REGISTERED NUMBER: 07669940 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
CHART FORTE HOLDINGS LTD |
REGISTERED NUMBER: 07669940 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
CHART FORTE HOLDINGS LTD |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 14 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Financial Statements | 20 |
CHART FORTE HOLDINGS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & |
Statutory Auditors |
29 Welbeck Street |
London |
W1G 8DA |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31 October 2023. |
REVIEW OF BUSINESS |
Group turnover was €62,397,328 (2022: €37,890,795) and Group Profit after taxation was €12,152,967 (2022:€422,092). The strong performance during the year was driven by high occupancy and higher average room rate ('ARR') in the established portfolio and year-on-year increased rooms available. |
Chart Forte Holdings Group is a dynamic organisation dedicated to the development and operation of hotels, coffee shops, residential, and commercial properties in both the UK and Ireland. The commitment to excellence and strategic foresight has enabled us to navigate challenges effectively and seize opportunities for growth. During the year, our operations have demonstrated resilience and success which is featured by several key accomplishments. |
In Ireland: |
Holiday Inn Express Dublin: This 198 rooms hotel, situated in the Dublin City Centre, has consistently maintained high occupancy rates throughout the year. Holiday Inn Express successfully refinanced its principal loan facility in November 2023, reinforcing its ongoing success. |
Holiday Inn Dublin Airport: This 421 rooms hotel situated near Dublin airport has enjoyed robust performance. |
Hampton by Hilton Dublin: This 249 rooms hotel opened in July 2022 has consistently surpasses performance targets, boasting high guest satisfaction scores and commendable revenue generation, reflecting the effectiveness of our operational strategies. |
Waterford Marina Hotel: Following a refurbishment in 2023, this 82 rooms hotel has successfully transitioned into a luxurious 4-star establishment, garnering accolades from discerning guests and bolstering our brand reputation. |
In the United Kingdom: |
Hampton by Hilton Ealing: Positioned strategically with 182 well-appointed rooms, this hotel has been a consistent performer. |
Seraphine Hammersmith Hotel: Following a comprehensive refurbishment in 2022, this 41 rooms boutique hotel has witnessed a steady ramp-up in performance throughout 2023. |
Seraphine Kensington Hotel: Currently undergoing redevelopment and repositioning into a deluxe 55 rooms hotel. |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group is exposed to financial and operational risks in the ordinary course of business as follows: |
Uncertain Economic and Market risks: |
Irish and UK economic outlook can be uncertain, due to potential local political changes and the impact from wider macroeconomic trends and increasing volatility from geopolitical conflicts. This may result in softening demand, continued weak consumer confidence; reduced international travel and in addition inflationary pressure can lead to challenges to meet customer demand to deliver high quality services. |
We currently have a strong balance sheet with good liquidity and a large freehold base, giving us the option to raise additional funds. We also continue to execute our strong commercial strategy, designed to increase market share and financial returns by implementing several commercial initiatives |
Cyber Security risks: |
Business continues to be subject to Cyber-attack that can result in operational disruption caused by malware and may result in an adverse impact on the value of the business. |
We have outsourced to a specialist team and robust information security management in place with a place with a wide range of proactive ad reactive security controls including up to date antivirus software. A continuous security improvement programme is in place. |
Brand strength risk: |
The group is running hotels operations under various brands which could suffer a loss in value due to changes in customer demand. |
We perform extensive scenario based analysis allowing us to assess the impact of various scenarios on our business models and this enables us to make informed decisions going forward. |
Health and Safety risk: |
Serious injury can arise from negligence or significant failure can result from food, fire, terrorism attack or any other significant safety failure. All these factors could lead to adverse publicity, brand damage and loss of revenue. |
We have robust fire safety policies, procedures and training for our team members and work closely with independent fire safety consultants. Regular health and safety updates are provided to the executive committee and Board. We also provide ongoing site level training to help identify hostile activities and to ensure appropriate response, should such event take place. We have stringent food safety and sourcing policies. |
ON BEHALF OF THE BOARD: |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 October 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of hotelier. |
DIVIDENDS |
No interim dividend was paid during the year. The directors recommend a final dividend of 889.933 per share. |
The total distribution of dividends for the year ended 31 October 2023 will be € 889,933 . |
FUTURE DEVELOPMENTS |
Group future projections indicate promising growth, with 70% additional keys expected to be added within the next 3-4 years. This expansion is estimated to increase our group's portfolio value to approximately £693 million, with a net asset of approximately £314 million, maintaining a prudent LTV of 55%. The Group's track record in delivering profit performance gives us confidence to grow further and will open the door of future opportunities. |
POST BALANCE SHEET EVENTS |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
The Group did not make any political donations in the current and previous financial year. |
GOING CONCERN |
The directors have reviewed the prospects for the business for the next twelve months from the date of signing the financial statements. They have considered the Group's trading forecasts to the end of that period as well as the potential uncertainties of achieving such forecasts, along with the range of actions which could be taken in response. |
Based on the information available to the Directors at the time of the approval of the financial statements they believe that the Group will be in a position to meets its obligations as they fall due, and on this principle, they have prepared the financial statements on a going concern basis. |
FINANCIAL RISK MANAGEMENT |
Liquidity risk: |
The group has policies in place to manage its liquidity risks which relate to its ability to pay its trade and other payables. |
Credit risk: |
The Group is exposed to a small amount of credit risk attributable to its trade and other receivables. This is minimized by dealing with counterparties with good credit ratings. |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Ward Divecha Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CHART FORTE HOLDINGS LTD |
Opinion |
We have audited the financial statements of Chart Forte Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CHART FORTE HOLDINGS LTD |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our 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 we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CHART FORTE HOLDINGS LTD |
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 a Report of the Auditors 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 (UK) 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatements in respect of irregularities, including fraud and non-compliance and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance including the design of company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets. |
- results of our enquiries of management about their own identification and assessment of the risks and irregularities; |
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified that greatest potential for fraud is revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context include the UK Companies Act, pension legislation and tax legislation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CHART FORTE HOLDINGS LTD |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & |
Statutory Auditors |
29 Welbeck Street |
London |
W1G 8DA |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2023 | 2022 |
Notes | € | € |
TURNOVER | 4 | 62,397,328 | 37,890,795 |
Cost of sales | 11,044,318 | 8,407,151 |
GROSS PROFIT | 51,353,010 | 29,483,644 |
Administrative expenses | 23,023,401 | 19,226,763 |
28,329,609 | 10,256,881 |
Other operating income | 244,642 | 430,260 |
Gain/loss on revaluation of assets | (219,188 | ) | 1,025,305 |
OPERATING PROFIT | 6 | 28,355,063 | 11,712,446 |
Profit/loss on sale of |
tangible fixed assets | 7 | - | 820,874 |
28,355,063 | 10,891,572 |
Interest receivable and similar income | 60,148 | 75,257 |
28,415,211 | 10,966,829 |
Interest payable and similar expenses | 8 | 16,089,522 | 10,215,267 |
PROFIT BEFORE TAXATION | 12,325,689 | 751,562 |
Tax on profit | 9 | 172,722 | 329,470 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 12,152,967 | 422,092 |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2023 | 2022 |
Notes | € | € |
PROFIT FOR THE YEAR | 12,152,967 | 422,092 |
OTHER COMPREHENSIVE INCOME |
Movement in revaluation reserve | 95,037,653 | 5,728,154 |
Movement in currency translation reserve | (718,265 | ) | (817,385 | ) |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
94,319,388 |
4,910,769 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
106,472,355 |
5,332,861 |
Total comprehensive income attributable to: |
Owners of the parent | 106,472,355 | 5,332,861 |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
CONSOLIDATED BALANCE SHEET |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | € | € | € | € |
FIXED ASSETS |
Intangible assets | 12 | 1,110,900 | 1,110,900 |
Tangible assets | 13 | 448,907,981 | 279,768,716 |
Investments | 14 | - | - |
Investment property | 15 | 16,937,425 | 17,186,700 |
466,956,306 | 298,066,316 |
CURRENT ASSETS |
Stocks | 16 | 90,238 | 82,310 |
Debtors | 17 | 4,794,918 | 4,715,800 |
Cash at bank and in hand | 26,078,293 | 13,898,692 |
30,963,449 | 18,696,802 |
CREDITORS |
Amounts falling due within one year | 18 | 19,261,562 | 16,222,083 |
NET CURRENT ASSETS | 11,701,887 | 2,474,719 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
478,658,193 |
300,541,035 |
CREDITORS |
Amounts falling due after more than one year |
19 |
(244,420,904 |
) |
(193,791,417 |
) |
PROVISIONS FOR LIABILITIES | 23 | (38,000,525 | ) | (16,095,276 | ) |
NET ASSETS | 196,236,764 | 90,654,342 |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
CONSOLIDATED BALANCE SHEET - continued |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | € | € | € | € |
CAPITAL AND RESERVES |
Called up share capital | 24 | 1,160 | 1,160 |
Revaluation reserve | 25 | 150,847,509 | 55,809,856 |
Other reserves | 25 | (770,183 | ) | (51,918 | ) |
Fair value reserve | 25 | 6,633,519 | 6,633,519 |
Retained earnings | 25 | 39,524,759 | 28,261,725 |
SHAREHOLDERS' FUNDS | 196,236,764 | 90,654,342 |
The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by: |
J Kajani - Director |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
COMPANY BALANCE SHEET |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | € | € | € | € |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
Investment property | 15 |
CURRENT ASSETS |
Debtors | 17 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 18 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 24 |
Other reserves | 25 | ( |
) | ( |
) |
Retained earnings | 25 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,717,929 | 19,484,212 |
The financial statements were approved by the Board of Directors and authorised for issue on |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Called up |
share | Retained | Revaluatio |
capital | earnings | reserve |
€ | € | € |
Balance at 1 November 2021 | 1,160 | 29,843,314 | 50,081,702 |
Changes in equity |
Dividends | - | (1,281,720 | ) | - |
Total comprehensive income | - | (299,869 | ) | 5,728,154 |
Balance at 31 October 2022 | 1,160 | 28,261,725 | 55,809,856 |
Changes in equity |
Dividends | - | (889,933 | ) | - |
Total comprehensive income | - | 12,152,967 | 95,037,653 |
Balance at 31 October 2023 | 1,160 | 39,524,759 | 150,847,509 |
Fair |
Other | value | Total |
reserves | reserve | equity |
€ | € | € |
Balance at 1 November 2021 | 765,467 | 5,911,558 | 86,603,201 |
Changes in equity |
Dividends | - | - | (1,281,720 | ) |
Total comprehensive income | (817,385 | ) | 721,961 | 5,332,861 |
Balance at 31 October 2022 | (51,918 | ) | 6,633,519 | 90,654,342 |
Changes in equity |
Dividends | - | - | (889,933 | ) |
Total comprehensive income | (718,265 | ) | - | 106,472,355 |
Balance at 31 October 2023 | (770,183 | ) | 6,633,519 | 196,236,764 |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
€ | € | € | € |
Balance at 1 November 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 31 October 2022 | ( |
) |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 31 October 2023 | ( |
) |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2023 | 2022 |
Notes | € | € |
Cash flows from operating activities |
Cash generated from operations | 1 | 36,523,408 | 14,862,060 |
Interest paid | (16,089,522 | ) | (10,215,267 | ) |
Tax paid | (473,486 | ) | (67,461 | ) |
Net cash from operating activities | 19,960,400 | 4,579,332 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (3,896,266 | ) |
Purchase of tangible fixed assets | (57,564,912 | ) | (14,353,666 | ) |
Sale of tangible fixed assets | - | 833,541 |
Interest received | 60,148 | 75,257 |
Net cash from investing activities | (57,504,764 | ) | (17,341,134 | ) |
Cash flows from financing activities |
New loans in year | 50,679,594 | 20,564,068 |
Capital repayments in year | (65,696 | ) | (63,057 | ) |
Amount withdrawn by directors | - | (270,840 | ) |
Equity dividends paid | (889,933 | ) | - |
Net cash from financing activities | 49,723,965 | 20,230,171 |
Increase in cash and cash equivalents | 12,179,601 | 7,468,369 |
Cash and cash equivalents at beginning of year |
2 |
13,898,692 |
6,430,323 |
Cash and cash equivalents at end of year |
2 |
26,078,293 |
13,898,692 |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
€ | € |
Profit before taxation | 12,325,689 | 751,562 |
Depreciation charges | 4,232,682 | 3,425,442 |
Loss/(gain) on revaluation of fixed assets | 219,188 | (1,025,305 | ) |
Others | (269,828 | ) | - |
Finance costs | 16,089,522 | 10,215,267 |
Finance income | (60,148 | ) | (75,257 | ) |
32,537,105 | 13,291,709 |
(Increase)/decrease in stocks | (7,928 | ) | 34,268 |
Increase in trade and other debtors | (122,708 | ) | (1,350,434 | ) |
Increase in trade and other creditors | 4,116,939 | 2,886,517 |
Cash generated from operations | 36,523,408 | 14,862,060 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 October 2023 |
31.10.23 | 1.11.22 |
€ | € |
Cash and cash equivalents | 26,078,293 | 13,898,692 |
Year ended 31 October 2022 |
31.10.22 | 1.11.21 |
€ | € |
Cash and cash equivalents | 13,898,692 | 7,370,219 |
Bank overdrafts | - | (939,896 | ) |
13,898,692 | 6,430,323 |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.11.22 | Cash flow | At 31.10.23 |
€ | € | € |
Net cash |
Cash at bank and in hand | 13,898,692 | 12,179,601 | 26,078,293 |
13,898,692 | 12,179,601 | 26,078,293 |
Debt |
Finance leases | (140,937 | ) | 65,696 | (75,241 | ) |
Debts falling due within 1 year | (900,502 | ) | 739,740 | (160,762 | ) |
Debts falling due after 1 year | (193,716,176 | ) | (50,679,594 | ) | (244,395,770 | ) |
(194,757,615 | ) | (49,874,158 | ) | (244,631,773 | ) |
Total | (180,858,923 | ) | (37,694,557 | ) | (218,553,480 | ) |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Chart Forte Holdings Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in Euros and prepared on a going concern basis. |
Basis of consolidation |
The Group financial statements comprise of the consolidated results fo Chart Forte Holdings Ltd and all of its subsidiaries in United Kingdom and Ireland as detailed in note 13 of fixed asset investment. |
Intergroup balances and income & expenses arising from intergroup transactions are eliminated when preparing the consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover also includes rental income received excluding value added tax. |
Goodwill |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Tangible fixed assets are stated at historical cost or market value less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is de-recognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the written down value method. Depreciation is charged once the asset is brought into use: |
Freehold land | No depreciation provided |
Freehold building | 2% Straight line basis |
Leasehold land and building | Over the life of lease |
Plant and machinery | 10% written down value |
Fixture and fittings | 10% written down value |
Motor Vehicles | 20% Straight line basis |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, or if there is an indication of a significant change since the last reporting date. |
Government grants |
Grants are recognized within other income in the income statement at a point in time to match the timing of the recognition of the related expenses they are intended to compensate. Where cash is received in advance of the associated conditions being met, the grant is recorded within trade and other payable in the balance sheet. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss account. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. |
The impairment reversal is recognised in profit or loss. |
Basic financial liabilities |
Basic financial liabilities, including creditors and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market value rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The directors have reviewed the prospects for the business for the next twelve months from the date of signing the financial statements. They have considered the Group's trading forecasts to the end of that period as well as the potential uncertainties of achieving such forecasts, along with the range of actions which could be taken in response. |
Based on the information available to the Directors at the time of the approval of the financial statements they believe that the Group will be in a position to meets its obligations as they fall due, and on this principle, they have prepared the financial statements on a going concern basis. |
Derivatives |
Derivative financial instruments are initially measured at fair value on the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF EST. UNCERTAINTY |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical-experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
€ | € |
Sale of accommodation | 61,137,972 | 36,285,357 |
Rental income | 1,126,045 | 1,263,694 |
Other sales | 133,311 | 341,744 |
62,397,328 | 37,890,795 |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
4. | TURNOVER - continued |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
€ | € |
United Kingdom | 9,202,328 | 8,391,485 |
Europe | 53,195,000 | 29,499,310 |
62,397,328 | 37,890,795 |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
€ | € |
Wages and salaries | 7,893,157 | 6,326,420 |
Social security costs | 132,450 | 462,935 |
Other pension costs | 18,181 | 18,422 |
8,043,788 | 6,807,777 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Management | 22 | 21 |
Staff | 235 | 199 |
2023 | 2022 |
€ | € |
Directors' remuneration | 78,902 | 53,098 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
€ | € |
Hire of plant and machinery | 7,532 | 6,600 |
Depreciation - owned assets | 4,232,681 | 3,425,442 |
Auditors' remuneration | 78,678 | 59,269 |
Other non- audit services | 28,837 | 37,286 |
Foreign exchange differences | (21,366 | ) | (121,360 | ) |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
7. | EXCEPTIONAL ITEMS |
2023 | 2022 |
€ | € |
Profit/loss on sale of |
tangible fixed assets | - | (820,874 | ) |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
€ | € |
Bank interest | 16,077,277 | 10,149,071 |
Other interest | 12,245 | 66,196 |
16,089,522 | 10,215,267 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
€ | € |
Current tax: |
UK corporation tax | - | 136,063 |
Overprovision of tax | (135,526 | ) | (4,087 | ) |
EU corporation tax | 286,881 | 360,412 |
Total current tax | 151,355 | 492,388 |
Deferred tax | 21,367 | (162,918 | ) |
Tax on profit | 172,722 | 329,470 |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
€ | € | € |
Movement in revaluation reserve | 95,037,653 | - | 95,037,653 |
Movement in currency translation reserve | (718,265 | ) | - | (718,265 | ) |
94,319,388 | - | 94,319,388 |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
9. | TAXATION - continued |
2022 |
Gross | Tax | Net |
€ | € | € |
Movement in P&L reserve |
Movement in revaluation reserve | 5,728,154 | - | 5,728,154 |
Movement in currency translation reserve | (817,385 | ) | - | (817,385 | ) |
Movement in fair vlaue reserve |
4,910,769 | - | 4,910,769 |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
2023 | 2022 |
€ | € |
Ordinary shares of 1.16 each |
Final | 889,933 | 1,281,720 |
12. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
€ |
COST |
At 1 November 2022 |
and 31 October 2023 | 1,110,900 |
NET BOOK VALUE |
At 31 October 2023 | 1,110,900 |
At 31 October 2022 | 1,110,900 |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
13. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Long | Plant and |
property | leasehold | machinery |
€ | € | € |
COST OR VALUATION |
At 1 November 2022 | 238,870,043 | 4,625,663 | 14,279,919 |
Additions | 52,802,196 | 23,992 | 1,355,200 |
Revaluations | 116,367,165 | - | - |
Exchange differences | (1,060,288 | ) | (67,090 | ) | (5,368 | ) |
Reclassification/transfer | (27,705 | ) | - | - |
At 31 October 2023 | 406,951,411 | 4,582,565 | 15,629,751 |
DEPRECIATION |
At 1 November 2022 | - | - | 692,571 |
Charge for year | - | - | 1,555,410 |
Revaluation adjustments | - | - | (571,614 | ) |
Exchange differences | - | - | (1,001 | ) |
At 31 October 2023 | - | - | 1,675,366 |
NET BOOK VALUE |
At 31 October 2023 | 406,951,411 | 4,582,565 | 13,954,385 |
At 31 October 2022 | 238,870,043 | 4,625,663 | 13,587,348 |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
13. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
€ | € | € |
COST OR VALUATION |
At 1 November 2022 | 26,143,683 | 263,099 | 284,182,407 |
Additions | 3,110,689 | 272,835 | 57,564,912 |
Revaluations | - | - | 116,367,165 |
Exchange differences | - | - | (1,132,746 | ) |
Reclassification/transfer | 27,705 | - | - |
At 31 October 2023 | 29,282,077 | 535,934 | 456,981,738 |
DEPRECIATION |
At 1 November 2022 | 3,650,960 | 70,160 | 4,413,691 |
Charge for year | 2,570,084 | 107,187 | 4,232,681 |
Revaluation adjustments | - | - | (571,614 | ) |
Exchange differences | - | - | (1,001 | ) |
At 31 October 2023 | 6,221,044 | 177,347 | 8,073,757 |
NET BOOK VALUE |
At 31 October 2023 | 23,061,033 | 358,587 | 448,907,981 |
At 31 October 2022 | 22,492,723 | 192,939 | 279,768,716 |
Cost or valuation at 31 October 2023 is represented by: |
Freehold | Long | Plant and |
property | leasehold | machinery |
€ | € | € |
Valuation in 2022 | 69,473,976 | - | - |
Valuation in 2023 | 116,367,165 | - | - |
Cost | 221,110,270 | 4,582,565 | 15,629,751 |
406,951,411 | 4,582,565 | 15,629,751 |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
13. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
€ | € | € |
Valuation in 2022 | - | - | 69,473,976 |
Valuation in 2023 | - | - | 116,367,165 |
Cost | 29,282,077 | 535,934 | 271,140,597 |
29,282,077 | 535,934 | 456,981,738 |
14. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertakin |
€ |
COST |
Additions | 11,250,000 |
Disposals | (11,250,000 | ) |
At 31 October 2023 | - |
NET BOOK VALUE |
At 31 October 2023 | - |
Company |
Shares in |
group |
undertakin |
€ |
COST |
At 1 November 2022 |
Additions |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
14. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 29 Welbeck Street, London, W1G 8DA |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 29 Welbeck Street, London, W1G 8DA |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 29 Welbeck Street, London, W1G 8DA |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 29 Welbeck Street, London, W1G 8DA |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 29 Welbeck Street, London, W1G 8DA |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 29 Welbeck Street, London, W1G 8DA |
Nature of business: |
% |
Class of shares: | holding |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
14. | FIXED ASSET INVESTMENTS - continued |
Registered office: 29 Welbeck Street, London, W1G 8DA |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 29 Welbeck Street, London, W1G 8DA |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland |
Nature of business: |
% |
Class of shares: | holding |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
14. | FIXED ASSET INVESTMENTS - continued |
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 29 Welbeck Street, London, W1G 8DA |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 29 Welbeck Street, London, W1G 8DA |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland |
Nature of business: |
% |
Class of shares: | holding |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
14. | FIXED ASSET INVESTMENTS - continued |
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland |
Nature of business: |
% |
Class of shares: | holding |
15. | INVESTMENT PROPERTY |
Group |
Total |
€ |
FAIR VALUE |
At 1 November 2022 | 17,186,700 |
Exchange differences | (249,275 | ) |
At 31 October 2023 | 16,937,425 |
NET BOOK VALUE |
At 31 October 2023 | 16,937,425 |
At 31 October 2022 | 17,186,700 |
Fair value at 31 October 2023 is represented by: |
€ |
Valuation in 2022 | 4,094,348 |
Cost | 12,843,077 |
16,937,425 |
16. | STOCKS |
Group |
2023 | 2022 |
€ | € |
Stocks | 90,238 | 82,310 |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Trade debtors | 1,197,594 | 779,387 |
Amounts owed by group undertakings | - | - |
Amounts owed by associates | 714,413 | 709,413 |
Other debtors | 417,080 | 788,260 |
Deferred tax asset | - | 360,021 | - | - |
Derivative asset | 777,421 | 553,000 | - | - |
Directors' current accounts | 242,710 | 291,300 | 242,710 | 291,300 |
Prepayments and accrued income | 1,445,700 | 1,234,419 |
4,794,918 | 4,715,800 |
Derivative asset consist of an interest rate cap transaction whereby the 3 month EUR-EURIBOR floating rate applied to the mortgage loan, which have notional values of €58,400,000 and €35,0262,500 are capped at 3% per annum and 4% per annum respectively. This asset is recognised at fair value at year end. |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Bank loans and overdrafts (see note 20) | 160,762 | 900,502 |
Hire purchase contracts (see note 21) | 50,107 | 65,696 |
Trade creditors | 7,859,153 | 7,569,151 |
Money received in advance | 553,984 | 513,026 | - | - |
Amounts owed to group undertakings | - | - |
Tax | 286,195 | 608,326 |
Social security and other taxes | 852,829 | 986,436 |
VAT | 1,909,675 | 1,057,211 | - | - |
Other creditors | 2,271,769 | 1,320,280 |
Accruals and deferred income | 5,317,088 | 3,201,455 |
19,261,562 | 16,222,083 |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
€ | € |
Bank loans (see note 20) | 244,395,770 | 193,716,176 |
Hire purchase contracts (see note 21) | 25,134 | 75,241 |
244,420,904 | 193,791,417 |
20. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
€ | € |
Amounts falling due within one year or | on demand: |
Bank loans | 160,762 | 900,502 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 169,372 | 1,917,189 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 244,226,398 | 111,750,904 |
Amounts falling due in more than five | years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | - | 41,896,222 |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 38,151,861 |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
21. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
2023 | 2022 |
€ | € |
Net obligations repayable: |
Within one year | 50,107 | 65,696 |
Between one and five years | 25,134 | 75,241 |
75,241 | 140,937 |
22. | SECURED DEBTS |
Banks' loan facilities are secured against all the properties and assets held by the Group. |
23. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
€ | € |
Deferred tax |
Accelerated capital allowances | - | 859 |
Deferred tax | 38,000,525 | 16,094,417 |
38,000,525 | 16,095,276 |
Group |
Deferred |
tax |
€ |
Balance at 1 November 2022 | 16,095,276 |
Provided during year | 21,905,249 |
Balance at 31 October 2023 | 38,000,525 |
24. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | € | € |
Ordinary | 1.16 | 1,160 | 1,160 |
CHART FORTE HOLDINGS LTD (REGISTERED NUMBER: 07669940) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
25. | RESERVES |
Group |
Fair |
Retained | Revaluation | Other | value |
earnings | reserve | reserves | reserve | Totals |
€ | € | € | € | € |
At 1 November 2022 | 28,261,725 | 55,809,856 | (51,918 | ) | 6,633,519 | 90,653,182 |
Profit for the year | 12,152,967 | 12,152,967 |
Dividends | (889,933 | ) | (889,933 | ) |
Movement in reserve | - | 95,037,653 | (718,265 | ) | - | 94,319,388 |
At 31 October 2023 | 39,524,759 | 150,847,509 | (770,183 | ) | 6,633,519 | 196,235,604 |
Company |
Retained | Other |
earnings | reserves | Totals |
€ | € | € |
At 1 November 2022 | ( |
) | 41,404,312 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Movement in reserve | - | (600,524 | ) | (600,524 | ) |
At 31 October 2023 | ( |
) | 41,631,784 |
26. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
During the year, total dividends of €711,496 (2022 - €1,025,376) were paid to the directors . |
The group is owed 714,413 (2022: 709,413) from other related party. |
27. | POST BALANCE SHEET EVENTS |
The group does not have any post balance sheet events to report. |