Post by Crumpy Six on May 9, 2016 13:40:28 GMT
22Cans have published their financial statements for the year ending 31st December 2015.
These are publicly available from Companies House. Here's a direct link: beta.companieshouse.gov.uk/company/07955622/filing-history/MzE0Nzg5ODEzOWFkaXF6a2N4/document?format=pdf&download=0
Key highlights, from a quick glance:
- 22Cans continue to prepare statements as a going concern, which means they expect to continue trading for at least another year.
- They are still preparing abbreviated statements (which they are entitled to do, due to the small size of the company) so it's difficult to do any meaningful analysis.
- Their net worth is now (790,839), as opposed to last year's (1,183,610). So that's something!
22Cans have, over the last few years, carried a large current liability on their balance sheet. This has been assumed to be some combination of Kickstarter funds and loans from PM, but no one really knows. This figure has gone down from 1,685,681 to 931,118. Either 22Cans has been able to pay off some of its debt, or it has been able to recognise some deferred revenue. In either case, a reduction to this balance is a good thing. It still far exceeds their assets, however.
In previous years, 22Cans has been quite cash-rich despite (because of?) its debts. The year-end cash balance has moved as follows:
2013 - 573,038
2014 - 209,967
2015 - 35,961
Frankly, this is a little uncomfortable. The notes to the statements say, as they have done in every previous year, "the directors feel it appropriate to prepare these financial statements on a going concern basis. Having reviewed forecasts, the directors are satisfied that the company has adequate cash reserves to support its trading activities for the foreseeable future." As of the December year-end, they barely had enough cash to pay a single person's salary. However, they have indeed continued trading, and despite a few redundancies have even hired a few more heads, so I guess they must have got funds from somewhere.
Last year's current assets were 487,816. That's cash and debtors combined. The total is now 131,961 (over 70% reduction). This could be a reflection of revenue drying up. I anticipate they're going to want to release their next title ASAP. Godus Wars was probably supposed to bring about a quick cash injection, but I would be very surprised if it was a commercial success given the player numbers and critical reception.
These are publicly available from Companies House. Here's a direct link: beta.companieshouse.gov.uk/company/07955622/filing-history/MzE0Nzg5ODEzOWFkaXF6a2N4/document?format=pdf&download=0
Key highlights, from a quick glance:
- 22Cans continue to prepare statements as a going concern, which means they expect to continue trading for at least another year.
- They are still preparing abbreviated statements (which they are entitled to do, due to the small size of the company) so it's difficult to do any meaningful analysis.
- Their net worth is now (790,839), as opposed to last year's (1,183,610). So that's something!
22Cans have, over the last few years, carried a large current liability on their balance sheet. This has been assumed to be some combination of Kickstarter funds and loans from PM, but no one really knows. This figure has gone down from 1,685,681 to 931,118. Either 22Cans has been able to pay off some of its debt, or it has been able to recognise some deferred revenue. In either case, a reduction to this balance is a good thing. It still far exceeds their assets, however.
In previous years, 22Cans has been quite cash-rich despite (because of?) its debts. The year-end cash balance has moved as follows:
2013 - 573,038
2014 - 209,967
2015 - 35,961
Frankly, this is a little uncomfortable. The notes to the statements say, as they have done in every previous year, "the directors feel it appropriate to prepare these financial statements on a going concern basis. Having reviewed forecasts, the directors are satisfied that the company has adequate cash reserves to support its trading activities for the foreseeable future." As of the December year-end, they barely had enough cash to pay a single person's salary. However, they have indeed continued trading, and despite a few redundancies have even hired a few more heads, so I guess they must have got funds from somewhere.
Last year's current assets were 487,816. That's cash and debtors combined. The total is now 131,961 (over 70% reduction). This could be a reflection of revenue drying up. I anticipate they're going to want to release their next title ASAP. Godus Wars was probably supposed to bring about a quick cash injection, but I would be very surprised if it was a commercial success given the player numbers and critical reception.
