Page 235 - Sigmaroc Annual-Report 2023

The carrying amounts and fair value of the non-current borrowings are:
Carrying amount and fair value
31 December 2023 £’000
7,853
31 December 2022 £’000
235
Syndicated Senior Credit Facility Bank Loans
Finance lease liabilities
IFRS 16 leases
Lease Liabilities
Lease liabilities are effectively secured, as the rights to the leased asset revert to the lessor in the event of default. Leases which are entered into as a hire purchase agreement, or a finance lease is shown as finance leases.
206,342 2,617 7,375 12,296 228,630
Consolidated
7,346 14,547 5,124 27,017 3,200 30,217
For the year ended 31 December 2023, the total finance charges were £1 million (2022: £0.6 million)
The contracted and planned lease commitments were discounted using a weighted average incremental borrowing rate of 6.5%. The present value of finance lease liabilities is as follows:
174,090
5,986
12,863
200,792
Finance lease liabilities – minimum lease payments
Not later than one year
Later than one year and no later than five years Later than five years
Future finance charges on finance lease liabilities
Present value of finance lease liabilities
31 December 2023 £’000
31 December 2022 £’000
6,795
15,647
5,069
27,511
4,466
31,977
Not later than one year
Later than one year and no later than five years Later than five years
Present value of finance lease liabilities
7,566 14,983 5,278 27,827
31 December 2023 £’000
Consolidated
16,664
31 December 2022 £’000
7,236
5,398
29,298