As at 31 December 2023, Pointor plc had £400,000 6% loan notes in issue, interest being paid in two annual instalments on 31 March and 30 September each year. On 31 August 2024, the company then redeemed £300,000 of these loan notes at par, paying the interest due up to that date. Finally, on 31 October 2024, the company issued £300,000 5% loan notes at par. Interest on these loan notes is payable in two annual instalments on 30 April and 31 October each year.

Required:

(a) What interest expense (or ‘finance costs’) in connection with these loan notes will be included in the income statement of Pointor plc for its year ended 31 December 2024?

(b) What amount of accrued interest payable will be included as a current liability in its balance sheet as at 31 December 2024?