Will the Cabinet Secretary confirm that TVR's last filed accounts dated 30 March 2017 are inaccurate in relation to the terms of repayment of the £2 million loan made available to TVR by the Welsh Government?
The accounts of a company that are filed at Companies House are a reflection of the activities of that business and any dialogue between the Directors and the company’s Auditors. The accounts filed by TVR record that the company has a long term loan from the Welsh Government which is secured and which can be repayable on demand.
In the going concern statement within the filed accounts, it is noted that at the time they were prepared the Welsh Government had indicated that it had no intention to demand immediate repayment of the loan. The statement was correct as there was no intention by Welsh Government to demand early re-payment. This loan has a term of 5 years and is repayable at the end of the term.