Ace Liberty & Stone Plc

August 06, 2012 10:23 ET

Ace Liberty & Stone Plc: Results for the Period Ended 30 April 2012



I am pleased to present the financial results of Ace Liberty & Stone Plc for the year ended 30 April 2012.

Business and operations

During  the  year  under review the group completed an investment transaction in Radcliff  Property  Ltd,  an
offshore  company  that  owns a property in central Sheffield as noted in my statement  last  year.  We  have
subsequently  carried  out  some revisions to the tenancies and the consequent increase  in  value  has  been
reflected in the valuation of our share of this venture and contributed to the group's profits for the  year.
The  premises provide a strong strategic site at the  gateway  to the City Council and  Hammersons  Sheffield
City centre retail scheme with both  the  existing building  and  multi storey car park and the site provides
very good redevelopment potential, which we intend to capitalise on in due course.

Eight  of  the properties included in the Stoke-on-Trent portfolio were compulsorily purchased by  the  local
authority during the year and this transaction, which was at a value close to the group 's carrying value, is
also recorded in this year's result.

As commented before "cash is king" and there are good opportunities however the banks still appear to be more
preoccupied  with rebuilding their balance sheets than with assisting commercial companies  to  fulfil  their
business potential and the economy is still very sluggish.

However, the Directors have continued their endeavours to raise further capital for the group and are pleased
to  record  the  issue  of some 14 million shares as announced on 18th July 2012. It is  their  intention  to
continue with this strategy and  they hope to be able to make further announcements during the course of  the
current year.  Achieving this objective will be a major step towards making the further acquisitions targeted
by the directors.

Financial results

The consolidated profit for the year was GBP 162,843 (2011 GBP 412,533) on consolidated revenue of GBP 97,053
(2011  GBP  1,520,124).  This  shows  that  the consolidated profit is mainly generated  from  our  share  of
profit  from Radcliff  Properties Ltd of GBP 634,667 which is not part of the consolidated revenues as it  is
an associated company.  The  group is very pleased with this result and believe the group is in good shape to
continue to trade profitably during the current year.


The Directors will continue to manage the group with a view to maximising value for our shareholders and will
be  pursuing vigorously those opportunities which they believe are in accordance with the Board's  investment

Mark Thomas
30 July 2012

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


Mark Eichorn, Director
Ace Liberty & Stone Plc
Tel: 020 7201 8340

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

Group Statement of Comprehensive Income for the year ended 30 April 2012

                                                                          2012                2011
                                                          Notes            GBP                 GBP
Revenue                                                                 97,053           1,520,124
Cost of Sales                                                                -            (715,091)
Administrative Expenses                                               (243,575)           (208,558)
Share of profit from associates                                        634,667                   -
Profit on disposal of investment property                               29,008                   -
Fair value adjustments                                                (329,500)                  -
Impairment to properties                                                     -             (13,232)
Loss on disposal of investment                                               -             (19,810)
Finance income                                                          10,387                 824
Finance cost                                                           (30,196)            (34,619)
Profit/(loss) before taxation                                          167,844             529,638
Taxation                                                                (5,001)           (117,105)
Profit for the period                                                  162,843             412,533

Attributable to:                                                                                  
Equity holders                                                         162,843             412,533

                                                                       162,843             412,533

                                                                         Pence               Pence
Basic Earnings per share attributable to equity
holders of the parent                                         2         0.0835              0.2110
Diluted Earnings per share attributable to
equity holders of the parent                                  2         0.0800              0.2026

Group Statement of Financial position at 30 April 2012

                                                                          2012                2011
                                                                           GBP                 GBP

Non-current assets
Investment Properties                                                1,271,000           2,006,000 
Investment in associates                                             2,089,067                   -
                                                                     3,360,067           2,006,000 

Current assets
Trade and other receivables                                            237,566             523,981
Cash and cash equivalents                                               23,071           1,363,818
                                                                       260,637           1,887,799

TOTAL ASSETS                                                         3,620,704           3,893,799



Equity attributable to Equity holders
Share Capital                                                        1,949,669           1,949,669
Share premium                                                          741,096             741,096
Treasury shares                                                       (500,000)           (500,000)
Share option reserve                                                    44,400              35,520
Retained Earnings/ (deficit)                                           (22,196)           (185,039)
                                                                     2,212,969           2,041,246

Non-Current Liabilities
Borrowings                                                           1,116,280           1,563,155
                                                                     1,116,280           1,563,155

Current Liabilities

Trade and other Payables                                               279,813             277,756
Borrowings                                                              11,642              11,642
                                                                       291,455             289,398

TOTAL EQUITY AND LIABILITIES                                         3,620,704           3,893,799


Group Cash Flow Statement for the year ended 30 April 2012

                                                                           GBP                 GBP
                                                                          2012                2011

Profit /(loss) for the year                                            167,844             529,638
Cash flow from operating activities
Adjustments for:
Profit from associates                                                (634,667)                  -
Investment Income                                                         (387)               (824)
Loss on sale of subsidiary                                                   -              19,810
Fair value adjustment                                                  329,500              13,232
Cost of Share Option                                                     8,880               8,880
Decrease/(Increase) in receivables                                     286,415                (364)
(Profit)/loss on disposal of investment property                       (29,008)                  -
(Decrease)/Increase in payables                                         42,655              41,131

Net cash generated from operating activities                           171,232             611,503

Cash flows from investing activities
Interest received                                                          387                 824
(Increase)/Decrease in Equity Investments                           (1,500,000)           (500,000)
Receipt from sale of investments                                             -           1,073,122
Disposal proceeds                                                      434,509                   -
                                                                             -                   -
Net cash (used)/ generated in investing activities                  (1,065,104)            573,946

Cash flows from financing activities                                   
Share issue                                                                  -              18,750
Repayment of long term loans                                          (446,875)             (9,372)
Net cash generated /(used) in finance activities                      (446,875)              9,378

                                                                    (1,340,747)          1,194,827
Net (decrease)/increase in cash and cash equivalents                              
Cash and cash equivalents at beginning of period                     1,363,818             168,991
Cash and cash equivalents at end of the period                          23,071           1,363,818

NOTES TO PRELIMINARY RESULTS                                           
FOR THE PERIOD ENDED 30 APRIL 2012                                     

1.  The financial information set out above does not constitute statutory accounts for the purpose of Section
    434  of the Companies Act 2006. 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 30th  July
    The  preliminary announcement of the results for the year ended 30 April 2012 was approved by  the  board
    of directors on 30th July 2012.

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 earnings per share are based on the group's profit/(loss) for continuing operations for
the year after taxation of GBP 162,843 (2011: GBP 412,533).

The  weighted  average number of ordinary shares outstanding during the year used in the basic  earnings  per
share was 194,966,900.

Weighted average number of ordinary shares for the purposes of basic EPS                     194,966,900
Weighted average number of shares under options                                               12,000,000
Dilutive effect of share options                                                              (3,428,571)


Weighted average number of ordinary share for the purposes of diluted EPS                    203,538,319

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