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MOD003319 Business Finance

tag 0 Download 14 Pages / 3,335 Words tag 07-07-2021

Questions

Task

Leeworthy Ices Ltd manufactures organic dairy ice cream in processing and packaging centres in Devon, Derbyshire and Wiltshire. Its headquarters is located on an estate near Watford which supports accommodates management, finance, HR and administration. It has a sales and marketing office in Fulham serving the West End of London and buyers for the major supermarkets. It also has sales offices in Berlin, Copenhagen and Prague. It employs approximately 400 staff full- and part time.
 
Deniz is the Managing Director and 30% owner of Leeworthy Ices. Although he has always found EU regulation of the food industry to be very burdensome, he voted “Remain” in 2016 because of the company’s growing European sales. Now that the UK is preparing to leave the EU, he is determined to make the best of it. He is therefore considering potential changes to manufacturing processes which might be possible without EU restrictions. This may involve investment in new machinery and processing capacity. He also wants to step up efforts to market into the Gulf, North America and the Far East. He has been informally approached by a US food producers interested in establishing a joint venture to pursue these markets postBrexit.

Leeworth Ices has always used a traditional budgeting system. The Finance Director, Vinita, joined 3 years ago but is concerned that this approach might not be the most appropriate when such significant changes may be affecting the company in the coming years. However, if a change of budget approach is going to be made, she thinks it should happen in time for the 2018 budget process. That way any “bugs” can be ironed out before the company goes through more significant changes in the following years.

She is also conscious that Deniz is currently focused on a lot of issues and a change of budget method is not one of them. If she is to get approval she needs to make a clear effective argument.Requirements:

Putting yourself in Vinita’s position, prepare a report of Deniz communicating the following issues:

Part 1

i. An understanding of how Leeworthy Ices benefits from having a budget and how the budget process helps development of the business.

ii. The application of traditional budgeting approaches to a business such as Leeworthy Ices, identifying the key areas of the business which the budget process needs to address.

iii. Analysing whether a traditional budgetary system is appropriate to the business in its planned future form 

Part 2

iv. An understanding of alternative budget systems and what benefits they might offer to Leeworthy Ices 

v. The potential application of these methods to Leeworthy Ices including a discussion of the potential problems they may give rise to

vi. Analysing whether one of these methods (or a combination) would be more appropriate to Leeworthy Ices 
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Total 14 pages

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[Accessed 28 January 2023].

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My Assignment Help. MOD003319 Business Finance [Internet]. My Assignment Help. 2021 [cited 28 January 2023]. Available from: https://myassignmenthelp.com/free-samples/mod003319-business-finance/alternative-budget-system.html.


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