Hot Rocks Investments plc: Half Year Results to 30 September 2019 DGAP

Hot Rocks Investments plc (HRIP)
Hot Rocks Investments plc: Half Year Results to 30 September 2019

03-Jan-2020 / 07:00 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.


3 Jan 2020

HOT ROCKS INVESTMENTS PLC

 

("Hot Rocks" or the "Company")

 

UNAUDITED INTERIM FINANCIAL INFORMATION FOR THE PERIOD ENDED 30 SEPTEMBER 2019

 

CHAIRMAN'S STATEMENT

 

I hereby present the interim results for the Company for the six months ended 30 September 2019.

 

The Company is an active investor largely in junior natural resources companies.

 

The Company made a total comprehensive loss of GBP62,078 for the period, compared to a total comprehensive gain of GBP81,935 for the same period last year. The Company will not be paying a dividend.

 

Cash at bank as at 30 September 2019 was GBP44,189 (30 September 2018: GBP47,679).

 

We hold stakes in the following entities:

 

Bermele plc (LSE:BERM)

Block Energy plc (AIM:BLOE)

Brazil Tungsten Holdings Limited

Copper Bay Limited

Cora Gold Limited (AIM:CORA)

Elephant Oil Limited

Impact Oil & Gas Limited

Mafula Energy Limited

MedGold Resources Corp (TSXV:MED)

Minergy Limited

Rift Resources Limited

New Horizon Oil & Gas Limited (trading as t5)

Royal Road Minerals Limited (formerly Tigris Resources Limited)

Predator Oil & Gas Holdings PLC (LSE:PRD)

Tag Oil Limited (TSXV:TAO)

United Oil & Gas (AIM:UOG)

 

Brian Rowbotham

Non-Executive Chairman

 

 

 

HOT ROCKS INVESTMENTS PLC CONDENSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 SEPTEMBER 2019

 

 

 

 

 

6 months

To

30 September

2019

Unaudited

6 months

To

30 September

2018

Unaudited

 

 

 

 

 

Continuing operations

 

 

£

£

 

 

 

 

 

Revenue

 

 

-

-

 

Share based payment

 

 

 

-

 

-

Operating expenses

 

 

(6,806)

(49,516)

Other gains

 

 

-

45,829

Fair value gains/(losses) on financial assets

 

 

(55,279)

85,617

 

 

 

_______

_______

 

 

 

 

 

Profit/(Loss) from operations

 

 

(62,085)

81,930

 

 

 

 

 

Interest receivable

 

 

7

5

 

 

 

_______

_______

 

 

 

 

 

Profit/(Loss) before taxation

 

 

(62,078)

81,935

 

 

 

 

 

Income tax expense

 

 

-

-

 

 

 

_______

_______

 

 

 

 

 

Profit/(Loss) for the period

 

 

(62,078)

81,935

 

 

 

_______

_______

 

 

 

 

 

 

 

 

_______

_______

 

 

 

 

 

Total comprehensive income/(loss) for the period

 

 

(62,078)

81,935

 

 

 

_______

_______

 

 

 

 

 

Earnings per share (pence)

Basic

 

 

 

                      (0.04)

 

0.05

Diluted

 

 

                      (0.04)

0.05

 

 

 

 

 

 

 


HOT ROCKS INVESTMENTS PLC  CONDENSED STATEMENT OF FINANCIAL POSITION

 AS AT 30 SEPTEMBER 2019

 

 

 

 

 

 

 

 

As at

As at

 

 

30 September

30 September

 

 

2019

2018

 

 

Unaudited

Unaudited

Assets

 

 

 

 

 

£

£

Non-current assets

 

 

 

 

 

 

 

Financial assets at fair value through profit and loss

 

356,980

862,588

 

 

_______

_______

 

 

 

 

 

 

356,980

862,588

 

 

_______

_______

 

 

 

 

Current assets

 

 

 

 

 

 

 

Financial assets at fair value through profit and loss

 

402,576

-

Cash and cash equivalents

 

44,189

47,679

 

 

_______

_______

 

 

 

 

 

 

446,765

47,679

 

 

_______

_______

 

 

 

 

Total assets

 

803,745

910,267

 

 

_______

_______

 

 

 

 

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

115,600

Retained loss

 

(838,949)

(659,560)

 

 

________

________

 

 

 

 

 

 

624,884

804,273

 

 

_______

_______

Current liabilities

 

 

 

 

 

 

 

Trade and other payables

 

178,861

105,994

 

 

_______

_______

 

 

 

 

Total equity and liabilities

 

803,745

910,267

 

 

_______

_______

 

 

 

 

 

 

 

 

 

HOT ROCKS INVESTMENTS PLC CONDENSED CASH FLOW STATEMENT

 FOR THE PERIOD ENDED 30 SEPTEMBER 2019

 

 

 

 

 

6 months to

6 months to

 

30 September

30 September

 

2019

2018

 

Unaudited

Unaudited

 

£

£

 

 

 

Cash flows from operating activities

 

 

Operating profit/(loss)

(62,078)

53,673

Adjustments:

 

 

Fair value adjustment of financial assets through profit and loss

55,279

(85,617)

Loss / (Gains) on disposal of financial assets through profit and loss

 

Charge for share based payments

 

Finance income

-

 

 

-

 

(7)

(45,829)

 

 

-

 

(5)

 

 

 

Movements in working capital:

 

 

Decrease/(increase) in trade and other receivables

-

-

Increase/(decrease) in trade and other payables

14,648

28,678

 

_______

_______

 

 

 

Net cash used in operating activities

7,842

(49,100)

 

_______

_______

 

 

 

Cash flows from investing activities

 

 

Proceeds from disposal of financial assets through profit and loss

128,252

80,063

Acquisition of financial assets through profit and loss

(139,576)

-

 

________

________

 

 

 

Net cash used in investing activities

(11,324)

80,063

 

________

________

 

 

 

Cash flows from financing activities

 

 

Interest received

7

5

 

________

________

 

 

 

Net cash from financing activities

7

5

 

________

________

 

 

 

Increase/(decrease) in cash and cash equivalents

(3,489)

(30,968)

 

________

________

 

 

 

Cash and cash equivalents at the beginning of the period

47,678

16,710

 

________

________

 

 

 

Cash and cash equivalents at the end of the period

44,189

47,678

 

________

________

 

 

 

 

 

 

HOT ROCKS INVESTMENTS PLC ACCOUNTING POLICIES

 FOR THE PERIOD ENDED 30 SEPTEMBER 2019

 

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 2019. Statutory accounts for the year ended 31 March 2019 were approved by the Board of Directors on 4 September 2019 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 2019 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 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 2019.

 

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 2019.

 

 

 

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

 

Peterhouse Capital Limited

Guy Miller: 020 7220 9795



ISIN: GB00B1WV3198
Category Code: MSCH
TIDM: HRIP
Sequence No.: 38391
EQS News ID: 946157

 
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