Annual Reports Keepmoat Homes Annual Report 2018 | Page 55

Notes to the consolidated financial statements
Keepmoat.com
18 – Loans and borrowings
2018 2017 2018 Restated
2017
EIR 1 % EIR 1 % £’000 £’000
5.0% 5.0% 996 9,595
n/a 3.8% - 89
6.6% 6.6% 6,275 5,991
7,271 15,675
- 709
- 709
7,271 16,384
7,271 15,675
Between two and five years - 329
After more than five years - 380
7,271 16,384
Current
Bank overdraft
Bank loans
Other loans
Non-current
Bank loans
n/a
3.8%
Maturity of financial liabilities
Less than one year
1
Effective interest rate
Other loans comprise Builders Finance Fund (“BFF”) loans. Interest is charged at European Central
Bank base rate plus a margin which varies 4.5% to 6.5% between sites and amounts are repayable on
completion of each site for which the loan relates.
Included within bank loans above was an amount of £798,000 at 31 March 2017 secured by fixed charges
over certain freehold land and buildings. Overdrafts are secured by a floating charge over the assets of the
Group and are subject to cross guarantees with other companies (see note 23).
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