TUM Finance plcReport and consolidated financial statements Year ended 31 December 2023 | 1 |
Notes | 2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | ||
Revenue | 5 | 588,125 | 613,125 | ||
Administrative and other operating expenses | 6 | ( | ( | (131,275) | (120,177) |
Gross profit | 456,850 | 492,948 | |||
Finance income | 7 | 465,984 | 459,883 | ||
Finance costs | 8 | ( | ( | (794,843) | (792,295) |
Share of loss of associates | 14 | ( | ( | - | - |
Profit before tax | 127,991 | 160,536 | |||
Tax (expense) income | 10 | ( | ( | - | 27,516 |
Profit for the year | 127,991 | 188,052 | |||
Profit from discontinued operations | 9 | - | - | ||
Total comprehensive income | 127,991 | 188,052 | |||
Attributable to: | |||||
Equity holders of the Company | - | - | |||
Non-controlling interests | - | - |
Notes | 2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | ||
Assets | |||||
Non-current | |||||
Investment property | 11 | - | - | ||
Property, plant and equipment | 12 | - | - | ||
Investment in subsidiary | 13 | - | - | 20,074,623 | 20,074,623 |
Investment in associates | 14 | - | - | ||
Loans due from related parties | 15 | 17,115,910 | 16,994,889 | ||
37,190,533 | 37,069,512 | ||||
Current | |||||
Loans due from related parties | 15 | 2,228,222 | 1,611,111 | ||
Amounts due from related parties | 16 | 1,417,938 | 1,957,221 | ||
Trade and other receivables | 17 | 6,251 | 3,540 | ||
Cash and cash equivalents | 18 | 4,602 | 285 | ||
Tax recoverable | 96,708 | 181,446 | |||
3,753,721 | 3,753,603 | ||||
Total assets | 40,944,254 | 40,823,115 | |||
Equity | |||||
Share capital | 19.1 | 17,693,000 | 17,693,000 | ||
Retained earnings | 19.2 | 598,244 | 470,253 | ||
Capital contributions | 19.3 | 2,456,016 | 2,456,016 | ||
Other reserves | 19.4 | - | - | ||
Equity attributable to Owners of the parent | 20,747,260 | 20,619,269 | |||
Non-controlling interests | ( | - | - | ||
Total equity | 20,747,260 | 20,619,269 | |||
Liabilities | |||||
Non-current | |||||
Deferred tax liability | 21 | - | - | ||
Bank loan | 23 | - | - | ||
Loans due to related parties | 24 | - | - | ||
Lease liabilities | 22 | - | - | ||
Debt securities in issue | 20 | 19,702,894 | 19,658,405 | ||
19,702,894 | 19,658,405 | ||||
Current | |||||
Loans due to related parties | 24 | - | - | ||
Trade and other payables | 25 | 42,481 | 70,302 | ||
Debt securities in issue | 20 | 391,081 | 439,732 | ||
Amounts due to related parties | 26 | 60,538 | 35,407 | ||
Tax payable | - | - | |||
494,100 | 545,441 | ||||
Total liabilities | 20,196,994 | 20,203,846 | |||
Total liabilities and equity | 40,944,254 | 40,823,115 |
Balance at 1 January 2022 | ||||||
Profit for the year | ||||||
Contribution of associate | ||||||
Additional contribution | ||||||
Incorporation of subsidiary | ||||||
Balance at 31 December 2022 |
Group | Company | ||||
Notes | 2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | ||
Operating activities | |||||
Profit before tax | 127,991 | 160,536 | |||
Adjustments | 27 | ( | (259,266) | (105,713) | |
Net changes in working capital | 27 | ( | 1,538,986 | 561,403 | |
Operating activities of discontinued operation | - | - | |||
Income taxes (paid) received | ( | ( | 84,738 | 76,241 | |
Net cash generated from operating activities | 1,492,449 | 692,467 | |||
Investing activities | |||||
Payments to acquire property, plant and equipment | 12 | ( | ( | - | - |
Payments to acquire investment property | 11 | ( | ( | - | - |
Advances to related parties | ( | - | |||
Investment in associates | ( | - | - | ||
Net cash used in investing activities | ( | ( | - | - | |
Financing activities | |||||
Issuance of loans to related parties | - | - | (738,132) | - | |
Proceeds from incorporation of subsidiary | - | - | |||
Proceeds from bank loan | - | - | |||
Repayment of lease liabilities | ( | ( | - | - | |
Bond interest paid | ( | ( | (750,000) | (699,213) | |
Interest paid | ( | ( | - | (171) | |
Net cash generated from (used in) financing activities | ( | (1,488,132) | (699,384) | ||
Net change used in cash and cash equivalents | ( | 4,317 | (6,917) | ||
Cash and cash equivalents, beginning of year | 285 | 7,202 | |||
Cash and cash equivalents, end of year | 4,602 | 285 | |||
Cash and cash equivalents included in disposal group | ( | - | - | ||
Cash and cash equivalents for continuing operations | 18 | 4,602 | 285 |
€ | |
Assets | 35,326,565 |
Liabilities | (16,438,846) |
Net assets | 18,887,719 |
Non-controlling interest | (4,713,954) |
Net assets attributable to parent | 14,173,765 |
Non cash consideration | (17,268,449) |
Gain on disposal of subsidiary | (3,094,684) |
Right-of-use | |||
Building | asset | Total | |
€ | € | € | |
Cost | |||
At 1 January 2023 | 65,217,399 | 195,452 | 65,412,851 |
Additions resulting from subsequent expenditure | 137,323 | - | 137,323 |
Disposal as a result of discontinued operations | (35,041,689) | - | (35,041,689) |
At 31 December 2023 | 30,313,033 | 195,452 | 30,508,485 |
At 1 January 2022 | 64,764,868 | 195,452 | 64,960,320 |
Additions resulting from subsequent expenditure | 452,531 | - | 452,531 |
At 31 December 2022 | 65,217,399 | 195,452 | 65,412,851 |
Accumulated Depreciation | |||
At 1 January 2023 | - | 6,427 | 6,427 |
Depreciation for the year | - | 1,607 | 1,607 |
At 31 December 2023 | - | 8,034 | 8,034 |
At 1 January 2022 | - | 4,820 | 4,820 |
Depreciation for the year | - | 1,607 | 1,607 |
At 31 December 2022 | - | 6,427 | 6,427 |
Carrying amount | |||
At 31 December 2023 | 30,313,033 | 187,418 | 30,500,451 |
At 31 December 2022 | 65,217,399 | 189,025 | 65,406,424 |
Valuation technique | Significant unobservable inputs | Range | Narrative sensitivity | |
Investment property | Income approach | Discount rate | 6% | The higher the discount rate, the lower the fair value |
Rental value per square meter | €93 | The higher the price per square meter, the higher the fair value | ||
Rent growth per annum | 2.9% | The higher the rent growth, the higher the fair value |
Group | ||||
Plant and machinery | Office furniture, fittings, and equipment | Asset under construction | Total | |
€ | € | € | € | |
Cost | ||||
At 1 January 2023 | 128,741 | 99,545 | - | 228,286 |
Additions | 252,695 | 18,596 | 8,251,055 | 8,522,346 |
Disposals as a result of discontinued operations | (62,277) | (33,238) | - | (95,515) |
At 31 December 2023 | 319,159 | 84,903 | 8,251,055 | 8,655,117 |
At 1 January 2022 | 116,864 | 18,345 | - | 135,209 |
Additions | 11,877 | 81,200 | - | 93,077 |
At 31 December 2022 | 128,741 | 99,545 | - | 228,286 |
Accumulated depreciation | ||||
At 1 January 2023 | 90,180 | 20,262 | - | 110,442 |
Depreciation | 43,219 | 8,531 | - | 51,750 |
Disposals | (59,427) | (14,687) | - | (74,114) |
At 31 December 2023 | 73,972 | 14,106 | - | 88,078 |
At 1 January 2022 | 57,898 | 3,825 | - | 61,723 |
Depreciation | 32,282 | 16,437 | - | 48,719 |
At 31 December 2022 | 90,180 | 20,262 | - | 110,442 |
Carrying amount | ||||
At 31 December 2023 | 245,187 | 70,797 | 8,251,055 | 8,567,039 |
At 31 December 2022 | 38,561 | 79,283 | - | 117,844 |
As restated | ||
2023 | 2022 | |
€ | € | |
Carrying amount of investment in associate | 25,082,822 | 43,586 |
Receivables | 4,535,753 | 3,730,500 |
29,618,575 | 3,774,086 |
Merged entities | Develeco Malta Limited | BBT plc | BBT Holdings Limited | Total | |
€ | € | € | € | € | |
At 31 December 2023 | |||||
Current assets | 7,801,943 | 169,596 | 3,842,977 | 6,200 | 11,820,716 |
Non-current assets | 9,490,232 | 6,632,144 | 89,613,707 | 5,743,184 | 111,479,267 |
Current liabilities | (8,530,807) | (6,636,384) | (1,936,399) | (990,457) | (18,094,047) |
Non-current liabilities | (9,378,656) | - | (21,484,697) | (5,000,000) | (35,863,353) |
Equity | (617,288) | 165,356 | 70,035,588 | (241,073) | 69,342,583 |
Company’s share in equity* | (213,836) | 82,678 | 25,160,019 | (78,059) | 24,950,802 |
Cumulative unrecognised share of losses in associates | 213,836 | - | (159,875) | 78,059 | 132,020 |
Company’s carrying amount of the investment (equity) | - | 82,678 | 25,000,144 | - | 25,082,822 |
Revenue | 1,600,000 | 386,706 | 1,745,063 | - | 3,731,769 |
Profit (loss) for the year | (174,643) | 107,466 | 465,264 | (244,542) | 153,545 |
Total comprehensive income (loss) | (174,643) | 107,466 | 465,264 | (244,542) | 153,545 |
Company’s share of profit (loss) for the year | (47,036) | 53,733 | 167,144 | (79,183) | 94,658 |
Effect of changes in the prior balances of associates | - | (13,953) | - | - | (13,953) |
Recognised cumulative prior year unrecognised losses | - | - | (159,875) | - | (159,875) |
Recognised share of profit (loss) | - | 39,780 | 7,269 | (787) | 46,262 |
Unrecognised share of losses in the associate for the year | (47,036) | - | - | (79,970) | (127,006) |
Group | Company | |||
As restated | ||||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Amounts due from ultimate parent company | 696,251 | 1,100,156 | - | - |
Amounts due from group companies | - | - | 1,417,938 | 1,957,221 |
Amounts due from other related companies | 4,119,298 | 553,018 | - | - |
4,815,549 | 1,653,174 | 1,417,938 | 1,957,221 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Trade receivables | 214,124 | 203,173 | - | - |
Advances, deposits, and prepayments | 47,546 | 79,327 | 6,251 | 3,540 |
Trade and other receivables | 261,670 | 282,500 | 6,251 | 3,540 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Cash in bank | 845,721 | 105,226 | 4,602 | 285 |
Cash and cash equivalents | 845,721 | 105,226 | 4,602 | 285 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Non-current | 191,737 | 191,764 | - | - |
191,737 | 191,764 | - | - | |
2023 | 2022 | |||
€ | € | |||
As at 1 January | 191,764 | 191,745 | ||
Accretion of interest | 10,538 | 10,584 | ||
Payments | (10,565) | (10,565) | ||
Amounts included in non-current liabilities | 191,737 | 191,764 |
2023 | 2022 | |
€ | € | |
Within one year | 10,565 | 10,565 |
Between two-five years | 42,262 | 42,262 |
After five years | 1,151,629 | 1,162,194 |
1,204,456 | 1,215,021 |
Later than one | ||||
Not later than | year but not later | Later than | ||
one year | than five years | five years | Total | |
€ | € | € | € | |
31 December 2023 | ||||
Lease payments | 10,565 | 42,262 | 1,151,626 | 1,204,453 |
Finance charges | (10,565) | (42,165) | (959,986) | (1,012,716) |
Net present values | - | 97 | 191,640 | 191,737 |
Minimum lease payments |
Later than one | ||||
Not later than | year but not later | Later than | ||
one year | than five years | five years | Total | |
€ | € | € | € | |
31 December 2022 | ||||
Lease payments | 10,565 | 42,262 | 1,162,193 | 1,215,020 |
Finance charges | (10,538) | (42,170) | (970,548) | (1,023,256) |
Net present values | 27 | 92 | 191,645 | 191,764 |
2023 | 2022 | |
€ | € | |
Within one year | 1,734,980 | 1,457,613 |
Between one and two years | 1,554,910 | 1,469,828 |
Between two and three years | 1,532,895 | 1,299,733 |
Between three and four years | 1,511,412 | 1,248,476 |
Between four and five years | 1,482,288 | 1,258,058 |
More than five years | 1,489,275 | 2,471,574 |
9,305,760 | 9,205,282 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Non-current | ||||
Bank loan | 5,215,927 | - | - | - |
2023 | 2022 | |
€ | € | |
Group | ||
Rental income | 991,700 | 866,000 |
Company | ||
Finance income | 465,984 | 459,883 |
Dividend income | 588,125 | 613,125 |
51 |
52 |
53 |
54 |
55 |