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Financial Statements for the Year Ended 31 January 2021 |
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Zixtel Ltd |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 January 2021 |
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for |
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Zixtel Ltd |
Zixtel Ltd (Registered number: 03310108) |
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Contents of the Financial Statements |
for the Year Ended 31 January 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Zixtel Ltd |
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Company Information |
for the Year Ended 31 January 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants & Registered Auditors |
2nd Floor, Woodside House |
261 Low Lane |
Horsforth |
Leeds |
West Yorkshire |
LS18 5NY |
Zixtel Ltd (Registered number: 03310108) |
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Balance Sheet |
31 January 2021 |
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31.1.21 | 31.1.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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Zixtel Ltd (Registered number: 03310108) |
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Balance Sheet - continued |
31 January 2021 |
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31.1.21 | 31.1.20 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 12 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Zixtel Ltd (Registered number: 03310108) |
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Notes to the Financial Statements |
for the Year Ended 31 January 2021 |
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1. | STATUTORY INFORMATION |
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Zixtel Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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As with most businesses, the company has been adversely affected by the current pandemic (COVID-19). This has had an impact the operations, customers, suppliers and staff. |
The company has (where appropriate) utilised the grants and benefits available from the government and are taking all the necessary steps possible to protect the future of the business. |
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Turnover |
Turnover comprises the value of sales (excluding VAT, similar taxes and trade discounts) of services provided in the normal course of business. Revenue is recognised when the services have been completed. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Furniture, fixtures and equipm nt | - |
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Website | - |
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Government grants |
Grants are recognised under the performance model. |
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Investment property |
Investment property is initially recognised at cost and now subsequently measured at fair value. Changes in fair value are recognised in profit or loss. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Zixtel Ltd (Registered number: 03310108) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Basic financial instruments are recognised at amortised costs. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Zixtel Ltd (Registered number: 03310108) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
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COST |
Additions |
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At 31 January 2021 |
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AMORTISATION |
Amortisation for year |
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At 31 January 2021 |
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NET BOOK VALUE |
At 31 January 2021 |
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Zixtel Ltd (Registered number: 03310108) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2021 |
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5. | TANGIBLE FIXED ASSETS |
Furniture, |
Improvements | fixtures |
to | Plant and | and |
property | machinery | equipm nt | Website | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2020 |
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Additions |
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Disposals |
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At 31 January 2021 |
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DEPRECIATION |
At 1 February 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 January 2021 |
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NET BOOK VALUE |
At 31 January 2021 |
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At 31 January 2020 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
Additions |
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At 31 January 2021 |
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NET BOOK VALUE |
At 31 January 2021 |
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Zixtel Ltd (Registered number: 03310108) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2021 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 February 2020 |
and 31 January 2021 |
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NET BOOK VALUE |
At 31 January 2021 |
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At 31 January 2020 |
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Cost or valuation at 31 January 2021 is represented by: |
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Valuation in 2003 | 70,000 |
Valuation in 2004 | 80,000 |
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Cost | 50,000 |
200,000 |
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7. | DEBTORS |
31.1.21 | 31.1.20 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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Zixtel Ltd (Registered number: 03310108) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2021 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.21 | 31.1.20 |
£ | £ |
Hire purchase contracts (see note 10) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.1.21 | 31.1.20 |
£ | £ |
Bank loans |
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Hire purchase contracts (see note 10) |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 135,500 | 161,033 |
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10. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase | contracts |
31.1.21 | 31.1.20 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Zixtel Ltd (Registered number: 03310108) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2021 |
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10. | LEASING AGREEMENTS - continued |
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Non-cancellable | operating leases |
31.1.21 | 31.1.20 |
£ | £ |
Within one year |
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Between one and five years |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.1.21 | 31.1.20 |
£ | £ |
Bank loans |
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Barclays Bank Plc hold a fixed and floating charge over the undertaking and all property and assets present and future. This includes goodwill, book debts, uncalled capital, building fixtures and fixed plant and machinery. |
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Capital Home Loans Limited hold a legal mortgage charge over the properties 10 and 12 Millgate, Selby, North Yorkshire. |
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12. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 February 2020 |
and 31 January 2021 |
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Zixtel Ltd (Registered number: 03310108) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2021 |
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13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 January 2021 and 31 January 2020: |
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31.1.21 | 31.1.20 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Interest on overdrawn loan balances is charged at the official rate. |