PRELIMINARY ANNOUNCEMENT OF THE FINAL RESULTS FOR THE YEAR ENDED
HIGHLIGHTS
The Coronavirus pandemic has had a significant effect on the trading of the Company. The loss for the financial year after taxation was
The Company’s operating activities absorbed cash of
CHAIRMAN’S STATEMENT
Results for year ended
I report on the Company’s results for the year ended
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
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
Developments since
There has been a further period of closure for the hotel from 5 November to
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,
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 | |
Chairman of the Board |
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED |
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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 | ||||
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 |
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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 year | (240,000) | - | ||
Provisions for liabilities | (109,657) | (120,812) | ||
Net assets | ||||
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 | ||||
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
DIVIDEND ANNOUNCEMENT
The Board do not propose the payment of any interim dividends for the year ended
The Directors of
For further information please contact:
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