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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 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 Company operates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page18-cflshid_7427-tag12056733": { "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 wider Burmarrad Group which is parented and consolidated by Burmarrad Group Limited. The Group's operating activities include vehicle leasing through Burmarrad Group Fleets Limited, which manages vehicles and related assets leased to the Burmarrad Group subsidiaries 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page18-cflshid_7430-tag12056805": { "value": "Burmarrad Group Assets p.l.c.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page18-cflshid_7430-tag12056730": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page18-cflshid_7447-tag12056729": { "value": "Malta", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page18-cflshid_7447-tag12056731": { "value": "Malta", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page18-cflshid_7447-tag12056732": { "value": "Malta", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page18-cflshid_7430-tag12056806": { "value": "Marjo, Burmarrad Road, Burmarrad, St. Paul\u2019s Bay, Malta", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page18-cflshid_7427-tag12056807": { "value": "
2Basis of preparation
2.1Basis of accounting
These 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).
As at the reporting date, the Company\u2019s investments consist primarily of its shareholding in BBT p.l.c. and its wholly-owned subsidiaries, Burmarrad Group Fleets Limited and Burmarrad Group Properties Limited. Burmarrad Group Fleets Limited is principally engaged in the acquisition, holding and leasing of vehicles forming part of the Group\u2019s leasing and rentals operations, while Burmarrad Group Properties Limited is principally engaged in the holding and development of investment property.
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 Company 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 form part of the Burmarrad Group and leased them to the same related parties. 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 IFRS 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 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 obtained substantive rights over the assets.
In assessing the accounting treatment of the sale and leaseback transactions, management considered whether the requirements for a sale under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 were met. Given that the seller-lessees (fellow subsidiaries of the Burmarrad Group) were contractually required to reacquire the assets at the end of the lease term or upon early termination, control of the assets was not considered to have transferred to the Group. Accordingly, the transactions were accounted for as financing arrangements, with the Group recognising a financial asset at amortised cost in accordance with IFRS 9.
For transactions involving the seller-lessee which transfers the underlying asset to the buyer-lessor (which is the Group), in which control of the assets was considered to have been transferred to the Group, these are accounted for as lease transactions wherein the Group recognises finance lease receivables and accounted for under IFRS 16.
Estimated future cash flows have been based on the contracted upon leases at the point of recognition for the respective receivables, ensuring that the required internal rate of return is being achieved.
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page18-cflshid_7427-tag12056734": { "value": "
2Basis of preparation
2.1Basis of accounting
These 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page18-cflshid_7427-tag12056791": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page18-cflshid_7427-tag12056772": { "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 Company operates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page18-cflshid_7427-tag12056752": { "value": "
2Basis of preparation
2.4Use of estimates and judgements
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 form part of the Burmarrad Group and leased them to the same related parties. 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 IFRS 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 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 obtained substantive rights over the assets.
In assessing the accounting treatment of the sale and leaseback transactions, management considered whether the requirements for a sale under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 were met. Given that the seller-lessees (fellow subsidiaries of the Burmarrad Group) were contractually required to reacquire the assets at the end of the lease term or upon early termination, control of the assets was not considered to have transferred to the Group. Accordingly, the transactions were accounted for as financing arrangements, with the Group recognising a financial asset at amortised cost in accordance with IFRS 9.
For transactions involving the seller-lessee which transfers the underlying asset to the buyer-lessor (which is the Group), in which control of the assets was considered to have been transferred to the Group, these are accounted for as lease transactions wherein the Group recognises finance lease receivables and accounted for under IFRS 16.
Estimated future cash flows have been based on the contracted upon leases at the point of recognition for the respective receivables, ensuring that the required internal rate of return is being achieved.
12Investment property
GroupCompany
\u20ac\u20ac
Cost
At 1 February 20243,745,202-
Additions428,208-
Change in fair value335,000-
At 1 February 20254,508,410-
Additions97,865-
Change in fair value466,114-
Reclassification to asset held for sale (Note 18)(990,341)
At 31 January 20264,082,048-
Carrying amount -
At 31 January 20264,082,048-
At 31 January 20254,508,410-
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.
15Finance lease receivables
GroupGroup
20262025
\u20ac\u20ac
Non-current
Finance lease receivable3,056,7121,682,271
Current
Finance lease receivable213,450201,400
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.
During the year, additional leases amounting to \u20ac1,558,328 were recognised (2025: \u20ac1,903,278).
At the end of the reporting period, the respective lessees had outstanding undiscounted lease payments for finance leases, which fall due as follows:
GroupGroup
20262025
\u20ac\u20ac
Amounts receivable under finance leases:
Year 1536,937201,400
Year 2536,937206,269
Year 3538,017211,647
Year 4579,643218,014
Year 5841,823266,859
More than 5 years1,837,1792,062,538
Total undiscounted lease payments4,870,5363,166,727
Less: unearned finance income(1,590,084)(1,283,056)
Net investment in the lease3,280,4521,883,671
Loss allowance(10,290)-
Net investment in the lease after loss allowance3,270,1621,883,671
As at 31 January 2026, finance income on the net investment in the lease amounted to \u20ac395,083 (2025: \u20ac114,730).
As at 31 January 2026, ECL amounting to \u20ac10,290 (2025: \u20acNil) has been recognised on the finance lease receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page18-cflshid_7427-tag12056751": { "value": "
2Basis of preparation
2.4Use of estimates and judgements
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.
10Other revenue
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Rental income56,944-40,848-
Management fees43,200160,000--
Other income1,0001,000--
101,144161,00040,848-
12Investment property
GroupCompany
\u20ac\u20ac
Cost
At 1 February 20243,745,202-
Additions428,208-
Change in fair value335,000-
At 1 February 20254,508,410-
Additions97,865-
Change in fair value466,114-
Reclassification to asset held for sale (Note 18)(990,341)
At 31 January 20264,082,048-
Carrying amount -
At 31 January 20264,082,048-
At 31 January 20254,508,410-
12.1At 31 January 2026, investment property amounting to \u20ac4,082,048 (2025: \u20ac4,508,410) was subject to a special hypothec to secure banking facilities availed by the Group.
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. No amounts were included within the carrying amount as at 31 January 2026 as investment property under construction throughout the year (2025: \u20ac 972,675). 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 \u20ac56,944 (2025: \u20ac40,848) 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. 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 2026 amounted to \u20ac4,082,048 (2025: \u20ac4,508,410). The Group recorded a fair value gain related to these properties amounting to \u20ac466,114 for the year ended 31 January 2026 (2025: \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.
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 \u20ac3,258 (2025: \u20ac3,762), based on the current level of investment property holdings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page18-cflshid_7427-tag12056736": { "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 form part of the Burmarrad Group and leased them to the same related parties. 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 IFRS 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 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 obtained substantive rights over the assets.
In assessing the accounting treatment of the sale and leaseback transactions, management considered whether the requirements for a sale under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 were met. Given that the seller-lessees (fellow subsidiaries of the Burmarrad Group) were contractually required to reacquire the assets at the end of the lease term or upon early termination, control of the assets was not considered to have transferred to the Group. Accordingly, the transactions were accounted for as financing arrangements, with the Group recognising a financial asset at amortised cost in accordance with IFRS 9.
For transactions involving the seller-lessee which transfers the underlying asset to the buyer-lessor (which is the Group), in which control of the assets was considered to have been transferred to the Group, these are accounted for as lease transactions wherein the Group recognises finance lease receivables and accounted for under IFRS 16.
Estimated future cash flows have been based on the contracted upon leases at the point of recognition for the respective receivables, ensuring that the required internal rate of return is being achieved.
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
GroupCompany
\u20ac\u20ac
Cost
At 1 February 20243,745,202-
Additions428,208-
Change in fair value335,000-
At 1 February 20254,508,410-
Additions97,865-
Change in fair value466,114-
Reclassification to asset held for sale (Note 18)(990,341)
At 31 January 20264,082,048-
Carrying amount -
At 31 January 20264,082,048-
At 31 January 20254,508,410-
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. No amounts were included within the carrying amount as at 31 January 2026 as investment property under construction throughout the year (2025: \u20ac 972,675). 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 \u20ac56,944 (2025: \u20ac40,848) 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. 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 2026 amounted to \u20ac4,082,048 (2025: \u20ac4,508,410). The Group recorded a fair value gain related to these properties amounting to \u20ac466,114 for the year ended 31 January 2026 (2025: \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 in note 3.3.1.
12.7The table below includes further information about the Group\u2019s level 3 fair value measurements.
As at 31 January 2026Significant observable inputNarrative sensitivity
Commercial property, including restaurantEstimated sales value of \u20ac3,500 to \u20ac4,500 per square metre (2025: \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 \u20ac1,650 to \u20ac3,500 per square metre (2025: \u20ac1,500 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 \u20ac3,300 to \u20ac3,500 per square metre (2025: \u20ac2,000 to \u20ac2,300 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 (2025: \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 \u20ac3,258 (2025: \u20ac3,762), based on the current level of investment property holdings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page18-cflshid_7607-tag12056735": { "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 form part of the Burmarrad Group and leased them to the same related parties. 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 IFRS 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 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 obtained substantive rights over the assets.In assessing the accounting treatment of the sale and leaseback transactions, management considered whether the requirements for a sale under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 were met. Given that the seller-lessees (fellow subsidiaries of the Burmarrad Group) were contractually required to reacquire the assets at the end of the lease term or upon early termination, control of the assets was not considered to have transferred to the Group. Accordingly, the transactions were accounted for as financing arrangements, with the Group recognising a financial asset at amortised cost in accordance with IFRS 9. For transactions involving the seller-lessee which transfers the underlying asset to the buyer-lessor (which is the Group), in which control of the assets was considered to have been transferred to the Group, these are accounted for as lease transactions wherein the Group recognises finance lease receivables and accounted for under IFRS 16.Estimated future cash flows have been based on the contracted upon leases at the point of recognition for the respective receivables, ensuring that the required internal rate of return is being achieved. 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 propertyGroupCompany\u20ac\u20acCostAt 1 February 20243,745,202-Additions428,208-Change in fair value335,000-At 1 February 20254,508,410-Additions97,865-Change in fair value466,114-Reclassification to asset held for sale (Note 18)(990,341)At 31 January 20264,082,048-Carrying amount -At 31 January 20264,082,048-At 31 January 20254,508,410-12.2Investment property consists of land situated in Burmarrad, properties held for development purposes, garages, commercial and residential buildings in Burmarrad and a restaurant in Nadur. No amounts were included within the carrying amount as at 31 January 2026 as investment property under construction throughout the year (2025: \u20ac 972,675). 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 \u20ac56,944 (2025: \u20ac40,848) 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. 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 2026 amounted to \u20ac4,082,048 (2025: \u20ac4,508,410). The Group recorded a fair value gain related to these properties amounting to \u20ac466,114 for the year ended 31 January 2026 (2025: \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 in note 3.3.1.12.7The table below includes further information about the Group\u2019s level 3 fair value measurements.As at 31 January 2026Significant observable inputNarrative sensitivityCommercial property, including restaurantEstimated sales value of \u20ac3,500 to \u20ac4,500 per square metre (2025: \u20ac2,000 per square metre)The higher the sales price per square metre, the higher the fair valueGarages and storageEstimated sales value ranging from \u20ac1,650 to \u20ac3,500 per square metre (2025: \u20ac1,500 to \u20ac2,800 per square metre)The higher the sales price per square metre, the higher the fair valueResidential propertyEstimated sales value ranging from \u20ac3,300 to \u20ac3,500 per square metre (2025: \u20ac2,000 to \u20ac2,300 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 (2025: \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 \u20ac3,258 (2025: \u20ac3,762), based on the current level of investment property holdings.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056803": { "value": "3Material accounting policies
The Group and the Company (where applicable) have 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 equity-accounted investees comprises interests in associates. Associates are 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 Group\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 movements 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 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 that 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, appropriate adjustments are made to the financial statements of associates to bring their accounting policies in line with those used by the Group.
This policy is also applied by the Group to interests in equity-accounted investees acquired in a common control transaction.
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: Finance lease receivables, 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 with original maturities of three months or less from the date of instrument inception. Time 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.
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.
3.4Assets held for sale
Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use.
Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets, investment property, or biological assets, which continue to be measured in accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held-for-sale or held-for-distribution and subsequent gains and losses on remeasurement are recognised in profit or loss.
Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated, and any equity-accounted investee is no longer equity accounted.
3.5Impairment
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 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. Balances with entities making part of the wider Burmarrad Group classified as trade receivables are separately assessed for ECL purposes under the general approach explained below.
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. Information considered includes financial data made available by the counterparty to the receivable as well as circumstances which could impact the counterparty\u2019s liquidity and net asset position.
IFRS 9 includes a rebuttable presumption that credit risk has significantly increased when contractual payments are more than 30 days past due. The Group has rebutted this presumption and assumes that credit risk on a financial asset has increased significantly only when payments are more than 90 days past due. This rebuttal is based on the Group\u2019s experience and knowledge of the market in view of the previous operations which took place within the wider Burmarrad Group, which indicate that amounts less than 90 days past due are not necessarily indicative of a significant increase in credit risk.
The Group\u2019s knowledge in view of the previous operations within the wider Burmarrad 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, including industry specific outlooks, 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.
3.5.1Non-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.
3.6Leases
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.
3.7 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.
3.8Borrowing 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.
3.9Income 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.
3.10Rental income
Rental income arising from operating leases on investment properties is recognized on a straight-line basis over the lease term.
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3.4Assets held for sale
Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use.
Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets, investment property, or biological assets, which continue to be measured in accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held-for-sale or held-for-distribution and subsequent gains and losses on remeasurement are recognised in profit or loss.
Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated, and any equity-accounted investee is no longer equity accounted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056835": { "value": "3Material accounting policies
3.4Assets held for sale
Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use.
Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets, investment property, or biological assets, which continue to be measured in accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held-for-sale or held-for-distribution and subsequent gains and losses on remeasurement are recognised in profit or loss.
Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated, and any equity-accounted investee is no longer equity accounted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056802": { "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 Group\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 movements in other comprehensive income is recognised in other comprehensive income.
3.5Impairment
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 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. Balances with entities making part of the wider Burmarrad Group classified as trade receivables are separately assessed for ECL purposes under the general approach explained below.
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. Information considered includes financial data made available by the counterparty to the receivable as well as circumstances which could impact the counterparty\u2019s liquidity and net asset position.
IFRS 9 includes a rebuttable presumption that credit risk has significantly increased when contractual payments are more than 30 days past due. The Group has rebutted this presumption and assumes that credit risk on a financial asset has increased significantly only when payments are more than 90 days past due. This rebuttal is based on the Group\u2019s experience and knowledge of the market in view of the previous operations which took place within the wider Burmarrad Group, which indicate that amounts less than 90 days past due are not necessarily indicative of a significant increase in credit risk.
The Group\u2019s knowledge in view of the previous operations within the wider Burmarrad 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, including industry specific outlooks, 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.
3.5.1Non-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.
3.8Borrowing 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.
3.9Income 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056801": { "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: Finance lease receivables, 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 with original maturities of three months or less from the date of instrument inception. Time 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.
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.
3.5Impairment
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 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. Balances with entities making part of the wider Burmarrad Group classified as trade receivables are separately assessed for ECL purposes under the general approach explained below.
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. Information considered includes financial data made available by the counterparty to the receivable as well as circumstances which could impact the counterparty\u2019s liquidity and net asset position.
IFRS 9 includes a rebuttable presumption that credit risk has significantly increased when contractual payments are more than 30 days past due. The Group has rebutted this presumption and assumes that credit risk on a financial asset has increased significantly only when payments are more than 90 days past due. This rebuttal is based on the Group\u2019s experience and knowledge of the market in view of the previous operations which took place within the wider Burmarrad Group, which indicate that amounts less than 90 days past due are not necessarily indicative of a significant increase in credit risk.
The Group\u2019s knowledge in view of the previous operations within the wider Burmarrad 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, including industry specific outlooks, 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.
3.6Leases
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.
3.7 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056800": { "value": "3Material accounting policies
3.5Impairment
3.5.1Non-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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056795": { "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
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Directors\u2019 emoluments57,77857,77857,21757,217
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 (2025: 1).
8Interest income
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Interest charged to subsidiary-794,467-498,428
Interest from cash and cash equivalents7,9997,999--
Interest income on finance lease receivables (Note 15)395,083-114,730-
Interest income on related party loan (Note 16)202,842202,842145,947142,440
Interest income on other financial assets at amortised cost (Note 16)1,401,398-1,474,189-
2,007,3221,005,3081,734,866640,868
The Group has lease arrangements in place with other fellow subsidiaries within the Burmarrad Group, as disclosed in note 15. Investment income for the period is calculated on the basis of the effective interest method.
Other financial assets at amortised cost comprise receivables arising from financing arrangements entered into by the Group with related entities forming part of the Burmarrad Group. These arrangements involve the sale and leaseback of commercial vehicles, rental vehicles, and other fixed assets as disclosed in note 16.
As explained in Note 2.4, the acquisition of these motor vehicles from fellow subsidiaries within the Burmarrad Group, 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 within the Burmarrad Group. 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.
14Equity accounted investee
14.2On 19 January 2024, the Group acquired 19.31% interest in BBT p.l.c., the registered address of which is The Watercourse Zone 2, Central Business District, Mdina Road, Birkirkara, Malta. BBT p.l.c. was established jointly with other third parties 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.
During the year, following an issue of shares by BBT p.l.c. to other shareholders, the Group\u2019s equity interest was diluted from 19.31% to 17.21%. Despite the dilution, the Group continues to exercise significant influence over BBT p.l.c. through its representation on the board of directors.
15Finance lease receivables
GroupGroup
20262025
\u20ac\u20ac
Non-current
Finance lease receivable3,056,7121,682,271
Current
Finance lease receivable213,450201,400
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.
During the year, additional leases amounting to \u20ac1,558,328 were recognised (2025: \u20ac1,903,278).
At the end of the reporting period, the respective lessees had outstanding undiscounted lease payments for finance leases, which fall due as follows:
GroupGroup
20262025
\u20ac\u20ac
Amounts receivable under finance leases:
Year 1536,937201,400
Year 2536,937206,269
Year 3538,017211,647
Year 4579,643218,014
Year 5841,823266,859
More than 5 years1,837,1792,062,538
Total undiscounted lease payments4,870,5363,166,727
Less: unearned finance income(1,590,084)(1,283,056)
Net investment in the lease3,280,4521,883,671
Loss allowance(10,290)-
Net investment in the lease after loss allowance3,270,1621,883,671
As at 31 January 2026, finance income on the net investment in the lease amounted to \u20ac395,083 (2025: \u20ac114,730).
As at 31 January 2026, ECL amounting to \u20ac10,290 (2025: \u20acNil) has been recognised on the finance lease receivable.
16Financial assets
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Amount due from subsidiary (Note 16.2)-11,401,033-10,879,334
Loan receivable from fellow subsidiary within Burmarrad Group (Note 16.3)2,657,8852,657,8853,075,0843,075,084
Financial assets at amortised cost (Note 16.1)10,973,913-11,009,309-
13,631,79814,058,91814,084,39313,954,418
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current
Amount due from subsidiary (Note 16.2)-3,605,800-3,605,800
Accrued interest on loan receivable from subsidiary-148,003-498,428
Accrued interest on loan receivable from fellow subsidiary within Burmarrad Group (Note 16.3)62,48862,488-137,762
Financial assets at amortised cost (Note 16.1)3,272,160-5,743,680-
3,334,6483,816,2915,743,6804,241,990
16.1The Group has financing arrangements in place with related parties 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 11 years, bearing an interest of 10% per annum.
Movement of the financial assets at amortised cost for the years ended 31 January are as follows:
Group
2026
\u20ac
Amortised cost
At 1.2.202516,752,989
Additions459,534
Interest charged1,401,398
Repayment(4,323,020)
Effect of movement in expected credit loss allowance(44,828)
At 31.1.202614,246,073
2025
\u20ac
Amortised cost
At 1.2.2024-
Additions19,311,517
Interest charged1,474,189
Repayment(4,032,717)
At 31.1.202516,752,989
During the year, additional leases amounting to \u20ac459,534 were recognised (2025: \u20ac19,311,517).
During the year, lease amounting to \u20ac2,267,935, which is the undiscounted amount, were extended by 1-2 years (2025: nil). In addition, leases amounting to \u20ac853,756 were terminated earlier than the end of the contractual lease term (2025: nil).
The interest income recorded on the above financing arrangements is disclosed in Note 8.
16.2The Company issued loans amounting to \u20ac11,435,734 to its subsidiary, Burmarrad Group Fleets Limited. This loan is unsecured, bears interest at an annual rate of 6.35%, and is repayable not later than 2 May 2034. Furthermore, the Company entered into an assignment agreement for a loan amounting to \u20ac3,605,800, which was previously owed by Burmarrad Group Fleets Limited to a fellow subsidiary with the Burmarrad Group. The assigned loan is unsecured, interest free and has no fixed date of repayment.
16.3The 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. A reversal of impairment loss amounting to \u20ac35,142 (2025: loss of \u20ac85,006) has been recognised on loans receivable from fellow subsidiary within the Burmarrad Group and recognised as impairment losses on financial assets within the consolidated statement of comprehensive income.
GroupCompany
20262026
Amortised cost
At 1.2.20253,075,08418,196,408
Additions-163,638
Interest charged202,842997,309
Repayment of interest(149,936)(997,309)
Principal repayment-(62,001)
Assignment of balance to fellow subsidiary within the Burmarrad Group(442,759)(442,759)
Effect of movement in expected credit loss allowance35,14219,923
At 31.1.2026 2,720,37317,875,209
GroupCompany
20252025
Amortised cost
At 1.2.2024--
Additions4,200,00019,241,534
Interest charged145,947640,868
Repayment of interest(145,947)(640,868)
Principal repayment(1,039,910)(955,442)
Effect of movement in expected credit loss allowance(85,006)(89,684)
At 31.1.2025 3,075,08418,196,408
19Trade and other receivables
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Amount due from fellow subsidiaries within the Burmarrad Group 2,337,139150,332850,954102,109
Prepayments29,83729,83732,69332,693
Deposit receivable2,5002,5002,5002,500
Indirect taxation---2,579
Other receivables--630630
2,369,476182,669886,777140,511
The amounts due from the fellow subsidiaries within the Burmarrad Group are unsecured, interest free and repayable on demand.
As at 31 January 2026, the Group recognised a reversal of impairment loss amounting to \u20ac23,426 (2025: \u20ac23,426 loss) and the Company recognised a reversal of impairment loss of \u20ac2,698 (2025: loss of \u20ac2,698) on their respective statement of comprehensive income.
23Loans due to related parties
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Amounts due to fellow subsidiaries within the Burmarrad Group1,630,500-2,161,001-
The amounts due to the fellow subsidiaries within the Burmarrad Group are unsecured, interest free and repayable on demand.
24Borrowings
24.1GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Bank borrowings (Note 24.2)--515,800-
24.1GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current
Bank borrowings (Note 24.2)515,800---
Bank borrowings (Note 24.3)580,104---
Loan from key management personnel --140,234140,234
1,095,904-140,234140,234
24.3The Group has in place a revolving credit facility of \u20ac2,000,000, of which \u20ac670,780 was utilised at the reporting date. Repayment of bank borrowings during the year amounted to \u20ac90,676. The facility is repayable on demand and is serviced from underlying contractual cash receipts arising from the Company\u2019s finance arrangements with entities under common control. Interest is charged at 2.7% per annum over the Business Lending Bank Base Rate, calculated on daily debit balances in accordance with recognised banking practice, resulting in an effective interest rate of 4.85% per annum at the reporting date. The facility is secured by joint and several guarantees provided by fellow subsidiaries, together with a first-ranking general hypothec over the Company\u2019s assets and special hypothecary charges over immovable property owned by the Group. As at 31 January 2026, finance cost related to bank borrowings amounted to \u20ac5,729 (2025: \u20acNil).
25Trade and other payables
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Deferred income48,296-72,596-
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current
Trade payables509,615 55,036110,3684,219
Amount due to subsidiary---232,871
Other related parties--98,18098,180
Amounts owed to fellow subsidiaries within the Burmarrad Group 98,705-910,96276,281
Amounts due to equity holders of the parent --588-
Accruals96,23546,029149,80636,700
Deferred income30,152-30,021-
Indirect taxation262,13532,206324,601-
Other payables4,099-2,4882,488
1,000,941133,2711,627,014450,739
25.1The amounts due to the related parties are unsecured, interest free and repayable on demand.
25.2Deferred income relates to rental income received in advance.
27Related parties
27.1The Company\u2019s 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.
The ultimate controlling party of the Group is Mr. Mario Gauci Snr.
27.2Related party transactions
Transactions with related parties during the year were as follows:
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Impact on Statement of Comprehensive Income
Subsidiaries
Interest charged to -794,467-498,428
Management fees charge to-116,800--
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Other related parties
Interest due on finance lease receivables charged to 395,083-114,730-
Interest due on financial assets charged to 1,401,398-1,474,189-
Interest due on other financial assets charged to 202,842202,842142,440142,440
Management fees charged by80,000-80,000-
Impact on Statement of Financial Position
Subsidiaries
Loan issued to -163,638-11,434,734
Interest paid by-997,309--
Principal repaid by-62,001--
Assignment of bank borrowings to---(515,800)
Loan assigned from other related parties to---3,605,800
Other related parties
Acquisition of assets from459,934---
Loan issued to ---4,200,000
Funds advanced by --866,667-
Advances to --24,689,100-
Payments on behalf of --10,540,541-
Net payments made on behalf of the Group by--273,751-
Management fees charged to 43,200---
Assignment of balances to442,759442,759
Funds advanced in respect of financial assets at amortised cost by4,400,589-2,536,739-
Funds advanced in respect of finance lease receivables by1,001,698-984,070-
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056794": { "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
13Investments in subsidiaries
Total
\u20ac
Cost
At 31 January 20263,662,400
At 31 January 20253,662,400
13.1The registered office of the subsidiaries is Marjo, Burmarrad Road, Burmarrad, San Pawl il-Bahar, SPB 9060, Malta. The aggregate amount of capital and reserves and the results of the subsidiaries for the year ended 31 January 2026 and 2025 are as follows:
31 January 2026Capital and reservesProfit for the year
\u20ac\u20ac
Burmarrad Group Properties Limited4,194,989246,455
Burmarrad Group Fleets Limited1,137,203511,778
5,332,192758,233
31 January 2025Capital and reservesProfit for the year
\u20ac\u20ac
Burmarrad Group Properties Limited3,948,534292,364
Burmarrad Group Fleets Limited625,425626,585
4,573,959918,949
Proportion of ownership of interest
Burmarrad Group Properties Limited100%
Burmarrad Group Fleets Limited100%
Burmarrad Group Fleets Limited holds legal ownership of vehicles and vehicle-related fixed assets which are leased to commonly controlled operating companies within the Burmarrad Group.
Burmarrad Group Properties Limited is the owner of several immovable properties. These properties are either held for development and capital appreciation or for the generation of rental income.
As at 31 January 2026 and 2025, management assessed that there are no indicators that investments in subsidiaries are impaired.
14Equity accounted investee
14.1The carrying value of the investment in associates for the years ended 31 January are as follows:
GroupCompany
\u20ac\u20ac
At 1 February 202415,607,89215,600,000
Share of results201,750-
At 31 January 202515,809,64215,600,000
Share of results 664,889-
Adjustment of profit from prior year94,973-
Loss of dilution of percentage of ownership(9,201)-
At 31 January 202616,560,30315,600,000
14.2On 19 January 2024, the Group acquired 19.31% interest in BBT p.l.c., the registered address of which is The Watercourse Zone 2, Central Business District, Mdina Road, Birkirkara, Malta. BBT p.l.c. was established jointly with other third parties 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.
During the year, following an issue of shares by BBT p.l.c. to other shareholders, the Group\u2019s equity interest was diluted from 19.31% to 17.21%. Despite the dilution, the Group continues to exercise significant influence over BBT p.l.c. through its representation on the board of directors.
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.
During the year, the Group recognised a positive adjustment of \u20ac94,973 (2025: \u20acNil) to its investment in BBT p.l.c. This increase arose following the finalisation of the audited financial statements of BBT p.l.c. for the year ended 31 December 2024, which indicated a higher share of net assets than previously recognised based on unaudited financial information.
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 these consolidated financial statements, the Group used adjusted unaudited financial information of BBT p.l.c. for the year ended 31 December 2025. No adjustments were made for the different year end as management assessed that the effect of any transactions
14.2or events during this period was not significant to the Group\u2019s financial position or performance. At the time of approval of these consolidated financial statements, the Group had been informed that the unaudited financial information of BBT p.l.c. remained subject to change, as BBT p.l.c. was still finalising the accounting treatment for a significant transaction that took place close to year end. Due to the limited information available to us in respect of this particular transaction, management was unable to fully assess its potential impact and has prudently not taken any potential additional uplift. Accordingly, the adjusted financial information of BBT p.l.c. presented below, and the Group\u2019s share of results and net assets of BBT p.l.c., may differ materially once audited financial information becomes available. The table below sets out the financial information of BBT p.l.c., as adjusted, available at the date of approval of these financial statements.
Financial Information of BBT p.l.c.
The following table summarises the latest available financial information of BBT p.l.c. as at 31 December 2025, including the audited comparatives:
UnauditedAudited
31.12.202531.12.2024
\u20ac\u20ac
Non-current assets168,361,76497,305,874
Current assets21,315,38217,315,332
Non-current liabilities(75,231,923)(6,486,664)
Current liabilities(21,403,706)(32,197,027)
Non-controlling interest(2,678,975)-
Equity attributable to Group90,362,54275,937,515
Group\u2019s share in equity \u2013 17.21% (2025: 19.31%)15,551,39314,663,534
Goodwill1,222,6501,222,650
Other movements(213,740)(76,542)
Group\u2019s carrying amount of the investment16,560,30315,809,642
Revenue 5,607,3993,999,601
Profit for the year 3,461,1781,536,631
Group\u2019s share of total comprehensive income for the year \u2013 17.21% (2025: 19.31%)664,889296,723
The goodwill is attributable to the synergies expected to be achieved through the collaboration with the other shareholders which will enable BBT Plc to carry out a number of significant projects in Malta. The value of the investment on initial recognition was derived from the fair value of the property which was previously transferred by the related party to the equity accounted investee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056790": { "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 with original maturities of three months or less from the date of instrument inception. Time deposits form an integral part of the Group\u2019s cash management practices.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056789": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056788": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056787": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056786": { "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.
3.7 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.
3.10Rental 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056785": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056784": { "value": "3Material accounting policies
3.6Leases
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.
3.10Rental 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056783": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056782": { "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: Finance lease receivables, 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 with original maturities of three months or less from the date of instrument inception. Time deposits form an integral part of the Group\u2019s cash management practices.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056781": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056780": { "value": "3Material accounting policies
3.1Basis of consolidation
3.1.3Interest in equity-accounted investee
The Group\u2019s interest in equity-accounted investees comprises interests in associates. Associates are 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 Group\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 movements 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 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 that 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, appropriate adjustments are made to the financial statements of associates to bring their accounting policies in line with those used by the Group.
This policy is also applied by the Group to interests in equity-accounted investees acquired in a common control transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056779": { "value": "3Material accounting policies
3.1Basis of consolidation
3.1.3Interest in equity-accounted investee
The Group\u2019s interest in equity-accounted investees comprises interests in associates. Associates are 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 Group\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 movements 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 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 that 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, appropriate adjustments are made to the financial statements of associates to bring their accounting policies in line with those used by the Group.
This policy is also applied by the Group to interests in equity-accounted investees acquired in a common control transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056778": { "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.
3.7 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.
3.8Borrowing 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056777": { "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 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 that 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056776": { "value": "3Material accounting policies
3.9Income 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056775": { "value": "3Material accounting policies
3.5Impairment
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 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. Balances with entities making part of the wider Burmarrad Group classified as trade receivables are separately assessed for ECL purposes under the general approach explained below.
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. Information considered includes financial data made available by the counterparty to the receivable as well as circumstances which could impact the counterparty\u2019s liquidity and net asset position.
IFRS 9 includes a rebuttable presumption that credit risk has significantly increased when contractual payments are more than 30 days past due. The Group has rebutted this presumption and assumes that credit risk on a financial asset has increased significantly only when payments are more than 90 days past due. This rebuttal is based on the Group\u2019s experience and knowledge of the market in view of the previous operations which took place within the wider Burmarrad Group, which indicate that amounts less than 90 days past due are not necessarily indicative of a significant increase in credit risk.
The Group\u2019s knowledge in view of the previous operations within the wider Burmarrad 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, including industry specific outlooks, 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056774": { "value": "3Material accounting policies
3.5Impairment
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 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. Balances with entities making part of the wider Burmarrad Group classified as trade receivables are separately assessed for ECL purposes under the general approach explained below.
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. Information considered includes financial data made available by the counterparty to the receivable as well as circumstances which could impact the counterparty\u2019s liquidity and net asset position.
IFRS 9 includes a rebuttable presumption that credit risk has significantly increased when contractual payments are more than 30 days past due. The Group has rebutted this presumption and assumes that credit risk on a financial asset has increased significantly only when payments are more than 90 days past due. This rebuttal is based on the Group\u2019s experience and knowledge of the market in view of the previous operations which took place within the wider Burmarrad Group, which indicate that amounts less than 90 days past due are not necessarily indicative of a significant increase in credit risk.
The Group\u2019s knowledge in view of the previous operations within the wider Burmarrad 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, including industry specific outlooks, 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.
3.5.1Non-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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056773": { "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 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 that 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056771": { "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.
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056770": { "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: Finance lease receivables, 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 with original maturities of three months or less from the date of instrument inception. Time deposits form an integral part of the Group\u2019s cash management practices.
3.5Impairment
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 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. Balances with entities making part of the wider Burmarrad Group classified as trade receivables are separately assessed for ECL purposes under the general approach explained below.
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. Information considered includes financial data made available by the counterparty to the receivable as well as circumstances which could impact the counterparty\u2019s liquidity and net asset position.
IFRS 9 includes a rebuttable presumption that credit risk has significantly increased when contractual payments are more than 30 days past due. The Group has rebutted this presumption and assumes that credit risk on a financial asset has increased significantly only when payments are more than 90 days past due. This rebuttal is based on the Group\u2019s experience and knowledge of the market in view of the previous operations which took place within the wider Burmarrad Group, which indicate that amounts less than 90 days past due are not necessarily indicative of a significant increase in credit risk.
The Group\u2019s knowledge in view of the previous operations within the wider Burmarrad 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, including industry specific outlooks, 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056769": { "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.
3.6Leases
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.
3.7 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.
3.8Borrowing 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056768": { "value": "3Material accounting policies
3.8Borrowing 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056767": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056766": { "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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056765": { "value": "3Material accounting policies
3.9Income 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056764": { "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 with original maturities of three months or less from the date of instrument inception. Time deposits form an integral part of the Group\u2019s cash management practices.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056763": { "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 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 that 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056762": { "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.
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056761": { "value": "3Material accounting policies
3.8Borrowing 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056760": { "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
13Investments in subsidiaries
Total
\u20ac
Cost
At 31 January 20263,662,400
At 31 January 20253,662,400
13.1The registered office of the subsidiaries is Marjo, Burmarrad Road, Burmarrad, San Pawl il-Bahar, SPB 9060, Malta. The aggregate amount of capital and reserves and the results of the subsidiaries for the year ended 31 January 2026 and 2025 are as follows:
31 January 2026Capital and reservesProfit for the year
\u20ac\u20ac
Burmarrad Group Properties Limited4,194,989246,455
Burmarrad Group Fleets Limited1,137,203511,778
5,332,192758,233
31 January 2025Capital and reservesProfit for the year
\u20ac\u20ac
Burmarrad Group Properties Limited3,948,534292,364
Burmarrad Group Fleets Limited625,425626,585
4,573,959918,949
Proportion of ownership of interest
Burmarrad Group Properties Limited100%
Burmarrad Group Fleets Limited100%
Burmarrad Group Fleets Limited holds legal ownership of vehicles and vehicle-related fixed assets which are leased to commonly controlled operating companies within the Burmarrad Group.
Burmarrad Group Properties Limited is the owner of several immovable properties. These properties are either held for development and capital appreciation or for the generation of rental income.
As at 31 January 2026 and 2025, management assessed that there are no indicators that investments in subsidiaries are impaired.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056743": { "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
Investments in subsidiaries are included in the Company\u2019s statement of financial position at cost less any impairment loss that may have arisen. Income from investments is recognised only to the extent of distributions received by the company.
At the end of each reporting period, the Company reviews the carrying amount of its investments in subsidiaries to determine whether there is any indication of impairment, and if any such indication exists, the recoverable amount of the investment is estimated. An impairment loss is the amount by which the carrying amount of an investment exceeds its recoverable amount. The recoverable amount is the higher of fair value less costs to sell and value in use. When an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that it does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. Impairment reversals are recognised immediately in profit or loss.
3.1.3Interest in equity-accounted investee
In the separate financial statements of the Company, investments in associates are initially recognised at cost, being the fair value of the consideration given, including directly attributable acquisition costs. Following initial recognition, investments in associates are accounted for using the cost method and are carried at cost less any accumulated impairment losses. Distributions received from associates are recognised as investment income in profit or loss when the Company\u2019s right to receive the dividend is established.
14Equity accounted investee
14.2On 19 January 2024, the Group acquired 19.31% interest in BBT p.l.c., the registered address of which is The Watercourse Zone 2, Central Business District, Mdina Road, Birkirkara, Malta. BBT p.l.c. was established jointly with other third parties 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.
During the year, following an issue of shares by BBT p.l.c. to other shareholders, the Group\u2019s equity interest was diluted from 19.31% to 17.21%. Despite the dilution, the Group continues to exercise significant influence over BBT p.l.c. through its representation on the board of directors.
At the time of approval of these consolidated financial statements, the Group had been informed that the unaudited financial information of BBT p.l.c. remained subject to change, as BBT p.l.c. was still finalising the accounting treatment for a significant transaction that took place close to year end. Due to the limited information available to us in respect of this particular transaction, management was unable to fully assess its potential impact and has prudently not taken any potential additional uplift. Accordingly, the adjusted financial information of BBT p.l.c. presented below, and the Group\u2019s share of results and net assets of BBT p.l.c., may differ materially once audited financial information becomes available. The table below sets out the financial information of BBT p.l.c., as adjusted, available at the date of approval of these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page20-cflshid_8315-tag12056738": { "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 equity-accounted investees comprises interests in associates. Associates are 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 Group\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 movements 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 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 that 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, appropriate adjustments are made to the financial statements of associates to bring their accounting policies in line with those used by the Group.
This policy is also applied by the Group to interests in equity-accounted investees acquired in a common control transaction.
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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page30-cflshid_12711-tag12056741": { "value": "
4New standards and interpretations
4New standards, interpretations or amendments to published standards
4.1Accounting standards issued and effective
The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 February 2025:
\u2022Lack of Exchangeability (Amendments to IAS 21)
The amendment listed above did not have any impact on the amounts recognised in current and prior periods.
4.2Accounting standards issued but not yet effective
A number of new standards and amendments to standards are effective for annual periods beginning after 1 February 2025. The Group has not early adopted the following new or amended standards in preparing the financial statements:
\u2022IFRS 18 Presentation and Disclosure in Financial Statements
\u2022Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)
IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new standard introduces the following key new requirements.
\u2022Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities' net profit will not change.
\u2022Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements.
\u2022Enhanced guidance is provided on how to group information in the financial statements.
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's statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as 'other'.
The other amended accounting standards are not expected to have a significant impact on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page30-cflshid_12711-tag12056740": { "value": "
4New standards and interpretations
4New standards, interpretations or amendments to published standards
4.1Accounting standards issued and effective
The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 February 2025:
\u2022Lack of Exchangeability (Amendments to IAS 21)
The amendment listed above did not have any impact on the amounts recognised in current and prior periods.
4.2Accounting standards issued but not yet effective
A number of new standards and amendments to standards are effective for annual periods beginning after 1 February 2025. The Group has not early adopted the following new or amended standards in preparing the financial statements:
\u2022IFRS 18 Presentation and Disclosure in Financial Statements
\u2022Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)
IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new standard introduces the following key new requirements.
\u2022Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities' net profit will not change.
\u2022Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements.
\u2022Enhanced guidance is provided on how to group information in the financial statements.
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's statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as 'other'.
The other amended accounting standards are not expected to have a significant impact on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page31-cflshid_13048-tag12056834": { "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 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 which are leased or financed to related parties. Further information about such leases is included within Notes 15 and 16. 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page31-cflshid_13048-tag12056793": { "value": "5Operating segments
Segment revenues and profits
The following is an analysis of the Group\u2019s revenue and results by reportable segment for the years ended 31 January:
Segment revenue 2026Segment revenue 2025Segment profit 2026Segment profit 2025
\u20ac\u20ac\u20ac\u20ac
Property investment and development56,94440,848246,455292,364
Fleet leasing and financing1,796,4811,588,919511,778626,585
Total1,853,4251,629,767758,233918,949
The segment profit could be reconciled to the profit shown on the consolidated statement of comprehensive income as:
20262025
\u20ac\u20ac
Total revenue for reportable segments1,853,4251,629,767
Revenue for non-reportable segments255,041145,947
Consolidated revenue2,108,4661,775,714
Total profit after tax for reportable segments758,233918,949
Profit/(Loss) after tax for non-reportable segments7,248(286,785)
Elimination of inter-segment loss19,923-
Consolidation adjustment189,200(189,200)
Share of profit of associate750,661201,750
Consolidated profit after tax1,725,265644,714
Fleet leasing and financing segment revenues are made up of interest income on financial assets due by related parties while Property investment and development revenues are all derived from external customers. There were no intersegment sales in the current and previous year.
An amount of \u20ac210,841 (2025: \u20ac145,947) recorded as interest income during the current period has not been allocated to a reportable segment. Finance costs recorded for the Property investment and development segment was \u20ac18,304 (2025: \u20acNil) and for the Fleet leasing and financing sector, it amounted to \u20ac800,195 (2025: \u20ac747,801).
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
20262025
\u20ac\u20ac
Property investment and development4,082,0484,508,410
Fleet leasing and financing17,516,23518,636,660
Total segment assets 21,598,28323,145,070
Unallocated assets23,512,25920,776,394
Consolidated total assets 45,110,54243,921,464
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, loans receivables, deferred tax asset, trade and other receivables and cash and cash equivalents.
Other segment information
Additions to non-current assets
GroupGroup
20262025
\u20ac\u20ac
Property investment and development97,865428,208
Fleet leasing and financing2,017,86218,636,660
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 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 \u20ac1,796,481 (2025: \u20ac1,588,919) of the Group's total revenues. A separate amount of \u20ac210,841 (2025: \u20ac145,947) recorded as interest income during the current period has been recorded from a loan given to a fellow subsidiary within the Burmarrad group. Furthermore, management fees amounting to \u20ac43,200 (2025: \u20acNil) were charged to a fellow subsidiary within the Burmarrad Group. This income has not been allocated to any reportable segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page31-cflshid_13048-tag12056758": { "value": "5Operating segments
Segment revenues and profits
The following is an analysis of the Group\u2019s revenue and results by reportable segment for the years ended 31 January:
Segment revenue 2026Segment revenue 2025Segment profit 2026Segment profit 2025
\u20ac\u20ac\u20ac\u20ac
Property investment and development56,94440,848246,455292,364
Fleet leasing and financing1,796,4811,588,919511,778626,585
Total1,853,4251,629,767758,233918,949
The segment profit could be reconciled to the profit shown on the consolidated statement of comprehensive income as:
20262025
\u20ac\u20ac
Total revenue for reportable segments1,853,4251,629,767
Revenue for non-reportable segments255,041145,947
Consolidated revenue2,108,4661,775,714
Total profit after tax for reportable segments758,233918,949
Profit/(Loss) after tax for non-reportable segments7,248(286,785)
Elimination of inter-segment loss19,923-
Consolidation adjustment189,200(189,200)
Share of profit of associate750,661201,750
Consolidated profit after tax1,725,265644,714
Fleet leasing and financing segment revenues are made up of interest income on financial assets due by related parties while Property investment and development revenues are all derived from external customers. There were no intersegment sales in the current and previous year.
An amount of \u20ac210,841 (2025: \u20ac145,947) recorded as interest income during the current period has not been allocated to a reportable segment. Finance costs recorded for the Property investment and development segment was \u20ac18,304 (2025: \u20acNil) and for the Fleet leasing and financing sector, it amounted to \u20ac800,195 (2025: \u20ac747,801).
Geographical information
The Group\u2019s revenue from external customers and its 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 \u20ac1,796,481 (2025: \u20ac1,588,919) of the Group's total revenues. A separate amount of \u20ac210,841 (2025: \u20ac145,947) recorded as interest income during the current period has been recorded from a loan given to a fellow subsidiary within the Burmarrad group. Furthermore, management fees amounting to \u20ac43,200 (2025: \u20acNil) were charged to a fellow subsidiary within the Burmarrad Group. This income has not been allocated to any reportable segment.
8Interest income
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Interest charged to subsidiary-794,467-498,428
Interest from cash and cash equivalents7,9997,999--
Interest income on finance lease receivables (Note 15)395,083-114,730-
Interest income on related party loan (Note 16)202,842202,842145,947142,440
Interest income on other financial assets at amortised cost (Note 16)1,401,398-1,474,189-
2,007,3221,005,3081,734,866640,868
10Other revenue
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Rental income56,944-40,848-
Management fees43,200160,000--
Other income1,0001,000--
101,144161,00040,848-
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page33-cflshid_13856-tag12056841": { "value": "
6Administrative expenses
Administrative expenses are made up of the following expenses:
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Directors\u2019 remuneration (Note 7)57,77857,77857,21757,217
Audit fees31,70020,12630,00012,740
Professional fees148,924100,93972,06323,290
Management fees80,000-80,000-
Registration fees13,29311,9739,8928,351
Bank charges24,7751,4758,1041,127
Other expenses12,2364,1553,7322,610
368,706196,446261,008105,335
As at 31 January 2026, the audit firm charged \u20ac998 for non-audit services rendered (2025: \u20ac950).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page33-cflshid_13856-tag12056840": { "value": "
6Administrative expenses
Administrative expenses are made up of the following expenses:
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Directors\u2019 remuneration (Note 7)57,77857,77857,21757,217
Audit fees31,70020,12630,00012,740
Professional fees148,924100,93972,06323,290
Management fees80,000-80,000-
Registration fees13,29311,9739,8928,351
Bank charges24,7751,4758,1041,127
Other expenses12,2364,1553,7322,610
368,706196,446261,008105,335
As at 31 January 2026, the audit firm charged \u20ac998 for non-audit services rendered (2025: \u20ac950).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page33-cflshid_13856-tag12056839": { "value": "
6Administrative expenses
Administrative expenses are made up of the following expenses:
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Directors\u2019 remuneration (Note 7)57,77857,77857,21757,217
Audit fees31,70020,12630,00012,740
Professional fees148,924100,93972,06323,290
Management fees80,000-80,000-
Registration fees13,29311,9739,8928,351
Bank charges24,7751,4758,1041,127
Other expenses12,2364,1553,7322,610
368,706196,446261,008105,335
As at 31 January 2026, the audit firm charged \u20ac998 for non-audit services rendered (2025: \u20ac950).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page33-cflshid_13856-tag12056747": { "value": "
6Administrative expenses
Administrative expenses are made up of the following expenses:
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Directors\u2019 remuneration (Note 7)57,77857,77857,21757,217
Audit fees31,70020,12630,00012,740
Professional fees148,924100,93972,06323,290
Management fees80,000-80,000-
Registration fees13,29311,9739,8928,351
Bank charges24,7751,4758,1041,127
Other expenses12,2364,1553,7322,610
368,706196,446261,008105,335
As at 31 January 2026, the audit firm charged \u20ac998 for non-audit services rendered (2025: \u20ac950).
7Key management personnel compensation
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Directors\u2019 emoluments57,77857,77857,21757,217
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 (2025: 1).
9Finance costs
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Finance cost on debt securities in issue966,588996,588747,801747,801
Finance costs on bank borrowings24,033---
990,621996,588747,801747,801
27Related parties
27.2Related party transactions
Transactions with related parties during the year were as follows:
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Impact on Statement of Comprehensive Income
Subsidiaries
Interest charged to -794,467-498,428
Management fees charge to-116,800--
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Other related parties
Interest due on finance lease receivables charged to 395,083-114,730-
Interest due on financial assets charged to 1,401,398-1,474,189-
Interest due on other financial assets charged to 202,842202,842142,440142,440
Management fees charged by80,000-80,000-
Impact on Statement of Financial Position
Subsidiaries
Loan issued to -163,638-11,434,734
Interest paid by-997,309--
Principal repaid by-62,001--
Assignment of bank borrowings to---(515,800)
Loan assigned from other related parties to---3,605,800
Other related parties
Acquisition of assets from459,934---
Loan issued to ---4,200,000
Funds advanced by --866,667-
Advances to --24,689,100-
Payments on behalf of --10,540,541-
Net payments made on behalf of the Group by--273,751-
Management fees charged to 43,200---
Assignment of balances to442,759442,759
Funds advanced in respect of financial assets at amortised cost by4,400,589-2,536,739-
Funds advanced in respect of finance lease receivables by1,001,698-984,070-
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page34-cflshid_14350-tag12056843": { "value": "7Key management personnel compensation
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Directors\u2019 emoluments57,77857,77857,21757,217
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 (2025: 1).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page34-cflshid_14350-tag12056842": { "value": "7Key management personnel compensation
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Directors\u2019 emoluments57,77857,77857,21757,217
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 (2025: 1).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page34-cflshid_14350-tag12056822": { "value": "
8Interest income
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Interest charged to subsidiary-794,467-498,428
Interest from cash and cash equivalents7,9997,999--
Interest income on finance lease receivables (Note 15)395,083-114,730-
Interest income on related party loan (Note 16)202,842202,842145,947142,440
Interest income on other financial assets at amortised cost (Note 16)1,401,398-1,474,189-
2,007,3221,005,3081,734,866640,868
The Group has lease arrangements in place with other fellow subsidiaries within the Burmarrad Group, as disclosed in note 15. Investment income for the period is calculated on the basis of the effective interest method.
Other financial assets at amortised cost comprise receivables arising from financing arrangements entered into by the Group with related entities forming part of the Burmarrad Group. These arrangements involve the sale and leaseback of commercial vehicles, rental vehicles, and other fixed assets as disclosed in note 16.
As explained in Note 2.4, the acquisition of these motor vehicles from fellow subsidiaries within the Burmarrad Group, 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 within the Burmarrad Group. 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
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Finance cost on debt securities in issue966,588996,588747,801747,801
Finance costs on bank borrowings24,033---
990,621996,588747,801747,801
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page34-cflshid_14350-tag12056820": { "value": "
8Interest income
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Interest charged to subsidiary-794,467-498,428
Interest from cash and cash equivalents7,9997,999--
Interest income on finance lease receivables (Note 15)395,083-114,730-
Interest income on related party loan (Note 16)202,842202,842145,947142,440
Interest income on other financial assets at amortised cost (Note 16)1,401,398-1,474,189-
2,007,3221,005,3081,734,866640,868
The Group has lease arrangements in place with other fellow subsidiaries within the Burmarrad Group, as disclosed in note 15. Investment income for the period is calculated on the basis of the effective interest method.
Other financial assets at amortised cost comprise receivables arising from financing arrangements entered into by the Group with related entities forming part of the Burmarrad Group. These arrangements involve the sale and leaseback of commercial vehicles, rental vehicles, and other fixed assets as disclosed in note 16.
As explained in Note 2.4, the acquisition of these motor vehicles from fellow subsidiaries within the Burmarrad Group, 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 within the Burmarrad Group. 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
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Finance cost on debt securities in issue966,588996,588747,801747,801
Finance costs on bank borrowings24,033---
990,621996,588747,801747,801
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page34-cflshid_14350-tag12056809": { "value": "
8Interest income
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Interest charged to subsidiary-794,467-498,428
Interest from cash and cash equivalents7,9997,999--
Interest income on finance lease receivables (Note 15)395,083-114,730-
Interest income on related party loan (Note 16)202,842202,842145,947142,440
Interest income on other financial assets at amortised cost (Note 16)1,401,398-1,474,189-
2,007,3221,005,3081,734,866640,868
The Group has lease arrangements in place with other fellow subsidiaries within the Burmarrad Group, as disclosed in note 15. Investment income for the period is calculated on the basis of the effective interest method.
Other financial assets at amortised cost comprise receivables arising from financing arrangements entered into by the Group with related entities forming part of the Burmarrad Group. These arrangements involve the sale and leaseback of commercial vehicles, rental vehicles, and other fixed assets as disclosed in note 16.
As explained in Note 2.4, the acquisition of these motor vehicles from fellow subsidiaries within the Burmarrad Group, 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 within the Burmarrad Group. 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page34-cflshid_14350-tag12056808": { "value": "
8Interest income
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Interest charged to subsidiary-794,467-498,428
Interest from cash and cash equivalents7,9997,999--
Interest income on finance lease receivables (Note 15)395,083-114,730-
Interest income on related party loan (Note 16)202,842202,842145,947142,440
Interest income on other financial assets at amortised cost (Note 16)1,401,398-1,474,189-
2,007,3221,005,3081,734,866640,868
The Group has lease arrangements in place with other fellow subsidiaries within the Burmarrad Group, as disclosed in note 15. Investment income for the period is calculated on the basis of the effective interest method.
Other financial assets at amortised cost comprise receivables arising from financing arrangements entered into by the Group with related entities forming part of the Burmarrad Group. These arrangements involve the sale and leaseback of commercial vehicles, rental vehicles, and other fixed assets as disclosed in note 16.
As explained in Note 2.4, the acquisition of these motor vehicles from fellow subsidiaries within the Burmarrad Group, 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 within the Burmarrad Group. 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page34-cflshid_14350-tag12056797": { "value": "
8Interest income
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Interest charged to subsidiary-794,467-498,428
Interest from cash and cash equivalents7,9997,999--
Interest income on finance lease receivables (Note 15)395,083-114,730-
Interest income on related party loan (Note 16)202,842202,842145,947142,440
Interest income on other financial assets at amortised cost (Note 16)1,401,398-1,474,189-
2,007,3221,005,3081,734,866640,868
The Group has lease arrangements in place with other fellow subsidiaries within the Burmarrad Group, as disclosed in note 15. Investment income for the period is calculated on the basis of the effective interest method.
Other financial assets at amortised cost comprise receivables arising from financing arrangements entered into by the Group with related entities forming part of the Burmarrad Group. These arrangements involve the sale and leaseback of commercial vehicles, rental vehicles, and other fixed assets as disclosed in note 16.
As explained in Note 2.4, the acquisition of these motor vehicles from fellow subsidiaries within the Burmarrad Group, 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 within the Burmarrad Group. 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
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Finance cost on debt securities in issue966,588996,588747,801747,801
Finance costs on bank borrowings24,033---
990,621996,588747,801747,801
15Finance lease receivables
GroupGroup
20262025
\u20ac\u20ac
Non-current
Finance lease receivable3,056,7121,682,271
Current
Finance lease receivable213,450201,400
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.
During the year, additional leases amounting to \u20ac1,558,328 were recognised (2025: \u20ac1,903,278).
At the end of the reporting period, the respective lessees had outstanding undiscounted lease payments for finance leases, which fall due as follows:
GroupGroup
20262025
\u20ac\u20ac
Amounts receivable under finance leases:
Year 1536,937201,400
Year 2536,937206,269
Year 3538,017211,647
Year 4579,643218,014
Year 5841,823266,859
More than 5 years1,837,1792,062,538
Total undiscounted lease payments4,870,5363,166,727
Less: unearned finance income(1,590,084)(1,283,056)
Net investment in the lease3,280,4521,883,671
Loss allowance(10,290)-
Net investment in the lease after loss allowance3,270,1621,883,671
As at 31 January 2026, finance income on the net investment in the lease amounted to \u20ac395,083 (2025: \u20ac114,730).
As at 31 January 2026, ECL amounting to \u20ac10,290 (2025: \u20acNil) has been recognised on the finance lease receivable.
16Financial assets
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Amount due from subsidiary (Note 16.2)-11,401,033-10,879,334
Loan receivable from fellow subsidiary within Burmarrad Group (Note 16.3)2,657,8852,657,8853,075,0843,075,084
Financial assets at amortised cost (Note 16.1)10,973,913-11,009,309-
13,631,79814,058,91814,084,39313,954,418
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current
Amount due from subsidiary (Note 16.2)-3,605,800-3,605,800
Accrued interest on loan receivable from subsidiary-148,003-498,428
Accrued interest on loan receivable from fellow subsidiary within Burmarrad Group (Note 16.3)62,48862,488-137,762
Financial assets at amortised cost (Note 16.1)3,272,160-5,743,680-
3,334,6483,816,2915,743,6804,241,990
16.1The Group has financing arrangements in place with related parties 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 11 years, bearing an interest of 10% per annum.
Movement of the financial assets at amortised cost for the years ended 31 January are as follows:
Group
2026
\u20ac
Amortised cost
At 1.2.202516,752,989
Additions459,534
Interest charged1,401,398
Repayment(4,323,020)
Effect of movement in expected credit loss allowance(44,828)
At 31.1.202614,246,073
2025
\u20ac
Amortised cost
At 1.2.2024-
Additions19,311,517
Interest charged1,474,189
Repayment(4,032,717)
At 31.1.202516,752,989
During the year, additional leases amounting to \u20ac459,534 were recognised (2025: \u20ac19,311,517).
During the year, lease amounting to \u20ac2,267,935, which is the undiscounted amount, were extended by 1-2 years (2025: nil). In addition, leases amounting to \u20ac853,756 were terminated earlier than the end of the contractual lease term (2025: nil).
The interest income recorded on the above financing arrangements is disclosed in Note 8. As at 31 January 2026, ECL amounting to \u20ac44,828 (\u20acNil) has been recognised on the Group\u2019s financial assets at amortised cost.
16.2The Company issued loans amounting to \u20ac11,435,734 to its subsidiary, Burmarrad Group Fleets Limited. This loan is unsecured, bears interest at an annual rate of 6.35%, and is repayable not later than 2 May 2034. Furthermore, the Company entered into an assignment agreement for a loan amounting to \u20ac3,605,800, which was previously owed by Burmarrad Group Fleets Limited to a fellow subsidiary with the Burmarrad Group. The assigned loan is unsecured, interest free and has no fixed date of repayment.
As at 31 January 2026, a reversal of impairment loss amounting to \u20ac19,897 on the Company\u2019s other financial assets at amortised cost was recognized (2025: impairment loss of \u20ac89,684).
16.3The 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. A reversal of impairment loss amounting to \u20ac35,142 (2025: loss of \u20ac85,006) has been recognised on loans receivable from fellow subsidiary within the Burmarrad Group and recognised as impairment losses on financial assets within the consolidated statement of comprehensive income.
GroupCompany
20262026
Amortised cost
At 1.2.20253,075,08418,196,408
Additions-163,638
Interest charged202,842997,309
Repayment of interest(149,936)(997,309)
Principal repayment-(62,001)
Assignment of balance to fellow subsidiary within the Burmarrad Group(442,759)(442,759)
Effect of movement in expected credit loss allowance35,14219,923
At 31.1.2026 2,720,37317,875,209
GroupCompany
20252025
Amortised cost
At 1.2.2024--
Additions4,200,00019,241,534
Interest charged145,947640,868
Repayment of interest(145,947)(640,868)
Principal repayment(1,039,910)(955,442)
Effect of movement in expected credit loss allowance(85,006)(89,684)
At 31.1.2025 3,075,08418,196,408
19Trade and other receivables
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Amount due from fellow subsidiaries within the Burmarrad Group 2,337,139150,332850,954102,109
Prepayments29,83729,83732,69332,693
Deposit receivable2,5002,5002,5002,500
Indirect taxation---2,579
Other receivables--630630
2,369,476182,669886,777140,511
The amounts due from the fellow subsidiaries within the Burmarrad Group are unsecured, interest free and repayable on demand.
As at 31 January 2026, the Group recognised a reversal of impairment loss amounting to \u20ac23,426 (2025: \u20ac23,426 loss) and the Company recognised a reversal of impairment loss of \u20ac2,698 (2025: loss of \u20ac2,698) on their respective statement of comprehensive income.
20Cash and cash equivalents
20.1 Cash at bank
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Cash at bank872,151710,175987,165878,178
Loss allowance at year end(385)(189)(1,270)(1,130)
Cash at bank871,766709,986985,895877,048
As at 31 January 2026, a loss allowance reversal of \u20ac885 (2025: loss of \u20ac1,270) has been recognised on the Group\u2019s cash and cash equivalents and recognised as income on financial assets within the consolidated statement of comprehensive income.
As at 31 January 2026, a loss allowance reversal of \u20ac941 (2025: loss of \u20ac1,130) has been recognised on the Company\u2019s cash and cash equivalents and recognised as income on financial assets within the statement of comprehensive income.
20.2Financing Activities
The following table provides a reconciliation of movements of liabilities to cash flows arising from financial activities as presented in the consolidated statement of cash flow:
Liabilities - Group
NoteBank borrowingsShort-term borrowingsDebt securities issuedLoans due to related parties
Balance at 1 February 2025515,800140,23416,442,3602,161,001
Changes from financing cash flows
Payment of interest on debt securities22--(987,475)-
Repayment of loan due to related parties24----
Proceeds from loans and borrowings24670,780---
Repayment of bank borrowings24(90,676)---
Payment of interest on bank borrowings(20,568)---
Total changes from financing cash flows559,536(140,234)(987,475)-
Other liability related changes
Effect of opening accrued interest(3,465)---
Changes in financial liabilities23---(530,501)
Assignment of balances24-(140,234)--
Interest expense924,033-972,830-
Total liability-related other changes20,568(140,234)972,830(530,501)
Balance at 31 January 20261,095,904-16,427,7151,630,500
Liabilities - Group
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 securities22--16,000,000-
Payment of transaction costs relating to debt securities issued22--(305,441)-
Proceeds from loans and borrowings24216,117---
Total changes from financing cash flows216,117-15,694,559-
Other liability related changes
Amounts due to fellow subsidiaries within the Burmarrad Group for acquisition of assets subject to financing arrangement23---2,161,001
Interest expense9--747,801-
Total liability-related other changes--747,8012,161,001
Balance at 31 January 2025515,800140,23416,442,3602,161,001
22Debt securities issued
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Bonds in issue15,746,51515,746,51515,715,92715,715,927
Current
Bonds in issue \u2013 accrued interest681,200681,200726,433726,433
On 15 May 2024, 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. During the year, the Group recognized finance costs on debt securities amounting to \u20ac972,830 (2025: \u20ac747,801).
The carrying amount in the statement of financial position is gross of interest and net of transaction costs. Transaction costs incurred in connection with the issuance of debt securities amounted \u20acNil (2025: \u20ac305,441). The amortisation of these transaction costs, recognised in the profit and loss statement amounted to \u20ac30,588 for the year ended 31 January 2026 (2025: \u20ac21,638).
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 2026 for the debt securities was \u20ac102.40 (2025: \u20ac105.75).
The debt securities issued by the Company are subject to certain covenants as set out in the prospectus. The Company has complied with all covenant requirements throughout the current and comparative reporting periods. Accordingly, no breaches of covenants have occurred which would trigger early repayment or reclassification of the related liabilities.
23Loans due to related parties
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Amounts due to fellow subsidiaries within the Burmarrad Group1,630,500-2,161,001-
The amounts due to the fellow subsidiaries within the Burmarrad Group are unsecured, interest free and repayable on demand.
24Borrowings
24.1GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Bank borrowings (Note 24.2)--515,800-
24.1GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current
Bank borrowings (Note 24.2)515,800---
Bank borrowings (Note 24.3)580,104---
Loan from key management personnel --140,234140,234
1,095,904-140,234140,234
24.2The 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 12, 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 Business Lending Bank Base Rate, resulting in an effective interest rate of 3.5% at the reporting date. During the year ended 31 January 2026, finance costs amounting to \u20ac18,304 were recognised in the statement of comprehensive income. In the year ended 31 January 2025, finance costs amounting to \u20ac14,650 were capitalised as part of the cost of investment property.
24.3The Group has in place a revolving credit facility of \u20ac2,000,000, of which \u20ac670,780 was utilised at the reporting date. Repayment of bank borrowings during the year amounted to \u20ac90,676. The facility is repayable on demand and is serviced from underlying contractual cash receipts arising from the Company\u2019s finance arrangements with entities under common control. Interest is charged at 2.7% per annum over the Business Lending Bank Base Rate, calculated on daily debit balances in accordance with recognised banking practice, resulting in an effective interest rate of 4.85% per annum at the reporting date. The facility is secured by joint and several guarantees provided by fellow subsidiaries, together with a first-ranking general hypothec over the Company\u2019s assets and special hypothecary charges over immovable property owned by the Group.As at 31 January 2026, finance cost related to bank borrowings amounted to \u20ac5,729 (2025: \u20acNil).
25Trade and other payables
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Deferred income48,296-72,596-
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current
Trade payables509,615 55,036110,3684,219
Amount due to subsidiary---232,871
Other related parties--98,18098,180
Amounts owed to fellow subsidiaries within the Burmarrad Group 98,705-910,96276,281
Amounts due to equity holders of the parent --588-
Accruals96,23546,029149,80636,700
Deferred income30,152-30,021-
Indirect taxation262,13532,206324,601-
Other payables4,099-2,4882,488
1,000,941133,2711,627,014450,739
25.1The amounts due to the related parties are unsecured, interest free and repayable on demand.
25.2Deferred income relates to rental income received in advance.
26Financial instruments
26.1Overview
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. These are overseen by the Board of Directors, which is responsible for developing the Group\u2019s financial risk management policies and monitoring compliance with them.
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.
26.2Credit 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 and the Company to concentrations of credit risk consist principally of receivables, loans, 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 for the years ended 31 January are as follows:
GroupGross carrying amountLoss allowanceNet carrying amount
31 January 2026\u20ac\u20ac\u20ac
Finance lease receivables (Note 15)3,280,452(10,290)3,270,162
Financial asset at amortised cost (Note 16)14,290,901(44,828)14,246,073
Loans receivables (Note 16)2,770,237(49,864)2,720,373
Trade and other receivables (Note 19)2,369,476-2,369,476
Cash at bank (Note 20)872,151(385)871,766
23,583,217(105,367)23,477,850
GroupGross carrying amountLoss allowanceNet carrying amount
31 January 2025\u20ac\u20ac\u20ac
Finance lease receivables (Note 15)1,883,671-1,883,671
Financial asset at amortised cost (Note 16)16,752,989-16,752,989
Loan due from related parties (Note 16)3,160,090(85,006)3,075,084
Receivables from related parties (Note 19)874,380(23,426)850,954
Other receivables (Note 19)3,130-3,130
Cash at bank (Note 20)987,165(1,270)985,895
23,661,425(109,702)23,551,723
The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. In assessing whether there has been a significant increase in credit risk, the Group considered financial data made available by the counterparty as well as any known circumstances that could impact the counterparty\u2019s liquidity and net asset position; based on this assessment, no significant increase in credit risk was identified.
On the basis of the assessment carried out, the Group considers that the finance lease receivables and financial assets measured at amortised cost are subject to low credit risk. This assessment is supported by the underlying assets, which could be re-possessed by the Group in the event of a counterparty default. The related amounts are not past due, however loss allowance amounting to \u20ac55,118 has been recognised on these financial assets for the year ended 31 January 2026 (2025: \u20acNil).
The creditworthiness of the counterparty to the related party loan receivable has been assessed on the basis of the latest financial data, which resulted in a probability of default of 2.06% (2025: 2.69%) through the general approach to ECL, leading to a loss allowance of \u20ac49,864 (2025: \u20ac85,006).
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 period of trade receivables has been assessed and all amounts recorded as trade receivables were not past due as at the reporting date. The Group limits its exposure to credit risk from trade receivables by establishing a maximum payment period of one month. The Group\u2019s impairment of trade receivables for the year ended 31 January 2026 was \u20acNil (2025: \u20acNil).
26.3Liquidity 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, amounts due to related parties, and current tax liability (see notes 22, 23, 24 and 25). Prudent liquidity risk management includes maintaining sufficient cash to ensure the availability of an adequate amount of funding to meet the Group\u2019s obligations when they become due.
The Group monitors its liquidity position on an ongoing basis through cash flow forecasting and regular reviews of actual versus projected cash flows to ensure that sufficient funds are available to meet its obligations as they fall due.
The following tables represent the remaining 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 - Group
Carrying amountContractual undiscounted cash flowsLess than one yearBetween 1 and 2 yearsBetween 2 and 5 yearsOver 5 Years
As at 31 January 2026
Debt securities16,427,71523,488,000936,000936,0002,808,00018,808,000
Loans due to related parties1,630,5001,630,5001,630,500---
Bank borrowings1,095,9041,167,1081,167,108---
Trade and other payables970,789970,789970,789---
Current tax liability534,897534,897534,897---
Total non-derivatives20,659,80527,791,2945,239,294936,0002,808,00018,808,000
Financial Liabilities - Group
Carrying amountContractual undiscounted 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-
Borrowings140,234140,234140,234---
Trade and other payables1,627,0141,627,0141,627,014---
Current tax liability352,724352,724352,724---
Total non-derivatives21,239,13329,309,4712,864,458954,0532,649,95922,841,001
26.4Market 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. This risk is managed and monitored through regular sensitivity analyses and by closely tracking interest rate movements to assess their potential impact on the Group\u2019s financial position and performance. The Group is not exposed to currency risk as its transactions are carried out in Euro, the functional currency.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates.
The Group\u2019s interest-bearing financial instruments are based on a fixed interest rate, except for its borrowings which are subject to variable rates (note 24).
The Group\u2019s interest rate risk is not deemed material since the amounts of finance costs reported during the years ended 31 January 2026 and 2025 are not material and a change in +/-1% of the interest rate will not have a material impact on the Group\u2019s consolidated profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page34-cflshid_14350-tag12056821": { "value": "
9Finance costs
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Finance cost on debt securities in issue966,588996,588747,801747,801
Finance costs on bank borrowings24,033---
990,621996,588747,801747,801
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page34-cflshid_14350-tag12056819": { "value": "
9Finance costs
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Finance cost on debt securities in issue966,588996,588747,801747,801
Finance costs on bank borrowings24,033---
990,621996,588747,801747,801
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page34-cflshid_14350-tag12056816": { "value": "
9Finance costs
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Finance cost on debt securities in issue966,588996,588747,801747,801
Finance costs on bank borrowings24,033---
990,621996,588747,801747,801
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page35-cflshid_14938-tag12056829": { "value": "10Other revenue
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Rental income56,944-40,848-
Management fees43,200160,000--
Other income1,0001,000--
101,144161,00040,848-
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page35-cflshid_14938-tag12056828": { "value": "10Other revenue
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Rental income56,944-40,848-
Management fees43,200160,000--
Other income1,0001,000--
101,144161,00040,848-
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page35-cflshid_14938-tag12056750": { "value": "
11Income tax expense
The income tax charge for the year and the result of the accounting profit/(loss) multiplied by the statutory domestic tax rate applicable in Malta, the Company\u2019s country of incorporation, are reconciled as follows:
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Profit/(loss) before income tax1,970,24926,8101,193,953(305,780)
Income tax using the applicable domestic tax rate of 35%(689,587)(9,384)(417,884)107,023
Tax effect of expenses not allowed for tax purposes (13,033)-(103,584)(107,023)
Tax effect of income deductible for tax purposes3,1503,150--
Tax effect of impairment reversal deductible for tax purposes-8,238
Difference in tax rules applicable to immovable property125,851-(125,550)-
Difference in tax rates applied to rental income11,389-8,170-
Difference in tax rates applied to interest income received755755--
Share of profit of equity-accounted investee reported, net of tax262,731-70,613-
Recognition of previously unrecognized tax losses--18,99618,996
Effect of surrendering of tax losses53,760(22,321)--
Tax (charge)/credit for the year(244,984)(19,562)(549,239)18,996
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current tax expense(188,699)(566)(352,235)-
Deferred tax (expense)/income(56,285)(18,996)(197,004)18,996
(244,984)(19,562)(549,239)18,996
17Deferred tax
17.1 Deferred tax asset
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Opening balance18,99618,996--
Recognised in P&L(18,996)(18,996)18,99618,996
Closing balance--18,99618,996
During the year, the Group availed itself of unutilised tax losses that were brought forward from the prior year.
17.2 Deferred tax liability
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Opening balance216,000---
Recognised in P&L37,289-216,000-
Closing balance253,289-216,000-
Deferred tax is provided using the liability method for temporary differences arising on movements in the fair value of immovable investment property. Being an owner of investment properties, the calculation of the deferred tax provision for the year ended 31 January 2026 and 2025 is calculated on the taxation rules on capital gains upon a transfer of immovable property implemented through Act XIII of 2015. The rate of income tax applicable is a final withholding tax of 8% on the value of the property.
The deferred tax liability arose due to an increase in the fair value of investment property registered during the year and has been debited to the profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page36-cflshid_15549-tag12056798": { "value": "
12Investment property
GroupCompany
\u20ac\u20ac
Cost
At 1 February 20243,745,202-
Additions428,208-
Change in fair value335,000-
At 1 February 20254,508,410-
Additions97,865-
Change in fair value466,114-
Reclassification to asset held for sale (Note 18)(990,341)
At 31 January 20264,082,048-
Carrying amount -
At 31 January 20264,082,048-
At 31 January 20254,508,410-
12.1At 31 January 2026, investment property amounting to \u20ac4,082,048 (2025: \u20ac4,508,410) was subject to a special hypothec to secure banking facilities availed by the Group.
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. No amounts were included within the carrying amount as at 31 January 2026 as investment property under construction throughout the year (2025: \u20ac 972,675). 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 \u20ac56,944 (2025: \u20ac40,848) 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. 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 2026 amounted to \u20ac4,082,048 (2025: \u20ac4,508,410). The Group recorded a fair value gain related to these properties amounting to \u20ac466,114 for the year ended 31 January 2026 (2025: \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 in note 3.3.1.
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 2026Significant observable inputNarrative sensitivity
Commercial property, including restaurantEstimated sales value of \u20ac3,500 to \u20ac4,500 per square metre (2025: \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 \u20ac1,650 to \u20ac3,500 per square metre (2025: \u20ac1,500 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 \u20ac3,300 to \u20ac3,500 per square metre (2025: \u20ac2,000 to \u20ac2,300 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 (2025: \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 \u20ac3,258 (2025: \u20ac3,762), based on the current level of investment property holdings.
16Financial assets
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Amount due from subsidiary (Note 16.2)-11,401,033-10,879,334
Loan receivable from fellow subsidiary within Burmarrad Group (Note 16.3)2,657,8852,657,8853,075,0843,075,084
Financial assets at amortised cost (Note 16.1)10,973,913-11,009,309-
13,631,79814,058,91814,084,39313,954,418
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current
Amount due from subsidiary (Note 16.2)-3,605,800-3,605,800
Accrued interest on loan receivable from subsidiary-148,003-498,428
Accrued interest on loan receivable from fellow subsidiary within Burmarrad Group (Note 16.3)62,48862,488-137,762
Financial assets at amortised cost (Note 16.1)3,272,160-5,743,680-
3,334,6483,816,2915,743,6804,241,990
16.2The Company issued loans amounting to \u20ac11,435,734 to its subsidiary, Burmarrad Group Fleets Limited. This loan is unsecured, bears interest at an annual rate of 6.35%, and is repayable not later than 2 May 2034. Furthermore, the Company entered into an assignment agreement for a loan amounting to \u20ac3,605,800, which was previously owed by Burmarrad Group Fleets Limited to a fellow subsidiary with the Burmarrad Group. The assigned loan is unsecured, interest free and has no fixed date of repayment.
As at 31 January 2026, a reversal of impairment loss amounting to \u20ac19,897 on the Company\u2019s other financial assets at amortised cost was recognized (2025: impairment loss of \u20ac89,684).
16.3The 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. A reversal of impairment loss amounting to \u20ac35,142 (2025: loss of \u20ac85,006) has been recognised on loans receivable from fellow subsidiary within the Burmarrad Group and recognised as impairment losses on financial assets within the consolidated statement of comprehensive income.
GroupCompany
20262026
Amortised cost
At 1.2.20253,075,08418,196,408
Additions-163,638
Interest charged202,842997,309
Repayment of interest(149,936)(997,309)
Principal repayment-(62,001)
Assignment of balance to fellow subsidiary within the Burmarrad Group(442,759)(442,759)
Effect of movement in expected credit loss allowance35,14219,923
At 31.1.2026 2,720,37317,875,209
GroupCompany
20252025
Amortised cost
At 1.2.2024--
Additions4,200,00019,241,534
Interest charged145,947640,868
Repayment of interest(145,947)(640,868)
Principal repayment(1,039,910)(955,442)
Effect of movement in expected credit loss allowance(85,006)(89,684)
At 31.1.2025 3,075,08418,196,408
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page36-cflshid_15562-tag12056742": { "value": "12Investment property
GroupCompany
\u20ac\u20ac
Cost
At 1 February 20243,745,202-
Additions428,208-
Change in fair value335,000-
At 1 February 20254,508,410-
Additions97,865-
Change in fair value466,114-
Reclassification to asset held for sale (Note 18)(990,341)
At 31 January 20264,082,048-
Carrying amount -
At 31 January 20264,082,048-
At 31 January 20254,508,410-
12.1At 31 January 2026, investment property amounting to \u20ac4,082,048 (2025: \u20ac4,508,410) was subject to a special hypothec to secure banking facilities availed by the Group.
22Debt securities issued
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Bonds in issue15,746,51515,746,51515,715,92715,715,927
Current
Bonds in issue \u2013 accrued interest681,200681,200726,433726,433
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).
24Borrowings
24.1GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Bank borrowings (Note 24.2)--515,800-
24.1GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current
Bank borrowings (Note 24.2)515,800---
Bank borrowings (Note 24.3)580,104---
Loan from key management personnel --140,234140,234
1,095,904-140,234140,234
24.2The 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 12, 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 Business Lending Bank Base Rate, resulting in an effective interest rate of 3.5% at the reporting date. During the year ended 31 January 2026, finance costs amounting to \u20ac18,304 were recognised in the statement of comprehensive income. In the year ended 31 January 2025, finance costs amounting to \u20ac14,650 were capitalised as part of the cost of investment property.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page36-cflshid_15562-tag12056748": { "value": "12Investment property
GroupCompany
\u20ac\u20ac
Cost
At 1 February 20243,745,202-
Additions428,208-
Change in fair value335,000-
At 1 February 20254,508,410-
Additions97,865-
Change in fair value466,114-
Reclassification to asset held for sale (Note 18)(990,341)
At 31 January 20264,082,048-
Carrying amount -
At 31 January 20264,082,048-
At 31 January 20254,508,410-
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. No amounts were included within the carrying amount as at 31 January 2026 as investment property under construction throughout the year (2025: \u20ac 972,675). 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 \u20ac56,944 (2025: \u20ac40,848) 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. 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 2026 amounted to \u20ac4,082,048 (2025: \u20ac4,508,410). The Group recorded a fair value gain related to these properties amounting to \u20ac466,114 for the year ended 31 January 2026 (2025: \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 in note 3.3.1.
12.7The table below includes further information about the Group\u2019s level 3 fair value measurements.
As at 31 January 2026Significant observable inputNarrative sensitivity
Commercial property, including restaurantEstimated sales value of \u20ac3,500 to \u20ac4,500 per square metre (2025: \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 \u20ac1,650 to \u20ac3,500 per square metre (2025: \u20ac1,500 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 \u20ac3,300 to \u20ac3,500 per square metre (2025: \u20ac2,000 to \u20ac2,300 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 (2025: \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 \u20ac3,258 (2025: \u20ac3,762), based on the current level of investment property holdings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page38-cflshid_16473-tag12056823": { "value": "
14Equity accounted investee
14.1The carrying value of the investment in associates for the years ended 31 January are as follows:
GroupCompany
\u20ac\u20ac
At 1 February 202415,607,89215,600,000
Share of results201,750-
At 31 January 202515,809,64215,600,000
Share of results 664,889-
Adjustment of profit from prior year94,973-
Loss of dilution of percentage of ownership(9,201)-
At 31 January 202616,560,30315,600,000
14.2On 19 January 2024, the Group acquired 19.31% interest in BBT p.l.c., the registered address of which is The Watercourse Zone 2, Central Business District, Mdina Road, Birkirkara, Malta. BBT p.l.c. was established jointly with other third parties 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.
During the year, following an issue of shares by BBT p.l.c. to other shareholders, the Group\u2019s equity interest was diluted from 19.31% to 17.21%. Despite the dilution, the Group continues to exercise significant influence over BBT p.l.c. through its representation on the board of directors.
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.
During the year, the Group recognised a positive adjustment of \u20ac94,973 (2025: \u20acNil) to its investment in BBT p.l.c. This increase arose following the finalisation of the audited financial statements of BBT p.l.c. for the year ended 31 December 2024, which indicated a higher share of net assets than previously recognised based on unaudited financial information.
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 these consolidated financial statements, the Group used adjusted unaudited financial information of BBT p.l.c. for the year ended 31 December 2025. No adjustments were made for the different year end as management assessed that the effect of any transactions
14.2or events during this period was not significant to the Group\u2019s financial position or performance. At the time of approval of these consolidated financial statements, the Group had been informed that the unaudited financial information of BBT p.l.c. remained subject to change, as BBT p.l.c. was still finalising the accounting treatment for a significant transaction that took place close to year end. Due to the limited information available to us in respect of this particular transaction, management was unable to fully assess its potential impact and has prudently not taken any potential additional uplift. Accordingly, the adjusted financial information of BBT p.l.c. presented below, and the Group\u2019s share of results and net assets of BBT p.l.c., may differ materially once audited financial information becomes available. The table below sets out the financial information of BBT p.l.c., as adjusted, available at the date of approval of these financial statements.
Financial Information of BBT p.l.c.
The following table summarises the latest available financial information of BBT p.l.c. as at 31 December 2025, including the audited comparatives:
UnauditedAudited
31.12.202531.12.2024
\u20ac\u20ac
Non-current assets168,361,76497,305,874
Current assets21,315,38217,315,332
Non-current liabilities(75,231,923)(6,486,664)
Current liabilities(21,403,706)(32,197,027)
Non-controlling interest(2,678,975)-
Equity attributable to Group90,362,54275,937,515
Group\u2019s share in equity \u2013 17.21% (2025: 19.31%)15,551,39314,663,534
Goodwill1,222,6501,222,650
Other movements(213,740)(76,542)
Group\u2019s carrying amount of the investment16,560,30315,809,642
Revenue 5,607,3993,999,601
Profit for the year 3,461,1781,536,631
Group\u2019s share of total comprehensive income for the year \u2013 17.21% (2025: 19.31%)664,889296,723
The goodwill is attributable to the synergies expected to be achieved through the collaboration with the other shareholders which will enable BBT Plc to carry out a number of significant projects in Malta. The value of the investment on initial recognition was derived from the fair value of the property which was previously transferred by the related party to the equity accounted investee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page38-cflshid_16473-tag12056759": { "value": "
14Equity accounted investee
14.1The carrying value of the investment in associates for the years ended 31 January are as follows:
GroupCompany
\u20ac\u20ac
At 1 February 202415,607,89215,600,000
Share of results201,750-
At 31 January 202515,809,64215,600,000
Share of results 664,889-
Adjustment of profit from prior year94,973-
Loss of dilution of percentage of ownership(9,201)-
At 31 January 202616,560,30315,600,000
14.2On 19 January 2024, the Group acquired 19.31% interest in BBT p.l.c., the registered address of which is The Watercourse Zone 2, Central Business District, Mdina Road, Birkirkara, Malta. BBT p.l.c. was established jointly with other third parties 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.
During the year, following an issue of shares by BBT p.l.c. to other shareholders, the Group\u2019s equity interest was diluted from 19.31% to 17.21%. Despite the dilution, the Group continues to exercise significant influence over BBT p.l.c. through its representation on the board of directors.
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.
During the year, the Group recognised a positive adjustment of \u20ac94,973 (2025: \u20acNil) to its investment in BBT p.l.c. This increase arose following the finalisation of the audited financial statements of BBT p.l.c. for the year ended 31 December 2024, which indicated a higher share of net assets than previously recognised based on unaudited financial information.
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 these consolidated financial statements, the Group used adjusted unaudited financial information of BBT p.l.c. for the year ended 31 December 2025. No adjustments were made for the different year end as management assessed that the effect of any transactions
14.2or events during this period was not significant to the Group\u2019s financial position or performance. At the time of approval of these consolidated financial statements, the Group had been informed that the unaudited financial information of BBT p.l.c. remained subject to change, as BBT p.l.c. was still finalising the accounting treatment for a significant transaction that took place close to year end. Due to the limited information available to us in respect of this particular transaction, management was unable to fully assess its potential impact and has prudently not taken any potential additional uplift. Accordingly, the adjusted financial information of BBT p.l.c. presented below, and the Group\u2019s share of results and net assets of BBT p.l.c., may differ materially once audited financial information becomes available. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page40-cflshid_17541-tag12056745": { "value": "
16Financial assets
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Amount due from subsidiary (Note 16.2)-11,401,033-10,879,334
Loan receivable from fellow subsidiary within Burmarrad Group (Note 16.3)2,657,8852,657,8853,075,0843,075,084
Financial assets at amortised cost (Note 16.1)10,973,913-11,009,309-
13,631,79814,058,91814,084,39313,954,418
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current
Amount due from subsidiary (Note 16.2)-3,605,800-3,605,800
Accrued interest on loan receivable from subsidiary-148,003-498,428
Accrued interest on loan receivable from fellow subsidiary within Burmarrad Group (Note 16.3)62,48862,488-137,762
Financial assets at amortised cost (Note 16.1)3,272,160-5,743,680-
3,334,6483,816,2915,743,6804,241,990
16.1The Group has financing arrangements in place with related parties 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 11 years, bearing an interest of 10% per annum.
Movement of the financial assets at amortised cost for the years ended 31 January are as follows:
Group
2026
\u20ac
Amortised cost
At 1.2.202516,752,989
Additions459,534
Interest charged1,401,398
Repayment(4,323,020)
Effect of movement in expected credit loss allowance(44,828)
At 31.1.202614,246,073
2025
\u20ac
Amortised cost
At 1.2.2024-
Additions19,311,517
Interest charged1,474,189
Repayment(4,032,717)
At 31.1.202516,752,989
During the year, additional leases amounting to \u20ac459,534 were recognised (2025: \u20ac19,311,517).
During the year, lease amounting to \u20ac2,267,935, which is the undiscounted amount, were extended by 1-2 years (2025: nil). In addition, leases amounting to \u20ac853,756 were terminated earlier than the end of the contractual lease term (2025: nil).
The interest income recorded on the above financing arrangements is disclosed in Note 8. As at 31 January 2026, ECL amounting to \u20ac44,828 (\u20acNil) has been recognised on the Group\u2019s financial assets at amortised cost.
16.2The Company issued loans amounting to \u20ac11,435,734 to its subsidiary, Burmarrad Group Fleets Limited. This loan is unsecured, bears interest at an annual rate of 6.35%, and is repayable not later than 2 May 2034. Furthermore, the Company entered into an assignment agreement for a loan amounting to \u20ac3,605,800, which was previously owed by Burmarrad Group Fleets Limited to a fellow subsidiary with the Burmarrad Group. The assigned loan is unsecured, interest free and has no fixed date of repayment.
As at 31 January 2026, a reversal of impairment loss amounting to \u20ac19,897 on the Company\u2019s other financial assets at amortised cost was recognized (2025: impairment loss of \u20ac89,684).
16.3The 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. A reversal of impairment loss amounting to \u20ac35,142 (2025: loss of \u20ac85,006) has been recognised on loans receivable from fellow subsidiary within the Burmarrad Group and recognised as impairment losses on financial assets within the consolidated statement of comprehensive income.
GroupCompany
20262026
Amortised cost
At 1.2.20253,075,08418,196,408
Additions-163,638
Interest charged202,842997,309
Repayment of interest(149,936)(997,309)
Principal repayment-(62,001)
Assignment of balance to fellow subsidiary within the Burmarrad Group(442,759)(442,759)
Effect of movement in expected credit loss allowance35,14219,923
At 31.1.2026 2,720,37317,875,209
GroupCompany
20252025
Amortised cost
At 1.2.2024--
Additions4,200,00019,241,534
Interest charged145,947640,868
Repayment of interest(145,947)(640,868)
Principal repayment(1,039,910)(955,442)
Effect of movement in expected credit loss allowance(85,006)(89,684)
At 31.1.2025 3,075,08418,196,408
22Debt securities issued
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Bonds in issue15,746,51515,746,51515,715,92715,715,927
Current
Bonds in issue \u2013 accrued interest681,200681,200726,433726,433
On 15 May 2024, 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. During the year, the Group recognized finance costs on debt securities amounting to \u20ac972,830 (2025: \u20ac747,801).
The carrying amount in the statement of financial position is gross of interest and net of transaction costs. Transaction costs incurred in connection with the issuance of debt securities amounted \u20acNil (2025: \u20ac305,441). The amortisation of these transaction costs, recognised in the profit and loss statement amounted to \u20ac30,588 for the year ended 31 January 2026 (2025: \u20ac21,638).
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 2026 for the debt securities was \u20ac102.40 (2025: \u20ac105.75).
The debt securities issued by the Company are subject to certain covenants as set out in the prospectus. The Company has complied with all covenant requirements throughout the current and comparative reporting periods. Accordingly, no breaches of covenants have occurred which would trigger early repayment or reclassification of the related liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page42-cflshid_18469-tag12056746": { "value": "
17Deferred tax
17.1 Deferred tax asset
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Opening balance18,99618,996--
Recognised in P&L(18,996)(18,996)18,99618,996
Closing balance--18,99618,996
During the year, the Group availed itself of unutilised tax losses that were brought forward from the prior year.
17.2 Deferred tax liability
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Opening balance216,000---
Recognised in P&L37,289-216,000-
Closing balance253,289-216,000-
Deferred tax is provided using the liability method for temporary differences arising on movements in the fair value of immovable investment property. Being an owner of investment properties, the calculation of the deferred tax provision for the year ended 31 January 2026 and 2025 is calculated on the taxation rules on capital gains upon a transfer of immovable property implemented through Act XIII of 2015. The rate of income tax applicable is a final withholding tax of 8% on the value of the property.
The deferred tax liability arose due to an increase in the fair value of investment property registered during the year and has been debited to the profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page43-cflshid_18995-tag12056838": { "value": "
18Assets held for sale
At 31 January 2026, the assets held for sale were stated at the lower of fair value less costs to sell and the carrying amount. Assets held for sale comprised the following assets:
20262025
\u20ac\u20ac
Investment property990,341-
18.1On August 2025, management committed to a plan to sell one of its investment properties. The sale is expected to take place by July 2026.
18.2The valuation technique used in measuring the fair value of the investment property was assessed as per the table below:
As at August 2025Significant observable inputNarrative sensitivity
Developed siteEstimated sales value of \u20ac2,600 per square metre The higher the sales price per square metre, the higher the fair value
18.3The investment property classified as held for sale with a value of \u20ac990,341 (2025: \u20acNil) is subject to a special hypothec in favour of the bank for the funds borrowed (Note 24).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page43-cflshid_18995-tag12056837": { "value": "
18Assets held for sale
At 31 January 2026, the assets held for sale were stated at the lower of fair value less costs to sell and the carrying amount. Assets held for sale comprised the following assets:
20262025
\u20ac\u20ac
Investment property990,341-
18.1On August 2025, management committed to a plan to sell one of its investment properties. The sale is expected to take place by July 2026.
18.2The valuation technique used in measuring the fair value of the investment property was assessed as per the table below:
As at August 2025Significant observable inputNarrative sensitivity
Developed siteEstimated sales value of \u20ac2,600 per square metre The higher the sales price per square metre, the higher the fair value
18.3The investment property classified as held for sale with a value of \u20ac990,341 (2025: \u20acNil) is subject to a special hypothec in favour of the bank for the funds borrowed (Note 24).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page44-cflshid_19434-tag12056833": { "value": "19Trade and other receivables
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Amount due from fellow subsidiaries within the Burmarrad Group 2,337,139150,332850,954102,109
Prepayments29,83729,83732,69332,693
Deposit receivable2,5002,5002,5002,500
Indirect taxation---2,579
Other receivables--630630
2,369,476182,669886,777140,511
The amounts due from the fellow subsidiaries within the Burmarrad Group are unsecured, interest free and repayable on demand.
As at 31 January 2026, the Group recognised a reversal of impairment loss amounting to \u20ac23,426 (2025: \u20ac23,426 loss) and the Company recognised a reversal of impairment loss of \u20ac2,698 (2025: loss of \u20ac2,698) on their respective statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page44-cflshid_19434-tag12056831": { "value": "19Trade and other receivables
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Amount due from fellow subsidiaries within the Burmarrad Group 2,337,139150,332850,954102,109
Prepayments29,83729,83732,69332,693
Deposit receivable2,5002,5002,5002,500
Indirect taxation---2,579
Other receivables--630630
2,369,476182,669886,777140,511
25Trade and other payables
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Deferred income48,296-72,596-
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current
Trade payables509,615 55,036110,3684,219
Amount due to subsidiary---232,871
Other related parties--98,18098,180
Amounts owed to fellow subsidiaries within the Burmarrad Group 98,705-910,96276,281
Amounts due to equity holders of the parent --588-
Accruals96,23546,029149,80636,700
Deferred income30,152-30,021-
Indirect taxation262,13532,206324,601-
Other payables4,099-2,4882,488
1,000,941133,2711,627,014450,739
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page44-cflshid_19434-tag12056830": { "value": "19Trade and other receivables
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Amount due from fellow subsidiaries within the Burmarrad Group 2,337,139150,332850,954102,109
Prepayments29,83729,83732,69332,693
Deposit receivable2,5002,5002,5002,500
Indirect taxation---2,579
Other receivables--630630
2,369,476182,669886,777140,511
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page44-cflshid_19434-tag12056825": { "value": "19Trade and other receivables
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Amount due from fellow subsidiaries within the Burmarrad Group 2,337,139150,332850,954102,109
Prepayments29,83729,83732,69332,693
Deposit receivable2,5002,5002,5002,500
Indirect taxation---2,579
Other receivables--630630
2,369,476182,669886,777140,511
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page44-cflshid_19434-tag12056824": { "value": "19Trade and other receivables
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Amount due from fellow subsidiaries within the Burmarrad Group 2,337,139150,332850,954102,109
Prepayments29,83729,83732,69332,693
Deposit receivable2,5002,5002,5002,500
Indirect taxation---2,579
Other receivables--630630
2,369,476182,669886,777140,511
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page44-cflshid_19434-tag12056737": { "value": "19Trade and other receivablesAs at 31 January 2026, the Group recognised a reversal of impairment loss amounting to \u20ac23,426 (2025: \u20ac23,426 loss) and the Company recognised a reversal of impairment loss of \u20ac2,698 (2025: loss of \u20ac2,698) on their respective statement of comprehensive income.
26Financial instruments
26.2Credit risk
GroupGross carrying amountLoss allowanceNet carrying amount
31 January 2026\u20ac\u20ac\u20ac
Finance lease receivables (Note 15)3,280,452(10,290)3,270,162
Financial asset at amortised cost (Note 16)14,290,901(44,828)14,246,073
Loans receivables (Note 16)2,770,237(49,864)2,720,373
Trade and other receivables (Note 19)2,369,476-2,369,476
Cash at bank (Note 20)872,151(385)871,766
23,583,217(105,367)23,477,850
GroupGross carrying amountLoss allowanceNet carrying amount
31 January 2025\u20ac\u20ac\u20ac
Finance lease receivables (Note 15)1,883,671-1,883,671
Financial asset at amortised cost (Note 16)16,752,989-16,752,989
Loan due from related parties (Note 16)3,160,090(85,006)3,075,084
Receivables from related parties (Note 19)874,380(23,426)850,954
Other receivables (Note 19)3,130-3,130
Cash at bank (Note 20)987,165(1,270)985,895
23,661,425(109,702)23,551,723
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page44-cflshid_19434-tag12056811": { "value": "
20Cash and cash equivalents
20.1 Cash at bank
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Cash at bank872,151710,175987,165878,178
Loss allowance at year end(385)(189)(1,270)(1,130)
Cash at bank871,766709,986985,895877,048
As at 31 January 2026, a loss allowance reversal of \u20ac885 (2025: loss of \u20ac1,270) has been recognised on the Group\u2019s cash and cash equivalents and recognised as income on financial assets within the consolidated statement of comprehensive income.
As at 31 January 2026, a loss allowance reversal of \u20ac941 (2025: loss of \u20ac1,130) has been recognised on the Company\u2019s cash and cash equivalents and recognised as income on financial assets within the statement of comprehensive income.
20.2Financing Activities
The following table provides a reconciliation of movements of liabilities to cash flows arising from financial activities as presented in the consolidated statement of cash flow:
20.2Financing Activities (continued)
Liabilities - Group
NoteBank borrowingsShort-term borrowingsDebt securities issuedLoans due to related parties
Balance at 1 February 2025515,800140,23416,442,3602,161,001
Changes from financing cash flows
Payment of interest on debt securities22--(987,475)-
Repayment of loan due to related parties24----
Proceeds from loans and borrowings24670,780---
Repayment of bank borrowings24(90,676)---
Payment of interest on bank borrowings(20,568)---
Total changes from financing cash flows559,536(140,234)(987,475)-
Other liability related changes
Effect of opening accrued interest(3,465)---
Changes in financial liabilities23---(530,501)
Assignment of balances24-(140,234)--
Interest expense924,033-972,830-
Total liability-related other changes20,568(140,234)972,830(530,501)
Balance at 31 January 20261,095,904-16,427,7151,630,500
Liabilities - Group
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 securities22--16,000,000-
Payment of transaction costs relating to debt securities issued22--(305,441)-
Proceeds from loans and borrowings24216,117---
Total changes from financing cash flows216,117-15,694,559-
Other liability related changes
Amounts due to fellow subsidiaries within the Burmarrad Group for acquisition of assets subject to financing arrangement23---2,161,001
Interest expense9--747,801-
Total liability-related other changes--747,8012,161,001
Balance at 31 January 2025515,800140,23416,442,3602,161,001
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page44-cflshid_19434-tag12056810": { "value": "
20Cash and cash equivalents
20.1 Cash at bank
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Cash at bank872,151710,175987,165878,178
Loss allowance at year end(385)(189)(1,270)(1,130)
Cash at bank871,766709,986985,895877,048
As at 31 January 2026, a loss allowance reversal of \u20ac885 (2025: loss of \u20ac1,270) has been recognised on the Group\u2019s cash and cash equivalents and recognised as income on financial assets within the consolidated statement of comprehensive income.
As at 31 January 2026, a loss allowance reversal of \u20ac941 (2025: loss of \u20ac1,130) has been recognised on the Company\u2019s cash and cash equivalents and recognised as income on financial assets within the statement of comprehensive income.
20.2Financing Activities
The following table provides a reconciliation of movements of liabilities to cash flows arising from financial activities as presented in the consolidated statement of cash flow:
Liabilities - Group
NoteBank borrowingsShort-term borrowingsDebt securities issuedLoans due to related parties
Balance at 1 February 2025515,800140,23416,442,3602,161,001
Changes from financing cash flows
Payment of interest on debt securities22--(987,475)-
Repayment of loan due to related parties24----
Proceeds from loans and borrowings24670,780---
Repayment of bank borrowings24(90,676)---
Payment of interest on bank borrowings(20,568)---
Total changes from financing cash flows559,536(140,234)(987,475)-
Other liability related changes
Effect of opening accrued interest(3,465)---
Changes in financial liabilities23---(530,501)
Assignment of balances24-(140,234)--
Interest expense924,033-972,830-
Total liability-related other changes20,568(140,234)972,830(530,501)
Balance at 31 January 20261,095,904-16,427,7151,630,500
Liabilities - Group
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 securities22--16,000,000-
Payment of transaction costs relating to debt securities issued22--(305,441)-
Proceeds from loans and borrowings24216,117---
Total changes from financing cash flows216,117-15,694,559-
Other liability related changes
Amounts due to fellow subsidiaries within the Burmarrad Group for acquisition of assets subject to financing arrangement23---2,161,001
Interest expense9--747,801-
Total liability-related other changes--747,8012,161,001
Balance at 31 January 2025515,800140,23416,442,3602,161,001
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page47-cflshid_20945-tag12056813": { "value": "21Equity
21.1Share capital
Issued Class \u2018A\u2019 sharesIssued class \u2018B\u2019 sharesTotal
\u20ac\u20ac\u20ac
Authorised and fully paid issued share capital 14,126,999114,127,000
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.
21.2Other reserve
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Other reserve1,418,593-989,768-
The other reserve comprises non-distributable earnings arising from fair value adjustments. During the year, a fair value uplift of \u20ac466,114 (2025: \u20ac335,000) and a deferred tax charge of \u20ac37,289 (2025: \u20ac216,000) related to these fair value adjustments was transferred to the Other reserve.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page47-cflshid_20945-tag12056812": { "value": "21Equity
21.1Share capital
Issued Class \u2018A\u2019 sharesIssued class \u2018B\u2019 sharesTotal
\u20ac\u20ac\u20ac
Authorised and fully paid issued share capital 14,126,999114,127,000
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.
21.2Other reserve
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Other reserve1,418,593-989,768-
The other reserve comprises non-distributable earnings arising from fair value adjustments. During the year, a fair value uplift of \u20ac466,114 (2025: \u20ac335,000) and a deferred tax charge of \u20ac37,289 (2025: \u20ac216,000) related to these fair value adjustments was transferred to the Other reserve.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page47-cflshid_20945-tag12056757": { "value": "21Equity
21.2Other reserve
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Other reserve1,418,593-989,768-
The other reserve comprises non-distributable earnings arising from fair value adjustments. During the year, a fair value uplift of \u20ac466,114 (2025: \u20ac335,000) and a deferred tax charge of \u20ac37,289 (2025: \u20ac216,000) related to these fair value adjustments was transferred to the Other reserve.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page47-cflshid_20945-tag12056739": { "value": "
22Debt securities issued
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Bonds in issue15,746,51515,746,51515,715,92715,715,927
Current
Bonds in issue \u2013 accrued interest681,200681,200726,433726,433
On 15 May 2024, 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. During the year, the Group recognized finance costs on debt securities amounting to \u20ac972,830 (2025: \u20ac747,801).
The carrying amount in the statement of financial position is gross of interest and net of transaction costs. Transaction costs incurred in connection with the issuance of debt securities amounted \u20acNil (2025: \u20ac305,441). The amortisation of these transaction costs, recognised in the profit and loss statement amounted to \u20ac30,588 for the year ended 31 January 2026 (2025: \u20ac21,638).
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 2026 for the debt securities was \u20ac102.40 (2025: \u20ac105.75).
The debt securities issued by the Company are subject to certain covenants as set out in the prospectus. The Company has complied with all covenant requirements throughout the current and comparative reporting periods. Accordingly, no breaches of covenants have occurred which would trigger early repayment or reclassification of the related liabilities.
23Loans due to related parties
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Amounts due to fellow subsidiaries within the Burmarrad Group1,630,500-2,161,001-
The amounts due to the fellow subsidiaries within the Burmarrad Group are unsecured, interest free and repayable on demand.
24Borrowings
24.1GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Bank borrowings (Note 24.2)--515,800-
24.1GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current
Bank borrowings (Note 24.2)515,800---
Bank borrowings (Note 24.3)580,104---
Loan from key management personnel --140,234140,234
1,095,904-140,234140,234
24.2The 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 12, 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 Business Lending Bank Base Rate, resulting in an effective interest rate of 3.5% at the reporting date. During the year ended 31 January 2026, finance costs amounting to \u20ac18,304 were recognised in the statement of comprehensive income. In the year ended 31 January 2025, finance costs amounting to \u20ac14,650 were capitalised as part of the cost of investment property.
24.3The Group has in place a revolving credit facility of \u20ac2,000,000, of which \u20ac670,780 was utilised at the reporting date. Repayment of bank borrowings during the year amounted to \u20ac90,676. The facility is repayable on demand and is serviced from underlying contractual cash receipts arising from the Company\u2019s finance arrangements with entities under common control. Interest is charged at 2.7% per annum over the Business Lending Bank Base Rate, calculated on daily debit balances in accordance with recognised banking practice, resulting in an effective interest rate of 4.85% per annum at the reporting date. The facility is secured by joint and several guarantees provided by fellow subsidiaries, together with a first-ranking general hypothec over the Company\u2019s assets and special hypothecary charges over immovable property owned by the Group.As at 31 January 2026, finance cost related to bank borrowings amounted to \u20ac5,729 (2025: \u20acNil).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page48-cflshid_21496-tag12056799": { "value": "
23Loans due to related parties
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Amounts due to fellow subsidiaries within the Burmarrad Group1,630,500-2,161,001-
The amounts due to the fellow subsidiaries within the Burmarrad Group are unsecured, interest free and repayable on demand.
24Borrowings
24.1GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Bank borrowings (Note 24.2)--515,800-
24.1GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current
Bank borrowings (Note 24.2)515,800---
Bank borrowings (Note 24.3)580,104---
Loan from key management personnel --140,234140,234
1,095,904-140,234140,234
25Trade and other payables
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Deferred income48,296-72,596-
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current
Trade payables509,615 55,036110,3684,219
Amount due to subsidiary---232,871
Other related parties--98,18098,180
Amounts owed to fellow subsidiaries within the Burmarrad Group 98,705-910,96276,281
Amounts due to equity holders of the parent --588-
Accruals96,23546,029149,80636,700
Deferred income30,152-30,021-
Indirect taxation262,13532,206324,601-
Other payables4,099-2,4882,488
1,000,941133,2711,627,014450,739
25.1The amounts due to the related parties are unsecured, interest free and repayable on demand.
25.2Deferred income relates to rental income received in advance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page49-cflshid_21951-tag12056832": { "value": "
25Trade and other payables
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Deferred income48,296-72,596-
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current
Trade payables509,615 55,036110,3684,219
Amount due to subsidiary---232,871
Other related parties--98,18098,180
Amounts owed to fellow subsidiaries within the Burmarrad Group 98,705-910,96276,281
Amounts due to equity holders of the parent --588-
Accruals96,23546,029149,80636,700
Deferred income30,152-30,021-
Indirect taxation262,13532,206324,601-
Other payables4,099-2,4882,488
1,000,941133,2711,627,014450,739
25.1The amounts due to the related parties are unsecured, interest free and repayable on demand.
25.2Deferred income relates to rental income received in advance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page49-cflshid_21951-tag12056827": { "value": "
25Trade and other payables
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Deferred income48,296-72,596-
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current
Trade payables509,615 55,036110,3684,219
Amount due to subsidiary---232,871
Other related parties--98,18098,180
Amounts owed to fellow subsidiaries within the Burmarrad Group 98,705-910,96276,281
Amounts due to equity holders of the parent --588-
Accruals96,23546,029149,80636,700
Deferred income30,152-30,021-
Indirect taxation262,13532,206324,601-
Other payables4,099-2,4882,488
1,000,941133,2711,627,014450,739
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page49-cflshid_21951-tag12056826": { "value": "
25Trade and other payables
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Deferred income48,296-72,596-
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current
Trade payables509,615 55,036110,3684,219
Amount due to subsidiary---232,871
Other related parties--98,18098,180
Amounts owed to fellow subsidiaries within the Burmarrad Group 98,705-910,96276,281
Amounts due to equity holders of the parent --588-
Accruals96,23546,029149,80636,700
Deferred income30,152-30,021-
Indirect taxation262,13532,206324,601-
Other payables4,099-2,4882,488
1,000,941133,2711,627,014450,739
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page49-cflshid_21951-tag12056817": { "value": "
25Trade and other payables
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Deferred income48,296-72,596-
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current
Trade payables509,615 55,036110,3684,219
Amount due to subsidiary---232,871
Other related parties--98,18098,180
Amounts owed to fellow subsidiaries within the Burmarrad Group 98,705-910,96276,281
Amounts due to equity holders of the parent --588-
Accruals96,23546,029149,80636,700
Deferred income30,152-30,021-
Indirect taxation262,13532,206324,601-
Other payables4,099-2,4882,488
1,000,941133,2711,627,014450,739
25.1The amounts due to the related parties are unsecured, interest free and repayable on demand.
25.2Deferred income relates to rental income received in advance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page49-cflshid_21951-tag12056815": { "value": "
25Trade and other payables
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Non-current
Deferred income48,296-72,596-
GroupCompanyGroupCompany
2026202620252025
\u20ac\u20ac\u20ac\u20ac
Current
Trade payables509,615 55,036110,3684,219
Amount due to subsidiary---232,871
Other related parties--98,18098,180
Amounts owed to fellow subsidiaries within the Burmarrad Group 98,705-910,96276,281
Amounts due to equity holders of the parent --588-
Accruals96,23546,029149,80636,700
Deferred income30,152-30,021-
Indirect taxation262,13532,206324,601-
Other payables4,099-2,4882,488
1,000,941133,2711,627,014450,739
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page50-cflshid_22530-tag12056792": { "value": "
26Financial instruments
26.1Overview
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. These are overseen by the Board of Directors, which is responsible for developing the Group\u2019s financial risk management policies and monitoring compliance with them.
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.
26.2Credit 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 and the Company to concentrations of credit risk consist principally of receivables, loans, 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 for the years ended 31 January are as follows:
GroupGross carrying amountLoss allowanceNet carrying amount
31 January 2026\u20ac\u20ac\u20ac
Finance lease receivables (Note 15)3,280,452(10,290)3,270,162
Financial asset at amortised cost (Note 16)14,290,901(44,828)14,246,073
Loans receivables (Note 16)2,770,237(49,864)2,720,373
Trade and other receivables (Note 19)2,369,476-2,369,476
Cash at bank (Note 20)872,151(385)871,766
23,583,217(105,367)23,477,850
GroupGross carrying amountLoss allowanceNet carrying amount
31 January 2025\u20ac\u20ac\u20ac
Finance lease receivables (Note 15)1,883,671-1,883,671
Financial asset at amortised cost (Note 16)16,752,989-16,752,989
Loan due from related parties (Note 16)3,160,090(85,006)3,075,084
Receivables from related parties (Note 19)874,380(23,426)850,954
Other receivables (Note 19)3,130-3,130
Cash at bank (Note 20)987,165(1,270)985,895
23,661,425(109,702)23,551,723
The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. In assessing whether there has been a significant increase in credit risk, the Group considered financial data made available by the counterparty as well as any known circumstances that could impact the counterparty\u2019s liquidity and net asset position; based on this assessment, no significant increase in credit risk was identified.
On the basis of the assessment carried out, the Group considers that the finance lease receivables and financial assets measured at amortised cost are subject to low credit risk. This assessment is supported by the underlying assets, which could be re-possessed by the Group in the event of a counterparty default. The related amounts are not past due, however loss allowance amounting to \u20ac55,118 has been recognised on these financial assets for the year ended 31 January 2026 (2025: \u20acNil).
The creditworthiness of the counterparty to the related party loan receivable has been assessed on the basis of the latest financial data, which resulted in a probability of default of 2.06% (2025: 2.69%) through the general approach to ECL, leading to a loss allowance of \u20ac49,864 (2025: \u20ac85,006).
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 period of trade receivables has been assessed and all amounts recorded as trade receivables were not past due as at the reporting date. The Group limits its exposure to credit risk from trade receivables by establishing a maximum payment period of one month. The Group\u2019s impairment of trade receivables for the year ended 31 January 2026 was \u20acNil (2025: \u20acNil).
26.3Liquidity 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, amounts due to related parties, and current tax liability (see notes 22, 23, 24 and 25). Prudent liquidity risk management includes maintaining sufficient cash to ensure the availability of an adequate amount of funding to meet the Group\u2019s obligations when they become due.
The Group monitors its liquidity position on an ongoing basis through cash flow forecasting and regular reviews of actual versus projected cash flows to ensure that sufficient funds are available to meet its obligations as they fall due.
The following tables represent the remaining 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 - Group
Carrying amountContractual undiscounted cash flowsLess than one yearBetween 1 and 2 yearsBetween 2 and 5 yearsOver 5 Years
As at 31 January 2026
Debt securities16,427,71523,488,000936,000936,0002,808,00018,808,000
Loans due to related parties1,630,5001,630,5001,630,500---
Bank borrowings1,095,9041,167,1081,167,108---
Trade and other payables970,789970,789970,789---
Current tax liability534,897534,897534,897---
Total non-derivatives20,659,80527,791,2945,239,294936,0002,808,00018,808,000
Financial Liabilities - Group
Carrying amountContractual undiscounted 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-
Borrowings140,234140,234140,234---
Trade and other payables1,627,0141,627,0141,627,014---
Current tax liability352,724352,724352,724---
Total non-derivatives21,239,13329,309,4712,864,458954,0532,649,95922,841,001
26.4Market 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. This risk is managed and monitored through regular sensitivity analyses and by closely tracking interest rate movements to assess their potential impact on the Group\u2019s financial position and performance. The Group is not exposed to currency risk as its transactions are carried out in Euro, the functional currency.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates.
The Group\u2019s interest-bearing financial instruments are based on a fixed interest rate, except for its borrowings which are subject to variable rates (note 24).
The Group\u2019s interest rate risk is not deemed material since the amounts of finance costs reported during the years ended 31 January 2026 and 2025 are not material and a change in +/-1% of the interest rate will not have a material impact on the Group\u2019s consolidated profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page50-cflshid_22530-tag12056796": { "value": "
26Financial instruments
26.6Fair 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page50-cflshid_22530-tag12056755": { "value": "
26Financial instruments
26.5Capital 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": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page50-cflshid_22530-tag12056754": { "value": "
26Financial instruments
26.4Market 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. This risk is managed and monitored through regular sensitivity analyses and by closely tracking interest rate movements to assess their potential impact on the Group\u2019s financial position and performance. The Group is not exposed to currency risk as its transactions are carried out in Euro, the functional currency.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates.
The Group\u2019s interest-bearing financial instruments are based on a fixed interest rate, except for its borrowings which are subject to variable rates (note 24).
The Group\u2019s interest rate risk is not deemed material since the amounts of finance costs reported during the years ended 31 January 2026 and 2025 are not material and a change in +/-1% of the interest rate will not have a material impact on the Group\u2019s consolidated profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page50-cflshid_22530-tag12056753": { "value": "
26Financial instruments
26.3Liquidity 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, amounts due to related parties, and current tax liability (see notes 22, 23, 24 and 25). Prudent liquidity risk management includes maintaining sufficient cash to ensure the availability of an adequate amount of funding to meet the Group\u2019s obligations when they become due.
The Group monitors its liquidity position on an ongoing basis through cash flow forecasting and regular reviews of actual versus projected cash flows to ensure that sufficient funds are available to meet its obligations as they fall due.
The following tables represent the remaining 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 - Group
Carrying amountContractual undiscounted cash flowsLess than one yearBetween 1 and 2 yearsBetween 2 and 5 yearsOver 5 Years
As at 31 January 2026
Debt securities16,427,71523,488,000936,000936,0002,808,00018,808,000
Loans due to related parties1,630,5001,630,5001,630,500---
Bank borrowings1,095,9041,167,1081,167,108---
Trade and other payables970,789970,789970,789---
Current tax liability534,897534,897534,897---
Total non-derivatives20,659,80527,791,2945,239,294936,0002,808,00018,808,000
Financial Liabilities - Group
Carrying amountContractual undiscounted 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-
Borrowings140,234140,234140,234---
Trade and other payables1,627,0141,627,0141,627,014---
Current tax liability352,724352,724352,724---
Total non-derivatives21,239,13329,309,4712,864,458954,0532,649,95922,841,001
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page50-cflshid_22530-tag12056744": { "value": "
26Financial instruments
26.2Credit 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 and the Company to concentrations of credit risk consist principally of receivables, loans, 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 for the years ended 31 January are as follows:
GroupGross carrying amountLoss allowanceNet carrying amount
31 January 2026\u20ac\u20ac\u20ac
Finance lease receivables (Note 15)3,280,452(10,290)3,270,162
Financial asset at amortised cost (Note 16)14,290,901(44,828)14,246,073
Loans receivables (Note 16)2,770,237(49,864)2,720,373
Trade and other receivables (Note 19)2,369,476-2,369,476
Cash at bank (Note 20)872,151(385)871,766
23,583,217(105,367)23,477,850
GroupGross carrying amountLoss allowanceNet carrying amount
31 January 2025\u20ac\u20ac\u20ac
Finance lease receivables (Note 15)1,883,671-1,883,671
Financial asset at amortised cost (Note 16)16,752,989-16,752,989
Loan due from related parties (Note 16)3,160,090(85,006)3,075,084
Receivables from related parties (Note 19)874,380(23,426)850,954
Other receivables (Note 19)3,130-3,130
Cash at bank (Note 20)987,165(1,270)985,895
23,661,425(109,702)23,551,723
The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. In assessing whether there has been a significant increase in credit risk, the Group considered financial data made available by the counterparty as well as any known circumstances that could impact the counterparty\u2019s liquidity and net asset position; based on this assessment, no significant increase in credit risk was identified.
On the basis of the assessment carried out, the Group considers that the finance lease receivables and financial assets measured at amortised cost are subject to low credit risk. This assessment is supported by the underlying assets, which could be re-possessed by the Group in the event of a counterparty default. The related amounts are not past due, however loss allowance amounting to \u20ac55,118 has been recognised on these financial assets for the year ended 31 January 2026 (2025: \u20acNil).
The creditworthiness of the counterparty to the related party loan receivable has been assessed on the basis of the latest financial data, which resulted in a probability of default of 2.06% (2025: 2.69%) through the general approach to ECL, leading to a loss allowance of \u20ac49,864 (2025: \u20ac85,006).
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 period of trade receivables has been assessed and all amounts recorded as trade receivables were not past due as at the reporting date. The Group limits its exposure to credit risk from trade receivables by establishing a maximum payment period of one month. The Group\u2019s impairment of trade receivables for the year ended 31 January 2026 was \u20acNil (2025: \u20acNil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page54-cflshid_24854-tag12056814": { "value": "Burmarrad Group Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page54-cflshid_24883-tag12056756": { "value": "Mr. Mario Gauci", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "v1-page55-cflshid_25018-tag12056818": { "value": "
28Subsequent events
28.1On 16 February 2026, the Company was allotted an additional 22,680 shares of BBT plc as a result of BBT plc\u2019s capitalisation of its share premium account. This results in an increase in the number of shares owned in BBT plc by the Company.
28.2After the reporting date, BBT plc, in which the Company holds an investment classified as an associate, completed the issuance of \u20ac25,000,000 secured bonds with a nominal value of \u20ac100 each, bearing interest at 5.4% per annum and redeemable on 9 April 2036.
28.3In April 2026, the Group entered into a promise of sale agreement to sell one of its investment properties.
28.4Subsequent to year-end, the Group has made additional drawdowns amounting to \u20ac726,867 in relation to its \u20ac2,000,000 revolving credit facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:98450090A83C3F590A19", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } } } }