Hot Rocks Investments plc: Final Audited Results to 31 March 2021 DGAP

Hot Rocks Investments plc (HRIP)
Hot Rocks Investments plc: Final Audited Results to 31 March 2021

31-March-2022 / 17:02 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.


 

 

 

 

 HOT ROCKS INVESTMENTS PLC

(the "Company")

 

 

 AUDITED FINANCIAL STATEMENTS TO

 31 MARCH 2021

 

CHANGE OF AUDITOR

 

 

Chairman's Statement

 

 

 

Dear Shareholders,

 

I hereby present the financial results for the Company for the year ended 31 March 2021.  The Company is an active investor primarily in junior natural resources companies. 

 

The Company made a loss for the year of £38,734, compared to a profit of £75,050 in the prior year. The Company will not be paying a dividend at this stage (2020: £Nil).

 

Cash and cash equivalents as at the year end of 31 March 2021 were £109,546 (2020: £19,868).

 

Despite the issues associated with Covid-19, we have continued to build and nurture our investment portfolio and we are generally pleased with performance.

 

We have participated in a number of early-stage investments and are working on a number of new projects to add value. Due to Covid-19 there have been delays in a number of flotations where we are pre-ipo investors but we hope that a number of these are now nearing fruition. We are particularly excited about the potential listing of Elephant Oil and an Africa-focused copper exploration company where we are a founder shareholder and which we plan to float on a stock exchange in 2022.

 

We hold cash at bank today of £47,000.

 

We now hold stakes in the following entities:

 

  • Aqru plc (AQUIS: AQRU)
  • Elephant Oil Limited
  • Genflow Biosciences plc (AIM:GENF)
  • Impact Oil & Gas Limited
  • Mafula Energy Limited
  • MedGold Resources Corp (TSXV:MED)
  • Minergy Limited (Botswana SX)
  • New Horizon Oil & Gas Limited (trading as T5)
  • Nevada Lithium Resources Inc. (CSE:NVLH)
  • NFT Investments plc (AQUIS:NFT)
  • Pilar Gold Inc
  • Rift Resources Limited
  • 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. It is anticipated that these will continue to be primarily within the natural resources sector.

 

 

Brian Rowbotham

Non-Executive Chairman

31 March 2022

 

Financial Review and Change of Auditor

 

The loss for this year before taxation was £38,734 (2020: profit of £75,050).

 

Cash in the bank at the end of March 2021 was £109,546 (2020: £19,868).

 

 

The Company also announces that it has appointed Pointon Young Chartered Accountants as the Company's auditor for the financial year ended 31 March 2021.

 

As required by section 519 of the Companies Act 2006, PKF Littlejohn LLP, confirms that there are no matters in connection with this change that should be brought to the attention of the Company's shareholders or creditors.

 

The directors of the issuer accept responsibility for the content of this announcement.

 

For further details please contact:

Hot Rocks Investments plc

Gavin Burnell Tel: 0207 2644 546

 

Corporate Adviser:

Peterhouse Capital Limited

Guy Miller Tel: 020 7220 9796

 

 

 

 

 

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED  31 MARCH 2021

 

 

 

2021

2020

 

£

£

Continuing Operations

 

 

 

 

 

Revenue

-

-

 

 

 

Operating expenses

(65,290)

(71,886)

 

 

 

Other gains - sale of financial assets at fair value through                   

profit and loss

Movement in fair value of financial assets through profit

and loss

228,857

 

 

(202,302)

 

 

70,555

 

76,374

 

 

 

──────────

──────────

OPERATING (LOSS)/PROFIT

 

(38,735)

75,043

 

 

 

Finance income

 

1

7

 

─────────

─────────

(LOSS)/PROFIT BEFORE INCOME TAX

(38,734)

75,050

 

 

 

Income tax expense                                                                                

-

-

 

─────────

─────────

 

─────────

─────────

 

(LOSS)/PROFIT FOR THE YEAR

(38,734)

75,050

 

75,050

 

══════════

══════════

 

 

 

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 (loss)/income for the year

─────────

─────────

 

─────────

─────────

 

(38,734)

75,050

 

75,050

══════════

══════════

 

─────────

─────────

 

─────────

─────────

 

75,050

75,050

 

75,050

══════════

══════════

 

 

 

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED  31 MARCH 2021

 

 

 

 

 

 

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

 

 

 

 

 

 

 

══════════

═════════════

══════════

══════════

══════════

 

 

 

 

 

Issued capital

Share premium

Other reserves

Retained earnings

Total equity

 

£

£

£

£

£

Balance at 1 April 2019

173,602

1,174,631

115,600

(776,871)

686,962

Profit for the year

-

-

-

75,050

75,050

 

──────────

─────────────

──────────

──────────

──────────

 

         173,602    

       1,174,631 

          115,600

        (701,821) 

          762,012

 

 

 

 

 

 

 

══════════

═════════════

══════════

══════════

══════════

 

 

 

 

 

 

 

 

 

 

 

 

STATEMENT OF FINANCIAL POSITION

AS AT  31 MARCH 2021

 

 

 

2021

2020

 

£

£

ASSETS

 

 

 

 

 

 

NON CURRENT ASSETS

 

 

   

 

 

 

   

Financial assets designated as fair value through profit or loss    

239,719

188,672

 

 

 

 

 

CURRENT ASSETS

 

 

   

 

 

 

 

   

Financial assets designated as fair value through profit or loss

 

559,583

724,442

   

Trade and other receivables

 

25,595

-

   

Cash and cash equivalents

 

109,546

19,868

   

 

──────────

──────────

   

 

694,724

744,310

 

 

──────────

──────────

 

TOTAL ASSETS

934,443

932,982

 

 

══════════

══════════

 

 

 

 

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

(740,555)

(701,821)

   

 

─────────────

─────────────

   

TOTAL EQUITY

723,278

762,012

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Trade and other payables

 

211,165

170,970

 

──────────

──────────

 

 

 

TOTAL EQUITY AND LIABILITIES

934,443

932,982

 

══════════

══════════

           

 

 

 

Approved by the Board on 31 March 2022

 

 

 

 

 

 

 

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED  31 MARCH 2021

 

 

 

2021

2020

 

£

£

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

   

 

 

 

   

Total operating (Loss)/profit

(38,734)

75,050

   

 

 

 

 

ADJUSTMENTS TO RECONCILE TO PROFIT FROM OPERATIONS

 

 

   

 

 

 

   

Finance income

(1)

(7)

 

 

─────────

─────────

 

ADJUSTMENTS TO RECONCILE PROFIT FROM OPERATIONS

(38,735)

75,043

   

 

 

 

 

INCREASE IN WORKING CAPITAL

 

 

   

 

 

 

   

Gain on disposal of financial assets held through profit and loss

(228,857)

(70,555)

   

Movement in fair value of financial assets through profit and loss

202,302

(76,374)

   

Decrease/(increase) in trade and other receivables

(25,595)

-

   

Return of capital

12,339

-

   

Increase in trade and other payables

40,195

41,219

 

 

─────────

──────────

 

INCREASE IN WORKING CAPITAL

384

(105,710)

 

 

──────────

──────────

 

CASH FLOWS FROM OPERATING ACTIVITIES

(38,351)

(30,667)

   

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

   

 

 

 

   

Purchases of financial assets through profit and loss

(285,136)

(173,039)

   

Proceeds from disposal of financial assets through profit and loss

413,165

176,829

 

 

──────────

─────────

 

NET CASH FLOWS FROM INVESTING ACTIVITIES

128,029

3,790

 

 

──────────

─────────

 

NET CASH FLOWS FROM INVESTING ACTIVITIES

89,678

(26,877)

   

 

 

 

   

 

 

 

   

Cash and cash equivalents as at 1 April 2020

19,868

46,745

   

 

 

 

 

──────────

─────────

CASH AND CASH EQUIVALENTS AS AT 31 MARCH 2021

109,546

19,868

 

══════════

═════════

 

 

 

 

         
 

 



ISIN: GB00B1WV3198
Category Code: MSCM
TIDM: HRIP
Sequence No.: 152895
EQS News ID: 1317335

 
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