TIDMA2D2
RNS Number : 8904H
A2D Funding II PLC
01 August 2023
A2D FUNDING II PLC
AUDITED RESULTS FOR THE YEARING 31 March 2023
A2D Funding II plc (LSE: A2D2) announces its audited results for
the year ended 31 March 2023.
The following is an extract from the Company's financial
statements which will be posted to shareholders on or around 31
July 2023.
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 of bonds.
Business review
On the 30 September 2014 the Company issued GBP150,000,000
bonds, listed on the London Stock Exchange. 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 rate risk. This includes the full and timely receipt of
interest and principal on the loan due from A2Dominion. During the
current and prior period, 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 to continue to operate. Shareholders'
funds at the year end were in a surplus of GBP27k (2022:
GBP25k).
Events after the balance sheet date
The Russia/Ukraine conflict has affected the global economic
markets and is exacerbating ongoing economic challenges, including
inflation and global supply chain disruption. Due to the financial
guarantees in place in the transaction, the Directors believe that
the Company's performance is not directly affected by the economic
implications of the conflict.
Related party transactions
The Company has taken advantage of the exemption under section
33 of FRS102, not to disclose transactions with other wholly owned
group companies consolidated by A2Dominion Housing Group
Limited.
Under the terms of a corporate services agreement entered into
by the Company at arm's length, Law Debenture Corporate Services
Limited is contracted to provide certain corporate services
including a registered office, corporate administration and
directors amongst other services for which it charges a corporate
service fee. The amount charged for these services during the year
was GBP27k (2022:GBP24k) and the amount prepaid at year end was
GBP12k (2022:GBP11k).
On behalf of the Board
Law Debenture Corporate Services Limited (Company Secretary)
31 July 2023
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2023
Year ended Year ended
31 March 2023 31 March 2022
Note GBP000 GBP000
------------------------------- ----- --------------- ---------------
Interest receivable and
similar income 6,823 6,820
Interest payable and similar
charges (6,821) (6,818)
-------------------------------- ----- --------------- ---------------
Gross profit 2 2
Other operating income 69 49
Administrative expenses (69) (49)
-------------------------------- ----- --------------- ---------------
Profit on ordinary activities
before taxation 3 2 2
Taxation 4 - -
------------------------------- ----- --------------- ---------------
Profit for the year 2 2
-------------------------------- ----- --------------- ---------------
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 2023
Note 2023 2022
GBP000 GBP000
------------------------------- ----- ---------- ----------
Non current assets
Loans and receivables 5 149,725 149,655
-------------------------------- ----- ---------- ----------
Current assets
Debtors: Amounts falling
due within one year 6 47 33
Cash at bank 63 51
110 84
Current liabilities : Amounts
falling due within one year 7 (83) (59)
-------------------------------- ----- ---------- ----------
Net current assets 27 25
-------------------------------- ----- ---------- ----------
Total assets less current
liabilities 149,752 149,680
Non current liabilities
: Amounts falling due after
more than one year 8 (149,725) (149,655)
-------------------------------- ----- ---------- ----------
Net assets 27 25
-------------------------------- ----- ---------- ----------
Capital and reserves
Called up share capital 10 13 13
Profit and loss account 14 12
-------------------------------- ----- ---------- ----------
Shareholders' funds 27 25
-------------------------------- ----- ---------- ----------
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2023
Called up Profit and Total
Share capital Loss account
GBP000 GBP000 GBP000
Total equity as at 31
March 2021 13 10 23
------------------------ ---------------- --------------- --------
Profit for the year - 2 2
Total equity as at 31
March 2022 13 12 25
------------------------ ---------------- --------------- --------
Profit for the year - 2 2
------------------------ ---------------- --------------- --------
Total equity as at
31 March 2023 13 14 27
------------------------ ---------------- --------------- --------
STATEMENT OF CASH FLOWS
For the period ended 31 March 2023
Year ended Year ended
31 March 31
2023 March
2022
GBP000 GBP000
Operating activities
Profit on ordinary activities
before taxation 2 2
Interest received 6,750 6,750
Interest paid (6,750) (6,750)
(Increase)/decrease in debtors (14) 3
Increase in creditors 24 1
------------------------------------------ ----------- -----------
Cash flow from operating
activities 12 6
------------------------------------------ ----------- -----------
Cash flow from investing - -
activities
Cash flow from financing - -
activities
Net increase in cash and
cash equivalents 12 6
Cash and cash equivalents at beginning
of the year 51 45
------------------------------------------ ----------- -----------
Cash and cash equivalents at end
of year 63 51
------------------------------------------ ----------- -----------
Directors' responsibility statement
The directors are responsible for preparing the strategic
report, the directors' report and the financial statements in
accordance with applicable law and regulations.
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 year.
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; and
-- 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; and
-- 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
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