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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
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
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STATEMENT OF COMPREHENSIVE INCOME
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FOR THE YEAR ENDED 31 MARCH 2021
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2021
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2020
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£
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£
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Continuing Operations
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Revenue
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-
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-
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Operating expenses
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(65,290)
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(71,886)
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Other gains - sale of financial assets at fair value through
profit and loss
Movement in fair value of financial assets through profit
and loss
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──────────
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──────────
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OPERATING (LOSS)/PROFIT
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(38,735)
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75,043
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Finance income
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1
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7
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─────────
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─────────
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(LOSS)/PROFIT BEFORE INCOME TAX
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(38,734)
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75,050
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Income tax expense
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-
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-
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(LOSS)/PROFIT FOR THE YEAR
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75,050
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══════════
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══════════
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Other Comprehensive Income
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Items that may be reclassified subsequently to profit or loss
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-
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-
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Fair value change in value on available-for-sale financial assets
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-
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-
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Total Comprehensive (loss)/income for the year
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75,050
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══════════
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══════════
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75,050
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══════════
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══════════
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STATEMENT OF CHANGES IN EQUITY
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FOR THE YEAR ENDED 31 MARCH 2021
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Issued capital
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Share premium
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Other reserves
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Retained earnings
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Total equity
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£
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£
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£
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£
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£
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Balance at 1 April 2020
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173,602
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1,174,631
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115,600
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(701,821)
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762,012
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Loss for the year
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-
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-
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-
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(38,734)
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(38,734)
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──────────
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─────────────
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──────────
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──────────
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──────────
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173,602
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1,174,631
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115,600
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(740,555)
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723,278
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══════════
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═════════════
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══════════
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══════════
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══════════
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Issued capital
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Share premium
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Other reserves
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Retained earnings
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Total equity
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£
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£
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£
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£
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£
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Balance at 1 April 2019
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173,602
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1,174,631
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115,600
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(776,871)
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686,962
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Profit for the year
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-
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-
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-
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75,050
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75,050
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──────────
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─────────────
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──────────
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──────────
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──────────
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173,602
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1,174,631
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115,600
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(701,821)
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762,012
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══════════
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═════════════
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══════════
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══════════
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══════════
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STATEMENT OF FINANCIAL POSITION
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AS AT 31 MARCH 2021
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2021
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2020
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£
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£
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ASSETS
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NON CURRENT ASSETS
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Financial assets designated as fair value through profit or loss
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239,719
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188,672
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CURRENT ASSETS
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Financial assets designated as fair value through profit or loss
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559,583
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724,442
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Trade and other receivables
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25,595
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-
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Cash and cash equivalents
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109,546
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19,868
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──────────
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──────────
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694,724
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744,310
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──────────
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──────────
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TOTAL ASSETS
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934,443
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932,982
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══════════
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══════════
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EQUITY
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ISSUED CAPITAL AND RESERVES
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Issued share capital
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173,602
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173,602
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Share premium
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1,174,631
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1,174,631
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Reserves
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115,600
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115,600
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Retained loss
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(740,555)
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(701,821)
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─────────────
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─────────────
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TOTAL EQUITY
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723,278
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762,012
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CURRENT LIABILITIES
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Trade and other payables
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211,165
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170,970
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──────────
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──────────
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TOTAL EQUITY AND LIABILITIES
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934,443
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932,982
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══════════
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══════════
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Approved by the Board on 31 March 2022
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STATEMENT OF CASH FLOWS
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FOR THE YEAR ENDED 31 MARCH 2021
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2021
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2020
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£
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£
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CASH FLOWS FROM OPERATING ACTIVITIES
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Total operating (Loss)/profit
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(38,734)
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75,050
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ADJUSTMENTS TO RECONCILE TO PROFIT FROM OPERATIONS
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Finance income
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(1)
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(7)
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─────────
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─────────
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ADJUSTMENTS TO RECONCILE PROFIT FROM OPERATIONS
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(38,735)
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75,043
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INCREASE IN WORKING CAPITAL
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Gain on disposal of financial assets held through profit and loss
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(228,857)
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(70,555)
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Movement in fair value of financial assets through profit and loss
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202,302
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(76,374)
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Decrease/(increase) in trade and other receivables
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(25,595)
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-
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Return of capital
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12,339
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-
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Increase in trade and other payables
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40,195
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41,219
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─────────
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──────────
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INCREASE IN WORKING CAPITAL
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384
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(105,710)
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──────────
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──────────
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CASH FLOWS FROM OPERATING ACTIVITIES
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(38,351)
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(30,667)
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CASH FLOWS FROM INVESTING ACTIVITIES
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Purchases of financial assets through profit and loss
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(285,136)
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(173,039)
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Proceeds from disposal of financial assets through profit and loss
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413,165
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176,829
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──────────
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─────────
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NET CASH FLOWS FROM INVESTING ACTIVITIES
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128,029
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3,790
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──────────
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─────────
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NET CASH FLOWS FROM INVESTING ACTIVITIES
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89,678
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(26,877)
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Cash and cash equivalents as at 1 April 2020
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19,868
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46,745
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──────────
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─────────
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CASH AND CASH EQUIVALENTS AS AT 31 MARCH 2021
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109,546
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19,868
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══════════
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═════════
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