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20 Other Interest-Bearing Loans and Borrowings (continued) Finance lease liabilities are payable as follows:


2014


Minimum lease


payments £000


Less than one year Between one and five years


403 486 889


Interest £000


21 14 35


Principal £000


382 472 854


Minimum lease


payments £000


509 891


1,400 2013


Interest £000


33 35 68


Principal £000


476 856


1,332


All of the above loans are denoted in pounds sterling, with various interest rates and maturity dates. Te main purpose of the above facilities is to finance the Group’s operations. For more information about the Group’s exposure to interest rate risk, see Note 25.


HSBC Bank Plc, HSBC Asset Finance (UK) Ltd and HSBC Equipment Finance (UK) Ltd have debentures incorporating fixed and floating charges over the undertaking and all property and assets including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.


As part of the bank borrowing facility the Group needs to meet certain covenants every six months. Tere were no breaches of covenants during the year. Te covenant tests required are as follows:


Net bank debt: EBITDA Interest cover Debt service cover


Te HSBC facilities (excluding overdraft) available for drawdown are £29.0m (2013: £29.0m). At the period end date the facility utilised was £9.4m (2013: £8.5m), giving £19.6m (2013: £20.5m) headroom.


21 Analysis of Net Debt Note


Cash at bank Loan notes


Debt due within one year Debt due after one year


Invoice discounting due within one year Hire purchase obligations due within one year Hire purchase obligations due after one year Total net bank debt


Debt Cash at bank


Unamortised transaction costs Total net bank debt


Deferred consideration payable Total net debt including deferred consideration payable Cash at banks


Total debt including deferred consideration payable excluding cash Deferred consideration receivable


Total debt including deferred consideration payable and receivable excluding cash 20


year ended 29 June 2013 £000


1,310 1,310


At


Cash flow £000


(718) (369)


(3,563) (3,259) (476) (856)


(7,213) (8,263) (260)


1,310 (7,213) (216) (7,429) 1,310


(8,739) 2,745


(5,994)


(2,030) 369 300 94


384


(1,601) -


- - -


- -


- - - -


year ended 28 June 2014 £000


-- - (718)


592 592


(2,399) (3,194) (2,959) (382) (472)


(8,814) (9,330) (76)


592 (8,814) - (8,814) 592


(9,406) 2,895


(6,511) At


50


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