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 6 months
To To
30 September 30 September
2016 2015
Unaudited 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 - (6,382)
available-for-sale financial asset due to
disposals
Fair value gains/(losses) on 255,001 -
available-for-sale financial assets
_______ _______
Total comprehensive income/(loss) for the 236,459 (394)
period
_______ _______
Earnings per share (pence) 1. 0.00
Basic 0.14
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 (255,001) -
assets
(Loss) / Gains on disposal of available-for-sale (1,353) 6,382
financial assets
(1,648) (1,548)
Finance income
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 14,978 -
assets
________ ________
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 13,705 39,984
period
________ ________
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.
Hot Rocks Investments PLC - Half-year Report
January 03, 2017 at 02:01 am
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