Comparative Analysis of Financial Performance between Salisbury PLC and Tesco

The external analysis compares Salisbury PLC with Tesco, showing that Tesco's current ratio is better than Sainsbury's, indicating a stronger liquidity position. Additionally, Sainsbury's gross profit margin is higher than Tesco's, suggesting that Sainsbury's earns higher profits. Both companies need to maintain their current assets levels based on their obligations to meet them when they occur in order to improve their liquidity positions.

Managing Financial resources and
decisions

Table of Contents
Task 1..............................................................................................................................................3
1.1 Financial sources.......................................................................................................................3
1.2 Implications of financial sources...............................................................................................3
2.1 Analyse the costs of the two sources of finance under consideration........................................4
2.2 The importance of financial planning for Osborne Terrace restaurant......................................5
2.3 Assessment of the information that will be needed to make decision on financing the takeover
by......................................................................................................................................6
2.4 Impact of finance on financial statements if Osborne Terrace restaurant.................................6
3.1 Analyses of the cash budget for Osborne Terrace restaurant....................................................7
3.2 How unit costs will be calculated to make pricing decisions....................................................7
3.3 Investment appraisal techniques................................................................................................8
TASK 2..........................................................................................................................................10
4.1 Discuss the key components of financial statements...............................................................10
4.2 Comparing the format used by Osborne Terrace restaurant to presenting their financial statement with that of a
partnership...............................................................................................11
4.3 Interpreting the current money related statement of Osborne Terrace restaurant utilizing proper proportions and making
examination with the earlier year................................................12
REFERENCE.................................................................................................................................14

TASK 1
1.1 Financial sources
For government contract as establishing new branch of Osborne restaurant, accountant of the organization is looking for
financial sources. Some of the sources can be expressed as follows:-
Internal Source
Personal savings:- By using personal savings, entrepreneur can establish new entity named as Osborne Terrace restaurant
(Albelda, 2011). In addition to this, he can also take aid from his friends and family members by which effective fund can be
allocated for commencement.
External Sources Bank loan:- Bank advance gives a long haul sort of reserve for a start-up, with the bank communicating the settled period over
which the loan is given (e.g. 6 years), the rate of interest, and the arranging and measure of repayments. The bank will
generally speaking requires that the start-up give some security to the advance, despite the way that this security normally
comes as individual affirmations gave by the business visionary. Bank loans are valuable for financing interest for settled
assets and are generally at a lower rate of premium that a bank overdraft. In any case, they don't give much flexibility (Bowen
and Rajgopal, 2010). Thus, adequate fund can be allocated by taking loan from bank to setting up new branch of Osborne
restaurant.
 Bank overdraft:- This is a fleeting kind of reserve which is comprehensively used by new organizations and autonomous
organizations. An overdraft is really a loan office, the bank allows the business "to owe it money" when the bank adjust goes
underneath zero, as a final product of charging a high rate of premium. Consequently, an overdraft is a versatile source of
back, as in it is quite recently used when required (Ehrhardt, 2016). Bank overdrafts are unfathomable for helping a business

handle general instabilities in pay or when the business continues running into at this very moment income issues (e.g. an
imperative customer fails to income on time).
1.2 Implications of financial sources
It is needed to recognize all financial sources critically, therefore appropriate selection of source can be done. However, some
implications are identified for getting financial sources as:-
Financial
sources
Financial
implications
Legal
implications
Bankruptcy Dilution of
control
Loan from bank Paying interest on
loan and also
impacts financial
performance of
organization
So many legal
formalities to
granting loan
In case of
bankruptcy,
creditor, debtors
and suppliers
impact get
affected
No dilution of
control
Share capital Same as loan
from bank
Same as bank
loan
Same as of taking
loan from bank
Control can be
diluted.
Personal saving Affects further
operations
No legal
implications
No bankruptcy Same as for loan
from bank.
1.3 The most appropriate sources of finance for Osborne Terrace restaurant plc
Decision maker of Osborne Terrace restaurant may consider the going with source of capital that is in regards to ideal for
business establishment as:-

Working with Investors:- Contingent upon the traverse of the business and the degree of the improvement plans, the
organization may look out subsidizing financing, or work with a private budgetary speculators to back the expansion. Examiners can
be exceptionally significant to creating private endeavors, since they offer bits of information and experience about developing the
business that the organization would not have in solitude (Floyd, 2005). Regardless, working with budgetary financial specialists
implies surrendering an incentive in the business, and the theorist may request strategies for doing things that don't organize the
arrangements.
Advantages:
 Imposes less monetary burden as there is no fund which needs to be repaid over the time frame Cheaper and effectual source of finance
Disadvantages:
 In this, firm has to involve shareholders in decision making which in turn creates issue
 Time-intensive exercise
Debt Based Financing:- Many business people will bolster their advancement plans through an autonomous venture loan
either from a standard bank or from an option moneylender. The decisions for obligation based expansion financing are as
inconceivable as for some different business needs (Burritt and Schaltegger, 2010).
Advantages:
 Offers deduction in tax brackets and thereby enhance profitability It helps in avoiding lenders involvement in the decision making aspect
Disadvantages:

 Fixed payment in terms of installments and interest amount imposes burden in font of company
 Includes several documentary formalities.
Above mentioned, both of two tools as working with investors as shareholders and debt financing are appropriate options for
establishing Osborne restaurant's new entity. It will be suitable for effective expansion and enhancing efficiencies of organization
adequately.
2.1 Analyse the costs of the two sources of finance under consideration
There are different kinds of sources by which decision maker can allocate fund including loan from bank, venture capitalist,
share capital, personal saving and so on. Therefore, it is needed to analyze all sources critically as well making decisions for
establishment of Osborne Terrace restaurant. For share capital, it is required to looking for dividend and potential to start up new
entity. However, its impact on financial position of organization can be recognized through this system (Christ and Burritt, 2013).
Including this, for taking loan from financial institutions like bank, it is needed to look at interest rates and entity's potential to refund
amount. Therefore, cost analyses is created for making decision regarding allocating fund for establishment effectively. From
assessment, it has identified that selected sources of finance impose following cost in front of the business unit: Equity shares: In the case of equity shares, business unit needs to offer dividend to the shareholders in the form of return
whenever it generates enough profit. In this way, such source of finance imposes monetary cost in front of the organization.
 Debt or bank loan: Under debt or bank loan, company has to repay amount in the form of installment along with the interest
payment Referring this, it can be presented that bank loan source of finance imposes fixed financial burden on firm.
2.2 The importance of financial planning for Osborne Terrace restaurant
Financial planning is the process which business entity undertakes for managing finance as per the business activities need to be
performed during an accounting year. It helps in effectively utilizing the financial resources of the company to achieve the objectives
of firm.

A) Budgeting:- It is considered as decision making tool for preparing strategies to be implemented for establishment of
Osborne restaurant. In this process, all fund and resources allocation factors are analyzed for starting up new entity as well planning to
operate business operations. In this regard, it is helpful for best use of resources and fund for quality services and improving
efficiencies effectively. Including this, through budgeting process, government plan can be succeed to establishing new entity that
affects nation's effectiveness (DRURY, 2013). However, several ideas are created through this system for forecasting and decision
making related to commencement and increasing all service qualities in systematic manner.
b) Implications of subjection to back acceptably:- Working capital is described as the regular fund utilized by a firm. It is the
organization's present resources less its liabilities. Administering working capital is about ensuring that the business ought to have the
ability to keep up the regular expenses. An Organization n can't work without working capital and, if messed up, it can possibly incite
to the association's destruction. Powerlessness to palatable supervise working capital can exasperate a business' operations and benefit.
Business may wrongly tie up a considerable measure of exchange out the kind of stock (Haiza and Hoque, 2010). This can happen if
the stock is perishable it may accomplish the complete of its time period of reasonable ease of use before it can be sold. If the stock
contains things that rapidly out of form, the stock may lose bigger part or most of its motivation before it can be sold. If over the top
exchange is tied up out stock, it is not open for venture elsewhere in the business.
C) Overtrade:- This exist when a firm tries to do an abundance of too quickly with excessively negligible whole deal capital,
so it is endeavoring to support excessively sweeping trade volume with compelled capital resources. To be sure, even a firm working
in advantage may wind up in authentic conditions since it is in short of money situation. Such liquidity burdens ascend off the beaten
path that it doesn't have enough money to pay off commitment as it falls due. Overtrading happens when a business recognizes work
and tries to fulfill it, however fulfillment requires more unmistakable resources of people, working capital or net assets than the
business has available to it. It is much of the time brought on by sudden events, for instance, deliver or movement taking longer than
anticipated, achieving income being debilitated. Overtrading is a commonplace issue, and it habitually happens to starting late started

Business and to rapidly augmenting Business (Lee, 2011). Money consistently needs to leave the business before more money comes
into it.
Significance of financial planning
 Financial planning help in identifying the long term and short term financial needs of the firm.
 It also assists in reducing the future risk by formulating various strategies.
 It provides benefit to organization by enhancing the performance of firm to increase the profitability of organization.
 This helps in making effective decisions to improve the performance of organisation.
2.3 Assessment of the information that will be needed to make decision on financing the takeover by
a) partners:- The Venture capitalist ought to study the update and article of relationship to review the terms and condition
regarding advantage sharing and capital responsibility by Venture capitalist remembering the true objective to review the measure of
capital that every accessory will add to the business.
b) Venture capitalist:- The Venture capitalist should survey the update and article of relationship to audit the terms and
condition as to benefit sharing and capital commitment by Venture capitalist with a specific end goal to audit the measure of capital
that each accomplice will add to the business (Malmi, 2010).
c) Financial speculator (We Finance Limited):- Funding will be excited about assessing the organization yearly answer
to find out the liquidity hazard and valuation of the business with a specific end goal to determine the level of hazard
that We back limited will uncover itself while entering the agreement to give an advance of 20,000.
d) Finance broker:- Since the money related agent is interest with interest on loan, the fundamental data need is the
organization's income statement execution and whether the organization has been a development in benefit after expense each

budgetary period (Nandan, 2010). This is a pointer of business reasonability and setting up the level of liquidity hazard which is
perfect for Finance broker since; it will give a diagram of the degree of hazard draw in with the organization and give the premise of
making loan contract with the organization.
Internal and external users of financial statements are enumerated below:
Internal users
 Management: Managers needs financial statements to make plans and policies for effective decision making to improve the
performance of firm. Management consists of managers, board of directors etc.
 Employees:Employees of organization use the financial information to identify the performance of company to know about
their career goals and set their future plans.
External users
 Financial institutions: It includes banks and financial companies that provide loan or credit to organization to performs their
operations. They use financial statement to identify the solvency position of company.
 Investors: they are perople that invest in the company to get the higher returns and thus are required to use the financial
statement to identify the firm's performance and profitability to know about their returns.
 Suppliers: Suppliers and creditors use the financial statement to identify the strength of organization to pay their obligations
and suppliers get the idea about the credibility of the firm to pay their debts.
 Government: It requires financial information to determine the growth of firm in the industry and also tax liabilities are
calculated on the basis of this information.

2.4 Impact of finance on financial statements if Osborne Terrace restaurant
Finance is considers as provision of money by which getting sources for fund and investment are analyzed affects performance
of organization. In this regard, on the basis of business operations, financial statements are prepared including profit and loss account,
balance sheet, income statement and so on. By preparing and maintaining these statements, different ideas are generated for further
investment on business activities (Pitkänen and Lukka, 2011). However, decision maker for setting up new entity recognizes all
inflows and outflows forecasting that affects further productivity and profitability to effective establishment. Decisions for financing is
created for operating further activities. Selected sources of finance place direct impact on the financial statement in the following
manner:
 Profitability statement: Under profitability statement, Interest paid is debited to the income statement and also it dividend paid
to shareholders is debited in the income statement because they are the expenses of the organization which they have to pay
ton bank for acquiring loans and dividend to acquire money from the shareholders.
 Balance sheet: It shows that loan acquired from bank to perform various function is shown on the liabilities sides as loans
because this are repayable in future and thus its have their impact on the balance sheet. Also, due to increase in loan amount on
liabilities side bank account which is shown of the assets side is reduced after the loan is repaid. This shows that finance have
its impact on the both liabilities and assets of the firm as one increases other will decrease automatically.
3.1 Analyses of the cash budget for Osborne Terrace restaurant
November December Jan-17 February March April May June July
Sales
£
150,000.00
£
300,000.00
£
300,000.00
£
450,000.00
£
600,000.00
£
300,000.00
£
300,000.0
0
£
75,000.00
£
150,000.00
Collection
5% first month
£
7,500.00
£
15,000.00
£
15,000.00
£
22,500.00
£
30,000.00
£
15,000.00
£
15,000.00
£
3,750.00
£
7,500.00
80% Second Month £
120,000.00
£
240,000.00
£
240,000.00
£
360,000.00
£
480,000.00
£
240,000.0
£
240,000.00
£
60,000.00

0
15% third Month
£
22,500.00
£
45,000.00
£
45,000.00
£
67,500.00
£
90,000.00
£
45,000.00
£
45,000.00
£
7,500.00
£
135,000.00
£
277,500.00
£
307,500.00
£
435,000.00
£
562,500.00
£
345,000.0
0
£
288,750.00
£
112,500.00
Opening cash
£
110,000.00
£
117,500.00
£
252,500.00
-£
277,250.00
-£
107,000.00
£
208,250.00
£
333,500.0
0
£
451,250.00
£
520,250.00
Expense
£
807,250.00
£
137,250.00
£
119,750.00
£
437,250.00
£
227,250.0
0
£
219,750.00
Closing cash
£
117,500.00
£
252,500.00
-£
277,250.00
-£
107,000.00
£
208,250.00
£
333,500.00
£
451,250.0
0
£
520,250.00
£
632,750.00
On the basis of above cash budget it can be analyzed that Closing balances of the cash budget is increasing over the period of
November to January due to increase in the expenses of the company which must be controlled by reducing the expenses using
budgetary control. Also, it has analyzed that in feb the closing balance of cash reduced to 107000 which shows that company
expenses are reduced and thus it will increase profitability of the firm. In march there have been increase in cash which shows that
organization will have more to cash to pay its obligation and also to perform its various activities. Furthermore, This analysis has
provided that in may the closing cash balance is zero due to high expenses which will affect the operations of business. Zero closing
balance shows that cash outflow of the company is more than its inflows. In June closing balance of cash is 520250 which shows that
company have inflow of cash which will assist in performing its various functions. In July closing cash balance has increased to
632750 which shows that there has been inflow of cash in organization.
3.2 How unit costs will be calculated to make pricing decisions
The organization will utilize the action based cost to assess the unit cost. In this approach, each table will distribute cost on the
premise of share of hours expected to attend to particular tables (Sisaye and Birnberg, 2010). For example, if the organization has 200

customers, the organization may work out the work, providers, and vitality expected to serve the 200 customers fairly taking a gander
at each unit independently.
By doing assessment, it has found that high level of association takes place between unit cost and selling price. Moreover, by
adding profit margin in the assessed cost business entity can set the price of offerings. In the context of business unit, profit
attainment is considered as one of the main motive of firm. Unit cost can be calculated by the business entity through dividing total
expenses from number of offerings. Thus, by using financial tools and techniques owner of Osborne restaurant can set suitable prices:
Unit cost: Total expenses / number of units produced or offered
Selling price: Cost per unit + (cost * profit margin %)
Particulars Figures (in £)
Fixed expenses 800
Variable expenses 1200
Total expenses 2000
Number of customers 40
Unit cost 2000 / 50 = £40
Profit margin (in %) 20%
Price 40 + (40 * 20%) = £48

The above depicted table shows that by charging £48 from per customer owner of Osborne restaurant would become able to
earn £8 margin by offering services to each one.
3.3 Investment appraisal techniques
NPV:-
Cash inflow of
investment 1 (£)
PV @ 10%
Cash inflow of
investment 2 (£)
1 80000 0.909 72727 78000 70909
2 96000 0.826 79339 89000 73554
3 88000 0.751 66116 82000 61608
4 105000 0.683 71716 96000 65569
5 118000 0.621 73269 109000 67680
6 126000 0.564 71124 122000 68866
Total discounted cash
inflows 434291 408186
Less: initial investment 300000 300000
NPV 134291 108186

Payback period
Years
Cash
inflow of
investment
1 (in £m)
Cumulative
cash inflow
Cash
inflow of
investment
2 (in £)
Cumulative
cash inflow
1 80000 80000 78000 78000
2 96000 176000 89000 167000
3 88000 264000 82000 249000
4 105000 369000 96000 345000
5 118000 487000 109000 454000
6 126000 613000 122000 576000
Payback period
Investment 1: 3 + 36000 / 105000
= 3.3 years
Investment 2: 3 + 51000 / 96000
= 3.5 years
On the basis of above computation it can be interpreted that project A must be selected by company because its payback
period is lower than project B and also the net present value of project A is higher than that of project B. The present value of

investment determined by Project A give that 134291 is the present value of the future cash flow and project B has 108186 which is
lower that project A. So , Company should go with project A to get profits in less time which is 3.3 years.
TASK 2
4.1 Discuss the key components of financial statements
Income statement:- It is financial statement tool that presents incurred expenses and gained revenue. Therefore, economic
position of organization is analyzed (Ehrhardt, 2016). In addition to this, by analyzing income statement, balance of income and
expenditure is evaluated by checking out this financial statement.
Statement of cash flows:- The Statement of cash flows shows the sources and utilization of money for a settled time allotment.
The Statement of cash flows educates monetary masters and leasers about the indissolubility of the business, where the business is
getting its money from, and on what it is spending its money
Explanation of changes in equity and gains:- The Statement of held income is a measure of the advantages of the business
operation that have been made through beneficial business exercises, held in the business, and not paid out to shareholders as benefits.
Generally, a ton of held pay is seen as a sign that the Organization n has done well and is reinvesting its advantages in itself (Few,
2009). In light of current circumstances, a start-up or early-sort out business frequently defies reporting negative held incomes it
obliges venture to amass a business and get the opportunity to be particularly advantageous.
Statement of financial position:- The Statement of money related position is the essential "what do we have" explanation. The
Statement of financial position exhibits what the Organization n has (assets, for instance, money, documentation s of offers, and
Assets) and what the Organization n owes (liabilities, for instance, loan boss liabilities and advances). Any remaining divergence
between these two entire ties (the benefits and the liabilities) shows what has a place with shareholders as their value interest (Madura,

2007). These three entire ties must adjust (Moyer, 2015). The Statement of budgetary position demonstrates a review of where the
Organization n is at one point in time.
Notes to the money related statement:- Business can pick the bookkeeping standard on which to base their money related
explanations. The notes to the money related articulations educates clients what technique choices have been made, and furthermore
other information that can be vital to an aggregate cognizance of the budgetary clarifications.
4.2 Comparing the format used by Osborne Terrace restaurant to presenting their financial statement with that of a partnership
Statement of Equity:- Organizations and organizations both make a declaration of significant worth, moreover called a held
profit statement. This shows how much the business has left over after each one of its commitments are paid. In an affiliation, the
declaration of significant worth exhibits every accessory's bestow of the business' an incentive along to total esteem (Moyer, 2015).
An association's declaration of significant worth has only a solitary fragment - indicate esteem. Both have the measure of capital the
business had toward the begins of a declaring period - consistently a year - trailed by additional endeavors, pay and withdrawals. The
last line exhibits how much in capital is left over.
Balance Sheet:- The monetary record is a documentation of advantages, liabilities, and proprietor’s value. As opposed to
speaking to a time span, for instance, a year, quarter or month, it's "beginning at" a particular date. Resources are at the top and
include money, endeavors, receivables and distinctive things, for instance, arrive. Liabilities are next and consolidate the business'
commitments. Esteem, or held benefit is at the base; affiliations show every associate's esteem, with a total, while Business
demonstrate mean shareholder esteem (Lee, 2011). Mean liabilities notwithstanding accessory or shareholder esteem squares with
total assets for both affiliations and organizations.
Income Statement:- The income statement exhibits a business' income and cost over a set time period. Income and income are
at the top, and expenses are at the base, then the business net income estimation (Christ and Burritt, 2013). Net pay is equal to total

pay less total expenses. Regardless of the way that there are complexities between the bookkeeping report and explanation of
significant worth for Business and ventures, the pay announcement is the same (unless pay and expenses are requested by assistant.
Cash Flow Statement:- The income statement for both Business and endeavors exhibits how much trade turns out and goes
out over a time period. It changes income from working and contributing exercises to money. It in like manner portrays the installment
made by the business for financing and charges, and delineates the business' ability to cover its responsibilities (Floyd, 2005). The
income clarification not simply shows the organization's and the association's past activities, it demonstrates future activities, at well
(Albelda, 2011). Like the income decree, the Organization n and corporate income clarifications are equivalent
Basis of difference Sole trader Partnership Sainsbury Plc
Meaning They are the one who take
decisions without the
interference of others and lays
focus on the generation of high
profit margin.
Under partnership firm, profit
and loss is shared as per
predetermined ratio.
Such listed firms make focus on
performing activities by
satisfying the expectations of
customers.
Statements Mainly profitability statement
is prepared by the sole
proprietorship firm.
In comparison to Sainsbury,
partnership firm prepares one
additional account namely
partner’s capital.
Listed firms usually prepare
four accounts such as:
 Income statement

 Cash flow statement
 Balance sheet
 Statement of changes in
equity
Compliance with the guidelines No need to follow specific
guidelines
IFRS, IAS and UK GAAP are
followed by the partnership
firms while preparing final
accounts.
Likewise partnership firm, all
the rules are followed by
Sainsbury Plc.
Auditing and publishing
requirements
No requirements take place in
sole trader firm pertaining to
auditing and publishing
Partnership firms also prepare
and publish annual reports at
the end of financial period.
Publicly listed firms are obliged
to prepare and publish annual
reports at the end of an
accounting year.

4.3 Interpreting the current money related statement of Osborne Terrace restaurant utilizing proper proportions and making
examination with the earlier year
Ratio analysis of Sainsbury & Tesco

Internal analysis: Ratio analysis presents that GP margin of Sainsbury plc inclined over the years. However, in 2017, net margin
of the firm declined from 2% to 1.44% respectively. Hence, for the attainment of high margin company needs to exert effectual
control over expenses. In the accounting year 2017, current and quick ratio of Sainsbury Plc accounted for .74 & .53 significantly.
Referring this, it can be stated that liquidity position of such retail firm was not good. In addition to this, tabular presentation shows
that solvency position of Sainsbury plc has deteriorated over the time frame. Along with this, modifications need to be done in the
existing strategic framework for improving profitability, liquidity and solvency aspects. On the basis of above computation it can be
interpreted that firm profitability is increased during the year 2017, as it shows increment of 0.04 % in the gross profit. But the net

profit margin of the company is reduced in 2017. Also, it shows that current ratio of Sainsburry PLC has increased from the year 2016
which determine that company liquidity position has become better but in order to increase liquidity of company to reach the ideal
current ration which is 2 : 1 company should focus on maintaining its current assets to pay its liabilities. Sainsburry Plc in order to
improve its liquidity position must focus on its various operations.
External analysis: By analyzing financial statements it has identified that profitability position of Sainsbury was good in 2017 as
compared to its rival firm namely Tesco. In FY 2017, negative margin was generated by Tesco plc such as -0.07% significantly.
Further, as compared to ideal ratio such as 2:1, liquidity position of both the companies were not good. Besides this, results of ratio
analysis clearly exhibit that solvency position of both the companies were not good during the concerned period. Moreover, for
meeting financial requirements high debt was used by Tesco as compared to Sainsbury. At the time of developing capital structure
both the companies should keep in mind ideal ratio such as .5:1 significantly. In the external analysis which shows about the
comparison between Salisbury PLC and Tesco. Current ratio of tesco is better than Sainsburry has its shows that liquidity position of
Tesco is good than Sainsburry. Also, it shows that gross profit margin of Sainsburry is better than tesco which provide that sainsbury
is earning higher profits than tesco. Sainsburry and tesco in order to improve their liquidity position have to maintaining the current
assets level on the baisis of its obligation to meet them when they occur.

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