Ace Liberty & Stone Plc
LSE : ALSP

September 29, 2010 02:00 ET

Final Results to 30 April 2010

ACE LIBERTY & STONE PLC
RESULTS FOR THE YEAR ENDED 30 APRIL 2010


CHAIRMAN'S STATEMENT

I am pleased to present the financial results of Ace Liberty & Stone Plc for the year ended 30 April 2010.

Business and operations

The  Company  still  owns  a  small  stake in the Ukoud Tower in Ras Al Khaimah.  Progress  on  completing  this
development  has been delayed because of the global economic situation, but the Company has already  received  a
very satisfactory return of GBP309,736 on its original investment of GBP250,000. The directors expect to receive
a further return of capital and profit on completion of the project within the next two years.

Contracts were exchanged on 10 September 2009 for the sale of the Company's property in Oakley Street,  Chelsea,
but  completion  was delayed to enable a programme of work to be carried out for the purchaser.  Completion  has
subsequently taken place on 19 August 2010.

On  18  February 2010, the Company invested GBP500,000 in the 1p ordinary shares of Minoan Group Plc, a  company
quoted  on  AIM, at a price of 15p. The directors believe this company has very attractive long term  prospects
and  have accordingly transferred these shares directly to the Company's shareholders to enable them to  benefit
from  the  expected  growth in the share price regardless of the future activities of  Ace.  This  transfer  was
completed on 9 June 2010.

The  directors  have been actively seeking new investments and have investigated a large number of possibilities
with  individual  values ranging from GBP5 million to GBP20 million. Relationships with existing  and  potential
shareholders have been initiated and maintained in order to provide additional equity resources for  growth.  It
is  important that investments are made only on terms which benefit the Company's long term growth and so far it
has not been possible to complete a transaction which meets the Company's requirements.

Financial results

The  consolidated loss for the year was GBP482,527 (2009 GBP31,968) on consolidated revenue of GBP154,764 (2009
GBP443,736).   This  result is posted after a provision for impairment charge of GBP394,000 in  respect  of  the
valuation  of the Stoke on Trent portfolio. Although a further loss is disappointing, it must be viewed  against
the  economic  background,  which  has been very difficult, especially for  small  companies.  The  Company  has
husbanded its cash resources during the year and will continue to manage its activities on a prudent basis until
it is able to make the investments it believes will ensure its future growth.

Outlook

While we have been prepared to be more opportunistic where increased value can be created, we have until now had
to  be patient in order to achieve this. There are however increasing signs that activity in the property market
is  slowly recovering and the directors are confident that the Company is well-placed to benefit from  this.  We
are  being presented with increasing opportunities that will provide the company with a solid base on  which  to
build  a property portfolio with good growth prospects and we hope to report good progress on this front in  the
coming 12 months.


Mark Thomas
Chairman
21 September 2010


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


FOR FURTHER INFORMATION PLEASE CONTACT:

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

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

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2010

                                                                                 2010                 2009
                                                                                  GBP                  GBP
                                                                                              
 Revenue                                                                      154,764              443,736
                                                                                                          
 Cost of Sales                                                                      -             (522,206)
                                                                              -------              -------
                                                                              154,764              (78,470)
 Gross profit/ (loss)
                                                                                                          
 Administrative expenses                                                     (234,541)            (212,432)
                                                                              -------              -------         
 Operating loss                                                               (79,777)            (290,902)
                                                                                                          
 Investment income                                                              1,751               27,715
                                                                                                          
 Financial costs                                                              (36,313)            (133,222)
 Impairment to properties                                                    (394,000)                   -
 Increase in value of properties                                                    -              364,663
                                                                              -------              ------- 
 Loss before taxation                                                        (508,339)             (31,746)
                                                                                                          
 Income tax                                                                         -                 (222)
                                                                              -------              ------- 
 Loss for the year from continuing operations                                (508,339)             (31,968)

 Discontinued Operations                                                                                  
 Profit for the year from discontinued operations                              25,812                    -
                                                                              -------              -------
 Total Comprehensive Loss for the year                                       (482,527)             (31,968)
                                                                              =======              =======
 
 Deficit per share from continuing operations
                                                                                pence               pence
 Basic                                                                       (0.2622)             (0.1662)
                                                                                                           
 Diluted                                                                     (0.2518)             (0.1564)

 Deficit per share from continuing and discontinued operations
                                                                                pence               pence
 Basic                                                                       (0.0910)             (0.1662)
                                                                                                           
 Diluted                                                                     (0.0874)             (0.1564)


CONSOLIDATED BALANCE SHEET AT 30 APRIL 2010

                                                                                                        
                                                                                   2010                   2009
                                                                                    GBP                    GBP
 ASSETS                                                                                                 
 Non-current assets
 Investment properties                                                          2,006,000             4,475,000
 Other investments                                                                 13,232                13,232
                                                                                ---------             ---------
                                                                                2,019,232             4,488,232
                                                                                                               
 Current assets                                                                                                
 Trade and other receivables                                                      524,255                46,923
 Cash and cash equivalents                                                        168,991               794,078
 Held for sale assets                                                           2,180,066                     -
                                                                                ---------             ---------
                                                                                2,873,312               841,001
                                                                                ---------             ---------
 TOTAL ASSETS                                                                   4,892,544             5,329,233
                                                                                =========             =========  

 EQUITY                                                                                                        
 Issued capital and reserves                                                                                   
 Share capital                                                                  1,943,419             1,937,419
 Share premium reserve                                                            728,596               720,596
 Share option reserve                                                              26,640                17,760
 Retained deficit                                                                (482,527)             (115,045)
                                                                                ---------             ---------
 Shareholders funds                                                             2,101,083             2,560,730
                                                                                                                
 Non-current liabilities                                                                                       
 Bank loan                                                                      1,574,796             1,584,272
                                                                                ---------             ---------
                                                                                1,574,796             1,584,272
 Current liabilities                                                                                           
 Trade and  other payables                                                        124,265             1,184,231
 Liabilities directly associated with assets classified as                      1,092,400                     -
 held for sale
                                                                                ---------             ---------
                                                                                1,216,665             1,184,230
                                                                                ---------             ---------
 TOTAL EQUITY AND LIABILITIES                                                   4,892,544             5,329,233
                                                                                =========             =========

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2010
                                                       Share          Share        Share    Retained        Total
                                                     Capital        Premium       Option     Deficit
                                                                    Reserve      Reserve
Year ended 30 April 2010                                 GBP            GBP          GBP         GBP          GBP

At 1 May 2009                                      1,937,419        720,596       17,760   (115,045)    2,560,730
Loss for the year                                          -              -            -   (482,527)     (482,527)
Issue of share capital                                 6,000              -            -          -         6,000
Cost of share option for the year                          -              -        8,880          -         8,880
Premium on shares issued during the year                   -         18,000            -          -        18,000
Share issue costs                                          -        (10,000)           -          -       (10,000)
                                                   ---------        -------       ------    -------     ---------
Total shareholders' equity carried forward         1,943,419        728,596       26,640   (597,572)    2,101,083
                                                   ---------        -------       ------    -------     ---------


                                                        Share   Share Premium        Share    Retained        Total
                                                      Capital         Reserve       Option     Deficit
                                                                                   Reserve
Year ended 30 April 2009                                  GBP             GBP          GBP         GBP          GBP

At 1 May 2008                                       1,892,111         658,654        8,880    (83,077)    2,476,568
Loss for the year                                           -               -            -    (31,968)      (31,968)
Issue of share capital                                 45,308               -            -          -        45,308
Cost of share option for the year                           -               -        8,880          -         8,880
Premium on shares issued during the year                    -          61,942            -          -        61,942
                                                    ---------         -------       ------    -------     ---------
Total shareholders' equity carried forward          1,937,419         720,596       17,760   (115,045)    2,560,730
                                                    ---------         -------       ------    -------     ---------

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2010

                                                                                     2010                  2009
                                                                                      GBP                   GBP
Net cash outflow from operating activities                                       (633,929)             (465,794)
                                                                                                               
Investing activities                                                                                           
Return on investments                                                               1,751                27,715
Payment made for the purchase  of investment property                                   -            (1,710,337)
Receipt from partial sale of other investments                                          -               309,736
                                                                                    -----             ---------
Net cash flow from investing activities                                             1,751            (1,372,886)
                                                                                                               
Financing activities                                                                                           
Proceeds of issue of new share capital                                             24,000               107,250
Costs of raising new capital                                                      (10,000)                    -
Proceeds of new bank loan                                                               -             1,062,750
Repayment of bank loan                                                             (6,909)               (4,776)
                                                                                   ------             ---------
Net cash raised from financing activities                                           7,091             1,165,224
                                                                                                               
Net increase / (decrease)  in cash and cash equivalents                          (625,087)             (673,456)
                                                                                                               
Cash & cash equivalents at 1 May 2009                                             794,078             1,467,534

                                                                                  -------             --------- 
Cash and cash equivalents at 30 April 2010                                        168,991               794,078

                                                                                  =======             =========

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 28 September 2010.

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 continuing and discontinued operations for the year
after  taxation  of GBP482,527, loss of 508,339 for only continuing business for the consolidated  accounts  and
GBP98,013 for the company accounts.

The weighted average number of ordinary shares outstanding during the year used in the basic earnings per share was
193,906,265

Diluted earnings per share are based on a diluted number of ordinary shares of 205,906,265 as calculated below:
                                                                                                                
Weighted average number of ordinary shares for the purposes of basic EPS                            193,906,265
Weighted average number of shares under options                                                      12,000,000
Dilutive effect of share options                                                                     (4,000,000)
                                                                                                    -----------
Weighted average number of ordinary share for the purposes of diluted EPS                           201,906,265
                                                                                                    ===========

Contact Information

  • Ace Liberty & Stone Plc