The above loan number1 is unsecured, interest free and proposed to be repaid to the company within the three years ending 31 March 2020. The opening balance as at 01 April 2016 stood at £376,496 (2015: £316,991) and net advances totalling £41,949 (2016: £59,505) were made to the director. The closing balance on loan number 1 stood at £418,445 as at the balance sheet date.
The number 2 loan was advanced by the company on 15 November 2016 to assist the director in the purchase of a residential property. Interest totalling £6,142 (2016: Nil) has been charged on this loan. This loan is expected to be repaid to the company within the ten years ending 31 March 2027 subject to annual review in June each year the first review to be performed in June 2018.