![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Sg Issuer 31 | LSE:85QT | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
TIDM85QT
RNS Number : 2541H
Broadgate Financing PLC
27 November 2015
The Interim Management Report and Accounts for the six months ended 30 September 2015, attached below in accordance with DTR 6.3.5, has been submitted to the Financial Conduct Authority through the National Storage Mechanism and will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM
The Interim Management Report & Accounts are also available at http://www.britishland.com/investors/strategic-partnerships/disclaimer/broadgate-financing-plc.aspx
BROADGATE FINANCING PLC
COMPANY NO: 5316365
INTERIM MANAGEMENT REPORT
for the six months ended 30 September 2015
The directors submit their Interim Management Report and Accounts for the six months ended 30 September 2015.
Principal activities
Broadgate Financing PLC ("the company") is a wholly owned subsidiary of Broadgate Property Holdings Limited and operates as a constituent of the Broadgate REIT Limited group of companies ("the group"). Broadgate REIT Limited operates as a joint venture between Euro Bluebell LLP, an affiliate of GIC, Singapore's sovereign wealth fund, and BL Bluebutton 2014 Limited, a wholly owned subsidiary of The British Land Company PLC. The company's principal activity is to provide funding to fellow subsidiaries of Broadgate Property Holdings Limited.
Business review
As shown in the company's profit and loss account, the company's profit before tax has remained broadly consistent with the prior half year.
At 30 September 2015, taking into account the effect of derivatives, interest payable on the external bonds remains 100% fixed. Derivatives are not used speculatively and accordingly valuation movements are taken through the hedging and translation reserve. The profit and loss account reserves position is GBP389,439 at 30 September 2015.
No dividends were paid by the Company in the 6 months ended 30 September 2015 (30 Sep 2014: GBPnil).
The balance sheet shows that the company has net liabilities of GBP53.4m at 30 September 2015. Net liabilities have decreased since 31 March 2015, predominantly as a result of derivative valuation movements.
During the half-yearly review, the Company transitioned from UK GAAP to FRS 101 - Reduced Disclosure Framework and has taken advantage of disclosure exemptions allowed under this framework. The company's parent undertaking, Broadgate REIT Limited, was notified and did not object to the use of EU-adopted IFR disclosure exemptions. Following transition, no comparative figures were identified to be restated.
Risk and Uncertainties
The company is part of a large property investment group. As such, the underlying risks for this company are those of the property investment group. The key risks of this group are the performance of the properties, tenant defaults and the credit risk of counterparties for any large cash deposits within the securitisation upon which the company is dependent for receipt of principal and interest, and the strength of the derivative counterparty upon which the company is dependent for fixing its interest rate exposure. These risks are mitigated by the preference for tenants with strong covenants on long leases and by using highly rated counterparties and monitoring those ratings.
Responsibility Statement
(a) the condensed set of financial statements has been prepared in accordance with pronouncements on interim reporting issued by the Accounting Standards Board; and
(b) the interim management report includes a fair review of the information required by Section DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year) of the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.
By order of the Board
H Shah, Director
Independent review report to Broadgate Financing PLC
for the six months ended 30 September 2015
Report on the interim management report and accounts
Our conclusion
We have reviewed Broadgate Financing PLC's interim management report and accounts (the "interim financial statements") in the half-yearly financial report of Broadgate Financing PLC for the 6 month period ended 30 September 2015. Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with FRS 104 "Interim Financial Reporting" issued by the Financial Reporting Council and the Disclosure Rules and Transparency Rules of the United Kingdom's Financial Conduct Authority.
What we have reviewed
The interim financial statements comprise:
-- the condensed statement of financial position as at 30 September 2015;
-- the condensed income statement and statement of comprehensive income for the period then ended;
-- the statement of changes in equity for the period then ended; and -- the explanatory notes to the interim financial statements.
The interim financial statements included in the half-yearly financial report have been prepared in accordance with FRS 104 "Interim Financial Reporting" issued by the Financial Reporting Council and the Disclosure Rules and Transparency Rules of the United Kingdom's Financial Conduct Authority.
As disclosed in note 1 to the interim financial statements, the financial reporting framework that has been applied in the preparation of the full annual financial statements of the Company is applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice), including FRS 101 "Reduced disclosure framework - Disclosure exemptions from EU-adopted IFRS for qualifying entities".
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The half-yearly financial report, including the interim financial statements, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Rules and Transparency Rules of the United Kingdom's Financial Conduct Authority.
Our responsibility is to express a conclusion on the interim financial statements in the half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Rules and Transparency Rules of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
What a review of interim financial statements involves
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.
PricewaterhouseCoopers LLP
Chartered Accountants
London
27 November 2015
CONDENSED INCOME STATEMENT
for the six months ended 30 September 2015
Note Six months Six months ended ended 30 September 30 September 2015 2014 Unaudited Unaudited GBP GBP Administrative expenses (501) (501) Operating loss (501) (501) Interest receivable Group 2 43,587,461 44,919,575 External 2 431,362 523,278 Interest payable Group 2 (74,993) (42,878) External 2 (43,940,954) (45,396,885) Profit on ordinary activities before taxation 2,376 2,589 Taxation - (544) Profit for the financial period 2,376 2,045 ============= =============
All results are derived from continuing operations within the United Kingdom. The company has only one significant class of business, that of to provide funding to fellow subsidiaries of Broadgate Property Holdings Limited in the United Kingdom.
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
(MORE TO FOLLOW) Dow Jones Newswires
November 27, 2015 10:33 ET (15:33 GMT)
1 Year Sg Issuer 31 Chart |
1 Month Sg Issuer 31 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions