Within other creditors there is a £500,922 Innovate UK loan repayable from March 2023. The repayments are to be made quarterly for 20 quarters. The interest on this loan is 3.7% until December 2022. From January 2023 it increases to 7.4%. This loan has a fixed and floating charge over the company, including intellectual property.
There is also a £100,000 loan from Loughborough University taken on 12th August 2019. This may be repaid at any time at the discretion of the directors. However, all or part of the loan is repayable upon receipt of a written demand from the lender. This may be served at any time following the accounts showing a positive distributable balance. The first 3 years of this loan are interest free and then it increases to 1.5%.
There is a bounce back loan of £48,000 taken on the 20th May 2020. The remaining £9,600 is due within one year and £32,000 due in 1 - 5 years.