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Hot Rocks Investments plc (HRIP)
Hot Rocks Investments plc: Final Results 2023
29-Sep-2023 / 13:45 GMT/BST
29 September 2023
HOT ROCKS INVESTMENTS PLC
Audited Final Results for year ended 31 March 2023
Chairman’s Statement
I hereby present the financial results for the Company for the year ended 31 March 2023. The Company is an active investor primarily in junior natural resources companies but also in other sectors especially where the Company is able to secure an early-stage low valuation entry point.
The Company made a loss for the year of £367,810, and a profit of £118,905 in the prior year. The Company will not be paying a dividend for the foreseeable future (2022: £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 2023 were £21,928 (2022: £36,008).
We have continued to build and nurture our investment portfolio and we are generally pleased with performance, particularly in light of very difficult market conditions in the space in which we operate.
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 plans to float on a stock exchange when markets permit. In addition, Pilar Gold Inc plans to seek a listing in the near term and we are due to also become a shareholder in Laiva Gold Inc.
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
- Royal Road Minerals Limited (TSXV:RYR)
- Trigon Metals Inc (TSXV:TM)
- D3 Energy
- Rift Resources Limited
- Unicorn Mineral Resources Limited
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
Hot Rocks Investments plc
Gavin Burnell Tel: 020 7264 4546
Optiva Securities Limited
Daniel Ingram Tel: 020 3981 4178
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HOT ROCKS INVESTMENTS PLC
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STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
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FOR THE YEAR ENDED 31 MARCH 2023
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Notes
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2023
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2022
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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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(78,206)
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(65,878)
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Other loss – sale of financial assets at fair value through profit and loss account
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(62,462)
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(17,831)
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Foreign exchange loss on available-for-sale financial assets
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(30,108)
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-
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Movement in fair value of financial assets through profit
and loss
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(197,063)
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202,614
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──────────
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──────────
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OPERATING (LOSS)/PROFIT
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(367,839)
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118,905
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Finance income
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28
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-
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─────────
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─────────
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(LOSS)/PROFIT BEFORE INCOME TAX
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(367,811)
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118,905
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Income tax
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-
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-
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─────────
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─────────
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(LOSS)/PROFIT AFTER INCOME TAX
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(367,811)
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118,905
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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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(367,811)
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118,905
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══════════
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══════════
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HOT ROCKS INVESTMENTS PLC
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STATEMENT OF CHANGES IN EQUITY
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FOR THE YEAR ENDED 31 MARCH 2023
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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 2023
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173,602
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1,174,631
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115,600
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(621,650)
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842,183
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Loss for the year
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-
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-
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-
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(367,811)
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(367,811)
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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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(989,460)
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474,373
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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 2022
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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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Profit for the year
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-
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-
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-
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118,905
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118,905
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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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(621,650)
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842,183
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══════════
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══════════
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══════════
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══════════
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HOT ROCKS INVESTMENTS PLC
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STATEMENT OF FINANCIAL POSITION
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AS AT 31 MARCH 2023
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2023
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2022
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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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385,171
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389,529
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CURRENT ASSETS
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Financial assets designated as fair value through profit or loss
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344,393
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621,941
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Trade and other receivables
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606
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40,306
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Cash and cash equivalents
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21,928
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36,008
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──────────
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──────────
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366,928
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698,255
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──────────
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──────────
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TOTAL ASSETS
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752,098
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1,087,784
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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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(989,460)
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(621,650)
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─────────────
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─────────────
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TOTAL EQUITY
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474,373
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842,183
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CURRENT LIABILITIES
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Trade and other payables
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277,225
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245,601
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──────────
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──────────
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TOTAL EQUITY AND LIABILITIES
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752,098
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1,087,784
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══════════
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══════════
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HOT ROCKS INVESTMENTS PLC
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STATEMENT OF CASH FLOWS
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FOR THE YEAR ENDED 31 MARCH 2023
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2023
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2022
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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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(367,810)
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118,905
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ADJUSTMENTS TO RECONCILE TO PROFIT FROM OPERATIONS
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Finance income
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28
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-
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─────────
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─────────
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ADJUSTMENTS TO RECONCILE PROFIT FROM OPERATIONS
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(367,782)
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118,905
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INCREASE IN WORKING CAPITAL
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Loss on disposal of financial assets held through
profit and loss
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62,462
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17,831
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Foreign exchange loss
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30,108
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-
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Movement in fair value of financial assets through profit and loss
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197,063
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(202,614)
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Decrease/(increase) in trade and other receivables
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39,601
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(14,714)
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Increase in trade and other payables
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32,065
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34,436
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─────────
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──────────
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INCREASE/(DECREASE) IN WORKING CAPITAL
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361,298
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(165,061)
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──────────
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──────────
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CASH FLOWS FROM OPERATING ACTIVITIES
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(6,484)
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(46,156)
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CASH FLOWS FROM INVESTING ACTIVITIES
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Interest paid
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130
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-
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Purchases of financial assets through profit and loss
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(70,025)
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(208,361)
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Proceeds from disposal of financial assets through profit and loss
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62,300
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180,979
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──────────
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─────────
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NET CASH FLOWS FROM INVESTING ACTIVITIES
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(7,596)
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(27,382)
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──────────
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─────────
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NET CASH FLOWS FROM INVESTING ACTIVITIES
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(14,080)
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(73,538)
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Cash and cash equivalents as at 1 April
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36,008
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109,546
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──────────
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─────────
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CASH AND CASH EQUIVALENTS AS AT 31 MARCH 2023
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21,928
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36,008
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══════════
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Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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