Included in Creditors is Business Bounce Back loan of 27,570 (2024:£33,084). The loan is repayable in 10 years with the rate of interest fixed at 2.50% per annum.
Included within Debtors is a balance of £15,185.20 (2024:£53,814.31) receivable from Shyam Homes Ltd, a company in which director has beneficial interest. The loan is unsecured, repayable on demand, and interest is charged at 3% per annum. The loan is denominated in GBP. In the prior year, interest was calculated on the loan's closing balance at each period end. In the current year, interest has been calculated on the rolling (average) daily balance throughout the year, reflecting movements on the loan during the period. This change has been applied to more accurately reflect the interest cost associated with the actual balance outstanding over time.