Included within the financial statements are amounts with entities which have common directorship/shareholding as follows:
Sales: £22,196 (2023: £27,919)
Purchases: £0 (2023: £13,521)
Amounts owed to related parties: £263,134 (2023: £257,285)
At 30 September 2021, £84,000 of the amount owed was converted into long-term loans, to commence repayment from October 2022. This accrues interest at a rate of 1.5% above base rate, chargeable from October 2021. Interest chargeable on the loan to date has been waived by the company.
At 28 September 2023, £240,000 of the amount owed was converted into long-term loans, to commence repayment from October 2024. This accrues interest at a rate of 0.5% above base rate, chargeable from October 2024. Interest chargeable on the loan to date has been waived by the company.