DJ Hot Rocks Investments plc: Final Audited Results to 31 March 2021
Hot Rocks Investments plc (HRIP) Hot Rocks Investments plc: Final Audited Results to 31 March 2021 31-March-2022 / 17:02 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.
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HOT ROCKS INVESTMENTS PLC
(the "Company")
AUDITED FINANCIAL STATEMENTS TO
31 MARCH 2021
CHANGE OF AUDITOR
Chairman's Statement
Dear Shareholders,
I hereby present the financial results for the Company for the year ended 31 March 2021. The Company is an active investor primarily in junior natural resources companies.
The Company made a loss for the year of GBP38,734, compared to a profit of GBP75,050 in the prior year. The Company will not be paying a dividend at this stage (2020: GBPNil).
Cash and cash equivalents as at the year end of 31 March 2021 were GBP109,546 (2020: GBP19,868).
Despite the issues associated with Covid-19, we have continued to build and nurture our investment portfolio and we are generally pleased with performance.
We have participated in a number of early-stage investments and are working on a number of new projects to add value. Due to Covid-19 there have been delays in a number of flotations where we are pre-ipo investors but we hope that a number of these are now nearing fruition. We are particularly excited about the potential listing of Elephant Oil and an Africa-focused copper exploration company where we are a founder shareholder and which we plan to float on a stock exchange in 2022.
We hold cash at bank today of GBP47,000.
We now hold stakes in the following entities:
-- Aqru plc (AQUIS: AQRU)
-- Elephant Oil Limited
-- Genflow Biosciences plc (AIM:GENF)
-- Impact Oil & Gas Limited
-- Mafula Energy Limited
-- MedGold Resources Corp (TSXV:MED)
-- Minergy Limited (Botswana SX)
-- New Horizon Oil & Gas Limited (trading as T5)
-- Nevada Lithium Resources Inc. (CSE:NVLH)
-- NFT Investments plc (AQUIS:NFT)
-- Pilar Gold Inc
-- Rift Resources Limited
-- 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. It is anticipated that these will continue to be primarily within the natural resources sector.
Brian Rowbotham
Non-Executive Chairman
31 March 2022
Financial Review and Change of Auditor
The loss for this year before taxation was GBP38,734 (2020: profit of GBP75,050).
Cash in the bank at the end of March 2021 was GBP109,546 (2020: GBP19,868).
The Company also announces that it has appointed Pointon Young Chartered Accountants as the Company's auditor for the financial year ended 31 March 2021.
As required by section 519 of the Companies Act 2006, PKF Littlejohn LLP, confirms that there are no matters in connection with this change that should be brought to the attention of the Company's shareholders or creditors.
The directors of the issuer accept responsibility for the content of this announcement.
For further details please contact:
Hot Rocks Investments plc
Gavin Burnell Tel: 0207 2644 546
Corporate Adviser:
Peterhouse Capital Limited
Guy Miller Tel: 020 7220 9796
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2021
2021 2020
GBP GBP
Continuing Operations
Revenue - -
Operating expenses (65,290) (71,886)
228,857
Other gains - sale of financial assets at fair value through 70,555 Movement in fair value of financial assets through profit 76,374
OPERATING (LOSS)/PROFIT (38,735) 75,043
Finance income 1 7
(LOSS)/PROFIT BEFORE INCOME TAX (38,734) 75,050
Income tax expense - -
(38,734) 75,050 (LOSS)/PROFIT FOR THE YEAR 75,050
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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 (loss)/income for the year (38,734) 75,050 75,050 75,050
75,050 75,050
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
Issued capital Share premium Other reserves Retained earnings Total equity
GBP GBP GBP GBP GBP
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
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Issued capital Share premium Other reserves Retained earnings Total equity
GBP GBP GBP GBP GBP
Balance at 1 April 2019 173,602 1,174,631 115,600 (776,871) 686,962
Profit for the year - - - 75,050 75,050
173,602 1,174,631 115,600 (701,821) 762,012
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2021
2021 2020
GBP GBP
ASSETS
NON CURRENT ASSETS
Financial assets designated as fair value through profit or loss 239,719 188,672
CURRENT ASSETS
Financial assets designated as fair value through profit or loss 559,583 724,442
Trade and other receivables 25,595 -
Cash and cash equivalents 109,546 19,868
694,724 744,310
TOTAL ASSETS 934,443 932,982
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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 (740,555) (701,821)
TOTAL EQUITY 723,278 762,012
CURRENT LIABILITIES
Trade and other payables 211,165 170,970
TOTAL EQUITY AND LIABILITIES 934,443 932,982
Approved by the Board on 31 March 2022
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
2021 2020
GBP GBP
CASH FLOWS FROM OPERATING ACTIVITIES
Total operating (Loss)/profit (38,734) 75,050
ADJUSTMENTS TO RECONCILE TO PROFIT FROM OPERATIONS
Finance income (1) (7)
ADJUSTMENTS TO RECONCILE PROFIT FROM OPERATIONS (38,735) 75,043
INCREASE IN WORKING CAPITAL
Gain on disposal of financial assets held through profit and loss (228,857) (70,555)
Movement in fair value of financial assets through profit and loss 202,302 (76,374)
Decrease/(increase) in trade and other receivables (25,595) -
Return of capital 12,339 -
Increase in trade and other payables 40,195 41,219
INCREASE IN WORKING CAPITAL 384 (105,710)
CASH FLOWS FROM OPERATING ACTIVITIES (38,351) (30,667)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of financial assets through profit and loss (285,136) (173,039)
Proceeds from disposal of financial assets through profit and loss 413,165 176,829
NET CASH FLOWS FROM INVESTING ACTIVITIES 128,029 3,790
NET CASH FLOWS FROM INVESTING ACTIVITIES 89,678 (26,877)
Cash and cash equivalents as at 1 April 2020 19,868 46,745
CASH AND CASH EQUIVALENTS AS AT 31 MARCH 2021 109,546 19,868
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ISIN: GB00B1WV3198 Category Code: MSCM TIDM: HRIP Sequence No.: 152895 EQS News ID: 1317335 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
March 31, 2022 12:02 ET (16:02 GMT)
