Last checked at 21 Dec 2023 17:28
A2D FUNDING II PLC
HALF YEARLY REPORT FOR THE SIX MONTHS TO 30 SEPTEMBER 2023 (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 2023.
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
21 December 2023
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 2023 (unaudited)
Six months ended | Six months ended | ||
30 Sept 23 | 30 Sept 22 | ||
(unaudited) | (unaudited) | ||
£000 | £000 | ||
Interest receivable and similar income | 3,413 | 3,411 | |
Interest payable and similar charges | (3,412) | (3,410) | |
Gross profit | 1 | 1 | |
Other operating income | 34 | 37 | |
Administrative expenses | (34) | (37) | |
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 2023 (unaudited)
| 30 September 2023 (unaudited) | 31 March 2023 (audited) | ||
| £000 | £000 | ||
Financial assets |
| |||
Loans and receivables | 149,762 | 149,725 | ||
| ||||
Current assets |
| |||
Debtors: Amounts falling due within one year | 48 | 47 | ||
Cash at bank | 59 | 63 | ||
107 | 110 | |||
Financial liabilities: Amounts falling due within one year | (79) | (83) | ||
Net current assets | 28 | 27 | ||
Total assets less current liabilities | 149,790 | 149,752 | ||
Financial liabilities: Amounts falling due after more than one year | (149,762) | (149,725) | ||
Net assets |
|
| 28 | 27 |
| ||||
Capital and reserves |
| |||
Called up share capital | 13 | 13 | ||
Profit and loss account | 15 | 14 | ||
Shareholders' funds | 28 | 27 |
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2023 (unaudited)
Share capital | Statement of comprehensive income |
Total | ||
£000 | £000 | £000 | ||
Total equity as at 31 March 2023 | 13 | 14 | 27 | |
Total comprehensive income for the period | - | 1 | 1 | |
Total equity as at 30 September 2023 | 13 | 15 | 28 |
A2D FUNDING II PLC
STATEMENT OF CASH FLOWS
For the six months ended 30 September 2023 (unaudited)
Six months ended | Year ended | ||
30 Sept 2023 | 31 Mar 2023 | ||
(unaudited) | (audited) | ||
£000 | £000 | ||
Operating activities | |||
Profit on ordinary activities before taxation | 1 | 2 | |
Interest received | 3,375 | 6,750 | |
Interest paid | (3,375) | (6,750) | |
Increase in debtors | (1) | (14) | |
(Decrease)/increase in creditors | (4) | 24 | |
Cash flow from operating activities | (4) | 12 | |
|
| ||
Cash flow from investing activities | - | - | |
|
| ||
Cash flow from financing activities | - | - | |
|
| ||
Net (decrease)/increase in cash and cash equivalents | (4) | 12 | |
|
| ||
Cash and cash equivalent at beginning of period/year | 63 | 51 | |
Cash and cash equivalent at end of period/year | 59 | 63 | |
|
A2D FUNDING II PLC
NOTES TO HALF YEARLY REPORT
For the six months ended 30 September 2023
(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
21 December 2023
For further information contact:
Law Debenture Corporate Services Limited (Company Secretary) corpservices@lawdeb.com