The Director, Mr D Smith, provided a working capital loan to the company during the year to meet company expenses. The balance outstanding to the Director as at 30th September 2024 was (£22,636). The loan has no prescribed method of repayment and attracts no interest. This amount is included under the classification of Current Liabilities.
The company took advantage of a government backed 'Bounce back' Loan. The loan amounted to £28,000. The amount was held as cash at the end of the corporate year with no plans for commitment. The Loan will be paid back over a 5 Year peiod at an interest rate fixed by the government of 2.5%. The loan can also be paid back at any time within the 5 year period. The current Balance outstanding is £9,715.