5th Aug 2016 16:18
A2D FUNDING II PLC
AUDITED RESULTS FOR THE PERIOD ENDING 31 March 2016
A2D Funding II plc (LSE: A2D2) announces its audited results for the period ended 31 March 2016
The following is an extract from the Company's financial statements which will be posted to shareholders on or around 08 August 2016.
Company summary
A2D Funding II plc ("the Company") 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.
The directors elected to shorten the Accounting Reference Date ("ARD") in line with the ARD of the A2Dominion Housing Group Limited, the Company's controlling party
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 Retail Bonds was on-lent to A2Dominon.
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 31 March 2016.
Related party transactions
A2Dominion is a related party and significantly all transactions are with them, these have been disclosed in the year end finalised statements.
On behalf of the Board
Law Debenture Corporate Services Limited (Company Secretary)
05 August 2016
INCOME STATEMENT
For the period ended 31 March 2016
|
| Period 1 October 2015 to 31 March 2016 | Period 17 July 2015 to 30 September 2015 |
|
| £000 | £000 |
Interest receivable and similar income | 3,427 | 6,811 | |
Interest payable and similar charges | (3,426) | (6,809) | |
Gross profit | 1 | 2 | |
Other operating income | 32 | 44 | |
Administrative expenses | (32) | (45) | |
Profit on ordinary activities before taxation | 1 | 1 | |
Taxation | - | - | |
Profit for the period | 1 | 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.
BALANCE SHEET
As at 31 March 2016
31 March 2016 | 30 September 2015 | ||
£000 | £000 | ||
Financial assets | |||
Loans and receivables | 149,313 | 149,281 | |
Current assets | |||
Debtors: Amounts falling due within one year | 41 | - | |
Cash at bank | 23 | 30 | |
64 | 30 | ||
Financial liabilities: Amounts falling due within one year | (49) | (16) | |
Net current assets | 15 | 14 | |
Total assets less current liabilities | 149,328 | 149,295 | |
Financial liabilities: Amounts falling due after more than one year | (149,313) | (149,281) | |
Net assets | 15 | 14 | |
Capital and reserves | |||
Called up share capital | 13 | 13 | |
Profit and loss account | 2 | 1 | |
Shareholders' funds | 15 | 14 |
STATEMENT OF CHANGES IN EQUITY
For the period ended 31 March 2016
|
|
Share capital | Profit and loss account |
Total |
| £000 | £000 | £000 | |
Total equity as at 30 September 2015 | 13 | 1 | 14 | |
Net profit for the period | - | 1 | 1 | |
Total equity as at 31 March 2016 | 13 | 2 | 15 |
CASH FLOW STATEMENT
For the period ended 31 March 2016
Period 1 October 2015 to 31 March 2016 | Period 17 July 2014 to 30 September 2015 | |||
£000 | £000 | |||
Operating activities | ||||
Profit on ordinary activities before taxation | 1 | 1 | ||
Increase in debtors | (41) | - | ||
Increase in creditors | 33 | 16 | ||
Cash flow from operating activities | (7) | 17 | ||
Investing activities | ||||
Loan granted | - | (149,296) | ||
Cash flow from investing activities | - | (149,296) | ||
Financing activities | ||||
Proceeds on issued share capital | - | 13 | ||
Proceeds from retail bond issuance | - | 150,000 | ||
Commission costs | - | (704) | ||
Cash flow from financing activities | - | 149,309 | ||
Net (decrease) / increase in cash and cash equivalents | (7) | 30 | ||
Cash and cash equivalent at beginning of period | 30 | - | ||
Cash and cash equivalent at end of period | 23 | 30 | ||
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
Sharon Martin
Representing L.D.C. Corporate Director No. 3
05 August 2016
- ENDS-
For further information contact:
Law Debenture Corporate Services Limited (Company Secretary) +44 20 7606 5453
Related Shares:
A2d Fund.26