \u20ac3,745,202). The directors are of the opinion that the fair value of the property required adjustment as at 31 January 2025, resulting in a revaluation of \u20ac335,000. There has been no change to the valuation technique during the year.
12.4In estimating the fair value of the properties, the highest and best use of the properties is their current use.
12.5The Group\u2019s property has been determined to fall within level 3 of the fair valuation hierarchy as defined note 3.3.1.
\u00a0\u00a0\u00a0\u00a0
12.6Rental income derived from investment property is disclosed in note 10. There were no direct operating expenses incurred in the generation of this rental income.
12.7The table below includes further information about the Group\u2019s level 3 fair value measurements.
As at 31 January 2025Significant observable inputNarrative sensitivity
Commercial property, including restaurantEstimated sales value of \u20ac2,000 per square metre (31.01.2024: \u20ac2,000 per square metre)The higher the sales price per square metre, the higher the fair value
Garages and storageEstimated sales value ranging from \u20ac1,500 to \u20ac2,800 per square metre (31.01.2024: \u20ac650 to \u20ac2,800 per square metre)The higher the sales price per square metre, the higher the fair value
Residential propertyEstimated sales value ranging from \u20ac2,000 to \u20ac2,300 per square metre (31.01.2024: \u20ac2,000 to \u20ac2,300 per square metre)The higher the sales price per square metre, the higher the fair value
Development siteEstimated sales value of \u20ac2,600 per square metre (31.01.2024: \u20ac2,600 per square metre)The higher the sales price per square metre, the higher the fair value
Agricultural landEstimated sales value of \u20ac50 per square metre (31.1.2024: \u20ac50 per square metre)The higher the sales price per square metre, the higher the fair value
15Financial assets
20252024
\u20ac\u20ac
Non-current
Related party loan receivable (Note 15.1)3,160,090-
Other financial assets at amortised cost (Note 15.2)11,009,309-
14,169,399-
Current
Other financial assets at amortised cost (Note 15.2)5,743,680-
15.1The Group issued loans amounting to \u20ac4,200,000 to a fellow subsidiary, Burmarrad Commercials Limited. This loan is unsecured, bears interest at an annual rate of 6.35% and is repayable in 2034.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page30-cflshid_10399-tag9310144": { "value": "
12Investment property
Investment property Total
\u20ac\u20ac
Cost
At 1 February 20232,100,0002,100,000
Additions1,645,2021,645,202
At 1 February 20243,745,2023,745,202
Additions428,208428,208
Change in fair value335,000335,000
At 31 January 20254,508,4104,508,410
Carrying amount
At 31 January 20254,508,4104,508,410
At 31 January 2024 3,745,2023,745,202
12.1At 31 January 2024, investment property amounting to \u20ac3,745,202 was subject to a special hypothec to secure banking facilities availed by a related company. These hypothecs were cancelled during the year under review upon settlement of same banking facilities. Investment property with a value of \u20ac972,675 is subject to a special hypothec in favour of the bank for the funds borrowed (Note 22).
20Debt securities issued
20252024
\u20ac\u20ac
Non-current
Bonds in issue15,715,927-
Current
Bonds in issue \u2013 accrued interest726,433-
The bonds are secured by the collateral which consist of:
a)the BBT Pledge, namely the first ranking pledge over the 22,680 Ordinary A shares of a nominal value of \u20ac1.00 each, fully paid up, in the capital of BBT p.l.c. held by the Issuer (the BBT Pledged Shares); and
b)the BGFL Pledge, namely the first ranking pledge over the 1,200 ordinary shares of a nominal value of \u20ac1.00 each, fully paid up, in the capital of Burmarrad Group Fleets Limited, and constituting the totality of the issued share capital of the said Burmarrad Group Fleets Limited, held by the Issuer (the BGFL Pledged Shares).
22Borrowings
22.1
20252024
\u20ac\u20ac
Falling due within one year:
Loan from key management personnel140,234140,234
Falling due in between two and five years:
Bank Loans515,800299,683
22.2 The bank loan is secured by a first general hypothec over assets owned by one of the subsidiaries included in the consolidated financial statements and disclosed in Note 13, by a special hypothec over the property in respect of which the loan has been taken and by a pledge taken over a contractors\u2019 insurance policy covering the property being hypothecated. The bank loan is repayable by 31 January 2027 and bears interest at 1.35% over the bank\u2019s base rate.
26Subsequent events
After year end, Burmarrad Group Fleets Limited has negotiated a Revolving Credit Facility with its bankers to continue investing in its vehicles fleet and is in the process of registering hypothecary charges on a number of properties owned by Burmarrad Group Properties Limited to secure this facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page30-cflshid_10399-tag9310160": { "value": "
12Investment property
Investment property Total
\u20ac\u20ac
Cost
At 1 February 20232,100,0002,100,000
Additions1,645,2021,645,202
At 1 February 20243,745,2023,745,202
Additions428,208428,208
Change in fair value335,000335,000
At 31 January 20254,508,4104,508,410
Carrying amount
At 31 January 20254,508,4104,508,410
At 31 January 2024 3,745,2023,745,202
12.6Rental income derived from investment property is disclosed in note 10. There were no direct operating expenses incurred in the generation of this rental income.
14Finance lease receivables
During the year, the Group entered into finance leasing arrangements as a lessor for commercial vehicles, rental vehicles and other fixed assets to entities under common control. The vehicles and other fixed assets are necessary for the operation of the vehicle rental operations of such entities. The average term of finance leases entered into ranges from 5 to 12 years. Some of these lease contracts include extension or early termination options.
The Group is not exposed to foreign currency risk as a result of the lease arrangements, as all leases are denominated in Euro.
At the end of the reporting period, the respective lessees had outstanding undiscounted lease payments for finance leases, which fall due as follows:
20252024
\u20ac\u20ac
Amounts receivable under finance leases:
Year 1201,400 -
Year 2206,269 -
Year 3211,647 -
Year 4218,014 -
Year 5266,859 -
More than 5 years2,062,538 -
Total undiscounted lease payments3,166,727 -
Less: unearned finance income(1,283,056) -
Net investment in the lease1,883,671 -
Finance income on the net investment in the lease amounted to EUR114,730 (2024 \u2013 \u20acNIL).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page30-cflshid_10399-tag9310152": { "value": "
12Investment property
Investment property Total
\u20ac\u20ac
Cost
At 1 February 20232,100,0002,100,000
Additions1,645,2021,645,202
At 1 February 20243,745,2023,745,202
Additions428,208428,208
Change in fair value335,000335,000
At 31 January 20254,508,4104,508,410
Carrying amount
At 31 January 20254,508,4104,508,410
At 31 January 2024 3,745,2023,745,202
12.2Investment property consists of land situated in Burmarrad, properties held for development purposes, garages, commercial and residential buildings in Burmarrad and a restaurant in Nadur. An amount of \u20ac972,675 included within the carrying amount as at 31 January 2025 was investment property under construction throughout the year. The Group has not entered into any contractual obligations to purchase, construct, or develop investment property, nor has it entered into any contractual obligations for repairs, maintenance, or enhancements of investment property. Rental income of \u20ac40,848 (2024: \u20ac8,500) has been included within other revenue on the Consolidated Statement of Comprehensive Income as disclosed in note 10.
12.3Investment property is revalued by professionally qualified independent architects or surveyors on the basis of assessments of the fair value of the property in accordance with international valuations standards and professional practice with recent experience of commercial property in Malta. An updated valuation is carried out where management identifies potential discrepancies following discussions with the architect or other external experts. In the periods where a valuation is not obtained, management verifies all major inputs to the independent valuation report, assesses any property valuation movements when compared to the prior period valuation reports and holds discussions with the independent valuer, as necessary. The fair value of the Group\u2019s investment property as at 31 January 2025 amounts to \u20ac4,508,410 (31 January 2024: \u20ac3,745,202). The directors are of the opinion that the fair value of the property required adjustment as at 31 January 2025, resulting in a revaluation of \u20ac335,000. There has been no change to the valuation technique during the year.
12.4In estimating the fair value of the properties, the highest and best use of the properties is their current use.
12.5The Group\u2019s property has been determined to fall within level 3 of the fair valuation hierarchy as defined note 3.3.1.
12.7The table below includes further information about the Group\u2019s level 3 fair value measurements.
As at 31 January 2025Significant observable inputNarrative sensitivity
Commercial property, including restaurantEstimated sales value of \u20ac2,000 per square metre (31.01.2024: \u20ac2,000 per square metre)The higher the sales price per square metre, the higher the fair value
Garages and storageEstimated sales value ranging from \u20ac1,500 to \u20ac2,800 per square metre (31.01.2024: \u20ac650 to \u20ac2,800 per square metre)The higher the sales price per square metre, the higher the fair value
Residential propertyEstimated sales value ranging from \u20ac2,000 to \u20ac2,300 per square metre (31.01.2024: \u20ac2,000 to \u20ac2,300 per square metre)The higher the sales price per square metre, the higher the fair value
Development siteEstimated sales value of \u20ac2,600 per square metre (31.01.2024: \u20ac2,600 per square metre)The higher the sales price per square metre, the higher the fair value
Agricultural landEstimated sales value of \u20ac50 per square metre (31.1.2024: \u20ac50 per square metre)The higher the sales price per square metre, the higher the fair value
Judgement is exercised to estimate the sales price, which is a significant input used to determine the fair value of the investment property. Comparable sales of similar properties in the vicinity are considered as a basis for this estimate.
A change of \u20ac1 per square meter in the fair value of investment property is estimated to impact the Group\u2019s profit before tax by approximately \u20ac3,762, based on the current level of investment property holdings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page32-cflshid_11231-tag9310227": { "value": "
13Equity accounted investee
The carrying value of the investment in associates as at 31 January 2025 is:
Total
\u20ac
At 1 February 2023-
Additions15,600,000
Share of results7,892
At 31 January 2024 15,607,892
Share of results#
At 31 January 2025#
On 19 January 2024, the Group acquired 19.31% interest in BBT p.l.c., whereby the Group took on a net liability of \u20ac10,520,000 arising from the assignment of receivables and payables between the Group, fellow subsidiaries and third parties in respect of the acquisition. This amount, representing the net consideration transferred, was capitalized as part of the share capital of the Group. The registered address of BBT p.l.c. is The Watercourse Zone 2, Central Business District, Mdina Road, Birkirkara, Malta. BBT p.l.c. was established jointly with other entities for the purposes of acquiring, developing, and managing commercial real estate assets. The Group has accounted for its interest in BBT p.l.c. at the fair value of the consideration transferred at inception.
The Group has the right to appoint one of the three directors of the board of BBT p.l.c and is therefore deemed to have significant influence over the investee. As a result, the investment was classified as an associate upon acquisition. BBT p.l.c has a financial year end of 31 December, which differs from the Group\u2019s financial year end of 31 January. In preparing the consolidated financial statements, the Group used the unaudited financial information of BBT p.l.c.for the year ended 31 December 2024. No adjustments were made for the different year end as management assessed that the effect of any transactions or events during this period was not significant to the Group\u2019s financial position or performance. The following table illustrates financial information for BBT p.l.c.
31/01/202531/01/2024
\u20ac\u20ac
Current assets3,842,977
Non-current assets89,613,707
Current liabilities(1,936,399)
Non-current liabilities(21,484,697)
Equity 70,035,588
31/01/202531/01/2024
\u20ac\u20ac
Group\u2019s share in equity \u2013 19.31%13,523,872
Group\u2019s carrying amount of the investment15,607,892
Revenue
Profit for the year1,745,063
Other comprehensive income465,264
Total comprehensive income-
465,264
Group\u2019s share of total comprehensive income for the year/period \u2013 19.31% acquired on 19 January 20247,892
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page32-cflshid_11231-tag9310170": { "value": "
13Equity accounted investee
The carrying value of the investment in associates as at 31 January 2025 is:
Total
\u20ac
At 1 February 2023-
Additions15,600,000
Share of results7,892
At 31 January 2024 15,607,892
Share of results#
At 31 January 2025#
On 19 January 2024, the Group acquired 19.31% interest in BBT p.l.c., whereby the Group took on a net liability of \u20ac10,520,000 arising from the assignment of receivables and payables between the Group, fellow subsidiaries and third parties in respect of the acquisition. This amount, representing the net consideration transferred, was capitalized as part of the share capital of the Group. The registered address of BBT p.l.c. is The Watercourse Zone 2, Central Business District, Mdina Road, Birkirkara, Malta. BBT p.l.c. was established jointly with other entities for the purposes of acquiring, developing, and managing commercial real estate assets. The Group has accounted for its interest in BBT p.l.c. at the fair value of the consideration transferred at inception.
The Group has the right to appoint one of the three directors of the board of BBT p.l.c and is therefore deemed to have significant influence over the investee. As a result, the investment was classified as an associate upon acquisition. BBT p.l.c has a financial year end of 31 December, which differs from the Group\u2019s financial year end of 31 January. In preparing the consolidated financial statements, the Group used the unaudited financial information of BBT p.l.c.for the year ended 31 December 2024. No adjustments were made for the different year end as management assessed that the effect of any transactions or events during this period was not significant to the Group\u2019s financial position or performance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page34-cflshid_12311-tag9310147": { "value": "15Financial assets
20252024
\u20ac\u20ac
Non-current
Related party loan receivable (Note 15.1)3,160,090-
Other financial assets at amortised cost (Note 15.2)11,009,309-
14,169,399-
Current
Other financial assets at amortised cost (Note 15.2)5,743,680-
15.1The Group issued loans amounting to \u20ac4,200,000 to a fellow subsidiary, Burmarrad Commercials Limited. This loan is unsecured, bears interest at an annual rate of 6.35% and is repayable in 2034.
20Debt securities issued
20252024
\u20ac\u20ac
Non-current
Bonds in issue15,715,927-
Current
Bonds in issue \u2013 accrued interest726,433-
The Company has issued by means of a prospectus an aggregate of \u20ac16,000,000 5.85% bonds of a face value of \u20ac100 per bond payable in full upon subscription and to be redeemed and finally repaid at their face value on 14 May 2034. Such offer has been fully subscribed.
The carrying amount in the statement of financial position is gross of interest and net of transaction costs. Transaction costs incurred in connection with debt securities issued during the year amounted \u20ac305,441 (2024: \u20acNIL). The amortisation of these transaction costs, recognised in the profit and loss statement amounted to \u20ac21,368 (2024: \u20acNIL).
The bonds are secured by the collateral which consist of:
a)the BBT Pledge, namely the first ranking pledge over the 22,680 Ordinary A shares of a nominal value of \u20ac1.00 each, fully paid up, in the capital of BBT p.l.c. held by the Issuer (the BBT Pledged Shares); and
b)the BGFL Pledge, namely the first ranking pledge over the 1,200 ordinary shares of a nominal value of \u20ac1.00 each, fully paid up, in the capital of Burmarrad Group Fleets Limited, and constituting the totality of the issued share capital of the said Burmarrad Group Fleets Limited, held by the Issuer (the BGFL Pledged Shares).
The bonds are subject to the terms and conditions in the prospectus dated 28 March 2024. The quoted market price as at 31 January 2025 for the debt securities was \u20ac105.75.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page35-cflshid_12729-tag9310149": { "value": "16Deferred tax
16.1 Deferred tax asset
20252024
\u20ac\u20ac
Opening balance--
Recognised in P&L18,996-
Closing balance18,996-
The deferred tax asset arose on unutilised tax losses carried forward.
16.2 Deferred tax liability
20252024
\u20ac\u20ac
Opening balance--
Recognised in P&L26,800-
Closing balance26,800-
The deferred tax liability arose due to an increase in the fair value of investment property registered during the year under review.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page35-cflshid_12729-tag9310165": { "value": "
17Trade and other receivables
20252024
\u20ac\u20ac
Amount due from fellow subsidiaries874,380-
Prepayments32,69397,476
Other receivables3,1304,900
910,203102,376
The amounts due from the fellow subsidiaries are unsecured, interest free and repayable on demand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page35-cflshid_12729-tag9310230": { "value": "
17Trade and other receivables
20252024
\u20ac\u20ac
Amount due from fellow subsidiaries874,380-
Prepayments32,69397,476
Other receivables3,1304,900
910,203102,376
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page35-cflshid_12729-tag9310229": { "value": "
17Trade and other receivables
20252024
\u20ac\u20ac
Amount due from fellow subsidiaries874,380-
Prepayments32,69397,476
Other receivables3,1304,900
910,203102,376
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page35-cflshid_12729-tag9310228": { "value": "
17Trade and other receivables
20252024
\u20ac\u20ac
Amount due from fellow subsidiaries874,380-
Prepayments32,69397,476
Other receivables3,1304,900
910,203102,376
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page35-cflshid_12729-tag9310232": { "value": "
18Cash and cash equivalents
20252024
\u20ac\u20ac
Cash at bank987,165113,248
Reconciliation of movements of liabilities to cash flows arising from financing activities
Liabilities
NoteBank borrowingsShort-term borrowingsDebt securities issuedLoans due to related parties
Balance at 1 February 2024299,683140,234--
Changes from financing cash flows
Proceeds from issue of debt securities20--16,000,000-
Payment of transaction costs relating to debt securities issued20--(305,441)-
Proceeds from loans and borrowings22216,117---
Total changes from financing cash flows515,800140,23415,694,559-
Other liability related changes
Amounts due to fellow subsidiaries for acquisition of assets subject to financing arrangement15.2,21---2,161,001
Interest expense20--747,801-
Total liability-related other changes515,800140,23416,442,3602,161,001
Total equity-related other changes----
Balance at 31 January 2025515,800140,23416,442,3602,161,001
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page35-cflshid_12729-tag9310231": { "value": "
18Cash and cash equivalents
20252024
\u20ac\u20ac
Cash at bank987,165113,248
Reconciliation of movements of liabilities to cash flows arising from financing activities
Liabilities
NoteBank borrowingsShort-term borrowingsDebt securities issuedLoans due to related parties
Balance at 1 February 2024299,683140,234--
Changes from financing cash flows
Proceeds from issue of debt securities20--16,000,000-
Payment of transaction costs relating to debt securities issued20--(305,441)-
Proceeds from loans and borrowings22216,117---
Total changes from financing cash flows515,800140,23415,694,559-
Other liability related changes
Amounts due to fellow subsidiaries for acquisition of assets subject to financing arrangement15.2,21---2,161,001
Interest expense20--747,801-
Total liability-related other changes515,800140,23416,442,3602,161,001
Total equity-related other changes----
Balance at 31 January 2025515,800140,23416,442,3602,161,001
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page36-cflshid_13198-tag9310234": { "value": "
19Equity
19.1Share capital
Issued Class \u2018A\u2019 shares Issued class \u2018B\u2019 shares Total
\u20ac\u20ac\u20ac
Issued share capital of \u20ac1 each 100% paid up at 1.2.20231,200-1,200
Issue of shares on 23.1.202410,519,999110,520,000
Issued share capital of \u20ac1 each 100% paid up at 31.1.2024 10,521,199110,521,200
Issue of shares on 26.3.20243,605,800-3,605,800
On issue at 31.1.2025 - 100% paid up 14,126,999114,127,000
On 23 January 2024 the Group increased the authorised share capital from one thousand two hundred Euro (\u20ac1,200) divided into one thousand two hundred (1,200) ordinary shares of a nominal value of \u20ac1 each to fifteen million Euro (\u20ac15,000,000) divided into fourteen million, nine hundred and ninety-nine thousand, nine hundred and ninety-nine (14,999,999) Ordinary \u2018A\u2019 shares of one Euro (\u20ac1) each and one (1) Ordinary \u2018B\u2019 Share of one Euro (\u20ac1) each.
The holders of Class A Shares have the right to attend and vote in respect of any and all matters at general meetings of the Group. Class A shares entitle the holders to one vote in respect of each share. The holders of the \u2018B\u2019 Shares shall have the right to receive notice and to attend at general meetings of the Group but shall not have the right to vote on any matter at such general meetings.
The holders of the \u2018A\u2019 shares have the right to receive dividends and to participate in the profits of the Group and in the distribution of assets of the Group upon winding-up. The holders of the \u2018B\u2019 Shares shall not have the right to receive dividends or to participate in the profits of the Group or in the distribution of assets of the Group upon winding up, except for a return of capital upon such winding up.
19.2Other reserve
20252024
\u20ac\u20ac
Other reserve870,768870,768
Other reserve represents non-distributable earnings emanating from fair value uplifts recorded during prior periods recognised through the profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page36-cflshid_13198-tag9310233": { "value": "
19Equity
19.1Share capital
Issued Class \u2018A\u2019 shares Issued class \u2018B\u2019 shares Total
\u20ac\u20ac\u20ac
Issued share capital of \u20ac1 each 100% paid up at 1.2.20231,200-1,200
Issue of shares on 23.1.202410,519,999110,520,000
Issued share capital of \u20ac1 each 100% paid up at 31.1.2024 10,521,199110,521,200
Issue of shares on 26.3.20243,605,800-3,605,800
On issue at 31.1.2025 - 100% paid up 14,126,999114,127,000
On 23 January 2024 the Group increased the authorised share capital from one thousand two hundred Euro (\u20ac1,200) divided into one thousand two hundred (1,200) ordinary shares of a nominal value of \u20ac1 each to fifteen million Euro (\u20ac15,000,000) divided into fourteen million, nine hundred and ninety-nine thousand, nine hundred and ninety-nine (14,999,999) Ordinary \u2018A\u2019 shares of one Euro (\u20ac1) each and one (1) Ordinary \u2018B\u2019 Share of one Euro (\u20ac1) each.
The holders of Class A Shares have the right to attend and vote in respect of any and all matters at general meetings of the Group. Class A shares entitle the holders to one vote in respect of each share. The holders of the \u2018B\u2019 Shares shall have the right to receive notice and to attend at general meetings of the Group but shall not have the right to vote on any matter at such general meetings.
The holders of the \u2018A\u2019 shares have the right to receive dividends and to participate in the profits of the Group and in the distribution of assets of the Group upon winding-up. The holders of the \u2018B\u2019 Shares shall not have the right to receive dividends or to participate in the profits of the Group or in the distribution of assets of the Group upon winding up, except for a return of capital upon such winding up.
19.2Other reserve
20252024
\u20ac\u20ac
Other reserve870,768870,768
Other reserve represents non-distributable earnings emanating from fair value uplifts recorded during prior periods recognised through the profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page36-cflshid_13198-tag9310168": { "value": "
19Equity
19.2Other reserve
20252024
\u20ac\u20ac
Other reserve870,768870,768
Other reserve represents non-distributable earnings emanating from fair value uplifts recorded during prior periods recognised through the profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page37-cflshid_13665-tag9310141": { "value": "
20Debt securities issued
20252024
\u20ac\u20ac
Non-current
Bonds in issue15,715,927-
Current
Bonds in issue \u2013 accrued interest726,433-
The Company has issued by means of a prospectus an aggregate of \u20ac16,000,000 5.85% bonds of a face value of \u20ac100 per bond payable in full upon subscription and to be redeemed and finally repaid at their face value on 14 May 2034. Such offer has been fully subscribed.
The carrying amount in the statement of financial position is gross of interest and net of transaction costs. Transaction costs incurred in connection with debt securities issued during the year amounted \u20ac305,441 (2024: \u20acNIL). The amortisation of these transaction costs, recognised in the profit and loss statement amounted to \u20ac21,368 (2024: \u20acNIL).
The bonds are secured by the collateral which consist of:
a)the BBT Pledge, namely the first ranking pledge over the 22,680 Ordinary A shares of a nominal value of \u20ac1.00 each, fully paid up, in the capital of BBT p.l.c. held by the Issuer (the BBT Pledged Shares); and
b)the BGFL Pledge, namely the first ranking pledge over the 1,200 ordinary shares of a nominal value of \u20ac1.00 each, fully paid up, in the capital of Burmarrad Group Fleets Limited, and constituting the totality of the issued share capital of the said Burmarrad Group Fleets Limited, held by the Issuer (the BGFL Pledged Shares).
The bonds are subject to the terms and conditions in the prospectus dated 28 March 2024. The quoted market price as at 31 January 2025 for the debt securities was \u20ac105.75.
21Loans due to related parties
20252024
\u20ac\u20ac
Amounts due to fellow subsidiaries2,161,001-
The amounts due to the fellow subsidiaries are unsecured, interest free and repayable on demand.
22Borrowings
22.1
20252024
\u20ac\u20ac
Falling due within one year:
Loan from key management personnel140,234140,234
Falling due in between two and five years:
Bank Loans515,800299,683
22.2 The bank loan is secured by a first general hypothec over assets owned by one of the subsidiaries included in the consolidated financial statements and disclosed in Note 13, by a special hypothec over the property in respect of which the loan has been taken and by a pledge taken over a contractors\u2019 insurance policy covering the property being hypothecated. The bank loan is repayable by 31 January 2027 and bears interest at 1.35% over the bank\u2019s base rate.
22.3The Loan from key management personnel is unsecured, interest free and repayable on demand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page38-cflshid_14155-tag9310213": { "value": "
21Loans due to related parties
20252024
\u20ac\u20ac
Amounts due to fellow subsidiaries2,161,001-
The amounts due to the fellow subsidiaries are unsecured, interest free and repayable on demand.
22Borrowings
22.1
20252024
\u20ac\u20ac
Falling due within one year:
Loan from key management personnel140,234140,234
Falling due in between two and five years:
Bank Loans515,800299,683
22.3The Loan from key management personnel is unsecured, interest free and repayable on demand.
23Trade and other payables
20252024
\u20ac\u20ac
Non-current
Deferred income72,59697,780
Current
Trade payables110,368-
Amounts due to commonly controlled entity not part of the Group98,18098,180
Amounts owed to fellow subsidiaries 588588
Amounts due to equity holders of the parent910,962659,330
Accruals69,806100,906
Deferred income30,02126,160
Indirect taxation324,601360
Other payables2,4881,000
1,547,014886,524
The amounts due to the related companies and group are unsecured, interest free and repayable on demand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page39-cflshid_14634-tag9310164": { "value": "23Trade and other payables
20252024
\u20ac\u20ac
Non-current
Deferred income72,59697,780
Current
Trade payables110,368-
Amounts due to commonly controlled entity not part of the Group98,18098,180
Amounts owed to fellow subsidiaries 588588
Amounts due to equity holders of the parent910,962659,330
Accruals69,806100,906
Deferred income30,02126,160
Indirect taxation324,601360
Other payables2,4881,000
1,547,014886,524
The amounts due to the related companies and group are unsecured, interest free and repayable on demand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page39-cflshid_14634-tag9310148": { "value": "23Trade and other payables
20252024
\u20ac\u20ac
Non-current
Deferred income72,59697,780
Current
Trade payables110,368-
Amounts due to commonly controlled entity not part of the Group98,18098,180
Amounts owed to fellow subsidiaries 588588
Amounts due to equity holders of the parent910,962659,330
Accruals69,806100,906
Deferred income30,02126,160
Indirect taxation324,601360
Other payables2,4881,000
1,547,014886,524
The amounts due to the related companies and group are unsecured, interest free and repayable on demand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page39-cflshid_14634-tag9310237": { "value": "23Trade and other payables
20252024
\u20ac\u20ac
Non-current
Deferred income72,59697,780
Current
Trade payables110,368-
Amounts due to commonly controlled entity not part of the Group98,18098,180
Amounts owed to fellow subsidiaries 588588
Amounts due to equity holders of the parent910,962659,330
Accruals69,806100,906
Deferred income30,02126,160
Indirect taxation324,601360
Other payables2,4881,000
1,547,014886,524
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page39-cflshid_14634-tag9310236": { "value": "23Trade and other payables
20252024
\u20ac\u20ac
Non-current
Deferred income72,59697,780
Current
Trade payables110,368-
Amounts due to commonly controlled entity not part of the Group98,18098,180
Amounts owed to fellow subsidiaries 588588
Amounts due to equity holders of the parent910,962659,330
Accruals69,806100,906
Deferred income30,02126,160
Indirect taxation324,601360
Other payables2,4881,000
1,547,014886,524
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page39-cflshid_14634-tag9310235": { "value": "23Trade and other payables
20252024
\u20ac\u20ac
Non-current
Deferred income72,59697,780
Current
Trade payables110,368-
Amounts due to commonly controlled entity not part of the Group98,18098,180
Amounts owed to fellow subsidiaries 588588
Amounts due to equity holders of the parent910,962659,330
Accruals69,806100,906
Deferred income30,02126,160
Indirect taxation324,601360
Other payables2,4881,000
1,547,014886,524
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page39-cflshid_14634-tag9310167": { "value": "23Trade and other payables
20252024
\u20ac\u20ac
Non-current
Deferred income72,59697,780
Current
Trade payables110,368-
Amounts due to commonly controlled entity not part of the Group98,18098,180
Amounts owed to fellow subsidiaries 588588
Amounts due to equity holders of the parent910,962659,330
Accruals69,806100,906
Deferred income30,02126,160
Indirect taxation324,601360
Other payables2,4881,000
1,547,014886,524
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page39-cflshid_14634-tag9310204": { "value": "
24Financial instruments
24.1Overview
The exposures to risk and the way risks arise, together with the Group\u2019s objectives, policies and processes for managing and measuring these risks are disclosed in more detail below. The objectives, policies and processes for managing financial risks and the methods used to measure such risks are subject to continual improvement and development.
Where applicable, any significant changes in the Group\u2019s exposure to financial risks or the manner in which the Group manages and measures these risks are disclosed below. Where possible, the Group aims to reduce and control risk concentrations. Concentrations of financial risk arise when financial instruments with similar characteristics are influenced in the same way by changes in economic or other factors. The amount of the risk exposure associated with financial instruments sharing similar characteristics is disclosed in more detail in the notes to the financial statements.
24.2Credit risk
Credit risk refers to the risk that a counterparty will cause a financial loss for the Group by failing to discharge an obligation. Financial assets which potentially subject the Group to concentrations of credit risk consist principally of receivables, loans, investments and cash at bank.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk by type of counterparty together with credit risk rating at 31 January 2025 was:
Gross carrying amountLoss allowanceNet carrying mount
\u20ac\u20ac\u20ac
Finance lease receivables1,883,671
Financial asset at amortised cost-
Loans receivable from related company3,160,090
Trade receivables: related companies874,380
Amount due from related company-
Other receivables3,130
Cash at bank987,165
6,908,436
The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk by type of counterparty together with credit risk rating at 31 January 2024 was:
External Credit Rating12-month or lifetime ECLGross Carrying amountLoss allowanceNet carrying mount
\u20ac\u20ac\u20ac
Other receivables4,900
Cash at bank113,248
118,148
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristic of each customer. The Group\u2019s customer base consists solely of related parties.
The aging of trade receivables at the reporting date was as following:
GrossImpairmentNet
\u20ac\u20ac\u20ac
31 January
Not past due874,380-874,380
Past due 0 \u2013 30 days---
Past due 31 \u2013 180 days---
Past due more than 180 days---
874,380-874,380
The Group limits its exposure to credit risk from trade receivables by establishing a maximum
payment period of one months. Loss rates are based on actual credit loss experience over the past
# years which are then adjusted to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and the Group's view of economic conditions over the expected lives of the receivables.
24.3Liquidity risk
The Group\u2019s exposure to liquidity risk arises from its obligations to meet its financial liabilities, which comprise of debt securities in issue, loans due to related parties, bank borrowings, trade and other payables and amounts due to other related parties (see notes 20, 21, 22 and 23). Prudent liquidity risk management includes maintaining sufficient cash and committed credit facilities to ensure the availability of an adequate amount of funding to meet the Group\u2019s obligations when they become due.
The following are the contractual maturities of financial liabilities based on the earliest date on which the Group may be required to pay, including estimated interest payments:
Financial Liabilities
Carrying amountContractual cash flowsLess than one yearBetween 1 and 2 yearsBetween 2 and 5 yearsOver 5 Years
As at 31 January 2025
Debt securities16,442,36024,422,433726,433936,0002,080,00020,680,000
Loans due to related parties2,161,0012,161,001---2,161,001
Bank borrowings515,800606,06518,05318,053569,959-
Long-term borrowings140,234140,234--140,234-
Trade and other payables1,516,9931,516,9931,516,993---
Current tax liability
Total non-derivatives20,776,38828,846,7262,261,479954,0532,790,19322,841,001
As at 31 January 2024
Bank borrowings299,683331,15010,48910,489310,172-
Long-term borrowings140,234140,234--140,234-
Trade and other payables860,364860,364860,364---
Total non-derivatives1,300,2811,331,748870,85310,489450,406-
24.4Market risk
Market risk is the risk that changes in market prices, such as interest rates will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group is not exposed to currency risk as its transactions are carried out in Euro, the functional currency.
Interest rate risk
The Group has taken out bank facilities to finance its operations as disclosed in note 22. The interest rates thereon and the terms of such borrowings are disclosed accordingly. The Group has issued a bond, the terms of which are disclosed in note 20. The Group has variable and fixed interest-bearing financial liabilities and does not enter into financial instruments to hedge against this interest rate risk.
Profile
At the reporting date, the interest rate profile of the Group\u2019s interest-bearing financial instruments were:
20252024
\u20ac\u20ac
Fixed instruments
Finance lease receivable1,883,671-
Financial asset at amortised cost16,752,989-
Related party loan receivable3,160,090-
Debt securities(16,442,360)-
Variable rate instruments
Bank loans(515,800)-
Fair value sensitivity analysis for fixed rate instruments
The Group does not account for fixed rate financial assets and liabilities at fair value through profit and loss and does not enter into hedging instruments to hedge against this risk. Therefore, a change in interest rates at the end of the reporting period would not affect profit or loss.
Cash flow sensitivity analysis for variable rate instruments
The directors do not deem the effect of variable rate instruments and variances in interest rates to have a significant effect on the Group\u2019s cash flow and profit or loss.
24.6Fair values
At the reporting date, the carrying amounts of financial assets and financial liabilities approximated their fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page39-cflshid_14634-tag9310210": { "value": "
24Financial instruments
24.6Fair values
At the reporting date, the carrying amounts of financial assets and financial liabilities approximated their fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page39-cflshid_14634-tag9310163": { "value": "
24Financial instruments
24.5Capital management
The Group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern and to maximise the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of the items presented within equity in the statement of financial position.
The Group\u2019s directors manage the Group\u2019s capital structure and make adjustments to it, in light of changes in economic conditions. The capital structure is reviewed on an ongoing basis. Based on recommendations of the directors, the Group balances its overall capital structure through the payments of dividends, new share issues as well as the issue of new debt or the redemption of existing debt.
There were no changes in the Group\u2019s approach to capital management during the period. The Group is not subject to externally imposed capital requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page39-cflshid_14634-tag9310162": { "value": "
24Financial instruments
24.4Market risk
Market risk is the risk that changes in market prices, such as interest rates will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group is not exposed to currency risk as its transactions are carried out in Euro, the functional currency.
Interest rate risk
The Group has taken out bank facilities to finance its operations as disclosed in note 22. The interest rates thereon and the terms of such borrowings are disclosed accordingly. The Group has issued a bond, the terms of which are disclosed in note 20. The Group has variable and fixed interest-bearing financial liabilities and does not enter into financial instruments to hedge against this interest rate risk.
Profile
At the reporting date, the interest rate profile of the Group\u2019s interest-bearing financial instruments were:
20252024
\u20ac\u20ac
Fixed instruments
Finance lease receivable1,883,671-
Financial asset at amortised cost16,752,989-
Related party loan receivable3,160,090-
Debt securities(16,442,360)-
Variable rate instruments
Bank loans(515,800)-
Fair value sensitivity analysis for fixed rate instruments
The Group does not account for fixed rate financial assets and liabilities at fair value through profit and loss and does not enter into hedging instruments to hedge against this risk. Therefore, a change in interest rates at the end of the reporting period would not affect profit or loss.
Cash flow sensitivity analysis for variable rate instruments
The directors do not deem the effect of variable rate instruments and variances in interest rates to have a significant effect on the Group\u2019s cash flow and profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page39-cflshid_14634-tag9310161": { "value": "
24Financial instruments
24.3Liquidity risk
The Group\u2019s exposure to liquidity risk arises from its obligations to meet its financial liabilities, which comprise of debt securities in issue, loans due to related parties, bank borrowings, trade and other payables and amounts due to other related parties (see notes 20, 21, 22 and 23). Prudent liquidity risk management includes maintaining sufficient cash and committed credit facilities to ensure the availability of an adequate amount of funding to meet the Group\u2019s obligations when they become due.
The following are the contractual maturities of financial liabilities based on the earliest date on which the Group may be required to pay, including estimated interest payments:
Financial Liabilities
Carrying amountContractual cash flowsLess than one yearBetween 1 and 2 yearsBetween 2 and 5 yearsOver 5 Years
As at 31 January 2025
Debt securities16,442,36024,422,433726,433936,0002,080,00020,680,000
Loans due to related parties2,161,0012,161,001---2,161,001
Bank borrowings515,800606,06518,05318,053569,959-
Long-term borrowings140,234140,234--140,234-
Trade and other payables1,516,9931,516,9931,516,993---
Current tax liability
Total non-derivatives20,776,38828,846,7262,261,479954,0532,790,19322,841,001
As at 31 January 2024
Bank borrowings299,683331,15010,48910,489310,172-
Long-term borrowings140,234140,234--140,234-
Trade and other payables860,364860,364860,364---
Total non-derivatives1,300,2811,331,748870,85310,489450,406-
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page39-cflshid_14634-tag9310146": { "value": "
24Financial instruments
24.2Credit risk
Credit risk refers to the risk that a counterparty will cause a financial loss for the Group by failing to discharge an obligation. Financial assets which potentially subject the Group to concentrations of credit risk consist principally of receivables, loans, investments and cash at bank.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk by type of counterparty together with credit risk rating at 31 January 2025 was:
Gross carrying amountLoss allowanceNet carrying mount
\u20ac\u20ac\u20ac
Finance lease receivables1,883,671
Financial asset at amortised cost-
Loans receivable from related company3,160,090
Trade receivables: related companies874,380
Amount due from related company-
Other receivables3,130
Cash at bank987,165
6,908,436
The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk by type of counterparty together with credit risk rating at 31 January 2024 was:
External Credit Rating12-month or lifetime ECLGross Carrying amountLoss allowanceNet carrying mount
\u20ac\u20ac\u20ac
Other receivables4,900
Cash at bank113,248
118,148
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristic of each customer. The Group\u2019s customer base consists solely of related parties.
The aging of trade receivables at the reporting date was as following:
GrossImpairmentNet
\u20ac\u20ac\u20ac
31 January
Not past due874,380-874,380
Past due 0 \u2013 30 days---
Past due 31 \u2013 180 days---
Past due more than 180 days---
874,380-874,380
The Group limits its exposure to credit risk from trade receivables by establishing a maximum
payment period of one months. Loss rates are based on actual credit loss experience over the past
# years which are then adjusted to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and the Group's view of economic conditions over the expected lives of the receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page39-cflshid_14634-tag9310137": { "value": "
24Financial instruments
24.2Credit risk
Gross carrying amountLoss allowanceNet carrying mount
\u20ac\u20ac\u20ac
Finance lease receivables1,883,671
Financial asset at amortised cost-
Loans receivable from related company3,160,090
Trade receivables: related companies874,380
Amount due from related company-
Other receivables3,130
Cash at bank987,165
6,908,436
External Credit Rating12-month or lifetime ECLGross Carrying amountLoss allowanceNet carrying mount
\u20ac\u20ac\u20ac
Other receivables4,900
Cash at bank113,248
118,148
GrossImpairmentNet
\u20ac\u20ac\u20ac
31 January
Not past due874,380-874,380
Past due 0 \u2013 30 days---
Past due 31 \u2013 180 days---
Past due more than 180 days---
874,380-874,380
The Group limits its exposure to credit risk from trade receivables by establishing a maximum
payment period of one months. Loss rates are based on actual credit loss experience over the past
# years which are then adjusted to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and the Group's view of economic conditions over the expected lives of the receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page44-cflshid_16631-tag9310238": { "value": "Burmarrad Group Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page44-cflshid_16673-tag9310166": { "value": "Mr. Mario Gauci", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } }, "v1-page44-cflshid_16606-tag9310190": { "value": "
26Subsequent events
After year end, Burmarrad Group Fleets Limited has negotiated a Revolving Credit Facility with its bankers to continue investing in its vehicles fleet and is in the process of registering hypothecary charges on a number of properties owned by Burmarrad Group Properties Limited to secure this facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00" } } } }