Other creditors include a loan of £nil (2022: £14,000) owing to GAM Trustees Ltd. Under the terms of the loan agreement interest is payable quarterly at a rate of 12%.
Other creditors include a loan of Canadian Dollar denominated loan of $18,000 received in March 2023. The GBP converted balance of the loan is £10,900. Under the terms of the loan agreement interest is payable at a rate of 8%.
Other creditrors include three new convertable loans.
Convertible loan 1
Canadian Dollar denominated convertible loan totalling $10,000 received in September and October 2022. The GBP converted balance of the loan is £5,860.
The loan note accrues interest at a rate of 8% per annum and the amount charged for the year is £246.
Convertible loan 2
US Dollar denominated convertible loan totalling $25,020 received in November and December 2022. The GBP converted balance of the loan is £19,900.
The loan note accrues interest at a rate of 8% per annum and the amount charged for the year is £561.
Convertible loan 3
US Dollar denominated convertible loan totalling $19,250 received in October 2022 and January 2023. The GBP converted balance of the loan is £15,300.
The loan note accrues interest at a rate of 8% per annum and the amount charged for the year is £369.
Directors' loan accounts includes amounts owed to the following individuals.
I I Medad: £15,779 (2022: £72,502)
The above figure includes a US Dollar denominated convertible loan totalling $25,000 received in June 2022. The GBP converted balance of the loan is £14,600.
The loan note accrues interest at a rate of 8% per annum and the amount charged for the year is £909.
The balance of the director loan of £1,179 is repayable within the next 12-months.
A A Z Medad: £12,519 (2022: £23,020)
The balance is repayable within the next 12-months and incur interest payable at a rate of 8% pa.