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Hot Rocks Investmnts - Audited Final Results for y/e 31/3/22-Replacement


Announcement provided by

Hot Rocks Investments plc · HRIP

08/03/2023 10:24

Hot Rocks Investmnts - Audited Final Results for y/e 31/3/22-Replacement
RNS Number : 3069S
Hot Rocks Investments PLC
08 March 2023
 





 

The announcement released on 07/03/23 at 18:29 under RNS No 2112S has been re-released to facilitate onward transmission by third party vendors.

 

The announcement is unchanged and is reproduced in full below.

 

7 March 2023

 

HOT ROCKS INVESTMENTS PLC

Audited Final Results for year ended 31 March 2022

 

CHAIRMAN'S STATEMENT

 

 

 

Dear Shareholders,

 

I hereby present the financial results for the Company for the year ended 31 March 2022.  The Company is an active investor primarily in junior natural resources companies. 

 

The Company made a profit for the year of £118,905, compared to a loss of £38,734 in the prior year. The Company will not be paying a dividend at this stage (2021: £Nil) as we seek to reinvest all profits in opportunities with the potential for significant capital growth.

 

Cash and cash equivalents as at the year end of 31 March 2022 were £36,008 (2021: £109,546).

 

We have continued to build and nurture our investment portfolio and we are generally pleased with performance. We remain excited about the potential listing on NASDAQ of Elephant Oil Corp at a price of $4-$5 per share where we hold 659,091 shares and Mosi Copper Limited, an Africa-focused copper exploration company where we are a founder shareholder and which we plan to float on a stock exchange when markets permit.  In addition, Pilar Gold Inc plans to seek a listing in the near term.

 

We now hold stakes in the following entities:

 

·    Aqru plc (AQUIS: AQRU)

·    Elephant Oil Corp

·    Impact Oil & Gas Limited

·    Mafula Energy Limited

·    MedGold Resources Corp (TSXV:MED)

·    Minergy Limited (Botswana SX)

·    Mosi Copper Limited

·    New Horizon Oil & Gas Limited (trading as T5)

·    NFT Investments plc (AQUIS:NFT)

·    Pilar Gold Inc

·    Roquefort Therapeutics Limited (LSE:ROQ)

·    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.

 

Brian Rowbotham

Non-Executive Chairman

 

For further details please contact:

Hot Rocks Investments plc

Gavin Burnell Tel: 0207 2644 546

Optiva Securities Limited

Daniel Ingram Tel: 0203 981 4178

 

HOT ROCKS INVESTMENTS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED  31 MARCH 2022

 

 

Notes

2022

2021


£

£

Continuing Operations

 



 


Revenue

-

-


 


Operating expenses

(65,878)

(65,290)

Other (loss)/profit - sale of financial assets at fair value through profit and loss account

(17,831)

228,857




Movement in fair value of financial assets through profit

and loss

202,614

(202,302)



──────────

──────────

OPERATING PROFIT/(LOSS)

3

118,905

(38,735)




Finance income


-

1


─────────

─────────

PROFIT/(LOSS) BEFORE INCOME TAX

118,905

(38,734)

 

 


Income tax                                                                                               6

-

-


─────────

─────────

PROFIT/(LOSS) AFTER INCOME TAX

118,905

(38,734)


       ══════════

       ══════════

 

 


 

 





 

 

 

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 income/(loss) for the year

118,905

(38,734)


══════════

══════════

HOT ROCKS INVESTMENTS PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED  31 MARCH 2022

 

 





Issued capital

Share premium

Other reserves

Retained earnings

Total equity


£

£

£

£

£

Balance at 1 April 2021

173,602

1,174,631

115,600

(740,555)

723,278

Profit for the year

-

-

-

118,905

118,905


──────────

─────────────

──────────

──────────

──────────


          173,602

       1,174,631   

          115,600

        (621,650)   

         842,183








══════════

═════════════

══════════

══════════

══════════

 





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








══════════

═════════════

══════════

══════════

══════════

 

 

 

 







HOT ROCKS INVESTMENTS PLC

STATEMENT OF FINANCIAL POSITION

AS AT  31 MARCH 2022

 

 

Notes

2022

2021


£

£

ASSETS



 



 

NON-CURRENT ASSETS



 


 


 

Financial assets designated as fair value through profit or loss    

389,529

239,719

 

 



 

CURRENT ASSETS



 



 


 

Financial assets designated as fair value through profit or loss


621,941

559,583

 

Trade and other receivables


40,306

25,595

 

Cash and cash equivalents


36,008

109,546

 


──────────

──────────

 


698,255

694,724

 


──────────

──────────

 

TOTAL ASSETS

1,087,784

934,443

 


══════════

══════════

 




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

(621,650)

(740,555)

 


─────────────

─────────────

 

TOTAL EQUITY

842,183

723,278

 



CURRENT LIABILITIES



 



 


 

Trade and other payables


245,601

211,165


──────────

──────────




TOTAL EQUITY AND LIABILITIES

1,087,784

934,443


══════════

══════════







 

HOT ROCKS INVESTMENTS PLC

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED  31 MARCH 2022

 

 


2022

2021


£

£

CASH FLOWS FROM OPERATING ACTIVITIES



 


 


 

Total operating profit /(loss)

118,905

(38,734)

 




 

ADJUSTMENTS TO RECONCILE TO PROFIT FROM OPERATIONS



 


 


 

Finance income

-

(1)

 


─────────

─────────

 

ADJUSTMENTS TO RECONCILE PROFIT FROM OPERATIONS

118,905

(38,735)

 




 

INCREASE IN WORKING CAPITAL



 


 


 

Loss/(gain) on disposal of financial assets held through

profit and loss

17,831

(228,857)

 

Movement in fair value of financial assets through profit and loss

(202,614)

202,302

 

(Increase) in trade and other receivables

(14,714)

(25,595)

 

Return of capital

-

12,339

 

Increase in trade and other payables

34,436

40,195

 


─────────

──────────

 

(DECREASE)/INCREASE IN WORKING CAPITAL

(165,061)

384

 


──────────

──────────

 

CASH FLOWS FROM OPERATING ACTIVITIES

(46,156)

(38,351)

 




CASH FLOWS FROM INVESTING ACTIVITIES



 


 


 

Purchases of financial assets through profit and loss

(208,361)

(285,136)

 

Proceeds from disposal of financial assets through profit and loss

180,979

413,165

 


──────────

─────────

 

NET CASH FLOWS FROM INVESTING ACTIVITIES

(27,382)

128,029

 


──────────

─────────

 

NET CASH FLOWS FROM INVESTING ACTIVITIES

(73,538)

89,678

 




 




 

Cash and cash equivalents as at 1 April 2021

109,546

19,868

 





──────────

─────────

CASH AND CASH EQUIVALENTS AS AT 31 MARCH 2022

36,008

109,546


══════════

═════════

 

 









 

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