Ace Liberty & Stone Plc
LSE : ALSP

September 30, 2009 11:02 ET

Final Results to 30 April 2009

ACE LIBERTY & STONE PLC
RESULTS FOR THE YEAR ENDED 30 APRIL 2009


CHAIRMAN'S STATEMENT

I am pleased to present the financial results of Ace Liberty & Stone Plc for the year ended 30 April 2009.

Business and operations

During  the year, the Company has received repayments totalling 96.1 percent of its original investment  in  the
Ukoud  Tower  in  Ras  Al Khaimah. The original investment was GBP250,000 and the receipts from  the  return  of
capital,  including exchange gain, amount to GBP309,736. The Company still holds 3.9% of its original investment
and expects to receive this on completion of the project, together with the profit on the investment.

Two  properties in Oakley Street, Chelsea were purchased during the year at a combined cost of GBP2,221,880. The
sale of one flat during the year amounted to GBP300,000 and contracts have been exchanged since the year end for
the sale of the remaining property for GBP2,075,000.

The  Company continues to raise new capital when the opportunity arises and 4,530,770 shares were issued  during
the year, representing a gratifying expression of confidence by shareholders in the Company's prospects.

Financial results

The  consolidated  loss for the year was GBP31,968 (2008 GBP83,077) on consolidated revenue of GBP443,736  (2008
GBP80,396).  This improvement on last year's result is welcome and represents a significant achievement  despite
the  difficult trading environment encountered during the year under review and contrasts well with the property
sector  as  a  whole  which  generally has not performed. It is pleasing to note that notwithstanding  difficult
trading  conditions a small profit was achieved by the residential arm of the company on the two  properties  in
Chelsea  in  a  very  challenging market. However, it is disappointing that as a consequence of  the  prevailing
economic  climate the Company has been delayed from pursuing the strategy defined on listing on PLUS in November
2007  as  quickly as we would have liked. The board believes that, having survived the recession in good  shape,
the Company is now very well-placed to benefit from further opportunities which the directors expect to arise in
the property market in the next few months.

Outlook

Since the year end the directors have explored a number of possible acquisitions, covering individual properties
and  companies which hold portfolios. Although the recession has led to a drop in property values there has  not
so far been widespread panic selling and purchase opportunities need to be examined carefully.

The  directors  also expect to raise further capital from new and existing shareholders in the  near  future  to
further strengthen its position and ability to develop the Company's operations during the forthcoming year.




Mark Thomas

25th September 2009



The Directors of the Issuer accept responsibility for the contents of this announcement.


FOR FURTHER INFORMATION PLEASE CONTACT:

Ivan Minter, Director
Ace Liberty & Stone Plc
Tel: 01992 787524

Jon Isaacs
Alfred Henry Corporate Finance Limited
Tel: 020 7251 3762
        


CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2009


                                                                                 2009                  2008
                                                             Notes                GBP                   GBP
                                                                                              
 Revenue                                                                      443,736                80,396
                                                                                                           
 Cost of Sales                                                               (522,206)                   -
                                                                              -------               -------
                                                                              (78,470)               80,396
 Gross profit/ (loss)
                                                                                                           
 Administrative expenses                                                     (212,432)             (140,511)
                                                                              -------               -------          
 Operating loss                                                              (290,902)              (60,115)
                                                                                                           
 Investment income                                                             27,715                47,238
                                                                                                           
 Financial costs                                                             (133,222)              (70,199)
                                                                                                           
 Increase in value of properties                                              364,663                    -
                                                                              -------               -------       
  Loss before taxation                                                        (31,746)              (83,077)
                                                                            
 Income tax                                                                      (222)                   -
                                                                              -------               ------- 
 Loss for the year                                                            (31,968)              (83,077)
                                                                              =======               =======
Deficit per share from continuing operations
                                                                                                           
 Basic                                                         2              (0.017)               (0.0439)
                                                                                                            
 Diluted                                                       2              (0.016)               (0.0423)



CONSOLIDATED BALANCE SHEET AT 30 APRIL 2009


                                                                                                        
                                                                                   2009                   2008
                                                                                    GBP                    GBP
 ASSETS                                                                                                 
 Non-current assets
 Investment properties                                                          4,475,000            2,400,000
 Other investments                                                                 13,232              251,577
                                                                                ---------            ---------
                                                                                4,488,232            2,651,577
 Current assets                                                                                                
 Trade and other receivables                                                       46,923               23,551
 Cash and cash equivalents                                                        794,078            1,467,534
                                                                                ---------            ---------
                                                                                  841,001            1,491,085

                                                                                ---------            --------- 
 TOTAL ASSETS                                                                   5,329,233            4,142,662
                                                                                ========             =========
 
EQUITY                                                                                                        
 Issued capital and reserves                                                                                   
 Share capital                                                                  1,937,419            1,892,111
 Share premium reserve                                                            720,596              658,654
 Share option reserve                                                              17,760                8,880
 Retained earnings/ (deficit)                                                    (115,045)             (83,077)
                                                                                ---------            --------- 
                                                                                2,560,730            2,476,568
                                                                                                               
 Non-current liabilities                                                                                      
 Bank loan                                                                      1,584,272            1,591,137
                                                                                ---------            ---------
                                                                                1,584,272            1,591,137
 Current liabilities                                                                                           
 Trade and  other payables                                                      1,184,231               74,957
                                                                                ---------            ---------
                                                                                1,184,230               74,957
                                                                                                               
                                                                                ---------            ---------
 TOTAL EQUITY AND LIABILITIES                                                   5,329,233            4,142,662
                                                                                =========            =========




CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2009

                                                                                     2009                  2008
                                                                                      GBP                   GBP
 Net cash outflow from operating activities                                      (465,794)              (74,745)
                                                                                                               
 Investing activities                                                                                          
 Return on investments                                                             27,715                47,238
 Payment made for the purchase  of other investments                           (1,710,337)             (251,577)
 Receipt from partial sale of other investments                                   309,736                   -
                                                                                ---------             ---------
 Net cash inflow / ( outflow) from investing activities                        (1,372,886)             (204,339)
                                                                                                               
 Financing activities                                                                                          
 Proceeds of issue of new share capital                                           107,250             1,750,765
 Proceeds of new bank loan                                                      1,062,750                   -
 Repayment of bank loan                                                            (4,776)               (4,147)
                                                                                ---------             ---------
 Net cash raised from financing activities                                      1,165,224             1,746,618
                                                                                                               
 Net increase / (decrease)  in cash and cash equivalents                         (673,456)            1,467,534
                                                                                                               
 Cash & cash equivalents at 1 May 2008                                          1,467,534                   -
                                                                                ---------             ---------
 Cash and cash equivalents at 30 April 2009                                       794,078             1,467,534
                                                                                =========             =========


NOTES TO PRELIMINARY RESULTS
FOR THE PERIOD ENDED 30 APRIL 2008

1.     The financial information set out above does not constitute statutory accounts for the purpose of Section
240 of the Companies Act 1985.   The financial information has been extracted from the statutory accounts of Ace
Liberty & Stone Plc and is presented using the same accounting policies, which have not yet been filed with  the
Registrar of companies, but on which the auditors gave an unqualified report on 28th September 2009.

2.    Earnings /(Deficit ) per Share

The  basic earnings / (deficit) per share is calculated by dividing net profit or loss for the year attributable
to ordinary equity holders by the weighted average number of ordinary shares during the year.
The  diluted  earnings  / (deficit) per share is calculated by dividing the net profit or loss  attributable  to
ordinary  shareholders after adjustments for instruments that dilute basic earnings per share  by  the  weighted
average of ordinary shares outstanding during the year (adjusted for the effects of dilutive instruments).
The  basic and diluted deficit per share is based on the loss for the year after taxation of GBP31,968  for  the
consolidated accounts and a profit of GBP833 for the company accounts.

The weighted average number of ordinary shares outstanding during the year used in the basic earnings per share was
192,227,191

Diluted earnings per share are based on a diluted number of ordinary shares of 201,227,191 as calculated below:
                                                                                                               
 Weighted average number of ordinary shares for the purposes of basic EPS                           192,227,191
 Weighted average number of shares under options                                                     12,000,000
 Dilutive effect of share options                                                                    (3,000,000)
                                                                                                    ----------- 
 Weighted average number of ordinary share for the purposes of diluted EPS                          201,227,191
                                                                                                    ===========

Contact Information

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