A2D Funding II PLC Annual Financial Report March 2018 (1883W)

TIDMA2D2

RNS Number : 1883W

A2D Funding II PLC

30 July 2018

A2D FUNDING II PLC

AUDITED RESULTS FOR THE PERIOD ENDING 31 March 2018

A2D Funding II plc (LSE: A2D2) 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 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 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 March 2018    31 March 2017 
                                           GBP000           GBP000 
-------------------------------   ---------------  --------------- 
 Interest receivable and 
  similar income                            6,826            6,817 
 Interest payable and similar 
  charges                                 (6,824)          (6,815) 
--------------------------------  ---------------  --------------- 
 Gross profit                                   2                2 
 Other operating income                        50               45 
 Administrative expenses                     (50)             (45) 
--------------------------------  ---------------  --------------- 
 Profit on ordinary activities 
  before taxation                               2                2 
 Taxation                                     (1)                - 
-------------------------------   ---------------  --------------- 
 Profit for the period                          1                2 
--------------------------------  ---------------  --------------- 
 

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 2018

 
                                         2018     2017 
                                       GBP000      GBP000 
--------------------------------   ----------  ---------- 
 Financial assets 
 Loans and receivables                149,453     149,378 
---------------------------------  ----------  ---------- 
 
 Current assets 
 Debtors: Amounts falling 
  due within one year                      31          32 
 Cash at bank                              41          39 
                                           72          71 
 Financial liabilities: Amounts 
  falling due within one year            (54)        (54) 
---------------------------------  ----------  ---------- 
 Net current assets                        18          17 
---------------------------------  ----------  ---------- 
 Total assets less current 
  liabilities                         149,471     149,395 
 Financial liabilities: Amounts 
  falling due after more than 
  one year                          (149,453)   (149,378) 
---------------------------------  ----------  ---------- 
 Net assets                                18          17 
---------------------------------  ----------  ---------- 
 
 Capital and reserves 
 Called up share capital                   13          13 
 Profit and loss account                    5           4 
---------------------------------  ----------  ---------- 
 Shareholders' funds                       18          17 
---------------------------------  ----------  ---------- 
 

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 March2016                  13                 2        15 
 Profit for the period                             -                 2         2 
 Total equity as at 31 March 
  2017                                            13                 4        17 
 
 Profit for the year                               -                 1         1 
----------------------------------  ----------------  ----------------  -------- 
 Total equity as at 31 March 
  2018                                            13                 5        18 
----------------------------------  ----------------  ----------------  -------- 
 

STATEMENT OF CASH FLOWS

For the period ended 31 March 2018

 
                                               Year ended   Year ended 
                                                 31 March     31 March 
                                                     2018         2017 
                                                   GBP000       GBP000 
 Operating activities 
 Profit on ordinary activities 
  before taxation                                       1            2 
 Interest received                                  6,750        6,750 
 Interest paid                                    (6,750)      (6,750) 
 Decrease in debtors                                    1            9 
 Increase in creditors                                  -            5 
--------------------------------------------  -----------  ----------- 
 Cash flow from operating 
  activities                                            2           16 
--------------------------------------------  -----------  ----------- 
 
 Cash flow from investing                               -            - 
  activities 
 
 Cash flow from financing                               -            - 
  activities- 
 
 Net increase in cash and 
  cash equivalents                                      2           16 
 
 Cash and cash equivalent at beginning of 
  the year                                             39           23 
--------------------------------------------  -----------  ----------- 
 Cash and cash equivalent at end of the 
  year                                                 41           39 
--------------------------------------------  -----------  ----------- 
 

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

ACSFKKDDBBKDNON

(END) Dow Jones Newswires

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