Bounce Back Loan
The Company took advantage of a Governemnt Bank 'Bounce Back' Loan arrangement. The amount borrowed was £20,000. This is a six year loan with a first year interest and payment free period. Thereafter the repayment will be made over a 5 year period at an interest rate of 2.5%. The balance at 30/09/2024 was £12,121. £4,257 of this is classed as short term loan payments to made within 1 Year.
Director's Loan
The Director, Mr Paul Davis 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 £637 (2023 £592). The loan has no prescribed method of repayment and attracts no interest. This amount is included under the classification of Liabilities.