Hydro Hotel Eastbourne Plc Final Results
February 16 2021 - 8:29AM
UK Regulatory
TIDMHYDP
16 February 2021
HYDRO HOTEL, EASTBOURNE, PLC
PRELIMINARY ANNOUNCEMENT OF THE FINAL RESULTS FOR THE YEAR ENDED 31 OCTOBER
2020
HIGHLIGHTS
The Coronavirus pandemic has had a significant effect on the trading of the
Company. The loss for the financial year after taxation was GBP139,289 (2019
profit of GBP224,516). Turnover from the Hydro Hotel operation decreased during
the year by 40.2% (2019 increase of 2.1%). Earnings per share were (23.21)p
compared to 37.42p for the previous year.
The Company's operating activities absorbed cash of GBP159,871 (2019 generated
cash of GBP504,842) and it invested GBP95,593 in new fixed assets (2019
GBP341,207). During the year the Company paid ordinary dividends of GBP54,000
(2019 GBP126,000). At the year end the Company had net current assets of
GBP993,357 (2019 GBP852,027).
CHAIRMAN'S STATEMENT
Results for year ended 31 October 2020
I report on the Company's results for the year ended 31 October 2020.
It has been a difficult trading year for the Company and particularly for the
global hospitality industry as a result of the Coronavirus pandemic. Between 23
March 2020 and 4 July 2020, the hotel was closed as required by Government
legislation. The hotel reopened on 4 July 2020, trading in accordance with
Government guidance and restrictions. It was heartening how strongly trading
resumed following the opening in July, showing the enduring appeal of the Hydro
offering.
Sales for the year totalled £2,233,068, a decrease of 40.2% on the £3,733,698
sales for the previous year (2019 2.1% increase). Operating loss for the year
was £179,382 (2019 profit of £271,809). After interest receivable, interest
payable and the corporation tax credit, the post-tax losses for the year were £
139,289 (2019 profit of £224,516).
Capital improvements at the hotel during the start of the year included the
updating of the conservatory décor and furniture, and the installation of a new
computer server.
To support the business through the Coronavirus pandemic, the Company has been
in receipt of Government financial assistance. In view of this assistance, and
the continuing uncertainty regarding the economic consequences of the pandemic,
the Board of Directors has decided that it would not be appropriate to declare
a dividend in respect of the year ended 31 October 2020.
Developments since 31 October 2020
There has been a further period of closure for the hotel from 5 November to 2
December 2020, with Tier 2 restrictions applied from that date to 25 December
2020, Tier 4 restrictions applied from 26 December 2020, and a further lockdown
period announced as from 6 January 2021, with a subsequent closure of the hotel
from that date.
Capital projects remain on hold, but repair work to maintain the fabric of the
building and room stock continues and new marketing techniques will continue to
be developed during the year to encourage direct bookings at the hotel.
Our Staff
I would like to thank our General Manager, Jonathan Owen, for his prompt and
creative responses to the challenges brought by the Coronavirus pandemic and
the ongoing challenges for the hotel and tourism industry.
I wish also to record our thanks to our management team and all our staff for
their dedication to the hotel during these challenging times. All staff
continued to deliver a high quality of service to the hotel's customers in very
difficult circumstances.
Graeme C King, MA, CA
15 February 2021 Chairman of the Board
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2020
2020 2019
GBP GBP
Turnover
Continuing operations 2,233,068 3,773,698
Cost of sales (2,537,521) (3,231,920)
Gross (loss)/profit (304,453) 501,778
Administrative expenses (238,548) (229,969)
Other operating income 363,619 -
Operating (loss)/profit (179,382) 271,809
Interest receivable and similar income 7,370 10,265
Interest payable and similar expenses (2,354) -
(Loss)/Profit before taxation (174,366) 282,074
Taxation 35,077 (57,558)
(Loss)/Profit for the financial year GBP (139,289) GBP 224,516
Earnings per share - continuing operations (23.21)p 37.42p
Earnings per share have been calculated using 600,000 shares, being the
weighted average number of shares for both years. The company has no potential
ordinary shares, therefore basic and diluted earnings per share is the same
figure.
STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2020
2020 2019
GBP GBP
Fixed assets
Tangible Assets 2,653,876 2,759,650
Current assets
Stocks 27,899 37,123
Debtors 128,926 129,098
Investments 200,000 200,000
Cash at bank and in hand 1,025,141 1,107,586
1,381,966 1,473,807
Creditors: Amounts falling due within one year (388,609) (621,780)
Net current assets 993,357 852,027
Total assets less current liabilities 3,647,233 3,611,677
Creditors: Amounts falling due after more than one (240,000) -
year
Provisions for liabilities (109,657) (120,812)
Net assets GBP 3,297,576 GBP 3,490,865
Capital and reserves
Ordinary Shares - Authorised and Issued:
600,000 Shares of GPB1.00 each fully paid 600,000 600,000
Revaluation reserve 406,930 411,209
Profit and loss reserves 2,290,646 2,479,656
Total equity GBP 3,297,576 GBP 3,490,865
STATUS OF FINANCIAL INFORMATION
The financial information set out above does not constitute statutory accounts
as defined in section 434 of the Companies Act 2006. This has, however, been
extracted from the statutory accounts for the year ended 31 October 2020. These
accounts have not to date been delivered to the Registrar of Companies. The
Company's auditor, Mazars LLP, has issued an unqualified audit report which
does not contain a statement under section 498 of the Companies Act 2006 in
respect of these accounts.
DIVIDEND ANNOUNCEMENT
The Board do not propose the payment of any interim dividends for the year
ended 31 October 2020. The directors do not propose the payment of a final
dividend.
The Directors of Hydro Hotel, Eastbourne, plc accept responsibility for this
announcement.
For further information please contact:
Hydro Hotel, Eastbourne, plc Sally Gausden
Telephone: (+44)(0) 1323 431200
Peterhouse Capital Limited Mark
Anwyl Telephone: (+44)(0) 20 7469 0930
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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