DJ Hot Rocks Investments plc: Audited Final Results for year ended 31 March 2023
Hot Rocks Investments plc (HRIP)
Hot Rocks Investments plc: Audited Final Results for year ended 31 March 2023
29-Sep-2023 / 14:30 GMT/BST
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29 September 2023
HOT ROCKS INVESTMENTS PLC
Audited Final Results for year ended 31 March 2023
Chairman's Statement
I hereby present the financial results for the Company for the year ended 31 March 2023. The Company is an active
investor primarily in junior natural resources companies but also in other sectors especially where the Company is able
to secure an early-stage low valuation entry point.
The Company made a loss for the year of GBP367,810, and a profit of GBP118,905 in the prior year. The Company will not be
paying a dividend for the foreseeable future (2022: GBPNil) 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 2023 were GBP21,928 (2022: GBP36,008).
We have continued to build and nurture our investment portfolio and we are generally pleased with performance,
particularly in light of very difficult market conditions in the space in which we operate.
We remain excited about the potential listing on NASDAQ of Elephant Oil Corp at a price of USD4-USD5 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 plans to float on a stock exchange when markets permit. In addition, Pilar Gold Inc plans to
seek a listing in the near term and we are due to also become a shareholder in Laiva Gold Inc.
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
-- Royal Road Minerals Limited (TSXV:RYR)
-- Trigon Metals Inc (TSXV:TM)
-- D3 Energy
-- Rift Resources Limited
-- Unicorn Mineral Resources Limited
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
Hot Rocks Investments plc
Gavin Burnell Tel: 020 7264 4546
Optiva Securities Limited
Daniel Ingram Tel: 020 3981 4178
HOT ROCKS INVESTMENTS PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
Notes 2023 2022
GBP GBP
Continuing Operations
Revenue - -
Operating expenses (78,206) (65,878)
Other loss - sale of financial assets at fair value through profit and loss account (62,462) (17,831)
Foreign exchange loss on available-for-sale financial assets (30,108) -
Movement in fair value of financial assets through profit
(197,063) 202,614
and loss
OPERATING (LOSS)/PROFIT (367,839) 118,905
Finance income 28 -
(LOSS)/PROFIT BEFORE INCOME TAX (367,811) 118,905
Income tax - -
(LOSS)/PROFIT AFTER INCOME TAX (367,811) 118,905
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 (367,811) 118,905
HOT ROCKS INVESTMENTS PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
Issued capital Share premium Other reserves Retained earnings Total equity
GBP GBP GBP GBP GBP
Balance at 1 April 2023 173,602 1,174,631 115,600 (621,650) 842,183
Loss for the year - - - (367,811) (367,811)
173,602 1,174,631 115,600 (989,460) 474,373
Issued capital Share premium Other reserves Retained earnings Total equity
GBP GBP GBP GBP GBP
Balance at 1 April 2022 173,602 1,174,631 115,600 (740,555) 723,278
Profit for the year - - - 118,905 118,905
173,602 1,174,631 115,600 (621,650) 842,183
HOT ROCKS INVESTMENTS PLC
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
2023 2022
GBP GBP
ASSETS
NON-CURRENT ASSETS
Financial assets designated as fair value through profit or loss 385,171 389,529
CURRENT ASSETS
Financial assets designated as fair value through profit or loss 344,393 621,941
Trade and other receivables 606 40,306
Cash and cash equivalents 21,928 36,008
366,928 698,255
TOTAL ASSETS 752,098 1,087,784
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 (989,460) (621,650)
TOTAL EQUITY 474,373 842,183
CURRENT LIABILITIES
Trade and other payables 277,225 245,601
TOTAL EQUITY AND LIABILITIES 752,098 1,087,784
HOT ROCKS INVESTMENTS PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
2023 2022
GBP GBP
CASH FLOWS FROM OPERATING ACTIVITIES
Total operating loss /(profit) (367,810) 118,905
ADJUSTMENTS TO RECONCILE TO PROFIT FROM OPERATIONS
Finance income 28 -
ADJUSTMENTS TO RECONCILE PROFIT FROM OPERATIONS (367,782) 118,905
INCREASE IN WORKING CAPITAL
Loss on disposal of financial assets held through
62,462 17,831
profit and loss
Foreign exchange loss 30,108 -
Movement in fair value of financial assets through profit and loss 197,063 (202,614)
Decrease/(increase) in trade and other receivables 39,601 (14,714)
Increase in trade and other payables 32,065 34,436
INCREASE/(DECREASE) IN WORKING CAPITAL 361,298 (165,061)
CASH FLOWS FROM OPERATING ACTIVITIES (6,484) (46,156)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest paid 130 -
Purchases of financial assets through profit and loss (70,025) (208,361)
Proceeds from disposal of financial assets through profit and loss 62,300 180,979
NET CASH FLOWS FROM INVESTING ACTIVITIES (7,596) (27,382)
NET CASH FLOWS FROM INVESTING ACTIVITIES (14,080) (73,538)
Cash and cash equivalents as at 1 April 36,008 109,546
CASH AND CASH EQUIVALENTS AS AT 31 MARCH 2023 21,928 36,008
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ISIN: GB00B1WV3198 Category Code: FR TIDM: HRIP LEI Code: 213800JNSRPMZVREEO51 OAM Categories: 1.1. Annual financial and audit reports Sequence No.: 275010 EQS News ID: 1738409 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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September 29, 2023 09:30 ET (13:30 GMT)
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