I have subsequently found this and it's not too bad:mwillems wrote: ↑Wed Sep 11, 2019 12:51 amI just had a look and this was the report I had seen. It is for last year and is the latest set of accounts, so I'm not sure where this additional information, and debt, have come from.
https://www.google.com/url?sa=t&source= ... Cs8B6ujUzt
https://s3.eu-west-2.amazonaws.com/docu ... c196cbc800
Cash on the bank is up, they have £218m floating around for various contingencies. This is because of the £150m that you can see Latifi has paid so far, so another £50m to go in yet.
That cash doesn't impact the profit and loss and hasn't been used for anything yet so we shouldn't need to many loans to cover any future shortfalls. What is interesting is that they made a £60m loss...... but that is because they paid back £120m of their debts, so they are in a comfortable position really, nothing to worry about, they are a profitable company more than capable of paying their debts and not facing anything out of the ordinary in risk
I can understand why someone would look at the accounts and think they debts are huge. The creditors due within one year is half a billion. But this isn't loan payments, or just loan payments, it is VAT, Corp Tax, outstanding trade invoices etc, normal operating stuff that carries over from year to year. So I think that the amount of £450m net debt owed as stated in Mclarens 2018 accounts brochure is absolutely correct. Brexit has cost them, they have eaten up into their £5m exchange rate contingency and gone overdrawn by £14m. Thankyou Brexit. Thats £19m of the net loss right there.