Findlater House Limited - Limited company accounts 20.1
Findlater House Limited - Limited company accounts 20.1
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 |
FOR |
FINDLATER HOUSE LIMITED |
FINDLATER HOUSE LIMITED (REGISTERED NUMBER: 08508259) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 16 |
FINDLATER HOUSE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & |
Statutory Auditors |
29 Welbeck Street |
London |
W1G 8DA |
FINDLATER HOUSE LIMITED (REGISTERED NUMBER: 08508259) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
The directors present their report with the financial statements of the company for the year ended 31 October 2021. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of letting of hotel and coffee shop to related companies to run the operations. |
REVIEW OF BUSINESS |
During the year, the Company had continued to operate profitable in line with its strategy. Consumer confidence is bounced back and the company and the group are confident to achieve results as per expectation. |
EVENTS SINCE THE END OF THE YEAR |
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 2020 to the date of this report. |
GOING CONCERN |
The Group has sufficient cash reserves and has also managed to secure further bank facilities. Consequently, the Board considers it to be appropriate to adopt the going concern basis of in preparing these financial statements. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
FINDLATER HOUSE LIMITED (REGISTERED NUMBER: 08508259) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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 company'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 company'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. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FINDLATER HOUSE LIMITED |
Opinion |
We have audited the financial statements of Findlater House Limited (the 'company') for the year ended 31 October 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 October 2021 and of its loss 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 company 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 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FINDLATER HOUSE LIMITED |
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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FINDLATER HOUSE LIMITED |
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. |
- 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 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 |
FINDLATER HOUSE LIMITED |
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 |
FINDLATER HOUSE LIMITED (REGISTERED NUMBER: 08508259) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
2021 | 2020 |
Notes | € | € |
TURNOVER |
Administrative expenses |
OPERATING PROFIT | 4 |
Income from shares in group undertakings |
1,690,758 | 4,316,759 |
Interest payable and similar expenses |
PROFIT BEFORE TAXATION |
Tax on profit |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
FINDLATER HOUSE LIMITED (REGISTERED NUMBER: 08508259) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
2021 | 2020 |
Notes | € | € |
(LOSS)/PROFIT FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
FINDLATER HOUSE LIMITED (REGISTERED NUMBER: 08508259) |
BALANCE SHEET |
31 OCTOBER 2021 |
2021 | 2020 |
Notes | € | € | € | € |
FIXED ASSETS |
Tangible assets | 6 |
Investments | 7 |
Investment property | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
FINDLATER HOUSE LIMITED (REGISTERED NUMBER: 08508259) |
BALANCE SHEET - continued |
31 OCTOBER 2021 |
The financial statements were approved by the Board of Directors and authorised for issue on |
FINDLATER HOUSE LIMITED (REGISTERED NUMBER: 08508259) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
Called up |
share | Retained | Total |
capital | earnings | equity |
€ | € | € |
Balance at 1 November 2019 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 October 2020 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 October 2021 |
FINDLATER HOUSE LIMITED (REGISTERED NUMBER: 08508259) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
2021 | 2020 |
Notes | € | € |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Finance costs paid | (1,522 | ) | (10,406 | ) |
Net cash from operating activities |
Cash flows from investing activities |
Dividends received |
Net cash from investing activities |
Cash flows from financing activities |
Loan repayments in year | ( |
) |
Loan to/by group companies | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
4,124,007 |
Cash and cash equivalents at end of year |
2 |
91,463 |
50,770 |
FINDLATER HOUSE LIMITED (REGISTERED NUMBER: 08508259) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2021 | 2020 |
€ | € |
Profit before taxation |
Depreciation charges |
Finance costs | 375,684 | 447,524 |
Finance income | - | (3,000,000 | ) |
1,705,628 | 1,333,281 |
Decrease in trade and other debtors |
Increase in trade and other creditors |
Cash generated from operations |
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 2021 |
31.10.21 | 1.11.20 |
€ | € |
Cash and cash equivalents | 91,463 | 50,770 |
Year ended 31 October 2020 |
31.10.20 | 1.11.19 |
€ | € |
Cash and cash equivalents | 50,770 | 4,124,007 |
FINDLATER HOUSE LIMITED (REGISTERED NUMBER: 08508259) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.11.20 | Cash flow | At 31.10.21 |
€ | € | € |
Net cash |
Cash at bank | 50,770 | 40,693 | 91,463 |
50,770 | 91,463 |
Debt |
Debts falling due within 1 year | - | (347,888 | ) | (347,888 | ) |
Debts falling due after 1 year | (34,737,500 | ) | 347,888 | (34,389,612 | ) |
(34,737,500 | ) | - | (34,737,500 | ) |
Total | (34,686,730 | ) | 40,693 | (34,646,037 | ) |
FINDLATER HOUSE LIMITED (REGISTERED NUMBER: 08508259) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
1. | STATUTORY INFORMATION |
Findlater House Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The functional currency of the company is Euros. |
Preparation of consolidated financial statements |
The financial statements contain information about Findlater House Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Chart Forte Holdings Limited, Cervantes House, 5 - 9 Headstone Road, Harrow, England, HA1 1PD. |
Related party exemption |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
FINDLATER HOUSE LIMITED (REGISTERED NUMBER: 08508259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
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: |
Plant and machinery | 10% written down value |
Fixture and fittings | 10% written down value |
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. |
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 account. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
FINDLATER HOUSE LIMITED (REGISTERED NUMBER: 08508259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
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. |
Financial instruments |
The Company 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. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into Euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Euros at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
FINDLATER HOUSE LIMITED (REGISTERED NUMBER: 08508259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Going concern |
After making enquiries, the directors have a reasonable expectation that the Group has sufficient cash reserves and has managed to secure further bank facilities; the Board considers it to be appropriate to adopt the going concern basis of accounting in preparing these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2020 - NIL). |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2021 | 2020 |
€ | € |
Depreciation - owned assets |
Audit work |
Other non- audit services |
5. | DIVIDENDS |
2021 | 2020 |
€ | € |
shares of each |
Final |
FINDLATER HOUSE LIMITED (REGISTERED NUMBER: 08508259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
€ |
COST |
At 1 November 2020 |
and 31 October 2021 |
DEPRECIATION |
At 1 November 2020 |
Charge for year |
At 31 October 2021 |
NET BOOK VALUE |
At 31 October 2021 |
At 31 October 2020 |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
€ |
COST |
At 1 November 2020 |
and 31 October 2021 |
NET BOOK VALUE |
At 31 October 2021 |
At 31 October 2020 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Republic of Ireland |
Nature of business: |
% |
Class of shares: | holding |
2021 | 2020 |
€ | € |
Aggregate capital and reserves | ( |
) |
Loss for the year | ( |
) | ( |
) |
FINDLATER HOUSE LIMITED (REGISTERED NUMBER: 08508259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
8. | INVESTMENT PROPERTY |
Total |
€ |
FAIR VALUE |
At 1 November 2020 |
and 31 October 2021 |
NET BOOK VALUE |
At 31 October 2021 |
At 31 October 2020 |
Fair value at 31 October 2021 is represented by: |
€ |
Valuation in 2017 | 25,923,241 |
Valuation in 2018 | 22,447,689 |
Valuation in 2019 | (143,726 | ) |
Cost | 19,922,796 |
68,150,000 |
There is no significant change in the value of the property. |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
€ | € |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by associates |
Other debtors |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
€ | € |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
FINDLATER HOUSE LIMITED (REGISTERED NUMBER: 08508259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
€ | € |
Bank loans |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
2021 | 2020 |
€ | € |
Bank loans |
Bank loans are secured against the property held by the company. |
13. | RELATED PARTY DISCLOSURES |
As at 31st October 2021 the company had advanced €700,803 (2020: €700,803) to other related party. |
14. | POST BALANCE SHEET EVENTS |
The directors have been in discussions with group's bankers, and have negotiated with Deutsche Hypothekenbank a capital moratorium on the group's overall borrowings of Euro 35million until April 2022 and, further negotiated reduced capital repayment till the end of the term. This, along with the recommencement of operations of its subsidiary has positively contributed toward the ability of the company to continue as a going concern. |
15. | ULTIMATE CONTROLLING PARTY |
The overall control of the company rests with Chart Forte Holdings Limited and its shareholders. |