Hot Rocks Investments plc: Half Year Results to 30 September 2019 (946157)
January 03 2020 - 2:00AM
UK Regulatory
Hot Rocks Investments plc (HRIP)
Hot Rocks Investments plc: Half Year Results to 30 September 2019
03-Jan-2020 / 07:00 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.
3 Jan 2020
HOT ROCKS INVESTMENTS PLC
("Hot Rocks" or the "Company")
UNAUDITED INTERIM FINANCIAL INFORMATION FOR THE PERIODED 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 PERIODED 30 SEPTEMBER 2019
6 months 6 months
To To
30 September 30 September
2019 2018
Unaudited Unaudited
Continuing operations GBP GBP
Revenue - -
Share based payment - -
Operating expenses (6,806) (49,516)
Other gains - 45,829
Fair value gains/(losses) on (55,279) 85,617
financial assets
_______ _______
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) (62,078) 81,935
for the period
_______ _______
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
GBP GBP
Non-current assets
Financial assets at fair value 356,980 862,588
through profit and loss
_______ _______
356,980 862,588
_______ _______
Current assets
Financial assets at fair value 402,576 -
through profit and loss
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 PERIODED 30 SEPTEMBER 2019
6 months to 6 months to
30 September 30 September
2019 2018
Unaudited Unaudited
GBP GBP
Cash flows from operating activities
Operating profit/(loss) (62,078) 53,673
Adjustments:
Fair value adjustment of financial 55,279 (85,617)
assets through profit and loss
Loss / (Gains) on disposal of - (45,829)
financial assets through profit and
loss
Charge for share based payments
- -
Finance income
(7) (5)
Movements in working capital:
Decrease/(increase) in trade and other - -
receivables
Increase/(decrease) in trade and other 14,648 28,678
payables
_______ _______
Net cash used in operating activities 7,842 (49,100)
_______ _______
Cash flows from investing activities
Proceeds from disposal of financial 128,252 80,063
assets through profit and loss
Acquisition of financial assets (139,576) -
through profit and loss
________ ________
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 (3,489) (30,968)
equivalents
________ ________
Cash and cash equivalents at the 47,678 16,710
beginning of the period
________ ________
Cash and cash equivalents at the end 44,189 47,678
of the period
________ ________
HOT ROCKS INVESTMENTS PLC ACCOUNTING POLICIES
FOR THE PERIODED 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
ISIN: GB00B1WV3198
Category Code: MSCH
TIDM: HRIP
Sequence No.: 38391
EQS News ID: 946157
End of Announcement EQS News Service
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January 03, 2020 02:00 ET (07:00 GMT)
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