2023 | 2022 | 2023 | 2022 | ||
€ | € | € | € | ||
Revenue | 7 | | | 1,596,726 | 1,242,922 |
Cost of sales | 8.1 | ( | ( | - | - |
Gross profit | | | 1,596,726 | 1,242,922 | |
Administration expenses | 8.1 | ( | ( | (81,355) | (76,892) |
Operating profit/(loss) | | ( | 1,515,371 | 1,166,030 | |
Finance costs | 9.2 | ( | ( | (1,040,533) | (864,715) |
(Loss)/Profit before tax | ( | ( | 474,838 | 301,315 | |
Income tax | 10 | | | - | - |
(Loss)/Profit for the year | ( | ( | 474,838 | 301,315 | |
Other Comprehensive Income for the year | |||||
Other Comprehensive Income for the year net of income tax | | - | - | ||
Total comprehensive (expense)/ income for the year | ( | ( | 474,838 | 301,315 | |
(Loss)/Profit for the year attributable to: | |||||
Owners of the Company | ( | ( | 474,838 | 301,315 | |
Earnings per share | 11 | ( | ( | 0.03 | 0.02 |
Assets | |||||
Property, plant and equipment | 12.1 | - | - | ||
Investment in subsidiaries | 17 | - | - | 14,827,061 | 14,827,061 |
Investment in financial assets | 13.5 | - | - | 20,261,895 | 20,261,895 |
Deferred tax | 12.4 | - | - | ||
Total non-current assets | | 35,088,956 | 35,088,956 | ||
Inventories | 12.6 | - | - | ||
Trade and other receivables | 13.1 | 1,052,035 | 391,312 | ||
Cash and cash equivalents | 13.4 | 793,945 | 892,077 | ||
Total current assets | 1,845,980 | 1,283,389 | |||
Total assets | 36,934,936 | 36,372,345 | |||
Liabilities | |||||
Trade and other payables | 13.2 | - | - | ||
Borrowings | 13.3 | 19,769,557 | 19,932,231 | ||
Deferred tax | 12.5 | - | - | ||
Total non-current liabilities | 19,769,557 | 19,932,231 | |||
Borrowings | 13.3 | 1,354,000 | 1,064,109 | ||
Trade and other payables | 13.2 | 655,802 | 695,266 | ||
Current tax | - | - | |||
Total current liabilities | 2,009,802 | 1,759,375 | |||
Total liabilities | 21,779,359 | 21,691,606 | |||
Net assets | | | 15,155,577 | 14,680,739 |
Notes | 2023 € | 2022 € | 2023 € | 2022 € | |
Equity | |||||
Share capital | 14.1 | | | 14,676,284 | 14,676,284 |
Revaluation reserve | 14.2 | | - | - | |
Reorganisation reserve | 14.3 | ( | ( | - | - |
Accumulated losses/ Retained Earnings | ( | ( | 479,293 | 4,455 | |
Equity attributable to owners of theCompany | | 15,155,577 | 14,680,739 |
Share Capital | ReorganisationReserve | RevaluationReserve | Accumulated Losses | Total | |
€ | € | € | € | € | |
Balance as at 1 January 2022 | ( | ( | |||
Loss for the year | ( | ( | |||
Revaluation | |||||
Balance at 31 December 2022 | ( | ( |
Changes in equityfor 2023 | |||||
Loss for the year | ( | ( | |||
Revaluation | |||||
Balance at 31 December 2023 | ( | ( |
Cash flows from operating activities | ||||
(Loss)/Profit before tax | ( | ( | 474,838 | 301,315 |
Adjustments for: | ||||
Depreciation | | | - | - |
Expected credit losses | | | 14,804 | 8,893 |
Amortisation of bond expenses | | | 35,632 | 32,277 |
Dividends received | - | - | (890,966) | (572,452) |
Interest excluding amortisation | | | 282,768 | 161,697 |
Operating profit/(loss) before working capital changes: | | | (82,924) | (68,270) |
Movement in trade and other receivables | ( | ( | 9,107 | (362,003) |
Movement in inventories | ( | ( | - | - |
Movement in trade and other payables | ( | ( | (745,224) | (57,809) |
Cash generated from/ (used in) operations | | ( | (819,041) | (488,082) |
Interest paid | ( | ( | - | - |
Net cash inflow/(outflow) from operating activities | | ( | (819,041) | (488,082) |
Cash flows from investing activities | ||||
Payment for property, plant and equipment | ( | ( | - | - |
Payment to acquire preference shares | - | - | - | (15,150,000) |
Net cash outflow from investing activities | ( | ( | - | (15,150,000) |
Cash flows from financing activities | ||||
Repayment from bank loan | ( | - | - | |
Movement in related parties balances | ( | ( | 720,222 | 1,035,194 |
Proceeds from bond loan | | | - | 15,500,000 |
Net cash (outflow)/inflow from financing activities | ( | 720,222 | 16,535,194 | |
Net movement in cash and cash equivalents | ||||
Cash and cash equivalents | ( | | (98,819) | 897,112 |
Cash and cash equivalents at beginning of year | | | 892,077 | 1,200 |
Expected credit losses on bank balances | ( | ( | 687 | (6,235) |
Cash and cash equivalents at end of year13.4.1 | | 793,945 | 892,077 |
Standard | Subject of Amendment |
Amendments to IFRS 10 and IAS 28 | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture |
Amendments to IAS 1 | Classification of Liabilities as Current or Non-current |
Amendments to IAS 1 | Non-current Liabilities with Covenants |
Amendments to IAS 7 and IFRS 7 | Supplier Finance Arrangements |
Amendments to IFRS 16 | Lease Liability in a Sale and Leaseback |
Group | Company | |||
2023 € | 2022 € | 2023 € | 2022 € | |
Income from accommodation | 8,860,271 | 5,529,396 | - | - |
Income from services | 2,044,846 | 1,546,198 | - | - |
Dividend income | - | - | 890,966 | 572,452 |
Interest income | - | - | 705,760 | 670,470 |
10,905,117 | 7,075,594 | 1,596,726 | 1,242,922 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
Note 1: | Number | Number | Number | Number |
Operations | 210 | 161 | - | - |
Administrative | 16 | 14 | - | - |
226 | 175 | - | - |
Group | Company | |||
2023 € | 2022 € | 2023 € | 2022 € | |
Financial charges | 143,950 | 37,826 | 16,373 | 271 |
Bank loan interest | 526,365 | 325,522 | - | - |
Bond interest | 705,760 | 670,470 | 705,760 | 670,470 |
Interest on amount due to ultimate parent company | 792,904 | 268,273 | 282,768 | 161,697 |
Amortisation of bond expenses | 35,632 | 32,277 | 35,632 | 32,277 |
2,204,611 | 1,334,368 | 1,040,533 | 864,715 |
10.1 Income tax recognised in profit or loss | ||||
Group | Company | |||
2023 € | 2022 € | 2023 € | 2022 € | |
Current tax: | ||||
Current tax on taxable income for the year | - | - | - | - |
Deferred tax: | ||||
Temporary differences arising on items of property, | ||||
plant and equipment | 184,035 | 231,183 | - | - |
Temporary differences on property | - | - | - | - |
Temporary differences arising on tax losses | 28,711 | (76,816) | - | - |
Unabsorbed capital allowances | (348,058) | (565,028) | - | - |
Total income tax recognised in the current year | (135,312) | (410,661) | - | - |
Group | Company | |||
10.2 Reconciliation of income tax | 2023 € | 2022 € | 2023 € | 2022 € |
(Loss)/ Profit before tax | (766,965) | (1,769,658) | 474,838 | 301,315 |
Theoretical taxation expense at 35% | (268,438) | (619,380) | (166,193) | (105,460) |
Tax effect of: | ||||
Rental income | (2,835) | (2,001) | - | - |
Other differences | 11,658 | 4,207 | 166,193 | 105,460 |
Disallowable expenses | 124,303 | 206,513 | - | - |
Income tax credit | (135,312) | (410,661) | - | - |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
(Loss)/ Profit for the year | (631,653) | (1,358,997) | 474,838 | 301,315 |
Weighted number of ordinary shares | 14,676,284 | 14,676,284 | 14,676,284 | 14,676,284 |
Basic earnings per share | (0.04) | (0.09) | 0.03 | 0.02 |
GroupCost / revalued amount | Freehold land and buildings€ | Plant, machinery and equipment € | Furniture € | Total€ |
At 1 January 2022 | 51,064,791 | 10,510,748 | 1,734,963 | 63,310,502 |
Additions | - | 91,169 | 23,235 | 114,404 |
At 31 December 2022 | 51,064,791 | 10,601,917 | 1,758,198 | 63,424,906 |
At 1 January 2023 | 51,064,791 | 10,601,917 | 1,758,198 | 63,424,906 |
Additions | 44,960 | 232,202 | 110,204 | 387,366 |
At 31 December 2023 | 51,109,751 | 10,834,119 | 1,868,402 | 63,812,272 |
Depreciation | ||||
At 1 January 2022 | 218,916 | 134,291 | 37,039 | 390,246 |
Charge for the year | 364,830 | 505,085 | 83,924 | 953,839 |
Reversal of revaluation | (41,381) | (4,651) | (46,032) | |
At 31 December 2022 | 583,746 | 597,995 | 116,312 | 1,298,053 |
At 1 January 2023 | 583,746 | 597,995 | 116,312 | 1,298,053 |
Charge for the year | 365,730 | 637,334 | 132,191 | 1,135,255 |
Reversal of revaluation | - | (41,764) | (4,651) | (46,415) |
At 31 December 2023 | 949,476 | 1,193,565 | 243,852 | 2,386,893 |
Carrying amounts | ||||
Carrying amount at 31 December 2022 | 50,481,045 | 10,003,922 | 1,641,886 | 62,126,853 |
Carrying amount at 31 December 2023 | 50,160,275 | 9,640,554 | 1,624,550 | 61,425,379 |
Group | Fair Value Level 3 € |
2023 | |
Property: | |
Casa Antonia, Pope Alexander V11 Junction, Balzan Malta | 19,852,411 |
1, Rudolph Street, Sliema, Malta | 30,307,864 |
50,160,275 | |
2022 | |
Property: | |
Casa Antonia, Pope Alexander V11 Junction, Balzan Malta | 20,011,327 |
1, Rodolph Street, Sliema, Malta | 30,469,718 |
50,481,045 |
Significant unobservable input€ | Narrative sensitivity€ | |
Casa Antonia, Pope Alexander VII Street, Balzan | Price per square metre of €2,241(2022 - €2,241) | The higher the price per square metre, the higher the fair value |
The Imperial,1, Rudolph Street, Sliema | Price per square metre of €1,384(2022 - €1,384) | The higher the price per square metre, the higher the fair value |
Group | Company | |||
2023€ | 2022€ | 2023€ | 2022€ | |
Opening balance:Other temporary differences | 848,314 | 437,653 | - | - |
For the year:Other temporary differences | 135,312 | 410,661 | - | - |
Closing balance:Other temporary difference | 983,626 | 848,314 | - | - |
Group | Company | |||
2023€ | 2022€ | 2023 € | 2022 € | |
Foods, beverages, and supplies | 150,501 | 112,662 | - | - |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Unsecured | ||||
Current liabilities | ||||
Amounts due to ultimate owner (note c) | 82,755 | 82,755 | - | - |
Amounts due to ultimate parent (note d) | 417,345 | 99,287 | 1,354,000 | 872,927 |
Amounts due to subsidiary | - | - | - | 191,182 |
500,100 | 182,042 | 1,354,000 | 1,064,109 | |
Secured | ||||
Current liabilities | ||||
Bank loans (note a) | 224,190 | - | - | - |
Bank balance overdrawn | 7,035 | 6,041 | - | - |
Total secured/unsecured current borrowings | 731,325 | 188,083 | 1,354,000 | 1,064,109 |
Unsecured | ||||
Non-current liabilities | ||||
Amounts due to ultimate parent (note d) | 14,315,008 | 14,155,520 | 4,633,391 | 4,831,697 |
14,315,008 | 14,155,520 | 4,633,391 | 4,831,697 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
4.55% Bond 2032 | 15,136,166 | 15,100,534 | 15,136,166 | 15,100,534 |
Proceeds | 15,500,000 | 15,500,000 | 15,500,000 | 15,500,000 |
Gross amount of bond issue cost | 431,743 | 431,743 | 431,743 | 431,743 |
Amortisation of gross amount of bond issue costs: | ||||
At 1 January 2022 | 32,277 | - | 32,277 | - |
Amortisation for the year | 35,632 | 32,277 | 35,632 | 32,277 |
Accumulated amortisation at end of year | 67,909 | 32,277 | 67,909 | 32,277 |
Unamortised bond issue costs | 363,834 | 399,466 | 363,834 | 399,466 |
Amortised cost and closing carrying amount | 15,136,166 | 15,100,534 | 15,136,166 | 15,100,534 |
Group | Company | |||
2023€ | 2022€ | 2023€ | 2022€ | |
Current assets | ||||
Cash at bank and in hand | 1,965,962 | 2,231,418 | 793,945 | 892,077 |
Group | Company | |||
2023€ | 2022 € | 2023€ | 2022€ | |
Cash at bank and in hand (note 13.4) | 1,965,962 | 2,231,418 | 793,945 | 892,077 1,200 |
Bank balance overdrawn (note 13.3) | (7,035) | (6,041) | - | - |
Balances per statement of cash flows | 1,958,927 | 2,225,377 | 793,945 | 892,077 |
2023€ | 2022€ | |
Authorised | ||
2,499,999 Ordinary A Shares of €1 each | 2,499,999 | 2,499,999 |
1 Ordinary B Share of €1 each | 1 | 1 |
20,000,000 Ordinary C Shares of €1 each | 20,000,000 | 20,000,000 |
7,500,000 Ordinary D Shares of €1 each | 7,500,000 | 7,500,000 |
30,000,000 | 30,000,000 | |
Called-up, issued and fully paid | ||
1,199 Ordinary 'A' Shares of € 1 each | 1,199 | 1,199 |
1 Ordinary 'B' Shares of €1 each | 1 | 1 |
14,675,084 Ordinary 'C' Shares of €1 each | 14,675,084 | 14,675,084 |
14,676,284 | 14,676,284 |
Group | Company | |||
Profit or Loss Sensitivity | Profit or Loss Sensitivity | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Market interest rates – cash flow | +/- 80k | +/- 175k | - | - |
Group | Company | |||
2023€ | 2022 € | 2023 € | 2022 € | |
Trade and other receivables | 1,322,492 | 889,057 | 1,052,035 | 391,312 |
Cash at bank | 1,818,834 | 2,055,345 | 792,746 | 890,877 |
3,141,326 | 2,944,402 | 1,844,781 | 1,282,189 |
Group | 12mECL | Lifetime ECL(not credited – impaired) | Lifetime ECL(credited – impaired but not POCI) | Total ECL |
€ | € | € | € | |
Trade Debtors tested individually | ||||
Gross carrying amount at 31 December 2023 | 213,569 | 746,604 | 309,162 | 1,269,335 |
Loss allowance at 31 December 2023 | (342) | (9,569) | (30,514) | (40,425) |
Net carrying amount at 31 December 2023 | 213,227 | 737,035 | 278,648 | 1,228,910 |
Gross carrying amount at 31 December 2022 | 315,508 | 192,484 | 214,734 | 722,727 |
Loss allowance at 31 December 2022 | (210) | (659) | (7,086) | (7,956) |
Net carrying amount at 31 December 2022 | 315,298 | 191,825 | 207,648 | 714,771 |
Group | Days past due - simplified approach | |||||
Not past due | 31-59 | 60-89 | 90-199 | >120 | Total | |
Expected credit loss rate | 0.16% | 0.81% | 1.49% | 3.20% | 9.87% | |
Estimated total gross carrying amount at default | 213,569 | 408,199 | 266,999 | 71,406 | 309,162 | 1,269,335 |
Lifetime ECL at 31 December 2023 | (342) | (3,306) | (3,978) | (2,285) | (30,514) | (40,425) |
Net carrying amount at 31 December 2023 | 213,227 | 404,893 | 263,021 | 69,121 | 278,648 | 1,228,910 |
Expected credit loss rate | 0.03% | 0.07% | 0.16% | 0.70% | 3.30% | |
Estimated total gross carrying amount at default | 23,391 | 292,117 | 126,778 | 65,707 | 214,734 | 722,727 |
Lifetime ECL at 31 December 2022 | (6) | (205) | (203) | (457) | (7,085) | (7,956) |
Net carrying amount at 31December 2022 | 23,385 | 291,912 | 126,575 | 65,250 | 207,649 | 714,771 |
Credit losses – Group | 2023€ | 2022€ | ||||
Impairment loss on trade receivables | 40,425 | 7,956 |
Group | Lifetime ECL(not credit – impaired) | Lifetime ECL (credit-impaired but not POCI) | ||
Trade receivables | Trade receivables | |||
no SFC(Collective) | no SFC(Individual) | no SFC(Collective) | no SFC(Individual) | |
€ | € | € | € | |
Opening balance at 1 January 2023 | 869 | - | 7,085 | - |
Resulting from new originations during the year | 9,042 | - | 23,429 | - |
Closing balance at 31 December 2023 | 9,911 | - | 30,514 | - |
Opening balance at 1 January 2022 | 1,159 | - | 3,814 | - |
Resulting from new originations during the year | (290) | - | 3,271 | - |
Closing balance at 31 December 2022 | 869 | - | 7,085 | - |
Group | Carrying amounts | Contractual cash flows | On demand | Within one year | Between two and fiveYears | After five Years |
€ | € | € | € | € | € | |
At 31 December | ||||||
2023 | ||||||
Trade and other payables | 4,181,942 | 4,181,942 | 4,181,942 | 4,087,634 | 94,308 | - |
Bond loan | 15,136,166 | 15,500,000 | 705,250 | 705,250 | 2,821,000 | 18,321,000 |
Bank loans | 7,812,450 | 7,812,450 | 254,531 | 254,531 | 1,139,703 | 6,418,217 |
Bank overdraft | 7,035 | 7,035 | 7,035 | 7,035 | - | - |
Amounts due to ultimate parent | 14,732,353 | 14,732,353 | 923,178 | 923,178 | 1,761,440 | 12,047,736 |
Amounts due toultimate owner | 82,755 | 82,755 | 82,755 | 82,755 | - | - |
41,952,701 | 42,316,535 | 6,154,691 | 6,060,383 | 5,816,451 | 36,786,953 | |
At 31 December | ||||||
2022 | ||||||
Trade and otherpayables | 4,471,220 | 4,471,220 | 4,471,220 | 4,188,295 | 282,925 | - |
Bond loan | 15,100,534 | 15,500,000 | 705,250 | 705,250 | 2,821,000 | 19,026,250 |
Bank loans | 7,812,450 | 7,812,450 | - | - | 1,440,000 | 6,372,450 |
Bank overdraft | 6,041 | 6,041 | 6,041 | 6,041 | - | - |
Amounts due to ultimate parent | 14,254,810 | 14,254,810 | 1,368,893 | 1,368,893 | 6,572,581 | 6,313,333 |
Amounts due to ultimate owner | 82,755 | 82,755 | 82,755 | 82,755 | - | - |
41,727,807 | 42,127,273 | 6,634,159 | 6,351,234 | 11,116,506 | 31,712,033 |
Group | Company | |||
2023€ | 2022 € | 2023 € | 2022 € | |
Debt (i) | 37,770,759 | 37,256,587 | 21,123,557 | 20,996,340 |
Cash and bank balances | 1,965,962 | 2,231,418 | 793,945 | 892,077 |
Net debt | 35,804,797 | 35,025,169 | 20,329,612 | 20,104,263 |
Equity (ii) | 20,492,859 | 21,078,097 | 15,155,577 | 14,680,739 |
Net debt to equity ratio | 1.75 | 1.66 | 1.34 | 1.37 |
Name of subsidiary | Principal activity | Registered office | Proportion of ownership interest and voting power held2022 & 2023 |
Goldvest Company Limited | Property company | 1, Hotel Imperial, Rudolph Street Sliema | 100% |
St. George’s Care Limited | To operate homes for the elderly | Casa Antonia, Pope Alexander VII Junction, Balzan | 100% |
2023 € | 2022 € | |
Goldvest Company Limited | 26,380,079 | 19,962,859 |
St.George’s Care Ltd | 1,443,170 | 382,444 |
Profit / (loss) | ||
2023 | 2022 | |
€ | € | |
Goldvest Company Limited | 6,417,213 | 526,303 |
St.George’s Care Ltd | 1,060,726 | (1,239,651) |
Group | Company | |||
2023 € | 2022 € | 2023 € | 2022 € | |
Directors’ remuneration | 246,050 | 251,557 | 21,000 | 21,000 |