TIDMHYDP 
 
14 July 2021 
 
                         Hydro Hotel, Eastbourne, Plc 
                       ("Hydro Hotel" or the "Company") 
 
             Interim Results for the Half Year ended 30 April 2021 
 
YOUR CHAIRMAN'S LETTER 
 
Dear Shareholder, 
 
SIX MONTHS TO 30 APRIL 2021 
 
I report on the company's results for the six months to 30 April 2021, which 
reflect the ongoing impact of the Coronavirus pandemic on our business. In 
accordance with the Government lockdown measures, the hotel was required to 
close from 5 November 2020 to 2 December 2020. The hotel reopened with Tier 
restrictions being applied from that date up to 5 January 2021. A further 
lockdown was introduced from 6 January 2021 up until the 8 March 2021. The 
hotel was able to serve customers outdoors from 12 April 2021, but the hotel 
was not allowed to open for guests to stay until 17 May 2021, but with 
restrictions. These restrictions are now expected to end on 19 July 2021. 
 
The total turnover for the six-month period to 30 April 2021 was £185,579 
compared to £1,177,033 for the same period the previous year, a decrease of 
84.23% (compared to a decrease in the six months to 30 April 2020 of 24.24%). 
 
The gross profit percentage for the period was 0.72% lower than in the six 
months to 30 April 2020 and staff costs (excluding grants received for the 
Coronavirus Job Retention Scheme) decreased by 36.1% compared to the figure for 
the period to 30 April 2020 (4.8% increase in the half year to 30 April 2020). 
 
Overheads decreased by 34.66% (10.93% decrease in the half year ended 30 April 
2020). 
 
Advantage was taken during the periods of closure to refurbish some bathrooms 
with walk in showers, to refresh the decoration of bedrooms and to commence 
repairs to some of the roof areas. 
 
There is an increase in the loss for the half year to 30 April 2021 to £383,183 
compared to £276,850 for the half year to 30 April 2020. 
 
The Board and the management of the company in monitoring cash resources have 
reviewed and taken advantage of appropriate sources of finance available from 
both central and local Government. 
 
All action required, by Government and the relevant guidance issued, has been 
taken to enable the hotel to re-open fully for business on 19 July 2021. 
 
The Board wishes to express its thanks to the management and staff of the hotel 
for their co-operation and efforts during these exceptional circumstances and 
the Hydro team look forward to welcoming new and returning guests in this our 
126th year of operation. 
 
Yours sincerely, 
Graeme C King, MA, CA 
13 July 2021 
 
 
STATEMENT OF COMPREHENSIVE INCOME 
 
FOR THE HALF YEARED 30 APRIL 2021 
 
                                           Half year to     Half year to     Year ended 
 
                                           30 April 2021   30 April 2020   31 October 2020 
 
                                           (Unaudited)      (Unaudited)        (Audited) 
 
                                                £                £                 £ 
 
TURNOVER                                        185,579        1,177,033         2,233,068 
 
OPERATING LOSS                                (385,397)        (281,909)         (179,382) 
 
INTEREST RECEIVABLE                               2,214            5,059             7,370 
 
INTEREST PAYABLE                                      -                -           (2,354) 
 
LOSS BEFORE TAXATION                          (383,183)        (276,850)         (174,366) 
 
TAXATION                                              -                -            35,077 
 
LOSS FOR PERIOD                              £(383,183)       £(276,850)        £(139,289) 
 
(Loss) per share                               (63.86)p         (46.14)p          (23.21)p 
 
 
 
 
STATEMENT OF FINANCIAL POSITION 
 
AT 30 APRIL 2021 
 
                                           30 April 2021  30 April 2020   31 October 2020 
 
                                            (Unaudited)      (Unaudited)       (Audited) 
 
                                                 £                £                £ 
 
FIXED ASSETS 
 
Tangible Assets                                2,578,230        2,743,514        2,653,876 
 
CURRENT ASSETS 
 
Stocks                                            24,474           30,719           27,899 
 
Debtors                                          103,643           41,126          128,926 
 
Investment - 6 month notice deposit              200,325          200,658          200,000 
account 
 
Cash at bank and in hand                         684,264          586,585        1,025,141 
 
                                               1,012,706          859,088        1,381,966 
 
CREDITORS 
 
Amounts falling due within one year            (326,396)        (316,697)        (388,609) 
 
NET CURRENT ASSETS                               686,310          542,391          993,357 
 
TOTAL ASSETS LESS 
 
CURRENT LIABILITIES                            3,264,540        3,285,905        3,647,233 
 
CREDITORS:                                     (240,000)                -        (240,000) 
Amounts falling due after more than one 
year 
 
PROVISION FOR LIABILITIES                      (110,147)        (125,890)        (109,657) 
 
NET ASSETS                                    £2,914,393       £3,160,015       £3,297,576 
 
CAPITAL AND RESERVES 
 
Called up share capital                          600,000          600,000          600,000 
 
Revaluation reserve                              406,930          411,209          406,930 
 
Profit and loss reserves                       1,907,463        2,148,806        2,290,646 
 
                                              £2,914,393       £3,160,015       £3,297,576 
 
 
 
STATEMENT OF CASH FLOWS 
 
FOR THE HALF YEARED 30 APRIL 2021 
 
                                            Half year to      Half year to   Year ended 
 
                                           30 April 2021     30 April 2020 31 October 2020 
 
                                            (Unaudited)       (Unaudited)     (Audited) 
 
                                                 £                 £               £ 
 
NET CASH USED IN OPERATING ACTIVITIES           (321,460)        (387,801)       (181,069) 
(Note 1) 
 
NET CASH USED IN INVESTING   ACTIVITIES          (19,417)         (79,200)        (87,376) 
(Note 2) 
 
 
 
FINANCING ACTIVITIES 
 
Proceeds of new bank loans                              -                -        240,000 
 
Dividends paid                                          -         (54,000)       (54,000) 
 
NET DECREASE IN CASH AND CASH EQUIVALENTS       (340,877)        (521,001)       (82,445) 
 
CASH AND CASH EQUIVALENTS AT THE BEGINNING      1,025,141        1,107,586      1,107,586 
OF THE PERIOD 
 
CASH AND CASH EQUIVALENTS AT THE OF          £684,264         £586,585     £1,025,141 
THE PERIOD 
 
RELATING TO: 
 
Cash at bank and in hand                         £684,264         £586,585     £1,025,141 
 
 
 
NOTES TO THE STATEMENT OF CASH FLOWS 
 
FOR THE HALF YEARED 30 APRIL 2021 
 
                                                Half year to       Half year to         Year ended 
 
                                                30 April 2021     30 April 2020       31 October 2020 
 
                                                 (Unaudited)        (Unaudited)         (Audited) 
 
                                                      £                    £                    £ 
 
Note 1 
 
CASH FLOWS FROM OPERATING 
 
ACTIVITIES 
 
Loss after tax                                       (383,183)            (276,850)              (139,289) 
 
Adjustments for: 
 
Taxation                                                     -                    -               (35,077) 
 
Depreciation                                            93,402               99,098                200,723 
 
Loss/(gain) on disposal of fixed assets                  3,550                  638                  (203) 
 
Interest receivable                                    (2,214)              (5,059)                (7,370) 
 
OPERATING CASH FLOW BEFORE WORKING CAPITAL           (288,445)            (182,173)                 18,784 
CHANGES 
 
MOVEMENTS IN WORKING CAPITAL 
 
Decrease in stocks                                       3,425                6,404                  9,224 
 
Decrease in debtors                                     25,773               87,972                 19,016 
 
Decrease in creditors                                 (62,213)            (300,004)              (209,249) 
 
Income taxes paid                                            -                    -               (18,844) 
 
NET CASH USED IN OPERATING ACTIVITIES               £(321,460)           £(387,801)             £(181,069) 
 
 
Note 2 
 
INVESTING ACTIVITIES 
 
Purchases of tangible fixed assets                     (21,306)         (83,607)           (95,593) 
 
Proceeds on disposal of tangible fixed                        -                6                847 
assets 
 
Interest received                                         2,214            5,059              7,370 
 
Payment for other investments                             (325)            (658)                  - 
 
NET CASH FLOW USED IN INVESTING ACTIVITIES            £(19,417)        £(79,200)          £(87,376) 
 
 
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 2020. 
 
   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 loss of £383,183 (2020 loss £276,850) 
   being the loss on ordinary activities after taxation. 
 
3  The movement in retained Profit and loss Reserves and Revaluation Reserves from 
   £2,697,576 at 31 October 2020 to £2,314,393 at 30 April 2021 includes the loss 
   for the period and dividends of £Nil (2020: £54,000 paid in the period and £Nil 
   accrued). 
 
4  No dividends were paid in the period and no accrual is included in creditors, 
   amounts falling due within one year as at 30 April 2021 (2020: £Nil accrued). 
 
5  A copy of the interim report and accounts and the Chairman's statement thereto, 
   which were approved by the Board of Directors on 13 July 2021, 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 2020, 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 
   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, 2021 10:46 ET (14:46 GMT)

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