Ace Liberty & Stone Plc
LSE : ALSP

January 27, 2010 11:08 ET

Interim Results to 31 October 2009

                                      ACE LIBERTY & STONE PLC
                                                 
                                     ("Ace" or "the Company")
                                                 
                  Unaudited interim results for the period ended 31 October 2009
                                                 
Ace Liberty & Stone Plc (PLUS: ALSP) announces its unaudited consolidated interim results for the
period ended 31 October 2009.

CHAIRMAN'S STATEMENT

I am pleased to present the company's interim results for the half year ended 31 October 2009.
Turnover during the 6 month period amounted to GBP60,549 and the loss for the period was
GBP49,996.

In common with much of the rest of the property sector, Ace has found the six months under review
a frustrating period. The directors have spent much time and effort researching potential
purchases to no avail. The current conditions in the property market have been well documented and
I will not repeat them here. The directors will continue to work assiduously to find good
properties with sound covenants which will form the basis for the Company's long term growth.
Opportunities exist in current and predicted market conditions for such purchases and the Company
has the funds, GBP733,803 at the period end, and credit facilities necessary to make the right
acquisitions.

The purchaser of 8 Oakley Street has exercised his right to delay completion of the sale to allow
further building works to be carried out by the Company at his cost. The directors are confident
that this delay will not disadvantage the Company's position.



Mark Thomas
Chairman
26 January 2010



UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 31 OCTOBER 2009
                                                 
                                        Six months ended       Year ended 30     Six months ended
                                         31 October 2009        April 2009       31 October 2008
                                           (Unaudited)           (Audited)         (Unaudited)
                                               GBP                  GBP                GBP
                                                                                
Turnover                                     60,549                443,736            71,094
Cost of Sales                                   -                 (522,206)              -
                                             ------                -------            ------
Gross Profit/(Loss)                          60,549                (78,470)           71,094
                                                                               
Administrative expenses                     (82,709)              (212,432)          (97,751)
                                             ------                -------            -------        
Operating Profit / (Loss)                   (22,160)              (290,902)          (26,657)
                                                                                
Investment Income                             1,082                 27,715            24,123
                                                                                
Financial costs                             (28,918)              (133,222)          (75,358)
                                                                                
Increase in value of properties                 -                  364,663              -
                                             ------                -------            -------        
Profit / (Loss) before taxation             (49,996)              (31,746)           (77,918)
                                                                                
Taxation                                        -                    (222)              -
                                             ------                -------           -------       
Profit / (Loss) after taxation              (49,996)              (31,968)           (77,918)
                                             ======                =======           =======


UNAUDITED CONSOLIDATED BALANCE SHEET AT 31 OCTOBER 2009
                                                                                         
                                            31 October          30 April 2009        31 October
                                                2009              (Audited)             2008
                                            (Unaudited)                              (Unaudited)
                                                 GBP                GBP                 GBP
Fixed Assets                                                                                  
Investment properties                        4,475,000            4,475,000           2,400,000
Other investments                               13,232               13,232             126,000
                                             ---------            ---------           ---------
                                             4,488,232            4,488,232           2,526,000
Current assets                                                                                        
Stock of properties                                  -                    -           2,221,880
Other receivables                               79,110               46,923              61,490
Cash and cash equivalents                      733,803              794,078             473,803
                                             ---------            ---------           ---------               
                                               812,913              841,001           2,757,173
Current liabilities                                                                                   
Trade and other payables                    (1,206,446)          (1,184,231)           (142,728)
                                             ---------            ---------           --------- 
Net Current Assets                            (393,533)            (343,230)          2,614,445
                                             ---------            ---------           --------- 
                                                                                                     
Total Assets less Current                                                                            
Liabilities                                  4,094,699            4,145,002           5,140,445
Non-current liabilities                                                                              
Bank loan                                   (1,579,525)          (1,584,272)         (2,651,795)
                                             ---------            ---------           ---------
                                             2,515,175            2,560,730           2,488,650
                                             =========            =========           =========

Capital and Reserves                                                                                 
Share capital                                1,937,419            1,937,419           1,932,111
Share premium account                          720,596              720,596             708,654
Share option reserve                            17,760               17,760               8,880
Retained earnings                             (165,040)            (115,045)           (160,995)
                                             ---------            ---------           ---------                     
Shareholders' Funds                          2,515,175            2,560,730           2,488,650
                                             =========            =========           =========             
 
UNAUDITED CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 31 OCTOBER 2009
                                                                                                         
                                                                                                          
                                               Six months          Year ended         Six months
                                                ended 31            April 2009           ended 31
                                              October 2009          (Audited)        October 2008
                                              (Unaudited)                             (Unaudited)
                                                  GBP                 GBP                GBP
                                                                                          
Net cash inflow/(outflow)from operating                                                   
activities                                     (49,804)            (465,794)           (72,208)
                                               --------           ---------          ----------                   
Investing Activities                                                                      
Return on investments                            1,082               27,715             24,123
Payment made for the purchase of other                                                    
investments                                        -             (1,710,337)              -
Payment made for the purchase of stock of                                                 
properties                                         -                  -             (2,221,880)
Receipt from partial sale of other investments                                            
                                                   -                309,736            125,577
                                               -------            ---------          ---------                     
Net cash inflow / (outflow) from investing                                                
activities                                       1,082           (1,372,886)        (2,072,180)
                                               -------            ---------          ---------                  
Financing Activities
Proceeds of issue of new share capital             -                107,250             90,000
Proceeds of new bank loan                          -              1,062,750          1,063,016
Repayment of bank loan                         (11,553)              (4,776)            (2,359)
                                              --------            ---------          ---------                      
Net cash raised from financing activities      (11,553)           1,165,224          1,150,657
                                              --------            ---------          ---------                      
Net increase (decrease) in cash and cash                                                  
equivalents                                    (60,275)            (673,456)          (993,731)
                                              --------            ---------          ---------                      
                                                                                          
                                                                                          
Cash and cash equivalents at beginning of 
period                                         794,078            1,467,534          1,467,534
                                              --------            ---------          ---------                      
Cash and cash equivalents at end of 
period                                         733,803              794,078            473,803
                                              ========            =========          =========                      
                                                                                          



The  interim financial information set out herein does not constitute full financial statements within
the  meaning of Section 240 of the Companies Act 1985. The unaudited Group results have been  prepared
under  the  historical  cost  convention, in accordance with the Companies  Act  1985  and  applicable
accounting standards in the United Kingdom.

The  interim report has been prepared using accounting policies consistent with those set out  in  the
Company's Annual Report and Accounts for the period to 30 April 2009.  Those financial statements were
prepared on a going concern basis.

The interim report for the six months to 31 October 2009 was approved by the Board on 26 January 2010.

The Directors of Ace Liberty & Stone Plc accept responsibility for this announcement.

                                              -ends-

Contact:

Ace Liberty & Stone Plc
Ivan Minter, Finance Director
Tel: +44 (0) 1992 787524


Corporate Advisers
Alfred Henry Corporate Finance
Nick Michaels
Tel: +44 (0) 20 7251 3762


Contact Information

  • Ace Liberty & Stone Plc