|
Registered number: 13852098
CHART FORTE (HAMMERSMITH) LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 OCTOBER 2024
|
|
CHART FORTE (HAMMERSMITH) LIMITED
REGISTERED NUMBER: 13852098
STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 1
|
|
CHART FORTE (HAMMERSMITH) LIMITED
REGISTERED NUMBER: 13852098
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
J Kajani
|
|
|
|
|
|
|
The notes on pages 3 to 12 form part of these financial statements.
Page 2
|
|
CHART FORTE (HAMMERSMITH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Chart Forte (Hammersmith) Limited is a private company, limited by shares, incorporated in England and Wales. The Company's registered number is 13852098 and its registered office address is Cervantes House, 5-9 Headstone Road, Harrow, England, United Kingdom, HA1 1PD.
The principal activity of the Company continued to be that of owning and managing a hotel property.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.
The following principal accounting policies have been applied:
The Company is reliant on its wider group's cash resources to meet its obligations. Based on the Group's cash flow forecasts which show it has sufficient cash to pay its liabilities as they fall due for a period of 12 months from the date of approval of these financial statements and confirmation from the Group that it intends to support the Company as required, the directors continue to adopt the going concern basis in the preparing the Company financial statements.
Revenue represents amounts receivable from the operation of hotels and rental income from commercial property lettings. Revenue is stated net of VAT and trade discounts.
Revenue from hotel operations is recognised when rooms are occupied and any amounts received in advance from guests is accounted for as deferred income.
Rental income is recognised on a straight line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Page 3
|
|
CHART FORTE (HAMMERSMITH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
|
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost 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.
Page 4
|
|
CHART FORTE (HAMMERSMITH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
|
|
|
Tangible fixed assets (continued)
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases.
Depreciation is provided on the following bases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2% Straight line basis down to its residual value which is considered to be equal to its fair value
|
|
|
|
|
|
|
|
10% Reducing balance basis
|
|
|
|
|
|
|
|
10% Reducing balance basis
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
|
|
|
Revaluation of tangible fixed assets
|
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 5
|
|
CHART FORTE (HAMMERSMITH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Page 6
|
|
CHART FORTE (HAMMERSMITH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
|
|
|
Financial instruments (continued)
|
Basic financial liabilities, which include trade and other creditors, amounts owed to group undertakings and bank loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
|
|
The average monthly number of employees, including directors, during the year was 13 (2023: 12).
|
Page 7
|
|
CHART FORTE (HAMMERSMITH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 November 2023 (as previously stated)
|
|
|
|
|
|
|
|
|
|
|
|
At 1 November 2023 (as restated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 October 2023 (as restated)
|
|
|
|
|
|
|
The valuation of the freehold property as at 31 October 2024 has been determined from a valuation performed by the directors on the basis of existing use. In preparing this valuation, the directors have taken into account a third party valuation performed by Knight Frank, also on an existing use basis, as at 11 April 2023 of £11,000,000.
|
Page 8
|
|
CHART FORTE (HAMMERSMITH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
|
|
Freehold investment property
|
|
|
|
|
|
|
|
At 1 November 2023 (as previously stated)
|
|
|
|
|
|
At 1 November 2023 (as restated)
|
|
|
|
|
The valuation of the freehold property as at 31 October 2024 has been determined from a valuation performed by the directors on a rental yield basis. In preparing this valuation, the directors have taken into account a third party valuation performed by Knight Frank, also on a rental yield basis, as at 11 April 2023 of £1,600,000.
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
|
Page 9
|
|
CHART FORTE (HAMMERSMITH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings are unsecured, interest free and payable on demand.
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of the maturity of loans is given below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due 2-5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank loans relates to a £7,000,000 loan provided by OakNorth Bank with interest payable at 4.48% plus the Bank of England base rate. The loan balance is due to be repaid in full on 31 July 2027 and is secured against the freehold property of the Company.
|
Page 10
|
|
CHART FORTE (HAMMERSMITH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
|
|
|
|
|
|
|
|
|
|
Charged to profit or loss
|
|
|
|
|
|
|
The provision for deferred taxation is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated capital allowances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guarantees and other financial commitments
|
Bank loans totalling £11,774,558 held by a fellow group company, Chart Forte (KHS) Limited, are secured against the Company's freehold property and investment property.
|
|
Receivables under operating leases
|
|
|
At 31 October 2024 the Company had future aggregate minimum rentals receivable under non-cancellable operating leases are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party transactions
|
|
|
The Company has taken advantage of exemption, under the terms of Section 33.1A 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.
|
Page 11
|
|
CHART FORTE (HAMMERSMITH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The Company's immediate parent company and controlling party is Chart Forte Holdings Ltd, a company which is registered in England and Wales at Cervantes House, 5-9 Headstone Road, Harrow, HA1 1PD. Chart Forte Holdings Ltd produces consolidated financial statements that include the Company, which may be obtained from Companies House.
The directors do not consider there to be a single ultimate controlling party.
Reclassification of investment property:
In April 2023 the Company entered into leasing arrangements with third parties to rent out part of its freehold property. Under FRS 102 the freehold property therefore constituted a mixed use property and so the part of the building used by the Company in the course of its own trading activities should have been accounted for within tangible fixed assets whilst the part of the building held for the purposes of generating rental income should have been accounted for as investment property.
However in the prior year financial statements the entire freehold property was incorrectly included within tangible fixed assets. Therefore a prior year adjustment has been recognised to restate the 2023 comparatives to reclassify the £1,600,000 fair value of the portion of the freehold property held for rental purposes from tangible fixed assets to investment property. This reclassification has had no overall impact on the profit for 2023 or net assets as previously reported.
|
Changes to the Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassification to investment property
|
|
|
|
Tangible fixed assets as at 31 October 2023
|
|
|
|
|
|
|
|
|
|
|
|
Reclassification from tangible fixed assets
|
|
|
|
Investment property as at 31 October 2023
|
|
|
The auditors' report on the financial statements for the year ended 31 October 2024 was unqualified.
The audit report was signed on 31 October 2025 by David Lyons (Senior Statutory Auditor) on behalf of HaysMac LLP.
Page 12
|
|
CHART FORTE (HAMMERSMITH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 13
|
|
|