Ace Liberty & Stone Plc

LSE : ALSP


January 29, 2013 05:57 ET

Interim results to 31 October 2012

ACE LIBERTY & STONE PLC

("Ace" or "the Company")

Unaudited interim results for the period ended 31 October 2012

Ace Liberty & Stone Plc (PLUS: ALSP) announces its unaudited consolidated interim results for the period
ended 31 October 2012.

CHAIRMAN'S STATEMENT

I am pleased to present the company's interim results for the half year ended 31 October 2012. Turnover
during the six month period amounted to GBP 43,525 and the profit before tax for the period was GBP 26,729.

The Company's results continue to benefit significantly from the income produced by Telephone House in
Sheffield. In addition, there is potential future benefit from the 21 year rent review for the multi storey
car park due in March 2014 with further opportunities provided by the tower above. The focus of Sheffield's
shopping areas is changing because of new development and the next few years will see a significant shift
towards the south west of the city centre. Telephone House is well located between The Moor shopping centre,
which is currently being redeveloped by Scottish Widows and the Sevenstones retail scheme proposed by
Sheffield City Council and Hammersons.

In addition to the above, the main feature of the period under review was the Company's success in attracting
new investors. Since the period end we have allotted a further 18,444,111 shares, resulting in a cash
injection of GBP414,685 and other potential investors have shown interest. This actual and potential inflow
of funds will equip the Company to make further investments in the property market for the long term
advantage of all members. The Directors have taken advantage of the cash received to reduce the Company's
borrowings with a consequent reduction in interest payments.

The Directors remain in close touch with the property market and expect to announce further acquisitions.



Mark Thomas
Chairman
28 January 2013

UNAUDITED GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 OCTOBER 2012

                                                                 Six months
                                 Six months      Year ended        ended 31
                                   ended 31        30 April         October
                               October 2012            2012            2011
                                (Unaudited)       (Audited)     (Unaudited)
                                        GBP             GBP             GBP

Turnover                             43,525          97,053         482,182

Cost of sales                             -               -        (440,826)

Administrative expenses             (88,447)       (243,575)        (97,635)

Share of profit of associate
 company                             89,202         634,667          23,828

Profit on disposal of
 investment property                      -          29,008               -

Fair value adjustment                     -        (329,500)              -

Finance income                            -          10,387             387

Finance costs                       (10,869)        (30,196)         (6,881)


                            ------------------------------------------------
Profit for the period                33,411         167,844         (38,946)

Taxation                             (6,682)         (5,001)          8,176

                            ------------------------------------------------
Profit from continuing
 operations                          26,729         162,843         (30,770)
                            ------------------------------------------------
                            ------------------------------------------------

Earnings per share                    pence           pence           pence
----------------------------

Basic                                0.0127          0.0835         (0.0173)
Diluted                                   -          0.0800         (0.0177)

UNAUDITED GROUP STATEMENT OF FINANCIAL POSITION
AT 31 OCTOBER 2012


                        At 31 October        At 30 April      At 31 October
                                 2012               2012               2011
                          (Unaudited)          (Audited)        (Unaudited)
                                  GBP                GBP                GBP
ASSETS
Non-current assets
Investment
 properties                 1,271,000          1,271,000          1,571,000
Investment in
 associates                 2,178,269          2,089,067          1,703,828
                   ---------------------------------------------------------
                            3,449,269          3,360,067          3,274,828
Current assets
Trade and other
 receivables                   12,187            237,566            284,797
Cash and cash
 equivalents                  672,149             23,071             33,217
                   ---------------------------------------------------------
                              684,336            260,637            318,014

                   ---------------------------------------------------------
TOTAL ASSETS                4,133,605          3,620,704          3,592,842
                   ---------------------------------------------------------
                   ---------------------------------------------------------


EQUITY
Issued capital and
 reserves
Share capital               2,278,419          1,949,669          1,949,669
Share premium
 reserve                    1,062,530            741,096            741,096
Treasury shares              (500,000)          (500,000)          (500,000)
Share option
 reserve                            -             44,400             39,960
Retained deficit               13,413            (22,196)           (73,595)
                   ---------------------------------------------------------
Shareholders' Funds         2,854,362          2,212,969          2,157,130

Non-current
 liabilities
Borrowings                    980,600          1,116,280          1,112,525

Current Liabilities
Trade and other
 payables                     275,353            279,813            310,987
Borrowings                     23,290             11,642             12,200

                   ---------------------------------------------------------
TOTAL EQUITY AND
 LIABILITIES                4,133,605          3,620,704          3,592,842
                   ---------------------------------------------------------
                   ---------------------------------------------------------


UNAUDITED GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 OCTOBER 2012

                           Six months                            Six months
                             ended 31      Year ended 30           ended 31
                         October 2012         April 2012       October 2011
                          (Unaudited)          (Audited)        (Unaudited)
                                  GBP                GBP                GBP

Net cash inflow
 from operating
 activities                   122,925            171,232            184,576

Investing
 Activities
Return on
 investments                        -                387                387
Payment made for
 the purchase of
 investments                        -         (1,500,000)        (1,500,000)
Receipt from the
 partial sale of
 investment
 properties                         -            434,509            434,508

                   ---------------------------------------------------------
Net cash inflow /
 (outflow) from
 investing
 activities                         -         (1,065,104)        (1,065,105)

Financing
 Activities

Proceeds of issue
 of new share
 capital                      655,208                  -                  -
Costs of raising
 new capital                   (5,024)                 -                  -
Repayment of bank
 loan                        (124,031)          (446,875)          (450,072)

                   ---------------------------------------------------------
Net cash raised
 from financing
 activities                   526,153           (446,875)          (450,072)

Net increase
 (decrease) in cash
 and cash
 equivalents                  649,078         (1,340,747)        (1,330,601)


                   ---------------------------------------------------------
Cash and cash
 equivalents at
 beginning of
 period                        23,071          1,363,818          1,363,818

                   ---------------------------------------------------------
Cash and cash
 equivalents at end
 of period                    672,149             23,071             33,217
                   ---------------------------------------------------------
                   ---------------------------------------------------------



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 2012. Those financial statements were prepared on a
going concern basis.

The interim report for the six months to 31 October 2012 was approved by the Board on 28 January 2013.

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



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