The following related party transactions were undertaken during the year:
During the year Marie Pearson, a director and shareholder, paid for expenses on behalf of the company totalling £110 and declared a dividend of £2000 (2023: paid for expenses on behalf of the company totalling £14, repaid £6,014 of her loan account and declared and recieved a dividend of £462. Marie Pearson also repaid the entire amount of the bank loan on behalf of the company and hence the balance at the date of repayment of £270,916 was transferred to her Directors' Loan Account). The total amount owed to Marie Pearson at the year end was £269,493 (2023: £271,493) and is shown within Directors' Loan Account.
During the year Emily Howard, a director and shareholder, paid for expenses on behalf of the company totalling £98, repaid £2,000 of her loan account and declared a dividend of £2,000 (2023: paid for expenses on behalf of the company totalling £nil, repaid £2,000 of her loan account and declared a dividend of £2,000).The total amount owed to Emily Howard at the year end was £2,000 (2023: £2,000).
In the prior year a loan of £22,000 was given to GB Finance and Investments Limited on an interest free basis, a company of which Marie Pearson and Emily Howard are also directors. During the year £nil (2023: £nil) of interest was charged and the loan was repaid in full (2023: three repayments totalling £600 were made). The amount outstanding at year end was £nil (2023: £21,400). Transactions with GB Finance and Investments Limited are shown within Debtors less 1 year as 'Other debtors'.
No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.