Last checked at 30 Jul 2018 13:14
A2D FUNDING II PLC
AUDITED RESULTS FOR THE PERIOD ENDING 31 March 2018
A2D Funding II plc (LSE: A2D2) announces its audited results for the year ended 31 March 2018
The following is an extract from the Company's financial statements which will be posted to shareholders on or around 30 July 2018.
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 2018.
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)
30 July 2018
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2018
|
| Year ended 31 March 2018 | Year ended 31 March 2017 |
|
| £000 | £000 |
Interest receivable and similar income |
| 6,826 | 6,817 |
Interest payable and similar charges |
| (6,824) | (6,815) |
Gross profit |
| 2 | 2 |
Other operating income |
| 50 | 45 |
Administrative expenses |
| (50) | (45) |
Profit on ordinary activities before taxation |
| 2 | 2 |
Taxation |
| (1) | - |
Profit for the period |
| 1 | 2 |
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 2018
|
| 2018 | 2017
|
|
| £000 | £000 |
Financial assets |
|
|
|
Loans and receivables |
| 149,453 | 149,378 |
|
|
|
|
Current assets |
|
|
|
Debtors: Amounts falling due within one year |
| 31 | 32 |
Cash at bank |
| 41 | 39 |
|
| 72 | 71 |
Financial liabilities: Amounts falling due within one year |
| (54) | (54) |
Net current assets |
| 18 | 17 |
Total assets less current liabilities |
| 149,471 | 149,395 |
Financial liabilities: Amounts falling due after more than one year |
| (149,453) | (149,378) |
Net assets |
| 18 | 17 |
|
|
|
|
Capital and reserves |
|
|
|
Called up share capital |
| 13 | 13 |
Profit and loss account |
| 5 | 4 |
Shareholders' funds |
| 18 | 17 |
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2018
|
|
Share capital | Retained income |
Total |
|
| £000 | £000 | £000 |
Total equity as at 31 March2016 |
| 13 | 2 | 15 |
Profit for the period |
| - | 2 | 2 |
Total equity as at 31 March 2017 |
| 13 | 4 | 17 |
|
|
|
|
|
Profit for the year |
| - | 1 | 1 |
Total equity as at 31 March 2018 |
| 13 | 5 | 18 |
STATEMENT OF CASH FLOWS
For the period ended 31 March 2018
|
|
| Year ended 31 March 2018 | Year ended 31 March 2017 |
|
|
| £000 | £000 |
Operating activities |
|
|
|
|
Profit on ordinary activities before taxation |
|
| 1 | 2 |
Interest received |
|
| 6,750 | 6,750 |
Interest paid |
|
| (6,750) | (6,750) |
Decrease in debtors |
|
| 1 | 9 |
Increase in creditors |
|
| - | 5 |
Cash flow from operating activities |
|
| 2 | 16 |
|
|
|
|
|
Cash flow from investing activities |
|
| - | - |
|
|
|
|
|
Cash flow from financing activities- |
|
| - | - |
|
|
|
|
|
Net increase in cash and cash equivalents |
|
| 2 | 16 |
|
|
|
|
|
Cash and cash equivalent at beginning of the year | 39 | 23 | ||
Cash and cash equivalent at end of the year | 41 | 39 | ||
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
30 July 2018
- ENDS-
For further information contact:
Law Debenture Corporate Services Limited (Company Secretary) +44 20 7606 5453