TIDMHYDP
14 July 2022
Hydro Hotel, Eastbourne, Plc
("Hydro Hotel" or the "Company")
Interim Results for the Half Year ended 30 April 2022
YOUR CHAIRMAN'S LETTER
Dear Shareholder,
SIX MONTHS TO 30 APRIL 2022
I report on the company's results for the six months to 30 April 2022, which
reflect trading following the removal of all restrictions imposed by the
Government due to the Coronavirus pandemic.
The total turnover for the six month period to 30 April 2022 was £1,822,411
compared to £185,579 for the same period the previous year, an increase of 882%
(compared to a decrease in the six months to 30 April 2021 of 84%).
The gross profit percentage for the period was 3% higher than in the six months
to 30 April 2021 and staff costs (excluding grants received for the Coronavirus
Job Retention Scheme) increased by 73% as the hotel reopened and business
recovered, compared to the figure for the period to 30 April 2021 (36% decrease
in the half year to 30 April 2021).
Overheads increased by 77% reflecting the reopening after the Coronavirus
pandemic (35% decrease in the half year ended 30 April 2021).
Only routine maintenance to the fabric of the building was undertaken during
the six months to 30 April 2022, reflecting uncertainty over future periods of
closure from the Coronavirus pandemic. Consequently, repairs were at a similar
level to the six months ended 30 April 2021.
The profit for the half year to 30 April 2022 was £22,277 compared to a loss of
£383,183 for the half year to 30 April 2021, when the hotel was closed for much
of the period due to the Coronavirus pandemic.
The Board and the management of the company continue to monitor cash resources
and have paid the dividend of £120,000 declared on 21 December 2021. No further
dividends were declared in the period.
The Board wishes to express its thanks to the management and staff of the hotel
for their co-operation and efforts in building up the business following the
exceptional circumstances of the Coronavirus pandemic. The Hydro team look
forward to welcoming new and returning guests in this our 127th year of
operation.
Yours sincerely,
Graeme C King, MA, CA
12 July 2022
STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEARED 30 APRIL 2022
Half year to Half year to Year ended
30 April 2022 30 April 2021 31 October 2021
(Unaudited) (Unaudited) (Audited)
£ £ £
TURNOVER 1,822,411 185,579 2,791,482
OPERATING PROFIT/(LOSS) 17,580 (385,397) 461,312
4,697 2,214 5,000
INTEREST RECEIVABLE
INTEREST PAYABLE - - (9,286)
PROFIT/(LOSS) BEFORE TAXATION 22,277 (383,183) 457,026
TAXATION - - (94,366)
PROFIT/(LOSS) FOR PERIOD £22,277 £(383,183) £362,660
Earnings/(Loss) per share 3.71p (63.86)p 60.44p
STATEMENT OF FINANCIAL POSITION
AT 30 APRIL 2022
30 April 2022 30 April 2021 31 October 2021
(Unaudited) (Unaudited) (Audited)
£ £ £
FIXED ASSETS
Tangible Assets 2,504,821 2,578,230 2,500,211
CURRENT ASSETS
Stocks 40,200 24,474 36,657
Debtors 124,131 103,643 115,672
Investments - 3 month notice deposit 451,946 200,325 451,014
accounts
Cash at bank and in hand 1,353,406 684,264 1,328,353
1,969,683 1,012,706 1,931,696
CREDITORS
Amounts falling due within one year (817,611) (326,396) (677,291)
NET CURRENT ASSETS 1,152,072 686,310 1,254,405
TOTAL ASSETS LESS
CURRENT LIABILITIES 3,656,893 3,264,540 3,754,616
CREDITORS: - (240,000) -
Amounts falling due after more than one
year
PROVISION FOR LIABILITIES (94,380) (110,147) (94,380)
NET ASSETS £3,562,513 £2,914,393 £3,660,236
CAPITAL AND RESERVES
Called up share capital 600,000 600,000 600,000
Revaluation reserve 402,651 406,930 402,651
Profit and loss reserves 2,559,862 1,907,463 2,657,585
£3,562,513 £2,914,393 £3,660,236
STATEMENT OF CASH FLOWS
FOR THE HALF YEARED 30 APRIL 2022
Half year to Half year to Year ended
30 April 2022 30 April 31 October 2021
2021
(Unaudited) (Unaudited) (Audited)
£ £ £
NET CASH INFLOW FROM/(USED IN) OPERATING ACTIVITIES 238,289 (321,460) 829,213
(Note 1)
NET CASH USED IN INVESTING ACTIVITIES (Note 2) (93,236) (19,417) (286,001)
FINANCING ACTIVITIES
Repayment of bank loans - - (240,000)
Dividends paid (120,000) - -
NET INCREASE/(DECREASE) IN CASH AND CASH 25,053 (340,877) 303,212
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE BEGINNING 1,328,353 1,025,141 1,025,141
OF THE PERIOD
CASH AND CASH EQUIVALENTS AT THE OF £1,353,406 £684,264 £1,328,353
THE PERIOD
RELATING TO:
Cash at bank and in hand £1,353,406 £684,264 £1,328,353
NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE HALF YEARED 30 APRIL 2022
Half year to Half year to Year ended
30 April 2022 30 April 2021 31 October 2021
(Unaudited) (Unaudited) (Audited)
£ £ £
Note 1
CASH FLOWS FROM OPERATING
ACTIVITIES
Profit/(Loss) after tax 22,277 (383,183) 362,660
Adjustments for:
Taxation - - 94,366
Depreciation 92,102 93,402 190,102
Loss/(gain) on disposal of fixed assets 289 3,550 3,550
Interest receivable (4,697) (2,214) (5,000)
OPERATING CASH FLOW BEFORE WORKING CAPITAL 109,971 (288,445) 645,678
CHANGES
MOVEMENTS IN WORKING CAPITAL
(Increase)/decrease in stocks (3,543) 3,425 (8,758)
(Increase)/decrease in debtors (8,459) 25,773 (5,590)
Increase/(decrease) in creditors 140,320 (62,213) 178,549
Income taxes refunded - - 19,334
NET CASH GENERATED FROM/(USED IN) OPERATING £238,289 £(321,460) £829,213
ACTIVITIES
Note 2
INVESTING ACTIVITIES
Purchases of tangible fixed assets (97,001) (21,306) (39,987)
Interest received 4,697 2,214 5,000
Payment for other investments (932) (325) (251,014)
NET CASH FLOW USED IN INVESTING ACTIVITIES £(93,236) £(19,417) £(286,001)
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 2021.
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 profit of £22,277 (2021 loss of £
383,183) being the profit on ordinary activities after taxation.
3 The movement in retained Profit and Loss Reserves from £2,657,585 at 31
October 2021 to £2,559,862 at 30 April 2022 includes the profit for the
period and dividends paid of £120,000 ( £120,000 paid in the period and £Nil
accrued).
4 All dividends in 2022 were paid in the period and no accrual is included in
creditors, amounts falling due within one year as at 30 April 2022 (2021: £
Nil dividends paid and no accrual included in creditors, amounts falling due
within one year as at 30 April 2021).
5 A copy of the interim report and accounts and the Chairman's statement
thereto, which were approved by the Board of Directors on 12 July 2022, 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 2021, 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, UHY Hacker Young LLP, has not reviewed these
unaudited interim accounts.
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as
defined in the European Union (Withdrawal) Act 2018).
END
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