Share | Other | Fair value | Retained | ||
Capital | Reserves | Gain reserve | Earnings | Total | |
Group | € | € | € | € | € |
As at 1 January 2022 | |||||
Comprehensive income | |||||
Profit for the period | |||||
Transactions with owners | |||||
Issue of share capital | |||||
Capitalisation of loans | |||||
Adjustments relating to reorganisation | |||||
Cash issue of shares of subsidiary before reorganisation | |||||
Reorganisation of group | ( | ||||
( | |||||
Balance at 31 December 2022 | ( |
Comprehensive income | |||||
Profit for the period | |||||
Balance at 31 December 2023 | ( |
Share | Other | Fair value | Retained | ||
Capital | Reserves | Gain reserve | Earnings | Total | |
Company | € | € | € | € | € |
Years | |
Land Buildings | 50 |
Furniture, fixtures & fittings | 10 |
Equipment | 15 |
Computer Equipment | 4-6 |
Other fixed assets | 5-10 |
2023 | Hospitality Operations | Property Trading | Unallocated | Total |
€ | € | € | € | |
Revenue | 3,262,721 | 384,000 | - | 3,646,721 |
Segment Profit | 1,392,393 | 89,312 | - | 1,481,705 |
Other operating income | - | 120,460 | - | 120,460 |
Group EBITDA | 1,392,393 | 209,772 | - | 1,602,165 |
Depreciation and amortisation | - | - | (511,336) | (511,336) |
Finance costs | - | - | (536,140) | (536,140) |
Interest income | - | - | 22 | 22 |
Dividend income | - | - | 17,164 | 17,164 |
Share of loss in associate | - | - | (33,119) | (33,119) |
Profit before taxation | 1,392,393 | 209,772 | (1,063,409) | 538,756 |
Taxation | - | - | (215,605) | (215,605) |
Profit for the year | 1,392,393 | 209,772 | (1,279,014) | 323,151 |
Segment assets – Non-current | 25,285,517 | 4,323,279 | 0 | 29,608,796 |
Segments assets - Current | 446,311 | 9,384,192 | 2,849,344 | 12,679,847 |
25,731,828 | 13,707,471 | 2,849,344 | 42,288,643 | |
Segment liabilities – Non current | 291,250 | 6,176,102 | 20,331,102 | 26,798,454 |
Segments liabilities - Current | 3,300,688 | 2,821,764 | 595,574 | 6,718,026 |
3,591,938 | 8,997,866 | 20,926,676 | 33,516,480 |
2022 | Hospitality Operations | Property Trading | Unallocated | Total |
€ | € | € | € | |
Revenue | - | 5,960,500 | - | 5,960,500 |
Segment Profit | - | 1,446,404 | - | 1,446,404 |
Other operating income | - | 104,210 | - | 104,210 |
Group EBITDA | - | 1,550,614 | - | 1,550,614 |
Depreciation and amortisation | - | - | (5,081) | (5,081) |
Finance costs | - | - | (48,120) | (48,120) |
Gains on financial instrument at FVOCI reclassified to profit or loss upon derecognition | 13,195 | 13,195 | ||
Interest income | - | - | 21 | 21 |
Profit before taxation | - | 1,550,614 | (39,985) | 1,510,629 |
Taxation | - | - | (333,306) | (333,306) |
Profit for the year | - | 1,550,614 | (373,291) | 1,177,323 |
Segment assets – Non current | 18,756,400 | 2,705,081 | - | 21,461,481 |
Segments assets - Current | 1,438,597 | 4,343,340 | 2,254,440 | 8,036,377 |
20,194,997 | 7,048,421 | 2,254,440 | 29,497,858 | |
Segment liabilities – Non current | - | 2,142,816 | 15,406,457 | 17,549,273 |
Segments liabilities - Current | 1,905,268 | 1,015,696 | 578,609 | 3,499,573 |
1,905,268 | 3,158,512 | 15,985,066 | 21,048,846 |
Group | Group | Company | Company |
(12 months) | (11 months) | ||
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Real estate segment | ||||
Sale of property held for development and resale | 384,000 | 5,960,500 | - | |
Hospitality segment | ||||
Accomodation and related services | 2,921,538 | - | - | - |
Other services | 341,183 | - | - | - |
Interest income | - | - | 1,017,280 | 447,839 |
3,646,721 | 5,960,500 | 1,017,280 | 447,839 |
Group | Group | Company | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Contract liabilities | ||||
Advanced deposits – Real estate segment (note 20) | - | 323,850 | - | - |
Deferred income – Accomodation and related services | 25,745 | - | - | - |
25,745 | 323,850 | - | - |
Group | Group | Company | Company | |
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Property trading operators | 323,850 | - | - | - |
Group | Group | Company | Company |
(12 months) | (11 months) | ||
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Interest income | 22 | 21 | - | - |
Dividend income | 17,164 | - | 17,164 | 5,000 |
17,186 | 21 | 17,164 | 5,000 |
Group | Group | Company | Company |
(12 months) | (11 months) | ||
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Rental income – note 14 | 120,460 | 104,210 | - | - |
Group | Group | Company | Company |
(12 months) | (11 months) | ||
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Included in profit or loss | ||||
Interest on bond (i) | 415,833 | - | 893,333 | 388,000 |
Interest on bank borrowings | 53,843 | 22,314 | - | - |
Bond issue costs | 66,464 | 25,806 | 66,464 | 25,806 |
536,140 | 48,120 | 959,797 | 413,806 | |
Interest capitalised in statement of financial position | ||||
Bond interest included in Property, plant and equipment | 477,500 | - | - | - |
Bond interest included in Property, plant and equipment under development | - | 388,000 | - | - |
Bank interest and charges included in inventory | 298,565 | 60,917 | - | - |
776,065 | 448,917 | - | - |
Group | Group | Company | Company |
(12 months) | (11 months) | ||
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Cost of development | 77,017 | 4,331,125 | - | - |
Direct costs | 715,585 | 136,729 | - | - |
Wages and salaries | 529,565 | - | - | - |
Directors’ remuneration | 84,860 | 11,268 | 18,000 | 11,268 |
Utility expenses | 120,723 | - | - | - |
Franchise fees | 89,393 | - | - | - |
Repairs and maintenance | 31,677 | - | - | - |
Other expenses | 516,196 | 34,974 | 41,379 | 9,757 |
2,165,016 | 4,514,096 | 59,379 | 21,025 |
Group | Group | Company | Company |
(12 months) | (11 months) | ||
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Annual statutory audit | 18,650 | 16,000 | 6,400 | 6,400 |
Tax compliance services | 2,000 | 2,000 | 500 | 500 |
20,650 | 18,000 | 6,900 | 6,900 |
Group | Group | Company | Company |
(12 months) | (11 months) | ||
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Gross wages, salaries and director’s fees | 574,839 | 11,268 | 18,000 | 11,268 |
Social security cost | 39,586 | - | - | - |
614,425 | 11,268 | 18,000 | 11,268 |
Group | Group | Company | Company |
(12 months) | (11 months) | ||
2023 | 2022 | 2023 | 2022 |
Number | Number | Number | Number |
Administrative | 3 | - | - | - |
Operational | 15 | - | - | - |
Directors | 5 | 5 | 5 | 5 |
23 | 5 | 5 | 5 |
Group | Group | Company | Company |
(12 months) | (11 months) | ||
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Deferred tax charge | 108,081 | - | (663) | - |
Current tax charge | 107,524 | 333,306 | 2,575 | 4,553 |
215,605 | 333,306 | 1,912 | 4,553 |
Group | Group | Company | Company | |
(12 months) | (11 months) | |||
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Profit for the year | 538,756 | 1,510,629 | 15,268 | 31,203 |
Tax at the applicable rate of 35% | 188,565 | 528,720 | 5,344 | 10,921 |
Tax effect of: | ||||
Deferred tax movement not recognised | (42) | (21,018) | - | - |
Exempt income | (3,063) | (4,618) | - | (6,368) |
Depreciation charge not deductible for tax purposes by way of capital allowances | 1,778 | 1,778 | - | - |
Expenses disallowed for tax purposes | 55,590 | 16,637 | - | - |
Difference arising on income subject to different tax rates | (48,159) | (209,137) | (3,432) | - |
Difference arising on interest capitalised | 20,936 | 20,944 | - | - |
Tax charge for the year | 215,605 | 333,306 | 1,912 | 4,553 |
Improvement to premises | Furniture, fixtures and fittings | Plant & Machinery | Computer equipment | Other fixed assets | Total | |
Group | € | € | € | € | € | |
Cost | ||||||
At 1st January 2022 | - | - | - | - | 30,483 | 30,483 |
Additions | - | - | - | - | - | - |
At 1st January 2023 | - | - | - | - | 30,483 | 30,483 |
Reclassified from PPE under development | 18,464,562 | 3,211,911 | 369,315 | 346,438 | 3,399,544 | 25,791,770 |
Additions | - | - | - | - | - | - |
At 31st December 2023 | 18,464,562 | 3,211,911 | 369,315 | 346,438 | 3,430,027 | 25,822,253 |
Depreciation | ||||||
At 1st January 2022 | - | - | - | - | 20,321 | 20,321 |
Charge for the year | - | - | - | - | 5,081 | 5,081 |
At 1st January 2023 | - | - | - | - | 25,402 | 25,402 |
Charge for the year | 79,337 | 187,361 | 39,063 | 50,522 | 155,051 | 511,334 |
At 31st December 2023 | 79,337 | 187,361 | 39,063 | 50,522 | 180,453 | 536,736 |
Net Book Value | ||||||
At 31 December 2023 | 18,385,225 | 3,024,550 | 330,252 | 295,916 | 3,249,574 | 25,285,517 |
At 31 December 2022 | - | - | - | - | 5,081 | 5,081 |
Group | Group | Company | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Cost | ||||
At 1 January | 18,756,400 | - | - | - |
Additions | 7,035,370 | 18,756,400 | - | - |
Transfer to property, plant and equipment | (25,791,770) | - | - | - |
At 31 December | - | 18,756,400 | - | - |
Group | Group | Company | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Group | Group | Company | Company |
(12 months) | (11 months) | ||
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Rental income from lease | 120,460 | 104,210 | - |
Group | Group | Company | Company | ||
(12 months) | (11 months) | ||||
2023 | 2022 | 2023 | 2022 | ||
€ | € | € | € | ||
At 1 January | - | - | - | - | |
Acquisition of shares in associate | 2,500 | - | - | - | |
Capital contribution advances | Note | 1,653,898 | - | - | - |
Share of operating losses (after tax) | (33,119) | - | - | - | |
At 31 December | 1,623,279 | - | - | - | |
Net assets | 3,246,544 | - | - | - | |
Group share of net assets | 1,623,279 | - | - | - |
Shares in subsidiaries | Total |
€ | € |
Company | ||
At 1st January 2023 | 4,062,486 | 4,062,486 |
At 31 December 2023 | 4,062,486 | 4,062,486 |
Group | Group | Company | Company | |
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Property cost of land and development costs | 8,624,376 | 3,310,412 | - | - |
Capitalised borrowing costs | 550,129 | 289,043 | - | - |
9,174,505 | 3,599,455 | - | - |
Group | Group | Company | Company | ||
2023 | 2022 | 2023 | 2022 | ||
€ | € | € | € | ||
Non-Current | |||||
Loans and receivables | |||||
Amounts due from subsidiaries | i | - | - | 19,491,929 | 14,376,923 |
Group | Group | Company | Company | ||
2023 | 2022 | 2023 | 2022 | ||
€ | € | € | € | ||
Current | |||||
Trade and other receivables | |||||
Amounts due from subsidiaries | i | - | - | 3,460,438 | 3,723,414 |
Amounts owed by commonly controlled entities | ii | 833,050 | 92,488 | - | - |
Trade receivables | 9,070 | - | - | - | |
Other receivables | 61,276 | 211,426 | 21,567 | 1,200 | |
Prepayments and accrued income | iii | 75,258 | 1,684,611 | 11,488 | - |
Deferred costs | - | 27,989 | - | - | |
Indirect tax refundable | 74,797 | 123,973 | - | - | |
1,053,451 | 2,140,487 | 3,493,493 | 3,724,614 |
Group | Group | Company | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
At 1 January | - | - | - | - |
Additions | 2,989,339 | 2,307,433 | 2,989,339 | - |
Fair value recognized in comprehensive income | - | 13,195 | - | - |
Derecognition of debt investment | (2,013,905) | (2,307,433) | (2,013,905) | - |
Gain reclassified to profit and loss upon derecongition | - | (13,195) | - | - |
Dividends received | 16,070 | - | 16,070 | - |
At 31 December | 991,504 | - | 991,504 | - |
Group | Group | Company | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Trade payables | 1,869,755 | 153,452 | - | - |
Capital creditors | 1,866,643 | 1,905,269 | ||
Accruals | 921,202 | 749,276 | 574,835 | 396,143 |
Deferred income | 197,955 | 8,391 | - | - |
Indirect tax payable | 10,280 | 5,469 | - | - |
Accruals and deferred income | 110,177 | - | - | - |
Advanced deposits | - | 323,850 | - | - |
4,976,012 | 3,145,701 | 574,835 | 396,143 |
Group | Group | Company | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Other financial liabilities - Current | ||||
Shareholders’ current accounts (i) | 276,338 | 245,983 | - | - |
Group | Group | Company | Company | |
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
At 1 January | 50,389 | 51,222 | 4,553 | - |
Charge for the year | 107,524 | 333,306 | 2,574 | 4,553 |
Tax payment | (138,361) | (334,139) | (5,644) | - |
At 31 December | 19,552 | 50,389 | 1,483 | 4,553 |
Group | Group | Company | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Current | ||||
Bank loans (i) | 92,400 | 57,500 | - | - |
Bank overdraft | 1,353,724 | - | - | - |
1,446,124 | 57,500 | - | - |
Group | Group | Company | Company | |
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Non-current | ||||
Bank loans (i) | 5,851,358 | 1,926,817 | - | - |
Bonds (ii) | 20,331,765 | 15,406,456 | 20,331,765 | 15,406,456 |
Third party loans | 291,250 | - | - | - |
26,474,373 | 17,333,273 | 20,331,765 | 15,406,456 |
Total borrowings | 27,920,497 | 17,390,773 | 20,331,765 | 15,406,456 |
Group | Group | Company | Company | |
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Face value of bonds | ||||
Bonds | 21,000,000 | 16,000,000 | 21,000,000 | 16,000,000 |
Issue costs | (760,505) | (619,350) | (760,505) | (619,350) |
Accumulated amortisation | 92,270 | 25,806 | 92,270 | 25,806 |
Net book amount | (668,235) | (593,544) | (668,235) | (593,544) |
Amortised cost | 20,331,765 | 15,406,456 | 20,331,765 | 15,406,456 |
Group | Group | Company | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
€16,000,000 secured bond | 98 | 99 | 98 | 99 |
€5,000,000 unsecured notes | Not traded | - | Not traded | - |
Group | Group | Company | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Weighted average effective interest rates | ||||
At the balance sheet date: | ||||
Bank loans | 4.26 | 4.3 | - | - |
Bond | 4.98 | 4.50 | 4.98 | 4.50 |
Group | Group | Company | Company | |
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Maturity of long-term borrowings: | ||||
Between 1 and 5 years | 8,440,531 | 1,811,816 | 4,873,696 | - |
Over 5 years | 18,033,842 | 15,521,457 | 15,458,069 | 15,406,456 |
26,474,373 | 17,333,273 | 20,331,765 | 15,406,456 |
Group | Group | Company | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Authorised share capital | ||||
301,200 Ordinary shares of € each | - | - | - | - |
9,999,999 “A” Ordinary shares of €1 each | 9,999,999 | 9,999,999 | 9,999,999 | 9,999,999 |
1 “B” Ordinary shares of €1 each | 1 | 1 | 1 | 1 |
10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |
Issued share capital | ||||
301,200 Ordinary shares of € each | - | - | - | - |
7,271,692 “A” Ordinary shares of €1 each | 7,271,692 | 7,271,692 | 7,271,692 | 7,271,692 |
1 “B” Ordinary shares of €1 each | 1 | 1 | 1 | 1 |
7,271,693 | 7,271,693 | 7,271,693 | 7,271,693 |
Group | Group | Company | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
- | - | |||
At 1 January | 7,271,693 | 301,200 | 7,271,693 | |
Cash issue of shares: The Ona p.l.c. | - | 1,200 | - | 1,200 |
Cash issue of shares of The Ona Hospitality Ltd. | - | 1,200 | - | - |
Reorganisation of group | - | 3,386,933 | - | 3,689,333 |
Capitalisation of shareholder’s loans | - | 3,581,160 | - | 3,581,160 |
At 31 December | 7,271,693 | 7,271,693 | 7,271,693 | 7,271,693 |
Group | Group | Company | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
2023/2022 |
€ |
Consideration | |
Company | |
Non-cash consideration | 3,689,333 |
Total consideration | 3,689,333 |
Recognised amounts of identifiable assets acquired, and liabilities assumed | |
Net assets acquired | 4,062,486 |
4,062,486 |
Equity adjustments: | |
Other reserves created upon reorganisation: Company | (373,153) |
3,689,333 | |
Investment in subsidiaties before reorganisation | (302,400) |
Other reserves reversed upon reorganisation: Group | 3,386,933 |
Group | Group | Company | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Cash at bank and in hand | 1,435,387 | 982,763 | 527,860 | 953 |
Security trust (i) | 25,000 | 1,313,672 | 25,000 | 1,313,672 |
Bank overdraft (note 22) | (1,353,724) | - | - | - |
106,663 | 2,296,435 | 552,860 | 1,314,625 |
Group | Group | Company | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Balance as the beginning of the year | 216,000 | 216,000 | - | - |
Recognised in profit and loss | ||||
Movement in effect of capital allowances over depreciation | 364,639 | - | - | - |
Movement in absorbed tax losses and capital allowances | (256,558) | - | (663) | - |
108,081 | - | (663) | - | |
Balance at the end of the year | 324,081 | 216,000 | (663) | - |
Group | Group | Company | Company | |
2023 | 2022 | 2023 | 2022 | |
€ | € | € | € | |
Revenue | ||||
Interest income | - | - | 1,017,280 | 447,839 |
Dividends received | - | - | - | 5,000 |
- | - | 1,017,280 | 452,839 | |
Loan to related parties outisde the Group | 650,882 | - | - | - |
Assignment of loans | ||||
Assignment of loans from related party outside Group to shareholder | - | 3,581,162 | - | - |
Assignment of loans from subsidiaries to Parent | - | - | - | (3,581,162) |
Transactions with owners | ||||
Capitalisation of loans | - | 3,581,162 | 3,581,162 |
Group | Group | Company | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Authorised but not contracted | - | - | |
Contracted but not provided for | 3,519,887 | 10,220,568 | - |
Group | Group | Company | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Carrying amounts | ||||
Amounts due from subsidiaries | - | - | 22,952,367 | 18,100,337 |
Amounts due from commonly controlled entity | 833,050 | 92,488 | ||
Trade and other receivables | 220,401 | 2,047,999 | 33,055 | 1,200 |
At 31 December | 1,053,451 | 2,140,487 | 22,985,422 | 18,101,537 |
Group | Group | Company | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Within one year | ||||
Trade and other payables | 4,976,012 | 3,145,701 | 574,385 | 396,142 |
Current income tax liability | 19,552 | 50,389 | 1,483 | 4,553 |
Bond interest | 1,045,000 | 720,000 | 1,045,000 | 720,000 |
Other financial liabilities | 276,338 | 245,983 | - | - |
Bank loan | 313,951 | 144,310 | - | - |
6,630,853 | 4,306,383 | 1,621,318 | 1,120,695 |
Between 2 - 5 years | ||||
Other financial liabilities | - | - | - | - |
Bank loan | 6,246,802 | 1,972,757 | - | - |
Bond | 9,180,000 | 2,880,000 | 9,180,000 | 2,880,000 |
15,426,802 | 4,852,757 | 9,180,000 | 2,880,000 |
Over 5 years | ||||
Bank loan | - | 124,304 | - | |
Bond interest and principal | 20,320,000 | 21,040,000 | 20,320,000 | 21,040,000 |
20,320,000 | 21,164,304 | 20,320,000 | 21,040,000 | |
Total | 42,377,655 | 29,935,444 | 31,121,318 | 25,040,695 |
Group | As at 1 January 2023 | Cash flows | Other liability related changes | As at 31 December 2023 |
€ | € | € | € |
Bank borrowings | 1,984,317 | 3,959,441 | 5,943,758 | |
Bonds | 15,406,456 | 4,925,309 | - | 20,331,765 |
Third party loans | - | 300,000 | (8,750) | 291,250 |
17,390,773 | 9,184,750 | (8,750) | 26,566,773 |
Group | As at 1 January 2022 | Cash flows | Other liability related changes | As at 31 December 2022 |
€ | € | € | € |
Bank borrowings | 2,797,208 | (812,891) | - | 1,984,317 |
Related party borrowings | - | |||
Bonds | - | 15,406,456 | - | 15,406,456 |
2,797,208 | 14,593,565 | - | 17,390,773 |