Derek Smart · @dsmart
8th Jul 2016 from TwitLonger
**BREAKING NEWS** Foundry42 (UK) Filed Financials!!
Just heard a few hours ago.
https://beta.companieshouse.gov.uk/company/08703814/filing-history
Interesting note: They're averaging £15.5m annual expenditure after taking advantage of around 20% in UK tax credits.
From a quick glance, that $3-$4 million a month estimated burn rate for the operation of all 4 studios, doesn't sound so far-fetched any more. No fucking wonder they're now looking under the furniture for nickels while stripping backers clean. Wow. Just wow.
I have yet to review and pour through them in detail, but by courtesy of Stolen Goon Valor license, someone (a Goon, who else?) gave it a cursory run through.
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This meant they had to restate the previous year, for comparison. It shows as suspected that they are basically spending whatever they get from the parent company. £5.7m in 2014 and £15m in 2015. The UK tax payer is contributing around £4m. With £3m still due as at end of 2015. They will probably have received that cash subsequently.
These tax rebates that were outstanding at the end of the year account for the profits in each year essentially. Since they were spending whatever they transferred the outstanding rebates due of £1m and £3m each year end up being the retrospective "profits" in each year.
So the £15m of expenditure in 2015 would appear to cover an average of 132 employees. That's a bone for your burn rate calculations. It would appear the motion cap expenditure isn't in these accounts. I'm not sure I understand how this would be possible as I thought Foundry 42 had sole responsibility for making Squadron 42.
As a subsidiary of Cloud Imperium Games Ltd they have chosen not to disclose the related parties transactions. These are what I was most interested in reading. When CIG Ltd are filed it should paint a clearer picture of the whole UK operation. They are due by the end of September (as were these, deadline met) but they should be finished and filed soon since the whole group are usually prepared together.
I'm not sure how much there is to see here. I'd guess that Erin is the only director pulling a salary from this specific company, so he'd be on ~£190k a year.
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