TIDMHYDP
14 July 2021
Hydro Hotel, Eastbourne, Plc
("Hydro Hotel" or the "Company")
Interim Results for the Half Year ended 30 April 2021
YOUR CHAIRMAN'S LETTER
Dear Shareholder,
SIX MONTHS TO 30 APRIL 2021
I report on the company's results for the six months to 30 April 2021, which
reflect the ongoing impact of the Coronavirus pandemic on our business. In
accordance with the Government lockdown measures, the hotel was required to
close from 5 November 2020 to 2 December 2020. The hotel reopened with Tier
restrictions being applied from that date up to 5 January 2021. A further
lockdown was introduced from 6 January 2021 up until the 8 March 2021. The
hotel was able to serve customers outdoors from 12 April 2021, but the hotel
was not allowed to open for guests to stay until 17 May 2021, but with
restrictions. These restrictions are now expected to end on 19 July 2021.
The total turnover for the six-month period to 30 April 2021 was £185,579
compared to £1,177,033 for the same period the previous year, a decrease of
84.23% (compared to a decrease in the six months to 30 April 2020 of 24.24%).
The gross profit percentage for the period was 0.72% lower than in the six
months to 30 April 2020 and staff costs (excluding grants received for the
Coronavirus Job Retention Scheme) decreased by 36.1% compared to the figure for
the period to 30 April 2020 (4.8% increase in the half year to 30 April 2020).
Overheads decreased by 34.66% (10.93% decrease in the half year ended 30 April
2020).
Advantage was taken during the periods of closure to refurbish some bathrooms
with walk in showers, to refresh the decoration of bedrooms and to commence
repairs to some of the roof areas.
There is an increase in the loss for the half year to 30 April 2021 to £383,183
compared to £276,850 for the half year to 30 April 2020.
The Board and the management of the company in monitoring cash resources have
reviewed and taken advantage of appropriate sources of finance available from
both central and local Government.
All action required, by Government and the relevant guidance issued, has been
taken to enable the hotel to re-open fully for business on 19 July 2021.
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
126th year of operation.
Yours sincerely,
Graeme C King, MA, CA
13 July 2021
STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEARED 30 APRIL 2021
Half year to Half year to Year ended
30 April 2021 30 April 2020 31 October 2020
(Unaudited) (Unaudited) (Audited)
£ £ £
TURNOVER 185,579 1,177,033 2,233,068
OPERATING LOSS (385,397) (281,909) (179,382)
INTEREST RECEIVABLE 2,214 5,059 7,370
INTEREST PAYABLE - - (2,354)
LOSS BEFORE TAXATION (383,183) (276,850) (174,366)
TAXATION - - 35,077
LOSS FOR PERIOD £(383,183) £(276,850) £(139,289)
(Loss) per share (63.86)p (46.14)p (23.21)p
STATEMENT OF FINANCIAL POSITION
AT 30 APRIL 2021
30 April 2021 30 April 2020 31 October 2020
(Unaudited) (Unaudited) (Audited)
£ £ £
FIXED ASSETS
Tangible Assets 2,578,230 2,743,514 2,653,876
CURRENT ASSETS
Stocks 24,474 30,719 27,899
Debtors 103,643 41,126 128,926
Investment - 6 month notice deposit 200,325 200,658 200,000
account
Cash at bank and in hand 684,264 586,585 1,025,141
1,012,706 859,088 1,381,966
CREDITORS
Amounts falling due within one year (326,396) (316,697) (388,609)
NET CURRENT ASSETS 686,310 542,391 993,357
TOTAL ASSETS LESS
CURRENT LIABILITIES 3,264,540 3,285,905 3,647,233
CREDITORS: (240,000) - (240,000)
Amounts falling due after more than one
year
PROVISION FOR LIABILITIES (110,147) (125,890) (109,657)
NET ASSETS £2,914,393 £3,160,015 £3,297,576
CAPITAL AND RESERVES
Called up share capital 600,000 600,000 600,000
Revaluation reserve 406,930 411,209 406,930
Profit and loss reserves 1,907,463 2,148,806 2,290,646
£2,914,393 £3,160,015 £3,297,576
STATEMENT OF CASH FLOWS
FOR THE HALF YEARED 30 APRIL 2021
Half year to Half year to Year ended
30 April 2021 30 April 2020 31 October 2020
(Unaudited) (Unaudited) (Audited)
£ £ £
NET CASH USED IN OPERATING ACTIVITIES (321,460) (387,801) (181,069)
(Note 1)
NET CASH USED IN INVESTING ACTIVITIES (19,417) (79,200) (87,376)
(Note 2)
FINANCING ACTIVITIES
Proceeds of new bank loans - - 240,000
Dividends paid - (54,000) (54,000)
NET DECREASE IN CASH AND CASH EQUIVALENTS (340,877) (521,001) (82,445)
CASH AND CASH EQUIVALENTS AT THE BEGINNING 1,025,141 1,107,586 1,107,586
OF THE PERIOD
CASH AND CASH EQUIVALENTS AT THE OF £684,264 £586,585 £1,025,141
THE PERIOD
RELATING TO:
Cash at bank and in hand £684,264 £586,585 £1,025,141
NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE HALF YEARED 30 APRIL 2021
Half year to Half year to Year ended
30 April 2021 30 April 2020 31 October 2020
(Unaudited) (Unaudited) (Audited)
£ £ £
Note 1
CASH FLOWS FROM OPERATING
ACTIVITIES
Loss after tax (383,183) (276,850) (139,289)
Adjustments for:
Taxation - - (35,077)
Depreciation 93,402 99,098 200,723
Loss/(gain) on disposal of fixed assets 3,550 638 (203)
Interest receivable (2,214) (5,059) (7,370)
OPERATING CASH FLOW BEFORE WORKING CAPITAL (288,445) (182,173) 18,784
CHANGES
MOVEMENTS IN WORKING CAPITAL
Decrease in stocks 3,425 6,404 9,224
Decrease in debtors 25,773 87,972 19,016
Decrease in creditors (62,213) (300,004) (209,249)
Income taxes paid - - (18,844)
NET CASH USED IN OPERATING ACTIVITIES £(321,460) £(387,801) £(181,069)
Note 2
INVESTING ACTIVITIES
Purchases of tangible fixed assets (21,306) (83,607) (95,593)
Proceeds on disposal of tangible fixed - 6 847
assets
Interest received 2,214 5,059 7,370
Payment for other investments (325) (658) -
NET CASH FLOW USED IN INVESTING ACTIVITIES £(19,417) £(79,200) £(87,376)
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 2020.
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 £383,183 (2020 loss £276,850)
being the loss on ordinary activities after taxation.
3 The movement in retained Profit and loss Reserves and Revaluation Reserves from
£2,697,576 at 31 October 2020 to £2,314,393 at 30 April 2021 includes the loss
for the period and dividends of £Nil (2020: £54,000 paid in the period and £Nil
accrued).
4 No dividends were paid in the period and no accrual is included in creditors,
amounts falling due within one year as at 30 April 2021 (2020: £Nil 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 2021, 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 2020, 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
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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