Page 89 - Beeks Financial Cloud Group Annual Report 2021

Beeks Financial Cloud Group PLC
Notes to the Consolidated Financial Statements For the year ended 30 June 2021

The bank loan derives from a £1.8m term loan facility taken out from Barclays Bank in December 2020 and is
repayable in 8 quarterly instalments of £0.15m which commenced in March 2021 along with a bullet balance
repayable at Maturity. This, along with the Group’s revolving credit facility available of £2.2m, is used to fund the Group’s
working capital requirements when required. The revolving credit facility balance was nil as at 30 June 2021.

Barclays have been given security for the facility of the UK assets of the Group.

Costs of £21,500 have been amortised over the life of the loan and aged in line with the capital repayments.

Lease
Changes in liabilities arising from financing activities: liabilities Loans Total

Balance at 1 July 2020 2,535 2,158 4,693
Lease liabilities additions IFRS 16 915 - 915
Impact of effective interest rate (3) - (3)
Proceeds from new loans - 3,050 1,800
Repayment of old loans - (2,186) (1,806)
Loan repayments - (1,537) (667)

Lease repayments (581) - (581)
Balance at 30 June 2021 2,866 1,485 4,351

Included within loans is £14,000 of unamortised bank arrangement fees in respect of the new bank facilities following
the re-financing with Barclays. These costs have been capitalised and amortised over the term of the facility.

2021 2020
FINANCE
17. CURRENT LIABILITIES – TRADE AND OTHER PAYABLES Note £000 £000
Trade payables 2,538 699
Other loans 589 697
Lease liability 656 544
Accruals 472 1,019

Contract liabilities 982 -
Other taxation and social security 128 96
Other payables 23 16
VAT - 67
Deferred consideration - 552
Contingent consideration 15 - 488
5,388 4,178

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