TIDMINLZ
RNS Number : 5040B
Inland ZDP PLC
31 January 2020
INLAND ZDP PLC
AUDITED RESULTS FOR THE FIFTEEN MONTH PERIODED 30 SEPTEMBER
2019
The board of Inland ZDP PLC (the "Company") announces the
results for the 15-month period ended 30 September 2019 and the
publication of its annual report.
Inland ZDP plc was incorporated on 22 November 2012 and has a
capital structure comprising unlisted ordinary shares and zero
dividend preference shares ('ZDP shares') listed on the Official
List and traded on the London Stock Exchange. The Company's
ordinary share capital is wholly owned by Inland Homes 2013 Limited
which is a wholly owned subsidiary of Inland Homes plc ('Inland'),
which has a principal activity of acquiring residential and
mixed-use sites and seeking planning consent for development.
Inland develops a number of the plots for private sale and sells
consented plots to housebuilders.
Following the publication of a prospectus on 14 December 2012
and issue of 8,500,000 ZDP shares at 100p per share there has been
a series of further placings of new ZDP Shares in successive years
resulting in there being 16,430,790 ZDP shares in issue as at 30
September 2019. 3,986,590 new ZDP shares were issued during the
15-month period ended 30 September 2019. The proceeds of the ZDP
share issues were lent to Inland Homes 2013 Limited for use in
future investment opportunities.
Pursuant to a loan agreement between the Company and Inland
Homes 2013 Limited, the Company has lent Inland Homes 2013 Limited
the gross proceeds of its placings and all issue costs were borne
by Inland Homes 2013 Limited. This loan is on terms requiring its
repayment by Inland Homes 2013 Limited to the Company on the ZDP
shares repayment date when the Company must be wound up. The ZDP
repayment date was initially 10 April 2019, but this was extended
by 5 years to 10 April 2024 by the passing of resolutions at
general and class meetings on 13 August 2018.
Key performance indicators
The key performance indicators used by the board to measure the
Company's success are the cover ratio (which is described in detail
in the Chairman's statement), the accrued capital entitlement and
the price of the ZDP shares.
30 30
September June
2019 2018
Asset value per ZDP share 159.42p 148.23p
Accrued capital entitlement per ZDP 159.12p 147.59p
Share 161.50p 151.70p
ZDP share price (30 September / 30
June )
-------------------------------------- ----------- ---------
The asset value and the accrued capital entitlement will
continue to increase as the repayment date approaches. The book
value of ZDP Shares in the financial statements is derived from the
various issue prices using the effective interest method, whereas
the accrued capital entitlement is based on the initial issue price
(100p) and its accrual over time to the redemption price and is not
affected by the prices of subsequent issues. As at the repayment
date, the book value and accrued capital entitlement will be equal
to one another.
It is anticipated that the ZDP share price will be higher than
the accrued entitlement as it will reflect the fixed nature of the
return. Provided interest rates remain low, there will be a premium
on the ZDP shares for as long as the return is higher than is
generally available elsewhere. It is unlikely that the share price
will exceed the ultimate repayment price, which was increased after
the financial year end from 155.9p per share on 10 April 2019 to
201.4p on 10 April 2024.
Objective
The objective of the company is to make loans to Inland on terms
which provide the final capital entitlement due to the holders of
the ZDP shares at the repayment date of 10 April 2024.
Principal risks and uncertainty and risk management
The Board believes that the principal risk faced by the Company
is the credit risk associated with the loan made to its ultimate
parent company, Inland Homes plc. The specific risks faced by
Inland Homes plc are included within its financial statements and
comprise: the inability to source, acquire, promote and dispose of
land; the increased complexity in the planning process and the
adoption of the Community Infrastructure Levy; a severe fall in the
housing market in the regions in which the group operates;
inability to retain or source high calibre and experienced staff;
significant upward changes in interest rates; unexpected
contamination being found on a site; changes in legislation; cost
overruns, material shortages and construction delays; and the
availability of finance for land acquisition. The Directors of the
Company are also directors of the ultimate parent company and are
therefore in a position to assess the recoverability of amounts due
by Inland Homes plc.
The Company is also exposed to risks in relation to its
financial instruments. Further details of these risks and the way
in which they are managed are contained in note 9 of the financial
statements.
CHAIRMAN'S STATEMENT
The original loan and contribution agreements between the
Company and Inland Homes 2013 Limited contain certain protections
for the Company which are intended to benefit its ZDP shareholders.
These include first charges over pledged assets and pledged cash in
a charged bank account. The pledged assets (such as property and
interests property development joint ventures) must have a book
value of at least 120% of the accrued value of the ZDP shares net
of the pledged cash. As at 30 September 2019, the accrued amount
due to ZDP shareholders was GBP26,144,183 (30 June 2018:
GBP18,365,950), the pledged cash was GBPnil (30 June 2018: GBPnil)
and the pledged assets had a book value of GBP38,772,990 (30 June
2018: GBP22,880,249), thereby satisfying this requirement.
The loan agreement also contains a covenant relating to asset
cover, which is shown below as at 30 September 2019. The
definitions of Assets and Financial Indebtedness are set out in the
prospectus published in connection with the issue of the ZDP shares
which is available at www.inlandhomesplc.com/inland-zdp-plc. The
definition of Financial Indebtedness excludes indebtedness which
falls due more than 6 months after the final ZDP Repayment Date of
10 April 2024.
Asset cover:
Assets / Financial Indebtedness plus ZDP Final Redemption
Liability = 2 times cover (30 June 2018: 17 times cover).
The asset cover should be at least 1.8 times, so this covenant,
which is tested quarterly, was satisfied at 30 September 2019.
The board believes that the use of book values is generally
conservative, because a substantial proportion of the group's
assets are properties for which planning consents are sought. The
planning process takes time and any progress towards reaching the
stage when building can commence is not reflected in an increase in
the book values beyond the costs attributable to the relevant
sites, whereas any diminution in value is reflected by way of
impairment provisions, such that planning gains are not generally
recognised in Inland's financial statements until sales are
contracted. If the covenant ratios were to be calculated by
reference to the market values of the assets, the cover would be
higher and the gearing lower.
Following consultations with certain ZDP Shareholders, the Board
convened general and class meetings held on 13 August 2018 at which
resolutions were passed approving (i) the continuation of the life
of the ZDP Shares for an additional five years to 10 April 2024,
(ii) an increase in the Final Capital Entitlement to 201.4 pence
per ZDP Share, (iii) various amendments to the Loan Notes and
Contribution Agreement between Inland Homes and ZDPCo, (iv) the
adoption of new Articles of Association and (v) the ratification of
a previous issue of ZDP Shares. The foregoing proposals were
accompanied by a Tender Offer by Panmure Gordon (UK) Limited (as
principal) to holders of ZDP Shares on the register of members at
close of business on 18 July 2018 enabling those who preferred not
to hold a longer dated ZDP Share to sell their ZDP Shares for 150.8
pence. Panmure Gordon (UK) Limited procured placing commitments
from investors willing to buy ZDP Shares at 150.8 pence. These were
applied to pay for tendered ZDP Shares and to subscribe for
1,000,000 new ZDP Shares which were admitted to Listing and to
trading on the main Market of the London Stock Exchange on 16
August 2018.
The passing of the resolutions at general and class meetings on
13 August 2018 resulted in amendments being made to the loan
agreements between the Company and Inland Homes 2013 Limited and to
other related documents. The changes included the removal of the
gearing covenant. If these resolutions had been passed and other
changes made prior to 30 June 2018, the Asset Cover as at that date
would have been 4.2 times. As this is higher than 1.8 times, the
asset cover test would have been satisfied.
The accrued value of a ZDP Share as at 13 August 2018, being the
date when the resolutions were passed to change the Final
Redemption Date to 10 April 2024, was 148.84 pence. This will
accrue to 201.4 pence on 10 April 2024, which is an effective
compound rate of 5.49 per cent. per annum.
The Board is pleased to note that the resolutions to approve the
extension of the life of the ZDP Shares and related matters were
approved by 99 per cent. of votes cast at the ZDP Class Meeting and
the general meeting. The loans from the Company to Inland Homes
2013 Limited form an important component of the Inland Group's
financing arrangements as its business evolves and grows. The
Inland Group thanks ZDP Shareholders for their ongoing support
Enquiries:
Inland ZDP PLC
Nishith Malde FCA Tel: 01494 762450
STATEMENT OF COMPREHENSIVE INCOME
Fifteen month Year
period ended ended
30 Sept 2019 30 June
2018
Continuing operations Note GBP000 GBP000
-------------------------------------------- ----- -------------- ---------
Revenue
Interest income 2 1,523 1,156
-------------------------------------------- ----- -------------- ---------
Total income 1,523 1,156
Expenditure
Expenses 3 - -
-------------------------------------------- ----- -------------- ---------
Total expenditure - -
Profit before finance costs and
taxation 1,523 1,156
Finance costs 4 (1,523) (1,156)
Profit before tax - -
Income tax 5 - -
-------------------------------------------- ----- -------------- ---------
Profit for the period / year and - -
total comprehensive income
-------------------------------------------- ----- -------------- ---------
Earnings per share for profit attributable
to the equity holders of the company
during the period / year 6 0.0p 0.0p
-------------------------------------------- ----- -------------- ---------
STATEMENT OF FINANCIAL POSITION
30 Sept 30 June
2019 2018
Note GBP000 GBP000
--------------------------------- ----- ---------- ----------
Non-current assets
Intercompany receivable 9,11 - -
--------------------------------- ----- ---------- ----------
- -
Current assets
Intercompany receivable 9,11 26,194 18,497
26,194 18,497
Current liabilities
Zero Dividend Preference Shares 7 - (18,447)
--------------------------------- ----- ---------- ----------
- (18,447)
Non-current liabilities
Zero Dividend Preference Shares 7 (26,144) -
--------------------------------- ----- ---------- ----------
(26,144) -
--------------------------------- ----- ---------- ----------
Net assets 50 50
--------------------------------- ----- ---------- ----------
Equity
Ordinary share capital 8 50 50
--------------------------------- ----- ---------- ----------
Shareholders' funds 50 50
--------------------------------- ----- ---------- ----------
STATEMENT OF CHANGES IN EQUITY
Share
capital Total
GBP000 GBP000
----------------------------------------------- -------- -------
At 1 July 2017 50 50
Result and total comprehensive income for the
year - -
At 30 June 2018 50 50
----------------------------------------------- -------- -------
Result and total comprehensive income for the - -
period
----------------------------------------------- -------- -------
At 30 September 2019 50 50
----------------------------------------------- -------- -------
STATEMENT OF CASHFLOWS
Period ended Year ended
30 September 30 June
2019 2018
GBP000 GBP000
-------------------------------------------- ------------- -----------
Cash flow from operating activities
Profit for the period before tax - -
Adjustments for:
- interest expense 1,523 1,156
- interest and similar income (1,523) (1,156)
Net cash flow from operating activities - -
-------------------------------------------- ------------- -----------
Net increase in cash and cash equivalents - -
Net cash and cash equivalents at beginning - -
of period
-------------------------------------------- ------------- -----------
Net cash and cash equivalents at the - -
end of period
-------------------------------------------- ------------- -----------
The accompanying accounting policies and notes form part of
these financial statements.
NOTES TO THE FINANCIAL STATEMENTS
1 Accounting policies
The principal accounting policies adopted in the preparation of
the financial statements are set out below.
1.1 Basis of preparation
The financial information contained in this announcement has
been prepared on the basis of the accounting policies set out in
the statutory accounts for the period ended 30 September 2019.
Whilst the financial information included in this announcement has
been computed in accordance with International Financial Reporting
Standards (IFRS), as adopted by the European Union, this
announcement does not itself contain sufficient information to
comply with IFRS. The financial information does not constitute the
Company's statutory accounts for the period ended 30 September 2019
or year ended 30 June 2018, but is derived from those accounts.
Those accounts give a true and fair view of the assets,
liabilities, financial position and profit and loss of the Company
and the undertakings included in the consolidation taken as a
whole. Statutory accounts for the year ended 30 June 2018 have been
delivered to the Registrar of Companies and those for the period
ending 30 September 2019 will be delivered following the Company's
Annual General Meeting. The auditor's reports on both the 2019 and
2018 accounts were unqualified; did not draw attention to any
matters by way of emphasis; and did not contain statements under
s498(2) or (3) of the Companies Act 2006.
Going concern
Given the dependency on the Group, details regarding going
concern assumptions for the Group are given below.
The Board has reviewed the Group's projected business
activities, corresponding cash flow forecasts to 30 September 2021,
available borrowing facilities and related covenant compliance. The
Group currently has facilities totalling GBP48.0m that fall due for
repayment in the 12 months from the date of signing these financial
statements. It has also assessed sensitivity analysis based on the
following downside scenarios:
-- possible delay in significant land disposal by two or three months; and
-- a fall in house prices by 10% from the Group's budget prices.
As part of the Group's normal operations, it has secured a loan
facility which could be drawn down in May 2020, should management
conclude this is in the best interests of the business. This
facility mitigates all downside scenarios referred to above.
The forecasts assume significant management fees receivable
which are dependent on the sales of certain parcels of land. These
receipts will be used to repay a revolving credit facility which
expires in August 2020. The lender has confirmed that they expect
this facility to be renewed upon expiry in any event.
Where the Group proposes to provide deferred consideration terms
to potential purchasers of land, it would consider the credit
worthiness of the counter-party and where ever possible procure
security or a promissory note which could be discounted with a
lender.
The Directors have considered the present economic climate, the
current demand for land with planning consent and the state of the
housing market in the geographic areas where the Group operates.
The Group has significant forward sales of its residential homes
under construction as well as a substantial order book for its
partnership housing activity. It is also in negotiation for the
sale of certain land assets within its land bank and expects to
make sufficient disposals in the foreseeable future to ensure it
has sufficient working capital for its requirements.
After making appropriate enquiries, the Directors have a
reasonable expectation that Inland Homes plc and Inland ZDP plc
have adequate resources to continue in operational existence for
the foreseeable future. The Directors therefore consider it
appropriate to prepare the Financial Statements on the Going
Concern basis.
1.2 Income
Income is recognised in revenue using the effective interest
method on an accruals basis.
1.3 Expenses
All expenses are borne by the Company's parent Company, Inland
Homes 2013 Limited.
1.4 Zero dividend preference shares
Zero dividend preference shares are recognised as liabilities in
the Statement of Financial Position in accordance with IFRS 9:
Financial Instruments. After initial recognition, these liabilities
are measured at amortised cost, which represents the initial
proceeds of the issuance plus the accrued entitlement to 30
September 2019.
With the modification of the zero dividend preference shares,
which occurred during the period, the revised terms have been
considered as to whether they constitute a substantial
modification. Subsequently it has been ensured that the treatment
is in line with IFRS 9.
1.5 Intercompany receivable
Intercompany receivables are recognised as assets in the
Statement of Financial Position in accordance with IFRS 9:
Financial Instruments. After initial recognition they are measured
at amortised cost which represents the initial loan plus the
accrued interest receivable at the reporting date. Directors have
assessed intercompany receivables to meet the requirements under
the business model test and SPPI test. The objective of the
business model is to hold financial assets to collect their
contractual cash flows. The cash flows are solely payments of
principal and interest on the principal amounts outstanding.
The Company applies the general approach to providing for
expected credit losses prescribed by IFRS 9 for intercompany
receivables. The expected credit loss provision in the current
period and prior year have been assessed as nil.
Pursuant to a loan agreement between the Company and Inland
Homes 2013 Limited, the Company has lent Inland Homes 2013 Limited
the gross proceeds of its placings. This loan is on terms requiring
its repayment by Inland Homes 2013 Limited to the Company on the
ZDP shares repayment date when the company must be wound up. In
August 2018, the ZDP shareholders agreed to rollover and extend the
facility and will now be repaid on or before 10 April 2024.
This was accounted for as a substantial modification due to the
significant extension in the term of the loan agreement between the
Company and Inland Homes 2013 Limited, the revised terms have been
considered as to whether they constitute a substantial
modification. Subsequently it has been ensured that the treatment
is in line with IFRS 9.
1.6 Finance costs
Finance costs are calculated as the difference between the
proceeds on the issue of zero dividend preference shares and the
final liability and are charged as finance costs over the term of
the life of these shares using the effective interest method.
1.7 Finance income
Finance income is calculated as the difference between the
proceeds on the issue of zero dividend preference shares and the
final liability and is recognised as revenue as interest income
over the term of the life of these shares using the effective
interest method.
1.8 Taxation
The charge for taxation is based on the taxable profits for the
period. Taxable profit differs from profit before tax as reported
in the Statement of Comprehensive Income because it excludes items
of income or expenses that are never taxable or deductible. The
Company's liability for tax is calculated using rates that have
been enacted or substantively enacted by the reporting date.
1.9 Equity
An equity instrument is a contract which evidences a residual
interest in the assets after deducting all liabilities. Equity
comprises 'Share capital', which represents the nominal value of
equity shares.
1.10 Key estimates and assumptions
Estimates and judgements used in preparing the financial
statements are continually evaluated and are based on historical
experience and other factors, including expectations of future
events that are believed reasonable. The resulting estimates will,
by definition, seldom equal the related actual results.
Recoverability of debtors is underpinned by the profitability of
the Group's development and strategic land sites. Judgement is
required when assessing the cost of and net realisable value of
inventories.
1.11 Segment information
In accordance with IFRS 8, information is disclosed to enable
the users of financial statements to evaluate the nature and
financial effects of the business activities in which the Company
engages. The board has identified that the sole operating segment
is to provide the final capital entitlement of the Company's ZDP
shares to the holders of the ZDP shares at the final repayment date
of 10 April 2024. Consequently, all information presented in these
financial statements relate to that segment.
2 Interest Income
Period ended Year ended
30 September 30 June
2019 2018
GBP000 GBP000
----------------------------------------- ------------- -----------
Interest Income from group undertakings 1,523 1,156
----------------------------------------- ------------- -----------
3 Expenses
Administration expenses of GBPnil were suffered during the
period (year ended 30 June 2018: GBPnil). All administration
expenses, including auditor's remuneration, during the period were
borne by the ultimate parent Company, Inland Homes plc. The
directors received no remuneration for their services in relation
to ZDP. Further disclosures with regards to the auditors'
remuneration can be found in the group financial statements.
There are no employees other than directors in the current
period or the prior year.
4 Finance costs
Period ended Year ended
30 September 30 June
2019 2018
GBP000 GBP000
-------------------------- ------------- -----------
ZDP share interest costs 1,523 1,156
-------------------------- ------------- -----------
5 Taxation
Period ended Year ended
30 September 30 June
2019 2018
GBP000 GBP000
------------------------------------------ ------------------ -----------
Profit before tax - -
------------------------------------------ ------------------ -----------
Profit on ordinary activities multiplied
by the standard rate
of corporation tax in the UK of 19.00%
(2018: 19.00%) - -
ZDP share interest costs disallowed 290 220
Group relief (290) (220)
------------------------------------------ ------------------ -----------
Tax charge - -
------------------------------------------ ------------------ -----------
6 Earnings per ordinary share
The calculation of earnings per share is based on a profit after
tax figure for the period of GBPnil (Year ended 30 June 2018:
GBPnil) and the weighted average number of 50,000 ordinary shares
in issue during the period. The basic and diluted earnings per
share are the same.
7 Zero dividend preference shares
At 30 September At 30 September At 30 At 30
2019 2019 June June
2018 2018
No. GBP000 No. GBP000
-------------------------- ---------------- ---------------- --------------- ----------
ZDP shares
Opening ZDP shares 12,444,200 18,447 12,444,200 17,291
Issued during the period
/ year 3,986,590 6,174 - -
ZDP share interest cost - 1,523 - 1,156
-------------------------- ---------------- ---------------- --------------- ----------
16,430,790 26,144 12,444,200 18,447
-------------------------- ---------------- ---------------- --------------- ----------
Details of the terms of the issue of the ZDP shares can be found
in the Chairman's Statement.
8 Ordinary share capital
Authorised/called up/allotted/fully paid
At 30 At 30 At 30 At 30
September September June 2018 June
2019 2019 2018
No. GBP000 No. GBP000
------------------------------- ----------- ----------- ----------- -------
Opening ordinary shares 50,000 50 50,000 50
Issued during the period - - - -
------------------------------- ----------- ----------- ----------- -------
50,000 issued ordinary shares
of GBP1 each 50,000 50 50,000 50
------------------------------- ----------- ----------- ----------- -------
All ordinary shares are owned by the Company's parent Company,
Inland Homes 2013 Limited.
Each ordinary share is entitled to one vote at a general
meeting.
In addition to receiving any income distributed by way of
dividend, the ordinary shareholders will be entitled to all surplus
assets after payment of all debts, including the ZDP shares.
9 Financial instruments
The Company's financial instruments comprise fixed interest
creditors classified as financial liabilities at amortised cost and
financial assets classified as amortised cost.
The main risks arising from the Company's financial instruments
are liquidity risk and funding risk and credit risk.
Liquidity and funding risk
This is the risk that the Company will encounter difficulty in
meeting obligations associated with financial liabilities.
Liquidity risk is considered to be significant as the Company is
reliant upon repayment from its ultimate parent Company. The parent
Company manages liquidity risk by maintaining sufficient cash
balances and ensuring availability of funding through an adequate
amount of credit facilities. The parent Company aims to maintain
flexibility in funding by keeping credit lines available.
Contractual maturity analysis for financial liabilities
At 30 September At 30 June
2019 2018
GBP000 GBP000
---------------------------------- ------------------ ------------------
ZDP shares ZDP shares
final redemption final redemption
figure figure
Less than one year - 19,401
More than one year and less than 33,092 -
five years
Over five years - -
---------------------------------- ------------------ ------------------
33,092 19,401
---------------------------------- ------------------ ------------------
Credit risk
This is the risk that a counterparty to a financial instrument
will fail to discharge an obligation or commitment that it has
entered with the Company. Credit risk is managed by way of a
security over the loan. The security relates to pledged tangible
assets (such as property and interests in property development
joint ventures) and pledged cash in a charged bank account.
At the reporting date, the Company's financial assets exposed to
credit risk amounted to the following:
Amortised Cost
At 30 September At 30
2019 June
2018
GBP000 GBP000
------------------------------------------ ---------------- -------
Amounts due from ultimate parent company 26,194 18,497
------------------------------------------ ---------------- -------
The directors consider the carrying amounts to be a reasonable
approximation of fair value.
The Company applies the general approach to providing for
expected credit losses prescribed by IFRS 9 for Amounts due from
ultimate parent Company. There were no expected credit loss
provisions in the current period and prior year. The security that
is pledged is more than sufficient to cover the amounts due. The
Directors have assessed a possible downturn in the value of the
pledged assets by 10% and following that assessment under a
scenario of a downturn in the value of the pledged assets by 10%,
no credit loss, as defined by IFRS 9, would arise.
The following table presents the fair value of financial
liabilities that are carried at amortised cost in the Statement of
Financial Position in accordance with the fair value hierarchy.
This hierarchy groups financial liabilities into three levels based
on the significance of inputs used in measuring the fair value of
the financial liabilities. The fair value hierarchy has the
following levels:
- Level 1: quoted prices (unadjusted) in active markets for identical liabilities;
- Level 2: inputs other than quoted prices included within Level
1 that are observable for the liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices); and
- Level 3: inputs for the liability that are not based on
observable market data (unobservable inputs).
The level within which the financial liability is classified is
determined based on the lowest level of significant input to the
fair value measurement.
9 Financial instruments (continued)
If the financial liabilities were measured at fair value in the
Group Statement of Financial Position they would be grouped into
the fair value hierarchy as follows:
Level 1 Level 2 Level 3 Total
GBP000 GBP000 GBP000 GBP000
------------------------------- ----------- ------- ------- -----------
Net fair value at 1 July 2018 18,878 - - 18,878
Additions 6,174 - - 6,174
Fair value movements during
the period 1,484 - - 1,484
------------------------------- ----------- ------- ------- -----------
Net fair value at 30 September
2019 26,536 - - 26,536
------------------------------- ----------- ------- ------- -----------
The ZDP shares are carried at their accrued value of 159.12p per
share (30 June 2018: 147.59p) however their closing price on the
main market of the London Stock Exchange on 30 September 2019 was
161.50p (30 June 2018: 151.70p).
In August 2018, the ZDP shareholders agreed to rollover and
extend the facility and will now be repaid on or before 10 April
2024. This was accounted for as a substantial modification due to
the significant extension in the term of the debt, the change to
the covenants and the substantial change in interest rate. This
resulted in no gain or loss being recognised in the Income
Statement.
10 Capital management policies and procedures
The Company's objectives when managing capital are:
- to safeguard its ability to continue as a going concern; and
- to ensure sufficient liquid resources are available to meet
the funding requirement of its ZDP shareholders.
The directors consider that the capital management policies and
procedures of the ultimate parent company will enable the Company
to meet its objectives. Further details of the policies and
procedures of Inland Homes plc can be found within its financial
statements and include a target capital to overall financing ratio
of over 50%.
The capital of the Company comprises the 16,480,790 (ordinary
shares and ZDP preference shares) and the nominal value of these
amounted to GBP50,000 and GBP1,643,079.
11 Related party transactions
The loan to Inland Homes 2013 Limited is repayable along with
all accrued interest, together with a contribution for such amount
that will result in the Company having sufficient cash funds to
satisfy the then current, or as the case may be, final capital
entitlement of the ZDP shares on the ZDP repayment date or
immediately upon an event of default. At 30 September 2019, the
total amount due from the ultimate parent Company was GBP26,194,000
(30 June 2018: GBP18,497,000).
12 Ultimate controlling party
The directors regard Inland Homes Plc as the ultimate parent and
controlling party.
13 Post balance sheet events
1,671,067 new ZDP shares were issued at an issue price of
GBP1.615 and admitted to Listing and to trading on the main market
of the London Stock Exchange on 12 November 2019 and there are now
18,101,857 Shares in issue.
14 Holding company
The Company is a wholly owned subsidiary of Inland Homes 2013
Limited which is a wholly owned subsidiary of Inland Homes plc, a
listed Company whose shares are traded on the AIM market of the
London Stock Exchange. Copies of its accounts for the period ended
30 September 2019 will shortly be available to view on Inland's
website.
15 Responsibility and audit
The Directors are the persons responsible for the full annual
report and financial statements.
Each of the Directors confirms that to the best of his
knowledge:
-- the financial statements, prepared in accordance with IFRS as
adopted by the European Union, give a true and fair view of the
assets, liabilities, financial position and profit or loss of the
Company; and
-- the Strategic Report and the Report of the Directors includes
a fair review of the development and performance of the business
and the position of the Company together with a description of the
principal risks and uncertainties it faces
.
The statutory financial statements have been audited by BDO LLP
and their report was unqualified.
16 Publication of non-statutory accounts
The financial information for the fifteen-month period ended 30
September 2019 and the year ended 30 June 2018 in this announcement
does not constitute the company's statutory accounts for those
years.
Statutory accounts for the year ended 30 June 2018 have been
delivered to the Registrar of Companies. The statutory accounts for
the fifteen-month period ended 30 September 2019 will be delivered
to the registrar of companies in due course.
The auditors' reports on the accounts for 30 September 2019 and
30 June 2018 were unqualified, did not draw attention to any
matters by way of emphasis, and did not contain a statement under
498(2) or 498(3) of the Companies Act 2006.
A copy of the annual report will shortly be submitted to the
National Storage Mechanism and will be available for inspection at
www.morningstar.co.uk/uk/NSM and at the Company's website:
http://www.inlandhomesplc.com/investors/inland-zdp/zdp-documents-and-accounts/
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
FR KKKBDNBKBQDN
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