This note provides information about the contractual terms of
the Group's interest-bearing loans and borrowings. For more
information about the Group's exposure to interest rate and foreign
currency risk, see note 26.
2014 2013
GBP000 GBP000
-------------------------------------- ------ ------
Non-current liabilities
Secured bank loans 28,222 29,775
Loan arrangement fees (77) (296)
-------------------------------------- ------ ------
28,145 29,479
-------------------------------------- ------ ------
Current liabilities
Asset backed loan 5,336 7,683
Revolving credit facilities - 658
Current portion of secured bank loans 4,535 4,763
-------------------------------------- ------ ------
Bank loans and borrowings 9,871 13,104
Loan arrangement fees (176) (257)
-------------------------------------- ------ ------
9,695 12,847
-------------------------------------- ------ ------
The asset backed loans are secured on the inventory and
receivables of the larger business units within the UK, USA and
European business segments.
The revolving credit facilities are secured on the assets of the
Group, in the same way as the bank overdraft above. The interest
rate is 3.2% over LIBOR. The facilities are drawn for periods from
one day up to six months.
Following the negotiations of new banking facilities in April
2013, the Group accrued arrangement fees which are being spread
over the life of the facility.
Terms and debt repayment schedule
2014 2013
-------------------------------------- ---- ------ ------
Repayment analysis of bank loans and
overdrafts Note GBP000 GBP000
Due within one year:
Bank loans and borrowings (see below) 9,871 13,104
Bank overdrafts 16 2,529 336
Due between one and two years:
Secured bank loans (see below) 6,071 4,725
Due between two and five years:
Secured bank loans (see below) 18,525 20,984
Due after more than five years:
Secured bank loans (see below) 3,626 4,066
-------------------------------------- ---- ------ ------
40,622 43,215
-------------------------------------- ---- ------ ------
During the year the facility with the Group's major bank was
amended to include a new GBP5,000,000 facility to fund the new
investment in Wales.
Secured bank loans
Loan 1
The principal of GBP303,000 (2013: GBP487,000) is repayable
monthly on a reducing balance basis over a 15 year period, ending
in March 2016. The loan is secured over the freehold land and
buildings and the contents therein of International Greetings USA,
Inc. and is subject to a variable rate of interest linked to the US
Federal Funds Rate (US FFR). The currency of denomination of the
loan is US Dollars.
Loan 2
The principal of GBP275,000 (2013: GBP470,000) is repayable
monthly on a reducing balance basis over a nine year period ending
in March 2016. The loan is secured over the freehold land and
buildings and the content therein of International Greetings USA,
Inc. and is subject to a variable rate of interest linked to the US
FFR. The currency of denomination of the loan is US Dollars.
Loan 3
The principal of GBP5,486,000 (2013: GBP5,956,000) is repayable
quarterly over a 20 year period ending in July 2028. The loan is
secured over the freehold land and buildings and the content
therein of Hoomark BV and is subject to a variable rate of interest
linked to EURIBOR, that has been swapped to a fixed rate for a
notional amount of GBP5,785,000 (2013: GBP5,882,000) over a period
of five years ending in January 2017. The currency of denomination
of the loan is Euros.
Loan 4
The principal of GBPNil (2013: GBP218,000) was repayable monthly
over a five year period ending November 2013. The loan was secured
over the plant and machinery of International Greetings UK Ltd and
was subject to a variable rate interest linked to the UK base rate.
The currency of denomination of the loan was Sterling.
Loan 5
The principal of GBP14,659,000 (2013: GBP15,208,000) is
repayable over a five year period with a bullet repayment in May
2016. GBP9,100,000 is denominated in Sterling and GBP5,559,000 is
denominated in US Dollars. They are subject to a variable interest
rate linked to LIBOR except for the element that has been swapped.
At 31 March 2014 the Group had an interest rate cap on a notional
amount of GBP8 million, and a notional amount of $8 million,
whereby interest payable has been capped at 1.5% on both notional
amounts. The terms of the hedge have been negotiated to match the
terms of the commitments.
Loan 6
The principal of GBP8,035,000 (2013: GBP12,199,000) is repayable
and amortised over a four year period to May 2015. GBP4,800,000 is
denominated in Sterling and GBP3,235,000 is denominated in US
Dollars. They are subject to a variable interest rate linked to
LIBOR except for the elements that have been swapped. At 31 March
2014, the Group had an interest rate swap in place with a notional
amount of GBP2.9 million whereby it receives a floating rate of
interest based on LIBOR and pays a fixed rate of interest at 0.92%
on the notional amount. The terms of the hedge have been negotiated
to match the terms of the commitments. At 31 March 2014, the Group
had an interest rate swap in place with a notional amount of $5.4
million whereby it receives a floating rate of interest based on
LIBOR and pays a fixed rate of interest at 0.77% on the notional
amount. The terms of the hedge have been negotiated to match the
terms of commitment.
Loan 7
The principal of GBP4,000,000 (2013: GBPNil) is repayable over a
three year period to May 2016. It is subject to a variable interest
rate linked to LIBOR. The currency of denomination of the loan is
Sterling.
18 Deferred income
2014 2013
GBP000 GBP000
----------------------------------------- ------ ------
Included within non--current liabilities
Deferred grant income 1,592 1,329
----------------------------------------- ------ ------
Included within current liabilities
----------------------------------------- ------ ------
Deferred grant income 620 550
Other deferred income 582 -
----------------------------------------- ------ ------
1,202 550
----------------------------------------- ------ ------
The deferred grant income is in respect of government grants
relating to the development of the site in Wales.
During the year GBP1,049,000 new grant was received in relation
to the new investment in Wales. This is being amortised in line
with depreciation on the new investment. All conditions on the old
grant have been met and there is no requirement to repay. It is
being amortised in line with the depreciation on the site
development.
19 Provisions
Property
GBP000
---------------------------------- ------ --------
Balance at 1 April 2013 969
New provisions made during the
year 120
Unwinding of fair value discounts 7
Provisions utilised during the
year (71)
---------------------------------- ------ --------
Balance at 31 March 2014 1,025
---------------------------------- ------ --------
2014 2013
GBP000 GBP000
---------------------------------- ------ --------
Non--current 860 862
Current 165 107
---------------------------------- ------ --------
1,025 969
---------------------------------- ------ --------
The provision represents the estimated reinstatement cost of two
of the Group's leasehold properties under fully repairing leases
and provision for an onerous lease for one of those properties. A
professional valuation was performed during 2012 for one of the
leasehold properties and the provision was reassessed and is stated
after discounting. GBP664,000 of the non-current balance relates to
a lease expiring in 2025, the balance relates to items between two
and five years.
20 Other financial liabilities
2014 2013
GBP000 GBP000
------------------------------------------ ------ ------
Included within non-current liabilities
Finance lease 4,087 1,540
Other creditors and accruals 115 263
------------------------------------------ ------ ------
4,202 1,803
------------------------------------------ ------ ------
Included within current liabilities
Finance lease 602 237
Other creditors and accruals 9,210 8,212
Interest rate swaps and forward foreign
currency contracts carried at fair value
through the income statement 115 54
Interest rate swaps and forward foreign
exchange contracts carried at fair value
through the hedging reserve 577 451
------------------------------------------ ------ ------
10,504 8,954
------------------------------------------ ------ ------
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