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NN34 Accounting And Finance

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Questions:

Task 1: Business start-up projection

You are being assessed on your ability to demonstrate competence in the use of EXCEL to solve business and financial problems, and also to extract relevant data for the assessment of financial performance.

Two retiring lecturers are planning to set up a coffee bar in Openshaw.  The financial year will run January-December 2018. A small, ground level unit with outside seating has been located and the entrepreneurs are in negotiations with developers. A competitive rent for the first year has been offered, as well as a license to sell alcohol. The pair are also undertaking market research, estimating costs and considering how to differentiate.

They have prepared the following forecast:

MONTH

Sit-in (no. cups sold) @ £2.40 average price

Take out (no. cups sold) @ £2.30 average price

Food (no.items)

@ £5.50 average price

JAN

2 200

1 250

1 250

FEB

2 400

1 300

1 300

MAR

2 600

1 350

1 350

APRIL

2 800

1 400

1 400

MAY

3 000

1 450

1 450

JUNE

3 200

1 450

1 450

JULY

3 200

1 540

1 540

AUG

3 200

1 540

1 540

SEPT

3000

1 400

1 400

OCT

2 800

1 400

1 400

NOV

2 600

1 400

1 400

DEC

3 200

1 680

1 680

The average cost of food items bought in is estimated at £2.20 each, initially paid in cash for the first 3 months and on one month’s credit after that, as credit worthiness is built.  Coffee can be bought in at approximately £0.60/cup, paid for in the month sold.

Anticipated monthly costs include: wages £1 600, general costs (service charge, rates…) £3 000, website maintenance £150, marketing £200.  The

development costs of the website are £3 000 payable in February, in addition to legal costs of £1250.  Accountancy fees for the year are not to be paid until 2019 but are likely to be £2 000. Rent is £3 500/quarter payable January, April, July and October.  Starting in January, the pair wish to each draw £1 600 /month.  Equipment: Coffee making and grinding machines £12 000, shop fittings £4 000 and IT costs £2 000, all to paid for in January.  Depreciation of equipment: Coffee making machines 4 years, shop fittings 5 years and IT equipment 3 years.

The retirees have a total of £20 000 redundancy funds to invest in the business and are hopeful of securing a bank loan of £20 000, payable over a 5-year term at a fixed interest rate of 6%.  

Using EXCEL prepare a 12 monthly Cash Flow Forecast, year-end 2018 budgeted Profit and Loss Account and Balance Sheet.

In a short report to the entrepreneurs, offer advice as to the feasibility of the project and make suggestions as to how they might ensure that the business start–up is liquid and profitable.  

Task 2:  Analysis of Financial Performance

You have applied for a position as a junior financial executive for a multinational retailer.  As part of the selection process, you are to be assessed on your ability to find, collect, analyse and present information as well as the ability to analyse financial statements and extract relevant data for the assessment of financial performance.

You must interpret and analyse the final accounts of Marks and Spencer plc 2017 as disclosed in the full report on Moodle, using the Consolidated Income Statement (p92), Consolidated Statement of Financial Position (p93) and Consolidated Statement of Cash Flows (p95).  

This will involve undertaking a comparison of financial data over the two years, calculation and interpretation of accounting ratios. Study of the Chairman’s Statement and Annual Report will enable you to analyse performance in the light of the company’s objectives and decisions taken.

You must include calculations in an appendix for the purposes of assessment.  You should not rely on calculations presented in the Marks and Spencer Annual Report & Financial Statements, but must undertake your own calculations using appropriate financial accounting techniques.

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