Hot Rocks Investments plc (HRIP)
29-Dec-2017 / 10:22 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.
29 December 2017
HOT ROCKS INVESTMENTS PLC
("Hot Rocks" or the "Company")
UNAUDITED INTERIM FINANCIAL INFORMATION FOR THE PERIOD ENDED 30 SEPTEMBER 2017
CHAIRMAN'S STATEMENT
I hereby present the interim results for the Company for the six months ended 30 September 2017.
The Company is an active investor largely in junior natural resources companies. We have continued to see improvement during the period in the interest shown in exploration companies and we look forward to reporting on developments in the portfolio in due course.
The Company made a total comprehensive loss of GBP10,259 for the period, compared to a total comprehensive income of GBP236,459 for the same period last year. The Company will not be paying a dividend.
Cash at bank as at 30 September 2017 was GBP7,446 (30 September 2016: GBP14,039).
We hold stakes in the following entities:
Brazil Tungsten Holdings Limited
Copper Bay Limited
Elephant Oil Limited
Block Energy (formerly Goldcrest Resources plc)
Impact Oil & Gas Limited
Mafula Energy Limited
MedGold Resources Corp
Minergy Limited
Rift Resources Limited
New Horizon Oil & Gas Limited (trading as t5)
Royal Road Minerals Limited (formerly Tigris Resources Limited)
Upland Resources Limited
N4 Pharma PLC
Jangada Mines PLC
Brian Rowbotham
Non-Executive Chairman
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 73828417
Peterhouse Corporate Finance Limited
Guy Miller: 020 7220 9796
HOT ROCKS INVESTMENTS PLC CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2017
|
|
|
6 months
To
30 September
2017
Unaudited
|
6 months
To
30 September
2016
Unaudited
|
|
|
|
|
|
Continuing operations
|
|
|
£
|
£
|
|
|
|
|
|
Revenue
|
|
|
-
|
-
|
Share based payment
|
|
|
(115,600)
|
-
|
Operating expenses
|
|
|
(24,354)
|
(21,543)
|
Other gains
|
|
|
18,510
|
1,353
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Profit/(Loss) from operations
|
|
|
(121,444)
|
(20,190)
|
|
|
|
|
|
Interest receivable
|
|
|
4
|
1,648
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Profit/(Loss) before taxation
|
|
|
(121,440)
|
(18,542)
|
|
|
|
|
|
Income tax expense
|
|
|
-
|
-
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Profit/(Loss) for the period
|
|
|
(121,440)
|
(18,542)
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
Reclassification of cumulative gains on available-for-sale financial asset due to disposals
|
|
|
|
-
|
Fair value gains/(losses) on available-for-sale financial assets
|
|
|
111,181
|
255,001
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Total comprehensive income/(loss) for the period
|
|
|
(10,259)
|
236,459
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Earnings per share (pence)
Basic
|
|
|
-
|
- 0.14
|
Diluted
|
|
|
-
|
0.13
|
HOT ROCKS INVESTMENTS PLC CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2017
|
|
|
|
|
|
As at
|
As at
|
|
|
30 September
|
30 September
|
|
|
2017
|
2016
|
|
|
Unaudited
|
Unaudited
|
Assets
|
|
|
|
|
|
£
|
£
|
Non-current assets
|
|
|
|
|
|
|
|
Available for sale financial assets
|
|
945,220
|
964,170
|
|
|
_______
|
_______
|
|
|
|
|
|
|
945,220
|
964,170
|
|
|
_______
|
_______
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
Other receivables
|
|
-
|
21,356
|
Cash and cash equivalents
|
|
7,446
|
14,039
|
|
|
_______
|
_______
|
|
|
|
|
|
|
7,446
|
35,395
|
|
|
_______
|
_______
|
|
|
|
|
Total assets
|
|
952,666
|
999,565
|
|
|
_______
|
_______
|
|
|
|
|
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
|
29,738
|
Other reserves
|
|
66,209
|
221,651
|
Retained loss
|
|
(677,134)
|
(698,964)
|
|
|
________
|
________
|
|
|
|
|
|
|
852,908
|
900,658
|
|
|
_______
|
_______
|
Current liabilities
|
|
|
|
|
|
|
|
Trade and other payables
|
|
99,758
|
98,907
|
|
|
_______
|
_______
|
|
|
|
|
Total equity and liabilities
|
|
952,666
|
999,565
|
|
|
_______
|
_______
|
|
|
|
|
HOT ROCKS INVESTMENTS PLC CONDENSED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2017
|
|
|
|
6 months to
|
6 months to
|
|
30 September
|
30 September
|
|
2017
|
2016
|
|
Unaudited
|
Unaudited
|
|
£
|
£
|
|
|
|
Cash flows from operating activities
|
|
|
Operating profit/(loss)
|
(10,259)
|
236,459
|
Adjustments:
|
|
|
Fair value adjustment of available-for-sale financial assets
|
(111,181)
|
(255,001)
|
(Loss) / Gains on disposal of available-for-sale financial assets
Charge for share based payments
Finance income
|
-
115,600
(4)
|
(1,353)
-
(1,648)
|
|
|
|
Movements in working capital:
|
|
|
Decrease/(increase) in trade and other receivables
|
720
|
(2,739)
|
Increase/(decrease) in trade and other payables
|
(1,738)
|
7,990
|
|
_______
|
_______
|
|
|
|
Net cash used in operating activities
|
(6,862)
|
(16,292)
|
|
_______
|
_______
|
|
|
|
Cash flows from investing activities
|
|
|
Proceeds from disposal of available-for-sale financial assets
|
2,088
|
14,978
|
|
________
|
________
|
|
|
|
Net cash used in investing activities
|
2,088
|
14,978
|
|
________
|
________
|
|
|
|
Cash flows from financing activities
|
|
|
Interest received
|
4
|
1,648
|
|
________
|
________
|
|
|
|
Net cash from financing activities
|
4
|
1,648
|
|
________
|
________
|
|
|
|
Increase/(decrease) in cash and cash equivalents
|
(4,770)
|
334
|
|
________
|
________
|
|
|
|
Cash and cash equivalents at the beginning of the period
|
12,216
|
13,705
|
|
________
|
________
|
|
|
|
Cash and cash equivalents at the end of the period
|
7,446
|
14,039
|
|
________
|
________
|
HOT ROCKS INVESTMENTS PLC ACCOUNTING POLICIES
FOR THE PERIOD ENDED 30 SEPTEMBER 2017
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 2017. Statutory accounts for the year ended 31 March 2017 were approved by the Board of Directors on 31 August 2017 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 2017 has not been reviewed by the Company's auditor. 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 2017.
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 2017.
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