Ace Liberty & Stone Plc
LSE : ALSP

January 30, 2012 11:34 ET

Interim results to 31 October 2011

ACE LIBERTY & STONE PLC

("Ace" or "the Company")

Unaudited interim results for the period ended 31 October 2011

Ace Liberty & Stone Plc (PLUS: ALSP) announces its unaudited consolidated interim results for the period
ended 31 October 2011.


CHAIRMAN'S STATEMENT

I am pleased to present the company's interim results for the half year ended 31 October 2011. Turnover
during the six month period amounted to GBP482,182 and the lossfor the period was GBP38,946.   However our total
comprehensive income for the period, which includes the increase in value of our investment in Telephone House,
amounted to GBP111,444.

The directors have continued to research the UK property market for suitable investment opportunities. During
the period covered by these results, the Company has taken the opportunity to invest in Telephone House in
central Sheffield in a joint venture with another partner. Although this property has only been held for a
short period, it has already made a positive return on the investment.

The property market remains difficult, but the directors are confident this is not a good time to hold cash
and that property can and does continue to provide opportunities to give greater returns on capital than cash
at the bank for shareholders, as shown by Telephone House.





Mark Thomas
Chairman
30 January 2012


UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 31 OCTOBER 2011
                                                Six months ended       Year ended 30   Six months ended
                                                 31 October 2011          April 2011    31 October 2010
                                                     (Unaudited)           (Audited)        (Unaudited)
                                                             GBP                 GBP                GBP

Turnover                                                 482,182           1,520,124             76,519
Cost of sales                                           (440,826)           (715,091)                 -
                                                       ---------           ---------          ---------
Gross profit                                              41,356             805,033             76,519

Administrative expenses                                  (97,635)           (208,558)           (96,541)
                                                       ---------           ---------          ---------
Operating profit / (loss)                                (56,279)            596,475            (20,022)

Investment income                                            387                 824                220

Financial costs                                           (6,882)            (34,619)           (16,647)

Impairment to properties                                       -             (13,232)                 -

Loss on disposal of subsidiary                                 -             (19,810)                 -

Share of profit of associate company                      23,828                   -                  -
      
Income tax                                                 8,176            (117,105)                 -
                                                       ---------           ---------          ---------
Profit /(Loss) from continuing operations                (30,770)            412,533            (36,449)
                                                       =========           =========          =========

Earnings per share                                         pence               pence              pence

Basic                                                    (0.0173)             0.2110            (0.0188)

Diluted                                                  (0.0177)             0.2026            (0.0181)


UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 OCTOBER 2011

                                                Six months ended       Year ended 30   Six months ended
                                                 31 October 2011          April 2011    31 October 2010
                                                     (Unaudited)           (Audited)        (Unaudited)
                                                             GBP                 GBP                GBP

Profit /(Loss) from continuing operations                (30,770)            412,533            (36,449)

Increase in value of share of associate company          180,000                   -                  -

Income tax                                               (37,786)                  -             (1,624)
                                                       ---------           ---------          ---------
Profit / (Loss) after tax                                111,444             412,533            (38,073)
                                                       =========           =========          =========

Retained deficit at beginning of period                 (185,039)           (597,572)          (597,572)

Total comprehensive income for the year                  111,444             412,533            (38,073)
                                                       ---------           ---------          ---------
Retained deficit at end of period                        (73,595)           (185,039)          (635,645)
                                                       =========           =========          =========

UNAUDITED CONSOLIDATED BALANCE SHEET
AT 31 OCTOBER 2011                                                             
                                                              At                  At                 At         
                                                      31 October            30 April         31 October
                                                            2011                2011               2010
                                                     (Unaudited)           (Audited)        (Unaudited)
                                                             GBP                 GBP                GBP
ASSETS                                                                                
Non-current assets                                                                    
Investment properties                                  1,571,000           2,006,000          2,006,000
Other investments                                              -                   -             13,232
                                                       ---------           ---------          ---------
                                                       1,571,000           2,006,000          2,019,232
Current assets                                                                        
Trade and other receivables                              284,797             523,981            212,573
Cash and cash equivalents                                 33,217           1,363,818            235,778
Share of associate company                             1,703,828                   -                  -
Held for sale assets                                           -                   -          1,277,684
                                                       2,021,842           1,887,799          1,726,035
                                                       ---------           ---------          ---------         
TOTAL ASSETS                                           3,592,842           3,893,799          3,745,267
                                                       =========           =========          =========          
EQUITY                                                                                
Issued capital and reserves                                                           
Share capital                                          1,949,669           1,949,669          1,943,419
Share premium reserve                                    741,096             741,096            728,596
Treasury shares                                         (500,000)           (500,000)                 -
Share option reserve                                      39,960              35,520             31,080
Retained deficit                                         (73,595)           (185,039)          (635,545)
                                                       ---------           ---------          ---------
Shareholders' Funds                                    2,157,130           2,041,246          2,067,550
                                                                                      
Non-current liabilities                                                               
Bank loan                                              1,112,525           1,563,155          1,570,324
                                                                                      
Current Liabilities                                                                   
Trade and other payables                                 323,187             289,398            107,393
                                                       ---------           ---------          ---------  
TOTAL EQUITY AND LIABILITIES                           3,592,842           3,893,799          3,745,267
                                                       =========           =========          =========

UNAUDITED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 OCTOBER 2011
                                                                                       
                                                                                         
                                                Six months ended       Year ended 30   Six months ended
                                                 31 October 2011          April 2011    31 October 2010
                                                     (Unaudited)           (Audited)        (Unaudited)
                                                             GBP                 GBP                GBP
                                                                                      
Net cash inflow/(outflow)from operating                  184,576             611,503            261,229
activities
                                                                                                       
Investing Activities                                                                                   
Return on investments                                        387                 824                220
Payment made for the purchase of stock of                      -                   -           (777,684)
properties
Payment made for the purchase of investments                   -            (500,000)                 -
Payment for stake in associate company                (1,500,000)                  -                  -
Receipt from the partial sale of investment              434,508                   -                  -
properties
Receipt from partial sale of other                             -           1,073,122            587,666
investments
                                                       ---------           ---------          ---------          
Net cash inflow / (outflow) from investing            (1,065,105)            573,946           (189,798)
activities
                                                                                      
Financing Activities                                                                  
                                                                                      
Proceeds of issue of new share capital                         -              18,750                  -
Costs of raising new capital                                   -                   -                  -
Repayment of bank loan                                  (450,072)             (9,372)            (4,644)
                                                       ---------           ---------          ---------          
Net cash raised from financing activities               (450,072)              9,378             (4,644)
                                                       ---------           ---------          ---------          

Net increase (decrease) in cash and cash              (1,330,601)          1,194,827             66,787
equivalents
                                                  
Cash and cash equivalents at beginning of              1,363,818             168,991            168,991
period
                                                       ---------           ---------          ---------
Cash and cash equivalents at end of period                33,217           1,363,818            235,778
                                                       =========           =========          =========             

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 2011.  Those financial statements were prepared  on  a
going concern basis.

The interim report for the six months to 31 October 2011 was approved by the Board on 30 January 2012.

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

-ends-

Contact:

Ace Liberty & Stone plc
Mark Eichhorn, Finance Director
Tel: +44 (0) 20 7201 8340

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


Contact Information

  • Ace Liberty & Stone Plc