TIDMA2D2
RNS Number : 6868X
A2D Funding II PLC
21 December 2023
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 GBP150,000,000 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 Six months
ended ended
30 Sept 30 Sept 22
23
(unaudited) (unaudited)
GBP000 GBP000
------------------------------- ------------ ------------
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 31 March
2023 2023
(unaudited) (audited)
GBP000 GBP000
------------------------------- --- ---- -------------- ------------
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)
Statement
Share capital of comprehensive Total
income
GBP000 GBP000 GBP000
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 Year
ended ended
30 Sept 2023 31 Mar 2023
(unaudited) (audited)
GBP000 GBP000
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
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END
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