New TVR still under wraps! (Vol. 3)
Discussion
QBee said:
Gazzab said:
QBee said:
Gazzab said:
Ouch. What’s the extra £9m of debt falling due? Repayment of a loan?
No - the loan would have shown in the accounts.The implication is expenditure.
A loss implies trading expenditure or similar, given that it has incurred a current liabilty,
I will go have a look at the rest of the accounts and report back
The movement in reserves suggests that this has been spent on something revenue in nature, not capital, and that is most likely development work or consultancy fees, I would have thought.
Gazzab said:
Oh so let’s speculate. Gordon Murray? Battery tech? EV drivetrain mock up? Redesign of existing car?
I would suggest its whatever would keep the wheels turning for longest. Probably something EV related - presumably that'll lead to some R&D tax credits. If I was a betting man I wouldn't put money on the companies existing in their current form this time next year though.
In the notes of TVR Automotive, there is equity investment of £9.1m.
Para 10 - They say that the Audacia bond issue successfully raised 'initial funds'. That amounts to £1.47m. Repayment is due on the 30th April 2025 plus 8.25% interest.
They have also confirmed that they will NOT be building the cars in Wales. That is the end of that saga once and for all. So all those years of whining about the Welsh Govt means nothing at all.
Para 3.3 says: "The company has designed a new luxury sports car, the Griffith, for production and assembly at a potential production facility identified in South of England adjacent to a race circuit."
The wording in these accounts is the same they used in previous accounts concerning the Wales factory. All the talk of potential equity investors is again the same old spiel as we have heard so many times before.
They seem to be going in reverse.
Para 14 - Auditors Information: "We were unable to obtain sufficient appropriate audit evidence to support the directors' assessment that the carrying amount of the intangible assets is not impaired." The intangible assets are £9.6m comprising intellectual property and capitalized vehicle development costs. Oh dearie me.
Para 10 - They say that the Audacia bond issue successfully raised 'initial funds'. That amounts to £1.47m. Repayment is due on the 30th April 2025 plus 8.25% interest.
They have also confirmed that they will NOT be building the cars in Wales. That is the end of that saga once and for all. So all those years of whining about the Welsh Govt means nothing at all.
Para 3.3 says: "The company has designed a new luxury sports car, the Griffith, for production and assembly at a potential production facility identified in South of England adjacent to a race circuit."
The wording in these accounts is the same they used in previous accounts concerning the Wales factory. All the talk of potential equity investors is again the same old spiel as we have heard so many times before.
They seem to be going in reverse.
Para 14 - Auditors Information: "We were unable to obtain sufficient appropriate audit evidence to support the directors' assessment that the carrying amount of the intangible assets is not impaired." The intangible assets are £9.6m comprising intellectual property and capitalized vehicle development costs. Oh dearie me.
Edited by Viper201 on Tuesday 2nd July 16:22
I thought it was time to give an update.
Unfortunately,the much heralded New factory premises ( green house) , has not materialised.
So,we are having to make do with sheds.
The problem now,is that although the inclement weather is continuing, the courgette plants have out grown the sheds,so will have to fend for themselves in the open air.
TVR, don't even have undersize sheds to manufacture product,never mind a factory/ green house!
Unfortunately,the much heralded New factory premises ( green house) , has not materialised.
So,we are having to make do with sheds.
The problem now,is that although the inclement weather is continuing, the courgette plants have out grown the sheds,so will have to fend for themselves in the open air.
TVR, don't even have undersize sheds to manufacture product,never mind a factory/ green house!
astonman said:
I thought it was time to give an update.
Unfortunately,the much heralded New factory premises ( green house) , has not materialised.
So,we are having to make do with sheds.
The problem now,is that although the inclement weather is continuing, the courgette plants have out grown the sheds,so will have to fend for themselves in the open air.
TVR, don't even have undersize sheds to manufacture product,never mind a factory/ green house!
Unfortunately,the much heralded New factory premises ( green house) , has not materialised.
So,we are having to make do with sheds.
The problem now,is that although the inclement weather is continuing, the courgette plants have out grown the sheds,so will have to fend for themselves in the open air.
TVR, don't even have undersize sheds to manufacture product,never mind a factory/ green house!
This is true.
They built many thousands of cars in undersized sheds so that’s no excuse.
That’s amused me more than it should
astonman said:
I thought it was time to give an update.
Unfortunately,the much heralded New factory premises ( green house) , has not materialised.
So,we are having to make do with sheds.
The problem now,is that although the inclement weather is continuing, the courgette plants have out grown the sheds,so will have to fend for themselves in the open air.
TVR, don't even have undersize sheds to manufacture product,never mind a factory/ green house!
At last this thread is back on track Unfortunately,the much heralded New factory premises ( green house) , has not materialised.
So,we are having to make do with sheds.
The problem now,is that although the inclement weather is continuing, the courgette plants have out grown the sheds,so will have to fend for themselves in the open air.
TVR, don't even have undersize sheds to manufacture product,never mind a factory/ green house!
Stabs thread with pointy stick and steps back….
https://business.senedd.wales/documents/g14741/Pub...
I hope the link works - if not sorry, but anyone interested can work out it’s a link to welsh government accounts committee meeting 17th July including quite a bit about TVR.
Rompy
https://business.senedd.wales/documents/g14741/Pub...
I hope the link works - if not sorry, but anyone interested can work out it’s a link to welsh government accounts committee meeting 17th July including quite a bit about TVR.
Rompy
So they got their loan back which is good news, still saddled with some worthless shares though and also now stuck with yet another white elephant of a property that no one wants, we have a jungle full of such places in Wales! usually handed over to someone at a peppercorn rent in the end, Aston Martin in St Athan is a prime example or the LG factory in Newport.
The original owners of that clapped out factory did well out of this fiasco to shift it for such a vast sum, as it was also pretty worthless, as did the builders who refurbished it! I wonder who's palms were greased in those deals.
The original owners of that clapped out factory did well out of this fiasco to shift it for such a vast sum, as it was also pretty worthless, as did the builders who refurbished it! I wonder who's palms were greased in those deals.
Edited by PAUL.S. on Monday 15th July 17:33
£2m loan with 13% interest = £4.3m. Ouch. And they used the 'multi-million' Ensorcia investment money to repay that loan which is said to be more than the £5.5m TVR had to have before the Govt leased the factory. And the bond issue terminates on the 30th April next year so another large chunk to pay out.
It looks like there is some discord between Ensorcia (Daniel Layton) and TVR. TVR wants to produce the V8 but Ensorcia wants to produce an electric car.
If this is not resolved......
Wonder if TVR still sponsor the local football team?
It looks like there is some discord between Ensorcia (Daniel Layton) and TVR. TVR wants to produce the V8 but Ensorcia wants to produce an electric car.
If this is not resolved......
Wonder if TVR still sponsor the local football team?
Byker28i said:
The Three D Mucketeer said:
Interesting way to trim a hedge Joys of living in the country. The famers know who to ask.
6.5 tonnes, so a bit heavy when the weather is as bad as it has been the last two winters.
My TVR is just out of shot, and definitely "under wraps", with it's Leven cover on
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