Cash Flow Analysis and Budget Planning

This assignment presents a series of financial data points, including cash receipts, disbursements, and budgets across different time periods. The task is to analyze this information, focusing on the cash flow statement and budget planning. Students are expected to identify key trends in cash flow, pinpoint any surpluses or shortfalls, and suggest potential areas for improvement within the given budgetary framework.

Running Head: Accounting and financial management
1
Project Report: Accounting and financial management

Accounting and financial management 2
Executive Summary:
This report has been prepared to analyze the financial performance of a company. In
this report, CORE approach (context performance, overview of the comapny, ratio analysis
and evaluation) has been done to evaluate the financial strength of the company. Further, the
financial statement of the comapny has been evaluated to analyze the changes and the
performance of the comapny in terms of the financial figures. More, the competition analysis
has also been done to find out the condition of the comapny in the market. For this report,
MARSHAL MOTOR HOLDINGS PLC has been taken into the concern and the above
evaluation method has been performed over this company.

Accounting and financial management 3
Contents
Part A................................................................................................................................4
Introduction.................................................................................................................4
CORE approach.........................................................................................................4
Financial performance...............................................................................................8
Market position...........................................................................................................9
Competitor analysis.................................................................................................10
Conclusion.................................................................................................................12
Part B1 Fido’s Frisbees...................................................................................................13
Case B1...........................................................................................................................13
Introduction...............................................................................................................13
Profit of the company...............................................................................................13
Breakeven perspective............................................................................................13
Cash flow forecast...................................................................................................14
Recommendation and conclusion.........................................................................14
References.......................................................................................................................15
Appendix.........................................................................................................................17

Accounting and financial management 4
Part A
Introduction:
This report has been prepared to analyze the performance of the Marshall Motor plc.
This report depicts the user about the various position of the company which could be used
by the user while making a decision about making the investment into the company. This
report has been prepared over the company through taking the concern of various tools and
techniques so that the performance could be measured in a perfect manner and a good
result could be offered to the top level management of the company to make a better
decisions about the performance of the company and make the strategies on the basis of
that (horngren, 2009).
In this report, CORE approach (context performance, overview of the comapny, ratio
analysis and evaluation) has been done to evaluate the financial strength of the company.
Further, the financial statement of the comapny has been evaluated to analyze the changes
and the performance of the comapny in terms of the financial figures. More, the competition
analysis has also been done to find out the condition of the comapny in the market.
For this report, various tools and techniques have been analyzed. The CORE
approach of the company describes that the financial perf0rmance of the company in terms
of the internal and external phases are quite attractive and helping the company to manage
the activities, operations, functions and the performance of the company.
CORE approach:
“CORE” is an approach which has been invented by the Moon and Bates to analyze
the financial performance of a company. CORE approach of a company depict about the
performance of an organization in context of the various financial terms. CORE approach
depict that it becomes mandatory for an organization to evaluate its business with context of
the many terms so that a best result could be got and it becomes easy for the company to
manage the performance and make a better decision about the performance and the
position of the company. This approach assists the users to identify and understand the
competitive environment, it also assist the comapny to manage the performance of the
comapny itself (Hopper, Northcott & Scapens, 2007). In core approach, context of a
comapny, overview of the comapny, ratio analysis and evaluation of the company has been
evaluated so that the best analysis could be done over the comapny. The CORE approach
study has been conducted over the MARSHAL MOTOR HOLDINGS PLC to analyze and
evaluate the performance of the company in terms of various financial matters so that a best

Accounting and financial management 5
decision could be taken and strategy could be prepared accordingly. Following is the study
of the CORE approach of MARSHAL MOTOR HOLDINGS PLC:
Context:
Context is the first phase of the CORE approach which depict about the various
phases of the company in terms of the finance. This study depict that how is the comapny
performing in the market. Further, various tools and techniques have been analyzed to
perform this study and reach over a conclusion so that the good decision could be made by
the management of the company and the investors.
Context is a study which is done over the internal and external phases of a comapny.
External context depicts about the commercial environment which surrounds over the
comapny whereas internal context depicts about the management and the organizational
level of a company (Hansen, Mowen and Guan, 2007).
The study over MARSHALL MOTOR PLC depict that the internal context of the
comapny is quite attractive, comapny is managing the business in a better way than other
companies in the industry. Further, it has been found that the company has changed the
various polices and strategies to manage the performance and the capital structure of the
company. From past trends, the current trends of the comapny are bit better and the current
investment in the comapny would offer the high return to the investing comapny.
At the same time, the external context of the comapny has been analyzed and it has
been found that the performance of the industry is quite attractive, economical condition of
the comapny has also become better right now (Hansen, Mowen & Madison, 2010). Further,
it has been found that the company has changed the various polices and strategies to
manage the performance and the capital structure according to the industry so that it could
attract the investors more.
Overview:
Overview is the second phase of the CORE approach which depict about the various
phases of the company in terms of the finance. This study depict that how is the comapny
performing in the market. Further, various tools and techniques have been analyzed to
perform this study and reach over a conclusion so that the good decision could be made by
the management of the company and the investors.
Marshall Motor Holdings plc has registered itself in the London stock exchange. The
main functions and the activities of the company are the repairing and selling the various
commercial vehicles and the passenger’s vehicles in the international market. This comapny

Accounting and financial management 6
has 103 franchises which cover around 24 brands of the company and the business
operates its business across 25 countries and 28 sites (Home, 2017).
This company is performing very well in the market, the sales turnover of the
company has been analyzed and it has been found that the company’s turnover has been
enhanced by 54.08%. Further, it has also been found that the operating profit of the
comapny has been rose by the 59.23%. The other evaluation and calculations of the
comapny is as follows:
Calculation of the increment
2016 2015
Sales 1899405000 1232761000 54.08%
Operating profit 29054000 18246000 59.23%
Earnings 17762000 11721000 51.54%
Dividend payment 3251000 15448000 -78.96%
Market
capitalization 145638000 129884000 12.13%
Operating cash flow 80309000 25493000 215.02%
Capital expenditure 40754000 -2169000
-
1978.93%
Debt increment 85444000 28642000 198.32%
(Garrison, Noreen, Brewer and McGowan, 2010)
This table depicts that the performance of the comapny has became way better than
the last year.
Ratio:
Ratio is the third phase of the CORE approach which depict about the various
phases of the company in terms of the finance. This study depict that how is the comapny
performing in the market. Further, various tools and techniques have been analyzed to
perform this study and reach over a conclusion so that the good decision could be made by
the management of the company and the investors
Further, the study over the ratio analysis has been done to analyze the financial
strength position and the condition of the company. In this study, the analysis has been done
over the various position of the company such as liquidity ratios, profitability ratios, solvency
ratios and the efficiency ratios (Bhimani et al, 2008).
The evaluation of the ratio depicts that the profitability position of the comapny has
became better than the last year. In 2016, the comapny has earned more return on equity.
Further, the liquidity ratios of the comapny depict that the position of the comapny to pay the
debt has became lower in 2016 rather than the last year. This depict that the company is

Accounting and financial management 7
required to enhance the level of the current assets to manage the position to pay the short
term debts (Morningstar, 2017).
In addition, the efficiency ratios and the solvency position of the comapny has been
evaluated to reach over a conclusion. The efficiency and the capital structure of the
company has became better than the last 5 years which depict that the company is not
required to make the changes into the debt position and the collection and payment position.
The current position is quite better.
Descri
ption Formula Marshall Holdings plc
2016 2015 2014 2013 2012
Profita
bility
Net
margin
Net
profit/reve
nues 0.93% 0.95% 0.92% 0.82% 0.42%
Return
on
equity
Net
profit/Equit
y 12.19% 9.02% 15.03% 12.74% 5.91%
Sales
employ
ee
Sales /
number of
employee 844180
Liquidi
ty
Current
ratio
Current
assets/cur
rent
liabilities 0.81 1.06 0.95 1.01 1.01
Quick
Ratio
Current
assets-
Inventory/
current
liabilities 0.16 0.23 0.30 0.37 0.30
Efficie
ncy
Receiv
ables
collecti
on
period
Receivabl
es/ Total
sales*365 16.27 11.31 23.63 29.08 19.89
Payabl
es
collecti
on
period
Payables/
Cost of
sales*365 108.12 71.29 84.22 80.60 66.99

Accounting and financial management 8
Asset
turnove
r ratio
Total
sales/
Total
assets 2.37 2.71 3.07 3.05 3.27
Solven
cy
Debt to
Equity
Ratio
Debt/
Equity 4.50 2.50 4.34 4.07 3.35
Debt to
assets
Debt/
Total
assets 0.82 0.71 0.81 0.80 0.77
Interest
cover
EBIT /
interest
expenses 9.73 12.87 13.37 10.52 5.90
Gearin
g ratio
Long term
liabilities /
capital
employed 0.22 0.24 0.31 0.37 0.37
Return
on
capital
employ
ed
Operating
profit /
total
assets -
current
liabilites 0.41 0.52 0.43 0.37 0.22
Evaluation:
Evaluation is the last phase of the CORE approach which depict about the various
phases of the company in terms of the finance. This study depict that how is the comapny
performing in the market. Further, various tools and techniques have been analyzed to
perform this study and reach over a conclusion so that the good decision could be made by
the management of the company and the investors
Lastly, the evaluation study has been performed over the company. Through the
above analysis, over the comapny, it has been found that the financial performance and
position of the company is currently enhancing and depicting about a better position of the
comapny in the market (DRURY, 2013).
The evaluation over the company depict that the company is not required to make
any changes into its financial figures, the only changes are required by the comapny is to
manage the liquid position of the comapny. Further, the other financial figures of the
comapny depict that the comapny is performing very well in context of the finance and it
would attract the investors more to make an investment into the comapny.
Financial performance:

Accounting and financial management 9
In addition, the study has been performed over the financial performance of the
comapny, through this analysis, it has been found that the position of the comapny has
became very well in the market in 2016 in comparison of its last years, through the study
over the financial statements of the comapny of last 5 years, it has been evaluated that the
company has performed way better in the last 5 years (Schlichting, 2013). The turnover of
the comapny has been enhanced from last 5 years by 181%. Further, the details of the
company depict that the changes which have been faced by the comapny express about the
positive changes and the performance of the company.
The additional study over the income statement of the company expresses that the
net income of the company has been enhanced on a great level from 2012 in 2016. The
changes expresses that it is a good option for the investing companies to make an
investment into this comapny for a long term to manage and enhance the worth of the
invested amount (London stock exchange, 2017).
The further study over the statement of the financial position of the company
expresses that the total assets and the total liabilities of the company has been enhanced on
a great level from 2012 in 2016 (Phillips and Stawarski, 2016). The changes expresses that
it is a good option for the investing companies to make an investment into this comapny for a
long term to manage and enhance the worth of the invested amount. The company has
managed the position in a great manner.
The additional study over the statement of the cash flow of the company expresses
that the cash flow position of the company has been better from 2012 in 2016. The changes
expresses that it is a good option for the investing companies to make an investment into
this comapny for a long term to manage and enhance the worth of the invested amount
(Madhura, 2014).
Market position:
Further, the market position of the company has been investigated to find out the
performance and the position of the company in the market. For this analysis, PESTLE has
been analyzed (Palicka, 2011). The PESTLE study of the company is as follows:
Political factor:
 Political stability and significance in
material and construction sector in
the economy
 Military invasion risk
Economical factor:
 Interest rate
 Inflation rate
 Discretionary rate

Accounting and financial management 10
 Corruption level
 Property protection
 Favoured trading partners
 Mandatory employee benefits
 Industry safety regulations
 Intellectual property protection
 Legal framework
 Week regulations in material and
construction
 Business cycle stage
 Labour cost and productivity
 Educational level
 Financial market efficiency
 Infrastructure quality in the company
and in the industry
 Comparative advantages
 Stability in the market
 Exchange rate fluctuations
Social Factor:
 Skill level of the pubic
 Demographics
 Leisure interest
 Culture
 Attitudes
 Class structure
 Hierarchy and power structure
 Broader nature of society and
entrepreneurial spirit
Technological factor:
 Various changes in the technology
 New development
 Technological diffusion
 Value chain structure impact
 Cost structure impact
 Impact over the product offering
 Service offering impact
From the above analysis, it has been found that various changes have taken place
into the position and the performance of the industry. The above factors impact over the
entire industry as whole and thus the company is required to look over these changes and
make a better decision accordingly.
Competitor analysis:
Further the competitive analysis of the company expresses that the main competitors
of the comapny is the LOOKER’S PLC. For the competitive analysis, porter’s 5 forces model
study has been performed over the MASHALL MOTOR HOLDIGS PLC. Michael has
observed that the five forces make an impact over the profitability position of the company.

Accounting and financial management 11
Threats of the new entrants:
Through the analysis, it has been found that the new entry in the material and
construction bring new ways and innovation in the industry and put pressure over the
MARSHALL PLC through lowering the cost and new value proposition in the customer.
Through this evaluation, it has been found that various changes have taken place into the
performance of the company and so that the threat of the company is bit higher.
Bargaining power of the supplier:
Further, through the analysis, it has been found that the material and construction
company buys its raw material from various sources which is also done by the MARSHALL
PLC and through which the company evaluates the supplier who offers the quality raw
material in lesser price. Through this evaluation, it has been found that various changes
have taken place into the performance of the company and currently the bargaining power of
the supplier is very less (Kinsky, 2011).
Bargaining power of buyers:
Further, through the analysis, it has been found that the only few companies are
there in the industry which are offering the automobile products and delivering the products
and MARSHALL PLC is also one of them companies and through which the company
evaluates the buyers are many and the suppliers are few. Through this evaluation, it has
been found that currently the position of the industry is changing and currently the bargaining
power of the buyer is very less due to few companies (Elton et al, 2009).

Accounting and financial management 12
Threat from substitute products:
Further, through the analysis, it has been found that the various subsidiary products
are there in the market which affects the product and services of the company such as direct
dealership from the manufacturing company. Through this evaluation, it has been found that
currently the position of the industry is changing and currently the threat from the substitute
products is quite higher.
Rivalry among the existing players:
Lastly, through the analysis, it has been found that various companies are there in
the industry such as Lookers’ plc which impact over the position of the MARSHALL PLC.
Through this evaluation, it has been found that the market share of the LOOKERS PLC is
better than the MARSHAL MOTOR HOLDINGS PLC limited. The financial statement and the
financial figures of the LOOKERS PLC depicts that it is the market leader in the comapny
(Morningstar, 2017). Currently the threat from the existing player to the company is also
higher.
Conclusion:
To conclude, CORE approach (context performance, overview of the comapny, ratio
analysis and evaluation) has been done to evaluate the financial strength of the company.
The context depict that the comapny is internally and externally quite string to manage all the
activities and functions of the company. The overview of the comapny in terms of finance
depict that the performance of this company has became very god than 012 in 2016. These
changes have helped the company to grab more opportunities.
In addition, ratio analysis study has also been performed over the comapny and it
has been found that comapny in enough strong in terms of profitability, capital structure and
solvency position. Further, the financial statement of the comapny has been evaluated to
analyze the changes and the performance of the comapny in terms of the financial figures.
More, the competition analysis has also been done to find out the condition of the comapny
in the market.
Through this report, it could be concluded that the contract with the MARSHAL
MOTOR HOLDING PLC would offer the high return to the comapny. Still, there are few
recommendations which must be followed by the company to manage the operations and
grab the opportunities from the market.

Accounting and financial management 13
Part B1 Fido’s Frisbees
Case B1
Introduction:
This case has been analyzed over Fido’s Frisbees which is planning to open a new
restaurant. In this report, the feasibility of the business has been analyzed; various
predictions have been done about the sales, cost, cash flow etc of the comapny to analyze
that how company would perform in future? In this report, the accountant has been informed
about the timing and entire prediction and has been asked to prepare the report accordingly.
Profit of the company:
Through the evaluation over the profit, it has been found that the total sales of the
company would be starting from March and the production process of the comapny would be
start from the January. Through the analysis, it has also been found that the company would
not be able to make any profits in earlier years as there would only be production and no
sales in initial years but from the march, comapny would be able to make high profits,
through the market analysis, the sales would be same in all the years and the cost would
also be similar and that is why, the profit would be same in next 4 years i.e. March, April,
May and June (Krantz, 2013).
Through the calculations, it has been found that the comapny would be able to make
profit worth £ - 99,000, £ - 69,000, £ 66000, £ 66,000, £ 66,000 and £ 66,000. The comapny
would perform well in future. Although, comapny would be able to make profits in initial years
but it has been suggested to the comapny to make further sales so that the benefit of the
company could be enhance. The marketing depart must use new tactics to manage the
performance of the comapny (Baker and Nofsinger, 2010).
Breakeven perspective:
Further, the analysis has been done over the comapny on the basis of break even
analysis. Through the calculations and predictions, it has been found that the contribution of
the comapny of 6 years would be £ 2,76,000 in terms of total amount and £ 9.2 in terms of
unit per cost (Baker and Nofsinger, 2010). Further, it has also been analyzed that though the
fixed cost would differ from initial years from further years and the total fixed cost of the
comapny would be £ 1,80,000 in all the month from January to June.
Break even analysis is done to analyze and evaluate the amount of sales which
equates expenses and the revenues and the extra revenues is recognized as profit of the

Accounting and financial management 14
comapny. Various ways are available to identify the breakeven point of a comapny. Through
these calculations, the breakeven point of the comapny is depicting about the 19565 units.
Through this, it has been evaluated that comapny is required to sell at least 19565 units to
reach over a point where the comapny would have to face no loss as well as no profit would
be there.
Cash flow forecast:
Through the evaluation over the cash flow of the company, it has been found that
there would be no revenue in Jan and Feb due to the fact that the total sales of the company
would be starting from March whereas the cost would be start from first month that the
production process of the comapny would be start from the January (Kruth, 2013). Through
the analysis, it has also been found that the in the initial years comapny would have to face
negative cash flows but from march, comapny would be able to get cash inflow as well,
through the market analysis and cash flow analysis, it has been found that the total cash
inflow of the comapny would be as follows:
Jan Feb Mar April May June
-£
25,000
-£
1,24,000
-£
1,25,500
-£
73,000
-£
20,500
£
32,000
Through the calculations, it has been found that the total cash outflow of the
comapny would be as follows:
Total
disbursements
£
99,000
£
69,000
£
69,000
£
69,000
£
69,000
£
69,000
The comapny would perform well in future. Although, it has been analyzed that in all
the years the outflow of the comapny would be higher and sales collection is the main
reason of that (Ackert and Deaves, 2009). Comapny is required to make few changes into
the cash average collection period so that cash flow state of the comapny could be changed.
Recommendation and conclusion:
Through the analysis over the comapny, it has been found that the comapny s
performing way better and it is required by the comapny to make few changes to manage
the profit and cash flow of the company. Comapny is required to make few changes into the
cash average collection period so that cash flow state of the comapny could be changed.
The performance of the comapny would be better so company is suggested to open and run
the business.

Accounting and financial management 15
References:
Ackert, L. and Deaves, R. 2009. Behavioral Finance: Psychology, Decision-Making, and
Markets. Cengage Learning.
Baker, H.K. and Nofsinger, J.R. 2010. Behavioral Finance: Investors, Corporations, and
Markets. John Wiley and Sons.
Bhimani, A., Horngren, C. T., Datar, S. M., and Foster, G. 2008. Management and cost
accounting (Vol. 1). Pearson Education.
DRURY, C. M. 2013. Management and cost accounting. Springer.
Elton, E.J., Gruber, M.J., Brown, S.J., and Goetzmann, W.N. 2009. Modern Portfolio Theory
and Investment Analysis. John Wiley and Sons.
Garrison, R. H., Noreen, E. W., Brewer, P. C., and McGowan, A. 2010. Managerial
accounting. Issues in Accounting Education, 25(4), 792-793.
Hansen, D. R., Mowen, M. M., and Madison, T. 2010. Cornerstones of cost
accounting. Issues in Accounting Education, 25(4), 790-791.
Hansen, D., Mowen, M., and Guan, L. 2007. Cost management: accounting and control.
Cengage Learning.
Hopper, T., Northcott, D., and Scapens, R. 2007. Issues in management accounting.
Pearson education.
Horngren, C. T. 2009. Cost accounting: A managerial emphasis, 13/e. Pearson Education
India.
Kinsky, R. 2011. Charting Made Simple: A Beginner's Guide to Technical Analysis. John
Wiley and Sons.
Krantz, M. 2016. Fundamental Analysis for Dummies. John Wiley and Sons.
Kurth, S. 2013. Critical Review about Implications of the Efficient Market Hypothesis. GRIN
Verlag.
London stock exchange. 2017. Marshall Motor holdings plc. Retrieved from
http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/
company-summary/GB00BVYB2Q58GBGBXASQ1.html available as on 29th Oct 2017

Accounting and financial management 16
Madura, J. 2014. Financial Markets and Institutions. Cengage Learning.
Marshall Motor holdings plc. 2017. Home. Retrieved from http://www.mmhplc.com/ available
as on 29th Oct 2017
Morningstar. 2017. Lookers plc. Retrieved from
http://financials.morningstar.com/ratios/r.html?t=LO6A available as on 29th Oct 2017
Morningstar. 2017. Marshall Motor holdings plc. Retrieved from
http://financials.morningstar.com/ratios/r.html?t=MSLH available as on 29th Oct 2017
Palicka, V.J. 2011. Fusion Analysis: Merging Fundamental and Technical Analysis for Risk-
Adjusted Excess Returns. McGraw Hill Professional.
Phillips, P.P. and Stawarski, C.A. 2016. Data Collection: Planning for and Collecting All
Types of Data. John Wiley and Sons.
Schlichting, T. 2013. Fundamental Analysis, Behavioral Finance and Technical Analysis on
the Stock Market. GRIN Verlag.

Accounting and financial management 17
Appendix:
MARSHALL MOTOR HOLDINGS PLC (MMH) CashFlowFlag INCOME STATEMENT
Fiscal year ends in December. 2016-12 2015-12 2014-12 2013-12 2012-12
Revenue
1899405
000
1232761
000
1085883
000
940505
000
794437
000
Cost of revenue
1678949
000
1087452
000
9597120
00
826707
000
701153
000
Gross profit
2204560
00
1453090
00
1261710
00
113798
000
932840
00
Operating expenses
Sales, General and administrative 3518000 1455000 1843000
125000
0 662000
Other operating expenses
1878840
00
1256080
00
1090850
00
999760
00
857410
00
Total operating expenses
1914020
00
1270630
00
1109280
00
101226
000
864030
00
Operating income
2905400
0
1824600
0
1524300
0
125720
00
688100
0
Interest Expense 2985000 1418000 1140000
119500
0
116600
0
Other income (expense)
-
3918000
-
1465000
-
1210000
-
116400
0
-
116300
0
Income before income taxes
2215100
0
1536300
0
1289300
0
102130
00
455200
0
Provision for income taxes 4397000 3649000 2957000
248100
0
124700
0
Minority interest -8000 -7000 -3000 -3000 -5000
Other income -8000 -7000 -3000 -3000 -5000
Net income from continuing
operations
1775400
0
1171400
0 9936000
773200
0
330500
0
Other 8000 7000 3000 3000 5000
Net income
1776200
0
1172100
0 9939000
773500
0
331000
0
Net income available to common
shareholders
1776200
0
1172100
0 9939000
773500
0
331000
0
Earnings per share
Basic 0.23 0.2 0.13 0.1 0.04
Diluted 0.22 0.19 0.13 0.1 0.04
Weighted average shares outstanding
Basic
7732697
0
5942517
1
7723626
3
772362
63
772362
63
Diluted
7950054
8
6104687
5
7723626
3
772362
63
772362
63
EBITDA
4936900
0
3786800
0
3502800
0
320180
00
245650
00
MARSHALL MOTOR HOLDINGS PLC (MMH) CashFlowFlag BALANCE SHEET
Fiscal year ends in December. 2016-12 2015-12 2014-12 2013-12 2012-12

Accounting and financial management 18
Assets
Current assets
Cash
Cash and cash equivalents 83000
2413000
0 1826000 1759000 1480000
Total cash 83000
2413000
0 1826000 1759000 1480000
Inventories
3800160
00
2406320
00
1630110
00
1349580
00
1104770
00
Prepaid expenses
1041200
0 4531000 2880000 2677000 2132000
Other current assets
8466100
0
3819300
0
7030100
0
7494300
0
4328400
0
Total current assets
4751720
00
3074860
00
2380180
00
2143370
00
1573730
00
Non-current assets
Property, plant and equipment
Land
3738100
0
3301700
0
2747000
0
2592400
0
Fixtures and equipment
3512600
0
2717700
0
2586300
0
2738700
0
2503300
0
Other properties
2324680
00
1092620
00
9928100
0
9234300
0
8786800
0
Property and equipment, at cost
2675940
00
1738200
00
1581610
00
1472000
00
1388250
00
Accumulated Depreciation
-
6578300
0
-
6653500
0
-
6712400
0
-
6533000
0
-
5943900
0
Property, plant and equipment,
net
2018110
00
1072850
00
9103700
0
8187000
0
7938600
0
Goodwill
1211910
00
3779100
0
2205500
0 9587000 6452000
Intangible assets 842000 453000
Other long-term assets 2636000 1988000 2024000 2143000 10000
Total non-current assets
3264800
00
1475170
00
1151160
00
9360000
0
8584800
0
Total assets
8016520
00
4550030
00
3531340
00
3079370
00
2432210
00
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt
4705000
0
2670000
0
2834200
0
2812400
0
2662900
0
Capital leases
3068000
0
Accounts payable
4973400
00
2124060
00
2214420
00
1825440
00
1286860
00
Taxes payable 4602000 4763000 1627000 2166000 25000
Other current liabilities 5242000
4610100
0
Total current liabilities
5849140
00
2899700
00
2514110
00
2128340
00
1553400
00

Accounting and financial management 19
Non-current liabilities
Long-term debt 7531000
2467700
0
2520500
0
2401000
0
2097300
0
Capital leases
3383300
0
Deferred taxes liabilities
2080300
0 1885000 1783000 1880000 2843000
Minority interest 21000 29000 36000 39000 42000
Other long-term liabilities 8912000 8558000 8579000 8493000 8077000
Total non-current liabilities
7110000
0
3514900
0
3560300
0
3442200
0
3193500
0
Total liabilities
6560140
00
3251190
00
2870140
00
2472560
00
1872750
00
Stockholders' equity
Common stock
4953100
0
Additional paid-in capital
1967200
0
1967200
0
Retained earnings
7643500
0
6078100
0
6387000
0
5843100
0
5369600
0
Accumulated other comprehensive income
4943100
0 2250000 2250000 2250000
Total stockholders' equity
1456380
00
1298840
00
6612000
0
6068100
0
5594600
0
Total liabilities and stockholders'
equity
8016520
00
4550030
00
3531340
00
3079370
00
2432210
00
MARSHALL MOTOR HOLDINGS PLC (MMH) Statement of CASH FLOW
Fiscal year ends in December. GBP. 2016-12
2015-
12
2014-
12
2013-
12
2012-
12
Cash Flows From Operating Activities
Stock based compensation 1313000 556000
Inventory
-
1481400
0
-
776210
00
-
138160
00
-
562200
0
-
714200
0
Other working capital
5308800
0
699730
00
278480
00
-
187000
116230
00
Other non-cash items
4072200
0
325850
00
296880
00
291980
00
227700
00
Net cash provided by operating
activities
8030900
0
254930
00
437200
00
233890
00
272510
00
Cash Flows From Investing Activities
Investments in property, plant, and
equipment
-
6192700
0
-
395730
00
-
330590
00
-
302010
00
-
276480
00
Property, plant, and equipment
reductions
1141800
0
864600
0
838200
0
738500
0
591300
0
Acquisitions, net
-
9135000
0
-
214980
00
-
157880
00
-
182500
0
-
217600
0
Purchases of investments -

Accounting and financial management 20
100000
Net cash used for investing activities
-
1418590
00
-
524250
00
-
405650
00
-
246410
00
-
239110
00
Cash Flows From Financing Activities
Long-term debt issued
8544400
0
286420
00
252630
00
285610
00
206890
00
Long-term debt repayment
-
4469000
0
-
308110
00
-
238510
00
-
240300
00
-
208340
00
Common stock issued
668530
00
Cash dividends paid
-
3251000
-
154480
00
-
450000
0
-
300000
0
-
250000
0
Net cash provided by (used for)
financing activities
3750300
0
492360
00
-
308800
0
153100
0
-
264500
0
Net change in cash
-
2404700
0
223040
00 67000 279000 695000
Cash at beginning of period
2413000
0
182600
0
175900
0
148000
0 785000
Cash at end of period 83000
241300
00
182600
0
175900
0
148000
0
Free Cash Flow
Operating cash flow
8030900
0
254930
00
437200
00
233890
00
272510
00
Capital expenditure
-
6192700
0
-
395730
00
-
330590
00
-
302010
00
-
276480
00
Free cash flow
1838200
0
-
140800
00
106610
00
-
681200
0
-
397000
Supplemental schedule of cash flow data
Descri
ption Formula Marshall Holdings plc
2016 2015 2014 2013 2012
Profita
bility
Net
margin
Net
profit/reve
nues 0.93% 0.95% 0.92% 0.82% 0.42%
Return
on
equity
Net
profit/Equit
y 12.19% 9.02% 15.03% 12.74% 5.91%
Sales
employ
ee
Sales /
number of
employee 844180
Liquidi

Accounting and financial management 21
ty
Current
ratio
Current
assets/cur
rent
liabilities 0.81 1.06 0.95 1.01 1.01
Acid
test
Current
assets-
Inventory/
current
liabilities 0.16 0.23 0.30 0.37 0.30
Efficie
ncy
Receiv
ables
collecti
on
period
Receivabl
es/ Total
sales*365 16.27 11.31 23.63 29.08 19.89
Payabl
es
collecti
on
period
Payables/
Cost of
sales*365 108.12 71.29 84.22 80.60 66.99
Asset
turnove
r ratio
Total
sales/
Total
assets 2.37 2.71 3.07 3.05 3.27
Solven
cy
Debt to
Equity
Ratio
Debt/
Equity 4.50 2.50 4.34 4.07 3.35
Debt to
assets
Debt/
Total
assets 0.82 0.71 0.81 0.80 0.77
Interest
cover
EBIT /
interest
expenses 9.73 12.87 13.37 10.52 5.90
Gearin
g ratio
Long term
liabilities /
capital
employed 0.22 0.24 0.31 0.37 0.37
Return
on
capital
employ
ed
Operating
profit /
total
assets -
current
liabilites 0.41 0.52 0.43 0.37 0.22

Accounting and financial management 22
LOOKERS PLC (LOOK) CashFlowFlag INCOME STATEMENT
Fiscal year ends in December. 2016-12 2015-12 2014-12 2013-12 2012-12
Revenue
4088200
000
3649100
000
3042900
000
2464500
000
2056600
000
Cost of revenue
3638700
000
3196900
000
2646800
000
2128700
000
1784300
000
Gross profit
4495000
00
4522000
00
3961000
00
3358000
00
2723000
00
Operating expenses
Sales, General and
administrative
3487000
00
3716000
00
3219000
00
2788000
00
2244000
00
Total operating expenses
3487000
00
3716000
00
3219000
00
2788000
00
2244000
00
Operating income
1008000
00
8060000
0
7420000
0
5700000
0
4790000
0
Interest Expense
1760000
0
1410000
0
1190000
0
1050000
0
1260000
0
Other income (expense)
-
3600000
-
3700000
-
3100000
-
2600000
Income before income taxes
7960000
0
6280000
0
5920000
0
4390000
0
3530000
0
Provision for income taxes 7900000
1200000
0
1240000
0 7700000 8200000
Minority interest 200000 100000
Other income 200000 100000
Net income from continuing
operations
7170000
0
5080000
0
4680000
0
3620000
0
2710000
0
Net income from discontinuing
ops 9600000
Other -200000 -100000
Net income
8130000
0
5080000
0
4680000
0
3600000
0
2700000
0
Net income available to common
shareholders
8130000
0
5080000
0
4680000
0
3600000
0
2700000
0
Earnings per share
Basic 0.21 0.13 0.12 0.09 0.07
Diluted 0.2 0.13 0.12 0.09 0.07
Weighted average shares outstanding
Basic
3963571
94
3943842
84
3891586
72
3880894
02
3871081
85
Diluted
4058674
07
4038944
97
3982207
60
3956795
91
3955785
32
EBITDA
1204000
00
9520000
0
8580000
0
6800000
0
5980000
0
LOOKERS PLC (LOOK) CashFlowFlag BALANCE SHEET
Fiscal year ends in December. 2016-12 2015-12 2014-12 2013-12 2012-12
Assets
Current assets

Accounting and financial management 23
Cash
Cash and cash equivalents
3980000
0 8300000 5900000
520000
0
870000
0
Total cash
3980000
0 8300000 5900000
520000
0
870000
0
Inventories
8394000
00
8160000
00
5488000
00
446700
000
384100
000
Prepaid expenses
2570000
0
1820000
0
2190000
0
179000
00
160000
00
Other current assets
2664000
00
3014000
00
2146000
00
189500
000
150400
000
Total current assets
1171300
000
1143900
000
7912000
00
659300
000
559200
000
Non-current assets
Property, plant and equipment
Land
2088000
00
1497000
00
145800
000
138600
000
Fixtures and equipment
6990000
0
7260000
0
5250000
0
453000
00
385000
00
Other properties
3263000
00
7950000
0
6790000
0
615000
00
590000
00
Property and equipment, at cost
3962000
00
3609000
00
2701000
00
252600
000
236100
000
Accumulated Depreciation
-
7710000
0
-
7800000
0
-
5450000
0
-
480000
00
-
390000
00
Property, plant and equipment,
net
3191000
00
2829000
00
2156000
00
204600
000
197100
000
Goodwill
1180000
00
1058000
00
8390000
0
614000
00
Intangible assets
9940000
0
5250000
0
3030000
0
875000
00
148000
00
Total non-current assets
5365000
00
4412000
00
3298000
00
292100
000
273300
000
Total assets
1707800
000
1585100
000
1121000
000
951400
000
832500
000
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt
2510000
0
8340000
0
2020000
0
145000
00
157000
00
Accounts payable
2667000
00
2657000
00
1933000
00
172000
000
149200
000
Taxes payable
3310000
0
2880000
0
2430000
0
194000
00
162000
00
Other current liabilities
8054000
00
7075000
00
4874000
00
404400
000
331900
000
Total current liabilities
1130300
000
1085400
000
7252000
00
610300
000
513000
000
Non-current liabilities
Long-term debt
8880000
0
8660000
0
3760000
0
338000
00
412000
00
Deferred taxes liabilities 3500000 2520000 1230000 102000 860000

Accounting and financial management 24
0 0 0 00 0
Pensions and other benefits
7840000
0
5530000
0
5760000
0
441000
00
441000
00
Minority interest 700000 500000
Other long-term liabilities
3360000
0
3480000
0
3140000
0
250000
00
218000
00
Total non-current liabilities
2358000
00
2019000
00
1389000
00
113800
000
116200
000
Total liabilities
1366100
000
1287300
000
8641000
00
724100
000
629200
000
Stockholders' equity
Common stock
1980000
0
Additional paid-in capital
7770000
0
7770000
0
7690000
0
756000
00
753000
00
Retained earnings
2296000
00
1857000
00
1457000
00
118800
000
954000
00
Accumulated other
comprehensive income
1460000
0
3440000
0
3430000
0
329000
00
326000
00
Total stockholders' equity
3417000
00
2978000
00
2569000
00
227300
000
203300
000
Total liabilities and stockholders'
equity
1707800
000
1585100
000
1121000
000
951400
000
832500
000
LOOKERS PLC (LOOK) Statement of CASH FLOW
Fiscal year ends in December. GBP.
2016-
12 2015-12 2014-12
2013-
12
2012-
12
Cash Flows From Operating Activities
Deferred income taxes
105000
00
1200000
0
1240000
0
770000
0
Stock based compensation
180000
0 1500000 1100000
Inventory
-
234000
00
-
2672000
00
-
1022000
00
-
626000
00
-
639000
00
Other working capital
567000
00
2345000
00
8210000
0
714000
00
707000
00
Other non-cash items
538000
00
5210000
0
4120000
0
210000
00
214000
00
Net cash provided by operating
activities
994000
00
3290000
0
3460000
0
375000
00
282000
00
Cash Flows From Investing Activities
Investments in property, plant, and
equipment
-
363000
00
-
3520000
0
-
1650000
0
-
165000
00
-
153000
00
Property, plant, and equipment
reductions
289000
00 9800000 7200000
126000
00
370000
0
Acquisitions, net
189000
00
-
1044000
00
-
2430000
0
-
193000
00
-
160000
00

Accounting and financial management 25
Purchases of intangibles
-
920000
0
-
2600000 -900000
-
140000
0
Sales of intangibles 100000
Net cash used for investing activities
230000
0
-
1324000
00
-
3450000
0
-
231000
00
-
290000
00
Cash Flows From Financing Activities
Long-term debt issued
140000
00
6220000
0
1460000
0
Long-term debt repayment
-
102000
00
-
1180000
0
-
7800000
-
750000
0
-
750000
0
Common stock issued 900000 1600000 300000 400000
Cash dividends paid
-
132000
00
-
1160000
0
-
1040000
0
-
950000
0
-
840000
0
Net cash provided by (used for)
financing activities
-
940000
0
3970000
0
-
2000000
-
167000
00
-
155000
00
Net change in cash
923000
00
-
5980000
0
-
1900000
-
230000
0
-
163000
00
Cash at beginning of period
-
635000
00
-
3700000
-
1800000 500000
168000
00
Cash at end of period
288000
00
-
6350000
0
-
3700000
-
180000
0 500000
Free Cash Flow
Operating cash flow
994000
00
3290000
0
3460000
0
375000
00
282000
00
Capital expenditure
-
455000
00
-
3780000
0
-
1740000
0
-
165000
00
-
167000
00
Free cash flow
539000
00
-
4900000
1720000
0
210000
00
115000
00
Supplemental schedule of cash flow data
Calculation of profit
Jan Feb Mar Apr May Jun
Total sales
£
1,35,00
0
£
1,35,000
£
1,35,000
£
1,35,00
0
Less:
Sheet Cost 15000 15000 15000 15000 15000 15000
Labels Cost 14000 14000 14000 14000 14000 14000
Labour cost 15000 15000 15000 15000 15000 15000

Accounting and financial management 26
Contribution
Less:
Fixed cost
£
55,000
£
25,000
£
25,000
£
25,000
£
25,000
£
25,000
Profit -99000 -69000
£
66,000
£
66,000
£
66,000
£
66,000
calcualtion of break even analysis
Total Per unit
Contribution
£
2,76,000 9.2
Fixed cost
£
1,80,000
£
1,80,000
Break even
0.6521739
13
19565.2
174
In amount In units
Cash Flow analysis
Cash Flow Analysis
Jan Feb Mar Apr May Jun
Begining cash
balance
-£
25,000
-£
1,24,000
-£
1,93,00
0
-£
1,94,500
-£
1,42,000
-£
89,500
Add: budgeted
cash recepits
£
67,500
£
1,21,500
£
1,21,500
£
1,21,50
0
Total cash
available for use
-£
25,000
-£
1,24,000
-£
1,25,50
0
-£
73,000
-£
20,500
£
32,000
Less: cash
disbursements
Sheet Cost
£
15,000
£
15,000
£
15,000
£
15,000
£
15,000
£
15,000
Labels Cost
£
14,000
£
14,000
£
14,000
£
14,000
£
14,000
£
14,000
Labour cost
£
15,000
£
15,000
£
15,000
£
15,000
£
15,000
£
15,000
Fixed cost
£
55,000
£
25,000
£
25,000
£
25,000
£
25,000
£
25,000
Total
disbursements
£
99,000
£
69,000
£
69,000
£
69,000
£
69,000
£
69,000
Cash surplus -£
1,24,000
-£
1,93,000
-£
1,94,50
-£
1,42,000
-£
89,500
-£
37,000

Accounting and financial management 27
0
budgetd ending
cash balance
-£
1,24,000
-£
1,93,000
-£
1,94,50
0
-£
1,42,000
-£
89,500
-£
37,000