A2D Funding PLC Annual Financial Report March 2018 (1880W)

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) [phone]

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 [e-mail] or visit www.rns.com.

END

FR RMMTTMBMJBLP

(END) Dow Jones Newswires

July 30, 2018 08:14 ET (12:14 GMT)