Burmarrad Group Assets p.l.c.
Annual Report
2024/2025
Company Registration Number: C 83190
Burmarrad Group Assets p.l.c.
Page 
Directors, Officer and Other information  1
Directors’ Report  2
Statement of compliance with code of principles of good governance  5
Separate Financial Statements:
Statement of Financial Position  11
Statement of Comprehensive Income  12
Statement of Changes in Equity  13
Statement of Cash Flows  14
Notes to the Separate Financial Statements  15
Independent Auditor’s Report
1
Burmarrad Group Assets p.l.c.
Directors, Officer and Other information
For the year ended 31 January 2025
Directors:
Ms Maria Gauci (executive)
Mr Mario Gauci Jnr (executive)
Mr Albert Frendo (non-executive)
Mr Mark Anthony Grech (non-executive)
Mr David Spiteri (non-executive)
   
Secretary:  Dr Joseph Saliba
   
Registered office:  Marjo, Burmarrad Road, Burmarrad
  San Pawl il-Bahar 
  SPB 9060 Malta
   
Country of incorporation:  Malta
   
Country registration number:  C83190
   
Auditors:  KPMG Malta
   
Legal and judicial representatives:  Maria Gauci 
  Mario Gauci Jnr
  Albert Frendo 
  Mark Anthony Grech
  David Spiteri
Contact details:  +356 21573261 
info@bgassetsplc.com 
Burmarrad Group Assets p.l.c.
Directors’ Report
2
The directors hereby present their report together with the annual report and separate financial statements of Burmarrad
Group Assets p.l.c. (C 83190) (the “Company”) for the year ended 31 January 2025. The Company also owns and reports on its
19.3% shareholding in BBT p.l.c. (C 101666).
As required by Capital Markets Rule 5.62 issued by MFSA, upon due consideration of the Company’s affairs, capital adequacy
and solvency, the directors confirm the Company’s ability to continue in operational existence for the foreseeable future. For
this reason, in preparing these financial statements, they continue to adopt the going concern basis.
The directors’ report is being published in terms of Capital Markets Rule 5.75.2 issued by the Malta Financial Services Authority
and the Prevention of Financial Markets Abuse Act, Chapter 476 of the Laws of Malta.
Bond Issue
In terms of the Prospectus dated 28 March 2024 the Company had offered for subscription an amount of €16 million 5.85%
Secured Bonds 2034. The Bonds were fully subscribed and admitted to the Official List of the Malta Stock Exchange p.l.c. with
effect from 2 May 2024.
In accordance with the Prospectus, the net proceeds derived from the bond issue were utilised by the Group of which the
Company is the parent, to acquire business assets consisting of vehicles and fixed assets related to the vehicle manufacturing
and servicing business from commonly controlled operating related companies, as well as to finance the future acquisition of
vehicles and provide general corporate funding.
Principal Activities
The  Company  is  the  holding  company  of  Burmarrad  Group  Fleets  Limited  and  Burmarrad  Group  Properties  Limited.  The
Company acts as the finance arm by raising finance and advancing same to its subsidiaries and other companies within the
Burmarrad Group. Following a restructuring exercise of the Burmarrad Group in 2023 and early 2024, Burmarrad Group Fleets
Limited acquired legal ownership of the vehicles and vehicle-related fixed assets, which are leased back through leasing or
financing  arrangements  to  other  commonly  controlled  operating  companies  of  the  Burmarrad  Group.  Burmarrad  Group
Properties Limited owns several immovable investment properties for development and capital appreciation and others held
for the generation of rental income.
Review of Business and Future Developments
The Company’s loss before tax for the year ended 31 January 2025 amounted to €286,784 (2024: Profit of €156,009). The
principal  source  of  revenue  consisted  of  investment  income  which  amounted  to  €640,868.  Through  its  subsidiaries,  the
Company continues to consolidate its operations through further investment in the fleets of vehicles and properties, making
sure that investment yields proper return.
Dividends
The Directors do not propose the payment of a dividend.
Risks and uncertainties
The  Company,  as  the  holding  company  of  Burmarrad  Group  Fleets  Limited  and  Burmarrad  Group  Properties  Limited,  is 
ultimately  financially  dependent  on  the  results  and  performance  of  its  two  fully  owned  subsidiaries  and  the  results  and
performance of its associated company BBT p.l.c.
Burmarrad Group Assets p.l.c.
Directors’ Report (continued)
3
The financial results  of Burmarrad Group Fleets  Limited in turn depend on the  results and performance  of the  operating
companies comprised within the Burmarrad Group. These companies’ business consists of the long-term leasing and short-
term hiring of vehicles, the operation of a spare parts and tyre shop, and other vehicle-related services such as mechanical,
electrical, spraying, roadside assistance, body building and car washing services. To mitigate this risk, agreements between
Burmarrad  Group  Fleets  Limited  and  two  of  the  Burmarrad  Group’s  operating  companies  which  lease  out  vehicles  from
Burmarrad Group Fleets Limited, stipulate a guaranteed return for Burmarrad Group Fleets Limited.
The Burmarrad Group has been Malta’s leading provider of such vehicle-related services for the past several years. Revenue
from this business is relatively stable and no disruptions or downturns in business are expected in the foreseeable future.
Burmarrad Group Properties Limited derives its income from the development, sale and rental of immovable property. No
major risks or uncertainties have been identified for the foreseeable future apart from property-related macroeconomic risks
such as inflationary pressures that may squeeze margins, or a downturn in the economy that may dampen the demand for
property as an investment asset.
The same macroeconomic risks may affect the business of BBT p.l.c. which develops commercial property for rent. The Issuer
holds a 19.31% stake in this company and expects to derive substantial dividends in the future.
Disclosure of information to the auditor
At the date of preparing this report the directors confirm the following:
- As far as each director is aware, there is no relevant information needed by the independent auditor in connection with
preparing the audit report of which the independent auditor is unaware, and
- Each director has taken all steps that she/he ought to have taken as a director in order to make herself/himself aware of any
relevant information needed by the independent auditor in connection with preparing the audit report and to establish that
the independent auditor is aware of that information.
Statement of directors’ responsibilities
The Companies Act, Cap 386 requires the directors to prepare financial statements for each financial year which give a true
and fair view of the state of affairs of the company as at the end of the financial year and of the profit or loss of the company
for that year. In preparing these financial statements, the directors are required to:
- adopt the going concern basis unless it is inappropriate to presume that the group will continue in business;
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- account for income and charges relating to the accounting period on the accruals basis;
- value separately the components of asset and liability items; and
- report comparative figures corresponding to those of the preceding accounting period.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the
financial position of the group and to enable them to ensure that the financial statements have been properly prepared in
accordance with the Companies Act, Cap 386. This responsibility includes designing, implementing and maintaining internal
controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement,
whether due to fraud or error. They are also responsible for safeguarding the assets of the Company and for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
Burmarrad Group Assets p.l.c.
Directors’ Report (continued)
4
Statement pursuant to Capital Markets Rule 5.70.1
As part of the Burmarrad Group restructuring exercise preceding the bond issue, Burmarrad Group Fleets Limited (“BGFL”), a
fully owned subsidiary of the Issuer, entered into various contracts with companies that are ultimately owned by the same
shareholders of the Issuer, as follows:
  An agreement whereby BGFL purchased the vehicles owned and operated by BC Auto Rentals Limited (“BCARL”), as 
subject to existing on-going business with final customers, and leased the same vehicles back to BCARL.
  An agreement whereby BGFL purchased the vehicles owned and operated by Burmarrad Commercials Limited (“BCL”),
as subject to existing on-going business with final customers, and leased the same vehicles back to BCL.
  An agreement whereby BGFL purchased certain Fixed Assets used in the Vehicle Manufacturing and Servicing Business
from  Burmarrad  Manufacturing  Limited  (“BML”)  and  leased  the  same  assets  back  to  BML  and  also  to  BCL  and
Burmarrad Servicing Limited (“BSL”).
In addition, BGFL entered into lease agreements with BCARL and BCL for new vehicles acquired by BGFL during the year.
Auditors
KPMG have intimated their willingness to continue in office and a resolution proposing their reappointment will be put to the
Annual General Meeting.
Signed on behalf of the Board of Directors on 27
th
May 2025 by Ms. Maria Gauci and Mr. Mario Gauci Jnr as per the Directors’
Declaration on ESEF Annual Financial Report submitted in conjunction with the Annual Financial Report.
Maria Gauci                  Mario Gauci Jnr
Director                   Director 
Burmarrad Group Assets p.l.c.  
Statement of compliance with code of principles of good governance  
5
Pursuant  to  Capital  Markets  Rules  5.94  and  5.97  issued  by  the  Malta  Financial  Services  Authority  (the
“Rules”), Burmarrad Group Assets p.l.c. (the “Company”) should endeavour to adopt the Code of Principles
of Good Corporate Governance contained in Appendix 5.1 to Chapter 5 of the  Rules (the  “Code”), and
accordingly, is hereby reporting on the extent of its adoption of the Code for the year ended 31 December
2024.
The  Company  acknowledges  that  although  the  Code  does  not  dictate  or  prescribe  mandatory  rules,
compliance  with the  principles  of good  corporate governance  recommended  in the  Code is in  the best
interests of the Company, its shareholders, bondholders and other stakeholders, and that compliance with
the  Code,  is  not  only  expected  by  investors  but  also  evidences  the  directors’  and  the  Company’s
commitment to maintaining a high standard of good corporate governance.
The Company has only issued debt securities  which have been admitted to trading on the Malta Stock 
Exchange, and accordingly, in terms of Rule 5.101, is exempt from reporting on the matters prescribed in
Rules 5.97.1 to 5.97.3, 5.97.6 and 5.97.8 in this corporate governance statement (the “Statement”).
Except where it is hereby noted, the Company confirms that it has complied with all applicable provisions
of the Capital Markets Rules 5.94 and 5.97 for the year ended 31 December 2024, in accordance with the
following:
The Board
The  Board  is  responsible  for  setting  the  Company’s  strategy  and  overseeing  the  Company’s  financial
statements and annual report. The Board carries out these duties in a way that ensures effective supervision
of the Company’s operations and protects the interests of stakeholders, including Bondholders. During the
financial year under review, the directors have provided strong leadership in the direction of the Company
and fulfilled their responsibilities with honesty, competence, and integrity. Individually and collectively, the
directors possess the necessary skills and experience to contribute effectively to the Company’s decision-
making processes and the implementation of its strategy and policies. The Board is well-informed of the
statutory and regulatory requirements relevant to the Company’s business. The Board is accountable to
shareholders and other stakeholders for its own performance and that of its delegates.
The  executive  directors  allow  the  Board  to  be  given  direct  information  regarding  the  Company’s
performance and business activities.
In addition to its statutory mandate to conduct the administration and management of the Company, the
Board acknowledges that in terms of the Code it is responsible to:
i.  appoint the Chief Executive Officer (‘CEO’);
ii.  actively participate in the appointment of senior management;
iii.  ensure that there is adequate training in the Company for the Directors and senior management;
iv.  establish a succession plan for senior management; and
v.  ensure that all Directors are supplied with precise, timely and clear information so that they can
effectively contribute to board decisions.
The Company's Chairperson and Chief Executive Officer (CEO)
With effect from the Company’s conversion to a public limited liability company (as of 12th March 2024),
the roles of Chairman of the Board and CEO were held by separate individuals, ensuring a clear distinction
between the Chairman’s responsibility for leading the Board and the CEO’s role in managing the Company’s
operations, while maintaining a strong and collaborative working relationship between the two.
Burmarrad Group Assets p.l.c.  
Statement of compliance with code of principles of good governance (continued)
6
The Company's Chairperson and Chief Executive Officer (CEO) (continued)
The Chairman of the Board is responsible to lead the Board and set its agenda. Additionally, the Chairman is responsible to
encourage active engagement by all the members of the Board and for this purpose it ensures that the Directors receive timely
information so that they can take sound decisions and effectively monitor the performance of the Company.
The Company’s operations are headed by Ms. Sharon Gauci. Ms. Gauci is the appointed CEO of the whole of Burmarrad Group
and is formally employed through Burmarrad Commercials Limited. Ms Gauci is principally responsible for the running of the
Company’s business and the executive conduct, administration, organisation and corporate strategy of the Company and the
Group.
Board composition
The Board of Directors (the “Board”) is comprised of three (3) non-executive directors and two (2) executive directors, which
is within the maximum limit of seven (7) permitted by the Company’s Memorandum of Association. The two Board members
occupying an executive role are also directors of the Parent Company and other wholly owned subsidiaries.
All the non-executive directors are independent from the Company
In assessing their independence due notice has been taken of the Capital Market Rules in particular:
i.  whether the director has been an executive officer or employee of the Company or a subsidiary thereof within the 
last three years;
ii.  whether the director has, or has had within the last three years, a significant business relationship with the Company
either directly, or as a partner, shareholder, director or senior employee of a body that has such a relationship with
the Company;
iii.  whether the director has received or receives significant additional remuneration from the Company or any member
of the Group of which the Company forms part in addition to a director’s fee, except where the benefits are fixed;
iv.  whether he has close family ties with any of the Company’s executive directors or senior employees;
v.  whether he has served on the Board of the Company for more than twelve consecutive years; or
vi.  whether he is or has been within the last three years an engagement partner or a member of the audit team of the
present or former external auditor of the Company or any member of the group of which the Company forms part.
Furthermore, in terms of Code provision 3.4 each non-executive director has moreover submitted his confirmation in writing
that he undertakes:
i.  to maintain in all circumstances his independence of analysis, decision and action;
ii.  not to seek or accept any unreasonable advantages that could be considered as compromising his independence; and
iii.  to clearly express his opposition in the event that he finds that a decision of the Board may harm the Company.
The Board of directors during the financial year under review consisted of the following:
-  Albert Frendo – Chairman & Non-executive director
-  Maria Gauci – Executive director
-  Mario Gauci Jnr – Executive director
-  Mark Anthony Grech – Non-executive director
-  David Spiteri – Non-executive director 
Burmarrad Group Assets p.l.c.  
Statement of compliance with code of principles of good governance (continued)
7
Board responsibilities
The Board has the responsibility for the Group’s overall long-term strategy and executing the four basic roles of corporate
governance namely; accountability, monitoring, strategy formulation and policy development. The Board is also responsible
for monitoring the Company’s control systems and financial reporting and communicating effectively with the market when
necessary.  Furthermore,  the  Board  is  responsible  to  continuously  assess  and  monitor  the  Company’s  present  and future
operations, opportunities and risks in the external environment. The appointment procedures for directors are clearly outlined
in the Company’s Articles of Association. The Board recognises its legal obligation to lead and administer the Company. In
fulfilling this obligation and acting as stewards of the Company, the Board takes responsibility for the Company’s strategies
and decisions regarding the issuance, servicing, and redemption of its outstanding bonds, as well as ensuring that its operations
comply  with  its  commitments  to  bondholders,  shareholders,  and  all  applicable  laws  and  regulations.  The  Board  is  also 
accountable  for  ensuring  that  the  Company  establishes  and  implements  efficient  internal  control  and  management
information systems, as well as effective communication with the market.
Board meetings
The directors convene on a regular basis to evaluate the Company’s financial performance and overall strategy. The Board met
four times during the year ended 31 December 2025, and all directors attended the said meetings. The company secretary
provides notice of the meetings to the Board members, along with an agenda circulated in advance of the meeting. During the
Board meetings, minutes are produced to record attendance, and any resolutions passed. The Chairman guarantees that all
relevant issues are included in the agenda, supported by all available information, and encourages the presentation of views
related to the  matter at hand whilst  ensuring  effective communication  with the shareholders. All  directors  are given the
opportunity to contribute to the relevant issues on the agenda. The agenda for the meeting strives to achieve a balance
between addressing long-term strategic goals and short-term performance issues.
Information and professional development
The  Board  ensures  that  each  director  is  informed  about  the  Company’s  continuous  obligations  in  accordance  with  the
Companies Act (Cap. 386) and the Rules. The Company Secretary is responsible for advising the Board through the Chairman
on all governance matters and is also responsible for ensuring that board procedures are complied with. Furthermore, under
the direction of the Chairman, the company secretary’s responsibilities include ensuring good information flows within the
board and its committees and between senior management and the non-executive directors, as well as facilitating induction
and assisting with professional development as required.
The Board also ensures that the directors, especially non-executive directors, have access to independent professional advice
at the Company’s expense where they judge it necessary to discharge their responsibilities as directors.
Committees
The  Board  established  an  Audit  Committee  that  has  the  primary  purpose  to  protect  the  interests  of  the  Company`s
shareholders and assist the directors in conducting their role effectively so that the Company’s decision-making capability and
the accuracy of its reporting and financial results are maintained at a high level at all times whilst monitoring and handling
conflicts of interest. In addition, conflicts of interest are managed according to the provisions of the Company’s Articles of
Association.
The Audit Committee meets regularly, with a minimum of four times annually, and is currently composed of the following:
   
Burmarrad Group Assets p.l.c.  
Statement of compliance with code of principles of good governance (continued)
8
Committees (continued)
-  Mark Anthony Grech – Chairman
-  Albert Frendo – Member 
-  David Spiteri – Member
All three members are Non-executive Directors and independent as indicated in the part titled ‘Board Composition’ above.
Furthermore, Mr. Mark Anthony Grech is the independent Non-executive director that the Board considers to be the most
competent in accounting and/or auditing in terms of the Rules. Mr. Grech graduated B.A. (Hons.) Business Management from
the University of Malta and is a Fellow of the Malta Institute of Accountants and a Certified Public Accountant. Mr. Grech
served for 17 years as a Partner of Deloitte Audit Limited leading the team providing indirect tax advisory and compliance
services. Taking note of Mr. Grech’s expertise, the fact that Mr. Frendo is also an accountant by profession and the experience
and competence of Mr. Spiteri, the Board considers the Committee as having the relevant competence as required by the
Rules.
The Chief Financial Officer, key members of the finance team and senior management officials are regularly invited to the Audit
Committee meetings.
Relations with bondholders and the market
The Company’s Annual General Meeting presided by the Chairman of the Board of Directors is responsible for proposing and
approving various matters in accordance with the Act, in particular the approval of the Annual Report and Audited Financial
Statements which are then published on the market for the benefit of the bond holders, the election of directors and approval
of their fees, the appointment of auditors, and authorisation of their fees, as well as other special business. The proceedings
of the Annual General Meeting (and any general meeting) are governed by the Company’s Articles of Association. The Company
should ensure that an Annual General Meeting is convened at least once a year during which the shareholders of the Company
(and other officers and service providers), including the Chairman of the Audit Committee attend to resolve upon the matters
prescribed in the agenda which is circulated by the Company Secretary. No business shall be transacted during the Annual
General Meeting (or at any general meeting) unless a quorum of shareholders is present, i.e. shareholders present in person
or by proxy and entitled to vote and holding in the aggregate more than 50% of the total voting rights.
At any  general meeting a resolution  put to the vote of the meeting shall  be decided on a show of hands unless a poll is
demanded. On a show of hands every shareholder present in person shall have one vote and the Chairman has a second or
casting vote (in the case of equality). In compliance with the Rules, the Company made several announcements during the
financial year under review to keep bondholders and the market informed.
Conflicts of interest
It is the duty of the directors to always act in the best interest of the Company and its shareholders and investors. In the event
of any actual, potential, or perceived conflict of interest, the director must declare it immediately to the other Board members
and the Audit Committee, who will determine if such a conflict exists. The Audit Committee is responsible for ensuring that
any potential conflicts of interest are resolved in the best interests of the Company.
The directors are regularly reminded  of their obligations  with regards to  dealing  in securities of  the Company  within the
parameters of the law and subsidiary legislation and Rules. During the financial year under review, the directors disclosed any
private interests or duties that were unrelated to the Company. It has been ensured that these do not create any conflicts of
interests or duties towards the Company.   
Burmarrad Group Assets p.l.c.  
Statement of compliance with code of principles of good governance (continued)
9
Corporate social responsibility
The Company aims to follow ethical principles in its management practices and is dedicated to improving the well-being of all
stakeholders  of  the  Company  through  corporate  social  responsibility.  The  Board  acknowledges  its  accountability  to  the
community  and  the  environment  in  which  it  operates.  The  Company  also  recognises  the  importance  of  preserving  the
environment  and  consistently  revises  its  policies  to  promote  environmental  stewardship,  social  responsibility,  and
accountability.
Risk Management and Internal Control
The Board recognises that the Company must manage a range of risks when carrying out its activities, and failure to adequately
manage these risks could adversely impact the business. Whilst no system can provide absolute guarantees and protection
against material loss, the risk management systems are designed to give the directors reasonable assurance that problems can
be identified promptly, and remedial action can be taken as appropriate.
The Board maintains sound risk management and internal control systems. It is responsible for determining the nature and
extent  of  the  risks  it  is  willing  to  take  to  achieve  its  strategic  objectives.  The  Board  established  formal  and  transparent
arrangements to apply risk management and internal control principles and maintains an appropriate relationship with the
Company’s auditors.
An essential element of effective internal control is the ongoing process of monitoring the investments made by the Company.
In  this  capacity,  the  Audit  Committee  and  the  Board  periodically  updates  itself  on  the  financial  affairs  and  operational
developments of the Company’s subsidiaries focusing particularly on the progress of operations, commercial activities, and
related operational and commercial concerns. Furthermore, the Audit Committee is responsible to monitor on a regular basis,
the financial reporting of the Company by ensuring that the control processes implemented by the CFO and the finance team
are complete and effective.
Non-compliance with the Code
Succession Policy
The Code suggests that the Board should develop a succession policy for the future composition of the Board of directors and
particularly the executive component thereof. No such policy has been put in place for the time being since the Board considers
such policy not to be necessary considering the current size of the Company.
Evaluation of the board’s performance
The Code suggests the appointment of a committee led by a non-executive director to evaluate the performance of the Board.
However, the Board does not view it as necessary to appoint a committee to carry out a performance evaluation of its role, as
the Board’s performance is evaluated on an ongoing basis by, and is subject to the constant scrutiny of, the Board itself, the
majority of which is composed by independent non-executive Directors, the Audit Committee in so far as conflicting situations
are concerned, the Company’s shareholders, the market and the rules by which the Company is regulated as a listed company.
Remuneration committee
The Code advises that the Board should create a policy for the remuneration of directors and senior executives, as well as
formal and transparent procedures for developing the policy and setting individual remuneration packages. However, based
on the size and nature of the Company’s operations, the Board
   
Burmarrad Group Assets p.l.c.  
Statement of compliance with code of principles of good governance (continued)
10
Non-compliance with the Code (continued)
Remuneration committee (continued)
does not see the need to establish a remuneration committee, given that the remuneration of the directors is required by the
Company’s  Memorandum and Articles of Association of the Issuer to be determined by the company in general meeting. 
Furthermore, the executive Directors, Maria Gauci and Mario Gauci, who are directors of the parent company (Burmarrad
Group  Limited),  and  ultimate  beneficial  owners  of  the  Burmarrad  Group,  and  can  in such  capacity  influence  the  general
meeting’s decision on remuneration of Directors (although there are other directors of Burmarrad Group Limited) and ultimate
beneficial owners of the Burmarrad Group, apart from them), have waived and do not receive Directors’ fees.
The remuneration  paid to the  Non-executive directors  is a fixed amount per  annum  and  does not comprise any variable 
component linked to profit sharing, share options, or pension benefits.
Nominations committee
The Code suggests that a formal and transparent procedure should be in place for the appointment of new director’s to the
Board, which ensures sufficient information on the candidate’s personal and professional qualifications. However, considering
the Company’s size and nature of operations, the Board believes that it is not necessary to establish a nomination committee
as appointments to the Board of Directors are determined by the shareholders of the Company, with the possibility of prior
nomination by the shareholders or by the directors or a committee appointed by them, in accordance with the Memorandum
and Articles of Association. The Company considers that the current members of the Board provide the required level of skill,
knowledge and experience expected in terms of the Code.
Institutional shareholders
The Company does not have any institutional shareholders.
Signed on behalf of the Board of Directors on 27
th
May 2025 by Ms. Maria Gauci and Mr. Mario Gauci Jnr as per the Directors’
Declaration on ESEF Annual Financial Report submitted in conjunction with the Annual Financial Report.
                 
Maria Gauci      Mario Gauci Jnr       
Director                Director
11
 
Burmarrad Group Assets p.l.c. 
Statement of Financial Position
As at 31 January 2025
   
2025
2024
    €    €
  Note       
Non-current assets         
Investments in subsidiaries  11  3,662,400    3,662,400
Investment in associate  12  15,600,000    15,600,000 
Loans receivable  13  13,954,418    -
Deferred tax asset  14  18,996    -
    33,235,814    19,262,400 
         
Current assets         
Loans receivable  13  4,241,990    -
Trade and other receivables  15  140,511    99,976
Cash and cash equivalents  16  877,048    113,248
    5,259,549    213,224
         
Total assets    38,495,363    19,475,624
         
EQUITY         
Capital and reserves         
Called up issued share capital  17  14,127,000    10,521,200 
Retained earnings    7,334,735    7,621,519
Total equity    21,461,735    18,142,719
         
Non-current liabilities         
Debt securities issued  18  15,715,927    -
Bank borrowings  19  -    299,683
    15,715,927    299,683
Current liabilities         
Debt securities issued  18  726,433    -
Short-term borrowings  19  140,234    140,234
Trade and other payables  20  450,739    891,905
Current tax liability    295    1,083
    1,317,701    1,033,222 
         
Total equity and liabilities    38,495,363    19,475,624
The financial statements were approved and authorised for issue by the Board of Directors on 27
th
May 2025. The
financial statements were signed on behalf of the Board of Directors by Ms. Maria Gauci and Mr. Mario Gauci Jnr as per
the Directors’ Declaration on ESEF Annual Financial Report submitted in conjunction with the Annual Financial Report.
The accompanying notes form an integral part of the financial statements.
Maria Gauci      Mario Gauci Jnr       
Director      Director   
       
12
 
Burmarrad Group Assets p.l.c.
Statement of Comprehensive Income
For the year ended 31 January 2025
   
2025
2024
    €    €
  Note       
Interest income  6  640,868    -
         
Other revenue    -    7,217
         
Administrative expenses  7,8  (105,335)    (18,125)
         
Impairment losses on financial assets  22  (93,512)    -
Operating profit/(loss)    442,021    (10,908)
         
Finance costs  9  (747,801)    -
Loss before tax    (305,780)    (10,908)
         
Income tax credit  10  18,996    166,917
(Loss)/profit for the year
(286,784)    156,009
The accompanying notes form an integral part of the financial statements.
13
Burmarrad Group Assets p.l.c.
Statement of Changes in Equity
For the year ended 31 January 2025
  Called up issued 
share capital
   Fair value
reserve
Retained earnings
Total
  €    €    €    €
Note
     
At 1 February 2023
1,200
  7,271,159   
194,351
7,466,710
     
Increase in share capital
17
10,520,000
  -   
-
10,520,000
     
Profit for the year
-
  -   
156,009
156,009
     
Transfer from fair value reserve
-
  (7,271,159)   
7,271,159
-
At 31 January 2024 
10,521,200
  -   
7,621,519
18,142,719
     
At 1 February 2024
10,521,200
  -   
7,621,519
18,142,719
                 
Increase in share capital  17  3,605,800    -    -    3,605,800 
                 
Loss for the year
-
  -   
(286,784)
(286,784)
At 31 January 2025 
14,127,000
  -   
7,334,735
21,461,735
                 
The accompanying notes from an integral part of these financial statements.
14
 
Burmarrad Group Assets p.l.c.
Statement of Cash Flows
For the year ended 31 January 2025
2025
2024
    €    €
  Note       
Cash flows from operating activities         
(Loss)/profit for the year    (286,784)    156,009
Adjustments for:         
Income taxes  10  (18,996)    (166,917)
Interest income  6  (640,868)    -
Finance costs  9  726,433    -
Amortisation of transaction costs  18  21,368    -
Impairment losses on financial assets  22  93,512    -
         
Changes in:
       
Trade and other receivables 
15  (43,233)    (99,976)
Trade and other payables
20  (956,459)    122,299
Cash (used in)/generated from operating activities 
  (1,105,027)    11,415
       
Income taxes paid
10  (788)    -
Net cash (used in)/from operating activities 
  (1,105,815)    11,415
       
Cash flows from investing activities 
       
Funds advanced to subsidiary 
13  (11,435,734)    -
Funds advanced to fellow subsidiary of the
Burmarrad Group  13  (4,200,000)    -
Repayment of funds advanced by subsidiary
13  556,400    -
Principal repayment by fellow subsidiary of the
Burmarrad Group  13  896,607    -
Interest repayment by related companies
  143,303    -
Acquisition of subsidiaries
11  -    (2,400)
Net cash used in investing activities
  (14,039,424)    (2,400)
       
Cash flows from financing activities
       
Proceeds from loans and borrowings 
16  215,610    106,683
Proceeds from debt securities issued 
18  16,000,000    -
Debt securities issue costs paid
18  (305,441)    -
Net cash from financing activities
  15,910,169    106,683
       
Net increase in cash and cash equivalents
16  764,930    115,698
Effect of provision for expected credit losses 
22  (1,130)    -
Cash and cash equivalents at beginning of year 
16  113,248    (2,450)
Cash and cash equivalents at end of year 
16  877,048    113,248
       
The accompanying notes form an integral part of the financial statements. 
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
15 
1  Reporting Company
  Burmarrad Group Assets p.l.c. (the “Company”) is a public limited liability company domiciled and
incorporated in Malta. The Company’s registered office is at Marjo, Burmarrad Road, Burmarrad,
St. Paul’s Bay, Malta.  The principal activities of the Company are that of an investment holding
company.  
  The Company also acts as the finance arm of the Group by raising finance and advancing same to
the  companies  within  the  Burmarrad  Group  Assets  p.l.c.  (the “Group”)  and  fellow subsidiaries
within the "wider" Burmarrad Group "(referred to as the "fellow subsidiaries of the Burmarrad
Group”). The Group's operating activities include vehicle leasing through Burmarrad Group Fleets
Limited,  which  manages  vehicles  and  related  assets  leased  to  commonly  controlled  operating 
companies which do not make part of the group, and property investment through Burmarrad
Group  Properties  Limited,  which  holds  immovable  properties  for  development,  capital
appreciation, and rental income generation.
2  Basis of preparation
2.1  Statement of compliance   
The  financial  statements  have  been  prepared  and  presented  in  accordance  with  International
Financial Reporting Standards as adopted by the EU (“the applicable framework” or “IFRS”).  All
references in these financial statements to IAS, IFRS or SIC / IFRIC interpretations refer to those
adopted  by  the  EU.    They  have  also  been  drawn  up  in  accordance  with  the  provisions  of  the
Companies Act, 1995 (Chapter 386, Laws of Malta) (the “Act”), to the extent that such provisions
do not conflict with the applicable framework.
The directors resolved to prepare the financial statements in accordance with IFRS in lieu of the
Accounting  Profession  (General  Accounting  Principles  for  Small  and  Medium-Sized  Entities)
Regulations,  2015  and  the  Schedule  accompanying  and  forming  an  integral  part  of  these
regulations (“GAPSME”), which is the default accounting framework.
The  Company  also  prepares  consolidated  financial  statements  of  the  Group  of  which  it  is  the
parent, which have been approved and issued on 27 May 2025.
2.2  Basis of measurement   
  The financial statements are prepared under the historical cost convention.
2.3  Functional and presentation currency
  These financial statements are presented in Euro (€), which is the Company’s functional currency.
2.4  Use 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.
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
16 
2  Basis of preparation (continued)
2.4  Use of estimates and judgements (continued)
In the opinion of the directors, the 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.
3  Material accounting policies  
  The accounting policies set out below have been applied consistently to all periods presented in
these financial statements.
3.1  Foreign currency transactions
  Transactions in foreign currencies are translated to the Company’s functional currency at exchange
rates at the  dates  of the transactions.   Monetary assets and  liabilities  denominated  in  foreign
currencies at the reporting date are retranslated to the functional currency at the exchange rate
at that date.  Foreign currency differences arising on retranslation are recognised in profit and loss.
3.2  Investments in subsidiaries 
Subsidiaries are entities controlled by the Company. The Company ‘controls’ an entity when it is
exposed to, or has rights to, variable returns from its involvement with the entity and has the ability
to affect those returns through its power over the entity.
The investment in subsidiary is initially measured at cost. After initial recognition, the investment
in subsidiary is measured using the cost method.
Under the cost method, the investment is measured at cost less accumulated impairment losses.
Distributions received from the subsidiary are recognised as revenue in profit or loss when the
Company’s right to receive dividend is established.
Loans advanced by the Company to its subsidiary for which settlement is neither planned nor likely
to occur in the foreseeable future, are tested as an extension to the Company’s net investment in
the subsidiary and included as part of the carrying amount of investment.
The Company’s subsidiaries are listed below.
Entities  Principal Activities
Country of
Incorporation
Ownership
Interest
Registered office
Subsidiaries         
Burmarrad
Group Fleets
Limited
The company is
principally engaged in
purchasing, holding
and leasing of assets to
group companies
Malta  100%
Marjo, Burmarrad
Road, Burmarrad,
San Pawl il-Bahar
SPB 9060
Burmarrad
Group
Properties
Limited
The company is
principally engaged in
holding and developing
investment property
Malta  100%
Marjo, Burmarrad
Road, Burmarrad,
San Pawl il-Bahar
SPB 9060
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
17 
3  Material accounting policies (continued)
3.3  Investment in associate
  Associates are those entities in which the Company has significant influence but not control or joint 
control over the financial and operating policies.
Interests in associates are accounted for using the cost 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  cost  method,  the  investment  is  measured  at  cost  less
accumulated  impairment  losses.  Distributions  received  from  the  associate  are  recognised  as
investment  income  in  profit  or  loss  when  the  Company’s  right  to  receive  the  dividend  is
established.
3.4  Financial instruments
Financial assets and financial liabilities are recognised when the company 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 and financial liabilities are offset and the net amount presented in the statement
of financial position when the company 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 – debt instrument, FVOCI – equity investment; or FVTPL.
A financial asset is measured at amortised cost if it meets both of the following conditions and is
not designated as at FVPTL:
-  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.
3.4.1  Financial assets
The business model 
An assessment of business models for managing financial assets is fundamental to the classification
of a financial asset. The  Company 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 – Financial assets measured at amortised cost
The following financial assets are classified within this category: Trade receivables, loans receivable
and cash and cash equivalents.
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
18 
3  Material accounting policies (continued) 
3.4  Financial instruments (continued)
3.4.1  Financial assets (continued)
Appropriate  allowances  for  expected  credit  losses  (‘ECLs’)  are  recognised  in  profit  or  loss  in
accordance with the Company’s 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
‘Interest income’.
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. 
3.4.1.1  Trade and other receivables
Trade  and  other  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.
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
19 
3  Material accounting policies (continued) 
3.4  Financial instruments (continued)
3.4.1  Financial assets (continued)
3.4.1.2  Cash and cash equivalents
Cash and cash equivalents  comprise cash balances and  call deposits with original maturities of
three months or less. 
3.4.1.3  Other financial asset at amortised cost
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.
Derecognition
Financial assets are derecognised when the rights to receive cash flows from the financial asset
have expired or have been transferred and the Company has transferred substantially all the risks
and rewards of ownership.
Transfers of financial assets to third parties in transactions that do not qualify for derecognition
are not considered sales for this purpose, consistent with the Company’s continuing recognition of
the assets.
3.4.2  Financial liabilities
The  Company  initially  recognises  financial  liabilities  on  the  trade  date  at  which  the  Company
becomes a party to the contractual provisions of the instrument.
The Company derecognises a financial liability when its contractual obligations are discharged or
cancelled or expire.
The Company 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.
3.4.2.1  Bank borrowings
Subsequent to initial recognition, interest-bearing bank loans are measured at amortised cost using
the effective interest method. Bank loans are carried at face value due to their market rate of
interest.
Subsequent to initial recognition, interest-bearing bank overdrafts are carried at face value in view
of their short-term maturities.
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
20 
3  Material accounting policies (continued) 
3.4  Financial instruments (continued)
3.4.2  Financial liabilities (continued)
3.4.2.2  Other borrowings 
Subsequent  to  initial  recognition,  other  borrowings  are measured  at  amortised  cost using  the
effective interest method unless the effect of discounting is immaterial.
3.4.2.3  Trade and other payables
Trade and other 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.
3.4.3  Share capital  
3.4.3.1  Ordinary 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. 
3.5  Impairment
3.5.1  Financial assets
The Company recognises loss allowances for expected credit losses on financial assets measured
at amortised cost. Loss allowances are measured at 12-month expected credit losses (“ECLs”).
The Company recognises an impairment gain or loss in profit or loss for all financial assets with a
corresponding adjustment to their carrying amount, except for investments in debt instruments
that are measured at FVTOCI, for which the loss allowance is recognised in other comprehensive
income and accumulated in the fair value reserve, and does not reduce the carrying amount of the
financial asset in the statement of financial position.
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  Company  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  Company’s  historical
experience and informed credit assessment and including forward-looking information.
IFRS  9  includes  a  rebuttable  presumption  that  credit  risk  has  significantly  increased  when
contractual  payments  are  more  than  30  days  past  due.  The  Company  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  experience  of  the
Burmarrad Group of which the Company forms part of, and the knowledge of the market within
which it operates, 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.  
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
21 
3  Material accounting policies (continued) 
3.5  Impairment (continued)
3.5.1  Financial assets (continued)
The Company’s 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 Company 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
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a
financial instrument.
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’s 
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 Company 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 of ECLs
For financial assets, the credit loss is the difference between all contractual cash flows that are due
to the Company in accordance with the contract and all the cash flows that the Company 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.
3.5.2 Non-financial assets
The carrying amounts of the Company’s non-financial assets (other than 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’s recoverable amount is estimated.
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
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
22 
3  Material accounting policies (continued) 
3.5  Impairment (continued)
3.5.2  Non-financial assets (continued) 
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’s carrying amount does not exceed the carrying amount
that would have been determined if no impairment loss had been recognised.
3.6  Interest income
As further disclosed in the accounting policy on financial assets, interest income is accrued on a
time basis, by reference to the principal outstanding and at the effective interest rate applicable.
Interest income is recognised to the extent that it is probable that future economic benefits will
flow to the company and these can be measured reliably.
3.7  Income 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. 
Current tax assets and liabilities are offset only if certain criteria are met.
  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.
Deferred tax assets and liabilities are offset only if certain criteria are met.
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
23 
4  New standards and interpretations
4.1  Relevant standards and amendments issued by the IASB effective during the current year
  Amendments to IAS 1 – Classification of Liabilities as Current or Non-Current (effective for financial
years on or after 1 January 2024 by virtue of the October 2022 Amendments) and Non-Current
Liabilities  with  Covenants.  The  amendments  affect  only  the  presentation  of  liabilities  in  the
statements of financial position and not the amount or timing of recognition of any asset, liability
income or expenses, or the information that entities disclose about those items. The amendments:
a)  clarify that the classification of liabilities as current or non-current should be based on rights
that are in existence at the end of the reporting period and align the wording in all affected
paragraphs to refer to the "right" to defer settlement by at least twelve months and make
explicit  that  only  rights  in  place  "at  the  end  of  the  reporting  period"  should  affect  the
classification of a liability, and covenants that need to be complied with after the reporting
period should not affect that classification;
b)  clarify that classification is unaffected by expectations about whether an entity will exercise
its right to defer settlement of a liability;
c)  make  clear  that  settlement  refers  to  the  transfer  to  the  counterparty  of  cash,  equity
instruments, other assets or services; and
d)  introduce additional presentation and disclosure requirements for liabilities that are subject
to covenants.
  Amendments to IAS 7 – Statements of Cash Flows and IFRS 7 – Financial Instruments Disclosures:
Supplier  Finance  Arrangements  (effective  for financial  periods  beginning  on or after  1  January
2024).
  Amendments to IFRS 16 Leases – Lease Liability in a Sale and Leaseback (effective for financial
periods beginning on or after 1 January 2024).
The adoption of these amendments to IFRSs as adopted by the EU did not materially affect the
Company or its accounting policies.
4.2  Relevant standards and amendments issued by the IASB but not yet effective
As the date of approval of these financial statements, a number of new standards, amendments
and interpretations to existing standards have been published but are not yet effective for the
current reporting period and which have not been adopted early by the Company.
   
4.2.1 IFRS 18 ‘Presentation and Disclosure in Financial Statements’ 
IFRS 18 ‘Presentation and Disclosure in Financial Statements’, which becomes effective (subject to
endorsement by the EU) for financial periods beginning on or after 1 January 2027, will replace IAS
1 Presentation of Financial Statements. It nevertheless carries forward many of the requirements
in IAS 1. The main changes brought about by IFRS 18 are the introduction of new requirements to:
a)  present  specified  categories  and  defined subtotals  in the statement of profit  or loss,  with
special rules applicable to entities whose main business activity is to invest in assets and/or
provide financing to customers;
b)  provide  disclosures  on  management-defined  performance  measures  in  the  notes  to  the
financial statements, whereby information about any such alternative performance measures
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
24 
4  New standards and interpretations (continued)
4.2  Relevant standards and amendments issued by the IASB but not yet effective (continued)
4.2.1 IFRS 18 ‘Presentation and Disclosure in Financial Statements’ (continued) 
must be presented in a single note that must include, amongst others, reconciliations to the
most directly comparable subtotal listed in IFRS 18; and
c)  improve aggregation and disaggregation by including which characteristics to consider when
assessing whether items have similar or dissimilar characteristics.
In addition, all entities are required to use the operating profit subtotal as the starting point for the
statement of cash flows when presenting operating cash flows under the indirect method.
The Company is still in the process of assessing the impact of the new standard particularly with
respect to the structure of the Company’s statement of profit or loss, the statement of cash flows
and the additional disclosures required for MPMs. The Company is also assessing the impact of
how information is grouped in the financial statements, including for items currently labelled as
‘other’.
4.2.2  Amendments to the Classification and Measurement of Financial Instruments 
Amendments to the Classification and Measurement of Financial Instruments (Amendments to
IFRS 9 and IFRS 7), which become effective (subject to endorsement by the EU) for financial periods
beginning on or after 1 January 2026:
a)  permit an entity to deem a financial liability (or part of it) that will be settled in cash using an 
electronic payment system to be discharged before the settlement date if specified criteria are
met, including that the entity neither has the practical ability to access the cash or to withdraw,
stop or cancel the payment instruction, nor has any significant settlement risk;
b)  provide clarification on the assessment of whether the contractual cash flows on a financial
asset  represent  solely  payments  of  principal  and  interest,  with  additional  examples  now
provided in IFRS 9, and additional guidance on assessing:
o  whether contractual terms are consistent with a basic lending arrangement;
o  assets with non-recourse features; and
o  contractually-linked instruments;
c)  introduce additional disclosures for investments in equity instruments designated at fair value
through other comprehensive income; and
d)  introduce new disclosures in relation to contractual terms that could change the timing or
amount of contractual cash flows on the occurrence (or non-occurrence) of a contingent event
that does not relate directly to changes in basic lending risks and costs.
The changes resulting from amendments to IFRS 9 and IFRS 7 (Classification and Measurement of
Financial  Instruments)  are in  the process of  being  assessed by the Company  to determine the 
potential effect on the financial statements of the Company.
The amendments to IAS 21, IFRS 9 and IFRS 7 (Contracts Referencing Nature-dependent Electricity),
the Annual Improvements Volume 11, and the introduction of IFRS 19 are not expected to have a
significant impact on the Group’s consolidated financial statements.
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
25 
4  New standards and interpretations (continued)
4.2  Relevant standards and amendments issued by the IASB but not yet effective (continued)
4.2.3 Other accounting standards 
The following new and amended accounting standards are not expected to have a significant
impact on the Group’s consolidated financial statements.
  Amendments  to  IAS  21  –  The  Effects  of  Change  in  Foreign  Exchange  Rates  –  lack  of
exchangeability (effective for financial periods beginning on or after 1 January 2025);
  Amendments  to  IFRS  9  and  IFRS  7  –  Contracts  Referencing  Nature-dependent  Electricity 
(effective for financial periods beginning on or after 1 January 2026);
  Annual Improvements Volume 11 (effective for financial periods beginning on or after 1 January
2026);
  IFRS 19 – Subsidiaries without Public Accountability: Disclosures (effective for financial periods
beginning on or after 1 January 2027, subject to endorsement by the EU);
5  Operating segments
The  directors  have  reviewed  the  disclosure  requirements  of  IFRS  8,  Operating  Segments,  and
determined that the Company effectively has one operating segment, based on the information
used internally to assess performance. This is because the Company has a single business activity,
which consists of holding investments and generating interest income from funds advanced to its
subsidiaries and fellow subsidiaries of the Burmarrad Group.
These activities are reported as one operating segment to the Company’s Chief Operating Decision
Maker.
Information related to this reportable segment and reconciliations thereon are not being disclosed
separately, such as segment profit before tax, revenue, assets, and liabilities, as the information
presented in the statements of financial position and comprehensive income effectively pertains
entirely to the Company’s single reportable segment.
This segment is managed in Malta by the Company, and the geographic location of the Company’s
subsidiaries, which generate interest income, and the location of all of the Company’s non-current
assets are also based in Malta.
Interest income from the subsidiaries and fellow subsidiaries of the Burmarrad Group amounted
to €640,868 (2023: €Nil) during the year under review.
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
26 
6  Interest income
        2025 
2024
        €
€
         
Interest income on loans receivable        640,868
-
During 2024 the Company entered into loan agreements with one of its subsidiaries and fellow
subsidiaries of the Burmarrad Group as disclosed in note 13.
7  Administration expenses 
Administrative expenses are made up of the following expenses:
        2025 
2024
        €
€
Directors’ remuneration        57,217
-
Audit fees        12,740
8,260
Professional fees        23,290 
6,354
Registration fees        8,351 
85
Bank charges        1,127
1,171
Other expenses        2,610 
2,255
  105,335
18,125
8  Key management personnel compensation
2025
2024
        €
€
         
Directors’ emoluments        57,217
-
During the year, the Company had three non-executive directors who were not engaged on a full-
time basis. The aggregate hours contributed by these directors were equivalent to one full-time
employee during the reporting period (2024: Nil).
9  Finance costs
2025
2024
        €
€
         
Interest on debt securities in issue      747,801
-
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
27 
10  Income tax credit
  The tax credit for the year and the result of the accounting (loss)/profit multiplied by the tax rate
applicable for the Company in Malta, its country of incorporation, are reconciled as follows:
2025
2024
        €
€
           
Loss before income tax        (305,780)
(10,908)
         
Income tax using the Company’s domestic tax rate of 35%  107,023
3,818
             
Difference in tax rates applied to fair value gains      -    168,000
             
Recognition of previously unrecognized tax losses      18,996    -
           
Tax effect of expenses not allowed for tax purposes      (107,023) 
(6,344)
       
Difference in tax rates applied to rental income      -
1,443
       
Tax credit for the year      18,996
166,917
    2025    2024
    €
€
     
Current tax expense    -
(1,083)
Deferred tax income    18,996 
168,000
    18,996 
166,917
11  Investments in subsidiaries
   
Total
  €
Cost
   
At 1 February 2023
  -
Additions
  2,400
Capitalisation of loan receivable
3,660,000
At 31 January 2024
  3,662,400
   
At 31 January 2025
  3,662,400
   
11.1  During the year ended 31 January 2024, a loan receivable of €3,660,000 was capitalised as part of
the cost of investment in Burmarrad Group Properties Limited.
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
28 
11  Investments in subsidiaries (continued)
11.2  The 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 2025 are as follows:
   
Capital and reserves
Profit for the year
  €
€
   
Burmarrad Group Properties Limited
3,948,534   
292,364
Burmarrad Group Fleets Limited  625,425 
626,585
    4,573,959 
918,949 
     
  Proportion of ownership
of interest 
Burmarrad Group Properties Limited   
100%
Burmarrad Group Fleets Limited   
100%
     
Following a restructuring exercise in 2023 and early 2024, Burmarrad Group Fleets Limited acquired
legal  ownership  of  the  vehicles  and  vehicle-related  fixed  assets  from  fellow  subsidiaries  of  the
Burmarrad Group. These assets are leased to commonly controlled operating companies.
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.
12  Investments in associate
   
Total
   
€
Cost
   
Investment in associate   
15,600,000
At 31 January 2024 and 31 January 2025
15,600,000
On 19 January 2024, the Company 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. The
associate’s principal activity is the development of property for commercial purposes.
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
29 
13  Loans receivable 
2025
2024
      €
€
Non-current         
Amount due from subsidiary (Note 13.1)    10,879,334 
-
Amounts due from fellow subsidiary of the Burmarrad
Group (Note 13.2)    3,075,084
-
    13,954,418
-
Current     
Amount due from subsidiary (Note 13.1)    3,605,800 
Accrued interest on loan receivable from subsidiary    498,428
-
Accrued interest on loan receivable from fellow subsidiary
of the Burmarrad Group  137,762
-
    4,241,990
-
13.1  The Company issued loans amounting to €11,435,734 to its subsidiary, Burmarrad Group Fleets
Limited. This loan is unsecured, bears interest at an annual rate of 6.35%, and is repayable by 2034.
Furthermore,  the  Company  entered  into  an  assignment  agreement  for  a  loan  amounting  to
€3,605,800,  which  was  previously  owed  by  Burmarrad  Group  Fleets  Limited  to  the  Company’s 
parent, Burmarrad Group Limited. The assigned loan is unsecured, interest free and has no fixed
date of repayment.
13.2  The Company issued loans amounting to €4,200,000 to a fellow subsidiary of the Burmarrad Group,
Burmarrad Commercials Limited. This loan is unsecured, bears interest at an annual rate of 6.35%
and is repayable in 2034.
13.3  A loss allowance of €89,684 (2024: € Nil) has been recognised on amounts due from the fellow
subsidiary of the Burmarrad Group and recognised as impairment losses on financial assets within
the consolidated statement of comprehensive income.
14  Deferred tax
14.1   Deferred tax asset 
        2025
2024
        €
€
         
Opening balance        -
-
Recognised in P&L        18,996
-
Closing balance        18,996
-
  The deferred tax asset arose on unutilised tax losses carried forward.
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
30 
15  Trade and other receivables 
2025
2024
      €
€
         
Amount due from fellow subsidiary of the Burmarrad
Group    102,109
-
Prepayments        32,693
97,476
Deposit receivable        2,500
2,500
Indirect taxation        2,579
-
Other receivables        630
-
        140,511
99,976
15.1  The amount due from the fellow subsidiary of the Burmarrad Group is unsecured, interest free and
is repayable on demand.
15.2  A loss allowance of  €2,698  (2024: €Nil) has  been recognised  on amounts due  from the  fellow
subsidiary of the Burmarrad Group and recognised as impairment losses on financial assets within
the statement of comprehensive income.
16  Cash and cash equivalents   
2025
2024
        €
€
         
Cash at bank        878,178
113,248
Loss allowance at year end        (1,130)
-
        877,048
113,248
16.1  A loss allowance of €1,130 (2024: €Nil) has been recognised on cash and cash equivalents and
recognised  as  impairment  losses  on  financial  assets  within  the  statement  of  comprehensive 
income. 
Reconciliation of movements of liabilities to cash flows arising from financing activities
      Liabilities   
  Note  Bank
borrowings
Short-term
borrowings
Debt securities
issued
Balance at 1 February 2024    299,683  140,234  -
Changes  from  financing  cash
flows
       
Proceeds  from  issue  of  debt
securities
18  -  -  16,000,000
Payment  of  transaction  costs
relating to debt securities issued
18  -  -  (305,441) 
Proceeds  from  loans  and
borrowings
19  216,117  -  -
Assignment of loan to subsidiary  19  (515,800)  -   
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
31 
16  Cash and cash equivalents   
Reconciliation  of  movements  of  liabilities  to  cash  flows  arising  from  financing  activities
(continued) 
Total changes from financing
cash flows
  -  140,234  15,694,559
Other liability related changes         
Interest expense  9  -  -  747,801
Total  liability-related  other
changes
  -  140,234  747,801
         
Balance at 31 January 2025    -  140,234  16,442,360
17  Equity 
       
17.1  Share capital       
   
Issued Class
‘A’ shares
Issued class
‘B’ shares
Total
  €    €
€ 
       
Issued share capital of €1 each
100% paid up at 1.8.2023   1,200    -
1,200
Issue of shares on 23.1.2024  10,519,999    1
10,520,000
Issued share capital of €1 each
100% paid up at 31.1.2024 (Audited)  10,521,199    1
10,521,200
Issue of shares on 26.3.2024  3,605,800    -
3,605,800
Issued share capital of €1 each 100%
paid up at 31.1.2025  14,126,999    1
14,127,000
  On 12 March 2024 the Company ceased to be a single member company.
On 23 January 2024 the Company increased the authorised share capital from one thousand two
hundred  Euro  (€1,200)  divided  into  one  thousand  two  hundred  (1,200)  ordinary  shares  of  a
nominal value of €1 each to fifteen million Euro (€15,000,000) divided into fourteen million, nine
hundred and ninety-nine thousand, nine hundred and ninety-nine (14,999,999) Ordinary  ‘A’ shares
of one Euro (€1) each and one (1) Ordinary ‘B’ Share of one Euro (€1).
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 Company. Class A shares entitle the holders to one vote in respect of each
share.  The holders of the ‘B’ Shares have the right to receive notice and to attend at general
meetings of the Company but have no right to vote on any matter at such general meetings.
The holders of the ‘A’ shares have the right to receive dividends and to participate in the profits of
the Company and in the distribution of assets of the Company upon winding-up.  The holders of
the ‘B’ Shares have no right to receive dividends or to participate in the profits of the Company or
in the distribution of assets of the Company upon winding up, except for a return of capital upon
such winding up.
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
32 
18  Debt securities issued
2025
2024
        €
€
Non-current         
Bonds in issue        15,715,927 
-
         
Current         
Bonds in issue – accrued interest        726,433
-
         
  The carrying amount in the statement of financial position is gross of interest. Transaction costs
incurred  in  connection  with  debt  securities  issued  during  the  year  amounted  €305,441  (2024:
€NIL). Such costs have been  deducted from the carrying amount of the loan at inception. The
amortisation of these transaction costs, recognised in the profit and loss statement amounted to
€21,368 (2024: €NIL). 
The Company has issued by means of a prospectus an aggregate of €16,000,000 5.85% bonds at a
face value of €100 per bond payable in full upon subscription and to be redeemed and finally repaid
at their face value on 14 May 2034. Such offer has been fully subscribed.
The 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 €1.00 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  €1.00 each,  fully  paid  up,  in  the  capital  of Burmarrad  Group  Fleets  Limited,  and
constituting  the  totality  of  the  issued  share  capital  of  the  said  Burmarrad  Group  Fleets 
Limited, held by the Issuer (the BGFL Pledged Shares).
The bonds are subject to the terms and conditions in the prospectus dated 28 March 2024.  The
quoted market price as at 31 January 2025 for the debt securities was €105.75/bond.
19 Borrowings
19.1
2025
2024
        €
€
Falling due within one year:         
Loan from key management personnel    140,234
140,234
     
Falling due in between two and five years:     
Bank loans       - 
299,683
19.2  The loan from key management personnel is unsecured, interest free and repayable on demand.
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
33 
20  Trade and other payables
   
2025
2024
        €
€
         
Trade payables        4,219
-
Amounts due to commonly controlled entity not part of
the Group    98,180
98,180
Amounts owed to fellow subsidiaries of the Burmarrad
Group    76,281
657,928
Amount due to subsidiary        232,871
40,021
Accruals        36,700
94,416
Indirect taxation        -
360
Other payables        2,488
1,000
        450,739
891,905
  The  amounts  due  to  the  related  companies  are  unsecured,  interest  free  and  is  repayable  on
demand.
21  Contingent liabilities
   
  As at the end of the comparative year, the Company had bank guarantees in favour of Burmarrad
Commercials Limited amounting to EUR8,344,100. The guarantees were cancelled during the year.
22  Financial instruments
22.1  Overview
The exposures to risk and the way risks arise, together with the company’s 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  Company's  financial  risk
management policies and monitoring compliance with them.
Where  applicable,  any  significant  changes  in  the  company’s  exposure  to  financial  risks  or  the 
manner in which the company manages and measures these risks are disclosed below.
Where possible, the company 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.
22.2  Credit risk
  Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial
instrument fails to meet its contractual obligations. Financial assets which potentially subject the
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
34 
22  Financial instruments (continued)
22.2  Credit risk (continued)
company to concentrations of credit risk consist principally of receivables, loans receivable and
cash at bank.
The carrying amount of financial assets represents the maximum credit exposure.  The maximum
exposure to credit risk by type of counterparty together with credit risk rating at 31 January 2025
was:
Gross
carrying
amount
Loss
allowance  Net carrying
mount 
€  €
€ 
   
Loans receivable  18,286,092  (89,684)  18,196,408
Amount due from fellow subsidiary of the
Burmarrad Group
104,807  (2,698)  102,109
Other receivables  5,709  -  5,709 
Cash at bank  878,178  (1,130)  877,048
19,274,786  (93,512)  19,181,274
  The aging of trade receivables at the reporting date was as follows:
Gross
Impairment    Net
  €    €    €
           
31 July
         
Not past due
104,807
  (2,698)   
102,109
Past due 0 – 30 days
-    -    -
Past due 31 – 180 days
-    -    -
Past due more than 180 days
-    -    -
104,807
  (2,698)   
102,109
The  Company  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 Company considered financial data made available by the counterparty
as well as any known circumstances that could impact the counterparty’s liquidity and net asset
position; based on this assessment, no significant increase in credit risk was identified.
The carrying amount of financial assets represents the maximum credit exposure.  The maximum
exposure to credit risk by type of counterparty together with credit risk rating at 31 January 2024
was:
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
35 
22  Financial instruments (continued)
22.2  Credit risk (continued)
Gross
carrying
amount
Loss
allowance
Net
carrying
mount
€  €
€
Other receivables  2,500  - 2,500
Cash at bank  113,248  - 113,248
115,748  - 115,748
The Company’s exposure to credit risk is influenced mainly by the individual characteristic of each
customer. The Company’s customer base consists solely of related parties. 
22.3  Liquidity risk 
Liquidity  risk  is  the  risk  that  the  Company  will  encounter  difficulty  in  meeting  the  obligations
associated with its financial liabilities that are settled by delivering cash or another financial asset.
The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always
have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to the Company’s reputation.
The following are the  contractual maturities of  financial liabilities,  including estimated interest
payments:
22.4  Market risk
Market risk is the risk that changes in market prices, such as interest rates will affect the Company’s
income  or  the  value  of  its  holdings  of  financial  instruments.  The  objective  of  market  risk 
management is to manage and control market risk exposures within acceptable parameters, while
optimising the return. The Company is not exposed to currency risk as its transactions are carried
out in Euro, the functional currency.
Contractual cash flows 
Carrying  Contractual  Less than
Between 1  Between 2
Over
amount  cash flows  one year  and 2 years  and 5 years  5 years
As at 31 January 2025
Debt securities issued  16,442,360  25,416,415  987,287  936,000  2,810,564
20,682,564
Short-term borrowings  140,234  140,234  140,234  -  -
-
Trade and other payables  450,739  450,739  450,739  -  - 
-
Total non-derivatives  17,033,333  26,007,388  1,578,260  936,000  2,810,564
20,682,564
As at 31 January 2024
Bank borrowings  299,683  331,150  10,489  10,489  310,172
-
Short-term borrowings  140,234  140,234  140,234  -  -
-
Trade and other payables  891,905  891,905  891,905  -  - 
-
Total non-derivatives  1,331,822  1,363,289  1,042,628  10,489  310,172 
-
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
36 
22  Financial instruments (continued)
22.4  Market risk (continued)
22.4.1  Interest rate risk (continued)
22.4.1  Interest rate risk
  During the year the Company’s interest bearing financial liabilities were subject to fixed interest.
   
Profile
At  the  reporting  date,  the  interest  rate  profile  of  the  Company’s  interest-bearing  financial 
instruments were:
2025  2024
  €  €
Fixed instruments 
Loan receivable from subsidiary
11,435,734
-
Loan receivable from fellow subsidiary of the Burmarrad
Group  3,075,084 
-
Debt securities
(15,715,927)
-
   
Variable rate instruments 
   
Bank loans
-  299,683
Fair value sensitivity analysis for fixed rate instruments
   
The Company does not account for fixed rate financial assets and liabilities at fair value through
profit and loss and does not enter into hedging instruments to hedge against this risk. Therefore,
a change in interest rates at the end of the reporting period would not affect profit or loss.
  Cash flow sensitivity analysis for variable rate instruments
The directors confirm that there is no impact on the Company’s cash flow and profit or loss from
variable rate instruments, as no such instruments were held by the Company as at year-end.
22.5  Capital management
  The  directors’  policy is to  maintain a strong  capital base to sustain future development of  the
business.
  There were no changes in the Company’s approach to capital management during the year.
  The Company is not subject to externally imposed capital requirements. 
22.6  Fair values
  At the reporting date, the carrying amounts of financial assets and financial liabilities approximated
their fair values except for those listed below:
Burmarrad Group Assets p.l.c.
Notes to the Financial Statements
For the year ended 31 January 2025
37 
22  Financial instruments (continued)
22.6  Fair value (continued)
2025  2024
  €  €
     
Debt securities issued
16,920,000
-
23 Related parties
23.1  Parent company
   
  The  parent  company  is  Burmarrad  Group  Limited,  a  company  registered  in  Malta,  with  its 
registered address at Marjo, Burmarrad Road, Burmarrad, St. Paul’s Bay, SPB 9060. Consolidated
financial  statements  are  prepared  by Burmarrad  Group  Limited. In addition,  Burmarrad  Group
Assets plc is required to prepare its own consolidated financial statements in accordance with IFRS.
   
  The ultimate controlling party of the Company is Mr. Mario Gauci. 
23.2  Related party transactions   
  2025
2024
  €
€
Transactions with fellow subsidiaries of the Burmarrad
Group:     
Loan issued to
  4,200,000
-
Interest charged to
  142,440
-
Amount due to fellow subsidiary, assigned to the
ttheCompany    3,605,800 
-
Capitalisation of loan due to
  -
3,660,000
Net payments by
  -
36,553
Sale of immovable property to
  -
6,640,000
   
Loan issued to subsidiary
  11,434,734
-
Interest charged to subsidiary
  498,428
-
Assignment of bank borrowings to subsidiary
  (515,800) 
-
Sale of immovable property to subsidiary 
  -
2,100,000
Acquisition of associate from parent company 
  -
15,600,000
KPMG
92, Marina Street
Pietà, PTA 9044
Malta
Telephone   (+356) 2563 1000
Fax      (+356) 2566 1000 
Website    www.kpmg.com.mt
 
KPMG, a Maltese civil partnership and a member firm of the KPMG global
organisation of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee.
The firm is registered as a partnership of Certified Public
Accountants in terms of the Accountancy Profession Act.
A list of partners and directors of
the firm is available at 92,
Marina Street, Pietà, PTA9044,
Malta.
Independent Auditors’ Report  
To the Shareholders of Burmarrad Group Assets plc
1  Report on the Audit of the Financial Statements
Opinion
We have audited the separate financial statements (the “financial statements”) of Burmarrad Group Assets plc
(the “Company”), which comprise the consolidated statement of financial position as at 31 January 2025, the
consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended,
and notes, comprising material accounting policies and other explanatory information.
In our opinion, the accompanying separate financial statements:
(a)  give a true and fair view of the unconsolidated financial position of the Company as at 31 January 2025,
and of its unconsolidated financial performance and its unconsolidated cash flows for the year then ended
in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the EU; and 
(b)  have been properly prepared in accordance with the provisions of the Companies Act, 1995 (Chapter 386,
Laws of Malta) (the “Act”). 
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (“ISAs”).  Our responsibilities
under  those  standards  are  further  described  in  the  Auditors’  responsibilities  for  the  audit  of  the  financial
statements section of our report.  We are independent of the Company in accordance with the International
Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including
International Independence Standards) (“IESBA Code”), together with the ethical requirements that are relevant
to our audit of the financial statements in accordance with the Accountancy Profession (Code of Ethics for
Warrant Holders) Directive issued in terms of the Accountancy Profession Act (Chapter 281, Laws of Malta)
(“APA”), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the
IESBA Code.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.  
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the financial statements (as communicated to the  audit committee), and include a description of the most
significant assessed risks of material misstatement (whether or not due to fraud) identified by us, including those
which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing
the efforts of the engagement team. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.
We have determined that there are no key audit matters to communicate in our report.
KPMG
92, Marina Street
Pietà, PTA 9044
Malta
Telephone   (+356) 2563 1000
Fax      (+356) 2566 1000 
Website    www.kpmg.com.mt
KPMG, a Maltese civil partnership and a member firm of the KPMG global
organisation of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee.
The firm is registered as a partnership of Certified Public
Accountants in terms of the Accountancy Profession Act.
A list of partners and directors of
the firm is available at 92,
Marina Street, Pietà, PTA9044,
Malta.
Independent Auditors’ Report (continued)  
To the Shareholders of Burmarrad Group Assets plc  
Other Matter
The financial statements for the year ended 31 January 2024 were audited by another auditor who expressed
an unmodified opinion on those financial statements on 26 September 2024.
Other information
The directors are responsible for the other information. The other information comprises (i) the Directors, Officer
and  Other  Information  report,  (ii)  the  Directors’  report,  and  (iii)  the  statement  of  compliance  with  code  of
principles of good corporate governance, but does not include the financial statements and our auditors’ report
thereon.
Our opinion on the financial statements does not cover the other information and, other than in the case of the
directors’ report on which we report separately below in our ‘Opinion on the Directors’ Report’, we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are required to report
that fact. We have nothing to report in this regard.
Responsibilities of the directors for the financial statements
The directors are responsible for the preparation of financial statements that (a) give a true and fair view in
accordance with IFRS as adopted by the EU, and (b) are properly prepared in accordance with the provisions
of the Act, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error. 
In  preparing  the  financial  statements,  the  directors  are  responsible  for  assessing  the  Company’s  ability  to 
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations,
or have no realistic alternative but to do so.
The directors are also responsible for overseeing the financial reporting process.
KPMG
92, Marina Street
Pietà, PTA 9044
Malta
Telephone   (+356) 2563 1000
Fax      (+356) 2566 1000 
Website    www.kpmg.com.mt
KPMG, a Maltese civil partnership and a member firm of the KPMG global
organisation of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee.
The firm is registered as a partnership of Certified Public
Accountants in terms of the Accountancy Profession Act.
A list of partners and directors of
the firm is available at 92,
Marina Street, Pietà, PTA9044,
Malta.
Independent Auditors’ Report (continued) 
To the Shareholders of Burmarrad Group Assets plc
Auditors’ responsibilities for the audit of the financial statements 
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our
opinion. ‘Reasonable assurance’ is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional
scepticism throughout the audit.
We also:
•  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion.  The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
•  Consider  the  extent  of  compliance  with  those  laws  and  regulations  that  directly  affect  the  financial
statements, as part of our procedures on the related financial statement items. For the remaining laws and
regulations, we make enquiries of directors and other management, and inspect correspondence with the
regulatory authority, as well as legal correspondence. As with fraud, there remains a higher risk of non-
detection of other irregularities (whether or not these relate to an area of law directly related to the financial
statements), as these may likewise involve collusion, forgery, intentional omissions, misrepresentations, or
the override of internal controls.
•  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the Company’s internal control.  
•  Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the directors.
KPMG
92, Marina Street
Pietà, PTA 9044
Malta
Telephone   (+356) 2563 1000
Fax      (+356) 2566 1000 
Website    www.kpmg.com.mt
KPMG, a Maltese civil partnership and a member firm of the KPMG global
organisation of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee.
The firm is registered as a partnership of Certified Public
Accountants in terms of the Accountancy Profession Act.
A list of partners and directors of
the firm is available at 92,
Marina Street, Pietà, PTA9044,
Malta.
Independent Auditors’ Report (continued) 
To the Shareholders of Burmarrad Group Assets plc
Auditors’ responsibilities for the audit of the financial statements (continued) 
•  Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion.  Our conclusions are based
on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions
may cause the Company to cease to continue as a going concern.
•  Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats
or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure
about  the  matter  or  when,  in  extremely  rare  circumstances,  we  determine  that  a  matter  should  not  be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.   
   
KPMG
92, Marina Street
Pietà, PTA 9044
Malta
Telephone   (+356) 2563 1000
Fax      (+356) 2566 1000 
Website    www.kpmg.com.mt
KPMG, a Maltese civil partnership and a member firm of the KPMG global
organisation of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee.
The firm is registered as a partnership of Certified Public
Accountants in terms of the Accountancy Profession Act.
A list of partners and directors of
the firm is available at 92,
Marina Street, Pietà, PTA9044,
Malta.
Independent Auditors’ Report (continued) 
To the Shareholders of Burmarrad Group Assets plc
2  Opinion on the Directors’ Report  
The directors are responsible for preparing a directors’ report in accordance with the provisions of article 177 of
the Act and is to include a statement that the Company is a going concern with supporting assumptions or
qualifications as necessary, as required by Rule 5.62 of the Capital Markets Rules issued by the Malta Financial
Services Authority (the “Capital Markets Rules”).  
We are required to consider whether the information given in the directors’ report for the accounting period for
which the financial statements are prepared is consistent with those financial statements; and, if we are of the
opinion that it is not, we shall state that fact in our report. We have nothing to report in this regard. 
Pursuant to article 179(3) of the Act, we are also required to:
•  express an opinion on whether the directors’ report has been prepared in accordance with the applicable
legal requirements; and
•  state whether, in the light of the knowledge and understanding of the entity and its environment obtained in 
the course of our audit of the financial statements, we have identified material misstatements in the directors’
report, giving an indication of the nature of any such misstatements.
Pursuant to Rule 5.62 of the Capital Markets Rules, we are required to review the directors’ statement in relation
to going concern.
In such regards:
•  in our opinion, the Directors’ Report has been prepared in accordance with the applicable legal requirements; 
•  we have not identified material misstatements in the Directors’ Report; and 
•  we have nothing to report in relation to the statement on going concern.  
KPMG
92, Marina Street
Pietà, PTA 9044
Malta
Telephone   (+356) 2563 1000
Fax      (+356) 2566 1000 
Website    www.kpmg.com.mt
KPMG, a Maltese civil partnership and a member firm of the KPMG global
organisation of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee.
The firm is registered as a partnership of Certified Public
Accountants in terms of the Accountancy Profession Act.
A list of partners and directors of
the firm is available at 92,
Marina Street, Pietà, PTA9044,
Malta.
Independent Auditors’ Report (continued) 
To the Shareholders of Burmarrad Group Assets plc
3 Report on Other Legal and Regulatory Requirements
Matters on which we are required to report by the Act, specific to public-interest entities
Pursuant to article 179B(1) of the Act, we report as under matters not already reported upon in our ‘Report on
the Audit of the Financial Statements’:  
•  we were first appointed as auditors by the shareholders on 5 February 2025.  The period of total uninterrupted 
engagement is one year;
•  our opinion on our audit of the financial statements is consistent with the additional report to the audit 
committee required to be issued by the Audit Regulation (as referred to in the Act); and
•  we have not provided any of the prohibited services as set out in the APA. 
Matters on which we are required to report by exception by the Act
Pursuant to articles 179(10) and 179(11) of the Act, we have nothing to report to you with respect to the following
matters:
•  proper accounting records have not been kept; or 
•  the financial statements are not in agreement with the accounting records; or 
•  we have not obtained all the information and explanations which, to the best of our knowledge and belief, we 
require for the purpose of our audit.
   
KPMG
92, Marina Street
Pietà, PTA 9044
Malta
Telephone   (+356) 2563 1000
Fax      (+356) 2566 1000 
Website    www.kpmg.com.mt
KPMG, a Maltese civil partnership and a member firm of the KPMG global
organisation of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee.
The firm is registered as a partnership of Certified Public
Accountants in terms of the Accountancy Profession Act.
A list of partners and directors of
the firm is available at 92,
Marina Street, Pietà, PTA9044,
Malta.
Independent Auditors’ Report (continued) 
To the Shareholders of Burmarrad Group Assets plc
Report  on  compliance  of  the  Annual  Report  with  the  requirements  of  the  Commission  Delegated
Regulation  (EU)  2018/815  supplementing  Directive  2004/109/EC  (the  “European  Single  Electronic
Format Regulatory Technical Standard” or “ESEF Regulation”), by reference to Capital Markets Rule
5.55.6 issued by the Malta Financial Services Authority
We have undertaken a reasonable assurance engagement in accordance with the requirements of Directive 6
issued by the Accountancy Board in terms of the Accountancy Profession Act, 1979 (Chapter 281, Laws of
Malta), the Accountancy Profession (European Single Electronic Format) Assurance Directive, on the Annual
Report for the year ended 31 January 2025, prepared in a single electronic reporting format.
Responsibilities of the directors for compliance with the requirements of the ESEF Regulation
As required by Capital Markets Rule 5.56A, the directors are responsible for the preparation of the Annual
Report in XHTML format, including the relevant mark-ups, in accordance with the requirements of the ESEF
Regulation.
In addition, the directors are responsible for such internal control as they determine is necessary to enable
the preparation of the Annual Report that is in compliance with the requirements of the ESEF Regulation. 
Auditors’ responsibilities to report on compliance with the requirements of the ESEF Regulation 
Our responsibility is  to obtain reasonable  assurance  about whether  the Annual Report  in XHTML  format,
including the relevant mark-ups, comply in all material respects with the ESEF Regulation based on the evidence
we have obtained. As part of our work, we obtain an understanding of the Company’s controls relevant to the
preparation of the Annual Report in compliance with the said requirements, but not for the purpose of expressing
an opinion on the effectiveness of the controls in place.
In discharging that responsibility, we:
•  obtain an understanding of the entity's financial reporting process, including the preparation of the
Annual Report, in accordance with the requirements of the ESEF Regulation;
•  perform validations to determine whether the Annual Report has been prepared in accordance with
the requirements of the technical specifications of the ESEF Regulation; and
•  examine the information in the Annual Report to determine whether all the required mark-ups therein 
have been applied and whether, in all material respects, they are in accordance with the requirements
of the ESEF Regulation.
   
KPMG
92, Marina Street
Pietà, PTA 9044
Malta
Telephone   (+356) 2563 1000
Fax      (+356) 2566 1000 
Website    www.kpmg.com.mt
KPMG, a Maltese civil partnership and a member firm of the KPMG global
organisation of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee.
The firm is registered as a partnership of Certified Public
Accountants in terms of the Accountancy Profession Act.
A list of partners and directors of
the firm is available at 92,
Marina Street, Pietà, PTA9044,
Malta.
Independent Auditors’ Report (continued) 
To the Shareholders of Burmarrad Group Assets plc
Report  on  compliance  of  the  Annual  Report  with  the  requirements  of  the  Commission  Delegated
Regulation  (EU)  2018/815  supplementing  Directive  2004/109/EC  (the  “European  Single  Electronic
Format Regulatory Technical Standard” or “ESEF Regulation”), by reference to Capital Markets Rule
5.55.6 issued by the Malta Financial Services Authority (continued)
Auditors’  responsibilities  to  report  on  compliance  with  the  requirements  of  the  ESEF  Regulation
(continued)
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion.
Conclusion
In our opinion, the Annual Report for the year ended 31 January 2025 has been prepared, in all material
respects, in accordance with the requirements of the ESEF Regulation, by reference to Capital Markets Rule
5.55.6.
The Principal authorised to sign on behalf of KPMG on the audit resulting in this independent auditors’ report is
Thomas Galea.
KPMG  27 May 2025  
Registered Auditors
   
KPMG
92, Marina Street
Pietà, PTA 9044
Malta
Telephone   (+356) 2563 1000
Fax      (+356) 2566 1000 
Website    www.kpmg.com.mt
KPMG, a Maltese civil partnership and a member firm of the KPMG global
organisation of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee.
The firm is registered as a partnership of Certified Public
Accountants in terms of the Accountancy Profession Act.
A list of partners and directors of
the firm is available at 92,
Marina Street, Pietà, PTA9044,
Malta.
Independent Assurance Report  
To the Shareholders of Burmarrad Group Assets plc
Report required by Capital Markets Rule 5.98 issue by the Malta Financial Services Authority (the
“MFSA”) 
We  were  engaged  by  the  Directors  of  Burmarrad  Group  Assets  p.l.c.  (the  “Company”)  to  report  on  the 
disclosures of specific elements in the Corporate Governance Statement (the “Disclosures”) as at 31 January
2025, in the form of an independent reasonable assurance conclusion, as to whether they are, in all material
respects, in compliance with the corporate governance regulations set out in the Capital Markets Rules issued
by the MFSA (the “Capital Market Rules”). More specifically, we are required to report on the Disclosures in 
the form of an independent reasonable assurance conclusion about whether:
(a)  in light of our knowledge and understanding of the Company and its environment obtained in the course
of the statutory audit, we have identified material misstatements with respect to the information referred
to in Capital Markets Rules 5.97.4 (dealing with the Company’s internal control and risk management
systems in relation to the financial reporting process) and 5.97.5 (where a takeover bid applies). Where
material misstatements are identified in relation to those requirements,  we shall, in addition  to  our
conclusion, provide an indication of the nature of such misstatements; and
(b)  the Disclosures include the other information required by Capital Markets Rule 5.97, insofar as it is
applicable to the Company.
Responsibilities of the Directors
The  Directors  are  responsible  for  preparing  and  presenting  the  Disclosures  that  are  free  from  material
misstatement  in  accordance  with the  requirements  of  the  Capital  Market Rules  and for the  information 
contained therein.
This responsibility includes designing, implementing and maintaining internal control as they determine is
necessary to enable the preparation and presentation of the Disclosures that are free from misstatement,
whether due to fraud or error.
The Directors are also responsible for preventing and detecting fraud and for identifying and ensuring that the
Company complies with laws and regulations applicable to its activities. The Directors are responsible for
ensuring that personnel involved in the preparation and presentation of the Disclosures are properly trained,
systems are properly updated and that any changes in reporting relevant to the Disclosures encompass all
significant business units.
KPMG
92, Marina Street
Pietà, PTA 9044
Malta
Telephone   (+356) 2563 1000
Fax      (+356) 2566 1000 
Website    www.kpmg.com.mt
KPMG, a Maltese civil partnership and a member firm of the KPMG global
organisation of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee.
The firm is registered as a partnership of Certified Public
Accountants in terms of the Accountancy Profession Act.
A list of partners and directors of
the firm is available at 92,
Marina Street, Pietà, PTA9044,
Malta.
Independent Assurance Report  
To the Shareholders of Burmarrad Group Assets plc
Our Responsibilities  
Our responsibility is to examine the Disclosures prepared by the Company and to report thereon in the form
of an independent reasonable assurance conclusion based on the evidence obtained. We conducted our
engagement  in  accordance  with  International  Standard  on  Assurance  Engagements  3000  (Revised), 
Assurance  Engagements  Other Than Audits  or Reviews of  Historical  Financial Information (“ISAE 3000”) 
issued by the International Auditing and Assurance Standards Board. That standard requires that we plan
and perform our procedures to obtain reasonable assurance about whether the Disclosures are properly
prepared and presented, in all material respects, in accordance with the requirements set out in the relevant
Capital Markets Rules.
The  firm  applies  International  Standard  on  Quality  Management  1,  which  requires  the  firm  to  design,
implement  and  operate  a  system  of  quality  management  including  policies  or  procedures  regarding
compliance  with  ethical  requirements,  professional  standards  and  applicable  legal  and  regulatory
requirements.
We have complied with the independence and other ethical requirements of the International Ethics Standards
Board  for  Accountants’  International  Code  of  Ethics  for  Professional  Accountants  (including  International
Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our
assurance engagement in accordance with the Accountancy Profession (Code of Ethics for Warrant Holders)
Directive issued in terms of the Accountancy Profession Act (Chapter 281, Laws of Malta), and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. The
IESBA Code is founded on fundamental principles of integrity, objectivity, professional competence and due
care, confidentiality and professional behaviour.
The procedures selected and our determination of the nature, timing and extent of those procedures, will
depend on our judgment, including the assessment of the risks of material misstatement of the preparation
and presentation of the Disclosures whether due to fraud or error.
In making those risk  assessments, we have considered internal control relevant to the preparation and
presentation  of  the  Disclosures  in  order  to  design  assurance  procedures  that  are  appropriate  in  the 
circumstances, but not for the purposes of expressing a conclusion as to the effectiveness of the Company’s
internal control over the preparation and presentation of the Disclosures. Reasonable assurance is less than
absolute assurance.
KPMG
92, Marina Street
Pietà, PTA 9044
Malta
Telephone   (+356) 2563 1000
Fax      (+356) 2566 1000 
Website    www.kpmg.com.mt
KPMG, a Maltese civil partnership and a member firm of the KPMG global
organisation of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee.
The firm is registered as a partnership of Certified Public
Accountants in terms of the Accountancy Profession Act.
A list of partners and directors of
the firm is available at 92,
Marina Street, Pietà, PTA9044,
Malta.
Independent Assurance Report  
To the Shareholders of Burmarrad Group Assets plc
Our Responsibilities (continued) 
We are not required to, and we do not, consider whether the Directors’ statements on internal control and risk
management systems cover all the risks and controls in relation to the financial reporting process or form an
opinion on the effectiveness of the Company’s  corporate  governance  procedures  or its  risks  and control
procedures, nor on the ability of the Company to continue in operational existence. Our opinion in relation to
the disclosures pursuant to Capital Markets Rules 5.97.4 and 5.97.5 (as appropriate) is based solely on our
knowledge and understanding of the Company and its environment obtained in forming our opinion on the
audit of the financial statements.
As part of this engagement, we have not performed any procedures by way of audit, review or verification of
the Disclosures nor of the underlying records or other sources from which the Disclosures were extracted.
Other Information
We also read the other information included in the Annual Report that contains the Disclosures, and our report
thereon, in order to identify material inconsistencies, if any, with the Disclosures. We have nothing to report
in this regard.
KPMG
92, Marina Street
Pietà, PTA 9044
Malta
Telephone   (+356) 2563 1000
Fax      (+356) 2566 1000 
Website    www.kpmg.com.mt
KPMG, a Maltese civil partnership and a member firm of the KPMG global
organisation of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee.
The firm is registered as a partnership of Certified Public
Accountants in terms of the Accountancy Profession Act.
A list of partners and directors of
the firm is available at 92,
Marina Street, Pietà, PTA9044,
Malta.
Independent Assurance Report (continued) 
To the Shareholders of Burmarrad Group Assets plc
Conclusion 
Our conclusion has been formed on the basis of, and is subject to, the matters outlined in this report.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion.
In our opinion:
(a)  in light of our knowledge and understanding of the Company and its environment obtained in the course
of the statutory audit, we  have  not  identified  material  misstatements  with respect  to the information
requirements referred to in Capital Markets Rules 5.97.4 and 5.97.5; and
(b)  the Disclosures  include the other  information required by Capital Markets  Rule 5.97, insofar as it is 
applicable to the Company.  
The Principal authorised to sign on behalf of KPMG on the work resulting in this assurance report is Thomas
Galea.
KPMG  27 May 2025  
Registered Auditors