Bounce Back Loan
A loan has been taken out by the company from a government backed scheme. The loan amounted to £5,000 and has a fived interest paybale of 2.5%.
Business Loan
In an earlier period, the business took a Bounce Back Loan due to the uncertainty of the economic climate. A total of £430.79 is repayable and is shown under the classification of liabilities.
Director's Loan
The Director, Mr Marc Clapson provided a working capital loan to the company during the year to meet company expenses. The balance outstanding to the Director as at 31st October 2023 was £22,621 (2022 £19,218). The loan has no prescribed method of repayment and attracts no interest. This amount is included under the classification of Liabilities.