Interim Results for the Half Year ended 30 April 2024
17/07/2024 09:56
17 July 2024
Hydro Hotel, Eastbourne, Plc
(“Hydro Hotel” or the “Company”)
Interim Results for the Half Year ended 30 April 2024
YOUR CHAIRMAN'S LETTER
Dear Shareholder,
SIX MONTHS TO 30 APRIL 2024
I am pleased to report on the company’s results for the six months to 30
April 2024. The total turnover for the six month period to 30 April 2024 was
£1,961,479 compared to £1,799,816 for the same period in the previous year,
an increase of 9% (compared to a decrease in the six months to 30 April 2023
of 1%).
The gross profit for the period was 10% higher than in the six months to 30
April 2023 and staff costs increased by 6% compared to the figure for the
period to 30 April 2023 (3% increase in the half year to 30 April 2023).
Overheads increased by 1% (17% increase in the half year ended 30 April 2023).
There were increases in utility costs and a significant decrease in repair
costs for this period compared to the same period in the previous year,
contributing to a reduced loss for the half year to 30 April 2024 of £76,957
compared to a loss of £171,469 for the half year to 30 April 2023.
An updating of the air conditioning and replacement of furniture in the
conservatory was undertaken in the period, together with the continued general
refurbishment of some bedrooms and public areas and the purchase of new garden
furniture.
The Board and the management of the company continue to monitor cash resources
and have paid the dividend of £72,000 declared on 20 February 2024. 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 during the period. The Hydro team
look forward to welcoming new and returning guests in this our 129th year of
operation.
Yours sincerely,
Christopher J Bean LL.B (Hons)
16 July 2024
SUMMARISED STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED 30 APRIL 2024
Half year to Half year to Year ended
30 April 2024 30 April 2023 31 October 2023
(Unaudited) (Unaudited) (Audited)
£ £ £
TURNOVER 1,961,479 1,799,816 4,432,917
OPERATING (LOSS)/PROFIT (111,562) (192,313) 259,602
INTEREST RECEIVABLE 34,605 20,844 50,805
(LOSS)/PROFIT BEFORE TAXATION (76,957) (171,469) 310,407
TAXATION - - (74,462)
(LOSS)/PROFIT FOR PERIOD £(76,957) £(171,469) £235,945
(Loss)/Earnings per share (12.83)p (28.58)p 39.32p
STATEMENT OF FINANCIAL POSITION AT 30 APRIL 2024
30 April 2024 30 April 2023 31 October 2023
(Unaudited) (Unaudited) (Audited)
£ £ £
FIXED ASSETS
Tangible Assets 2,550,478 2,565,055 2,525,316
CURRENT ASSETS
Stocks 41,284 40,321 40,028
Debtors 130,626 156,803 189,158
Investments – 3 month notice deposit account 476,373 459,798 465,980
Cash at bank and in hand 1,352,585 1,146,320 1,626,588
2,000,868 1,803,242 2,321,754
CREDITORS
Amounts falling due within one year (732,858) (761,721) (879,625)
NET CURRENT ASSETS 1,268,010 1,041,521 1,442,129
TOTAL ASSETS LESS
CURRENT LIABILITIES 3,818,488 3,606,576 3,967,445
PROVISION FOR LIABILITIES (148,564) (123,109) (148,564)
NET ASSETS £3,669,924 £3,483,467 £3,818,881
CAPITAL AND RESERVES
Called up share capital 600,000 600,000 600,000
Revaluation reserve 394,093 398,372 394,093
Profit and loss reserves 2,675,831 2,485,095 2,824,788
£3,669,924 £3,483,467 £3,818,881
STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED 30 APRIL 2024
Half year to Half year to Year ended
30 April 2024 30 April 2023 31 October 2023
(Unaudited) (Unaudited) (Audited)
£ £ £
NET CASH (USED IN)/INFLOW FROM OPERATING ACTIVITIES (Note 1) (107,376) (133,517) 485,680
NET CASH (USED IN) INVESTING ACTIVITIES (Note 2) (94,627) (167,810) (234,739)
FINANCING ACTIVITIES
Dividends paid (72,000) (138,000) (210,000)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (274,003) (439,327) 40,941
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 1,626,588 1,585,647 1,585,647
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD £1,352,585 £1,146,320 £1,626,588
RELATING TO:
Cash at bank and in hand £1,352,585 £1,146,320 £1,626,588
NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED 30 APRIL 2024
Half year to Half year to Year ended
30 April 2024 30 April 2023 31 October 2023
(Unaudited) (Unaudited) (Audited)
£ £ £
Note 1
CASH FLOWS FROM OPERATING
ACTIVITIES
(Loss)/profit after tax (76,957) (171,469) 235,945
Adjustments for:
Taxation - - 74,462
Depreciation 93,545 95,450 200,534
Loss on disposal of fixed assets 132 3,625 4,338
Interest receivable (34,605) (20,844) (50,805)
OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES (17,885) (93,238) 464,474
MOVEMENTS IN WORKING CAPITAL
(Increase) in stocks (1,256) (3,676) (3,383)
Decrease in debtors 58,532 57,328 24,973
(Decrease)/increase in creditors (146,767) (93,931) 79,677
Income taxes paid - - (80,061)
NET CASH (USED IN)/GENERATED FROM OPERATING ACTIVITIES £(107,376) £(133,517) £485,680
Note 2 INVESTING ACTIVITIES
Purchase of tangible fixed assets (118,839) (182,780) (273,488)
Interest received 34,605 20,844 50,805
Payment for other investments (10,393) (5,874) (12,056)
NET CASH FLOW (USED IN) INVESTING ACTIVITIES £(94,627) £(167,810) £(234,739)
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 2023.
2 The earnings per share are based on a loss of £76,957 (2023 loss of
£171,469) being the loss on ordinary activities after taxation.
3 The movement in retained Profit and Loss Reserves from £2,824,788 at 31
October 2023 to £2,675,831 at 30 April 2024 includes the loss for the period
of £76,957 and dividends paid of £72,000 (2023: £138,000 paid in the period
and £Nil accrued).
4 Dividends of £72,000 in 2024 were all paid in the period and no accrual is
included in creditors, amounts falling due within one year as at 30 April 2024
(2023: £138,000 dividends paid and no accrual included in creditors, amounts
falling due within one year as at 30 April 2023).
5 A copy of the interim report and accounts and the Chairman’s statement
thereto, which were approved by the Board of Directors on 16 July 2024, 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 2023, 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.
Enquiries:
Hydro Hotel, Eastbourne, Plc Sally Gausden Company Secretary Telephone: +44 1323 431 200
Peterhouse Capital Limited Aquis Corporate Adviser Mark Anwyl Telephone: +44 20 7469 0930
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