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New Slide Footwear Company - Assignment Example

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During the preparation of financial documents, there are several assumptions that must be used to establish business projections. These assumptions determine the inclination of the business’ operational costs, as well as sales revenue…
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New Slide Footwear Company
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? New Slide Footwear Company Inserts His/her Inserts Grade Inserts 5th, December, Outline 0 Cost and Revenue Assumptions 03 2.0 Marginal Costing Cost Statement 04 3.0 Break Even Analysis 04 4.0 Financial Documents 06 4.1 Cash Budget 07 4.2 Forecast Income Statement 08 4.3 Forecast Balance Sheet 08 5.0 The Pitch 09 6.0 Conclusions 14 7.0 List of References 16 8.0 Appendix 18 New Slide Footwear Company 1.0 Cost and Revenue Assumptions. During the preparation of financial documents, there are several assumptions that must be used to establish business projections. These assumptions determine the inclination of the business’ operational costs, as well as sales revenue (Shim & Joel, 2008). In this section, essential cost and revenue assumptions are given in relation to the expectation on the ground. In particular, some of the cost assumptions for the business will include all costs related to production, operations, marketing, and taxes. Costs arising from production and operations include commodities and wages, while the latter include advertising and government taxes among others. These are classified as fixed and variable cost: Where, fixed costs are those that remain constant regardless of production, while variable costs will vary with the production (Khan & Jain, 2008; Peavler, 2011). In practice, we have established all the fixed cost as rent and maintenance, while variable costs as wages, materials, utilities and other expenses. This will ensure that we make accurate decisions in preparing all the financial documents for New Slide Footwear Company (Shim & Joel, 2008). On the other hand, revenue assumptions for the proposed business include the pricing of the new product and potential sales during the operations. As such, we arrived at our unit pricing through conducting an intensive market research that considered several factors such as, the potential target market, cost of materials, forecasted market share and other market pricing values used by existing competitors (FMAG, 2011). Therefore, these assumptions enabled us to prepare relevant financial documents as observed in the following sections. 2.0 Marginal Costing Cost Statement. Marginal costing cost statement is a document used in marginal costing to create a platform for making all the cost and revenue assumptions (Globusz, 2001). It is a basic document that is useful in preparing financial documents such as the cash flow budget, forecast income statement, and forecast balance sheet (Kotler, 2000; Shim & Joel, 2008). Table 1 below represents the cost statement for the proposed business venture. Table 1: Marginal Costing Cost Statement for New Slide Footwear Company. Particulars Per Unit Per 12 Months Sales ? ? ? ? Number of Units 100,000 Sales 22.00 2,200,000 Variable Costs Direct Materials 5.06 506,000 Direct Labor 1.12 112,000 Direct Overheads 3.06 306,000 Total Marginal Cost 12.76 1,276,000 Contribution 9.24 924,000 Fixed Costs 5.06 506,000 Net Profit 4.18 418,000 The costing statement shows that the venture will have a contribution margin of ?9.24 per unit of New Slide sports shoes, which reflects to ?924,000 for the first 12 months of operation. The business will generate ?418,000 worth of net profit, after selling the first 100,000 units, which is 19% of the sales value for the whole year. After adjustments, the fixed costs for the venture will amount to approximately ?506,000. 3.0 Break Even Analysis. Breakeven analysis is an efficient method used in by business managers in making appropriate decision for shaping the future of a business venture (Globusz, 2001). Precisely, breakeven analysis establishes the breakeven point (BEP), which is the point where an investment recovers its investment but does not incur any profits or losses (Frongello, n.d; Kotler, 2000). The following table gives the breakeven data for the proposed venture. Table 2: Break Even Table for New Slide Footwear Company. Sales Sales Variable Contribution Fixed Total Net Units Revenue ? Cost ? Margin ? Cost ? Cost ? Profit/Loss ? 30000 660000 382800 277200 506000 888800 -228800 40000 880000 510400 369600 506000 1016400 -136400 50000 1100000 638000 462000 506000 1144000 -44000 60000 1320000 765600 554400 506000 1271600 48400 70000 1540000 893200 646800 506000 1399200 140800 80000 1760000 1020800 739200 506000 1526800 233200 90000 1980000 1148400 831600 506000 1654400 325600 100000 2200000 1276000 924000 506000 1782000 418000 110000 2420000 1403600 1016400 506000 1909600 510400 120000 2640000 1531200 1108800 506000 2037200 602800 Basing on the breakeven table, the breakeven point in terms of unit sales, sales value and percentage have been established in the following paragraphs. Fixed costs = ?506,000 Contribution per unit = ?9.24 Breakeven Point = Fixed Expenses/Contribution per unit. = ? 506,000 /? 9.24 = 54,762 units BEP in sales value = BEP Units x Sales price = 54,762 x 22.00 = ? 1,204,764 BEP in percentage = (BEP Units x 100)/Capacity in Units = (54,762 x 100)/100,000 = 54.76% BEP PROFIT Figure 1: The Graphical Representation of Breakeven Point. 4.0 Financial Documents. In this section, all financial documents for New Slide Footwear Company are given and include the cash budget, forecast income statement and forecast balance sheet. These documents will give highlights on the venture’s capital generation ability, profitability, and financial position respectively (Brigham & Joel, 2010; Shim & Joel, 2008). Therefore, the documents play a significant role in establishing the strength and feasibility of the proposed venture (Bose, 2006). The financial documents can be obtained in the following pages. Table 3: Forecast Monthly Cash Flow Budget Statement for the Year ending 31st December 2012 Particulars Start up Jan. Feb. Mar. Apr. May Jun Jul. Aug. Sep. Oct. Nov. Dec. Total Estimated Sales Units   1500 2000 3500 5500 8500 9000 9000 9500 11500 12500 13000 14500 100000 Sales Revenue   33,000 44,000 77,000 121,000 187,000 198,000 198,000 209,000 253,000 275,000 286,000 319,000 2,200,000 Cash Inflow                           - Accounts Receivable   30,000 35,000 66,000 121,000 167,500 188,000 185,000 199,500 215,000 254,000 275,000 301,000 2037000 Initial capital 374,000                         374,000 Long-term Loan 550,000                         550,000 Total (A) 924,000 30,000 35,000 66,000 121,000 167,500 188,000 185,000 199,500 215,000 254,000 275,000 301,000 2,961,000 Cash outflow                           Accounts Payable   34,500 38,000 49,000 67,500 88,000 95,500 95,000 101,000 98,500 125,000 135,000 140,000 1067000 Worker wages   25,500 25,500 25,500 25,500 25,500 25,500 25,500 25,500 25,500 25,500 25,500 25,500 306000 Factory Rent   10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120000 Electricity and Utilities   2,250 2,250 2,250 2,250 2,250 2,250 2,600 2,600 2,600 2,600 2,600 2,600 29100 Other Admin expenses   4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 54000 Sales Promotion   8,000 8,000 8,000     7,000     7,000     7,000 45000 Interest       15,125     15,125     15,125     15,125 60500 Property, Plant and Equipment 506,000                         506,000 Rent advance 100,000                         100,000 Loan Repayment                         275,000 275,000 Total (B) 606,000 84,750 88,250 114,375 109,750 130,250 159,875 137,600 143,600 163,225 167,600 177,600 479,725 2,562,600 Net cash (A) - (B) 318,000 -54,750 -53,250 -48,375 11,250 37,250 28,125 47,400 55,900 51,775 86,400 97,400 -178,725 398,400 Opening balance   318,000 263,250 210,000 161,625 172,875 210,125 238,250 285,650 341,550 393,325 479,725 577,125 - Closing Cash 318,000 263,250 210,000 161,625 172,875 210,125 238,250 285,650 341,550 393,325 479,725 577,125 398,400   Table 4: Forecast Income Statement for New Slide Footwear Company for the year ending 31st December 2012. Description Expenses ? Income ? Sales 2,200,000.00 Less: Cost of Sales 1,276,000.00 Gross Profit 924,000.00 Fixed Expenses: Worker wages 306,000.00 Factory rent 120,000.00 Electricity and Other Utilities 29,100.00 Other Administrative Expenses 54,000.00 Sales Promotion 45,000.00 Total Expenses 554,100.00 Operating Profit 369,900.00 Interest 60,500.00 Depreciation 39,200.00 Interest and Depreciation 99,700.00 Profit for the year before tax 270,200.00 Less: Taxation (30%) 81,060.00 Net Profit carried over 189,140.00 Table 5: Forecast Balance Sheet for New Slide Footwear Company for the year ending 31st December 2012. Description ? ? Fixed Assets: Property, Plant and Equipment 506,000.00 Less: Depreciation 39,200.00 Total Fixed Assets: 466,800.00 Current Assets: Cash balance 398,400.00 Accounts receivable 163,000.00 Rent Advance 100,000.00 Total Current Assets 661,400.00 Current Liabilities: Accounts Payable 209,000.00 Tax Payable 81,060.00 Total Current Liabilities 290,060.00 Net working capital 371,340.00 Total Assets: 838,140.00 Source of Fund: Long-term Loan 275,000.00 Capital 374,000.00 Net Profit for the year 189,140.00 Total Equity 563,140.00 Total Sources 838,140.00 5.0 The Pitch. Business Plan for the Proposed Venture, New Slide Footwear Company From New Slide Footwear Company [Address] [City] [State] [Zip Code] [Telephone] To ANY Financing Agency [Investor Address] [Investor City, State, Zip] Presentation of a Business Plan for a New Footwear Product Introduction For more than two decades, sportswear has been through the boom times and is now experiencing a rigorous attack of consolidation. In particular, footwear market has several ordinary brands that are produced for sporting purposes, as well as casual for casual purposes. As a result, new manufacturers are now producing similar products, which may lack in quality, functionality, or sell at unreasonably high prices. Hence, it is obvious that what people pay for their daily sports gear does not reflect the value of their money. Our new product, which is a well designed, comfortable, and affordable sports shoes will fill this created market gap; hence, resulting in excellent market capitalization (Kotler, 2000). Additionally, the market research conducted strengthened the company’s visions, which are also based on the fact that the UK will be experiencing a decade of sports due to the 2010 London Olympics (FMAG, 2011). In this proposal, we are requesting for your assistance in the form of capital so that we can successfully launch our business. Business Plan In the last six months, we launched a campaign in eight cities to establish whether we can obtain substantial market avenues for the sale of sports shoes within the United Kingdom. During the market research, we established the market gap created within the footwear industry, which our business venture can adequately address. According to several sources, market research gives the ultimate measure of the feasibility and potential success of a business venture (Kotler, 2000). Particularly, we established the urgent need for affordable sporting shoes for the young generation that may lack adequate funds, but in constant search for quality products. Therefore, our target group lies between the 14 and 28 age bracket. Since, majority of the youths love sports we are certain that the proposed business venture will penetrate the market regardless of the existing competition from established manufacturers like Nike and Adidas (FMAG, 2011). We are confident that the proposed venture will be as success. The following marketing mix gives a strong basis for supporting the launch of the new footwear product. Product After searching for the most appealing brand name, we settled for “New Slide”, which shall refer to the new product. Consequently, the proposed venture will be known as The New Slide Company. New Slide sports shoes will be available in a blend of three colors, which has been identified by our designers and will be available in all sizes starting from the age 14 margin. The sports shoes will be made from a light material that has already been identified, and will be comfortable for all sporting activities. The product will meet all health, functionality, and durability requirements; thereby, it should penetrate the market favorably well (Kotlers, 2000). Price As mentioned earlier, several sports shoes brands within the footwear industry are highly priced, and many young people may strain purchasing such brands. Some perfect examples include Nike and Adidas brands, which are priced within the top segment (FMAG, 2011). Despite the proposed venture’s quality adherence, we shall restrict the New Slide shoes to the middle segment pricing so that we can rip the benefits of market penetration and capitalization. As established in the marginal costing cost statement, we shall have a unit pricing of ?22, which shall be subject to revisions due to market changes. The low pricing is set to enable the young generation purchase the New Slide shoes without straining, which is the case with other highly priced sporting shoes. This pricing technique is referred to as penetration pricing and will enable as open the gates for future success. Promotion Only with perfect decisions and marketing strategies will a product attract several consumers within the shortest span of time. In that sense, the target market has to be aware of the products value, quality, functionality, and pricing so as to develop an interest for such product (Kotler, 2000). The New Slide Company will use various marketing strategies to reach its target market including the use of media, internet marketing, and occasional newsletters. Since this is a new venture, we shall create a commercial advertisement showing the new footwear product in use, while highlighting most of its appealing features. In addition, newsletters and brochures with details about the new product will be issued to consumers: This shall be occasionally produced in hard copy and most frequently used through email marketing strategies. We have specifically identified these marketing strategies because our target market falls within the young internet savvy generation of consumer. Hence, we expect to have a positive response within the first few weeks of advertisement and assumed immediate sales. Place New Slide Company will use efficient supply strategies that would allow the smooth movement of products from the production stores to the market place. Hence, there should be a continuous link between the company, suppliers and customers in order to create, as well as retain new customers (Kotler, 2000). Therefore, New Slide Company will be selling its finished products to wholesalers who will be making the products available to retailers. The price of the final product will be controlled by New Slide: hence, all its agents including retailers shall have to register with the company for future cooperation. The implementation of this supply chain will ensure that the company remains committed to its quality adherence policy, as well as meet the market demand in terms of productivity. Financials New Slide Company will require a total investment of ?924,000 in order to have a successful ground for running all the business operations. This investment will include a ?374,000 investment by the founding members, and a further ?550,000 long-term loan from our potential investors. Without this investment, it will be impossible for the proposed business venture to operate as the capital shall be used in purchasing of essential working equipment and covering of all other operational costs (Khan & Jain, 2008). For instance, the farm will need to invest ?506,000 in plant and equipment, ?306,000 in total wages, and ?120,000 in rental arrears during the first year of operation alone. As such, the company will have around 24 to 30 permanent workers during the first year of operation. However, these figures will vary in relation to market changes and additional workers including casual laborers will be needed in the company’s manufacturing units (Shim & Joel, 2008). The investment will be repaid within the first three years of operation and interest compounded quarterly at a rate of 11% per year, which is considerably higher than the industry rates. As seen from the cash budget, the company will have a cash generation of ?398,400 at the first financial year, which is 18.1% of the sales revenue for that period. At the end of the first year, 31st December 2012, New Slide will have already sold the forecasted 100,000 units valued at ?2,200,000 before any deductions. This will enable the company to repay ?275,000 of the long-term loan and still remain with enough capital that will keep the business in operation. For instance, an income tax of ?81,060 will be charged on the profit before tax for the year, ?270,200, which will result in a net profit after tax of ?189,140. In that sense, the company will enjoy a net profit after tax of 8.60%, which is similar to the standards of the footwear market. With these profit predictions, it is inevitable to assert that this is a feasible project that investors must be willing to put their money. In fact, the net profit of ?189,140 assures the proposed business 20.47% return on the ?924,000 investment. Also, the business will have grown remarkably to a net worth of ?838,140 in total assets. For further details, the company’s financial documents have been provided within the appendix section of this proposal. Conclusions As established from the market research, the new footwear product can compete favorably within the footwear industry. This is attributed to the several features and value of the product, which include quality, functionality and price functions. With all these features taken care of, we expect the product to thrive well in the market and maintain an excellent market reputation. Additionally, the strategies we have in place together with predictions of the venture’s profitability, we are sure that the business will reach and meet the demands of the target market group. This is also clear from the financial documents that show the achievement of sufficient profitability within the first duration. In fact, the payback period will be short meaning that the investment is feasible and has high chances of penetrating the market. In summary, New Slide Company is a feasible project, which investors must consider as it will enjoy market capitalization, as well as earn considerable profits. List of References Bose, C. (2006) Fundamentals of Financial Management. New Delhi: Prentice Hall of India. Brigham, E. and Joel, H. (2010) Fundamentals of Financial Management. Southern- Western: Cengage Learning. FMAG (2011) UK Sportswear Market Value to Grow 8.6% by 2015. [Online]. FashionMag. Available from: http://au.fashionmag.com/news-168456-UK-sportswear-market-value-to-grow-8-6-by-2015 [Accessed 28th November 2011]. Frongello, L. (n.d) Break-Even Point Analysis. [Online]. Bizbound. Available from: http://www.bizbound.com/breakeven.htm [Accessed 28th November 2011]. Globusz (2001) Breakeven Analysis. [Online]. Globusz Publishing. Available from: http://www.globusz.com/ebooks/Costing/00000013.htm [Accessed 27th November 2011]. Globusz (2001) Marginal Costing and Absorption Costing. [Online]. Globusz Publishing. Available from: http://www.globusz.com/ebooks/Costing/ 00000012.htm [Accessed 27th November 2011]. Khan, M. and Jain, P. (2008) Financial Management. 5th ed. New Delhi: Tata McGraw- Hill. Kotler, P. (2000) Marketing Management. 10th ed. New York: Prentice Hall. Peavler, R. (2011) Fixed and Variable Costs: The Types of Expenses you incur when you Start a Small Business. [Online]. Business Finance. Available from: http://bizfinance.about.com/od/pricingyourproduct/qt/Fixed_Variable_Costs.htm [Accessed 1st December 2011]. Shim, K. and Joel, G. (2008) Financial Management. 3rd ed. New York: Barron’s Educational Series, Inc. Appendix Table 3: Forecast Monthly Cash Flow Budget Statement for the Year ending 31st December 2012 Particulars Start up Jan. Feb. Mar. Apr. May Jun Jul. Aug. Sep. Oct. Nov. Dec. Total Estimated Sales Units   1500 2000 3500 5500 8500 9000 9000 9500 11500 12500 13000 14500 100000 Sales Revenue   33,000 44,000 77,000 121,000 187,000 198,000 198,000 209,000 253,000 275,000 286,000 319,000 2,200,000 Cash Inflow                           - Accounts Receivable   30,000 35,000 66,000 121,000 167,500 188,000 185,000 199,500 215,000 254,000 275,000 301,000 2037000 Initial capital 374,000                         374,000 Long-term Loan 550,000                         550,000 Total (A) 924,000 30,000 35,000 66,000 121,000 167,500 188,000 185,000 199,500 215,000 254,000 275,000 301,000 2,961,000 Cash outflow                           Accounts Payable   34,500 38,000 49,000 67,500 88,000 95,500 95,000 101,000 98,500 125,000 135,000 140,000 1067000 Worker wages   25,500 25,500 25,500 25,500 25,500 25,500 25,500 25,500 25,500 25,500 25,500 25,500 306000 Factory Rent   10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120000 Electricity and Utilities   2,250 2,250 2,250 2,250 2,250 2,250 2,600 2,600 2,600 2,600 2,600 2,600 29100 Other Admin expenses   4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 54000 Sales Promotion   8,000 8,000 8,000     7,000     7,000     7,000 45000 Interest       15,125     15,125     15,125     15,125 60500 Property, Plant and Equipment 506,000                         506,000 Rent advance 100,000                         100,000 Loan Repayment                         275,000 275,000 Total (B) 606,000 84,750 88,250 114,375 109,750 130,250 159,875 137,600 143,600 163,225 167,600 177,600 479,725 2,562,600 Net cash (A) - (B) 318,000 -54,750 -53,250 -48,375 11,250 37,250 28,125 47,400 55,900 51,775 86,400 97,400 -178,725 398,400 Opening balance   318,000 263,250 210,000 161,625 172,875 210,125 238,250 285,650 341,550 393,325 479,725 577,125 - Closing Cash 318,000 263,250 210,000 161,625 172,875 210,125 238,250 285,650 341,550 393,325 479,725 577,125 398,400   Table 4: Forecast Income Statement for New Slide Footwear Company for the year ending 31st December 2012. Description Expenses ? Income ? Sales 2,200,000.00 Less: Cost of Sales 1,276,000.00 Gross Profit 924,000.00 Fixed Expenses: Worker wages 306,000.00 Factory rent 120,000.00 Electricity and Other Utilities 29,100.00 Other Administrative Expenses 54,000.00 Sales Promotion 45,000.00 Total Expenses 554,100.00 Operating Profit 369,900.00 Interest 60,500.00 Depreciation 39,200.00 Interest and Depreciation 99,700.00 Profit for the year before tax 270,200.00 Less: Taxation (30%) 81,060.00 Net Profit carried over 189,140.00 Table 5: Forecast Balance Sheet for New Slide Footwear Company for the year ending 31st December 2012. Description ? ? Fixed Assets: Property, Plant and Equipment 506,000.00 Less: Depreciation 39,200.00 Total Fixed Assets: 466,800.00 Current Assets: Cash balance 398,400.00 Accounts receivable 163,000.00 Rent Advance 100,000.00 Total Current Assets 661,400.00 Current Liabilities: Accounts Payable 209,000.00 Tax Payable 81,060.00 Total Current Liabilities 290,060.00 Net working capital 371,340.00 Total Assets: 838,140.00 Source of Fund: Long-term Loan 275,000.00 Capital 374,000.00 Net Profit for the year 189,140.00 Total Equity 563,140.00 Total Sources 838,140.00 Read More
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