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Name | Symbol | Market | Type |
---|---|---|---|
A2d Fund. 22 | LSE:A2D1 | London | Bond |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 100.125 | 99.25 | 101.00 | 0 | 01:00:00 |
TIDMA2D1
RNS Number : 9864G
A2D Funding PLC
29 July 2021
A2D FUNDING PLC
AUDITED RESULTS FOR THE YEARING 31 MARCH 2021
A2D Funding plc (LSE: A2D1) announces its audited results for the year ended 31 March 2021.
The following is an extract from the Company's financial statements which will be posted to shareholders on or around 29 July 2021.
Company summary
A2D Funding 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 18 October 2013 the Company issued GBP150,000,000 bonds, listed on the London Stock Exchange. The proceeds of the bond issue were loaned to A2Dominion. Both the bonds and the loan bear interest at a fixed rate of 4.75% payable semi-annually in April and October. The loan was issued net of transaction costs of GBP793,515 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 18 October 2022.
Principal risks and uncertainties
The principal risk and uncertainty for the Company is primarily credit risk as described more fully in the annual financial statements. This includes the full and timely receipt of interest and principal on the loan due from A2Dominion. During the current and prior year, 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 2021.
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 GBP25k (2020:GBP24k) and the amount prepaid at year end was GBP12k (2020:GBP11k).
On behalf of the Board
Law Debenture Corporate Services Limited (Company Secretary)
29 July 2021
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2021
Year ended Year ended 31 March 31 March 2021 2020 GBP000 GBP000 ------------------------------- ----------- ----------- Interest receivable and similar income 7,200 7,235 Interest payable and similar charges (7,198) (7,233) -------------------------------- ----------- ----------- Gross profit 2 2 Other operating income 53 46 Administrative expenses (53) (46) -------------------------------- ----------- ----------- Profit on ordinary activities before taxation 2 2 Taxation - - ------------------------------- ----------- ----------- Profit for the year 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.
The above amounts relate exclusively to continuing operations.
STATEMENT OF FINANCIAL POSITION
As at 31 March 2021
2021 2020 GBP000 GBP000 ------------------------------- ---------- ---------- Non current assets Loans and receivables 149,802 149,709 -------------------------------- ---------- ---------- Current assets Debtors: Amounts falling due within one year 3,239 3,255 Cash at bank 41 36 -------------------------------- ---------- ---------- 3,280 3,291 Current liabilities : Amounts falling due within one year (3,255) (3,268) -------------------------------- ---------- ---------- Net current assets 25 23 -------------------------------- ---------- ---------- Total assets less current liabilities 149,827 149,732 Non current liabilities : Amounts falling due after more than one year (149,802) (149,709) -------------------------------- ---------- ---------- Net assets 25 23 -------------------------------- ---------- ---------- Capital and reserves Called up share capital 13 13 Profit and loss account 12 10 -------------------------------- ---------- ---------- Shareholders' funds 25 23 -------------------------------- ---------- ----------
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2021
Called up Retained Total Share capital income GBP000 GBP000 GBP000 Total equity as at 31 March 2019 13 8 21 Profit for the year - 2 2 ------------------------------ --------------- --------- ------- Total equity as at 31 March 2020 13 10 23 Profit for the year - 2 2 ------------------------------ --------------- --------- ------- Total equity as at 31 March 2021 13 12 25 ------------------------------ --------------- --------- -------
STATEMENT OF CASH FLOWS
For the year ended 31 March 2021
Year ended Year ended 31 March 31 2021 March 2020 GBP000 GBP000 Operating activities Profit on ordinary activities before taxation 2 2 Interest received 7,106 7,145 Interest paid (7,106) (7,145) Increase in debtors 16 (19) Increase in creditors (13) 20 --------------------------------------------- ----------- ----------- Cash generated from operating activities 5 3 --------------------------------------------- ----------- ----------- Cash flow from investing - - activities Cash flow from financing - - activities Net increase in cash and cash equivalents 5 3 --------------------------------------------- ----------- ----------- Cash and cash equivalent at beginning of year 36 33 --------------------------------------------- ----------- ----------- Cash and cash equivalent at end of year 41 36 --------------------------------------------- ----------- -----------
Directors' responsibility statement
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;
-- 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;
-- 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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END
FR EAXXNAENFEFA
(END) Dow Jones Newswires
July 29, 2021 13:16 ET (17:16 GMT)
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