Back to all announcements

DJ Hydro Hotel, Eastbourne, Plc; Hydro Hotel, Eastbourne, Plc Interim Results for the Half Year ended 30 April 2019

 
TIDMHYDP; HYDP 
 
9 July 2019 
 
                         Hydro Hotel, Eastbourne, Plc 
 
                       ("Hydro Hotel" or the "Company") 
 
             Interim Results for the Half Year ended 30 April 2019 
 
YOUR CHAIRMAN'S LETTER 
 
Dear Shareholder, 
 
SIX MONTHS TO 30 APRIL 2019 
 
I am pleased to report on the Company's results for the six months to 30 April 
2019. The total turnover for the six-month period to 30 April 2019 was GBP 
1,553,553 compared to GBP1,514,627 for the same period the previous year, an 
increase of 2.57% (compared to a decrease in the six months to 30 April 2018 of 
0.29%). 
 
The gross profit percentage for the period was 0.65% higher than in the six 
months to 30 April 2018 and staff costs increased by 6.7% compared to the 
figure for the period to 30 April 2018 (2.7% decrease in the half year to 30 
April 2018). 
 
Overheads decreased by 15.02% (14.32% increase in the half year ended 30 April 
2018). Essential repair work to the fabric of the building was undertaken 
during the six months to 30 April 2018. With no comparable repair work carried 
out during the period to 30 April 2019, there was a reduction in repairs costs 
of GBP103,533 for this period compared to the same period in the previous year. 
 
There is a reduction in the loss for the half year to 30 April 2019 to GBP101,271 
compared to GBP199,834 for the half year to 30 April 2018. 
 
The bedroom refurbishment programme continued (12 rooms refurbished in the 
period ended 30 April 2019 compared to 29 rooms in the period ended 30 April 
2018) and the fire alarm system was upgraded. 
 
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 
9 July 2019 
 
STATEMENT OF COMPREHENSIVE INCOME 
FOR THE HALF YEAR ENDED 30 APRIL 2019 
 
 
 
                                           Half year to   Half year to     Year ended 
                                          30 April 2019  30 April 2018     31 October 
                                            (Unaudited)    (Unaudited)           2018 
                                                                            (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                     GBP(101,271)     GBP(199,834)       GBP153,260 
 
(Loss)/Earnings per share                      (16.88)p       (33.31)p         25.54p 
 
 
 
 
STATEMENT OF FINANCIAL POSITION 
AT 30 APRIL 2019 
 
 
 
                                           30 April 2019 30 April 2018     31 October 
                                             (Unaudited)   (Unaudited)           2018 
                                                     GBP           GBP      (Audited) 
                                                                                  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                                    GBP3,165,078    GBP3,039,255     GBP3,392,349 
 
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 
 
                                              GBP3,165,078    GBP3,039,255     GBP3,392,349 
 
 
 
STATEMENT OF CASH FLOWS 
FOR THE HALF YEAR ENDED 30 APRIL 2019 
 
 
 
                                                               Half year to  Half year to    Year ended 
                                                              30 April 2019 30 April 2018    31 October 
                                                                (Unaudited)   (Unaudited)          2018 
                                                                                              (Audited) 
 
                                                                        GBP           GBP           GBP 
 
NET CASH (USED IN)/INFLOW FROM OPERATING ACTIVITIES                (67,538)     (187,991)       362,383 
 
(Note 1) 
 
NET CASH GENERATED (USED IN) INVESTING ACTIVITIES                 (294,347)     (153,443)     (165,202) 
 
(Note 2) 
 
FINANCING ACTIVITIES 
 
Dividends paid                                                    (126,000)      (42,000)     (126,000) 
 
NET (DECREASE) IN CASH AND CASH EQUIVALENTS                       (487,885)     (383,434)        71,181 
 
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD          1,089,507     1,018,326     1,018,326 
 
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD                 GBP601,622      GBP634,892    GBP1,089,507 
 
RELATING TO: 
 
Cash at bank and in hand                                           GBP601,622      GBP634,892    GBP1,089,507 
 
 
 
NOTES TO THE STATEMENT OF CASH FLOWS 
FOR THE HALF YEAR ENDED 30 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 
 
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 fixed              (1,187)           3,574            3,574 
assets 
 
Interest receivable                           (5,000)         (3,983)          (8,190) 
 
OPERATING CASH FLOW BEFORE WORKING            (9,150)       (108,851)          372,646 
CAPITAL CHANGES 
 
MOVEMENTS IN WORKING CAPITAL 
 
Decrease/(increase) in stocks                   2,936         (5,164)          (2,719) 
 
Decrease/(increase) in debtors                 47,038            (69)         (37,471) 
 
(Decrease)/increase in creditors            (108,362)        (73,907)           46,432 
 
Income taxes paid                                   -               -         (16,505) 
 
NET CASH (USED IN)/GENERATED FROM           GBP(67,538)      GBP(187,991)         GBP362,383 
OPERATING ACTIVITIES 
 
 
Note 2 
 
INVESTING ACTIVITIES 
 
Purchases of tangible fixed assets          (300,744)       (157,994)        (173,960) 
 
Proceeds on disposal of tangible                1,397               -                - 
fixed assets 
 
Interest received                               5,000           3,983            8,190 
 
Proceeds from/(payment for) other                   -             568              568 
investments 
 
NET CASH FLOW (USED IN) INVESTING          GBP(294,347)      GBP(153,443)       GBP(165,202) 
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 31 October 2018. 
 
2 The earnings per share are based on a loss of GBP101,271 (2018 loss GBP199,834) 
being the loss on ordinary activities after taxation. 
 
3 The movement in retained Profit and loss Reserves and Revaluation Reserves 
from GBP2,792,349 at 31 October 2018 to GBP2,565,078 at 30 April 2019 includes the 
loss for the period and dividends of GBP126,000 (GBP126,000 paid in the period and 
GBPNil accrued). 
 
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 30 April 2019. The 
comparative creditors, amounts falling due within one year for 2018, include a 
dividend for the year ended 31 October 2017 declared by the directors and paid 
on 3 May 2018 at the rate of 14p per share of GBP84,000. 
 
5 A copy of the interim report and accounts and the Chairman's statement 
thereto, which were approved by the Board of Directors on 9 July 2019, 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 2018, 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, Mazars LLP, has not reviewed these unaudited interim 
accounts. 
 
Market Abuse Regulation (MAR) Disclosure 
 
The information contained within this announcement is deemed by the Company to 

(MORE TO FOLLOW) Dow Jones Newswires

July 09, 2019 10:59 ET (14:59 GMT)

DJ Hydro Hotel, Eastbourne, Plc; Hydro Hotel, -2-

constitute inside information as stipulated under the Market Abuse Regulation 
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory 
Information Service, this inside information is now considered to be in the 
public domain. 
 
 
 
END 
 

(END) Dow Jones Newswires

July 09, 2019 10:59 ET (14:59 GMT)