Annual report and accounts 2023 - Flipbook - Page 181
Strategic Report
21.
Accounts
Corporate Governance
Loans and other borrowings
Group
Current
Bank borrowings
Lease liabilities
Non-current
Lease liabilities
Total borrowings
Company
2023
£m
2022
£m
2023
£m
2022
£m
0.7
1.5
0.3
1.3
–
2.9
–
2.6
3.6
2.8
18.4
19.3
5.8
4.4
21.3
21.9
All of the Group’s borrowings are denominated in UK sterling.
As disclosed in Note 15, the Group made an investment in Boost in the year ended 29 January 2023. The bank borrowing at the year end represents the overdraft of Boost at
the year end date.
As disclosed in Note 15, the Group made an investment in MOMA in the year ending 30 January 2022. MOMA had two CBIL loans totalling £0.3m, as noted in the table above.
This was a sterling debt facility expiring in June 2026. The £0.3m was fully repaid in the year ended 29 January 2023.
As at 30 January 2022, the Group had access to £30m of revolving credit facilities over periods of three to five years with Royal Bank of Scotland plc and HSBC Bank plc.
In the year ending 29 January 2023 these facilities were reduced to £20m held with Royal Bank Scotland plc which is due to expire in February 2026.
Arrangement fees associated with loan facilities are included in the finance costs line in the income statement.
During the year to 26 January 2014, certain property assets were transferred into A.G. BARR Scottish Limited Partnership and are being leased back to the Company under
a 21-year lease agreement. Further details are included within Note 27.
The maturity analysis of the lease liabilities are shown in the table below:
Group
Lease liabilities
Less than one year
One to two years
Two to three years
Three to four years
Four to five years
Later than five years
Less: Unearned interest
Company
Lease liabilities
2023
£m
2022
£m
2023
£m
2022
£m
1.5
1.4
1.1
0.8
0.3
–
1.3
1.0
0.8
0.6
0.4
–
2.9
2.8
2.6
2.3
1.8
14.4
2.6
2.4
2.4
2.0
2.0
16.1
5.1
4.1
26.8
27.5
–
–
5.1
4.1
(5.5)
(5.6)
21.3
21.9
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