| Bank Borrowings
The bank loans which were present in both 2023 and 2024 are denominated in £ with nominal interest rates of market rate. The carrying amount at year end is £Nil (2023 - £10,877).
The bank loans were secured by a fixed and floating charge over the assets of the company.
The final instalment of the bank loan was paid on 31st October 2023.
The bounce back loan are denominated in sterling with nominal interest rates of 2.50%. The carrying amount at year end is £38,168 (2023 - £41,841).
The loan is a bounce back loan guaranteed by the government as part of the Covid 19 relief measures brought in by the UK. The term period is 72 months with nothing repayable and no interest accruing in the first 12 months. The final instalment of the loan is due by 31st May 2026 if an extension period is not taken up.
Bank overdraft are denominated in £ with nominal interest rates of market rate. The carrying amount at year end is £Nil (2023 - £79,286).
The bank overdraft was secured by fixed and floating charges of the assets of the company.
IWOCA loan are denominated in £ with nominal interest rates of 5.12%. The carrying amount at year end is £Nil (2023 - £9,645).
The final instalment of the loan was paid on 30th June 2023.
Funding Circle loan are denominated in £ with nominal interest rates of 13.9%. The carrying amount at year end is £93,939 (2023 - £107,006).
The final instalment of the loan is due on 31st October 2028 based on current repayments and interest accrued.
Other borrowings
Hire purchase contract is denominated in £ with a nominal interest rate of market rate, and the final instalment is due on 3 January 2025. The carrying amount at year end is £5,499 (2023 - £11,497).
The hire purchase liability is secured on the related asset. |