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