Published: 2020-04-07 12:15:10 CEST
CP Funding 1 Plc
Annual report

Annual Report and Audited Financial Statements for the Year Ended 30 September 2019

CP Funding 1 Plc is pleased to publish its Annual Report and Audited Financial Statements for the year ended 30 September 2019. The accounts are publicly available at Companies House webpage.

Incorporation, principal activities and business review

CP Funding 1 Plc (“the Company”) was incorporated on 7 September 2016 as a corporate vehicle to issue listed, transferable short-term notes (“Notes”) in series (“Series”) under one or more Euro Commercial Paper Programme (the “Programme”). The Company uses the net proceeds of the Notes to provide needed liquidity solutions for supply chain finance.

The Company has created a Euro Commercial Paper Programme. The purpose of the Programme is to issue Notes of more than 30 days and less than 364 days. Notes issued by the Company may be listed on the Frankfurt Stock Exchange. The Company is established in the market and has contractual relationships with a variety of service providers for the Euro Commercial Paper Programme to ensure they operate within the requirements of the Frankfurt Stock Exchange. Since 22 January 2020 the Notes issued by the Company are also listed on the Nasdaq Baltic First North market by Nasdaq Tallinn.

CP Funding 1 Plc offers a UCITs eligible cash management product. Maturity matching investments in supply chain finance are insured for loss by global insurers rated A- or higher. CP Funding 1 Plc 2020-S8 ISIN GB00BL71HP64 Zero Coupon Due 2020 (the "Notes") are settled via Clearsteam, CREST or Euroclear and are available for a minimum investment of 125,000 EUR.

Results and dividends

The Company issued seven Series Notes during the year with total proceeds of €15.8 million. The Company has made a loss of €707 for the year. There were no dividends declared or paid during the year.

This is the Company’s first year of operation, the comparatives reflect the Company previously being dormant.

Financial key performance indicators

The key performance indicators, as set by the management of the Company, are:

  • Proceeds from Series issued: Notes with nominal value of €15.8 million were issued during the year. This was in line with forecast and the Directors anticipate further issues in the current year.
  • Cash flows in relation to each Series: All the Series have redeemed timely at their redemption amount.
  • Performance of underlying investments: There has been no impairment of loans.
  • Performance of service providers: The Directors are satisfied with services provided.

Future developments

The directors anticipate no significant changes to the Company’s activities and intend to issue further Notes in 2020.

Financial statements

The financial reporting framework that has been applied in preparing the financial statements is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The Company’s functional and presentation currency is GBP, but for the purposes of this announcement the amounts in the tables below were translated to Euros using ECB FX rates. For original statements please refer to the Annual Report and Audited Financial Statements for the Year Ended 30 September 2019 attached to this announcement.

 

Statement of Comprehensive Income for the Year Ended 30 September 2019:

  Year ended
30 September 2019
Year ended
30 September 2018
  EUR EUR
     
Interest income 230,241 0
Interest expense -74,538 0
     
Net interest 155,703 0
     
Administrative espenses -156,410 0
     
Operating loss -707 0
     
Loss for the financial year -707 0

 

Balance Sheet as at 30 September 2019:

  30 September 2019 30 September 2018
  EUR EUR
     
Non-current assets    
Debtors: amounts due after more than one year 12,701 0
  12,701 0
     
Current assets    
Debtors: amounts falling due within one year 7,148,919 42,263
Cash and cash equivalents 0 14,088
  7,148,919 56,351
     
Creditors: amounts falling due within one year -7,105,875 0
     
Net current assets 43,044 56,351
     
Net assets 55,745 56,351
     
Capital and reserves    
Called up share capital 58,439 58,439
Profit and loss accounts -2,694 -2,088
  55,745 56,351

 

Statement of Changes in Equity for the Year Ended 30 September 2019:

  Called up share capital Profit and loss account Total Equity
  EUR EUR EUR
       
At 1 October 2017 58,439 0 58,439
       
Comprehensive income for the year      
Currency translation differences 0 -2,088 -2,088
Total comprehensive income for the year 0 -2,088 -2,088
       
At 1 October 2018 58,439 -2,088 56,351
       
Comprehensive income for the year      
Loss for the year 0 -707 -707
Currency translation differences 0 101 101
Total comprehensive income for the year 0 -606 -606
       
At 30 September 2019 58,439 -2,694 55,745

 

Statement of Cash Flows for the Year Ended 30 September 2019:

  Year ended
30 September 2019
Year ended
30 September 2018
  EUR EUR
     
Cash flow from operating activities    
Loss for the financial year -707 0
Adjustments for:    
Increase in debtors -7,131,118 0
Increase in creditors 81,049 0
Net cash generated from operating activities -7,050,776 0
     
Cash flows from financing activities    
Notes issued during the year 7,036,640 0
Net cash used in financing activities 7,036,640 0
     
Net (decrease)/increase in cash and cash equivalents -14,136 0
Effect of exchange rate changes on cash 48 -88
Cash and cash equivalents at the beginning of year 14,088 14,176
Cash and cash equivalents at the end of the year 0 14,088
     
Cash and cash equivalents at the end of year comprise:    
Cash at bank and in hand 0 14,088
  0 14,088

 

         Address: 1 Bedford Row, London, United Kingdom, WC1R 4BZ
         Phone: +372 6561 788
         E-mail: info@cpfunding1.com
         Web: www.cpfunding1.com


Accounts - CP Funding 1 PLC - YE 30.09.19.pdf