A2D Funding II PLC Annual Financial Report March 2017 (7886M)

TIDMA2D2

RNS Number : 7886M

A2D Funding II PLC

01 August 2017

A2D FUNDING II PLC

AUDITED RESULTS FOR THE PERIOD ENDING 31 March 2017

A2D Funding II plc (LSE: A2D2) announces its audited results for the year ended 31 March 2017

The following is an extract from the Company's financial statements which will be posted to shareholders on or around 4 August 2017.

Company summary

A2D Funding II 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 30 September 2014 the Company issued GBP150,000,000 4.50% Guaranteed Bonds due 30 September 2026. The principal amount raised from issuing the retail bonds was on-lent to A2Dominon.

Principal risks and uncertainties

The principal risk and uncertainty for the Company is primarily credit risk and includes the correct and timely receipt of interest and principal on the loan due from A2Dominion. During the current 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 2017.

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)

1 August 2017

STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 March 2017

 
                             Year ended       Period 
                               31 March    1 October 
                                   2017      2015 to 
                                            31 March 
                                                2016 
                                 GBP000       GBP000 
-------------------------   -----------  ----------- 
 Interest receivable 
  and similar income              6,817        3,427 
 Interest payable and 
  similar charges               (6,815)      (3,426) 
--------------------------  -----------  ----------- 
 Gross profit                         2            1 
 Other operating income              45           32 
 Administrative expenses           (45)         (32) 
--------------------------  -----------  ----------- 
 Profit on ordinary 
  activities before 
  taxation                            2            1 
 Taxation                             -            - 
-------------------------   -----------  ----------- 
 Profit for the period                2            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.

STATEMENT OF FINANCIAL POSITION

As at 31 March 2017

 
                                   2017     2016 
                                 GBP000      GBP000 
--------------------------   ----------  ---------- 
 Financial assets 
 Loans and receivables          149,378     149,313 
---------------------------  ----------  ---------- 
 
 Current assets 
 Debtors: Amounts falling 
  due within one year                32          41 
 Cash at bank                        39          23 
                                     71          64 
 Financial liabilities: 
  Amounts falling due 
  within one year                  (54)        (49) 
---------------------------  ----------  ---------- 
 Net current assets                  17          15 
---------------------------  ----------  ---------- 
 Total assets less 
  current liabilities           149,395     149,328 
 Financial liabilities: 
  Amounts falling due 
  after more than one 
  year                        (149,378)   (149,313) 
---------------------------  ----------  ---------- 
 Net assets                          17          15 
---------------------------  ----------  ---------- 
 
 Capital and reserves 
 Called up share capital             13          13 
 Profit and loss account              4           2 
---------------------------  ----------  ---------- 
 Shareholders' funds                 17          15 
---------------------------  ----------  ---------- 
 

STATEMENT OF CHANGES IN EQUITY

For the year ended 31 March 2017

 
                                             Retained 
                             Share capital     income     Total 
                                    GBP000     GBP000    GBP000 
 Total equity as at 
  1 September 2016                      13          1        14 
 Profit for the period                   -          1         1 
 Total equity as at 
  31 March 2016                         13          2        15 
 
 Profit for the year                     -          2         2 
------------------------  ----------------  ---------  -------- 
 Total equity as at 
  31 March 2017                         13          4        17 
------------------------  ----------------  ---------  -------- 
 

CASH FLOW STATEMENT

For the period ended 31 March 2017

 
                                                               Period 
                                              Year ended    1 October 
                                                31 March      2015 to 
                                                    2017     31 March 
                                                                 2016 
                                                  GBP000       GBP000 
 Operating activities 
 Profit on ordinary 
  activities before 
  taxation                                             2            1 
 Decrease/(increase) 
  in debtors                                           9         (41) 
 Increase/(decrease) 
  in creditors                                         5           33 
-----------------------------------------  -------------  ----------- 
 Cash flow from operating 
  activities                                          16          (7) 
-----------------------------------------  -------------  ----------- 
 
 Cash flow from investing                              -            - 
  activities 
 
 Cash flow from financing                              -            - 
  activities- 
 
 Net increase/(decrease) 
  in cash and cash equivalents                        16          (7) 
 
 Cash and cash equivalent at beginning 
  of period                                           23           30 
-----------------------------------------  -------------  ----------- 
 Cash and cash equivalent at end 
  of period                                           39           23 
-----------------------------------------  -------------  ----------- 
 

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

1 August 2017

- 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 01, 2017 10:06 ET (14:06 GMT)