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Half Yearly Report

22 May 2015 15:47

RNS Number : 1087O
A2D Funding PLC
22 May 2015
 



A2D FUNDING PLC

HALF YEARLY REPORT FOR THE SIX MONTHS TO 18 APRIL 2015 (unaudited)

 

The report including the unaudited results for the period is as follows:

 

Company summary

A2D Funding plc ("the Company") is a special purpose company established for the purpose of issuing Bonds (including further bonds that may be issued in accordance with the Conditions) and lending the proceeds thereof to A2Dominion 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 Bonds was on-lent to A2Dominion.

 

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 April 2015.

 

Related party transactions

There were no related party transactions that materially affected the financial position or performance of the Company during the period.

 

On behalf of the Board

 

 

 

Law Debenture Corporate Services Limited (Company Secretary)

22 May 2015

 

 

 

 

 

 

 

 

The financial information presented herein does not amount to full statutory accounts within the meaning of Section 435 of the Companies Act 2006. It has not been audited or reviewed pursuant to guidance issued by the Auditing Practices Board.

PROFIT AND LOSS ACCOUNT

For the period ended 18 April 2015 (unaudited)

 

 

 

6 months ended 18 April 2015

7th August 2013 to 18 October 2014

Period

7 August 2013 to 18 April 2014

 

 

£000

£000

£000

 

 

(unaudited)

(audited)

(unaudited)

Interest receivable and similar income

3,621

7,215

3,607

Interest payable and similar charges

(3,620)

(7,213)

(3,606)

Gross profit

1

2

1

Other operating income

13

44

22

Administrative expenses

(13)

(45)

(22)

Profit on ordinary activities before taxation

1

1

1

Taxation

-

-

-

Profit for the period

1

1

1

 

 

There are no recognised gains or losses for the current financial period other than as stated in the profit and loss account. Accordingly, no separate statement of total recognised gains and losses has been prepared.

BALANCE SHEET

As at 18 April 2015 (unaudited)

 

 

 

18 April 2015

18 October 2014

18 April 2014

 

 

£000

£000

£000

 

 

(unaudited)

(audited)

(unaudited)

Financial assets

Loans and receivables

149,339

149,295

149,250

Current assets

Other debtors

14

-

16

Cash at bank

24

26

19

38

26

35

Financial liabilities: Amounts falling due within one year

(23)

(12)

(21)

Net current assets

15

14

14

Total assets less current liabilities

149,354

149,309

149,265

Financial liabilities: Amounts falling due after more than one year

(149,339)

(149,295)

(149,250)

Net assets

15

14

14

Capital and reserves

Called up share capital

13

13

13

Profit and loss account

2

1

1

Shareholders' funds

15

14

14

 

 

 

STATEMENT OF CHANGES IN EQUITY

For the period ended 18 April 2015 (unaudited)

 

 

 

 

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 April 2015

13

2

15

 

CASH FLOW STATEMENT

For the period ended 18 April 2015 (unaudited)

 

6 months ended 18 April 2015

7 August 2013 to 18 October 2014

Period

7 August 2013 to 18 April 2014

£000

£000

£000

(unaudited)

(audited)

(unaudited)

Operating activities

Profit on ordinary activities before taxation

1

1

1

Increase in debtors

14

-

(16)

(Decrease)/Increase in creditors

(17)

12

(21)

Cash flow from operating activities

(2)

13

6

Investing activities

Loan granted

-

(149,312)

(149,312)

Cash flow from investing activities

-

(149,312)

(149,312)

Financing activities

Proceeds on issued share capital

-

13

13

Proceeds from bond issuance

-

150,000

150,000

Issuers Costs

-

(688)

(688)

Cash flow from financing activities

-

149,325

149,325

Net increase in cash and cash equivalents

(2)

26

19

Cash and cash equivalent at beginning of period

26

-

-

Cash and cash equivalent at end of period

24

26

19

 

NOTES TO HALF YEARLY REPORT

For the period 19 OCTOBER 2014 TO 18 APRIL 2015 (Unaudited)

 

1. Summary of significant accounting policies

 

Basis of preparation

The financial statements have been prepared in accordance with applicable United Kingdom law and accounting standards. The financial statements are prepared under the historical cost convention, except for the revaluation of certain financial instruments.

 

Going concern

The directors consider that the company has adequate resources, an appropriate financial structure and suitable arrangements in place for it to continue in operational existence for the foreseeable future and therefore believe it appropriate for the financial statements to be prepared on the going concern basis.

 

Income recognition

The company's principal source of income is interest receivable. The directors consider it would be misleading to classify this source as turnover. All income derives from the company's principal activity, wholly within the UK.

 

Interest receivable and payable is accounted for on an accruals basis.

 

Directors' responsibility statement

 

We confirm that to the best of our knowledge:

 

• the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU;

 

• the half yearly report includes a fair review of the information required by:

 

(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

 

(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period.

 

On behalf of the board

 

 

 

Ian Bowden

Director

22 May 2015

 

 

 

 

 

 

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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