3 January 2017
HOT ROCKS INVESTMENTS PLC
("Hot Rocks" or the "Company")
UNAUDITED INTERIM FINANCIAL INFORMATION FOR THE PERIOD ENDED 30 SEPTEMBER 2016
CHAIRMAN’S STATEMENT
I hereby present the interim results for the Company for the six months ended 30 September 2016.
The Company is an active investor largely in junior natural resources companies. We have seen some improvement during the period in commoditiy prices which has assisted our portfolio of investments and we look forward to reporting on developments in due course.
The Company made a total comprehensive income of GBP 236,459 for the period, compared to a loss of GBP 394 for the same period last year. The Company will not be paying a dividend.
Cash at bank as at 30 September 2016 was GBP14,039 (30 September 2015: GBP13,705).
We hold stakes in the following entities:
Brazil Tungsten Holdings Limited
Copper Bay Limited
Elephant Oil Limited
Goldcrest Resources plc
Impact Oil & Gas Limited
Mafula Energy Limited
MedGold Resources Corp
Minergy Limited
New Horizon Oil & Gas Limited (trading as t5)
Onzima Ventures plc
Royal Road Minerals Limited (formerly Tigris Resources Limited)
Taoudeni Resources Limited
Upland Resources Limited
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 7382 8417
Peterhouse Corporate Finance Limited
Guy Miller: 020 7220 9796
HOT ROCKS INVESTMENTS PLC CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2016
|
|
|
6 months
To
30 September
2016
Unaudited |
6 months
To
30 September
2015
Unaudited |
|
|
|
|
|
Continuing operations |
|
|
£ |
£ |
|
|
|
|
|
Revenue |
|
|
- |
- |
|
|
|
|
|
Operating expenses |
|
|
(21,543) |
(33,081) |
Other gains |
|
|
1,353 |
37,521 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Profit/(Loss) from operations |
|
|
(20,190) |
4,440 |
|
|
|
|
|
Interest receivable |
|
|
1,648 |
1,548 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Profit/(Loss) before taxation |
|
|
(18,542) |
5,988 |
|
|
|
|
|
Income tax expense |
|
|
- |
- |
|
|
|
_______ |
_______ |
|
|
|
|
|
Profit/(Loss) for the period |
|
|
(18,542) |
5,988 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Other comprehensive income |
|
|
|
|
Reclassification of cumulative gains on available-for-sale financial asset due to disposals |
|
|
- |
(6,382) |
Fair value gains/(losses) on available-for-sale financial assets |
|
|
255,001 |
- |
|
|
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income/(loss) for the period |
|
|
236,459 |
(394) |
|
|
|
_______ |
_______ |
|
|
|
|
|
Earnings per share (pence)
Basic |
|
|
0.14 |
- 0.00
|
Diluted |
|
|
0.13 |
0.00 |
HOT ROCKS INVESTMENTS PLC
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2016
|
|
|
|
|
|
As at |
As at |
|
|
30 September |
31 March |
|
|
2016 |
2016 |
|
|
Unaudited |
Audited |
Assets |
|
|
|
|
|
£ |
£ |
Non-current assets |
|
|
|
|
|
|
|
Available for sale financial assets |
|
964,170 |
722,794 |
|
|
_______ |
_______ |
|
|
|
|
|
|
964,170 |
722,794 |
|
|
_______ |
_______ |
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Other receivables |
|
21,356 |
18,617 |
Cash and cash equivalents |
|
14,039 |
13,705 |
|
|
_______ |
_______ |
|
|
|
|
|
|
35,395 |
32,322 |
|
|
_______ |
_______ |
|
|
|
|
Total assets |
|
999,565 |
755,116 |
|
|
_______ |
_______ |
|
|
|
|
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 |
|
29,738 |
29,738 |
Other reserves |
|
221,651 |
(33,350) |
Retained loss |
|
(698,964) |
(680,422) |
|
|
________ |
________ |
|
|
|
|
|
|
900,658 |
664,199 |
|
|
_______ |
_______ |
Current liabilities |
|
|
|
|
|
|
|
Trade and other payables |
|
98,907 |
90,917 |
|
|
_______ |
_______ |
|
|
|
|
Total equity and liabilities |
|
999,565 |
755,116 |
|
|
_______ |
_______ |
|
|
|
|
HOT ROCKS INVESTMENTS PLC
CONDENSED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2016
|
|
|
|
6 months to |
6 months to |
|
30 September |
30 September |
|
2016 |
2015 |
|
Unaudited |
Unaudited |
|
£ |
£ |
|
|
|
Cash flows from operating activities |
|
|
Operating profit/(loss) |
236,459 |
(394) |
Adjustments: |
|
|
Fair value adjustment of available-for-sale financial assets |
(255,001) |
- |
(Loss) / Gains on disposal of available-for-sale financial assets
Finance income |
(1,353)
(1,648) |
6,382
(1,548) |
|
|
|
Movements in working capital: |
|
|
Increase in trade and other receivables |
(2,739) |
(42,780) |
Increase in trade and other payables |
7,990 |
10,411 |
|
_______ |
_______ |
|
|
|
Net cash used in operating activities |
(16,292) |
(27,925) |
|
_______ |
_______ |
|
|
|
Cash flows from investing activities |
|
|
Proceeds from disposal of available-for-sale financial assets |
14,978 |
- |
|
________ |
________ |
|
|
|
Net cash used in investing activities |
14,978 |
- |
|
________ |
________ |
|
|
|
Cash flows from financing activities |
|
|
Interest received |
1,648 |
1,548 |
|
________ |
________ |
|
|
|
Net cash from financing activities |
1,648 |
1548 |
|
________ |
________ |
|
|
|
Increase/(decrease) in cash and cash equivalents |
334 |
(26,381) |
|
________ |
________ |
|
|
|
Cash and cash equivalents at the beginning of the period |
13,705 |
39,984 |
|
________ |
________ |
|
|
|
Cash and cash equivalents at the end of the period |
14,039 |
13,603 |
|
________ |
________ |
HOT ROCKS INVESTMENTS PLC
ACCOUNTING POLICIES
FOR THE PERIOD ENDED 30 SEPTEMBER 2016
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 2016. Statutory accounts for the year ended 31 March 2016 were approved by the Board of Directors on 31 August 2016 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 2016 has not been reviewed by the Company auditors. 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 2016.
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 2016.