TIDM87FW
RNS Number : 7629R
Knightstone Capital PLC
25 September 2017
KNIGHTSTONE CAPITAL PLC
Financial Statements
Year ended 31 March 2017
Directors, Advisors and Bankers 1
Strategic Report 2
Report of the Directors 4
Independent Auditor's Report to the Members 6
Statement of comprehensive income 8
Statement of financial position 9
Statement of changes in equity 10
Notes to the financial statements 11
DIRECTORS
The directors who have served during the year are:
Linda Nash (Chair)
Nick Horne
Tony MacGregor
Nick Medhurst
SECRETARY
Charlotte Ferris
AUDITOR
Mazars LLP
45 Church Street
Birmingham
B3 2RT
BANKERS
Barclays Bank Plc
26-30 Regent Street
Weston-super-Mare
BS23 1SH
The Bank of New York Mellon
One Canada Square
London
E13 5AL
REGISTERED OFFICE
Knightstone Housing
Weston Gateway Business Park
Weston-super-Mare
BS24 7JP
The Directors present their reports and audited financial
statements for Knightstone Capital Plc ("the Company") for the year
ended 31 March 2017. The Company is a member of the Knightstone
Housing Group.
BUSINESS REVIEW AND FUTURE DEVELOPMENTS
Knightstone Capital Plc was incorporated in September 2013 and
issued its first bond on the London Stock Exchange on 2 October
2013. The bond was a GBP100m 35 year fixed rate bond priced at a
credit spread of 140 basis points above the benchmark gilt rate. It
has an extended deferral of drawdown. The initial GBP1m was drawn
at the date of issue and a further GBP49m will be received in
November 2017 with Knightstone Capital Plc retaining GBP50m of the
bonds to sell to investors in the future. There is an annual coupon
of 5.058% from issue until 30 November 2017 and 5.576% thereafter.
The bond was issued at par.
The Statement of Comprehensive Income shows a result of GBPNil
for the year (2016: GBPNil). This is in line with the Company's
role as a special purpose lending vehicle which does not seek to
generate significant financial returns.
Knightstone Capital Plc benefits from the Group's treasury
service with policies and procedures approved by the Boards of
Knightstone Housing Group Limited and Knightstone Housing
Association Limited. These cover funding, interest rate exposures,
cash management and the investment of surplus cash.
PRINCIPAL RISKS AND UNCERTANTIES
Knightstone Capital Plc on-lends all of its proceeds from
capital market transactions to its parent company, Knightstone
Housing Association Limited. The underlying assets relating to this
issuance therefore belong to Knightstone Housing Association
Limited which are held through a security trust arrangement with
the Prudential Trustee Company Limited.
As Knightstone Capital Plc is not obliged to provide incremental
funding to other Group asset owning subsidiaries, Knightstone
Capital Plc is not at risk if it cannot obtain further funding for
the Knightstone Housing Group. All of Knightstone Capital Plc's
costs relating to providing funding services are met by Knightstone
Housing Association Limited.
FINANCIAL PERFORMANCE
The Company is a special purpose lending vehicle and does not
seek to generate significant financial returns. The Company makes
neither a profit nor a loss in line with its role as a special
purpose lending vehicle. The Company therefore does not have
financial key performance indicators.
FINANCIAL RISK MANAGEMENT
Risk Management Objectives and Policies
Knightstone Housing Group's finance function is responsible for
treasury management activities and control of associated risks. Its
activities are governed by the Treasury Management Policy, approved
by the Board of the Group's parent company, Knightstone Housing
Group Limited, which is ultimately responsible for treasury issues
in all of Knightstone Housing Group's legal entities, which include
the Company. The Group finance function does not operate as a
profit centre.
The Company has in place a risk management programme that seeks
to limit the adverse effects on the financial performance of the
Group by monitoring levels of debt finance and related finance
costs.
Interest Rate Risk/Hedging
The Company currently borrows funds on a fixed rate basis from
the capital markets and on-lends these funds to its immediate
parent company, Knightstone Housing Association Limited on the same
fixed rate basis. As such, the Company does not bear any exposure
to interest rate risk. The Company does not undertake any hedging
activities and it does not have any derivatives.
Liquidity Risk
The Company mitigates its liquidity risk in relation to
principal repayments and coupon payments by on-lending proceeds of
capital market issues on the same repayment terms to the finance
instrument issued.
Credit Risk
All of the Company's capital markets financing proceeds are
available to be on-lent to Knightstone Housing Association Limited,
which represents the only credit risk to the Company. This credit
risk is mitigated through a number of factors, including the
housing asset security which stands behind the loan, the overall
Homes and Communities Agency assessment of the Group's financial
viability and the contractual protection of the loan agreement
between the Company and Knightstone Housing Association Limited.
The Company is not obliged to source further funding from the
capital markets for on-lending to Knightstone Housing Association
Limited.
The Strategic Report was approved by the Directors on 20 July
2017 and signed on their behalf by
Linda Nash
Chair
The directors present their report and audited financial
statements for Knightstone Capital Plc for the year ended 31 March
2017. Knightstone Capital Plc is a member of Knightstone Housing
Group.
OVERVIEW AND PRINCIPAL ACTIVITY
Knightstone Capital Plc is a wholly owned subsidiary of
Knightstone Housing Association Limited which is an asset owning
company within the Knightstone Housing Group (the "Group"). The
objective of Knightstone Capital Plc is to source funding on behalf
of Knightstone Housing Association Limited directly from the
capital markets and on-lend the proceeds to Knightstone Housing
Association Limited.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic
Report, the Directors' Report and the financial statements in
accordance with applicable law and regulations.
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) including FRS 102
"The Financial Reporting Standard applicable in the UK and Republic
of Ireland".
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 period. 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; and
-- 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
have a general responsibility for taking such steps as are
reasonably open to them to safeguard the assets of the Company and
to prevent and detect fraud and other irregularities.
DIRECTORS
The directors who served during the period were:
Linda Nash (Chair)
Nick Horne
Tony MacGregor
Nick Medhurst
CORPORATE GOVERNANCE
The governance of the Company is overseen by the parent company,
Knightstone Housing Group Limited which includes the audit
committee of the parent. As such, a separate audit committee for
the Company is not considered necessary on the basis that the
parent company's audit committee is suitably placed to perform the
function for the group as a whole.
DIRECTORS' INDEMNITY
The Company's Articles of Association provide, subject to the
provisions of the UK legislation, an indemnity for directors and
officers of the Company in respect of liabilities they may incur in
the discharge of their duties or in the exercise of their powers,
including any liabilities relating to the defence of any
proceedings brought against them which relate to anything done or
omitted, or alleged to have been done or omitted, by them as
officers or employees of the Company.
Appropriate directors' and officers' liability insurance cover
is in place in respect of all of the Company's directors.
MATTERS INCLUDED WITHIN THE STRATEGIC REPORT
In accordance with section 414c (11) future developments and
principal risks and uncertainties.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
Each of the directors at the date of approval of this report has
confirmed that:
-- So far as the director is aware, there is no relevant audit
information of which the Company's auditor is unaware; and
-- The director has taken all the steps that he ought to have
taken as a director to make himself aware of any information needed
by the Company's auditor in connection with preparing their report
and to establish that the Company's auditor is aware of that
information.
AUDITOR
A resolution to appoint BDO UK LLP as auditors will be proposed
at the forthcoming Annual General Meeting on 14 September 2017.
The Report of the Directors was approved on 20 July 2017 and
signed on their behalf by
Linda Nash
Chair
We have audited the financial statements of Knightstone Capital
plc for the year ended 31 March 2017 which comprise the Statement
of Comprehensive Income, the Statement of Financial Position, the
Statement of Changes in Equity and the related notes. The financial
reporting framework that has been applied in their preparation is
applicable law and United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice) including FRS 102
"The Financial Reporting Standard applicable in the UK and Republic
of Ireland".
Respective responsibilities of the board and auditor
As explained more fully in the Directors' Responsibilities
Statement set out on page 4, the directors are responsible for the
preparation of financial statements and for being satisfied that
they give a true and fair view.
Our responsibility is to audit and express an opinion on the
financial statements in accordance with applicable law and
International Standards on Auditing (UK and Ireland). Those
standards require us to comply with the Auditing Practices Board's
Ethical Standards for Auditors. This report is made solely to the
Company's members as a body in accordance with Chapter 3 of Part 16
of the Companies Act 2006. Our audit work has been undertaken so
that we might state to the Company's members those matters we are
required to state to them in an auditor's report and for no other
purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company and the
Company's members as a body for our audit work, for this report, or
for the opinions we have formed.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements
is provided on the Financial Reporting Council's website at www.
frc.org.uk/auditscopeukprivate.
Opinion on the financial statements
In our opinion the financial statements:
-- give a true and fair view of the state of the Company's
affairs as at 31 March 2017 and of its result for the period then
ended;
-- have been properly prepared in accordance with United Kingdom
Generally Accepted Accounting Practice; and
-- have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on the other matters prescribed by the Companies Act
2006
In our opinion, based on the work undertaken in the course of
the audit:
-- the information given in the Strategic Report and Directors'
Report for the financial year for which the financial statements
are prepared is consistent with the financial statements; and
-- the Strategic Report and the Directors' Report have been
prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Company and
its environment obtained in the course of the audit, we have not
identified material misstatements in the Strategic Report or the
Directors' Report.
We have nothing to report in respect of the following matters
where the Companies Act 2006 requires us to report to you if, in
our opinion:
-- adequate accounting records have not been kept, or returns
adequate for our audit have not been received from branches not
visited by us; or
-- the financial statements are not in agreement with the accounting records and returns; or
-- certain disclosures of directors' remuneration specified by law are not made; or
-- we have not received all the information and explanations we require for our audit.
Signed on 2017
Stephen Eames (Senior Statutory Auditor)
For and on behalf of Mazars LLP
Chartered Accountants and Statutory Auditor
45 Church Street
Birmingham
West Midlands
B3 2RT
Notes 2017 2016
GBP GBP
Turnover - -
------------ ------------
Administrative expenses - -
------------ ------------
Operating costs -
-
------------ ------------
Operating profit - -
Finance receivable and similar income 7 50,718 50,581
Interest payable and similar expenses 8 (50,718) (50,581)
------------ ------------
Profit before taxation 4 - -
Tax on profit on ordinary activities 9 - -
-------------- --------------
Profit for the year
Other comprehensive income - -
-------------- --------------
Total comprehensive income for the - -
year
The results included in the profit and loss account relate
wholly to continuing activities.
The notes on pages 11 to 17 are an integral part of these
financial statements.
Notes 2017 2016
GBP GBP
Current Assets
Debtors due within one year 10 - 25,152
Debtors: Amounts falling due after more
than one year 10 1,000,000 1,000,000
Cash at bank and in hand 69,214 57,759
---------- ----------
1,069,214 1,082,911
Creditors: Amounts falling due within
one year 11 (19,214) (32,911)
---------- ----------
Net current assets 1,050,000 1,050,000
---------- ----------
Total assets less current liabilities 1,050,000 1,050,000
Creditors: Amounts falling due after
more than one year 12 (1,000,000) (1,000,000)
---------- ----------
Net assets 50,000 50,000
Share capital and reserves
Called up share capital 13 50,000 50,000
Profit and loss account - -
---------- ----------
Total equity 50,000 50,000
These financial statements were approved by the Directors on 20
July 2017 and signed on their behalf by:
The notes on pages 11 to 17 are an integral part of these
financial statements.
Linda Nash Charlotte Ferris
Chair Secretary
Called
up share Profit and
capital Loss Account Total equity
GBP GBP GBP
At 1 April 2015 50,000 - 50,000
---------- ---------- ----------
Profit for the financial year - - -
Other comprehensive income - - -
---------- ---------- ----------
Total comprehensive income - - -
---------- ---------- ----------
At 31 March 2016 50,000 - 50,000
Profit for the financial year - - -
Other comprehensive income - - -
---------- ---------- ----------
Total comprehensive income - - -
---------- ---------- ----------
At 31 March 2017 50,000 - 50,000
Profit and loss account
This reserve represents cumulative profits and losses of the
Company.
The notes on pages 11 to 17 are an integral part of these
financial statements.
1 GENERAL INFORMATION
Knightstone Capital Plc was incorporated in the United Kingdom
in September 2013 and is a wholly owned subsidiary of Knightstone
Housing Association Limited which is an asset owning company within
the Knightstone Housing Group (the "Group"). The registered office
is Weston Gateway Business Park, Weston-super-Mare, BS24 7JP.
The objective of Knightstone Capital Plc is to source funding on
behalf of Knightstone Housing Association Limited directly from the
capital markets and on-lend the proceeds to Knightstone Housing
Association Limited. The financial statements have been prepared
for the year ended 31 March 2017, and are stated in GBP and rounded
to the nearest GBP.
2 ACCOUNTING POLICIES
The financial statements have been prepared in compliance with
Financial Reporting Standard 102 "The Financial Reporting Standard
applicable in the United Kingdom and the Republic of Ireland ("FRS
102") and the Companies Act 2006. A summary of all material
accounting policies, which have been consistently applied, are set
out below:
(a) Basis of preparation
The financial statements have been prepared under the historical
cost convention.
(b) Disclosure exemptions
FRS 102 allows a qualifying entity certain disclosure
exemptions, subject to certain conditions, which have been complied
with, including notification of and no objection to, the use of
exemptions by the Company's shareholders. The Company is included
in the consolidated financial statements of Knightstone Housing
Group Limited. Note 1 provides details of where those consolidated
financial statement may be obtained from.
In preparing the financial statements, the Company has taken
advantage of the following exemptions:
-- from disclosing key management personnel compensation, as
required by paragraph 7 of Section 33 Related Party
Disclosures;
-- from presenting a statement of cash flows, as required by
Section 7 Statement of Cash Flows;
-- from presenting a reconciliation of the number of shares
outstanding at the beginning and end of the year, as required by
paragraph 12 of Section 4 Statement of Financial Position; and
-- on the basis that equivalent disclosures are given in the
consolidated financial statements, the Company has also taken
advantage of the exemption not to provide certain disclosures as
required by Section 11 Basic Financial Instruments and Section 12
Other Financial Instrument Issues.
(c) Going concern
At the date of these financial statements the directors have
carried out a detailed and comprehensive review of the business and
its future prospects. In the opinion of the directors, the Company
is expected to be able to continue trading within the current
arrangements for at least 12 months from the date of signing these
financial statements and consequently the financial statements are
presented on the going concern basis.
(d) Financial assets
Financial assets are defined as cash or any asset that is a
contractual right to receive cash or another financial asset from
another entity, or a contractual right to exchange financial
instruments with another entity under conditions that are
potentially favourable, or an equity instrument of another entity.
The only category of financial asset held by the Company is
debtors.
Debtors are assets with fixed or determinable payments that are
not quoted on an active market, other than those that are
categorised as financial assets at fair value through profit or
loss. These are initially recognised at transaction price plus
directly attributable transaction costs. At each balance sheet date
they are subsequently measured at amortised cost, with interest
income recognised in profit or loss using the effective interest
method. Examples of loans and receivables include amounts on-lent
to Group entities.
(e) Financial liabilities
Financial liabilities are defined as any liability that is a
contractual obligation to deliver cash or another financial asset
to another entity, or to exchange financial instruments with
another entity under conditions that are potentially unfavourable.
Financial liabilities held by the Company include issued debt.
Interest charges are recognised in profit or loss using the
effective interest method. The only category of financial liability
held by the Company is those measured at amortised cost using the
effective interest method.
In the case of issued debt due after more than one year, the
fair value of financial liabilities is estimated by discounting the
future contractual cash flows at the current market interest rate
available to the Company for similar financial instruments.
(f) Segmental Information
The Company has one class of business from which it derives its
income, being to provide funding to its immediate parent company,
Knightstone Housing Association Limited. All interest, income,
expenditure and net assets are derived from UK operation.
(g) Taxation
The charge for taxation is based on the profit for the year and
takes into account taxation deferred because of timing differences
between the treatment of certain items for taxation and accounting
purposes.
(h) Bond issue costs
The Company has a contractual agreement in place with
Knightstone Housing Association Limited whereby Knightstone Housing
Association Limited will meet any costs associated with issuing
bonds. Issue costs are therefore not recognised as a deduction to
the carrying amount of the debt financial instruments where they
are not incurred by the Company.
3 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In applying the Company's accounting policies, the directors are
required to make judgements, estimates and assumptions in
determining the carrying amounts of assets and liabilities. The
directors' judgements, estimates and assumptions are based on the
best and most reliable evidence available at the time when the
decisions are made, and are based on historical experience and
other factors that are considered to be applicable. Due to the
inherent subjectivity involved in making such judgements, estimates
and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the year in which the estimate is revised, if the revision affects
only that year, or in the year of the revision and future years, if
the revision affects both current and future years.
(a) CRITICAL JUDGEMENTS IN APPLYING THE COMPANY'S ACCOUNTING
POLICIES
The critical judgements that the directors have made in the
process of applying the Company's accounting policies and that have
the most significant effect on the amounts recognised in the
financial statements are discussed below.
ASSESSING WHETHER THE COMPANY MEETS THE DEFINITION OF A
FINANCIAL INSTITUTION
The directors have performed an assessment to conclude whether
the Company meets the definition of a financial institution as set
out by FRS 102. Entities that meet this definition are required to
present additional disclosures as required by FRS 102 Section 34
Specialised Activities.
A financial institution includes entities "whose principal
activity is to generate wealth or manage risk through financial
instruments". The principal activity of the Company is deemed by
the directors to be the sourcing of funding directly from the
capital markets to on-lend to the Group. Funding obtained is
secured on the assets of the Group, and interest charges are passed
to the Group, hence the Company itself does not generate profit
from the arrangement.
As such, the directors do not regard the Company to fall within
the definition of a financial institution; this being on the basis
that the Company's use of financial instruments is not primarily
for the generation of wealth or for the management of risk, but
rather for the purpose of raising finance on behalf of the
group.
(b) KEY SOURCES OF ESTIMATION UNCERTAINTY
The directors are of the opinion that there are no sources of
estimation uncertainty.
4 PROFIT OR LOSS BEFORE TAXATION
During the year, the Company recharged interest paid on loans to
Knightstone Housing Association Limited to whom the proceeds of the
capital markets issue have been on-lent. Consequently during the
period the Company made neither a profit nor a loss.
Audit fees for the Company are paid for by the ultimate parent
company, Knightstone Housing Group Limited, and disclosed within
its consolidated accounts.
5 EMPLOYEES
The Company does not have any employees. All employees acting on
behalf of the Company are employed by Knightstone Housing Group
Limited or Knightstone Housing Association Limited whose costs are
disclosed in those financial statements.
6 BOARD OF DIRECTORS' REMUNERATION
The directors of Knightstone Capital Plc are employed and
remunerated by Knightstone Housing Group Limited. Full accounting
disclosures on directors' remuneration are therefore included
within the Group accounts.
2017 2016
GBP GBP
7 INTEREST RECEIVABLE AND SIMILAR
INCOME
Interest receivable from Group
undertakings 50,718 50,581
---------- ----------
50,718 50,581
2017 2016
GBP GBP
8 INTEREST PAYABLE AND SIMILAR EXPENSES
Interest payable to bond holders 50,718 50,581
---------- ----------
50,718 50,581
2017 2016
GBP GBP
9 TAXATION
Tax charge for the year - -
During the current year and previous
year there was no taxable profit
2017 2016
GBP GBP
10 DEBTORS
Amounts falling due within one
year
Amounts owed by Group undertakings - 25,152
---------- ----------
- 25,152
Amounts falling due after more
than one year
Amounts owed by Group undertakings 1,000,000 1,000,000
---------- ----------
1,000,000 1,000,000
Repayment of the on-lent funds is at a fixed amount in line with
the terms of the underlying agreement between Knightstone Capital
Plc and Knightstone Housing Association Limited.
The terms of the on-lending agreement underlying the intra-group
debtor mirror those of the Company's bond liability shown under
Creditors (note 11).
2017 2016
GBP GBP
11 CREDITORS: amounts falling due
within one year
Amounts owed to Group undertakings 19,214 7,759
Interest owed to bond holders - 25,152
---------- ----------
19,214 32,911
2017 2016
GBP GBP
12 CREDITORS: amounts falling due
after more than one year
Issue 2/10/13-5.058% (step up)
Secured Bonds (semi-annual coupon) 1,000,000 1,000,000
---------- ----------
1,000,000 1,000,000
On 2 October 2013, Knightstone Capital Plc issued a GBP100
million 35 year fixed rate bond with an annual coupon of 5.058%
from issue until 30 November 2017 and 5.576% thereafter. Of the
total issue, GBP50 million has been retained on behalf of the
issuer and no interest is due on the retained element of the issue.
GBP50 million is therefore repayable on 1 October 2048. The initial
GBP1m was drawn at the date of issue and a further GBP49m will be
received in November 2017 with Knightstone Capital Plc retaining
GBP50m of the bonds to sell to investors in the future. The bond
was issued at par.
Knightstone Capital Plc can on-lend all of its proceeds from
capital market transactions to its immediate parent company,
Knightstone Housing Association Limited. The underlying assets
relating to this issuance therefore belong to Knightstone Housing
Association Limited which are held through a security trust
arrangement with the Prudential Trustee Company Limited.
The drawn down elements of the bond are secured by fixed charges
over property security of Knightstone Housing Association Limited
at their Market Value as defined by VS 3.2 of the RICS Valuation -
Professional Standards 2012.
No collateral has been called in the period.
All of Knightstone Capital Plc's costs relating to providing
funding services were met by Knightstone Housing Association
Limited.
The Company currently borrows funds on a fixed rate basis from
the capital markets and on-lends these funds to its immediate
parent company, Knightstone Housing Association Limited on the same
fixed rate basis. As such, the Company does not bear any exposure
to interest rate risk. All of the Company's capital markets
financing proceeds will be available to be on-lent to Knightstone
Housing Association Limited, which represents the only credit risk
to the Company. This credit risk is mitigated through a number of
factors, including the housing asset security which stands behind
the loan, the overall HCA assessment of the Group's financial
viability and the contractual protection of the loan agreement
between the Company and Knightstone Housing Association Limited. No
further qualitative disclosures about credit, liquidity and market
risks are applicable.
a
2017 2016
GBP GBP
13 CALLED UP SHARE CAPITAL
Allotted, called up and fully paid
share capital 50,000 50,000
The ordinary shares of the Company carry no right to fixed
income and one voting right per share.
Knightstone Housing Association Limited is the registered holder
of 50,000 fully paid shares of GBP1. The shares were issued on
incorporation of the Company on 16 September 2013. Knightstone
Housing Association Limited acquired its 50,000 ordinary shares on
16 September 2013.
14 ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
The immediate parent company is Knightstone Housing Association
Limited, a charitable housing association and a registered society
under the Co-operative and Community Benefit Societies Act 2014
with registration number 21080R and registered with the Regulator
pursuant to sections 111 and 112 of the Housing and Regeneration
Act 2008 (Registration No. L0291).
The ultimate parent undertaking and controlling party is
Knightstone Housing Group Limited, a housing association and a
registered society under the Co-operative and Community Benefit
Societies Act 2014 with registration number 29867R and registered
with the Regulator pursuant to sections 111 and 112 of the Housing
and Regeneration Act 2008 (Registration No. L4436). Copies of Group
accounts can be obtained from the registered office at Knightstone
Housing, Weston Gateway Business Park, Weston-super-Mare, BS24
7JP.
15 RELATED PARTY DISCLOSURE
Knightstone Capital Plc has taken advantage of the exemption
permitted by Section 33 "Related party transactions" contained in
FRS 102, and has therefore not disclosed transactions or balances
with entities which are wholly owned members of the Group. There
were no other related party transactions.
16 EVENTS AFTER THE END OF THE REPORTING PERIOD
Knightstone Housing Group is progressing potential merger
discussions with Devon and Cornwall Housing Limited, a housing
association with similar geography, values and objectives.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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