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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: J Kajani
Mrs M Kajani





SECRETARY: Mrs M Kajani





REGISTERED OFFICE: Cervantes House
5 - 9 Headstone Road
Harrow on the hill
Middlesex
HA1 1PD





REGISTERED NUMBER: 07669940 (England and Wales)





AUDITORS: Ward Divecha Limited
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:





J Kajani - Director


24 September 2024

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.

J Kajani
Mrs M Kajani

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:





J Kajani - Director


24 September 2024

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.




Adil Divecha (Senior Statutory Auditor)
for and on behalf of Ward Divecha Limited
Chartered Accountants &
Statutory Auditors
29 Welbeck Street
London
W1G 8DA

24 September 2024

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

12,152,967

422,092
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 1,439 1,339
Investment property 15 - -
1,439 1,339

CURRENT ASSETS
Debtors 17 45,606,580 38,141,959
Cash at bank 13,635,188 5,423,787
59,241,768 43,565,746
CREDITORS
Amounts falling due within one year 18 17,610,263 2,161,613
NET CURRENT ASSETS 41,631,505 41,404,133
TOTAL ASSETS LESS CURRENT
LIABILITIES

41,632,944

41,405,472

CAPITAL AND RESERVES
Called up share capital 24 1,160 1,160
Other reserves 25 (812,139 ) (211,615 )
Retained earnings 25 42,443,923 41,615,927
SHAREHOLDERS' FUNDS 41,632,944 41,405,472

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 24 September 2024 and were signed on its behalf by:





J Kajani - Director


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 1,160 23,413,435 158,752 23,573,347

Changes in equity
Dividends - (1,281,720 ) - (1,281,720 )
Total comprehensive income - 19,484,212 (370,367 ) 19,113,845
Balance at 31 October 2022 1,160 41,615,927 (211,615 ) 41,405,472

Changes in equity
Dividends - (889,933 ) - (889,933 )
Total comprehensive income - 1,717,929 (600,524 ) 1,117,405
Balance at 31 October 2023 1,160 42,443,923 (812,139 ) 41,632,944

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of eight years.

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 landNo depreciation provided
Freehold building2% Straight line basis
Leasehold land and buildingOver the life of lease
Plant and machinery10% written down value
Fixture and fittings10% written down value
Motor Vehicles20% 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
257 220

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 1,339
Additions 100
At 31 October 2023 1,439
NET BOOK VALUE
At 31 October 2023 1,439
At 31 October 2022 1,339

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

Foxtrend Ltd
Registered office: 29 Welbeck Street, London, W1G 8DA
Nature of business: Letting of hotels
%
Class of shares: holding
Ordinary 100.00

Chart Forte court (UK) Ltd
Registered office: 29 Welbeck Street, London, W1G 8DA
Nature of business: Hotel and similar accommodation
%
Class of shares: holding
Ordinary 100.00

Fox Trend (Putney) Limited
Registered office: 29 Welbeck Street, London, W1G 8DA
Nature of business: Letting and operating of own or leased real estate
%
Class of shares: holding

Grace Group of Hotels Limited
Registered office: 29 Welbeck Street, London, W1G 8DA
Nature of business: Hotels and similar accommodation
%
Class of shares: holding
Ordinary 100.00

Chart Forte (Belfast) Limited
Registered office: 29 Welbeck Street, London, W1G 8DA
Nature of business: Hotels and similar accommodation
%
Class of shares: holding
Ordinary 100.00

JMSZ Management Services Limited
Registered office: 29 Welbeck Street, London, W1G 8DA
Nature of business: Management services
%
Class of shares: holding
Ordinary 100.00

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

Chart Forte (West Ealing) Ltd
Registered office: 29 Welbeck Street, London, W1G 8DA
Nature of business: Hotels and similar accommodation
%
Class of shares: holding
Ordinary 100.00

Findlater House Limited
Registered office: 29 Welbeck Street, London, W1G 8DA
Nature of business: Letting of hotel
%
Class of shares: holding
Ordinary 100.00

Austinbrook Limited *
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland
Nature of business: Hotel and similar accommodation
%
Class of shares: holding
Ordinary shares 100.00

Cara Shore Hotel(Dublin)Limited
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland
Nature of business: Hotels and similar accommodation
%
Class of shares: holding
Ordinary shares 100.00

Skyline view Limited **
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland
Nature of business: Hotel and similar accommodation
%
Class of shares: holding
Ordinary shares 100.00

Carra Shore Hotel (Waterford) Limited
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland
Nature of business: Owning property and operating hotel
%
Class of shares: holding
Ordinary shares 100.00

Winemount Limited
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland
Nature of business: Hold shares of its subsidiary
%
Class of shares: holding
Ordinary shares 100.00

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

Melonmount Limited ***
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland
Nature of business: Hotel and similar accommodation
%
Class of shares: holding
Ordinary shares 100.00

Carra Shore Hotel (Camden Place) Limited
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland
Nature of business: Hotel and similar accommodation
%
Class of shares: holding
Ordinary shares 100.00

Carra Shore Hotel (Cork) Limited
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland
Nature of business: Hold investment properties
%
Class of shares: holding
Ordinary shares 100.00

Haydencrest Limited
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland
Nature of business: Operate coffee shop
%
Class of shares: holding
Ordinary shares 100.00

Chart Forte (KHS) Limited
Registered office: 29 Welbeck Street, London, W1G 8DA
Nature of business: Hotel and similar accommodation
%
Class of shares: holding
Ordinary shares 100.00

Chart Forte (Hammersmith) Limited
Registered office: 29 Welbeck Street, London, W1G 8DA
Nature of business: Hotel and similar accommodation
%
Class of shares: holding
Ordinary shares 100.00

Carra Shore (Telephone House) Limited
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland
Nature of business: Hotel and similar accommodation
%
Class of shares: holding
Ordinary shares 100.00

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

Carra Shore Hotel (Galway) Limited
Registered office: Penrose Mews, Moorefield Rd, Kilbelin, Newbridge, Co. Kildare, Ireland
Nature of business: Hotel and similar accommodation
%
Class of shares: holding
Ordinary shares 100.00


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 - - 45,363,870 37,843,747
Amounts owed by associates 714,413 709,413 - -
Other debtors 417,080 788,260 - 6,912
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 45,606,580 38,141,959

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 2 -
Money received in advance 553,984 513,026 - -
Amounts owed to group undertakings - - 17,509,440 2,097,061
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 3,201,455 100,821 64,552
19,261,562 16,222,083 17,610,263 2,161,613

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: €    €   
1,000 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 41,615,927 (211,615 ) 41,404,312
Profit for the year 1,717,929 1,717,929
Dividends (889,933 ) (889,933 )
Movement in reserve - (600,524 ) (600,524 )
At 31 October 2023 42,443,923 (812,139 ) 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.