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Hydro Hotel Eastbourne Plc - Interim Results for the Half Year ended 30 April 2021

·7-min read

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 YEAR ENDED 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 account

200,325

200,658

200,000

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:
Amounts falling due after more than one year

(240,000)

-

(240,000)

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 YEAR ENDED 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 (Note 1)

(321,460)

(387,801)

(181,069)

NET CASH USED IN INVESTING ACTIVITIES (Note 2)

(19,417)

(79,200)

(87,376)

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 OF THE PERIOD

1,025,141

1,107,586

1,107,586

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

£684,264

£586,585

£1,025,141

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 YEAR ENDED 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 CHANGES

(288,445)

(182,173)

18,784

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 assets

-

6

847

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).

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