Page 61 - Hardide-Annual-Report-2021
P. 61

 14. CURRENT LIABILITIES
Trade payables
Taxation and social security costs
Accruals 180
702 Lease incentives   - Loans and deferred income   208 Right of use lease liability   201 Total current liabilities   1,111
Notes to the Group Financial Statements 61
2021 £ ‘000
2020 £ ‘000
661 62 183 906 - 91 193 1,190
 460 62
     In 2019, the Group entered into a loan agreement with Martinsville Henry County Economic Development Corporation for a 5 year term loan of $240,000 (£195,000) to be drawn down in instalments coinciding with the stage payments on the third chemical vapour deposition reactor installed in our Martinsville facility. The final instalment was received in February 2019. The interest rate on the loan was fixed at 2% over the term, repayments were due quarterly and commenced in March 2019. The loan was secured against the reactor and Hardide plc acted as guarantor.
In March 2020, Martinsville Henry County Economic Development Corporation determined to forgive the entire remaining loan balance of $182,000 (£142,000) including, without limitation, principal, interest and any other sums due under the agreement. This grant is now being amortised over the remaining useful life of the reactor.
In January 2021, the Group entered into a £250,000 Coronavirus Business Interruption Loan Scheme (CBILS) backed loan facility with Nucleus Cash Flow Finance Limited. The term is over 60 months at an interest rate of 11%, with the first loan repayment instalment commencing in February 2022.
In March 2021, the Group also entered into a £250,000 Coronavirus Business Interruption Loan Scheme (CBILS) backed loan facility with Maven Capital Partners LLP. The term is over 48 months at an interest rate of 8%, with the first loan repayment instalment commencing in March 2022.
 




















































































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