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HYDP Hydro Hotel Eastbourne plc

985.00
0.00 (0.00%)
28 Mar 2024 - Closed
Realtime Data
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% 985.00 850.00 1,150.00 1,015.00 910.00 985.00 744 16:29:58
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Hydro Hotel Eastbourne Plc Interim Results for the Half Year ended 30 April 2022

14/07/2022 2:09pm

UK Regulatory


 
TIDMHYDP 
 
14 July 2022 
 
                         Hydro Hotel, Eastbourne, Plc 
 
                       ("Hydro Hotel" or the "Company") 
 
             Interim Results for the Half Year ended 30 April 2022 
 
YOUR CHAIRMAN'S LETTER 
 
Dear Shareholder, 
 
SIX MONTHS TO 30 APRIL 2022 
 
I report on the company's results for the six months to 30 April 2022, which 
reflect trading following the removal of all restrictions imposed by the 
Government due to the Coronavirus pandemic. 
 
The total turnover for the six month period to 30 April 2022 was £1,822,411 
compared to £185,579 for the same period the previous year, an increase of 882% 
(compared to a decrease in the six months to 30 April 2021 of 84%). 
 
The gross profit percentage for the period was 3% higher than in the six months 
to 30 April 2021 and staff costs (excluding grants received for the Coronavirus 
Job Retention Scheme) increased by 73% as the hotel reopened and business 
recovered, compared to the figure for the period to 30 April 2021 (36% decrease 
in the half year to 30 April 2021). 
Overheads increased by 77% reflecting the reopening after the Coronavirus 
pandemic (35% decrease in the half year ended 30 April 2021). 
Only routine maintenance to the fabric of the building was undertaken during 
the six months to 30 April 2022, reflecting uncertainty over future periods of 
closure from the Coronavirus pandemic. Consequently, repairs were at a similar 
level to the six months ended 30 April 2021. 
The profit for the half year to 30 April 2022 was £22,277 compared to a loss of 
£383,183 for the half year to 30 April 2021, when the hotel was closed for much 
of the period due to the Coronavirus pandemic. 
 
The Board and the management of the company continue to monitor cash resources 
and have paid the dividend of £120,000 declared on 21 December 2021. No further 
dividends were declared in the period. 
 
The Board wishes to express its thanks to the management and staff of the hotel 
for their co-operation and efforts in building up the business following the 
exceptional circumstances of the Coronavirus pandemic. The Hydro team look 
forward to welcoming new and returning guests in this our 127th year of 
operation. 
 
Yours sincerely, 
 
 
Graeme C King, MA, CA 
 12 July 2022 
 
STATEMENT OF COMPREHENSIVE INCOME 
 
FOR THE HALF YEARED 30 APRIL 2022 
 
                                           Half year to     Half year to      Year ended 
 
                                           30 April 2022   30 April 2021   31 October 2021 
 
                                           (Unaudited)      (Unaudited)        (Audited) 
 
                                                £                £                 £ 
 
TURNOVER                                      1,822,411          185,579          2,791,482 
 
OPERATING PROFIT/(LOSS)                          17,580        (385,397)            461,312 
 
                                                  4,697            2,214              5,000 
 
INTEREST RECEIVABLE 
 
INTEREST PAYABLE                                      -                -            (9,286) 
 
PROFIT/(LOSS) BEFORE TAXATION                    22,277        (383,183)            457,026 
 
TAXATION                                              -                -           (94,366) 
 
PROFIT/(LOSS) FOR PERIOD                        £22,277       £(383,183)           £362,660 
 
Earnings/(Loss) per share                         3.71p         (63.86)p             60.44p 
 
 
 
 
STATEMENT OF FINANCIAL POSITION 
 
AT 30 APRIL 2022 
 
                                           30 April 2022  30 April 2021   31 October 2021 
 
                                            (Unaudited)      (Unaudited)       (Audited) 
 
                                                 £                £                £ 
 
FIXED ASSETS 
 
Tangible Assets                                2,504,821        2,578,230        2,500,211 
 
CURRENT ASSETS 
 
Stocks                                            40,200           24,474           36,657 
 
Debtors                                          124,131          103,643          115,672 
 
Investments - 3 month notice deposit             451,946          200,325          451,014 
accounts 
 
Cash at bank and in hand                       1,353,406          684,264        1,328,353 
 
                                               1,969,683        1,012,706        1,931,696 
 
CREDITORS 
 
Amounts falling due within one year            (817,611)        (326,396)        (677,291) 
 
NET CURRENT ASSETS                             1,152,072          686,310        1,254,405 
 
TOTAL ASSETS LESS 
 
CURRENT LIABILITIES                            3,656,893        3,264,540        3,754,616 
 
CREDITORS:                                             -        (240,000)                - 
Amounts falling due after more than one 
year 
 
PROVISION FOR LIABILITIES                       (94,380)        (110,147)         (94,380) 
 
NET ASSETS                                    £3,562,513       £2,914,393       £3,660,236 
 
CAPITAL AND RESERVES 
 
Called up share capital                          600,000          600,000          600,000 
 
Revaluation reserve                              402,651          406,930          402,651 
 
Profit and loss reserves                       2,559,862        1,907,463        2,657,585 
 
                                              £3,562,513       £2,914,393       £3,660,236 
 
 
 
STATEMENT OF CASH FLOWS 
 
FOR THE HALF YEARED 30 APRIL 2022 
 
                                                               Half year to     Half year to   Year ended 
 
                                                               30 April 2022      30 April    31 October 2021 
                                                                                    2021 
 
                                                                (Unaudited)     (Unaudited)     (Audited) 
 
                                                                     £               £               £ 
 
NET CASH INFLOW FROM/(USED IN) OPERATING ACTIVITIES                  238,289       (321,460)        829,213 
 
(Note 1) 
 
NET CASH USED IN INVESTING   ACTIVITIES (Note 2)                    (93,236)        (19,417)      (286,001) 
 
 
 
FINANCING ACTIVITIES 
 
Repayment of bank loans                                 -                -      (240,000) 
 
Dividends paid                                  (120,000)                -              - 
 
NET INCREASE/(DECREASE) IN CASH AND CASH           25,053        (340,877)        303,212 
EQUIVALENTS 
 
CASH AND CASH EQUIVALENTS AT THE BEGINNING      1,328,353        1,025,141      1,025,141 
OF THE PERIOD 
 
CASH AND CASH EQUIVALENTS AT THE OF        £1,353,406         £684,264     £1,328,353 
THE PERIOD 
 
RELATING TO: 
 
Cash at bank and in hand                       £1,353,406         £684,264     £1,328,353 
 
 
 
NOTES TO THE STATEMENT OF CASH FLOWS 
 
FOR THE HALF YEARED 30 APRIL 2022 
 
                                             Half year to      Half year to         Year ended 
 
                                            30 April 2022     30 April 2021      31 October 2021 
 
                                             (Unaudited)        (Unaudited)         (Audited) 
 
                                                  £                    £                   £ 
 
Note 1 
 
CASH FLOWS FROM OPERATING 
 
ACTIVITIES 
 
Profit/(Loss) after tax                             22,277            (383,183)              362,660 
 
Adjustments for: 
 
Taxation                                                 -                    -               94,366 
 
Depreciation                                        92,102               93,402              190,102 
 
Loss/(gain) on disposal of fixed assets                289                3,550                3,550 
 
Interest receivable                                (4,697)              (2,214)              (5,000) 
 
OPERATING CASH FLOW BEFORE WORKING CAPITAL         109,971            (288,445)              645,678 
CHANGES 
 
MOVEMENTS IN WORKING CAPITAL 
 
(Increase)/decrease in stocks                      (3,543)                3,425              (8,758) 
 
(Increase)/decrease in debtors                     (8,459)               25,773              (5,590) 
 
Increase/(decrease) in creditors                   140,320             (62,213)              178,549 
 
Income taxes refunded                                    -                    -               19,334 
 
NET CASH GENERATED FROM/(USED IN) OPERATING       £238,289           £(321,460)             £829,213 
ACTIVITIES 
 
 
Note 2 
 
INVESTING ACTIVITIES 
 
Purchases of tangible fixed assets                   (97,001)        (21,306)          (39,987) 
 
Interest received                                       4,697           2,214             5,000 
 
Payment for other investments                           (932)           (325)         (251,014) 
 
NET CASH FLOW USED IN INVESTING ACTIVITIES          £(93,236)       £(19,417)        £(286,001) 
 
 
 
 
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 31 October 2021. 
 
   At the date of this report, there exists considerable uncertainty regarding 
   the potential impact of the Coronavirus and the economic consequences, both 
   within the U.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 profit of £22,277 (2021 loss of £ 
   383,183) being the profit on ordinary activities after taxation. 
 
3  The movement in retained Profit and Loss Reserves from £2,657,585 at 31 
   October 2021 to £2,559,862 at 30 April 2022 includes the profit for the 
   period and dividends paid of £120,000 ( £120,000 paid in the period and £Nil 
   accrued). 
 
4  All dividends in 2022 were paid in the period and no accrual is included in 
   creditors, amounts falling due within one year as at 30 April 2022 (2021: £ 
   Nil dividends paid and no accrual included in creditors, amounts falling due 
   within one year as at 30 April 2021). 
 
5  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 2022, 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 ended 31 October 2021, 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, UHY Hacker Young LLP, has not reviewed these 
   unaudited interim accounts. 
 
Market Abuse Regulation (MAR) Disclosure 
 
This announcement contains inside information for the purposes of Article 7 of 
the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as 
defined in the European Union (Withdrawal) Act 2018). 
 
 
 
END 
 
 

(END) Dow Jones Newswires

July 14, 2022 09:09 ET (13:09 GMT)

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