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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