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What is 'Rich Energy'?


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#6001 pdac

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Posted 14 February 2020 - 17:54

Fool me once, shame on you, fool me twice, shame on me.

 

There truly is one born every minute.  OMG, I give it three months.  And I think a bunch of bikers might be a little less.....let's say, diplomatic, than a F1 team when they find they been rooked.   

 

pdac, Lightning Volt Ltd still exists, with Billy Boy and this bloke Terzic as directors.  

 

Ah, of course.



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#6002 KWSN - DSM

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Posted 14 February 2020 - 18:35

I expect OMG have actually received some funds already, they know as well as the rest of us how this all played out last year, they take the money and then chips fall where they might during the season.

 

:cool:



#6003 BRG

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Posted 14 February 2020 - 18:52

Which would bring us back to the age-old question - where the hell has the money come from?  Not from any sales of energy drink, we can be certain of that.

 

And as Lightning Volt (nee Rich Energy) hasn't filed any accounts - their accounting period was extended from 30 Sept 2018 to 31 March 2019, but still has never been filed - we don't have any idea of whether and how much cash has been paid to Haas and now to OMG. 

 

Previously they had two exemptions which meant that this company has NEVER filed any accounts*.  Time for Companies House to strike them off, I'd say.

 

* Edit: sorry, my mistake, RE did file accounts to 30 Sept 2017, which was how we knew that they had precisely £581 cash in the bank and net assets of £868,868.


Edited by BRG, 14 February 2020 - 18:57.


#6004 pdac

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Posted 14 February 2020 - 19:01

Which would bring us back to the age-old question - where the hell has the money come from?  Not from any sales of energy drink, we can be certain of that.

 

And as Lightning Volt (nee Rich Energy) hasn't filed any accounts - their accounting period was extended from 30 Sept 2018 to 31 March 2019, but still has never been filed - we don't have any idea of whether and how much cash has been paid to Haas and now to OMG. 

 

Previously they had two exemptions which meant that this company has NEVER filed any accounts.  Time for Companies House to strike them off, I'd say.

 

Yes, as an aside, it does say a lot about the way private companies are controlled in the UK - you're obliged to file accounts within 21 months of incorporation, yet file nothing for 4 and a half years and what happens to you?



#6005 RSRally

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Posted 14 February 2020 - 20:08

Would imagine this is much more affordable, should have done this sort of thing from the beginning. I think RE is still sponsoring Toby Sowery as well, so there must be SOME money..

#6006 New Britain

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Posted 14 February 2020 - 20:20

Which would bring us back to the age-old question - where the hell has the money come from?  Not from any sales of energy drink, we can be certain of that.

 

And as Lightning Volt (nee Rich Energy) hasn't filed any accounts - their accounting period was extended from 30 Sept 2018 to 31 March 2019, but still has never been filed - we don't have any idea of whether and how much cash has been paid to Haas and now to OMG. 

 

Previously they had two exemptions which meant that this company has NEVER filed any accounts*.  Time for Companies House to strike them off, I'd say.

 

* Edit: sorry, my mistake, RE did file accounts to 30 Sept 2017, which was how we knew that they had precisely £581 cash in the bank and net assets of £868,868.

And IIRC their net assets of £868k were roughly half their intangible assets of about £1.8m. In other words, those intangible assets could be worth nothing and the company could have had, or today could have, a negative net worth.



#6007 pdac

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Posted 14 February 2020 - 20:52

And IIRC their net assets of £868k were roughly half their intangible assets of about £1.8m. In other words, those intangible assets could be worth nothing and the company could have had, or today could have, a negative net worth.

 

But didn't they have all of those unfilled cans to recycle. What's the price of Aluminium at the moment?



#6008 ensign14

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Posted 14 February 2020 - 23:51

Yes, as an aside, it does say a lot about the way private companies are controlled in the UK - you're obliged to file accounts within 21 months of incorporation, yet file nothing for 4 and a half years and what happens to you?

If you literally do nothing in that time, you get sent a notice, and, if you don't reply to that, it's game over.  Takes less than 4 years too.



#6009 pdac

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Posted 15 February 2020 - 00:26

If you literally do nothing in that time, you get sent a notice, and, if you don't reply to that, it's game over.  Takes less than 4 years too.

 

Then how come Lightning Volt was incorporated in September 2015, has filed no accounts and is still 'active'? All they have done is file confirmation statement after confirmation statement.


Edited by pdac, 15 February 2020 - 00:26.


#6010 ensign14

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Posted 15 February 2020 - 08:20

Because that's some activity.  Some companies never properly trade so file dormant accounts.  Doing something fools the algorithm enough to divert the pooter's attention away.



#6011 New Britain

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Posted 15 February 2020 - 08:39

But didn't they have all of those unfilled cans to recycle. What's the price of Aluminium at the moment?

Not high enough!

A quick search suggests that cans fetch something IRO a penny each. If these guys really started with 90 million cans, that would suggest that the scrap value of what remains is less than £900k. That is, of course, assuming that they paid for the 90 millions cans or, more to the point, they ever really had 90 million rather than, say, 9 million or 900,000.



#6012 player1s

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Posted 17 February 2020 - 07:38

I've been looking at the site and twitter feed of OMG and they're basically like Wild Bill. Lots of boasting and no real knowledge of PR. Match made in heaven.



#6013 DanardiF1

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Posted 17 February 2020 - 21:22

Is there any way Gene Haas can intervene in this 'deal', given he's still owed money from the contract Rich signed with his team...



#6014 Nathan

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Posted 17 February 2020 - 21:54

It's not really a wagon worth hitching your PR on to.



#6015 BalanceUT

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Posted 17 February 2020 - 22:11

News flash: OMG changes name to WTF after realizing Rich Energy's checks are rubbery. 



#6016 ATM

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Posted 17 February 2020 - 22:25

Well, some money is still better than no money. This might be the bottom line for both OMG and Haas. After all, the car (/bike) ha to be painted with something, right? So, as long as they get a nice livery (and it is rather nice) together with at least the first payment, why not? It’s not like other sponsors are knocking at their doors...
Of course, Mr. Storey’s particularily odd behavior does tend to cripple an otherwise okay-ish calculation but hey, if you can ignore the amateurish light your team is put into, it’s still good business.

#6017 Sterzo

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Posted 18 February 2020 - 09:54

Well, some money is still better than no money. This might be the bottom line for both OMG and Haas.

Exactly. Desperation is the better part of valour.