(“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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