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Annual Financial Report

8 Jan 2016 14:43

RNS Number : 3375L
A2D Funding PLC
08 January 2016
 



A2D FUNDING PLC

 

AUDITED RESULTS FOR THE YEAR ENDING 18 OCTOBER 2015

 

A2D Funding plc (LSE: A2D1) announces its audited results for the year ended 18 October 2015.

 

The following is an extract from the Company's financial statements which will be posted to shareholders on or around 31 January 2016.

 

Company summary

A2D Funding plc ("the Company") is a special purpose company established for the purpose of issuing Bonds (including further bonds issued in accordance with the Conditions) and lending the proceeds thereof to A2Domionion Housing Group Limited ("A2Dominion") or one or more of its subsidiaries.

 

Business review

On 18 October 2013 the Company issued £150,000,000 4.75% Guaranteed Bonds due 2022. The principal amount raised from issuing the Retail Bonds was on-lent to A2Dominon.

 

Principal risks and uncertainties

The principal risks and uncertainties for the Company are primarily credit and interest rate risks. These include the correct and timely receipt of interest and principal on the loan due from A2Dominion and, to that effect during the period under review, all amounts were paid completely and timely when they were due.

 

The directors have considered the nature and structure of the Company and are satisfied that there is sufficient capital in relation to the business activities of the Company and levels of planned financial performance.

 

Events after the balance sheet date

There have been no reportable events since 18 October 2015.

 

Related party transactions

A2Dominion is a related party and significantly all transactions are with them, these have been disclosed in the year end finalised statements.

 

On behalf of the Board

 

Law Debenture Corporate Services Limited (Company Secretary)

7 January 2016

 

 

INCOME STATEMENT

For the year ended 18 October 2015

 

 

 

 

 

 

18 October 2015

Period

7 August 13 to

18 October 14

 

 

 

£000

£000

Interest receivable and similar income

7,215

7,215

Interest payable and similar charges

(7,213)

(7,213)

Gross profit

2

2

Other operating income

49

44

Administrative expenses

(50)

(45)

Profit on ordinary activities before taxation

1

1

Taxation

-

-

Profit for the period

1

1

 

 

There are no recognised gains or losses other than the result for the period stated above. Accordingly, no statement of total recognised gains and losses is given.

BALANCE SHEET

As at 18 October 2015

 

 

 

 

18 October 2015

18 October 2014

 

 

 

£000

£000

Financial assets

Loans and receivables

149,383

149,295

Current assets

Cash at bank

33

26

33

26

Financial liabilities: Amounts falling due within one year

(18)

(12)

Net current assets

15

14

Total assets less current liabilities

149,398

149,309

Financial liabilities: Amounts falling due after more than one year

(149,383)

(149,295)

Net assets

15

14

Capital and reserves

Called up share capital

13

13

Profit and loss account

2

1

Shareholders' funds

15

14

 

 

 

STATEMENT OF CHANGES IN EQUITY

For the year ended 18 October 2015

 

 

 

 

Share capital

Profit and loss account

 

Total

 

 

£000

£000

£000

Total equity as at 18 October 2014

13

1

14

Net profit for the period

-

1

1

Total equity as at 18 October 2015

13

2

15

 

CASH FLOW STATEMENT

For the year ended 18 October 2015

 

 

 

18 October 15

Period

7 August 13 to

18 October 14

£000

£000

Operating activities

Profit on ordinary activities before taxation

1

1

Increase in creditors

6

12

Cash flow from operating activities

7

13

Investing activities

Loan granted

-

(149,312)

Cash flow from investing activities

-

(149,312)

Financing activities

Proceeds on issued share capital

-

13

Proceeds from retail bond issuance

-

150,000

Issue costs

-

(688)

Cash flow from financing activities

-

149,325

Net increase in cash and cash equivalents

7

26

Cash and cash equivalent at beginning of year

26

-

Cash and cash equivalent at end of year

33

26

 

Directors' responsibility statement

 

We confirm that to the best of our knowledge:

 

(a) the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the issuer and the undertakings included in the consolidation taken as a whole; and

 

(b) the management report includes a fair review of the development and performance of the business and the position of the issuer and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

 

 

On behalf of the board

 

 

 

Ian Bowden

Director

7 January 2016

 

 

- ENDS-

 

For further information contact:

Law Debenture Corporate Services Limited (Company Secretary) +44 20 7606 5453

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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