Six Capabilities of Financial Management Entity

short summary of the provided content in a paragraph

Managing Financial Resources
and Decisions
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.1 Identifying sources of finance available to incorporated and unincorporated business........3
1.2 Assessing implication of using internal and external sources of finance..............................4
1.3 Evaluating the most appropriate sources of finance for Clariton Antique Ltd......................5
TASK 2............................................................................................................................................6
2.1 Analysis of the costs of two sources of finance.....................................................................6
2.2 Importance of financial planning...........................................................................................7
2.3 Assessing the information needed to make decision.............................................................8
2.4 Impact on financial statements..............................................................................................8
TASK 3............................................................................................................................................8
3.1 Prepare and analyze cash budget...........................................................................................8
3.2 Calculating cost per unit........................................................................................................9
3.3 Assessing the viability of project.........................................................................................11
TASK 4..........................................................................................................................................14
4.1 Different financial statements..............................................................................................14
4.2 Impact of finance on financial statements...........................................................................14
4.3 Interpretation of ratios.........................................................................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17
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INTRODUCTION
Finance is act like a transport that helps a business in order to reach a destination of
success accompanied by higher base of customers and quality oriented skills. The Clariton Ltd
has been selected by an enterprise for assessing the existing capability of this business concern in
order to help them in a making business decisions. This project report is all about explaining
various sources of finance by assessing its costs nod implications on the current entity. This
emphasizes on preparing cash budget and calculating cost per product to determine its price. The
capital budgeting technique is used to assess the viability of the project. The ratio analysis has
also used to compare the performance of the business.
TASK 1
1.1 Identifying sources of finance available to incorporated and unincorporated business
There are different sources of finance which can be used by businesses for meeting their
requirement related to different operational activities. However, sources of finance are different
for incorporated and unincorporated businesses which are explained as follows-
Unincorporated business
Unincorporated business refers to those which cannot issue the share and raise finance
from public for meeting their organizational objectives. It consists of different sources of finance
such retained profit, sale of old assets and bank loan. However, owner's capital can also be added
in the same through which business can increase overall rate of return and meeting the
expectations of different parties in an effectual manner (Purce, 2014). At this juncture, Clariton
can access of the listed sources in order to raise fund for its expansion. Moreover, short term
sources can be easily accessed by management so they can contribute towards its success. Not
only this, but sources like sale of old assets and bank loan are also important which take
relatively less time. Hence, unincorporated business cannot raise their money through public or
similar kind of sources.
Incorporated business
Incorporated business refers to those which acquire fund from different parties sources
such as issue of share, retained profit and bank loan as well as leasing companies which assists
corporation to deliver good quality of services to large number of buyers in an effectual manner.
3

Furthermore, equity share can be issued for raising long term finance through which business can
meet expectations of all related parties effectively (Abdelhak, Grostick and Hanken, 2014).
Apart from this, retained profit generally takes less time to arrange through which Clariton
Antique Ltd can expand its business in the marketplace. Generally, incorporated businesses have
scope of growth and development and accordingly they can easily access long term sources by
referring several options or alternatives.
1.2 Assessing implication of using internal and external sources of finance
There are different sources of finance which can be availed to businesses effectively. In
this manner, implication of different sources are explained in the following manner. The current
scenario reflects that Clariton is in need of £0.5 million for acquiring a building in Birmingham. Bank loan-Bank loan is acquired through financial institutions or reputed banks on
behalf of collateral security. This enables corporation to access cost effective source of
finance in set time limit so that accordingly upward direction of business can be
determined. Bank loan is the external source of finance which require companies to
higher loan along with certain rate of interest (Hill, Jones and Schilling, 2014). the
implication of loan from bank is that in case the interest is not paid on time the legal
actions would be taken against the firm. Thus can affect the reputation of the firm to a
greater extent. Retained profit-It is another source of finance which is arranged with the help of existing
profitability of firm which is kept aside for further investment. This source of finance
does not require to pay its cost to outside party. This is directly invested in the expansion
of business for increasing overall rate of return in the marketplace. It is also an internal
source of finance which facilitates management to raise the money for investment
purpose (Brigham and Ehrhardt, 2013). Issue of share-It is another source of finance which assists management of Clariton to
raise finance through public. However, dividend should be paid by management on time
along with interference of different parties in the decision making process (McKinney,
2015). Furthermore, issue of share tend to dilute the control procedure of business which
has direct impact on its rate of return and business strategies.
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 Leasing companies-These companies reduced financial burden of corporation by
offering them highly equipped tools and machinery for their consistent flow of
production. At this juncture, Clariton can easily access cost effective sources on the basis
of certain amount as rent or cost. It can be critically evaluated that leasing companies
may increase the interest rate and might ask for compensation in case of damage to
assets.
 Sale of old assets-This is considered as internal source of finance which generate short
term finance for business. However, in hasty it might be possible that assets which has
been sold was undervalued. This has direct impact on performance of business.
1.3 Evaluating the most appropriate sources of finance for Clariton Antique Ltd.
The most appropriate sources of finance are selected in accordance with selected budget
or requirement of business. This is because some businesses like to avoid risk and require money
in relatively less time span. For this purpose, following mentioned sources of finance can be
acquired by Clariton Antique Ltd for its expansion project- Bank loan-According to the given case study, Clariton Antique Ltd is planning to expand
the project where it can use bank loan as the most effective source of finance (Sources of
Finance, 2017). For this purpose, firm sing the agreement with bank related to certain
time span along with clear specification of interest rate and installment. Issue of share-The scenario reflects that Clariton Antique is a limited company and
accordingly it can issue the equity share,. This would be appropriate to reduce the risk of
loss as shareholders are to required to pay the return when firm suffer high losses (Purce,
2014). Hence, it is the most effective source of firm and management can expand their
business by raising fund from the same. Leasing companies-This is considered as the most important source of finance as it
provide machinery and other tools require to produce antique items for business. This
plays important role in reducing burden of firm with start up of production activities.
Owing to this, leasing companies is also the most appropriate source for business
(Abdelhak, Grostick and Hanken, 2014).
 Retained profit-This source of finance is considered as the most appropriate just because
of it requires less time to arrange the finance for new project. Here, management of
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Clariton can easily avail the finance for expansion. At the same time, this is considered as
the more cheaper source of finance because company does not pay cost of the same to
outside party. Hence, retained profit is also the most effective source for acquiring a
building in Birmingham to open another branch.
TASK 2
2.1 Analysis of the costs of two sources of finance
Financial expansion of Clariton Antiques Ltd is possible in situation when there is
effective use of resources. It is based upon the recognition of the past year economic position
data of the organization. Thus varied aspects needs to be determined for 2015 as well as 2016 in
relation to dividend, interest as well as tax. Dividends:This type of costs needs to be assessed through comparison of divided for the
year 2015 as well as 2016. In accordance with the table given there is presence of similar
performance of dividend in both the years. Therefore allocation of the fund can be done
from the other business for the purpose of operating new branches. Dividend reflects the
cost of the business that is related with liquidity as well as monetary performance of the
firm. This is being assessed that organization can make utilization of sources of finance
for the purpose of reducing the situation associated with crisis (Burnell and Ware, 2007).
In situation when company issue share to public then it has to bear this cost in terms that
it pay part of profit to shareholders which is referred to as dividend. Interest: The monetary sources which has been gained through loan from financial or non
financial sector influence the economic profile of the organization. This increase in the
rate of interest influence the quality of business in adverse manner. While in contrast to
this decrease in the interest rate enhances the efficiency of the business in positive terms.
Thus Clariton's economic condition can be assessed through making adjustments
regarding the fluctuations within the rate of interest.
 Tax: From the analysis of the table given it is being assessed that Clariton is spending
greater amount of funds in making tax payment in the year 2016 as compared to the year
2015. Therefore financial position has reduced in the current year in comparison with the
performance of former year. It is determined that government has made alteration in the
rate of tax because of imbalances among revenue as well as expenses. This is regarded as
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good for the development of nation (Gaskell and Ashton, 2008). However it also leads to
affecting the economic performance of Clariton's item provider. This has been assessed
the financial position of the firm in 2016 is worse as compared with previous year. Thus
firm faces economic crisis for its expansion and need sources.
2.2 Importance of financial planning
The major aim of financial planning is towards expanding business. Further it involves
generation of suitable idea in order to make utilization of resources in an effective manner. It is
comprised of tools as well as techniques that is budgeting as well as strategic planning in order to
resolve the problem. Moreover as per the case Clariton is making plan to attain funds through
utilization of several methods that offers ideas in analyzing the sources that involves its forecast. Budgeting: The tool includes preparing of the financial strategic plans in order to activate
further transactions of the business. It is comprised of forecasting as well as process of
decision making in order to implement action plan. In similar manner manager of
Clariton is planning towards getting funds by means of budgeting tool (Gibson, 2008).
Recognition has been done for the past years in relation to business activities. Moreover
plans need to be developed in relation to quality as well as quantity of the production. It
is comprised of allocation of finances as well. Implications of failure to finance adequately: Although it is assessed that Clariton can
gain adequate funds in order expand but such seems to be fail. There is presence of
certain limitation while allocation of the funds. This includes wrong interpretation of the
financial statements, greater amount of fund that seems to fail in reaching the target.
Along with this it also includes uncertain alterations which cannot be controlled by the
business. Thus adequate funds cannot be gained in accordance with planning and
manager's prediction (Mishra and et.al., 2009). It does not focus on the strategic plans in
strong manner as well as absence of coordination in completion of the task. Therefore
such limitation emerges while allocation of the funds and organization face challenge in
overcoming the issues.
 Overtrading: It is comprised of transaction of the goods as well as services at significant
level. This emerges because of lack of balance among the revenue as well as expenses.
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This influence either surplus or deficit. Therefore imbalances among the export or import
of transactional activities leads to either profit or loss.
2.3 Assessing the information needed to make decision The partners: Cited business would require the data regarding the business that Clariton
desires to acquire (Okello-Obura and Kigongon-Bukenya, 2008). Information with
respect to other business profitability, capital structure as well as assets is needed. Based
upon the data partners would be able to make decision related with investment. Venture capitalist: Such firm would need information in relation with profitability as well
as capital structure of Clariton as well as business that former one desires to acquire. In
situation Clariton is not sound then it would not operate the business acquired with
greater effectiveness.
 Finance broker: This decision maker require information in relation to the amount of
finance which Clariton need in acquiring other business. Beside this none of information
is needed by finance broker.
2.4 Impact on financial statements
The transaction made through venture capital firm affects the financial statements to a
greater extent. In case the funds are attained through Venture capitalist then in balance sheet
shareholder equity would increase on the liability side. Because of receipt of cash current asset
would enhance within the business (Winand and et.al., 2012). Thus the value on the both side of
balance sheet would enhance. The amount of dividend would be recorded within the income
statement and because of such reason Clariton's profit would decrease to a greater extent.
In case the funds are attained through Finance broker then loan from bank would enhance
and because of such value of both the asset and section of liability would change. Feeds that is
being paid to broker is recorded in income statement and this will affect the profit. With such
there is greater enhancement in the debt and because of such long term loan amount would
enhance within the balance sheet.
TASK 3
3.1 Prepare and analyze cash budget
Particulars January February March April May June
Sale 300000 450000 600000 300000 300000 75000
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Opening cash 110000 -382250 290500 860750 738500 10512
50
Receivables 15000 360000 90000 15000 240000 11250
Total cash
inflow
425000 427750 980500 1175750 1278500 11375
00
Payment 807250 137250 119750 437250 227250 21975
0
Total outflow 807250 137250 119750 437250 227250 21975
0
Closing balance -382250 290500 860750 738500 1051250 91775
0
Interpretations
Cash budget is prepared by an enterprise owner in order to ascertain the cash position of
an entity in order to pay off its existing short term obligations (Coronel and Morris, 2016). The
cash is essential component in the business to curtail the current obligations imposed on the
business to suppress the qualities of the concern. The expenses and gains incurred by the firm in
a particular in cash are recorded in these statements. The efficiency of the business enterprise
will be recognized by measuring the proportion of cash expenses and cash gains of this entity in
order to form accurate decisions in the business. The current position of an entity will help in
determining the success or failure of the firm in relation to its competitors. The cash budget is
analyzed in order to make important decisions in the business to continue or stop the current
business functioning.
January- In the current period the cash inflow is lower as compared to the cash outflow which
results into negative balance generated in the initial month.
February- The negative cash flow balance of initial month converted into positive due to higher
cash inflow produces by the business.
March-The sales increases from 450000 to 600000 which increases the cash balance in order to
enhance the capability of the business.
April-June- This three month is the highest cash balance generated by an entity by increases the
cash inflow as compared to the cash outflow currently incurred in the business.
3.2 Calculating cost per unit
Particulars Units Cost (£)
Variable cost
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Direct material 10000 25000
Direct labor 10000 20000
Direct expenses 10000 5000
Total variable cost 30000 50000
Fixed cost
Labor 10000 15000
Production overhead 10000 10000
Aggregate fixed cost 20000 25000
Total cost 50000 75000
Cost per unit (CPU) Selling price (SP)
Marginal costing = TVC/ number of units
= £50000/5000 units
= £10
= £10 + (£10*20%)
= £10+ £2
= £12
Absorption costing = TC/ number of units
= £75000/10000 units
= £7.5
= £7.5+ (£7.5*20%)
= £7.5 + (£1.5)
= £9
Scenario B:
TVC increased by 10% = £50000+ (£50000*10%)
= £50000 + £5000
= £55000
TC = £55000 + £25000
= £80000/10000 units
= £8
Cost per unit (CPU) Selling price (SP)
Marginal costing = TVC/ number of units
= £55000/10000 units
= £5.5
= £5.5 + (£5.5*20%)
= £5.5 + £1.1
= £6.6
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Absorption costing = TC/ number of units
= £75000/10000 units
= £7.5
= £7.5 + (£7.5*20%)
= £7.5 + (£1.5)
= £8.6
Interpretations
Pricing strategies are crafted by an entity in order to attract wide number of customers to
steal their interest towards the products developed by an entity. There are various pricing
technique followed by Clariton which is given as below:
Cost plus pricing- This technique is widely used approach which includes all kinds of cost
along with specific percentage of profit (Ehrhard and Brigham, 2016). The cost will be included
in the pricing of the products as the efforts of all individuals should be covered to do justice with
all persons. This cost includes fixed and variable cost covered in the price of a product.
Differentiation- The prices are set differently for various segments deals by the business to offer
affordability in terms of pricing to its variety of customers. The difference will be created to
facilitate variety of users to stay long in the organization.
3.3 Assessing the viability of project
Particulars criteria for selection
Payback 3.5years
ARR 35%
NPV 2million
Year Project A Project B
Initial cost 8.6m 4.4
1 1.6 0.8
2 2.8 1.4
3 3.4 2
4 3.6 2.4
5 4 2.3
6 4.2 2.6
Project A
Year Cash flow Cumulative cash flow
0 8.6 8.6
1 1.6 1.6
2 2.8 4.4
3 3.4 7.8
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4 3.6 11.4
5 4 15.4
6 4.2 19.6
Calculation of payback period
=3+3.6/8.6
=3+0.41
=3.41years
Project B
Year Cash flow Cumulative cash flow
0 4.4 4.4
1 0.8 0.8
2 1.4 2.2
3 2 4.2
4 2.4 6.6
5 2.3 8.9
6 2.6 11.5
Calculation of payback period
=3+2.4/4.4
=3+0.54
=3.54Years
Interpretations
Payback is regarded as traditional form of capital budgeting which helps in determining
the time taken by the proposal in generating returns in the future (Hira, 2016). The current
technique emphasizes on the time value of money in which present cash flows are assessed in
order to analyze the future results in form of returns. The clariton assess two projects in order to
accept or reject one proposal for the beneficial of the current enterprise. The criteria are
determined by an entity in which projects less than 3.5 years will take into considerations. The
Project A will be selected as it generates returns in 3.41 years out of the total years of the project.
Year Cash flow Average cash
flows
0 8.6
1 1.6 1.6
2 2.8 2.8
3 3.4 3.4
4 3.6 3.6
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5 4 4
6 4.2 4.2
Total cash flow 19.6 3.266667
ARR 37.9845
Year Cash flow Average cash flows
0 4.4
1 0.8 0.8
2 1.4 1.4
3 2 2
4 2.4 2.4
5 2.3 2.3
6 2.6 2.6
Total cash flow 11.5 1.916667
ARR 43.56061
Interpretations
Average rate of return is essential technique of capital budgeting which helps in assessing
the current business proposal (Fletcher, 2016). The current technique focuses on the profit earned
by an entity in the financial year to assess the returns generate by an enterprise. This technique
analyses the rate of return at which an entity will earn higher amount of profit for the beneficial
of this firm. Two projects are assessed out of which two projects are analyzed in order to take up
the best suitable proposal. Project B will be selected by an entity as it has higher rate of return.
Year Cash flow Pv@14% Present value
Initial investment 8.6
1 1.6 0.877193 1.403509
2 2.8 0.769468 2.154509
3 3.4 0.674972 2.294903
4 3.6 0.59208 2.131489
5 4 0.519369 2.077475
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6 4.2 0.455587 1.913464
Total 11.97535
NPV 3.375348
Year Cash flow Pv@14% Present value
Initial investment 4.4
1 0.8 0.877193 0.701754
2 1.4 0.769468 1.077255
3 2 0.674972 1.349943
4 2.4 0.59208 1.420993
5 2.3 0.519369 1.194548
6 2.6 0.455587 1.184525
Total 6.929018
NPV 2.529018
Interpretations
Net present value method is modernize version of capital budgeting that helps in
assessing the current business proposal (Evans and Porter, 2010). This technique emphasizes on
earning higher profitability generated by an enterprise over the years. The time value of money
concept has accurately adopted by this organization which helps in analyzing the current facts
and figures in order to produce future returns. Project A will be selected as it generated higher
returns over the years as it has met the selection criteria set by an enterprise.
TASK 4
4.1 Different financial statements
There are different financial statements which are prepared by an entity in recording
different business transactions.
Income statement- The profitability of an enterprise will be identified by assessing the sales and
the revenue earned by the business which further analyzed in order to find profit. It is effective in
determining the gross profit that is being made by the business over the financial year.
Balance sheet- The external market position of an entity will be identified by assessing the
assets and liabilities currently incurred by an entity too beat their existing competitors by
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strengthening their market position. In case of balance sheet the asset and liabilities of firm are
recorded. Thus it reveals of financial position of organization.
Cash flow- The movement of cash inflow and outflow will be identified in order to make
accurate decisions in the business related to the current enterprise.
4.2 Impact of finance on financial statements
The financial structure of preparing financial statements gets changed when its
organization structure changed which is given as below:
Sole owner- The owner has under no obligation to prepare financial statements as they are not
registered in the eyes of law (Davies and Drexler, 2010). The income statements will be prepared
to identify the profit by simply deducting expenses from the sales. Balance sheet can be prepared
by preparing incomplete entry where capital and its liabilities are recorded in vertical balance
sheet. The cash budget is enough to record cash transactions.
Partnerships- The profit and loss appropriation is used to distribute profit among different
partners in specific ratio. The balance sheet is used to record the capital brought by each partners
and its drawing made in their name which helps in determine the closing balance of capital held
by each partner. The cash flow statements will be prepared wholly on the name of complete
partnership firm.
Company: They make preparation of all the accounts. Clariton is company thus it needs to
develop accounts as per the international accounting standards.
4.3 Interpretation of ratios
Profitability ratios
Particulars Formula 2015 2016
Revenue 1220 1255
GP 175 178
Operating profit 46 57
Net Profit 23 33
Total assets 746 785
Capital employed 437 468
Average Shareholder's
equity
426.5 399
Gross profit Ratio GP/Net sales*100 14.3442
6
14.1832
7
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Operating profit Ratio Operating profit/Net sales*100 3.77049
2
4.54183
3
Net profit Net profit/Net sales*100 1.88524
6
2.62948
2
Return on Equity Net profit/Average shareholder's
equity
0.05392
7
0.08270
7
Return on assets Net Profit/Total assets 0.03083
1
0.04203
8
Return on capital employed Net Operating profit/Capital
employed
0.10526
3
0.12179
5
Interpretations
Profitability ratio is calculated in order to assess the income statement prepared by an
entity to identify the profit earned by an individual in a particular year (Ehrhard and Brigham,
2016). The profitability ratios of this entity are classified into different categories which include
gross profit, operating profit, net profit, return in equity, return on assets and the return capital
employed. The rationale behind calculating these kinds of ratios is to ascertain the profitability of
this entity. The current classifications are shows that the entire ratio is in the favor of entity as all
are increasing from one period to another.
Liquidity ratio 2015 2016
Current assets 746 785
Current liabilities 309 317
Inventories 46 47
Interest 10 10
EBIT 46 57
Quick asset Current asset-inventories 700 738
Current ratio Current asset/Current liabilities 2.414239 2.476341
Quick ratio Current asset-Inventory/Current liabilities 2.265372 2.328076
Interest coverage ratio EBIT/Interest 4.6 5.7
Interpretations
Liquidity ratio helps in reflecting the existing amount of cash hold by an entity in order to
pay off its short term obligations currently incurred in the business of clariton (Hosain, 2016).
The liquidity shows that an entire firm has higher cash back up to remain active in the business
environment which is fully surrounded by the rivals who are imposing external threats. This
particular ratio is fragmented into different ratios such as current ratio, quick ratio and interest
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coverage ratio. These ratios are increasing from one period to another which shows the current
ability of the business in order to pay off its current market obligations.
CONCLUSION
It can be summarized that above project reports is based on analyzing the takeover
decision of Clariton by we finance Ltd who is a venture capitalist. The venture capitalist
decisions will be chosen by an entity as it demands stake of 20% which is quite less as compared
to the finance broker. The finance broker is demanding 1% brokerage plus 2% interest on the
bank loan taken by an entity. The best suitable decision chosen by an entity will bring lot of
opportunities in boosting the existing capabilities of this entity.
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