Ace Liberty & Stone Plc
LSE : ALSP

September 30, 2011 06:42 ET

Final Results to 30 April 2011

ACE LIBERTY & STONE PLC
RESULTS FOR THE YEAR ENDED 30 APRIL 2011


CHAIRMAN'S STATEMENT

I am pleased to present the financial results of Ace Liberty & Stone Plc for the year ended 30 April 2011.

Business and operations

Running a property company in the present economic circumstances is no easy matter, so it is a credit to your
executive  directors  that  the  Company has recorded a substantial profit for  the  year  under  review  and
successfully undertaken a number of transactions.

During the year, the sale of the Oakley Street property was completed and the purchaser's renovations brought
to a conclusion, yielding a small profit.

In  October  2010,  the  Company,  in a joint venture with two partners,  invested  in  two  freehold  office
properties in Sheffield. After a re-organisation of the tenancies the property was re-sold in January 2011 at
a substantial profit.

In  January  2011 the Company exchanged contracts on the purchase of a flat in Paradise Street,  London  with
part of the consideration payable in the Company's shares.

Since  the  year end, in September 2011, a further purchase was completed; this was also a joint  venture  to
purchase an office building in Sheffield.

The  Company  also completed the arrangements, in progress at the end of the previous year, to  transfer  the
shares in Minoan to its shareholders.

Financial results

The  consolidated  profit  for the year was GBP412,533 (2010 loss of GBP428,527) on consolidated  revenue  of
GBP1,520,124 (2010 GBP154,764).  The Company is very pleased with this result and believe the Company  is  in
good shape to continue to enhance shareholder value in the current year.

Outlook

The  transactions  reported above show that, with the exercise of due care, profitable opportunities  can  be
found and it is the directors' intention to continue this activity over the forthcoming months.


Mark Thomas
Chairman
29 September 2011


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 STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2011
                                                                                 2011                 2010
 
                                                             Notes                GBP                  GBP
                                                                                              
 Revenue                                                                    1,520,124              154,764
                                                                                                          
 Cost of Sales                                                               (715,091)                   -
                                                                            ---------            ---------
                                                                              805,033              154,764
 Gross profit/(loss)
                                                                                                          
 Administrative expenses                                                     (208,558)            (234,541)
                                                                                                          
 Operating profit /(loss)                                                     596,475              (79,777)
                                                                            ---------            --------- 
 Investment income                                                                824                1,751
                                                                                                          
 Financial costs                                                              (34,619)             (36,313)
 Impairment to properties                                                     (13,232)            (394,000)
 Loss on disposal of subsidiary                                               (19,810)                   -
                                                                            ---------            ---------
 Profit (loss) before taxation                                                529,638             (508,339)
                                                                                                          
 Income tax                                                                  (117,105)                   -
                                                                            ---------            ---------
 Profit /(loss) for the year from continuing operations                       412,533             (508,339)
                                                                                                          
 Discontinued Operations                                                                      
 Profit for the year from discontinued operations                                   -               25,812
                                                                            ---------            ---------
 Total Comprehensive Profit /(Loss) for the year                              412,533             (482,527)
                                                                            =========            =========

Earnings /(Deficit) per share from continuing operations
                                                                                pence                pence
 Basic                                                         2               0.2110              (0.2622)
                                                                                                           
 Diluted                                                       2               0.2026              (0.2518)

Deficit per share from continuing and discontinued operations
                                                                                pence                pence
 Basic                                                         2               0.2110              (0.0910)
                                                                                                           
 Diluted                                                       2               0.2026              (0.0874)



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2011
                                                               
                                                                               2011                  2010
                                                                                GBP                   GBP
ASSETS                                                                                                     
Non-current assets
Investment properties                                                     2,006,000             2,006,000
Other investments                                                                 -                13,232
                                                                          ---------             ---------
                                                                          2,006,000             2,019,232
                                                                                                           
Current assets                                                                                             
Trade and other receivables                                                 523,981               524,255
Cash and cash equivalents                                                 1,363,818               168,991
Held for sale assets                                                              -             2,180,066
                                                                          ---------             ---------
                                                                          1,887,799             2,873,312
                                                                          ---------             --------- 
TOTAL ASSETS                                                              3,893,799             4,892,544
                                                                          =========             =========

EQUITY                                                                                                     
Issued capital and reserves                                                                                
Share capital                                                             1,949,669             1,943,419
Share premium reserve                                                       741,096               728,596
Treasury shares                                                            (500,000)                    -
Share option reserve                                                         35,520                26,640
Retained deficit                                                           (185,039)             (597,572)
                                                                          ---------             ---------
Shareholders funds                                                        2,041,246             2,101,083
                                                                                     
Non-current liabilities                                                                                    
Bank loan                                                                 1,563,155             1,574,796
                                                                          ---------             ---------
                                                                          1,563,155             1,574,796
Current liabilities                                                                                        
Trade and  other payables                                                   289,398               124,265
Liabilities directly associated with assets classified                            -             1,092,400
as held for sale                                                          ---------             ---------
                                                                            289,398             1,216,665
                                                                          ---------             ---------
TOTAL EQUITY AND LIABILITIES                                              3,893,799             4,892,544
                                                                          =========             =========

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2011
                                                                                2011                  2010
                                                                                 GBP                   GBP

Net cash outflow from operating activities                                   611,503              (633,929)
                                                                                                              
Investing activities                                                                                          
Return on investments                                                            824                 1,751
Payment made for the purchase  of investment                                (500,000)                    -
Receipt from partial sale of other investments                             1,073,122                     -
                                                                           ---------             ---------
Net cash flow from investing activities                                    1,185,449                 1,751
                                                                                                              
Financing activities                                                                                          
Proceeds of issue of new share capital                                        18,750                24,000
Costs of raising new capital                                                       -               (10,000)
Proceeds of new bank loan                                                          -                     -
Repayment of bank loan                                                        (9,372)               (6,909)
                                                                           ---------             ---------
Net cash raised from financing activities                                      9,378                 7,091
                                                                                                              
Net increase / (decrease)  in cash and cash equivalents                    1,194,827              (625,087)
                                                                                                              
Cash & cash equivalents at 1 May 2010                                        168,991             1,467,534
                                                                           ---------             ---------
Cash and cash equivalents at 30 April 2011                                 1,363,818               168,991
                                                                           =========             =========

NOTES TO PRELIMINARY RESULTS
FOR THE YEAR ENDED 30 APRIL 2011


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 2011.


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 is based on the profit for continuing operations for the year after
taxation  of  GBP410,533 for only continuing business for the consolidated accounts and  GBP429,766  for  the
company accounts.

The weighted average number of ordinary shares outstanding during the year used in the basic earnings per share
was 194,590,169.

Diluted  earnings  per  share are based on a diluted number of ordinary shares of 202,590,169  as  calculated
below:
                                                                                                               
Weighted average number of ordinary shares for the purposes of basic EPS                           194,590,169
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                          202,590,169
                                                                                                   ===========

Contact Information

  • Ace Liberty & Stone Plc