Hot Rocks Investments plc: Interim Results DGAP

Hot Rocks Investments plc (HRIP)
Hot Rocks Investments plc: Interim Results

29-Dec-2017 / 10:22 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


29 December 2017

HOT ROCKS INVESTMENTS PLC

 

("Hot Rocks" or the "Company")

 

UNAUDITED INTERIM FINANCIAL INFORMATION FOR THE PERIOD ENDED 30 SEPTEMBER 2017

 

CHAIRMAN'S STATEMENT

 

I hereby present the interim results for the Company for the six months ended 30 September 2017.

 

The Company is an active investor largely in junior natural resources companies. We have continued to see improvement during the period in the interest shown in exploration companies and we look forward to reporting on developments in the portfolio in due course.

 

The Company made a total comprehensive loss of GBP10,259 for the period, compared to a total comprehensive income of GBP236,459 for the same period last year. The Company will not be paying a dividend.

 

Cash at bank as at 30 September 2017 was GBP7,446 (30 September 2016: GBP14,039).

 

We hold stakes in the following entities:

 

Brazil Tungsten Holdings Limited

Copper Bay Limited

Elephant Oil Limited

Block Energy (formerly Goldcrest Resources plc)

Impact Oil & Gas Limited

Mafula Energy Limited

MedGold Resources Corp

Minergy Limited

Rift Resources Limited

New Horizon Oil & Gas Limited (trading as t5)

Royal Road Minerals Limited (formerly Tigris Resources Limited)

Upland Resources Limited

N4 Pharma PLC

Jangada Mines PLC

 

Brian Rowbotham

Non-Executive Chairman

 

 

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 73828417

 

Peterhouse Corporate Finance Limited

Guy Miller: 020 7220 9796

 

 

 

HOT ROCKS INVESTMENTS PLC CONDENSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 SEPTEMBER 2017

 

 

 

 

 

6 months

To

30 September

2017

Unaudited

6 months

To

30 September

2016

Unaudited

 

 

 

 

 

Continuing operations

 

 

£

£

 

 

 

 

 

Revenue

 

 

-

-

 

Share based payment

 

 

 

(115,600)

 

-

Operating expenses

 

 

(24,354)

(21,543)

Other gains

 

 

18,510

1,353

 

 

 

_______

_______

 

 

 

 

 

Profit/(Loss) from operations

 

 

(121,444)

(20,190)

 

 

 

 

 

Interest receivable

 

 

4

1,648

 

 

 

_______

_______

 

 

 

 

 

Profit/(Loss) before taxation

 

 

(121,440)

(18,542)

 

 

 

 

 

Income tax expense

 

 

-

-

 

 

 

_______

_______

 

 

 

 

 

Profit/(Loss) for the period

 

 

(121,440)

(18,542)

 

 

 

_______

_______

 

 

 

 

 

Other comprehensive income

 

 

 

 

Reclassification of cumulative gains on available-for-sale financial asset due to disposals

 

 

 

-

Fair value gains/(losses) on available-for-sale financial assets

 

 

111,181

255,001

 

 

 

_______

_______

 

 

 

 

 

Total comprehensive income/(loss) for the period

 

 

(10,259)

236,459

 

 

 

_______

_______

 

 

 

 

 

Earnings per share (pence)

Basic

 

 

 

                    -

 

  1.             0.14

Diluted

 

 

                     -

             0.13

 

 

 

 

 

 

 


HOT ROCKS INVESTMENTS PLC  CONDENSED STATEMENT OF FINANCIAL POSITION

 AS AT 30 SEPTEMBER 2017

 

 

 

 

 

 

 

 

As at

As at

 

 

30 September

30 September

 

 

2017

2016

 

 

Unaudited

Unaudited

Assets

 

 

 

 

 

£

£

Non-current assets

 

 

 

 

 

 

 

Available for sale financial assets

 

945,220

964,170

 

 

_______

_______

 

 

 

 

 

 

945,220

964,170

 

 

_______

_______

 

 

 

 

Current assets

 

 

 

 

 

 

 

Other receivables

 

-

21,356

Cash and cash equivalents

 

7,446

14,039

 

 

_______

_______

 

 

 

 

 

 

7,446

35,395

 

 

_______

_______

 

 

 

 

Total assets

 

952,666

999,565

 

 

_______

_______

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

Called up share capital

 

173,602

173,602

Share premium account

 

1,174,631

1,174,631

Shares based payment reserve

 

115,600

29,738

Other reserves

 

66,209

221,651

Retained loss

 

(677,134)

(698,964)

 

 

________

________

 

 

 

 

 

 

852,908

900,658

 

 

_______

_______

Current liabilities

 

 

 

 

 

 

 

Trade and other payables

 

99,758

98,907

 

 

_______

_______

 

 

 

 

Total equity and liabilities

 

952,666

999,565

 

 

_______

_______

 

 

 

 

 

 

 

 

 

HOT ROCKS INVESTMENTS PLC CONDENSED CASH FLOW STATEMENT

 FOR THE PERIOD ENDED 30 SEPTEMBER 2017

 

 

 

 

 

6 months to

6 months to

 

30 September

30 September

 

2017

2016

 

Unaudited

Unaudited

 

£

£

 

 

 

Cash flows from operating activities

 

 

Operating profit/(loss)

(10,259)

236,459

Adjustments:

 

 

Fair value adjustment of available-for-sale financial assets

(111,181)

(255,001)

(Loss) / Gains on disposal of available-for-sale financial assets

 

Charge for share based payments

 

Finance income

-

 

 

115,600

 

(4)

(1,353)

 

 

-

 

(1,648)

 

 

 

Movements in working capital:

 

 

Decrease/(increase) in trade and other receivables

720

(2,739)

Increase/(decrease) in trade and other payables

(1,738)

7,990

 

_______

_______

 

 

 

Net cash used in operating activities

(6,862)

(16,292)

 

_______

_______

 

 

 

Cash flows from investing activities

 

 

Proceeds from disposal of available-for-sale financial assets

2,088

14,978

 

________

________

 

 

 

Net cash used in investing activities

2,088

14,978

 

________

________

 

 

 

Cash flows from financing activities

 

 

Interest received

4

1,648

 

________

________

 

 

 

Net cash from financing activities

4

1,648

 

________

________

 

 

 

Increase/(decrease) in cash and cash equivalents

(4,770)

334

 

________

________

 

 

 

Cash and cash equivalents at the beginning of the period

12,216

13,705

 

________

________

 

 

 

Cash and cash equivalents at the end of the period

7,446

14,039

 

________

________

 

 

 

 

 

 

HOT ROCKS INVESTMENTS PLC ACCOUNTING POLICIES

 FOR THE PERIOD ENDED 30 SEPTEMBER 2017

 

1 Financial Information

 

The financial information set out above does not constitute statutory accounts within the meaning of Section 434 of the 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 2017. Statutory accounts for the year ended 31 March 2017 were approved by the Board of Directors on 31 August 2017 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 2017 has not been reviewed by the Company's auditor. 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 continuously 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 2017.

 

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 2017.

 

 

 



ISIN: GB00B1WV3198
Category Code: IR
LSE Ticker: HRIP
Sequence No.: 5066

 
End of Announcement EQS News Service

642225  29-Dec-2017 

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