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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hydro Hotel Eastbourne plc | AQSE:HYDP | Aquis Stock Exchange | Ordinary Share | GB0004495403 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 900.00 | 800.00 | 1,000.00 | 930.00 | 900.00 | 910.00 | 0.00 | 08:03:30 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMHYDP
HYDRO HOTEL, EASTBOURNE, PLC
Interim Report and Accounts
Half Year ended 30 April 2016
HYDRO HOTEL, EASTBOURNE, PLC
YOUR CHAIRMAN'S LETTER
Dear Shareholder,
SIX MONTHS TO 30 APRIL 2016
We had a better Christmas and New Year season than the previous year, which got
the sales off to a good start for the half year, but the improvement did not
continue through to the spring, so that the sales increase for the six months
to 30 April 2016 was restricted to 1.2% to GBP1,325,291 (reduction in the six
months to 30 April 2015 of 2.78% to GBP1,309,051). This was partly attributable
to the management adjustments necessitated by the departure of the former
general manager during the period, and partly to the consumer caution brought
on by the impending referendum on the United Kingdom's membership of the
European Community. With so many potential economic changes engendered by the
result of the referendum, it is too early to assess what impact this will have
on the company's business in the longer term.
The overall result for the six months to 30 April 2016 was a reduction in the
loss to GBP98,640 compared to the loss in the six months to 30 April 2015 of GBP
166,694. This relative improvement was helped by a 1.56% increase in the gross
profit percentage for the half year (0.04% improvement in the half year to 30
April 2015). Staff costs reduced by 2.26% (half year to 30 April 2015 7.10%
increase) which was a good outcome given the National Living Wage was
introduced during the period. Overheads reduced by 3.89% (half year to 30 April
2015 1.06% increase), helped by the deferral of refurbishment projects pending
the appointment of a new general manager. I wish to thank our management team
for achieving this result while coping with the changes in responsibilities
occasioned by the loss of the general manager part way through the period.
I am pleased to say that Jonathan Owen joined us as general manager during May
2016 from his previous employment at Hand Picked Hotels, and has identified and
started to implement some necessary operational changes. The board will be
reviewing his strategic plans for the hotel later in the year once he has
completed his detailed assessment of the business and formulated proposals for
consideration by the board. In the meantime Mr Owen will be pleased to meet
shareholders who visit the hotel, and is offering shareholders the opportunity
for the remainder of the financial year to 31 October 2016 to book their
private functions without any charge for room hire. Your booking will also
benefit from the shareholders' discount scheme. If you wish to discuss this
offer please visit the hotel, call the hotel on 01323 720643, or send an email
to jonathan.owen@hydrohotel.com.
Our 2016 full year accounts will be the first prepared under the new UK
accounting standard FRS 102. The transitional period for adoption of FRS 102
commenced on 1 November 2014 and comparative numbers, for the year ended 31
October 2015 and 30 April 2015, have been restated to comply with the new
standard and are explained in note 5 to these accounts.
Yours sincerely,
Graeme C King, MA, CA
12 July 2016
HYDRO HOTEL, EASTBOURNE, PLC
SUMMARY PROFIT AND LOSS ACCOUNT
FOR THE HALF YEARED 30 APRIL 2016
Half year to Half year to Year ended
30 April 2016 30 April 2015 31 October 2015
FRS 102 FRS 102
(Unaudited) (Unaudited) (Unaudited)
GBP GBP GBP
TURNOVER 1,325,291 1,309,051 3,129,504
OPERATING (LOSS)/PROFIT (104,818) (173,321) 120,006
INTEREST RECEIVABLE 6,178 6,627 13,570
(LOSS)/PROFIT ON ORDINARY ACTIVITIES (98,640) (166,694) 133,576
BEFORE TAXATION
TAXATION ON (LOSS)/PROFIT
ON ORDINARY ACTIVITIES - - (29,959)
(LOSS)/PROFIT FOR PERIOD GBP(98,640) GBP(166,694) GBP103,617
(Loss)/Earnings per share (16.44)p (27.78)p 17.27p
HYDRO HOTEL, EASTBOURNE, PLC
SUMMARY BALANCE SHEET
AT 30 APRIL 2016
30 April 2016 30 April 2015 31 October 2015
FRS 102 FRS 102
(Unaudited) (Unaudited) (Unaudited)
GBP GBP GBP
FIXED ASSETS
Tangible Assets 2,508,779 2,648,157 2,557,464
CURRENT ASSETS
Stocks 37,034 30,910 29,189
Debtors 90,482 71,222 128,963
Investments - 500,000 500,000
Cash at bank and in hand 1,010,370 382,873 650,831
1,137,886 985,005 1,308,983
CREDITORS
Amounts falling due within one year (477,808) (527,664) (490,950)
NET CURRENT ASSETS 660,078 457,341 818,033
TOTAL ASSETS LESS
CURRENT LIABILITIES 3,168,857 3,105,498 3,375,497
PROVISION FOR LIABILITIES (79,312) (79,624) (79,312)
TOTAL ASSETS LESS LIABILITIES GBP3,089,545 GBP3,025,874 GBP3,296,185
CAPITAL AND RESERVES
Ordinary Shares - 600,000 shares
of GBP1 each called up & fully paid 600,000 600,000 600,000
Non Distributable Reserve 428,325 432,604 428,325
Profit and Loss Account 2,061,220 1,993,270 2,267,860
GBP3,089,545 GBP3,025,874 GBP3,296,185
HYDRO HOTEL, EASTBOURNE, PLC
CASH FLOW STATEMENT
FOR THE HALF YEARED 30 APRIL 2016
Half year to Half year to Year ended
30 April 2016 30 April 2015 31 October 2015
FRS 102 FRS 102
(Unaudited) (Unaudited) (Unaudited)
GBP GBP GBP
NET CASH GENERATED FROM/(USED IN) (70,361) (88,395) 249,528
OPERATING ACTIVITIES (Note
1)
NET CASH FLOW FROM INVESTING ACTIVITIES 465,900 (558,083) (556,048)
(Note 2)
FINANCING ACTIVITIES
Equity dividends paid (36,000) (36,000) (108,000)
NET INCREASE/(DECREASE) IN CASH AND CASH 359,539 (682,478) (414,520)
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE BEGINNING 650,831 1,065,351 1,065,351
OF THE PERIOD
CASH AND CASH EQUIVALENTS AT THE OF GBP1,010,370 GBP382,873 GBP650,831
THE PERIOD
CASH AND CASH EQUIVALENTS CONSIST OF:
Cash at bank and in hand GBP1,010,370 GBP382,873 GBP650,831
HYDRO HOTEL, EASTBOURNE, PLC
NOTES TO THE CASH FLOW STATEMENT
FOR THE HALF YEARED 30 APRIL 2016
Half year to Half year to Year ended
30 April 2016 30 April 2015 31 October 2015
FRS 102 FRS 102
(Unaudited) (Unaudited) (Unaudited)
GBP GBP GBP
Note 1
CASH FLOWS FROM OPERATING
ACTIVITIES
Profit/(loss) before tax (98,640) (166,694) 133,576
Adjustments for:
Depreciation 88,666 95,877 192,452
(Profit)/loss on disposal of fixed assets 3,556 - 180
Interest receivable (6,178) (6,627) (13,570)
OPERATING CASH FLOW BEFORE WORKING CAPITAL (12,596) (77,444) 312,638
CHANGES
MOVEMENTS IN WORKING CAPITAL
(Increase)/decrease in stocks (7,845) 3,413 5,134
Decrease/(increase) in debtors 38,481 30,772 (26,969)
(Decrease) in creditors (88,401) (45,136) (1,694)
Taxation paid - - (39,581)
NET CASH GENERATED FROM/(USED IN) GBP(70,361) GBP(88,395) GBP249,528
OPERATING ACTIVITIES
Note 2
INVESTING ACTIVITIES
Purchases of property, plant and equipment (40,278) (114,710) (119,618)
Interest received 6,178 6,627 13,570
Receipts from investments/deposits 500,000 (450,000) (450,000)
NET CASH FLOW FROM INVESTING ACTIVITES GBP465,900 GBP(558,083) GBP(556,048)
HYDRO HOTEL, EASTBOURNE, PLC
RECONCILIATION OF PRIOR YEAR BALANCES
ON TRANSITION TO FRS 102 ACCOUNTING STANDARD
2015 Effect of 2015
As reported Transition FRS 102
GBP GBP GBP
PERIOD TO 30 APRIL 2015
CURRENT ASSETS
Stocks 30,910 - 30,910
Debtors 71,222 - 71,222
Investments - 500,000 500,000
Cash at bank and in hand 882,873 (500,000) 382,873
GBP985,005 GBP- GBP985,005
PERIOD TO 31 OCTOBER 2015
CURRENT ASSETS
Stocks 29,189 - 29,189
Debtors 128,963 - 128,963
Investments - 500,000 500,000
Cash at bank and in hand 1,150,831 (500,000) 650,831
GBP1,308,983 GBP- GBP1,308,983
The changes shown relate to the requirement in FRS 102 to treat amounts held on
deposit for more than three months as Investments, where these were previously
included in Cash at bank and in hand.
HYDRO HOTEL, EASTBOURNE, PLC
NOTES TO THE ACCOUNTS
1 The results are prepared under the new accounting standard FRS 102. The 31
October 2015 full year accounts were audited but, as the adjustments made to
comply with FRS 102 have not been audited, the above statements show these
results as being unaudited.
2 The earnings per share are based on a loss of GBP98,640 (2015 loss GBP166,694)
being the loss on ordinary activities after taxation.
3 The movement in retained Profit and Loss account reserves from GBP2,267,860 at
31 October 2015 to GBP2,061,220 at 30 April 2016 includes the loss for the
period and dividends of GBP108,000 (GBP36,000 paid in the period and GBP72,000
accrued).
4 Creditors, amounts falling due within one year, include a dividend for the
year ended 31 October 2015 declared by the directors and paid on 5 May 2016
at the rate of 12p per share of GBP72,000 (2015 12p per share GBP72,000).
5 The Reconciliation of Prior Year Balances shows the impact of the transition
to the new accounting standard, FRS 102, on figures disclosed in these
Interim Accounts.
6 A copy of the interim report and accounts and the Chairman's statement
thereto, which were approved by the Board of Directors on 12 July 2016, will
be posted to all registered shareholders shortly thereafter.
7 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 2015, 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.
8 The company's auditor, Mazars LLP, has not reviewed these unaudited interim
accounts.
END
(END) Dow Jones Newswires
July 13, 2016 05:30 ET (09:30 GMT)
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