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Half-year Report

25th Nov 2016 15:56

RNS Number : 2213Q
A2D Funding II PLC
25 November 2016
 

A2D FUNDING II PLC

HALF YEARLY REPORT FOR THE SIX MONTHS TO 30 SEPTEMBER 2016 (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 Bonds (including further bonds that may be issued in accordance with the 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 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 30 September 2016

 

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

 

 

 

Law Debenture Corporate Services Limited (Company Secretary)

25 November 2016

 

  

 

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 or reviewed pursuant to guidance issued by the Auditing Practices Board.

PROFIT AND LOSS ACCOUNT

For the six months ended 30 September 2016 (unaudited)

 

 

 

 

Six months ending 30 September 2016

(unaudited)

Six months ending

1 October 2015 to 31 March 2016

(audited)

 

 

 

£000

£000

Interest receivable and similar income

3,409

3,427

Interest payable and similar charges

(3,408)

(3,426)

Gross profit

1

1

Other operating income

24

32

Administrative expenses

(24)

(32)

Profit on ordinary activities before taxation

1

1

Taxation

-

-

Profit for the period

1

1

 

 

There are no recognised gains or losses for the current financial period other than as stated in the profit and loss account. Accordingly, no separate statement of total recognised gains and losses has been prepared.

BALANCE SHEET

As at 30 September 2016 (unaudited)

 

 

 

 

30 September 2016

(unaudited)

31

March

 2016

(audited)

 

 

 

£000

£000

Financial assets

Loans and receivables

149,346

149,313

Current assets

Debtors: Amounts falling due within one year

19

41

Cash at bank

32

23

51

64

Financial liabilities: Amounts falling due within one year

(35)

(49)

Net current assets

16

15

Total assets less current liabilities

149,362

149,328

Financial liabilities: Amounts falling due after more than one year

(149,346)

(149,313)

Net assets

16

15

Capital and reserves

Called up share capital

13

13

Profit and loss account

3

2

Shareholders' funds

16

15

 

 

 

STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 September 2016 (unaudited)

 

 

 

 

Share capital

Profit and loss account

 

Total

 

 

£000

£000

£000

Total equity as at 31 March 2016

13

2

15

Net profit for the period

-

1

1

Total equity as at 30 September 2016

13

3

16

 

CASH FLOW STATEMENT

For the six months ended 30 September 2016 (unaudited)

 

Six months ending 30 September 2016

(unaudited)

Period

1 October 2015 to 31 March 2016

(audited)

£000

£000

Operating activities

Profit on ordinary activities before taxation

1

1

Increase/Decrease in debtors

22

(41)

Increase/Decrease in creditors

(14)

33

Cash flow from operating activities

9

(7)

Investing activities

Loan granted

-

-

Cash flow from investing activities

-

-

Financing activities

Proceeds on issued share capital

-

-

Proceeds from retail bond issuance

-

-

Issue costs

-

-

Cash flow from financing activities

-

-

Net increase in cash and cash equivalents

9

(7)

Cash and cash equivalent at beginning of period

23

30

Cash and cash equivalent at end of period

32

23

 

NOTES TO HALF YEARLY REPORT

For the six months ended 30 September 2016 (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. The financial statements are prepared under the historical cost convention, except for the revaluation of certain financial instruments.

 

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 has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU;

 

• 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

 

 

 

Ian Bowden

Director

25 November 2016

 

 

 

 

 

 

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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