Inlcuded in creditors is £543,299 payable to an entity under common control (prior year £349,325). Both entities are close companies, wholly owned by the same individual who is also the sole director of both entities. The other entity provides ongoing financial support to the company as it pursues its R&D program. The loan is repayable on demand but the director does not anticipate needing to repay the loan until the company is able to do so out of profits.
From 1 August 2024 the loan is interest bearing at 2.5% (prior year 0%), interest of £3,221 is included within loan interest (prior year £nil). An additional interest charge of £14,147 is included in current year interest to reflect interest that should have accrued up to 31 July 2024.