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Pin to quick picksA2d Fund.26 Regulatory News (A2D2)

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Annual Financial Report March 2017

1 Aug 2017 15:06

RNS Number : 7886M
A2D Funding II PLC
01 August 2017
 

A2D FUNDING II PLC

 

AUDITED RESULTS FOR THE PERIOD ENDING 31 March 2017

 

A2D Funding II plc (LSE: A2D2) announces its audited results for the year ended 31 March 2017

 

The following is an extract from the Company's financial statements which will be posted to shareholders on or around 4 August 2017.

 

Company summary

A2D Funding II plc ("the Company" or "Issuer") 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 30 September 2014 the Company issued £150,000,000 4.50% Guaranteed Bonds due 30 September 2026. The principal amount raised from issuing the retail bonds was on-lent to A2Dominon.

 

Principal risks and uncertainties

The principal risk and uncertainty for the Company is primarily credit risk and includes the correct and timely receipt of interest and principal on the loan due from A2Dominion. During the current and prior period, all such amounts were paid on their due dates.

 

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 31 March 2017.

 

Related party transactions

The Company has taken advantage of the exemption under section 33 of FRS102, not to disclose transactions with other group companies consolidated by A2Dominion Housing Group Limited.

 

On behalf of the Board

 

Law Debenture Corporate Services Limited (Company Secretary)

1 August 2017

 

 

STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 March 2017

 

 

 

Year ended 31 March 2017

Period 1 October 2015 to 31 March 2016

 

 

£000

£000

Interest receivable and similar income

6,817

3,427

Interest payable and similar charges

(6,815)

(3,426)

Gross profit

2

1

Other operating income

45

32

Administrative expenses

(45)

(32)

Profit on ordinary activities before taxation

2

1

Taxation

-

-

Profit for the period

2

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.

STATEMENT OF FINANCIAL POSITION

As at 31 March 2017

 

2017

2016

 

£000

£000

Financial assets

Loans and receivables

149,378

149,313

Current assets

Debtors: Amounts falling due within one year

32

41

Cash at bank

39

23

71

64

Financial liabilities: Amounts falling due within one year

(54)

(49)

Net current assets

17

15

Total assets less current liabilities

149,395

149,328

Financial liabilities: Amounts falling due after more than one year

(149,378)

(149,313)

Net assets

17

15

Capital and reserves

Called up share capital

13

13

Profit and loss account

4

2

Shareholders' funds

17

15

 

 

STATEMENT OF CHANGES IN EQUITY

For the year ended 31 March 2017

 

 

Share capital

Retained income

 

Total

£000

£000

£000

Total equity as at 1 September 2016

13

1

14

Profit for the period

-

1

1

Total equity as at 31 March 2016

13

2

15

Profit for the year

-

2

2

Total equity as at 31 March 2017

13

4

17

 

CASH FLOW STATEMENT

For the period ended 31 March 2017

 

 

Year ended 31 March

2017

Period

1 October 2015 to 31 March

2016

£000

£000

Operating activities

Profit on ordinary activities before taxation

2

1

Decrease/(increase) in debtors

9

(41)

Increase/(decrease) in creditors

5

33

Cash flow from operating activities

16

(7)

Cash flow from investing activities

-

-

Cash flow from financing activities-

-

-

Net increase/(decrease) in cash and cash equivalents

16

(7)

Cash and cash equivalent at beginning of period

23

30

Cash and cash equivalent at end of period

39

23

 

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

 

 

 

Mark Filer

Representing L.D.C. Corporate Director No. 3

1 August 2017

 

 

- 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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