Other related party transactions
During the year the company made the following related party transactions:
Drillserve Limited Pension Fund
(Mr P Sheppard, who is a director of Drillserve Limited is also a beneficiary of Drillserve Limited pension fund).
Rent of £16,500 (2020 - £16,500) was paid into Drillserve Limited pension fund in respect of the year. At the balance sheet date the amount due from Drillserve Limited pension fund was £116 (2020 - £166).
Mrs M Sheppard (Director)
Included within other creditors is a loan from Mrs M Sheppard of £100,000 (2020 - £100,000). This loan bears interest at 10%. The total interest paid in the year on the loan was £10,000 (2020 - £9,795). In addition, in other creditors is a director's current account with a credit balance at the year end of £16,738 (2020 - £2,777). At the balance sheet date, the net amount due to Mrs Sheppard was £116,738 (2020 - £102,777).
Mr P Sheppard (Director)
Included within other creditors is a loan from Mr P Sheppard of £Nil (2020 - £14,000). This loan bears interest at 5%. The total interest paid in the year on the loan was £555 (2020 - £231). In addition, in other creditors is a director's current account with a credit balance at the year end of £34,055 (2020 - £18,950). At the balance sheet date, the net amount due to Mr Sheppard was £34,055 (2020 - £32,950).