TIDMA2D1
RNS Number : 8065T
A2D Funding PLC
26 July 2022
A2D FUNDING PLC
AUDITED RESULTS FOR THE YEARING 31 MARCH 2022
A2D Funding plc (LSE: A2D1) announces its audited results for
the year ended 31 March 2022.
The following is an extract from the Company's financial
statements which will be posted to shareholders on or around 29
July 2022.
Company summary
A2D Funding plc ("the Company" or "Issuer") is a special purpose
company established for the purpose of issuing retail bonds on the
London Stock Exchange (including further retail bonds issued in
accordance with the Conditions) and lending the proceeds thereof to
A2Dominion Housing Group Limited or one or more of its subsidiaries
("A2Dominion"). The Company has the benefit of a financial
guarantee from A2Dominion for the full and punctual payment of
interest and principal of bonds.
Business review
On 18 October 2013 the Company issued GBP150,000,000 bonds,
listed on the London Stock Exchange. The proceeds of the bond issue
were loaned to A2Dominion. Both the bonds and the loan bear
interest at a fixed rate of 4.75% payable semi-annually in April
and October. The loan was issued net of transaction costs of
GBP793,515 which are amortised through the statement of
comprehensive income over the loan term as deferred income. The
loan and the bonds are due for repayment on 18 October 2022.
Principal risks and uncertainties
The principal risk and uncertainty for the Company is primarily
credit risk as described more fully in the annual financial
statements. This includes the full and timely receipt of interest
and principal on the loan due from A2Dominion. During the current
and prior year, 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
On 19th April 2022 the Company redeemed 50% of the outstanding
on the Bonds ahead of the Bond Maturity date in accordance with the
terms of the Bonds. As a result, GBP75,000,000 of principal
together with an early redemption penalty of GBP1,263,000 was
repaid to Bond holders on that date. The remaining GBP75,000,000
principal outstanding on the Bonds is due for repayment on 18th
October 2022, being the Bond Maturity date. 50% of the issue costs
(GBP51k) have also been released upon this partial redemption.
The Russia/Ukraine conflict has affected the global economic
markets and is exacerbating ongoing economic challenges, including
inflation and global supply chain disruption. Due to the financial
guarantees in place in the transaction, the Directors believe that
the Company's performance is not directly affected by the economic
implications of the conflict.
Related party transactions
The Company has taken advantage of the exemption under section
33 of FRS102, not to disclose transactions with other wholly owned
group companies consolidated by A2Dominion Housing Group
Limited.
Under the terms of a corporate services agreement entered into
by the Company at arm's length, Law Debenture Corporate Services
Limited is contracted to provide certain corporate services
including a registered office, corporate administration and
directors amongst other services for which it charges a corporate
service fee. The amount charged for these services during the year
was GBP25k (2021:GBP25k) and the amount prepaid at year end was
GBP11k (2021:GBP12k).
On behalf of the Board
Law Debenture Corporate Services Limited (Company Secretary)
29 July 2022
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2022
Year ended Year ended
31 March 31 March
2022 2021
GBP000 GBP000
------------------------------- ----------- -----------
Interest receivable and
similar income 8,562 7,200
Interest payable and similar
charges (8,528) (7,198)
-------------------------------- ----------- -----------
Gross profit 34 2
Other operating income 19 53
Administrative expenses (52) (53)
-------------------------------- ----------- -----------
Profit on ordinary activities
before taxation 1 2
Taxation - -
------------------------------- ----------- -----------
Profit for the year 1 2
-------------------------------- ----------- -----------
There are no other comprehensive income items other than the
result for the year stated above. Accordingly, no statement of
other comprehensive income is given.
The above amounts relate exclusively to continuing
operations.
STATEMENT OF FINANCIAL POSITION
As at 31 March 2022
2022 2021
GBP000 GBP000
------------------------------- ---------- ----------
Non current assets
Loans and receivables - 149,802
-------------------------------- ---------- ----------
Current assets
Loans and receivables 151,236 -
Debtors: Amounts falling
due within one year 3,237 3,239
Cash at bank 46 41
-------------------------------- ---------- ----------
154,519 3,280
Current liabilities : Amounts
falling due within one year (154,493) (3,255)
-------------------------------- ---------- ----------
Net current assets 26 25
-------------------------------- ---------- ----------
Total assets less current
liabilities 26 149,827
Non current liabilities
: Amounts falling due after
more than one year - (149,802)
-------------------------------- ---------- ----------
Net assets 26 25
-------------------------------- ---------- ----------
Capital and reserves
Called up share capital 13 13
Profit and loss account 13 12
-------------------------------- ---------- ----------
Shareholders' funds 26 25
-------------------------------- ---------- ----------
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2022
Called up Retained Total
Share capital income
GBP000 GBP000 GBP000
Total equity as at 31 March
2020 13 10 23
Profit for the year - 2 2
------------------------------ --------------- --------- -------
Total equity as at 31 March
2021 13 12 25
Profit for the year - 1 1
------------------------------ --------------- --------- -------
Total equity as at 31 March
2022 13 13 26
------------------------------ --------------- --------- -------
STATEMENT OF CASH FLOWS
For the year ended 31 March 2022
Year ended Year ended
31 March 31
2022 March
2021
GBP000 GBP000
Operating activities
Profit on ordinary activities
before taxation 1 2
Interest received 8,463 7,106
Interest paid (8,431) (7,106)
Net impact of EIR adjustment (32) -
Increase in debtors 2 16
Increase in creditors 2 (13)
--------------------------------------------- -------------------- ---------------------
Cash generated from operating
activities 5 5
--------------------------------------------- -------------------- ---------------------
Cash flow from investing
activities
- -
Cash flow from financing
activities
- -
Net increase in cash and cash equivalents 5 5
--------------------------------------------- -------------------- ---------------------
Cash and cash equivalent at beginning
of year 41 36
--------------------------------------------- -------------------- ---------------------
Cash and cash equivalent at end
of year 46 41
--------------------------------------------- -------------------- ---------------------
Directors' responsibility statement
Company law requires the directors to prepare financial
statements for each financial year. Under that law the directors
have elected to prepare the financial statements in accordance with
United Kingdom Generally Accepted Accounting Practice (United
Kingdom Accounting Standards and applicable law). Under company law
the directors must not approve the financial statements unless they
are satisfied that they give a true and fair view of the state of
affairs of the Company and of the profit or loss of the Company for
that year.
In preparing these financial statements, the directors are
required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- state whether applicable UK Accounting Standards have been
followed, subject to any material departures disclosed and
explained in the financial statements;
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
The directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that
the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
The directors confirm, to the best of their knowledge:
-- the financial statements have been prepared in accordance
with UK Generally Accepted Accounting Practice and give a true and
fair view of the assets, liabilities, financial position and profit
or loss of the Company;
-- the annual report includes a fair review of the development
and performance of the business and the financial position of the
Company, together with a description of the principal risks and
uncertainties that it faces.
- ENDS-
For further information contact:
Law Debenture Corporate Services Limited (Company Secretary) +44
20 7606 5453
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