3 Jan 2020

HOT ROCKS INVESTMENTS PLC

 

("Hot Rocks" or the "Company")

 

UNAUDITED INTERIM FINANCIAL INFORMATION FOR THE PERIOD ENDED 30 SEPTEMBER 2019

 

CHAIRMAN'S STATEMENT

 

I hereby present the interim results for the Company for the six months ended 30 September 2019.

 

The Company is an active investor largely in junior natural resources companies.

 

The Company made a total comprehensive loss of GBP62,078 for the period, compared to a total comprehensive gain of GBP81,935 for the same period last year. The Company will not be paying a dividend.

 

Cash at bank as at 30 September 2019 was GBP44,189 (30 September 2018: GBP47,679).

 

We hold stakes in the following entities:

 

Bermele plc (LSE:BERM)

Block Energy plc (AIM:BLOE)

Brazil Tungsten Holdings Limited

Copper Bay Limited

Cora Gold Limited (AIM:CORA)

Elephant Oil Limited

Impact Oil & Gas Limited

Mafula Energy Limited

MedGold Resources Corp (TSXV:MED)

Minergy Limited

Rift Resources Limited

New Horizon Oil & Gas Limited (trading as t5)

Royal Road Minerals Limited (formerly Tigris Resources Limited)

Predator Oil & Gas Holdings PLC (LSE:PRD)

Tag Oil Limited (TSXV:TAO)

United Oil & Gas (AIM:UOG)

 

Brian Rowbotham

Non-Executive Chairman

 

 

HOT ROCKS INVESTMENTS PLC CONDENSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 SEPTEMBER 2019

 

 

			6 months To 30 September 2019 Unaudited	6 months To 30 September 2018 Unaudited
Continuing operations			£	£
Revenue			-	-
Share based payment			-	-
Operating expenses			(6,806)	(49,516)
Other gains			-	45,829
Fair value gains/(losses) on financial assets			(55,279)	85,617
			_______	_______
Profit/(Loss) from operations			(62,085)	81,930
Interest receivable			7	5
			_______	_______
Profit/(Loss) before taxation			(62,078)	81,935
Income tax expense			-	-
			_______	_______
Profit/(Loss) for the period			(62,078)	81,935
			_______	_______
			_______	_______
Total comprehensive income/(loss) for the period			(62,078)	81,935
			_______	_______
Earnings per share (pence) Basic			(0.04)	0.05
Diluted			(0.04)	0.05

 

 

 

 

 

 

 

HOT ROCKS INVESTMENTS PLC  CONDENSED STATEMENT OF FINANCIAL POSITION

 AS AT 30 SEPTEMBER 2019

 

 

		As at	As at
		30 September	30 September
		2019	2018
		Unaudited	Unaudited
Assets
		£	£
Non-current assets
Financial assets at fair value through profit and loss		356,980	862,588
		_______	_______
		356,980	862,588
		_______	_______
Current assets
Financial assets at fair value through profit and loss		402,576	-
Cash and cash equivalents		44,189	47,679
		_______	_______
		446,765	47,679
		_______	_______
Total assets		803,745	910,267
		_______	_______
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	115,600
Retained loss		(838,949)	(659,560)
		________	________
		624,884	804,273
		_______	_______
Current liabilities
Trade and other payables		178,861	105,994
		_______	_______
Total equity and liabilities		803,745	910,267
		_______	_______

 

 

 

 

 

HOT ROCKS INVESTMENTS PLC CONDENSED CASH FLOW STATEMENT

 FOR THE PERIOD ENDED 30 SEPTEMBER 2019

 

	6 months to	6 months to
	30 September	30 September
	2019	2018
	Unaudited	Unaudited
	£	£
Cash flows from operating activities
Operating profit/(loss)	(62,078)	53,673
Adjustments:
Fair value adjustment of financial assets through profit and loss	55,279	(85,617)
Loss / (Gains) on disposal of financial assets through profit and loss   Charge for share based payments   Finance income	-     -   (7)	(45,829)     -   (5)
Movements in working capital:
Decrease/(increase) in trade and other receivables	-	-
Increase/(decrease) in trade and other payables	14,648	28,678
	_______	_______
Net cash used in operating activities	7,842	(49,100)
	_______	_______
Cash flows from investing activities
Proceeds from disposal of financial assets through profit and loss	128,252	80,063
Acquisition of financial assets through profit and loss	(139,576)	-
	________	________
Net cash used in investing activities	(11,324)	80,063
	________	________
Cash flows from financing activities
Interest received	7	5
	________	________
Net cash from financing activities	7	5
	________	________
Increase/(decrease) in cash and cash equivalents	(3,489)	(30,968)
	________	________
Cash and cash equivalents at the beginning of the period	47,678	16,710
	________	________
Cash and cash equivalents at the end of the period	44,189	47,678
	________	________

 

 

 

 

 

 

HOT ROCKS INVESTMENTS PLC ACCOUNTING POLICIES

 FOR THE PERIOD ENDED 30 SEPTEMBER 2019

 

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 2019. Statutory accounts for the year ended 31 March 2019 were approved by the Board of Directors on 4 September 2019 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 2019 has not been reviewed. 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 2019.

 

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 2019.

 

 

 

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 7264 4444

 

Peterhouse Capital Limited

Guy Miller: 020 7220 9795