Mechanical Breakdown And General Insurance Services Limited - Period Ending 2023-03-31
Mechanical Breakdown And General Insurance Services Limited - Period Ending 2023-03-31
Registration number:
Mechanical Breakdown And General Insurance Services Limited
for the Year Ended 31 March 2023
Mechanical Breakdown And General Insurance Services Limited
Contents
Company Information |
|
Directors' Report |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Balance Sheet |
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Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Mechanical Breakdown And General Insurance Services Limited
Company Information
Directors |
R J Clark N S Howard P K Smith |
Company secretary |
R J Clark |
Registered office |
|
Auditors |
|
Mechanical Breakdown And General Insurance Services Limited
Directors' Report for the Year Ended 31 March 2023
The directors present their report and the for the year ended 31 March 2023.
Directors of the group
The directors who held office during the year were as follows:
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Mechanical Breakdown And General Insurance Services Limited
Directors' Report for the Year Ended 31 March 2023 (continued)
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Walker Dunnett & Co as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
......................................... |
Mechanical Breakdown And General Insurance Services Limited
Independent Auditor's Report to the Members of Mechanical Breakdown And General Insurance Services Limited
Opinion
We have audited the financial statements of Mechanical Breakdown And General Insurance Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2023 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Mechanical Breakdown And General Insurance Services Limited
Independent Auditor's Report to the Members of Mechanical Breakdown And General Insurance Services Limited (continued)
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Directors' Report [set out on page 2], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Mechanical Breakdown And General Insurance Services Limited
Independent Auditor's Report to the Members of Mechanical Breakdown And General Insurance Services Limited (continued)
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Enquiry of management and those charged with governance around actual and potential litigation and claims.
• Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations.
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
The specific laws and regulations that have a specific impact on this company and the accounting preparation of the company accounts will include:
• The Companies Act 2006
• FRS 102
• UK Corporate tax laws
• GDPR laws
• Financial Conduct Authority rules and regulations.
We have assessed the information in the audit and have not found any significant issues with non-compliance with laws and regulations.
The main specific risks relating to audit of the financial statements are income and expense recognition as this drives the main balance sheet figures of trade debtors & creditors, deferred income and other creditors. These risks have been highlighted and have been cleared.
This business has little risk of errors and fraud even though management have the potential of including incorrect journal entries. As a result of the size of the business we can increase % of testing journal entries to reduce risk of irregularities to very low especially those near the year-end. No irregularities have been found in the audit of this company.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Mechanical Breakdown And General Insurance Services Limited
Independent Auditor's Report to the Members of Mechanical Breakdown And General Insurance Services Limited (continued)
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
29 Commercial Street
DD1 3DG
Mechanical Breakdown And General Insurance Services Limited
Consolidated Profit and Loss Account for the Year Ended 31 March 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
- |
|
|
Operating profit |
|
|
|
Interest payable and similar expenses |
- |
( |
|
Profit before tax |
|
|
|
Profit for the financial year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
The group has no recognised gains or losses for the year other than the results above.
Mechanical Breakdown And General Insurance Services Limited
(Registration number: 01478159)
Consolidated Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Other reserves |
|
|
|
Profit and loss account |
|
|
|
Equity attributable to owners of the company |
|
|
|
Total equity |
|
|
The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved and authorised by the
......................................... |
Mechanical Breakdown And General Insurance Services Limited
(Registration number: 01478159)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
76 |
76 |
|
Other reserves |
24 |
24 |
|
Retained earnings |
390,299 |
320,827 |
|
Shareholders' funds |
390,399 |
320,927 |
The company made a profit after tax for the financial year of £219,472 (2022 - profit of £276,589).
The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved and authorised by the Board on 19 March 2024 and signed on its behalf by:
.........................................
R J Clark
Company secretary and director
Mechanical Breakdown And General Insurance Services Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2023
Equity attributable to the parent company
Share capital |
Other reserves |
Profit and loss account |
Total equity |
|
At 1 April 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 March 2023 |
|
|
|
|
Share capital |
Other reserves |
Profit and loss account |
Total equity |
|
At 1 April 2021 |
|
|
( |
( |
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 March 2022 |
|
|
|
|
Mechanical Breakdown And General Insurance Services Limited
Statement of Changes in Equity for the Year Ended 31 March 2023
Share capital |
Other reserves |
Retained earnings |
Total |
|
At 1 April 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 March 2023 |
|
|
|
|
Share capital |
Other reserves |
Retained earnings |
Total |
|
At 1 April 2021 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 March 2022 |
|
|
|
|
Mechanical Breakdown And General Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of disclosure exemptions
The exemptions under section 1A regarding cashflow statement and under s414B of the Companies Act regarding the strategic report have been taken this year.
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements..
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2023.
Mechanical Breakdown And General Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
2 |
Accounting policies (continued) |
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture fixtures and equipment |
20% straight line |
Motor vehicles |
25% reducing balance |
Mechanical Breakdown And General Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
2 |
Accounting policies (continued) |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Mechanical Breakdown And General Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactin costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Turnover |
The analysis of the group's revenue for the year from continuing operations is as follows:
2023 |
2022 |
|
Rendering of services |
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2023 |
2022 |
|
Government grants |
- |
|
Mechanical Breakdown And General Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
- |
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of these financial statements |
9,000 |
9,200 |
Mechanical Breakdown And General Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
Intangible assets |
Group
Goodwill |
|
Cost or valuation |
|
At 1 April 2022 |
|
At 31 March 2023 |
|
Amortisation |
|
At 1 April 2022 |
|
At 31 March 2023 |
|
Carrying amount |
|
At 31 March 2023 |
- |
Mechanical Breakdown And General Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Group |
||
At 1 April 2022 |
|
|
Additions |
|
|
At 31 March 2023 |
|
|
Depreciation |
||
At 1 April 2022 |
|
|
Charge for the year |
|
|
At 31 March 2023 |
|
|
Carrying amount |
||
At 31 March 2023 |
|
|
At 31 March 2022 |
|
|
Mechanical Breakdown And General Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
9 |
Tangible assets (continued) |
Furniture, fittings and equipment |
Total |
|
Company |
||
At 1 April 2022 |
|
|
Additions |
|
|
At 31 March 2023 |
|
|
Depreciation |
||
At 1 April 2022 |
|
|
Charge for the year |
|
|
At 31 March 2023 |
|
|
Carrying amount |
||
At 31 March 2023 |
|
|
At 31 March 2022 |
|
|
Investments |
Company
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Mechanical Breakdown And General Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
10 |
Investments (continued) |
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2023 |
2022 |
|||
Subsidiary undertakings |
||||
|
Cobalt Business Exchange
England and Wales |
|
|
|
|
Cobalt Business Exchange
England and Wales |
|
|
|
Subsidiary undertakings |
Mycoverplan Insurance Services Limited The principal activity of Mycoverplan Insurance Services Limited is |
Auto Warranty Limited The principal activity of Auto Warranty Limited is |
Debtors |
Group |
Company |
||||
Current |
Note |
2023 |
2022 |
2023 |
2022 |
Trade debtors |
|
|
|
|
|
Amounts owed by related parties |
|
|
|
|
|
Other debtors |
|
|
- |
- |
|
Prepayments |
|
|
|
|
|
|
|
|
|
Mechanical Breakdown And General Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
Cash and cash equivalents |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Cash on hand |
|
|
|
|
Bank accounts |
|
|
|
|
Bank balances re floats owed to insurance underwriters |
|
|
|
|
|
|
|
|
Creditors |
Group |
Company |
||||
Note |
2023 |
2022 |
2023 |
2022 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
|
|
|
Trade creditors |
|
|
|
|
|
Amounts due to group undertakings |
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
Other payables |
|
|
|
|
|
Accruals |
|
|
- |
- |
|
Deferred income |
|
|
|
|
|
|
|
|
|
||
Due after one year |
|||||
Loans and borrowings |
|
|
|
|
Loans and borrowings |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Non-current loans and borrowings |
||||
Bank borrowings |
|
|
|
|
Mechanical Breakdown And General Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
14 |
Loans and borrowings (continued) |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Current loans and borrowings |
||||
Bank borrowings |
|
|
|
|
Bank borrowings comprise a Coronavirus business interruption loan.The loan was for £49,500 and is repayable in 60 installments commencing in July 2021. The loan is interest free until July 2021 and thereafter bears interest at 2.5%.
Parent and ultimate parent undertaking |
The company's immediate parent is