| 7 March 2023
HOT ROCKS INVESTMENTS PLC |
| Audited Final Results for year ended 31 March 2022
CHAIRMAN'S STATEMENT |
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Dear Shareholders,
I hereby present the financial results for the Company for the year ended 31 March 2022. The Company is an active investor primarily in junior natural resources companies.
The Company made a profit for the year of £118,905, compared to a loss of £38,734 in the prior year. The Company will not be paying a dividend at this stage (2021: £Nil) as we seek to reinvest all profits in opportunities with the potential for significant capital growth.
Cash and cash equivalents as at the year end of 31 March 2022 were £36,008 (2021: £109,546).
We have continued to build and nurture our investment portfolio and we are generally pleased with performance. We remain excited about the potential listing on NASDAQ of Elephant Oil Corp at a price of $4-$5 per share where we hold 659,091 shares and Mosi Copper Limited, an Africa-focused copper exploration company where we are a founder shareholder and which we plan to float on a stock exchange when markets permit. In addition, Pilar Gold Inc plans to seek a listing in the near term.
We now hold stakes in the following entities:
· Aqru plc (AQUIS: AQRU)
· Elephant Oil Corp
· Impact Oil & Gas Limited
· Mafula Energy Limited
· MedGold Resources Corp (TSXV:MED)
· Minergy Limited (Botswana SX)
· Mosi Copper Limited
· New Horizon Oil & Gas Limited (trading as T5)
· NFT Investments plc (AQUIS:NFT)
· Pilar Gold Inc
· Roquefort Therapeutics Limited (LSE:ROQ)
· 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.
Brian Rowbotham
Non-Executive Chairman
For further details please contact:
Hot Rocks Investments plc
Gavin Burnell Tel: 0207 2644 546
Optiva Securities Limited
Daniel Ingram Tel: 0203 981 4178
| HOT ROCKS INVESTMENTS PLC |
| STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| Notes |
2022 |
2021 |
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£ |
£ |
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| Continuing Operations |
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| Revenue |
- |
- |
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| Operating expenses |
(65,878) |
(65,290) |
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| Other (loss)/profit - sale of financial assets at fair value through profit and loss account |
(17,831) |
228,857 |
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| Movement in fair value of financial assets through profit and loss |
202,614 |
(202,302) |
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────────── |
────────── |
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| OPERATING PROFIT/(LOSS) |
3 |
118,905 |
(38,735) |
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| Finance income |
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- |
1 |
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───────── |
───────── |
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| PROFIT/(LOSS) BEFORE INCOME TAX |
118,905 |
(38,734) |
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| Income tax 6 |
- |
- |
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───────── |
───────── |
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| PROFIT/(LOSS) AFTER INCOME TAX |
118,905 |
(38,734) |
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Other Comprehensive Income
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| Items that may be reclassified subsequently to profit or loss |
- |
- |
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| Fair value change in value on available-for-sale financial assets |
- |
- |
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| Total Comprehensive income/(loss) for the year |
118,905 |
(38,734) |
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══════════ |
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| HOT ROCKS INVESTMENTS PLC |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| |
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Issued capital |
Share premium |
Other reserves |
Retained earnings |
Total equity |
| |
£ |
£ |
£ |
£ |
£ |
| Balance at 1 April 2021 |
173,602 |
1,174,631 |
115,600 |
(740,555) |
723,278 |
| Profit for the year |
- |
- |
- |
118,905 |
118,905 |
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────────── |
───────────── |
────────── |
────────── |
────────── |
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173,602 |
1,174,631 |
115,600 |
(621,650) |
842,183 |
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═════════════ |
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Issued capital |
Share premium |
Other reserves |
Retained earnings |
Total equity |
| |
£ |
£ |
£ |
£ |
£ |
| Balance at 1 April 2020 |
173,602 |
1,174,631 |
115,600 |
(701,821) |
762,012 |
| Loss for the year |
- |
- |
- |
(38,734) |
(38,734) |
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────────── |
───────────── |
────────── |
────────── |
────────── |
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173,602 |
1,174,631 |
115,600 |
(740,555) |
723,278 |
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| HOT ROCKS INVESTMENTS PLC |
| STATEMENT OF FINANCIAL POSITION |
| AS AT 31 MARCH 2022 |
| Notes |
2022 |
2021 |
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£ |
£ |
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| ASSETS |
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NON-CURRENT ASSETS |
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Financial assets designated as fair value through profit or loss |
389,529 |
239,719 |
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CURRENT ASSETS |
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Financial assets designated as fair value through profit or loss |
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621,941 |
559,583 |
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Trade and other receivables |
|
40,306 |
25,595 |
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Cash and cash equivalents |
|
36,008 |
109,546 |
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────────── |
────────── |
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698,255 |
694,724 |
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────────── |
────────── |
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TOTAL ASSETS |
1,087,784 |
934,443 |
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══════════ |
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| EQUITY |
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ISSUED CAPITAL AND RESERVES |
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Issued share capital |
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173,602 |
173,602 |
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Share premium |
1,174,631 |
1,174,631 |
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Reserves |
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115,600 |
115,600 |
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Retained loss |
(621,650) |
(740,555) |
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───────────── |
───────────── |
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TOTAL EQUITY |
842,183 |
723,278 |
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| CURRENT LIABILITIES |
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Trade and other payables |
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245,601 |
211,165 |
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────────── |
────────── |
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| TOTAL EQUITY AND LIABILITIES |
1,087,784 |
934,443 |
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══════════ |
══════════ |
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| HOT ROCKS INVESTMENTS PLC |
| STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
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2022 |
2021 |
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£ |
£ |
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| CASH FLOWS FROM OPERATING ACTIVITIES |
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Total operating profit /(loss) |
118,905 |
(38,734) |
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ADJUSTMENTS TO RECONCILE TO PROFIT FROM OPERATIONS |
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Finance income |
- |
(1) |
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───────── |
───────── |
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ADJUSTMENTS TO RECONCILE PROFIT FROM OPERATIONS |
118,905 |
(38,735) |
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INCREASE IN WORKING CAPITAL |
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Loss/(gain) on disposal of financial assets held through profit and loss |
17,831 |
(228,857) |
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Movement in fair value of financial assets through profit and loss |
(202,614) |
202,302 |
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(Increase) in trade and other receivables |
(14,714) |
(25,595) |
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Return of capital |
- |
12,339 |
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Increase in trade and other payables |
34,436 |
40,195 |
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───────── |
────────── |
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(DECREASE)/INCREASE IN WORKING CAPITAL |
(165,061) |
384 |
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────────── |
────────── |
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CASH FLOWS FROM OPERATING ACTIVITIES |
(46,156) |
(38,351) |
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| CASH FLOWS FROM INVESTING ACTIVITIES |
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Purchases of financial assets through profit and loss |
(208,361) |
(285,136) |
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Proceeds from disposal of financial assets through profit and loss |
180,979 |
413,165 |
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────────── |
───────── |
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NET CASH FLOWS FROM INVESTING ACTIVITIES |
(27,382) |
128,029 |
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────────── |
───────── |
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NET CASH FLOWS FROM INVESTING ACTIVITIES |
(73,538) |
89,678 |
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Cash and cash equivalents as at 1 April 2021 |
109,546 |
19,868 |
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────────── |
───────── |
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| CASH AND CASH EQUIVALENTS AS AT 31 MARCH 2022 |
36,008 |
109,546 |
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