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

Share Price Information for A2d Fund.26 (A2D2)

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Half-year Report

19 Oct 2018 16:03

RNS Number : 6651E
A2D Funding II PLC
19 October 2018
 

A2D FUNDING II PLC

HALF YEARLY REPORT FOR THE SIX MONTHS TO 30 SEPTEMBER 2018 (unaudited)

 

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

 

Company summary

A2D Funding II plc ("the Company") is a special purpose company established for the purpose of issuing retail bonds (the "Bonds"), including issuing further bonds in accordance with the Bond issuance conditions, and lending the proceeds thereof to A2Dominion 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 2026. 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. During the period under review, all amounts were paid in full.

 

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 30 September 2018.

 

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

 

 

 

 

Mark Filer

Director

18 October 2018

 

 

 

 

 

 

 

 

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 nor reviewed pursuant to guidance issued by the Auditing Practices Board.

 

A2D FUNDING II PLC

STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 September 2018 (unaudited)

 

 

 

Six months

ended

Six months

ended

 

 

30 Sept 18

30 Sept 17

 

 

(unaudited)

(unaudited)

 

 

£000

£000

Interest receivable and similar income

 

3,414

3,413

Interest payable and similar charges

 

(3,413)

3,412

Gross profit

 

1

1

Other operating income

 

32

25

Administrative expenses

 

(32)

(25)

Profit on ordinary activities before taxation

 

1

1

Taxation

 

-

-

Profit for the period

 

1

1

Other comprehensive income

 

-

-

Total comprehensive income

 

1

1

 

 

There are no recognised gains or losses for the current financial period other than as stated in the Statement of comprehensive income. Accordingly, no separate statement of total comprehensive income has been prepared.

 

 

A2D FUNDING II PLC

BALANCE SHEET

As at 30 September 2018 (unaudited)

 

 

 

 

30 September 2018

(unaudited)

31 March 2018

(audited)

 

 

 

£000

£000

Financial assets

 

 

 

 

Loans and receivables

 

 

149,492

149,453

 

 

 

 

 

Current assets

 

 

 

 

Debtors: Amounts falling due within one year

 

 

27

31

Cash at bank

 

 

29

41

 

 

 

56

72

Financial liabilities: Amounts falling due within one year

 

 

(37)

(54)

Net current assets

 

 

19

18

Total assets less current liabilities

 

 

149,510

149,471

Financial liabilities: Amounts falling due after more than one year

 

 

(149,492)

(149,453)

Net assets

 

 

19

18

 

 

 

 

 

Capital and reserves

 

 

 

 

Called up share capital

 

 

13

13

Profit and loss account

 

 

6

5

Shareholders' funds

 

 

19

18

 

 

 

STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 September 2018 (unaudited)

 

 

 

 

Share capital

Statement of comprehensive income

 

Total

 

 

£000

£000

£000

Total equity as at 31 March 2018

 

13

5

18

Total comprehensive income for the period

 

-

1

1

Total equity as at 30 September 2018

 

13

6

19

 

 

A2D FUNDING II PLC

STATEMENT OF CASH FLOWS

For the six months ended 30 September 2018 (unaudited)

 

 

 

Six months

ended

Six months

ended

 

 

30 Sept 18

30 Sept 17

 

 

(unaudited)

(unaudited)

 

 

£000

£000

Operating activities

 

 

 

Profit on ordinary activities before taxation

 

1

1

Interest received

 

3,375

3,375

Interest paid

 

(3,375)

(3,375)

Amortisation of deferred income

 

(39)

(38)

Amortisation of issue costs

 

39

38

Decrease in debtors

 

4

32

(Decrease) in creditors

 

(17)

(40)

Cash flow from operating activities

 

(12)

7

 

 

 

 

Cash flow from investing activities

 

-

-

 

 

 

 

Cash flow from financing activities

 

-

-

 

 

 

 

Net decrease in cash and cash equivalents

 

(12)

(7)

 

 

 

 

Cash and cash equivalent at beginning of period

 

41

39

Cash and cash equivalent at end of period

 

29

32

 

 

 

 

 

 

 

 

A2D FUNDING II PLC

NOTES TO HALF YEARLY REPORT

For the six months ended 30 September 2018

(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.

 

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, which has been prepared in accordance with FRS104 "Interim Financial Reporting", gives a true and fair view of the assets, liabilities, financial position and profit of the Company.

 

· 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

 

 

 

Mark Filer

Director

18 October 2018

 

 

 

 

 

 

For further information contact:

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
IR LLFIEIILALIT
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