(“Hydro Hotel” or the “Company”)
Interim Results for the Half Year ended
YOUR CHAIRMAN'S LETTER
Dear Shareholder,
SIX MONTHS TO
I am pleased to report on the Company’s results for the six months to
The gross profit percentage for the period was 0.65% higher than in the six months to
Overheads decreased by 15.02% (14.32% increase in the half year ended
There is a reduction in the loss for the half year to
The bedroom refurbishment programme continued (12 rooms refurbished in the period ended
The management team continue to explore new methods of promoting and marketing the enhanced facilities at our 4* status hotel.
Yours sincerely,
Graeme C King, MA, CA
STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED30 APRIL 2019
Half year to Half year to Year ended 30 April 2019 30 April 2018 31 October 2018 (Unaudited) (Unaudited) (Audited) GBP GBP GBP TURNOVER 1,553,553 1,514,627 3,658,461 OPERATING (LOSS)/PROFIT (106,271) (203,817) 185,135 INTEREST RECEIVABLE 5,000 3,983 8,190 (LOSS)/PROFIT BEFORE TAXATION (101,271) (199,834) 193,325 TAXATION - - (40,065) (LOSS)/PROFIT FOR PERIOD £(101,271) £(199,834) £153,260 (Loss)/Earnings per share (16.88)p (33.31)p 25.54p
STATEMENT OF FINANCIAL POSITION AT30 APRIL 2019
30 April 2019 30 April 2018 31 October 2018 (Unaudited) (Unaudited) (Audited) GBP GBP GBP FIXED ASSETS Tangible Assets 2,823,218 2,707,485 2,620,992 CURRENT ASSETS Stocks 27,502 32,883 30,438 Debtors 103,049 112,685 150,087 Investment – 6-month notice deposit 200,000 200,000 200,000 account Cash at bank and in hand 601,622 634,892 1,089,507 932,173 980,460 1,470,032 CREDITORS Amounts falling due within one year (503,138) (563,668) (611,500) NET CURRENT ASSETS 429,035 416,792 858,532 TOTAL ASSETS LESS CURRENT LIABILITIES 3,252,253 3,124,277 3,479,524 PROVISION FOR LIABILITIES (87,175) (85,022) (87,175) NET ASSETS £3,165,078 £3,039,255 £3,392,349 CAPITAL AND RESERVES Called up share capital 600,000 600,000 600,000 Revaluation reserve 415,488 419,767 415,488 Profit and loss reserves 2,149,590 2,019,488 2,376,861 £3,165,078 £3,039,255 £3,392,349
STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED30 APRIL 2019
Half year to Half year to Year ended 30 April 2019 30 April 2018 31 October 2018 (Unaudited) (Unaudited) (Audited) GBP GBP GBP NET CASH (USED IN)/INFLOW FROM (67,538) (187,991) 362,383 OPERATING ACTIVITIES (Note 1) NET CASH GENERATED (USED IN) (294,347) (153,443) (165,202) INVESTING ACTIVITIES (Note 2) FINANCING ACTIVITIES Dividends paid (126,000) (42,000) (126,000) NET (DECREASE) IN CASH AND CASH (487,885) (383,434) 71,181 EQUIVALENTS CASH AND CASH EQUIVALENTS AT THE 1,089,507 1,018,326 1,018,326 BEGINNING OF THE PERIOD CASH AND CASH EQUIVALENTS AT THE END £601,622 £634,892 £1,089,507 OF THE PERIOD RELATING TO: Cash at bank and in hand £601,622 £634,892 £1,089,507
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED30 APRIL 2019
Half year to Half year to Year ended 30 April 2019 30 April 2018 31 October 2018 (Audited) (Unaudited) (Unaudited) GBP GBP GBP Note 1 CASH FLOWS FROM OPERATING ACTIVITIES (Loss)/profit after tax (101,271) (199,834) 153,260 Adjustments for: Taxation - - 40,065 Depreciation 98,308 91,392 183,937 (Gain)/Loss on disposal of (1,187) 3,574 3,574 fixed assets Interest receivable (5,000) (3,983) (8,190) OPERATING CASH FLOW BEFORE (9,150) (108,851) 372,646 WORKING CAPITAL CHANGES MOVEMENTS IN WORKING CAPITAL Decrease/(increase) in 2,936 (5,164) (2,719) stocks Decrease/(increase) in 47,038 (69) (37,471) debtors (Decrease)/increase in (108,362) (73,907) 46,432 creditors Income taxes paid - - (16,505) NET CASH (USED £(67,538) £(187,991) £362,383 IN)/GENERATED FROM OPERATING ACTIVITIES Note 2 INVESTING ACTIVITIES Purchases of tangible (300,744) (157,994) (173,960) fixed assets Proceeds on disposal of 1,397 - - tangible fixed assets Interest received 5,000 3,983 8,190 Proceeds from/(payment - 568 568 for) other investments NET CASH FLOW (USED IN) £(294,347) £(153,443) £(165,202) 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 ended
2 The earnings per share are based on a loss of £101,271 (2018 loss £199,834) being the loss on ordinary activities after taxation.
3 The movement in retained Profit and loss Reserves and Revaluation Reserves from £2,792,349 at
4 All dividends in 2019 were paid in the period and no accrual is included in creditors, amounts falling due within one year as at
5 A copy of the interim report and accounts and the Chairman’s statement thereto, which were approved by the Board of Directors on
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
7 The Company’s auditor,
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