Originally Posted by
brog
Here's the info from the accounts. £870k is owed to Budge & £1m owed to another director at market interest rates! I wonder if those were variable!! Still leaves over £2m unexplained & all due ( though could be extended ) next month. Hmmmm!
Creditors: amounts falling due within one year2019 Loans and overdrafts £3,972 As explained in note 19 the loans from group undertakings and related parties are now of a current nature.
Loans and overdrafts (Continued)Bidco (1874) Limited provided a number of additional short term loan facilities to the company over the courseof the year, amounting to £700k. Bidco (1874) Limited also agreed to extend the short-term loan facility of£170k provided in the prior year, for an additional 12 month period. The total short term facilities owed to Bidco(1874) Limited at 30 June 2019 was £870k. These facilities have been provided on an interest free basis.In 2017, a director provided a £1.75m loan facility to the company for a period of two years. At 30 June 2018,£1.7m had been drawn down. During the current year the company repaid £1m. The loan has been providedat market interest rates. Subsequent to the year end, the director has varied the facility for another 12 monthperiod, with the outstanding facility of £750k increased to £1m.