Total Comprehensive income for the year/period |
Earnings per share |
Group | Company | ||||
Notes | 2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | ||
ASSETS | |||||
Non-Current Assets | |||||
Property, plant and equipment | 11 | - | - | ||
Investment property | 12 | - | - | ||
Investment in subsidiaries | 14 | 10,948,390 | 10,948,390 | ||
Investments in associates | 15 | 11,178,238 | - | ||
Other investments | 16 | 24,408,601 | 17,591,867 | ||
46,535,229 | 28,540,257 | ||||
Current assets | |||||
Deferred tax | 6,256 | - | |||
Inventory | 17 | - | - | ||
Trade and other receivables | 18 | 3,752,422 | - | ||
Cash and cash equivalents | 19 | 8,551,345 | 1,900 | ||
12,310,023 | 1,900 | ||||
Total Assets | 58,845,252 | 28,542,157 | |||
EQUITY AND LIABILITIES | |||||
Capital Reserves | |||||
Share capital | 20 | 19,066,227 | 10,951,390 | ||
Share Premium Account | 1,892,355 | - | |||
Retained earnings | 3,277,357 | 649 | |||
Other equity | 21 | ( | ( | - | - |
Total equity | 24,235,939 | 10,952,039 | |||
Non-current liabilities | |||||
Other loans and borrowings | 23 | - | - | ||
Debt securities in issue | 23 | 32,000,000 | - | ||
Deferred tax liability | 13 | - | - | ||
Total non-current liabilities | 32,000,000 | - | |||
Current liabilities | |||||
Other loans and borrowings | 23 | - | 8,000,000 | ||
Trade and other payables | 25 | 2,604,914 | 101,926 | ||
Current tax liabilities | 4,399 | 349 | |||
Bond advance facility | 24 | - | 9,487,843 | ||
Total Current liabilities | 2,609,313 | 17,590,118 | |||
Total liabilities | 34,609,313 | 17,590,118 | |||
Total equity and liabilities | 58,845,252 | 28,542,157 |
Notes | ShareCapital | Other Equity | SharePremium | Retained Earnings | Total | |
€ | € | € | € | € | ||
Group | ||||||
Issue of share capital | ||||||
Comprehensive income for the period | ||||||
Profit for the period | ||||||
Loss arising on acquisition of the subsidiaries | ( | ( | ||||
Balance at 31st December 2022 | ( |
Balance at 1st January 2023 | ( | |||||
Comprehensive income for the year | ||||||
Profit for the year | ||||||
Transactions with owners | ||||||
Increase in share premium | ||||||
Issue of share capital | 20 | |||||
Balance at 31st December 2023 | ( |
Company | ||||||
Issue of share capital | 10,951,390 | - | - | - | 10,951,390 | |
Comprehensive income for the period | ||||||
Profit for the period | - | - | - | 649 | 649 | |
Balance at 31st December 2022 | 10,951,390 | - | - | 649 | 10,952,039 | |
Balance at 1st January 2023 | 10,951,390 | - | - | 649 | 10,952,039 | |
Comprehensive income for the year | ||||||
Profit for the year | - | - | - | 3,276,708 | 3,276,708 | |
Transactions with owners | ||||||
Increase in share premium | - | - | 1,892,355 | - | 1,892,355 | |
Issue of share capital | 20 | 8,114,837 | - | - | - | 8,114,837 |
Balance at 31st December 2023 | 19,066,227 | - | 1,892,355 | 3,277,357 | 24,235,939 |
Years | |
Computer & Office Equip. | 4 |
Motor Vehicles | 5 |
Furniture & Fittings | 10 |
CARRYING AMOUNT | LESS THAN 1 YEAR | BETWEEN 1 AND 2 YEARS | BETWEEN 2 AND 5 YEARS | AFTER 5 YEARS | TOTAL CONTRACTUAL CASH FLOWS | |
€ | € | € | € | € | € | |
31st December 2023 | ||||||
Bank loans | 9,715,761 | 3,002,217 | 2,345,934 | 1,200,000 | 5,356,849 | 11,905,000 |
Debt securities | 32,000,000 | - | - | - | 49,600,000 | 49,600,000 |
Trade and other payables | 5,024,565 | 5,024,565 | - | - | - | 5,024,565 |
CARRYING AMOUNT | LESS THAN 1 YEAR | BETWEEN 1 AND 2 YEARS | BETWEEN 2 AND 5 YEARS | AFTER 5 YEARS | TOTAL CONTRACTUAL CASH FLOWS | |
€ | € | € | € | € | € | |
31st December 2022 | ||||||
Bank loans | 14,063,777 | 8,000,000 | 3,563,777 | 1,200,000 | 4,492,223 | 17,256,000 |
Debt securities | - | - | - | - | - | - |
Trade and other payables | 4,737,029 | 4,737,029 | - | - | - | 4,737,029 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Other revenue | 33,300 | 5,404 | 33,300 | - |
Revenue from property held for development and resale | 20,000 | - | - | - |
Revenue from property rentals | 696,257 | - | - | - |
749,557 | 5,404 | 33,300 | - | |
6,802,968 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Employment costs comprise: | ||||
Wages and salaries - administration | 10,180 | - | 10,180 | - |
Wages and salaries – allocated to cost of sales | 160,306 | 1,650 | - | - |
Social security costs – allocated to cost of sales | - | 150 | - | - |
Social security costs – administration | 6,873 | - | - | - |
177,359 | 1,800 | 10,180 | - |
The average weekly number of persons employed by the Group during the year/ period was: | 10 | 6 | - | - |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Directors’ salary – allocated to cost of sales | 71,000 | - | - | - |
Directors’ Remuneration | 33,500 | - | 28,500 | - |
104,500 | - | 28,500 | - |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Finance costs | ||||
Finance costs incurred during the year/period | 1,350,933 | 315,754 | 1,350,471 | 315,754 |
Finance costs recharged to related parties | (1,350,933) | (315,654) | - | - |
- | 100 | 1,350,471 | 315,754 |
Finance costs allocated to cost of sales | ||||
At 1st January | 122,441 | - | - | - |
Interest capitalised during the year/period | 252,304 | 122,441 | - | - |
At 31st December | (371,745) | (122,441) | - | - |
Charge of capitalised interest for the year/period | 3,000 | - | - | - |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Interest from Maltese banks | 9 | 134 | - | - |
Interest receivable from related parties | - | 2,043 | 459,489 | 321,527 |
Interest receivable from investments | 60,776 | - | 29,325 | - |
Bond interest recharged to subsidiaries | - | - | 939,485 | - |
60,785 | 2,177 | 1,428,299 | 321,527 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Income tax expense | ||||
Income tax on taxable income at 15% | 5,521 | - | 4,399 | - |
Income tax subject to final tax of 8% on sales of immovable property | 1,600 | - | - | - |
Income tax subject to 35% | 48,534 | 349 | - | 349 |
Deferred tax | 81,782 | (2,596) | (6,256) | - |
Tax charge | 137,437 | (2,247) | (1,857) | 349 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Net profit / (loss) for the year/period | 1,247,204 | (1,021) | 11,451 | 998 |
Income tax thereon at 35% | 436,521 | (359) | 4,008 | 349 |
Capital allowances not reflected by way of depreciation | 69 | - | - | |
Difference arising from interest received | (7,362) | - | (5,865) | - |
Difference resulting from different tax rates on bank interest received | 1 | - | - | - |
Expenses disallowed for tax purposes | 6,675 | (1,888) | - | - |
Difference arising on income subject to 5-8% withholding tax on sales of immovable property | 906 | - | - | - |
Further allowances on rental income | (10,464) | - | - | - |
Deferred tax asset arising from claimable losses brought forward | 7,216 | - | - | - |
Difference arising on revaluation of property | (297,000) | - | - | - |
Diminution of investments | 875 | - | - | - |
137,437 | (2,247) | (1,857) | 349 |
Group 2022 | Land & Buildings | Computer &equipment | Motorvehicles | Furniture &Fittings | Total |
€ | € | € | € | € | |
Cost | |||||
Acquisitions through subsidiaries | 20,880,753 | 16,836 | 19,600 | 289,086 | 21,206,275 |
At 31st December 2022 | 20,880,753 | 16,836 | 19,600 | 289,086 | 21,206,275 |
Depreciation | |||||
Acquisitions through subsidiaries | - | 6,855 | 11,685 | 58,534 | 77,074 |
Charge for the period | - | 54 | 75 | 521 | 650 |
At 31st December 2022 | - | 6,909 | 11,760 | 59,055 | 77,724 |
Net book value | |||||
At 31st December 2022 | 20,880,753 | 9,927 | 7,840 | 230,031 | 21,128,551 |
Group 2023 | Land & Buildings | Computer &equipment | Motorvehicles | Furniture &Fittings | Total |
€ | € | € | € | € | |
Cost | |||||
At 1st January 2023 | 20,880,753 | 16,836 | 19,600 | 289,086 | 21,206,275 |
Additions during the year | 6,063,714 | 3,124 | - | 352 | 6,067,190 |
At 31st December 2023 | 26,944,467 | 19,960 | 19,600 | 289,438 | 27,273,465 |
Depreciation | |||||
At 1st January 2023 | - | 6,909 | 11,760 | 59,055 | 77,724 |
Charge for the year | - | 4,625 | 3,920 | 28,944 | 37,489 |
At 31st December 2023 | - | 11,534 | 15,680 | 87,999 | 115,213 |
Net book value | |||||
At 31st December 2023 | 26,944,467 | 8,426 | 3,920 | 201,439 | 27,158,252 |
At 31st December 2022 | 20,880,753 | 9,927 | 7,840 | 230,031 | 21,128,551 |
2023 | 2022 | |
€ | € | |
Balance as 1 January | 10,700,000 | 10,700,000 |
Acquisitions | - | - |
Change in fair value | 1,100,000 | - |
Balance at 31 December | 11,800,000 | 10,700,000 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Shares in subsidiary undertakings | ||||
Muscat Holdings Limited (C77653) - 200,000 ordinary shares of €1 each representing 100 % holding (Avian Hill,Triq L- Ispanjulett C/W Triq Il- Gallina, Kappara, San Gwann) | - | - | 7,107,514 | 7,107,514 |
Muscat Holdings (II) Limited (C89275) – 100,000 ordinary shares of €1 each representing 100 % holding (Avian Hill,Triq L- Ispanjulett C/W Triq Il- Gallina, Kappara.) | - | - | 1,921,328 | 1,921,328 |
JUEL Holdings Limited (C92861) – 1,200 ordinary shares of €1 each representing 100 % holding (Avian Hill,Triq L- Ispanjulett C/W Triq Il- Gallina, Kappara.) | - | - | 1,904,436 | 1,904,436 |
JUEL Hospitality Limited (C100482) – 20,000 ordinary shares of €1 each representing 100 % holding (Avian Hill,Triq L- Ispanjulett C/W Triq Il- Gallina, Kappara.) | - | - | 15,112 | 15,112 |
- | - | 10,948,390 | 10,948,390 |
Group | Company | |
Percentage ownership interest | 33% 33% | |
€ | € | |
Non-current assets | 13,913,680 | 13,931,680 |
Current assets | 82,115,771 | 82,115,771 |
Non-current liabilities | 26,446,522 | 26,446.522 |
Current liabilities | 36,051,762 | 36,051,762 |
Total equity (100%) | 33,531,167 | 33,531,167 |
Group’s share total equity (33.33%) | 11,175,938 | 11,175,938 |
Carrying amount of interest in associate | 11,175,938 | 11,175,938 |
Group | Company | ||
Percentage ownership interest | 49.99% | 49.99% | |
€ | € | ||
Non-current assets | 49,897 | - | |
Current assets | 10,484,807 | - | |
Non-current liabilities | 7,160,100 | - | |
Current liabilities | 128,060 | - | |
Total equity (100%) | 3,246,544 | - | |
Group’s share total equity (49.99%) | 1,623,279 | - | |
Carrying amount of interest in associate | 1,623,279 | - |
Group | Company | ||
Percentage ownership interest | 49.99% | 49.99% | |
€ | € | ||
Revenue | - | - | |
Loss from continuing obligations | (66,252) | - | |
Other comprehensive loss | - | - | |
Total comprehensive loss (100%) | (66,252) | - | |
Group‘s share of comprehensive loss (49.99%) | (33,119) | - |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Amount receivable from Juel Hospitality Limited - Maturity date 2035 | - | - | 24,408,601 | 17,591,867 |
- | - | 24,408,601 | 17,591,867 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Property cost of land and development costs | 8,486,539 | 6,065,724 | - | - |
Capitalised borrowing costs (See Note 8) | 371,745 | 122,441 | - | - |
8,858,284 | 6,188,165 | - | - |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Trade receivables | 142,384 | 1,850 | - | - |
Other receivables | 2,302 | 84,760 | - | - |
Prepayments & accrued income | 1,187,893 | 4,734 | 5,631 | - |
Amount due from shareholders | - | 773,973 | - | - |
Amount due from subsidiaries | - | - | 2,102,363 | - |
Amount due from related parties | 1,644,428 | - | 1,644,428 | - |
Other taxation | 113,428 | 51,293 | - | - |
3,090,435 | 916,610 | 3,752,422 | - |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Cash at bank and in hand | - | 10,804 | - | - |
Bank deposits | 9,288,465 | 1,152,968 | 8,551,345 | 1,900 |
9,288,465 | 1,163,772 | 8,551,345 | 1,900 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Authorised | ||||
19,999,999 Ordinary ‘A’ Shares of a nominal value of €1 each | 19,999,999 | 19,999,999 | 19,999,999 | 19,999,999 |
1 Ordinary ‘B’ Shares of a nominal value of €1 each | 1 | 1 | 1 | 1 |
20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | |
Issued and fully paid up | ||||
10,951,389 Ordinary ‘A’ Shares of a nominal value of €1 each | 10,951,389 | 10,951,389 | 10,951,389 | 10,951,389 |
8,114,837 Ordinary ‘A’ Shares of nominal value of €1 each | 8,114,837 | - | 8,114,837 | - |
1 Ordinary ‘B’ Share of a nominal value of €1 each | 1 | 1 | 1 | 1 |
19,066,227 | 10,951,390 | 19,066,227 | 10,951,390 | |
10,951,389 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Profit for the year/period | 4,342,547 | 1,226 | 3,276,708 | 649 |
Weighted average share in issue | 16,687,357 | 915,116 | 16,687,357 | 915,116 |
Earnings per share | 0.26 | - | 0.20 | - |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Short term – falling due within one year | ||||
Bank loans | 2,827,886 | 8,000,000 | - | 8,000,000 |
Total short term borrowings | 2,827,886 | 8,000,000 | - | 8,000,000 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Long term – falling due after one year | ||||
Bank loans | 6,887,875 | 6,063,777 | - | - |
Total long term borrowings | 6,887,875 | 6,063,777 | - | - |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Debt securities in issue | ||||
Face value | ||||
5.5% Secured Bonds 2035 | 32,000,000 | - | 32,000,000 | - |
32,000,000 | - | 32,000,000 | - |
Face value | ||||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Secured Bonds 2035 | 5.5% | - | 5.5% | - |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Bond advanced facility | - | 9,487,843 | - | 9,487,843 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Trade and other payables | ||||
Trade payables | 136,295 | 468,716 | - | - |
Advanced deposits received on promise of sale agreements | 150,377 | - | - | - |
Other payables | 1,147,221 | 1,297,174 | - | - |
Social security and other FSS tax | 175 | - | - | - |
Other taxation | 14,766 | - | - | - |
Accruals | 1,556,014 | 104,811 | 959,736 | 96,611 |
3,004,848 | 1,870,701 | 959,736 | 96,611 | |
Other Financial liabilities | ||||
Amounts due to shareholders | 375,289 | 15,749 | 750 | 315 |
Amounts due to subsidiaries | - | 2,850,579 | - | 5,000 |
Amounts due to related parties | 1,644,428 | - | 1,644,428 | - |
2,019,717 | 2,866,328 | 1,645,178 | 5,315 |
Total trade and other creditors | 5,024,565 | 4,737,029 | 2,604,914 | 101,926 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Other financial assets | ||||
Amount receivable from Juel Hospitality Limited - Maturity date 2035 | - | - | 24,408,601 | 17,591,867 |
Trade and other receivables | ||||
Amounts due from shareholders | - | 773,973 | - | - |
Amounts due from subsidiaries | - | - | 2,102,363 | - |
Amounts due from related parties | 1,644,428 | - | 1,644,428 | - |
Other financial liabilities | ||||
Amounts due to shareholder | 375,289 | 15,749 | 750 | 315 |
Amounts due to subsidiaries | - | 2,850,579 | - | 5,000 |
Amounts due to related parties | 1,644,428 | - | 1,644,428 | - |