Director's Loan
The Director, Mr James Parry, provided a working capital loan to the company during the year to meet company expenses. The balance outstanding to the Director as at 30th June 2020 was £1,370.53 (£220.43 2019). The loan has no prescribed method of repayment and attracts no interest. This amount is included under the classification of Current Liabilities.
Bounce Back Loan
During the year, the entity received a government backed Bounce Back Loan totalling £12,500.00. This amount is included under the classification of Long Term Liabilities.
COVID-19
Much like many business entities, management have seen a fall in income due to the COVID-19 pandemic. This has negatively affected the income and profit of the busiess for the 2020 year end. However, management has determined that there is no material uncertainty that casts doubt on the entity’s ability to continue as a going concern. It expects that COVID 19 might have some impact, though not significant, for example, in relation to expected future performance, or the effects on some future asset valuations.