REG - Hot Rocks Inv PLC - Audited Final Results for year ended 31 March 2022
07/03/2023 19:30
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RNS Number : 2112S Hot Rocks Investments PLC 07 March 2023
7 March 2023
HOT ROCKS INVESTMENTS PLC
Audited Final Results for year ended 31 March 2022
CHAIRMAN'S STATEMENT
Dear Shareholders,
I hereby present the financial results for the Company for the year ended 31
March 2022. The Company is an active investor primarily in junior natural
resources companies.
The Company made a profit for the year of £118,905, compared to a loss of
£38,734 in the prior year. The Company will not be paying a dividend at this
stage (2021: £Nil) as we seek to reinvest all profits in opportunities with
the potential for significant capital growth.
Cash and cash equivalents as at the year end of 31 March 2022 were £36,008
(2021: £109,546).
We have continued to build and nurture our investment portfolio and we are
generally pleased with performance. We remain excited about the potential
listing on NASDAQ of Elephant Oil Corp at a price of $4-$5 per share where we
hold 659,091 shares and Mosi Copper Limited, an Africa-focused copper
exploration company where we are a founder shareholder and which we plan to
float on a stock exchange when markets permit. In addition, Pilar Gold Inc
plans to seek a listing in the near term.
We now hold stakes in the following entities:
· Aqru plc (AQUIS: AQRU)
· Elephant Oil Corp
· Impact Oil & Gas Limited
· Mafula Energy Limited
· MedGold Resources Corp (TSXV:MED)
· Minergy Limited (Botswana SX)
· Mosi Copper Limited
· New Horizon Oil & Gas Limited (trading as T5)
· NFT Investments plc (AQUIS:NFT)
· Pilar Gold Inc
· Roquefort Therapeutics Limited (LSE:ROQ)
· Royal Road Minerals Limited (TSXV:RYR)
· Trigon Metals Inc (TSXV:TM)
The Board of Directors will continue to introduce further equity positions to
the Company to enable additional diversification of the portfolio.
Brian Rowbotham
Non-Executive Chairman
For further details please contact:
Hot Rocks Investments plc
Gavin Burnell Tel: 0207 2644 546
Optiva Securities Limited
Daniel Ingram Tel: 0203 981 4178
HOT ROCKS INVESTMENTS PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022
Notes 2022 2021
£ £
Continuing Operations
Revenue - -
Operating expenses (65,878) (65,290)
Other (loss)/profit - sale of financial assets at fair value through profit (17,831) 228,857
and loss account
Movement in fair value of financial assets through profit 202,614 (202,302)
and loss
────────── ──────────
OPERATING PROFIT/(LOSS) 3 118,905 (38,735)
Finance income - 1
───────── ─────────
PROFIT/(LOSS) BEFORE INCOME TAX 118,905 (38,734)
Income - -
tax
6
───────── ─────────
PROFIT/(LOSS) AFTER INCOME TAX 118,905 (38,734)
══════════ ══════════
Other Comprehensive Income
Items that may be reclassified subsequently to profit or loss - -
Fair value change in value on available-for-sale financial - -
assets
───────── ───────── ─────────
Total Comprehensive income/(loss) for the year 118,905 (38,734)
══════════ ══════════
─────────
Total Comprehensive income/(loss) for the year
118,905
(38,734)
══════════
══════════
HOT ROCKS INVESTMENTS PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
Issued capital Share premium Other reserves Retained earnings Total equity
£ £ £ £ £
Balance at 1 April 2021 173,602 1,174,631 115,600 (740,555) 723,278
Profit for the year - - - 118,905 118,905
────────── ───────────── ────────── ────────── ──────────
173,602 1,174,631 115,600 (621,650) 842,183
══════════ ═════════════ ══════════ ══════════ ══════════
Issued capital Share premium Other reserves Retained earnings Total equity
£ £ £ £ £
Balance at 1 April 2020 173,602 1,174,631 115,600 (701,821) 762,012
Loss for the year - - - (38,734) (38,734)
────────── ───────────── ────────── ────────── ──────────
173,602 1,174,631 115,600 (740,555) 723,278
══════════ ═════════════ ══════════ ══════════ ══════════
HOT ROCKS INVESTMENTS PLC
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022
Notes 2022 2021
£ £
ASSETS
NON-CURRENT ASSETS
Financial assets designated as fair value through profit or loss 389,529 239,719
CURRENT ASSETS
Financial assets designated as fair value through profit or loss 621,941 559,583
Trade and other receivables 40,306 25,595
Cash and cash equivalents 36,008 109,546
────────── ──────────
698,255 694,724
────────── ──────────
TOTAL ASSETS 1,087,784 934,443
══════════ ══════════
EQUITY
ISSUED CAPITAL AND RESERVES
Issued share capital 173,602 173,602
Share premium 1,174,631 1,174,631
Reserves 115,600 115,600
Retained loss (621,650) (740,555)
───────────── ─────────────
TOTAL EQUITY 842,183 723,278
CURRENT LIABILITIES
Trade and other payables 245,601 211,165
────────── ──────────
TOTAL EQUITY AND LIABILITIES 1,087,784 934,443
══════════ ══════════
HOT ROCKS INVESTMENTS PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022
2022 2021
£ £
CASH FLOWS FROM OPERATING ACTIVITIES
Total operating profit /(loss) 118,905 (38,734)
ADJUSTMENTS TO RECONCILE TO PROFIT FROM OPERATIONS
Finance income - (1)
───────── ─────────
ADJUSTMENTS TO RECONCILE PROFIT FROM OPERATIONS 118,905 (38,735)
INCREASE IN WORKING CAPITAL
Loss/(gain) on disposal of financial assets held through 17,831 (228,857)
profit and loss
Movement in fair value of financial assets through profit and loss (202,614) 202,302
(Increase) in trade and other receivables (14,714) (25,595)
Return of capital - 12,339
Increase in trade and other payables 34,436 40,195
───────── ──────────
(DECREASE)/INCREASE IN WORKING CAPITAL (165,061) 384
────────── ──────────
CASH FLOWS FROM OPERATING ACTIVITIES (46,156) (38,351)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of financial assets through profit and loss (208,361) (285,136)
Proceeds from disposal of financial assets through profit and loss 180,979 413,165
────────── ─────────
NET CASH FLOWS FROM INVESTING ACTIVITIES (27,382) 128,029
────────── ─────────
NET CASH FLOWS FROM INVESTING ACTIVITIES (73,538) 89,678
Cash and cash equivalents as at 1 April 2021 109,546 19,868
────────── ─────────
CASH AND CASH EQUIVALENTS AS AT 31 MARCH 2022 36,008 109,546
══════════ ═════════
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