TIDMA2D2
RNS Number : 2213Q
A2D Funding II PLC
25 November 2016
A2D FUNDING II 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 II 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 30 September 2014 the Company issued GBP150,000,000 4.50%
Guaranteed Bonds due 2026. 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)
Six months Six months
ending ending
30 September
2016
(unaudited) 1 October
2015 to
31 March
2016
(audited)
GBP000 GBP000
------------------------- ---- ---- -------------- -----------
Interest receivable
and similar income 3,409 3,427
Interest payable and
similar charges (3,408) (3,426)
------------------------------------- -------------- -----------
Gross profit 1 1
Other operating income 24 32
Administrative expenses (24) (32)
------------------------------------- -------------- -----------
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
2016
(unaudited) March
2016
(audited)
GBP000 GBP000
-------------------------- ---- ---- ------------- -----------
Financial assets
Loans and receivables 149,346 149,313
-------------------------------------- ------------- -----------
Current assets
Debtors: Amounts falling
due within one year 19 41
Cash at bank 32 23
-------------------------------------- ------------- -----------
51 64
Financial liabilities:
Amounts falling due
within one year (35) (49)
-------------------------------------- ------------- -----------
Net current assets 16 15
-------------------------------------- ------------- -----------
Total assets less
current liabilities 149,362 149,328
Financial liabilities:
Amounts falling due
after more than one
year (149,346) (149,313)
-------------------------------------- ------------- -----------
Net assets 16 15
-------------------------------------- ------------- -----------
Capital and reserves
Called up share capital 13 13
Profit and loss account 3 2
-------------------------------------- ------------- -----------
Shareholders' funds 16 15
-------------------------------------- ------------- -----------
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2016 (unaudited)
Share Profit Total
capital and loss
account
GBP000 GBP000 GBP000
Total equity as at
31 March 2016 13 2 15
Net profit for the
period - 1 1
Total equity as at
30 September 2016 13 3 16
--------------------- ---------- ---------- -------
CASH FLOW STATEMENT
For the six months ended 30 September 2016 (unaudited)
Six months Period
ending
30 September
2016
(unaudited) 1 October
2015 to
31 March
2016
(audited)
GBP000 GBP000
Operating activities
Profit on ordinary
activities before
taxation 1 1
Increase/Decrease
in debtors 22 (41)
Increase/Decrease
in creditors (14) 33
------------------------------------ -------------- -----------
Cash flow from operating
activities 9 (7)
------------------------------------ -------------- -----------
Investing activities
Loan granted - -
-------------------------- --- --- -------------- -----------
Cash flow from investing - -
activities
-------------------------- --- --- -------------- -----------
Financing activities
Proceeds on issued - -
share capital
Proceeds from retail - -
bond issuance
Issue costs - -
-------------------------- --- --- -------------- -----------
Cash flow from financing - -
activities
-------------------------- --- --- -------------- -----------
Net increase in cash
and cash equivalents 9 (7)
------------------------------- --- -------------- -----------
Cash and cash equivalent
at beginning of period 23 30
------------------------------- --- -------------- -----------
Cash and cash equivalent
at end of period 32 23
------------------------------- --- -------------- -----------
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 LLFEELFLEFIR
(END) Dow Jones Newswires
November 25, 2016 10:56 ET (15:56 GMT)
A2d Fund.26 (LSE:A2D2)
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A2d Fund.26 (LSE:A2D2)
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