TIDMA2D1
RNS Number : 1880W
A2D Funding PLC
30 July 2018
A2D FUNDING PLC
AUDITED RESULTS FOR THE YEAR ENDING 31 MARCH 2018
A2D Funding plc (LSE: A2D1) announces its audited results for
the year ended 31 March 2018.
The following is an extract from the Company's financial
statements which will be posted to shareholders on or around 30
July 2018.
Company summary
A2D Funding plc ("the Company" or "Issuer") is a special purpose
company established for the purpose of issuing Bonds (including
further bonds issued in accordance with the Conditions) and lending
the proceeds thereof to A2Domionion Housing Group Limited
("A2Dominion") or one or more of its subsidiaries.
Business review
On 18 October 2013 the Company issued GBP150,000,000 4.75%
Guaranteed Bonds due 18 October 2022. The principal amount raised
from issuing the retail bonds was on-lent to A2Dominon.
Principal risks and uncertainties
The principal risks and uncertainty for the Company is primarily
credit risk and include the correct and timely receipt of interest
and principal on the loan due from A2Dominion. During the current
year 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.
Events after the balance sheet date
There have been no reportable events since 31 March 2018.
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)
30 July 2018
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2018
Year ended Year ended 31
31 March March
2018 2017
GBP000 GBP000
------------------------------- ------------ ---------------
Interest receivable and
similar income 7,213 7,215
Interest payable and similar
charges (7,211) (7,213)
-------------------------------- ------------ ---------------
Gross profit 2 2
Other operating income 48 47
Administrative expenses (48) (47)
-------------------------------- ------------ ---------------
Profit on ordinary activities
before taxation 2 2
Taxation - -
------------------------------- ------------ ---------------
Profit for the year/ period 2 2
-------------------------------- ------------ ---------------
There are no other comprehensive income items other than the
result for the year stated above. Accordingly, no statement of
other comprehensive income is given.
STATEMENT OF FINANCIAL POSITION
As at 31 March 2018
2018 2017
GBP000 GBP000
-------------------------------- ---------- ----------
Financial assets
Loans and receivables 149,597 149,511
--------------------------------- ---------- ----------
Current assets
Debtors: Amounts falling
due within one year 3,225 3,228
Cash at bank 37 34
--------------------------------- ---------- ----------
3,262 3,262
Financial liabilities: Amounts
falling due within one year (3,242) (3,244)
--------------------------------- ---------- ----------
Net current assets 20 18
--------------------------------- ---------- ----------
Total assets less current
liabilities 149,617 149,529
Financial liabilities: Amounts
falling due after more than
one year (149,597) (149,511)
--------------------------------- ---------- ----------
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 2018
Retained income
Share capital Total
GBP000 GBP000 GBP000
Total equity as at 31 March
2016 13 3 16
Profit for the period - 2 2
------------------------------ ---------------- ---------------- --------
Total equity as at 31 March
2017 13 5 18
Profit for the year - 2 2
------------------------------ ---------------- ---------------- --------
Total equity as at 31 March
2018 13 7 20
------------------------------ ---------------- ---------------- --------
STATEMENT OF CASH FLOWS
For the year ended 31 March 2018
Year ended Year ended 31
31 March March
2018 2017
GBP000 GBP000
Operating activities
Profit on ordinary activities
before taxation 2 2
Interest received 7,125 7,125
Interest paid (7,125) (7,125)
Decrease in debtors 3 16
Decrease in creditors (2) -
------------------------------------------- ----------- --------------
Cash flow from operating
activities 3 18
--------------------------------------------- ----------- --------------
Cash flow from investing - -
activities
Cash flow from financing - -
activities
Net increase in cash and cash equivalents 3 18
--------------------------------------------- ----------- --------------
Cash and cash equivalent at beginning
of year 34 16
--------------------------------------------- ----------- --------------
Cash and cash equivalent at end of year 37 34
--------------------------------------------- ----------- --------------
Directors' responsibility statement
We confirm that to the best of our knowledge:
(a) the financial statements, prepared in accordance with the
applicable set of accounting standards, give a true and fair view
of the assets, liabilities, financial position and profit or loss
of the Issuer and the undertakings included in the consolidation
taken as a whole; and
(b) the management report includes a fair review of the
development and performance of the business and the position of the
issuer and the undertakings included in the consolidation taken as
a whole, together with a description of the principal risks and
uncertainties that they face.
On behalf of the board
Mark Filer
Representing L.D.C. Corporate Director No.3
30 July 2018
- 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
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END
FR RMMTTMBMJBLP
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