Chart Forte Holdings Ltd |
Notes to the Accounts |
for the year ended 31 October 2022 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Cash and cash equivalent |
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Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks with original maturities of six months or more and repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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2 |
Employees |
2022 |
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2021 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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3 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
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Cost |
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At 1 November 2021 |
1,069 |
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Adjustment |
88 |
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At 31 October 2022 |
1,157 |
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2022 |
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2021 |
£ |
£ |
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Dividends and other distributions from associates included in income |
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16,750,000 |
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14,947,373 |
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The company holds 20% or more of the share capital of the following companies: |
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Company |
Registered in |
Shares held |
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Class |
% |
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Foxtrend Ltd |
Enland and Wales |
Ordinary |
100 |
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Grace Group of Hotel Ltd |
Enland and Wales |
Ordinary |
100 |
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Chart Forte (UK) Ltd |
Enland and Wales |
Ordinary |
100 |
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JMSZ Management Services Ltd |
Enland and Wales |
Ordinary |
100 |
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Fox Trend (Putney) Ltd |
Enland and Wales |
Ordinary |
100 |
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Chart Forte (Belfast) Ltd |
Enland and Wales |
Ordinary |
100 |
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Chart Forte (West Ealing) Ltd |
Enland and Wales |
Ordinary |
100 |
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Chart Forte (Hammersmith) Ltd |
Enland and Wales |
Ordinary |
100 |
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Chart Forte (KHS) Ltd |
Enland and Wales |
Ordinary |
100 |
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Findlater House Ltd |
Enland and Wales |
Ordinary |
100 |
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Austinbrook Ltd * |
Republic of Ireland |
Ordinary |
100 |
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Haydencrest Ltd |
Republic of Ireland |
Ordinary |
100 |
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Carra Shore Hotel (Waterford) Ltd |
Republic of Ireland |
Ordinary |
100 |
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Carra Shore Hotel (Dublin) Ltd |
Republic of Ireland |
Ordinary |
100 |
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Skyline View Ltd ** |
Republic of Ireland |
Ordinary |
100 |
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Winemount Ltd |
Republic of Ireland |
Ordinary |
100 |
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Melonmount Ltd *** |
Republic of Ireland |
Ordinary |
100 |
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Carra Shore Hotel (Camden Place) Ltd |
Republic of Ireland |
Ordinary |
100 |
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Carra Shore Hotel (Cork) Ltd |
Republic of Ireland |
Ordinary |
100 |
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* Finlaterhouse Ltd owns 100% shares in Austinbrook Ltd. |
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** Carra Shore Hotel (Dublin) Ltd owns 100% shares in Skyline View Ltd. |
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*** Winemount Ltd owns 100% in Melonmount Ltd. |
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4 |
Debtors |
2022 |
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2021 |
£ |
£ |
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Amounts owed by group undertakings |
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32,478,327 |
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20,292,608 |
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Directors' / Participators' Current account |
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250,000 |
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1,100,000 |
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Other debtors |
5,932 |
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6,901 |
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32,734,259 |
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21,399,509 |
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5 |
Creditors: amounts falling due within one year |
2022 |
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2021 |
£ |
£ |
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Amounts owed to group undertakings |
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1,799,744 |
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2,347,116 |
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Other creditors |
55,400 |
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31,000 |
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1,855,144 |
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2,378,116 |
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6 |
Dividends |
2022 |
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2021 |
£ |
£ |
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Dividends on ordinary shares |
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1,100,000 |
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1,100,000 |
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7 |
Related party transactions |
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During the year directors received dividend of £880,000 (2021: £880,000). |
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8 |
Presentation currency |
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The financial statements are presented in GBP Sterling. |
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9 |
Legal form of entity and country of incorporation |
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Chart Forte Holdings Limited is a private company limited by shares and incorporated in England. |
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10 |
Principal place of business |
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The address of the company's principal place of business and registered office is: |
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Cervantes House |
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5-9 Headstone Road |
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Harrow on the hill |
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Middlesex |
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HA1 1PD |