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par Hot Rocks Investments Plc (isin : GB00B1WV3198)

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


 

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 £367,810, and a profit of £118,905 in the prior year. The Company will not be paying a dividend for the foreseeable future (2022: £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 2023 were £21,928 (2022: £36,008).

 

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 $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 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

 

£

£

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

and loss

(197,063)

202,614

 

 

 

 

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

 

£

£

£

£

£

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

 

£

£

£

£

£

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

 

£

£

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

  
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