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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 |
From Jul 2019 to Jul 2024
TIDMA2D1
RNS Number : 2207Q
A2D Funding PLC
25 November 2016
A2D FUNDING PLC
HALF YEARLY REPORT FOR THE SIX MONTHS TO 30 SEPTEMBER 2016 (unaudited)
The report including the unaudited results for the period is as follows:
Company summary
A2D Funding plc ("the Company") is a special purpose company established for the purpose of issuing Bonds (including further bonds that may be issued in accordance with the Conditions) and lending the proceeds thereof to A2Dominion 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 Bonds was on-lent to A2Dominion.
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 30 September 2016.
Related party transactions
There were no related party transactions that materially affected the financial position or performance of the Company during the period.
On behalf of the Board
Law Debenture Corporate Services Limited (Company Secretary)
25 November 2016
The financial information presented herein does not amount to full statutory accounts within the meaning of Section 435 of the Companies Act 2006. It has not been audited or reviewed pursuant to guidance issued by the Auditing Practices Board.
PROFIT AND LOSS ACCOUNT
For the six months ended 30 September 2016(unaudited)
Hot Features
Premium
6 months Period
ending 19 October
30 September 2015 to
2016 31 March
2016
GBP000 GBP000
(unaudited) (audited)
------------------------- -------------- ------------
Interest receivable
and similar income 3,608 3,253
Interest payable and
similar charges (3,607) (3,252)
--------------------------- -------------- ------------
Gross profit 1 1
Other operating income 24 30
Administrative expenses (24) (30)
--------------------------- -------------- ------------
Profit on ordinary
activities before
taxation 1 1
Taxation - -
------------------------- -------------- ------------
Profit for the period 1 1
--------------------------- -------------- ------------
There are no recognised gains or losses for the current financial period other than as stated in the profit and loss account. Accordingly, no separate statement of total recognised gains and losses has been prepared.
BALANCE SHEET
As at 30 September 2016 (unaudited)
30 September 31 March
2016 2016
GBP000 GBP000
(unaudited) (audited)
-------------------------- ------------- ----------
Financial assets
Loans and receivables 149,467 149,423
---------------------------- ------------- ----------
Current assets
Debtors: Amounts falling
due within one year 3,223 3,244
Cash at bank 25 16
---------------------------- ------------- ----------
3,248 3,260
Financial liabilities:
Amounts falling due
within one year (3,231) (3,244)
---------------------------- ------------- ----------
Net current assets 17 16
---------------------------- ------------- ----------
Total assets less
current liabilities 149,484 149,439
Financial liabilities:
Amounts falling due
after more than one
year (149,467) (149,423)
---------------------------- ------------- ----------
Net assets 17 16
---------------------------- ------------- ----------
Capital and reserves
Called up share capital 13 13
Profit and loss account 4 3
---------------------------- ------------- ----------
Shareholders' funds 17 16
---------------------------- ------------- ----------
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2016 (unaudited)
Profit
Share and loss Total
capital account
GBP000 GBP000 GBP000
Total equity as at
31 March 2016 13 3 16
Net profit for the
period - 1 1
Total equity as at
30 September 2016 13 4 17
--------------------- ---------- ---------- --------
CASH FLOW STATEMENT
For the six months ended 30 September 2016 (unaudited)
Six months Period
ending 19 October
30 September 2015 to
2016 31 March
2016
GBP000 GBP000
(unaudited) (audited)
Operating activities
Profit on ordinary
activities before
taxation 1 1
Decrease in debtors 21 (3,244)
Decrease in creditors (13) 3226
---------------------------- -------------- ------------
Cash flow from operating
activities 9 (17)
---------------------------- -------------- ------------
Investing activities
Loan granted - -
-------------------------- -------------- ------------
Cash flow from investing -
activities
-------------------------- -------------- ------------
Financing activities
Proceeds on issued - -
share capital
Proceeds from bond - -
issuance
Issuers Costs - -
-------------------------- -------------- ------------
Cash flow from financing - -
activities
-------------------------- -------------- ------------
Net increase in cash
and cash equivalents 9 (17)
--------------------------- -------------- ------------
Cash and cash equivalent
at beginning of period 16 33
--------------------------- -------------- ------------
Cash and cash equivalent
at end of period 25 16
--------------------------- -------------- ------------
NOTES TO HALF YEARLY REPORT
For the six months ended 30 September 2016 (Unaudited)
1. Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared in accordance with applicable United Kingdom law and accounting standards. The financial statements are prepared under the historical cost convention, except for the revaluation of certain financial instruments.
Going concern
The directors consider that the company has adequate resources, an appropriate financial structure and suitable arrangements in place for it to continue in operational existence for the foreseeable future and therefore believe it appropriate for the financial statements to be prepared on the going concern basis.
Income recognition
The company's principal source of income is interest receivable. The directors consider it would be misleading to classify this source as turnover. All income derives from the company's principal activity, wholly within the UK.
Interest receivable and payable is accounted for on an accruals basis.
Directors' responsibility statement
We confirm that to the best of our knowledge:
-- the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU;
-- the half yearly report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period.
On behalf of the board
Ian Bowden
Director
25 November 2016
For further information contact:
Law Debenture Corporate Services Limited (Company Secretary) +44 20 7606 5453
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UVSVRNOAAUAA
(END) Dow Jones Newswires
November 25, 2016 10:47 ET (15:47 GMT)
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