TIDMA2D2
RNS Number : 0728H
A2D Funding II PLC
29 July 2019
A2D FUNDING II PLC
AUDITED RESULTS FOR THE YEARING 31 March 2019
A2D Funding II plc (LSE: A2D2) announces its audited results for
the year ended 31 March 2019.
The following is an extract from the Company's financial
statements which will be posted to shareholders on or around 29
July 2019.
Company summary
A2D Funding II plc ("the Company" or "Issuer") is a special
purpose company established for the purpose of issuing retail bonds
on the London Stock Exchange (including further retail bonds issued
in accordance with the Conditions) and lending the proceeds thereof
to A2Dominion Housing Group Limited or one or more of its
subsidiaries ("A2Dominion"). The Company has the benefit of a
financial guarantee from A2Dominion for the full and punctual
payment of interest and principal.
Business review
On the 30 September 2014 the Company issued GBP150,000,000
bonds. The proceeds of the issue were loaned to A2Dominion. Both
the bonds and the loan to A2Dominion bear interest at a fixed rate
of 4.50% payable semi-annually in March and September. The loan was
issued net of transaction costs of GBP784,573 which are amortised
through the statement of comprehensive income over the loan term as
deferred income. The loan and the bonds are due for repayment on 30
September 2026.
Principal risks and uncertainties
The principal risk and uncertainty for the Company is primarily
credit risk and includes the full and timely receipt of interest
and principal on the loan due from A2Dominion. During the current
and prior year, 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 2019.
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)
25 July 2019
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2019
Year ended Year ended
31 March 2019 31 March 2018
GBP000 GBP000
------------------------------- --------------- ---------------
Interest receivable and
similar income 6,822 6,826
Interest payable and similar
charges (6,820) (6,824)
-------------------------------- --------------- ---------------
Gross profit 2 2
Other operating income 59 50
Administrative expenses (59) (50)
-------------------------------- --------------- ---------------
Profit on ordinary activities
before taxation 2 2
Taxation - (1)
-------------------------------- --------------- ---------------
Profit for the year 2 1
-------------------------------- --------------- ---------------
There are no other comprehensive income items other than the
result for the period stated above. Accordingly, no statement of
other comprehensive income is given.
The above amounts relate exclusively to continuing
operations.
STATEMENT OF FINANCIAL POSITION
As at 31 March 2019
2019 2018
GBP000 GBP000
--------------------------------------- ---------- ----------
Financial assets
Loans and receivables 149,523 149,453
---------------------------------------- ---------- ----------
Current assets
Debtors: Amounts falling due
within one year 34 31
Cash at bank 42 41
76 72
Financial liabilities: Amounts
falling due within one year (56) (54)
---------------------------------------- ---------- ----------
Net current assets 20 18
---------------------------------------- ---------- ----------
Total assets less current liabilities 149,543 149,471
Financial liabilities: Amounts
falling due after more than
one year (149,523) (149,453)
---------------------------------------- ---------- ----------
Net assets 20 18
---------------------------------------- ---------- ----------
Capital and reserves
Called up share capital 13 13
Profit and loss account 7 5
---------------------------------------- ---------- ----------
Shareholders' funds 20 18
---------------------------------------- ---------- ----------
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2019
Share capital Retained income Total
GBP000 GBP000 GBP000
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
Profit for the year - 2 2
----------------------------- ---------------- ------------------ --------
Total equity as at 31 March
2019 13 7 20
----------------------------- ---------------- ------------------ --------
STATEMENT OF CASH FLOWS
For the period ended 31 March 2019
Year ended Year ended
31 March 31 March
2019 2018
GBP000 GBP000
Operating activities
Profit on ordinary activities
before taxation 2 1
Interest received 6,750 6,750
Interest paid (6,750) (6,750)
(Increase)/decrease in debtors (3) 1
Increase in creditors 2 -
------------------------------------------ ----------- -----------
Cash flow from operating
activities 1 2
-------------------------------------------- ----------- -----------
Cash flow from investing - -
activities
Cash flow from financing - -
activities
Net increase in cash and
cash equivalents 1 2
Cash and cash equivalent at beginning of
the year 41 39
-------------------------------------------- ----------- -----------
Cash and cash equivalent at end of the
year 42 41
-------------------------------------------- ----------- -----------
Directors' responsibility statement
Company law requires the directors to prepare financial
statements for each financial year. Under that law the directors
have elected to prepare the financial statements in accordance with
United Kingdom Generally Accepted Accounting Practice (United
Kingdom Accounting Standards and applicable law). Under company law
the directors must not approve the financial statements unless they
are satisfied that they give a true and fair view of the state of
affairs of the Company and of the profit or loss of the Company for
that period.
In preparing these financial statements, the directors are
required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- state whether applicable UK Accounting Standards have been
followed, subject to any material departures disclosed and
explained in the financial statements;
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
The directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that
the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
The directors confirm, to the best of their knowledge:
-- the financial statements have been prepared in accordance
with UK Generally Accepted Accounting Practice and give a true and
fair view of the assets, liabilities, financial position and profit
or loss of the Company;
-- the annual report includes a fair review of the development
and performance of the business and the financial position of the
Company, together with a description of the principal risks and
uncertainties that it faces.
- ENDS-
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
ACSCKCDDBBKDCOB
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July 29, 2019 08:22 ET (12:22 GMT)
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