 |
 |
 |
|
2009 |
2008 |
|
|
|
£'000 |
£'000 |
|
Current |
|
|
|
Bank loans |
12,557 |
15,526 |
|
Bank overdrafts |
2,140 |
382 |
|
Total borrowings |
14,697 |
15,908 |
|
The maturity profile of the Group's borrowings at the year-end was as follows: |
||
|
In one year or less, or on demand |
14,697 |
15,908 |
|
Between one and two years |
- |
- |
|
Between two and five years |
- |
- |
|
|
14,697 |
15,908 |
|
The carrying amounts of the Group's borrowings are denominated in the following currencies: |
||
|
2009 |
2008 |
|
|
|
£'000 |
£'000 |
|
Sterling |
3,800 |
382 |
|
US dollars |
10,897 |
15,526 |
|
|
14,697 |
15,908 |
|
The Group has the following undrawn committed borrowing facilities: |
|||
|
2009 |
2009 |
2008 |
|
|
Floating rate |
Total |
Total |
|
|
|
£'000 |
£'000 |
£'000 |
|
Expiring within one year |
4,449 |
4,449 |
4,778 |
|
Expiring between one and two years |
- |
- |
- |
|
Total undrawn committed borrowing facilities |
4,449 |
4,449 |
4,778 |
|
Bank loans and overdrafts utilised |
14,697 |
14,697 |
15,908 |
|
Utilised in respect of guarantees |
472 |
472 |
407 |
|
Total Group facilities |
19,618 |
19,618 |
21,093 |
|
The facilities are secured by charges over UK assets and certain shares in Group companies. |
|||
Subsequent to the 2009 year end, the Group has agreements with its two principal bankers for new facilities of £5m and $28.2m, the majority of which are committed to 30 June 2011. These facilities are priced on average at the appropriate currency LIBOR plus a margin of 3.5% and include financial covenants which are measured on a quarterly basis, which were complied with during 2009.
|
The effective interest rates at the balance sheet dates were as follows: |
||||
|
2009 |
2009 |
2008 |
2008 |
|
|
Sterling |
Dollar |
Sterling |
Dollar |
|
|
|
% |
% |
% |
% |
|
Bank loans |
4.0 |
3.7 |
- |
5.2 |
|
Bank overdrafts |
- |
3.2 |
6.3 |
- |
|
The carrying amounts and fair value of the Group's borrowings are as follows: |
||||
|
2009 |
2009 |
2008 |
2008 |
|
|
Book value |
Fair value |
Book value |
Fair value |
|
|
|
£'000 |
£'000 |
£'000 |
£'000 |
|
Bank loans and overdrafts under one year |
14,697 |
14,697 |
15,908 |
15,908 |