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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hot Rocks Investments plc | AQSE:HRIP | Aquis Stock Exchange | Ordinary Share | GB00B1WV3198 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.35 | 0.20 | 0.50 | 0.35 | 0.35 | 0.35 | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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TIDMHRIP
HOT ROCKS INVESTMENTS PLC
("Hot Rocks" or the "Company')
Audited Financial Results for the Year Ended 31 March 2016
CHAIRMAN'S STATEMENT
Dear Shareholders
I hereby present the financial results for the Company for the year ended 31
March 2016. The Company is an active investor in natural resources companies
and, whilst it has been a difficult year generally for the sector, tough times
do provide our Company with new opportunities to invest and diversify our
portfolio of interests.
The Company made a pre-tax profit of GBP8,129 for the year, compared to a pre-tax
loss of GBP496,541 in the prior year. The Company will not be paying a dividend
at this stage.
Cash and cash equivalents as at the year end of 31 March 2016 were GBP13,705
(2015 - GBP39,984).
During the year our investee company Taoudeni Resources Limited, a West African
copper and gold explorer, was acquired by another investee company Goldcrest
Resources plc, as a result increasing our position in Goldcrest. This was for
an initial consideration of 193,496,625 shares in Goldcrest Resources plc at a
value of 0.05p per share. As part of the share purchase agreement, the company
is also entitled to a deferred consideration of 320,839,661 shares and
43,220,791 warrants in Goldcrest, which would be valued based on the market
value of the Goldcrest shares at the point of issuance. The deferred
consideration has currently been recognised in these financial statements at a
fair value of GBP2, as it is currently considered unlikely that the conditions
for issuance will be met.
Also, Upland Resources Limited in which we held 3.86million shares was admitted
to the main market by way of a Standard Listing raising GBP1.3m at a 40% premium
to our entry level. The shares have since traded at more than 1.5p and we have
disposed of some of our holding.
We hold stakes in the following entities:
* Brazil Tungsten Holdings Limited
* Copper Bay plc
* Elephant Oil Limited
* Goldcrest Resources plc (ISDX:GCRP)
* Impact Oil & Gas Limited
* Mafula Energy Limited
* MedGold Resources Corp (TSXV:MED)
* Minergy Limited
* New Horizon Oil & Gas Limited
* Onzima Ventures plc (AIM:ONZ)
* Prospex Oil & Gas plc (AIM:PXOG)
* Rift Resources Limited
* Royal Road Minerals (previous Tigris Resources) (TSXV:RYR)
* Upland Resources Limited (AIM:UPL)
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
31 August 2016
The Directors of the issuer are responsible for the content of this
announcement.
For further information please contact:
Hot Rocks Investments plc Gavin Burnell: 01732 366561
Peterhouse Corporate Finance Limited Guy Miller: 020 7220 9796
HOT ROCKS INVESTMENTS PLC
STRATEGIC REPORT
YEARED 31 MARCH 2016
The Directors of the Company present their Strategic Report on the Company for
the year ended 31 March 2016.
Principal Activities and Review of the Business
The principal activity of the Company is to invest in companies, or assets, in
the natural resources sector. The Company has continued in this activity,
managing the investments, as detailed in the Chairman's Statement.
The future developments are discussed in the Chairman's Statement.
Financial Review
The profit for this year before taxation was GBP8,129 (2015 loss before taxation
- GBP496,541).
Cash in the bank at the end of March 2016 was GBP13,705 (2015 - GBP39,984).
The Directors consider the results for the year to be satisfactory.
Key Performance Indictors ("KPI's")
The Directors consider the following to be the KPIs of the business:
2016 2015 %
Increase/
(Decrease)
Valuation of available for sale investments 722,794 780,083 (7%)
Cash 13,705 39,984 (66%)
The company performed in line with expectations.
Principal Risks and Uncertainties
The principal risks and uncertainties lie in the investments the Company holds.
The nature of the natural resource sector means that returns are uncertain and
resources may be unviable to extract. The Directors seek to mitigate this risk
by monitoring the performance of the companies in which it holds investments so
they can take action accordingly.
Given the nature of the business and activity of the Company, the Directors
believe that the Company is exposed to the following risks:
Liquidity risk
The Company's continued future operations depend on the ability to hold
sufficient working capital to be able to meet its financial obligations. The
Directors are confident that there is adequate funding to finance future
immediate working capital requirements.
Financial Risk Management
The Company's principal financial instruments comprise available-for-sale
financial instruments, other receivables, other payables and cash and cash
equivalents. No bank loans or other financing arrangements have been required.
No borrowings have been required to finance working capital. Therefore the
Company's exposure to credit risk, liquidity risk and market risk is not deemed
significant.
The Directors present their report and the audited Financial Statements for the
year ended 31 March 2016.
Results and Dividends
The profit for this year after taxation was GBP8,129 (2015 loss after taxation -
GBP512,958).
The Directors do not recommend the payment of a dividend (2015 - nil).
Directors and Directors' Interests
The Directors who held office during the period to the date of approval of
these Financial Statements had the following beneficial interests in the
ordinary shares of the Company:
Ordinary Warrants Ordinary Warrants
shares interest at shares interest at
interest at end of interest at start of
end of period start of period
period No. period No. No.
No.
Gavin J Burnell 29,290,000 9,027,500 29,290,000 9,027,500
Brian Rowbotham 4,200,000 500,000 4,200,000 500,000
Charles J Vaughan 2,150,000 500,000 2,150,000 500,000
Events after the Reporting Period
The events after the reporting date are set out in Note 18 to the Financial
Statements.
Supplier Payment Policy
Whilst there is no formal code or standard, it is Company policy to settle
terms of payment with creditors when agreeing the terms of each transaction and
to abide by the creditors' terms of payment. There are no creditors subject to
special arrangements outside of suppliers' terms and conditions.
Provision of Information to Auditor
The Directors at the time when this Directors' Report is approved have
confirmed that:
* so far as each Director is aware, there is no relevant audit information of
which the Company's auditor is unaware, and
* each Director has taken all the steps that ought to have been taken as
Directors in order to be aware of any information needed by the Company's
auditor in connection with preparing its report and to establish that the
Company's auditor is aware of that information.
Independent Auditor
PKF Littlejohn LLP has signified their willingness to continue in office as
auditor.
The Directors are responsible for preparing the Annual Report and the Financial
Statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each
financial year. Under that law the Directors have elected to prepare the
Financial Statements in accordance with International Financial Reporting
Standards (IFRSs) as adopted by the European Union. Under company law the
Directors must not approve the Financial Statements unless they are satisfied
that they give a true and fair view of the state of affairs of the Company and
of the profit or loss for that period. In preparing these financial statements
the Directors are required to:
* select suitable accounting policies and then apply them consistently;
* make judgments and accounting estimates that are reasonable and prudent;
* state whether applicable IFRSs as adopted by the European Union have been
followed, subject to any material departures disclosed and explained in the
Financial Statements; and
* prepare the financial statements on a going concern basis unless it is
inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Company's transactions and disclose with
reasonable accuracy at any time the financial position of the Company and
enable them to ensure that the Financial Statements comply with the Companies
Act 2006. They are also responsible for safeguarding the assets of the Company
and hence for taking reasonable steps for the prevention and detection of fraud
and other irregularities.
The Directors are responsible for the maintenance and integrity of the
company's website and legislation in the United Kingdom governing the
preparation and dissemination of financial statements which may differ from
legislation in other jurisdictions.
Approved by the Board on 31 August 2016 and signed on its behalf by:
Gavin J Burnell
Director
HOT ROCKS INVESTMENTS PLC
STATEMENT OF COMPREHENSIVE INCOME
YEARED 31 MARCH 2016
2016 2015
Continuing Operations GBP GBP
Revenue - -
Operating expenses (41,049) (98,182)
Impairment of available-for-sale financial assets - (402,651)
Other gains - sale of available-for-sale financial 46,136 482
assets
_______ _______
Operating Profit/(Loss) 5,087 (500,351)
Finance income 3,042 4,002
Finance costs - (192)
_______ _______
Profit/(Loss) before Income Tax 8,129 (496,541)
Income tax expense - (16,417)
_______ _______
Profit/(Loss) for the Year 8,129 (512,958)
_______ _______
Other Comprehensive Income
Items that may be Reclassified Subsequently to
Profit or Loss
Reclassification of cumulative gains on (19,014) (3,021)
available-for-sale
financial asset due to disposal
Fair value change in value on available-for-sale (71,445) (154,628)
financial assets
_______ _______
Total Comprehensive Income for the Year (82,330) (670,607)
_______ _______
Earnings Per Share - Basic and Diluted (Pence) (0.00) (0.00)
_______ _______
HOT ROCKS INVESTMENTS PLC
STATEMENT OF FINANCIAL POSITION
AT 31 MARCH 2016
As at 31 As at
March 31 March
2016 2015
GBP GBP
Assets
Non-Current Assets
Available-for-sale financial assets 722,794 780,083
_______ _______
722,794 780,083
_______ _______
Current Assets
Other receivables 18,617 25,172
Cash and cash equivalents 13,705 39,984
_______ _______
32,322 65,156
_______ _______
Total Assets 755,116 845,239
_______ _______
Equity and Liabilities
Equity Attributable to Shareholders
Ordinary shares 173,602 173,602
Share premium account 1,174,631 1,174,631
Share to be issued under warrants 29,738 29,738
Other reserves (33,350) 57,110
Retained loss (680,422) (688,551)
_______ ________
664,199 746,530
Current Liabilities
Trade and other payables 90,917 98,709
_______ _______
Total Equity and Liabilities 755,116 845,239
_______ _______
These financial statements were approved and authorised for issue by the Board
of Directors and were signed on its behalf on 31 August 2016.
Gavin J Burnell
Director
HOT ROCKS INVESTMENTS PLC
STATEMENT OF CHANGES IN EQUITY
YEARED 31 MARCH 2016
Attributable to Equity Shareholders
Ordinary Share Shares to Other Retained Total
shares premium be issued reserves loss GBP
GBP GBP under GBP GBP
warrants
GBP
Balance as at 1 April 173,602 1,174,631 29,738 214,759 (175,593) 1,147,137
2014 ______ ________ ______ _______ _______ ________
Loss for the year - - - - (512,958) (512,958)
Reclassifications of - - - (3,021) - (3,021)
cumulative gains on
available-for-sale
financial assets
Fair value change in
value on - - - (154,628) - (154,628)
available-for-sale ______ ______ ______ _______ _______ _______
financial assets
Total Comprehensive Income - - - (157,649) (512,958) (670,607)
______ ______ ______ _______ _______ _______
Total Transactions with
Owners - - - - - -
______ ______ ______ _______ _______ ________
Balance as at 31 March 173,602 1,174,631 29,738 57,110 (688,551) 746,530
2015 ______ ________ ______ _______ _______ ________
Balance as at 1 April 173,602 1,174,631 29,738 57,110 (688,551) 746,530
2015 ______ ________ ______ _______ _______ ________
Profit for the year - - - - 8,129 8,129
Reclassifications of - - - (19,015) - (19,015)
cumulative gains on
available-for-sale
financial assets
Fair value change in
value on - - - (71,445) - (71,445)
available-for-sale ______ ______ ______ _______ _______ _______
financial assets
Total Comprehensive Income - - - (33,350) (680,422) 664,199
______ ______ ______ _______ _______ _______
Total Transactions with
Owners - - - - - -
______ ______ ______ _______ _______ ________
Balance as at 31 March 173,602 1,174,631 29,738 (33,350) (680,422) 664,199
2016 ______ ________ ______ _______ _______ ________
HOT ROCKS INVESTMENTS PLC
STATEMENT OF CASH FLOWS
YEARED 31 MARCH 2016
2016 2015
GBP GBP
Cash Flows from Operating Activities
Profit/(Loss) before income tax 8,129 (496,541)
Finance income (3,042) (4,002)
Finance costs - 192
Gain on disposal of available-for-sale financial (46,134) (482)
assets
Impairment of available-for-sale financial asset - 402,651
Decrease in other receivables 2,253 33,935
(Decrease) / Increase in trade and other 8,828 37,930
payables
_______ _______
Cash Used in Operations (29,966) (26,317)
Interest paid - (71)
Income tax paid (16,620) -
_______ _______
Net Cash Used in Operations (46,586) (26,388)
_______ _______
Cash Flows from Investing Activities
Purchases of available-for-sale financial assets (224,535) (231,421)
Proceeds from disposal of available-for-sale 244,842 106,148
financial
assets
Loans issued to related party - (5,000)
Repayment of loans issued to related party - 9,195
Interest received - 8
_______ _______
Net Cash Generated from Investing Activities 20,307 (121,070)
_______ _______
Decrease in Cash and Cash Equivalents (26,279) (147,458)
Cash and cash equivalents at the beginning of 39,984 187,442
the year
_______ _______
Cash and Cash Equivalents at the End of the Year 13,705 39,984
_______ _______
END
(END) Dow Jones Newswires
September 01, 2016 02:45 ET (06:45 GMT)
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