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Name | Symbol | Market | Type |
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Transform | LSE:73GD | London | Bond |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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TIDM73GD
RNS Number : 2768J
Transform Schools (N.Lanarks)FdgPLC
16 December 2015
Company Registration No. 5358471 Transform Schools (North Lanarkshire) Funding plc Unaudited Interim Accounts For the Six Months to 30 June 2015
Transform Schools (North Lanarkshire) Funding plc
Unaudited Interim Accounts
Six Month Period to 30 June 2015
Contents Page
Interim Management Report 1
Condensed Income Statement 2
Condensed Statement of Financial Position 3
Notes to the Condensed Financial Statements 4
Transform Schools (North Lanarkshire) Funding plc
Interim Management Report
Six Month Period to 30 June 2015
Principal activities and business review
The Company's principal activity is the financing of a Private Finance Initiative (PFI) concession contract with North Lanarkshire Council.
The Directors expect the activities to continue on this basis.
Key performance indicators (KPIs)
The key performance indicator is that the Company is able to service the funding requirements through interest and capital repayments. This is achieved through the successful operation of Transform Schools (North Lanarkshire) Limited's PFI concession contract and that it's net cash flow is in line with or better than forecast. The directors can report that the company was able to meet all of its funding requirements during the first six months of the year.
Principal risks and uncertainties
The Company recognises that effective risk management is fundamental to achieving its business objectives in order to meet its commitments in financing the PFI contract. Risk management contributes to the success of the business by identifying opportunities and anticipating risks in order to improve business performance and fulfil the Company's contractual obligations.
The directors do not consider that potential risks and uncertainties have changed since the publication of the annual report for the year ended 31 December 2014.
Going Concern
The directors have a reasonable expectation that the Company will be able to settle its liabilities as they fall due for the foreseeable future and therefore it is appropriate to prepare these financial statements on the going concern basis.
Transform Schools (North Lanarkshire) Funding plc
Condensed Income Statement
Six Month Period to 30 June 2015
Six months Six months ended ended 30 June 30 June 2015 2014 (Unaudited) (Unaudited) Notes GBP'000 GBP'000 Interest receivable and similar income 2 4,901 4,952 Interest payable and similar charges 2 (4,901) (4,952) Profit on ordinary activities before taxation - - Taxation on profit on ordinary activities 3 - - Profit for the financial year 8 - -
All activities are derived from continuing operations in the United Kingdom.
Condensed Statement of Other Comprehensive Income
The Company had no recognised gains or losses during the six months to 30 June 2015 or the preceding year other than the reported profit shown above; consequently no statement of other comprehensive income is presented.
Transform Schools (North Lanarkshire) Funding plc
Condensed Statement of Financial Position
At 30 June 2015
31 December 2014 30 June 2015 (Unaudited) (Audited) Notes GBP'000 GBP'000 Current assets Debtors: amounts falling due within one year 4 8,454 8,544 Debtors: amounts falling due after more than one year 4 177,360 174,458 185,814 183,002 Current liabilities Creditors: amounts falling due within one year 5 (8,454) (8,544) Net current assets 177,360 174,458 Creditors: amounts falling due after more than one year 6 (177,310) (174,408) Net assets 50 50 Capital and reserves Called-up share capital 7 50 50 Profit and loss account 8 - - Shareholders' funds 9 50 50
Condensed Statement of Changes in Equity
The Company had no movement in equity during the six months to 30 June 2015 or the preceding year other than the reported profit; consequently no statement of changes in equity is presented.
Transform Schools (North Lanarkshire) Funding plc
Notes to the Condensed Set of Financial Statements
For the Six Month Period to 30 June 2015
1. Accounting policies
The principal accounting policies of the Company are detailed in the annual audited financial statements. The same accounting policies and methods of computation are following in the interim financial statements as compared with the latest audited financial statements.
Basis of preparation
The interim accounts have been prepared in accordance with applicable law and United Kingdom accounting standards and under the historical cost convention.
Following transition to FRS102 from 1 January 2015, the interim accounts have been prepared in accordance with FRS104. It is expected that transition will have no impact on the results reported for the year ending 31 December 2014, or for the six month period ending 30 June 2015.
Cashflow
In the annual audited financial statements, the Company has taken advantage of the exemption available under FRS102 and not prepared a cash flow statement as it is presented in the consolidated accounts of Consort Healthcare (Blackburn) Holdings Limited. Consequently, no cashflow statement is presented for the six month period to 30 June 2015.
2. Net interest receivable Six months Six months ended ended 30 June 30 June 2015 2014 (Unaudited) (Unaudited) GBP'000 GBP'000 Interest receivable on loan to Transform 4,901 4,952 Schools (North Lanarkshire) Limited Interest and fees payable on bonds and loan (4,901) (4,952) - - 3. Taxation
The results for the six month period to 30 June 2015 do not give rise to a tax charge (six month period to 30 June 2014: GBPnil).
Transform Schools (North Lanarkshire) Funding plc
Notes to the Condensed Set of Financial Statements
For the Six Month Period to 30 June 2015
4. Debtors 31 December 2014 30 June 2015 (Unaudited) (Audited) GBP'000 GBP'000 Amounts owing from Transform Schools (North Lanarkshire) Limited 185,814 183,002 Due within one year 8,454 8,544 Due after one year 177,360 174,458 185,814 183,002 5. Creditors: amounts falling due within one year 31 December 2014 30 June 2015 (Unaudited) (Audited) GBP'000 GBP'000 Index-linked secured bonds 3,916 4,022 Index-linked bank secured term loan 3,261 3,210 Accrued interest 1,277 1,312 8,454 8,544
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