TIDMHYDP; HYDP
14 July 2020
Hydro Hotel, Eastbourne, Plc
("Hydro Hotel" or the "Company")
Interim Results for the Half Year ended 30 April 2020
YOUR CHAIRMAN'S LETTER
Dear Shareholder,
SIX MONTHS TO 30 APRIL 2020
I report on the company's results for the six months to 30 April 2020, which
reflect the impact of the Coronavirus on our business, with the pandemic
declared on 11 March 2020, non-essential travel prohibited in the UK from 16
March 2020, and the closure of leisure and hospitality venues from 23 March
2020.
The total turnover for the six month period to 30 April 2020 was GBP1,177,033
compared to GBP1,553,553 for the same period the previous year, a decrease of
24.24% (compared to an increase in the six months to 30 April 2019 of 2.57%).
The gross profit percentage for the period was 0.47% lower than in the six
months to 30 April 2019 and staff costs (excluding grants received for the
Coronavirus Job Retention Scheme) increased by 4.8% compared to the figure for
the period to 30 April 2019 (6.7% increase in the half year to 30 April 2019).
Overheads decreased by 10.93% (15.02% decrease in the half year ended 30 April
2019). Only routine maintenance to the fabric of the building was undertaken
during the six months to 30 April 2020. Consequently, there was a reduction in
repairs costs of GBP12,342 for this period compared to the same period in the
previous year.
There is an increase in the loss for the half year to 30 April 2020 to GBP276,850
compared to GBP101,271 for the half year to 30 April 2019.
The conservatory was refurbished with new furniture and flooring, the hotel's
computer server was upgraded, and the door locking system was replaced.
The Board and the management of the company in monitoring cash resources have
reviewed and taken advantage of appropriate sources of finance available from
the Government, and cancelled the dividend previously declared payable on 30
April 2020.
All action required, by Government and the relevant guidance issued, has been
taken to enable the hotel to re-open for business on 4 July 2020.
The Board wishes to express its thanks to the management and staff of the hotel
for their co-operation and efforts during these exceptional circumstances and
the Hydro team look forward to welcoming new and returning guests in this our
125th year of operation.
Yours sincerely,
Graeme C King, MA, CA
13 July 2020
STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEARED 30 APRIL 2020
Half year to Half year to Year ended
30 April 2020 30 April 31 October
(Unaudited) 2019 2019 (Audited)
(Unaudited)
GBP GBP GBP
TURNOVER 1,177,033 1,553,553 3,733,698
OPERATING (LOSS)/PROFIT (281,909) (106,271) 271,809
INTEREST RECEIVABLE 5,059 5,000 10,265
(LOSS)/PROFIT BEFORE TAXATION (276,850) (101,271) 282,074
TAXATION - - (57,558)
(LOSS)/PROFIT FOR PERIOD GBP(276,850) GBP(101,271) GBP224,516
(Loss)/Earnings per share (46.14)p (16.88)p 37.42p
STATEMENT OF FINANCIAL POSITION
AT 30 APRIL 2020
30 April 30 April 31 October
2020 2019 2019
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
FIXED ASSETS
Tangible Assets 2,743,514 2,823,218 2,759,650
CURRENT ASSETS
Stocks 30,719 27,502 37,123
Debtors 41,126 103,049 129,098
Investment - 6 month notice deposit 200,658 200,000 200,000
account
Cash at bank and in hand 586,585 601,622 1,107,586
859,088 932,173 1,473,807
CREDITORS
Amounts falling due within one year (316,697) (503,138) (621,780)
NET CURRENT ASSETS 542,391 429,035 852,027
TOTAL ASSETS LESS
CURRENT LIABILITIES 3,285,905 3,252,253 3,611,677
PROVISION FOR LIABILITIES (125,890) (87,175) (120,812)
NET ASSETS GBP3,160,015 GBP3,165,078 GBP3,490,865
CAPITAL AND RESERVES
Called up share capital 600,000 600,000 600,000
Revaluation reserve 411,209 415,488 411,209
Profit and loss reserves 2,148,806 2,149,590 2,479,656
GBP3,160,015 GBP3,165,078 GBP3,490,865
STATEMENT OF CASH FLOWS
FOR THE HALF YEARED 30 APRIL 2020
Half year to Half year to Year ended
30 April 2020 30 April 2019 31 October
(Unaudited) (Unaudited) 2019
(Audited)
GBP GBP GBP
NET CASH (USED IN)/INFLOW FROM OPERATING (387,801) (67,538) 466,930
ACTIVITIES (Note 1)
NET CASH USED IN INVESTING ACTIVITIES (79,200) (294,347) (322,851)
(Note 2)
FINANCING ACTIVITIES
Dividends paid (54,000) (126,000) (126,000)
NET (DECREASE)/INCREASE IN CASH AND CASH (521,001) (487,885) 18,079
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE 1,107,586 1,089,507 1,089,507
BEGINNING OF THE PERIOD
CASH AND CASH EQUIVALENTS AT THE OF GBP586,585 GBP601,622 GBP1,107,586
THE PERIOD
RELATING TO:
Cash at bank and in hand GBP586,585 GBP601,622 GBP1,107,586
NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE HALF YEARED 30 APRIL 2020
Half year to Half year to Year ended
30 April 2020 30 April 2019 31 October
(Unaudited) (Unaudited) 2019
(Audited)
GBP GBP GBP
Note 1
CASH FLOWS FROM OPERATING
ACTIVITIES
(Loss)/profit after tax (276,850) (101,271) 224,516
Adjustments for:
Taxation - - 57,558
Depreciation 99,098 98,308 201,605
Loss/(gain) on disposal of fixed 638 (1,187) (7,147)
assets
Interest receivable (5,059) (5,000) (10,265)
OPERATING CASH FLOW BEFORE WORKING (182,173) (9,150) 466,267
CAPITAL CHANGES
MOVEMENTS IN WORKING CAPITAL
Decrease/(increase) in stocks 6,404 2,936 (6,685)
Decrease in debtors 87,972 47,038 20,989
(Decrease)/increase in creditors (300,004) (108,362) 24,271
Income taxes paid - - (37,912)
NET CASH (USED IN)/GENERATED FROM GBP(387,801) GBP(67,538) GBP466,930
OPERATING ACTIVITIES
Note 2
INVESTING ACTIVITIES
Purchases of tangible fixed assets (83,607) (300,744) (341,207)
Proceeds on disposal of tangible fixed 6 1,397 8,091
assets
Interest received 5,059 5,000 10,265
Payment for other investments (658) - -
NET CASH FLOW USED IN INVESTING GBP(79,200) GBP(294,347) GBP
ACTIVITIES (322,851)
NOTES TO THE ACCOUNTS
1 The results are prepared on the basis of the accounting policies set out in the
Company's Annual Report and Accounts for the year ended 31 October 2019.
At the date of this report, there exists considerable uncertainty regarding the
potential impact of the Coronavirus and the economic consequences, both within
the U.K. and overseas, which may result from government policies to contain the
spread. The duration and geographical extent of any possible lockdown or future
government policies are unknown. Whilst we are unable to predict what the
economic consequences may be and the impact on the company's future ability to
continue trading, we have continued to use the going concern basis as
appropriate in the preparation of these accounts.
2 The earnings per share are based on a loss of GBP276,850 (2019 loss GBP101,271)
being the loss on ordinary activities after taxation.
3 The movement in retained Profit and loss Reserves and Revaluation Reserves from
GBP2,890,865 at 31 October 2019 to GBP2,560,015 at 30 April 2020 includes the loss
for the period and dividends of GBP54,000 (2019: GBP126,000 paid in the period and
GBPNil accrued).
4 All dividends in 2020 were paid in the period and no accrual is included in
creditors, amounts falling due within one year as at 30 April 2020 (2019: GBPNil
accrued).
5 A copy of the interim report and accounts and the Chairman's statement thereto,
which were approved by the Board of Directors on 13 July 2020, will be posted
to all registered shareholders shortly thereafter.
6 The financial information set out above does not constitute statutory accounts
as defined in section 434 of the Companies Act 2006. Statutory accounts for
the year ended 31 October 2019, on which the report of the auditor was
unqualified and did not contain a statement under section 498 of the Companies
Act 2006, have been filed with the Registrar of Companies.
7 The Company's auditor, Mazars LLP, has not reviewed these unaudited interim
accounts.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory
Information Service, this inside information is now considered to be in the
public domain.
END
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