(“Hydro Hotel” or the “Company”)
Interim Results for the Half Year ended
YOUR CHAIRMAN'S LETTER
Dear Shareholder,
SIX MONTHS TO
I report on the company’s results for the six months to
The total turnover for the six month period to
The gross profit percentage for the period was 0.47% lower than in the six months to
Overheads decreased by 10.93% (15.02% decrease in the half year ended
There is an increase in the loss for the half year to
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
All action required, by Government and the relevant guidance issued, has been taken to enable the hotel to re-open for business on
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
STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED
Half year to Half year to 30 April Year ended 30 April 2020 2019 (Unaudited) 31 October 2019 (Unaudited) (Audited) 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 (276,850) (101,271) 282,074 TAXATION TAXATION - - (57,558) (LOSS)/PROFIT FOR PERIODGBP(276,850) GBP(101,271) GBP224,516 (Loss)/Earnings per (46.14)p (16.88)p 37.42p share
STATEMENT OF FINANCIAL POSITION
AT
30 April 30 April 31 October 2019 2020 (Unaudited) 2019 (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 200,658 200,000 200,000 deposit 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 (316,697) (503,138) (621,780) one year 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 ASSETSGBP3,160,015 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 2,479,656GBP3,160,015 GBP3,165,078 GBP3,490,865
STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED
Half year to Half year to Year ended 31 October 30 April 2020 30 April 2019 2019 (Audited) (Unaudited) (Unaudited) GBP GBP GBP NET CASH (USED (387,801) (67,538) 466,930 IN)/INFLOW FROM OPERATING ACTIVITIES (Note 1) NET CASH USED IN (79,200) (294,347) (322,851) INVESTING ACTIVITIES (Note 2) FINANCING ACTIVITIES Dividends paid (54,000) (126,000) (126,000) NET (DECREASE)/INCREASE (521,001) (487,885) 18,079 IN CASH AND CASH EQUIVALENTS CASH AND CASH 1,107,586 1,089,507 1,089,507 EQUIVALENTS AT THE BEGINNING OF THE PERIOD CASH AND CASHGBP586,585 GBP601,622 GBP1,107,586 EQUIVALENTS AT THE END OF THE PERIOD RELATING TO: Cash at bank and in handGBP586,585 GBP601,622 GBP1,107,586
NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED
Half year to Half year to Year ended 30 April 2020 30 April 2019 31 October 2019 (Audited) (Unaudited) (Unaudited) 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 638 (1,187) (7,147) of fixed assets Interest receivable (5,059) (5,000) (10,265) OPERATING CASH FLOW (182,173) (9,150) 466,267 BEFORE WORKING CAPITAL CHANGES MOVEMENTS IN WORKING CAPITAL Decrease/(increase) in 6,404 2,936 (6,685) stocks Decrease in debtors 87,972 47,038 20,989 (Decrease)/increase in (300,004) (108,362) 24,271 creditors Income taxes paid - - (37,912) NET CASH (USEDGBP(387,801) GBP (67,538)GBP466,930 IN)/GENERATED FROM OPERATING ACTIVITIES Note 2 INVESTING ACTIVITIES Purchases of tangible (83,607) (300,744) (341,207) fixed assets Proceeds on disposal of 6 1,397 8,091 tangible fixed assets Interest received 5,059 5,000 10,265 Payment for other (658) - - investments NET CASH FLOW USED INGBP(79,200) GBP (294,347) GBP(322,851) INVESTING ACTIVITIES
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 ended31 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 theU.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 £276,850 (2019 loss £101,271) being the loss on ordinary activities after taxation. 3 The movement in retained Profit and loss Reserves and Revaluation Reserves from £2,890,865 at31 October 2019 to £2,560,015 at30 April 2020 includes the loss for the period and dividends of £54,000 (2019: £126,000 paid in the period and £Nil 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 at30 April 2020 (2019: £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 on13 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 ended31 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
