A2D Funding PLC Annual Financial Report (4550G)

TIDMA2D1

RNS Number : 4550G

A2D Funding PLC

05 August 2016

A2D FUNDING PLC

AUDITED RESULTS FOR THE YEAR ENDING 31 MARCH 2016

A2D Funding plc (LSE: A2D1) announces its audited results for the period ended 31 March 2016.

The following is an extract from the Company's financial statements which will be posted to shareholders on or around 08 August 2016.

Company summary

A2D Funding plc ("the Company") 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 2022. The principal amount raised from issuing the Retail Bonds was on-lent to A2Dominon.

The directors elected to shorten the Accounting Reference Date ("ARD") in line with the ARD of the A2Dominion Housing Group Limited, the Company's controlling party

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 and, to that effect during the period under review, all amounts were paid completely and timely when they were due.

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 2016.

Related party transactions

A2Dominion is a related party and significantly all transactions are with them, these have been disclosed in the year end finalised statements.

On behalf of the Board

Law Debenture Corporate Services Limited (Company Secretary)

05 August 2016

INCOME STATEMENT

For the period ended 31 March 2016

 
                                  Period        Year to 
                              19 October     18 October 
                                 2015 to           2015 
                                31 March 
                                    2016 
                                  GBP000         GBP000 
-------------------------   ------------  ------------- 
 Interest receivable 
  and similar income               3,253          7,215 
 Interest payable and 
  similar charges                (3,252)        (7,213) 
--------------------------  ------------  ------------- 
 Gross profit                          1              2 
 Other operating income               30             49 
 Administrative expenses            (30)           (50) 
--------------------------  ------------  ------------- 
 Profit on ordinary 
  activities before 
  taxation                             1              1 
 Taxation                              -              - 
-------------------------   ------------  ------------- 
 Profit for the period 
  / year                               1              1 
--------------------------  ------------  ------------- 
 

There are no recognised gains or losses other than the result for the period stated above. Accordingly, no statement of total recognised gains and losses is given.

BALANCE SHEET

As at 31 March 2016

 
                               31 March   18 October 
                                   2016         2015 
                                 GBP000       GBP000 
--------------------------   ----------  ----------- 
 Financial assets 
 Loans and receivables          149,423      149,383 
---------------------------  ----------  ----------- 
 
 Current assets 
 Debtors: Amounts falling         3,244            - 
  due within one year 
 Cash at bank                        16           33 
---------------------------  ----------  ----------- 
                                  3,260           33 
 Financial liabilities: 
  Amounts falling due 
  within one year               (3,244)         (18) 
---------------------------  ----------  ----------- 
 Net current assets                  16           15 
---------------------------  ----------  ----------- 
 Total assets less 
  current liabilities           149,439      149,398 
 Financial liabilities: 
  Amounts falling due 
  after more than one 
  year                        (149,423)    (149,383) 
---------------------------  ----------  ----------- 
 Net assets                          16           15 
---------------------------  ----------  ----------- 
 
 Capital and reserves 
 Called up share capital             13           13 
 Profit and loss account              3            2 
---------------------------  ----------  ----------- 
 Shareholders' funds                 16           15 
---------------------------  ----------  ----------- 
 

STATEMENT OF CHANGES IN EQUITY

For the year ended 31 March 2016

 
                                             Profit and 
                          Share capital    loss account     Total 
                                 GBP000          GBP000    GBP000 
 Total equity as at 
  18 October 2015                    13               2        15 
---------------------  ----------------  --------------  -------- 
 Net profit for the 
  period                              -               1         1 
 Total equity as at 
  31 March 2016                      13               3        16 
---------------------  ----------------  --------------  -------- 
 

CASH FLOW STATEMENT

For the period ended 31 March 2016

 
                                                 Period 
                                             19 October 
                                                2015 to        Year to 
                                               31 March     18 October 
                                                   2016           2015 
                                                 GBP000         GBP000 
 Operating activities 
 Profit on ordinary 
  activities before 
  taxation                                            1              1 
 Increase in debtors                            (3,244)              - 
 Increase in creditors                            3,226              6 
-----------------------------------------  ------------  ------------- 
 Cash flow from operating 
  activities                                       (17)              7 
-----------------------------------------  ------------  ------------- 
 
 Net (decrease) / increase in 
  cash and cash equivalents                        (17)              7 
-----------------------------------------  ------------  ------------- 
 
 Cash and cash equivalent at beginning 
  of period / year                                   33             26 
-----------------------------------------  ------------  ------------- 
 Cash and cash equivalent at end 
  of period / year                                   16             33 
-----------------------------------------  ------------  ------------- 
 

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

Sharon Martin

Representing L.D.C. Corporate Director No.3

05 August 2016

- ENDS-

For further information contact:

Law Debenture Corporate Services Limited (Company Secretary) [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

END

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August 05, 2016 11:26 ET (15:26 GMT)