REG - Hot Rocks Inv PLC - Interim Results to 30 September 2022
07/03/2023 19:30
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RNS Number : 2115S Hot Rocks Investments PLC 07 March 2023
HOT ROCKS INVESTMENTS PLC
("Hot Rocks" or the "Company")
UNAUDITED INTERIM FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED 30TH
SEPTEMBER 2022
CHAIRMAN'S STATEMENT
I hereby present the interim results for the Company for the six months ended
30(th) September 2022.
The Company is an active investor largely in junior natural resources
companies.
The Company made a total comprehensive loss of GBP315,898 for the period. The
Company will not
be paying a dividend.
Cash at bank at 30(th) September 2022 was GBP10,583, and at 3(rd) March 2023
was GBP70,437.
We now hold stakes in the following entities:
Aqru plc
D3 Energy
Elephant Oil Corp
Impact Oil & Gas Limited
Mafula Energy Limited
MedGold Resources Corp
Minergy Limited
Mosi Copper Limited
New Horizon Oil & Gas Limited
NFT Investments plc
Pilar Gold Inc
Rift Resources Limited
Roquefort Therapeutics Limited
Royal Road Minerals Limited
Trigon Metals Inc
Brian Rowbotham
Non-Executive Chairman
4th March 2023
HOT ROCKS INVESTMENTS PLC CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2022
6 Months 6 Months Year to
to 30.9.22 to 30.9.21 31.3.22
Continuing operations
Revenue 0 0 0
Operating expenses (38,995) (36,718) (65,878)
Other (loss) - sale of financial assets at fair value through profit & (35,108) (12,762) (17,831)
loss account
Fair value (losses)gains on financial assets (241,795) 113,761 202,614
______
_______ ______
(Loss)profit from operations before taxation (315,898) 64,281 118,905
Corporation tax 0 0 0
----________- ---- _____ ______
(Loss)profit for period (315,898) 64,281 118,905
Total comprehensive (expenditure)income for the period (315,898) 64,281 118,905
(Loss)earnings per share (pence)
Basic (0.18) 0.04 0.11
Diluted (0.18) 0.04 0.11
HOT ROCKS INVESTMENTS PLC
CONDENSED STATEMENT OF FINANCIAL POSITION
6 Months to 30.9.22 6 Months to 30.9.21 Year to 31.3.22
AS AT 30TH SEPTEMBER 2022
Assets
Non-current assets
Financial assets at fair value through profit and loss 389,826 204,415 389,529
_______ ______ ______
389,826 204,415 389,529
Current assets
Financial assets at fair value through profit and loss 331,098 711,638 621,941
Trade and other receivables 55,419 160 40,306
Cash and cash equivalents 10,583 92,815 36,008
397,100 804,613 698,255
Total assets 786,926 1,009,028 1,087,784
Equity and liabilities
Equity
Called up share capital 173,602 173,602 173,602
Share premium account 1,174,631 1,174,631 1,174,631
Share based payment reserve 115,600 115,600 115,600
Retained loss (937,548) (676,174) (621,650)
_______ ______ ----------------______
526,285 787,659 842,183
Current liabilities
Trade and other payables 260,641 221,369 245,601
Total equity and liabilities 786,926 1,009,028 1,087,784
HOT ROCKS INVESTMENTS PLC
CONDENSED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2022
6 Months to 30.9.22 6 Months to 30.9.21 Year to
31.3.22
Cash flows from operating activities
Operating(loss)profit (315,898) 64,281 118,905
Adjustments:
Fair value adjustment of financial assets through
profit and loss 241,795 (113,761) (202,614)
Loss on disposal of financial assets through profit
and loss 35,108 12,762 17,831
Movements in working capital: - - (14,714)
Increase in trade and other receivables
Increase in trade and other payables 15,040 24,770 34,436
_______ _____ _____
Net cash used in operating activities (23,955) (11,948) (46,156)
Cash flows from investing activities
Proceeds from disposal of financial assets through
profit and loss 13,643 164,856 180,979
Acquisition of financial assets through profit and loss 0 (180,610) (208,361)
______ _____ _______
Net cash used in investing activities 13,643 (15,754) (27,382)
______ ______ ______
Decrease in cash and cash equivalents (10,312) (27,702) (73,538)
Cash and cash equivalents at the beginning of the
period 76,314 120,677 109,546
______ ____ ______
Cash and cash equivalents at the end of the period 66,002 92,975 36,008
HOT ROCKS INVESTMENTS PLC
ACCOUNTING POLICIES
FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2022
Financial information
The financial information set out above does not constitute statutory
accounts within the meaning of Section 434 Companies Act 2006. It has
been prepared on a going concern basis in accordance with the recognition
and measurement criteria of the International Financial Reporting
Standards (IFRS) as adopted by the European Union.
The accounting policies used in the preparation of this set of condensed
interim financial statements are consistent with those set out in the
Company's annual financial statements for the year ended 31 March 2022.
Statutory accounts for the year ended 31 March 2022 were approved by the
Board of Directors on 4 March 2023 and delivered to the Registrar
of Companies. The report of the independent auditor on those accounts
was unqualified.
The financial information for the six months ended 30 September 2022
has not been reviewed. As permitted, the Company has chosen not to
adopt IAS 34 "Interim Financial Statements" in preparing this interim
financial information.
Risks and uncertainties
The Board continually assesses and monitors the key risks of the business.
The key risks that could affect the Company's medium-term performance
and the factors that mitigate those risks have not substantially changed
from those discussed in the Financial Statements to 31 March 2022.
Critical accounting estimates
The preparation of the condensed interim financial statements requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the end of the reporting period. Significant items subject to
estimates are set out in the accounting policies of the Company's Financial
Statements to 31 March 2022.
The Directors of the issuer are responsible for the content of this
announcement.
For further information please contact:
Hot Rocks Investments plc - Gavin Burnell: 020 7264 4444
Optiva Securities Ltd - Daniel Ingram Tel: 0203 411 1881
daniel.ingram@optivasecurities.com
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