Ace Liberty & Stone Plc

LSE : ALSP


January 27, 2014 09:42 ET

Interim results to 31 October 2013

                                                          

ACE LIBERTY & STONE PLC  ("Ace" or "the Company")

Unaudited interim results for the period ended 31 October 2013



Ace  Liberty & Stone Plc (ISDX: ALSP) announces its unaudited consolidated interim results for the period  ended  31
October 2013.

                                                CHAIRMAN'S STATEMENT
                                                          
I  am pleased to present the company's interim results for the half year ended 31 October 2013. Turnover during  the
six  month  period amounted to GBP346,625 (2012: GBP43,525) and the profit before tax for the period was  GBP406,049
(2012:  GBP26,729).  Total assets have increased to GBP8,308,541 (2012: GBP4,133,605) and  shareholders'  funds  now
total GBP5,614,877 (2012: 2,854,362).

Since  the  announcement of the financial results for the year ended 30 April 2013 a number of  significant  actions
have taken place.

On  30 October Ace completed the purchase of Hillcrest House in Leeds for GBP1,450,000 initially funded from its own
cash  resources. The property consists of 21,000 square feet of office accommodation let to the Secretary  of  State
for Communities and Local Government.

On  18 December 2013 Ace also completed the purchase of Princegate House Doncaster, consisting of 31,000 square feet
of  office space fully let to the Secretary of State for The Environment. The purchase price of GBP694,000 has  been
part funded by a loan of GBP300,000 from Levant Investment bank s.a.l. (LiBank).

Negotiations for the sale of a long leasehold interest in the 14 storey tower at Telephone House in Sheffield, owned
by  Radcliff  Properties  Limited in which the Company has a 38% stake, are close to finality  and  the  outcome  is
expected  to be announced shortly. The freehold, which includes the 456 space multi storey car park let  to  NCP  as
well as the night club below, will be retained.

The  Company  has  attracted a further GBP435,104 of new equity investment; in addition  the  loan  of  GBP1,000,000
advanced  to  Ace  has  been converted to equity. As a result the issued share capital now consists  of  367,511,995
Ordinary Shares.

The issue of new Ordinary Shares for cash has enabled the Company to maintain its cash resources and these currently
amount to approximately GBP2m. The UK market continues to present us with some attractive investment opportunities.

This  is  an interim report for the year which ends on 30 April 2014. It is the intention of the directors  to  take
advantage of the current market situation by making further opportunistic transactions, within the next few  months.
A more complete report will be issued with the year's final results.

Keith Pankhurst
Chairman
24 January 2013


                                                
UNAUDITED GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 OCTOBER 2013
                                                                                   
                                                Six months      Year ended 30          Six months
                                                  ended 31         April 2013            ended 31
                                              October 2013          (Audited)        October 2012
                                               (Unaudited)                            (Unaudited)
                                                      GBP                GBP                 GBP
                                                                                   
Turnover                                           346,625            697,270              43,525
                                                                                   
Administrative expenses                          (430,983)          (534,260)            (88,447)
                                                                                   
Share of profit of associate company               258,395           (92,234)              89,202
                                                                                                 
Fair value adjustment                              179,000                  -                   -
                                                                                   
Other income                                        58,335            153,751                   -
                                                                                   
Finance costs                                      (5,322)           (26,290)            (10,869)
                                                 ------------------------------------------------                                                                                   
Profit for the period                              406,049            198,237              33,411
                                                                                   
Taxation                                          (49,951)           (68,811)             (6,682)
                                                 ------------------------------------------------                                  
Profit from continuing operations                  356,099            162,843              26,729
                                                 ================================================

      
Earnings per share                                   pence              pence               pence

Basic                                               0.1839             0.0577              0.0127
                                                    
Diluted                                             0.1839             0.0577                   -
                                                   


                                                                                   
                                                
UNAUDITED GROUP STATEMENT OF FINANCIAL POSITION
AT 31 OCTOBER 2013
                                                                                   
                                            At 31 October       At 30 April        At 31 October
                                                     2013              2013                 2012
                                              (Unaudited)         (Audited)          (Unaudited)
                                                      GBP               GBP                  GBP
ASSETS                                                                             
Non-current assets                                                                 
Investment properties                          2,900,000          1,271,000           1,271,000
Investment in associates                       2,186,228          1,927,833           2,178,269
                                               ------------------------------------------------
                                               5,086,228          3,798,833           3,449,269
Current assets                                                                     
Trade and other receivables                    1,511,391            906,042              12,187
Cash and cash equivalents                      1,710,922          2,263,363             672,149
                                               ------------------------------------------------
                                               3,222,313          3,169,405             684,336
                                               ------------------------------------------------

TOTAL ASSETS                                   8,308,541          6,368,238           4,133,605
                                               ================================================                       
EQUITY                                                                             
Issued capital and reserves                                                        
Share capital                                  3,296,354          2,717,267           2,278,419
Share premium reserve                          2,395,314          1,607,174           1,062,530
Treasury shares                                 (480,000)          (500,000)           (500,000)
Retained deficit                                 403,209             47,110              13,413
                                               ------------------------------------------------
Shareholders' Funds                            5,614,877          3,871,551           2,854,362
                                                                                   
Non-current liabilities                                                            
Borrowings                                     1,916,512          1,943,048             980,600
                                                                                   
Current Liabilities                                                                
Trade and other payables                         736,272            512,718             275,353
Borrowings                                        40,880             40,921              23,290
                                               ------------------------------------------------ 
                                                 777,152            553,639             298,643
                                               ------------------------------------------------
                                    
TOTAL EQUITY AND LIABILITIES                   8,308,541          6,368,238           4,133,605
                                               ================================================


UNAUDITED GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 OCTOBER 2013

                                                                                   
                                              Six months      Year ended 30          Six months
                                                ended 31         April 2013            ended 31
                                            October 2013          (Audited)        October 2012
                                             (Unaudited)                            (Unaudited)
                                                    GBP                GBP                 GBP
                                                                                   
Net cash (used) / generated from             (1,971,427)          (367,662)            122,925
operating activities
                                                                                   
Cash flows from investing activities                                               
Interest received                                58,335            153,751                   -
                                              ------------------------------------------------                                     
Net cash used in investing activities        (1,913,092)           153,751                   -
                                                                                   
Cash flows from financing activities                                               
                                                                                 
Proceeds of issue of new share capital        1,367,228          1,598,156             655,208
Costs of raising new capital                          -                  -              (5,024)
Disposal of treasury shares                      20,000                  -                   -    
Net movement in borrowings                      (26,577)           856,047            (124,031)
                                              ------------------------------------------------                                      
Net cash generated (used) in finance          1,360,651          2,454,203             526,153
activities
                                                                                   
Net increase (decrease) in cash and cash       (552,441)         2,240,292             649,078
equivalents
                                              ------------------------------------------------                                                                                   
Cash and cash equivalents at beginning        2,263,363             23,071              23,071
of period
                                              ------------------------------------------------                                                                          
Cash and cash equivalents at end of           1,710,922          2,263,363             672,149
period
                                              ================================================



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 2013.  Those financial statements were prepared on  a  going  concern
basis.

The interim report for the six months to 31 October 2013 was approved by the Board on 22 January 2013.

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) 20 7201 8340


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






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