A Young Enterprise Company
Company Report
2012
Eco Fantasy
Milton Keynes Academy
Fulwoods Drive
Leadenhall
Milton Keynes
MK6 5LA
Phone: 07411449398
Email: 05kboanoh@miltonkeynesacademy.org.uk
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Link Teacher
Sean Hickey
Deborah Gockelen
Business Mentors
Steve Axtell
Mark Chapman
Linda Mccomie
Contents
Page No.
Company: Eco Fantasy
The environmental policy
Mission statement
Our product and service
Creating the company
Creating strong team
Developing our skills
Communication and methods of marketing production
Decision-making summary of company performance
Taking the first steps-develop the plan
Company performance
Company achievement
Challenges we faced in our company
Interim accounts
Company Finance
Team review
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Decision making summary:
Company: Eco Fantasy
“There is at least one point in the history of any company when you have to change dramatically to rise to the next level of
performance. Miss that moment - and you start to decline.” Andy Grove quotes
Our company name has been chosen very carefully, to encapsulate our vision and the product we are selling.
Our key unique selling points are that are products are recycled and are hand-made, and we were excited by
the name ‘Eco Fantasy’. The word ‘Eco’ captures the very essence of hand made recyclable materials, and
‘Fantasy’ alluded to the magical backgrounds that could be added to the high quality pictures.
Our product was a marriage of these two, combining an environmentally friendly product withy leading edge
technology – a fusion of creative thinking both in the product and our company name. .
The environmental policy
The overriding objective of the company from the outset was to ensure that we made the smallest impact
possible on the environment. Policies were developed that ensured throughout the manufacturing process this
was embedded in the practice of the company, from the use of recycled materials through to ensuring that the
final packaging consisted of materials from environmentally friendly sources.
Mission statement
Our mission statement:
“Images to your imagination”
This mission statement has also been thought about very carefully. The concept of using the phrase “images to
your imagination” has a strong resonance with the products we sell. Our vision is to take pictures and change
their backgrounds to the customer’s choice.
Our service and product
Our product is to both manufactured recycled frames, alongside taking high
quality pictures, which are transformed through the addition of a
background of the customer’s choice. The backgrounds are organised in an
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electronic file created by ourselves, organised so that for all staff and the customer there is never any
confusion as to what has been selected. We found this a very helpful thing to do to ensure would be no
confusion as to which customer has chosen which background.
We strive to exceed customer’s expectations and we wanted the customers to have a pleasant and easy
buying experience. Items needed to be well displayed and the customer service representatives received
training on how to ensure the customer’s needs were met, and that they had expert product knowledge on
the products they are advising on. This would include knowledge of the manufacturing process, price and its
appropriateness for each individual client circumstance.
Creating the company – membership and organisation
It is essential to create a high quality team who work together and dedicate their time with the team in order
to succeed in our plans.
To reach our plans, with the help of our business mentors, we first recruited the post of MD so the MD could
be involved in decisions recruiting other posts. We then matched the other staffs qualities, which they
highlighted in a simple questionnaire, to the other key posts. As a team we are confident that this process
worked well, creating a high performing imaginative and creative team.
Our winning team!
Kofi Boanoh
Managing Director
Naomi Akenda
Sales director
Haneen Ahmed
Company Sectary
Anjela Khan
Human Resources/
Operation Director
Nadia Jackson
Sales Director
Abeer Raza
Marketing Director
Ria Stewart
Sales Director
Sundas Khan
Finance Director
Creating strong Team
“Strength lies in differences, not in similarities.” Stephen Covey quotes
From the beginning we were very strong minded, hard working, honest, reliable, motivated and a very
enthusiastic team. This allowed us to set up a strong set of Corporate Governance Principals at the core of the
business. There were sturdy communications and strong personal relationships within the members of the
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team. It became apparent early on that the role of Company Secretary was a vital role, ensuring we were all on
task and delivering in line with our commitments.
In our first meeting we all committed to some core values for the team. The agreement set out:
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We all will have to attend a formal meeting every Wednesday, in an official conference room.
Once the decision is made, actions and responsibilities needs to be shared out.
Everyone who received tasks undertook to finish these by the timescale given.
Board meeting would be held to review business progress, make decisions and agree actions for the
future
Actions would be sent to the mentors within 24 hours of the meeting by email, so everyone is clear as
to their responsibilities.
If someone is absent, apologies need to be received.
Developing our skills
When we allocated team members their roles and positions, everyone had a sharp understanding of their
responsibilities. Many creative and imaginative ideas were created. However, it did become apparent that we
were becoming less successful in following these ideas through to conclusion.
Through the motivation of the MD and mentors however, we were quickly on track again, and were able to
rebuild the team spirit and to make rapid progress. Key skills are listed below:
Abilities and merits
“Success is the maximum utilization of the ability that you have.” Zig Ziglar quotes
Departments
Managing /I.T Director
Kofi Boanoh
Company Sectary
Haneen Ahmed
Abilities and Present Virtues
Capability to be able to speak in
front of the team.
Organised, responsible, planned
and confident.
Human Resources/ Operation
Director
Anjela Khan
Sales Director
Nadia Jackson
Ria Stewart
Marketing Director
Abeer Raza
Good understanding of people,
approachable and time keeping.
Finance Director
Sundas Khan
Good understanding of what
people wants and how to
persuade them.
Creative style
Some interest in money,
understanding of profit/loss, and
trustworthy.
Communication and methods of marketing production
Abilities and Virtues gained
Confident in making decisions and
managing team.
Enhanced skills in organising the
system and making minutes for
company.
Better in taking about the issues
within the team.
Enhanced understanding the role
of sales and talking to people.
More self-confident and more
creative in attracting customers.
Enhanced understanding of money
management.
“If there is any great secret of success in life, it lies in the ability to put yourself in the other person's place and to see things
from his point of view - as well as your own.” Henry Ford quotes
We found communication to be possibly the most fundamental skill within a business. When this was poor, we
found it much more difficult to retain motivation, and to survive and succeed. Eco Fantasy had really excellent
communications with each other, with members always is touch with each other and with mentors by various
means such as Facebook, emails, calls and texting. This allowed us to stay in contact with each other almost
24/7. This means that any information that needs to be passed was done swiftly and successfully. However,
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this was a skill that was developed. At the beginning, the communication between us had a lack of clarity and
urgency, with some messages not being communicated clearly. This received lot of attention from the he MD
and Company Secretary, who managed to improve this area considerably.
Communication with the customer face to face is an essential part of the business. We had to show the best
possible customer service and had to be polite and patient at all the times so customers would be satisfied
with our product and feel loyal and friendly.
We set up our own MD and Company Sectary email addresses. We decided to use Google email address as it
seemed a more professional way of contacting people and as a business we wanted to give a good image of
the company. Conversely customers can contact us with the emails addresses we provided so we can help
them in every possible way.
Customers can get in touch with us in several ways. They can use the company email address which we placed
on leaflets, posters, and business cards. A member of the team checks email every day. Customers also can
contact us via telephone which we placed on the leaflets, posters and business cards. Another way of
contacting us was via our Facebook group page.
Our marketing research showed us that most people were aware of our products via the social networking
websites such as Facebook. Therefore we decided to have a Facebook group page as this was a quick and
interactive way for us as a business to get potential customers to see everything they need to see. Our
marketing director suggested that as we have to show customers what we provide and let them see our
picture portfolio on Facebook. We had a small team but on Facebook we have now 1,000 contacts. Plenty of
potential customers!
Our company success is due to excellent customer service which helped us to build a rapport with our clients.
We also maintained a positive supportive method of communication between members of staff to successfully
meet our goals.
Decision-making summary of company performance
“Four steps to achievement: Plan purposefully. Prepare prayerfully. Proceed positively. Pursue persistently.” William A.
Ward quotes
This team started off with an aim, and with one goal which was to succeed. This was supported by a vision
which was to use photography in a way in which it has never been used before. This product was not designed
just for a specific target group as we did not wish to restrict potential customers, but was designed to be
appealing to everyone who wanted a quality photograph for themselves or their family members so that when
they can look back at the pictures as a memory and remember their time which they spent together.
As our company developed and went on to higher stages, we were very happy to expand our business into
higher and new markets such as weddings, parties, schools and communities. This did not just help us to boost
up our confidence, but also helped us with creating friendly relationships with each other. This showed us that
even after our company gets liquidated; we still have the opportunity to take forward the business idea and
work together, yet again, as our team.
Taking the first steps-developing the plan
“The distance is nothing; it is the only first step that is difficult.”Madame Maria du Deffand quotes
Our first step as a group was to make a decision about the product we would like to produce as part of our
young enterprise business. This was not an easy decision to make however, as it says above, the first step is
always difficult but believing that we can deliver was a strong belief of the group.
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Whilst working on the product, we also had to agree the name for our business. We liked a variety of names,
however the one we preferred was ‘Eco Fantasy’. As has been explained above, the product for our business
was eco friendly, and this name captured this.
Furthermore, we had to negotiate the colour scheme for our business stall. After a lot of team meetings and
discussion we came up with a colour scheme of yellow and green. The reason of choosing these two bright
colours for our business logo stall was to indirectly promote the fact that we are eco friendly via the colours of
our logo.
Company performance
At first, the team made a decision to raise money through activities such as a sports day where the whole of
the school was invited. In this event the team went to each class and introduced them to the event and the
activities which will take place. The outcome was disappointing, and lessons were learned about
communication and commitment. We felt that we could do better so therefore, we did more fund raising
events with the aim of doing much better the next time.
In terms of looking at our cost base, a key success factor was the commercial support of Mitsubishi. We
contacted a wide range of local businesses for support, and had to make two ‘pitches’. Ultimately, Mitsubishi
provided significant support providing a high quality printer and paper. This had a commercial value of some
£250 we estimate, and was a significant factor in our success.
The next decision we made to raise money for our business was to have a car wash. All the group members
happily decided to participate in washing the cars for our school teachers who had signed up to get their cars
washed. For this event, the outcome came out to be very positive as we raised up to £45.00. However, we still
decided to have another fund raising event which was our last event until we thought that we had enough
funds to put together into this business.
The event we decided to introduce to everyone was a disco for
the year 8’s. This disco took place within our school and it was
safely completed which was quite an achievement for our
group. In this event only some group members were involved
however we still had a positive outcome. In this event we raised
up to £150.00 which then confirmed the fact that we will be
able to comfortably establish this business as we had the
correct amount of funds
The local MP enjoying our services!
After making these efforts in raising the funds for our company we made the decision to start selling products.
Keeping this decision in mind we started the production of recycled frames, achieving a high sale rate and
mark up.
Preparing for young enterprise we became quite confident as we had laid out our plan of how we wanted to
design the trade stand with the acceptance of our group members. We had enough funds to pay for products
that we had brought for the purpose of young enterprise, so overall as a group we were quite amazed at our
performance as all the team members, with their positive attitude drove the business forward.
Company achievements
“Achievement is not always success, while reputed failure often is. It is honest endeavor, persistent effort to do
the best possible under any and all circumstances”. Orison Swett Marden quotes
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The very first achievement for our company was the fact that we had worked as a team to make our recycled
frames working in a positive spirit.
We were very happy and felt a sense of achievement when we made a profit of up to £205.00 for all our fund
raising events. This made us feel that we are capable to continue working after as a team even after this
business gets liquidated.
We also felt confident when we found out that many customers were happy with the way our stand looked
and one of the customers exclaimed “this stand is very different from others as it brings a great feeling to the
atmosphere because of its beautiful and bright colours”.
Challenges we faced in our company
“Accept the challenges so that you may feel the exhilaration of victory.”General George S. Patton quotes
The challenges we have been through have only added to our experience and have been part of developing
our company. At the beginning of Young Enterprise two teams were entered from our school. One of these
folded due to lack of commitment, but we were able to take a couple of their best staff to add capacity.
This helped the team by increasing the number of people helping to make this company succeed. This was a
critical challenge at the time, but paid significant dividends.
Another challenge was fund raising, because it was winter there was only a limited amount of things we would
do. We did sport day when it was near the end of summer when the weather was suitable, but we wanted to
raise some more money. We decided deliver car washes on two days even though it was cold we pushed
through as a team and raised money from these car washes which helped a lot in funding money for Eco
fantasy.
Even though we had these challenges the team pushed forward in completing our product for the deadline, we
also became a better team arranging meetings and completing the design of how our trade stand will look.
Originally in Eco Fantasy the number of member was around 8 people, but unfortunately two people did not
stay the course. Our team did take in consideration of why they had to leave, and were able to recruit two new
members that were not originally from Young Enterprise that were committed to our company.
This boosted the amount of help we had to succeed at the trade show, It created a real team bond having a
strong team finishing our display and selling our product to the customers.
These all challenges were an important factor in us growing as a team, giving us a few hurdles to jump over
and letting our team remember to not give up when we do reach a challenge, that they can be overcome, and
that we can emerge stronger.
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Company finance:
The finances of a business company are the most essential part of a business. We are delighted to report that a
profit after tax was recorded of £351.50, which represents a return on shareholder funds of 438%!
Not bad for a first year company!
Sales
The sales in this bar highlight the success of the business.
Fund-raising included our car wash, year 8 disco and sports
day which were very useful in providing initial working
capital. The trade show raised over £100 on its own, and was
supported by strong sales throughout the year
Sales Revenue
£400.00
£300.00
Fund raising
£200.00
Costs
Other Sales
£100.00
Registrat
ion ,
£40.00 Trade
Costs
Trade Show
£-
There was no point simply driving turnover, unless costs
were well controlled. Following the success of the deal with
Mitsubishi, we believe we have been able to keep a close
control on the cost base of the business.
Fund Other Trade
raising Sales Show
Major costs were registration and the costs of the
materials for production. Our miscellaneous
expenditure was £20, again quite reasonable.
Stand,
£30
Frames,
£140.50
Miscella
neous
Expendit
ure,
£20.00
Profit
What it is all about!
This bar chart shows the sales we have made, the costs we incurred, and the profit we were able to deliver.
This profit will be shared shareholders, after meeting liabilities for VAT and Tax.
Money In & Out + Profit
£700.00
£600.00
£500.00
£400.00
£300.00
£200.00
£100.00
£-
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Total Money In
Total Money
Out
Profit
Total Total Profit
Money Money
In
Out
Profit and Loss Account for Eco Fantasy - Interim accounts March 2010
For the period ended: 13-Mar-2012
Current rate of Corporation Tax
20%
£
A
B
C
D
E
F
G
H
I
Sales
Fund raising
Sports Event
Disco year 8
(A+B+C+D)Total Revenue
Purchases
Production Wages
Closing Stock
Cost of Sales (F+G-H)
J
(E-I)
K
L
M
N
O
Salaries, Commissions and Bonuses
Stationery
Rent & Hire
Miscellaneous Expenduire
Registration Fee
Total Expenses (K+L+M+N+P+O)
Gross Profit Less Total Expenses
£
£
£
Operating Profit (or LOSS)
Net Profit Brought Down
LESS Corporation Tax Payable to Young Enterprise
Profit after Tax*
£
152.50
£
450.50
£
60.00
£
390.50
£
£
£
£
390.50
39.00
351.50
140.50
12.00
Gross Profit
£
£
£
£
£
£
£
£
£
£
£
398.00
45.00
10.00
150.00
603.00
20.00
40.00
Balance Sheet for Eco Fantasy
For the period ended: 13-Mar-2012
Current Assets:
Stock
Debtors
YE VAT Owned*
Cash in Bank
Cash in Hand
TOTAL A
Less:
£
12.00
-
£
£
192.50
542.50
£
431.50
£
80.00
£
431.50
£338.00
Current Liabilities:
£
Bank Overdraft
Loans
Nil
Nil
Creditors
YE Corportaion Tax
YE VAT Due
TOTAL B
BALANCE (C)
Nil
£
£
£
Represented by:
Issued Share Capital:
80 shares at £1
Profit & Loss Account*
Shareholders' Funds (D)
Note: The total at C should equal the total at D
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£
£
£
39.00
72.00
111.00
£351.50
Eco Fantasy Team Review
Kofi Boanoh
Managing
Director
“A managing director is someone who is responsible for the overall management of the
company. This position has definitely been a learning experience; it was not easy managing 8
people in the group. At the start of gathering information about the products which we are going
to be selling we had a lot of very good ideas which people came up with, but we did not know
how to make the products or how we were going to sell them. Finally we came up with a product
which we knew would sell. Our product idea was creative - photography with home made frames
from recyclable material
I believe that to be a successful team you need a lot of communications; at times the
communications could have been better which made it really hard to get a point across and to
get jobs done. However, this improved considerably.”
“ My main role as a company secretary is to write down the minutes within every meeting that has
taken place so that all the things we have talked about are safely written down and when needed
they can be available. Through this role I have gained a variety of skills: organisational skills, keeping
the information safe and how to deal with general board meetings.
I developed strong organisational skill and always strived to do all my work in time which is the main
reason why I was assigned with this role.
Haneen Ahmed
Company
Secretary
“I deal with the area of marking in our company. I have done market research regarding frames
because the plan at first was to buy recycled frames but the profit margins were better if we made
these frames ourselves using recycled framed. I created posters for the car wash, year 8 discos, and
sport event and also for the trade show. I have created business cards for the MD.
Abeer Raza
Marketing
Director
Working in Marketing is not as easy as people think. When I was creating these posters, it was a
difficult task to do because if I didn’t had the right information on it and made it appealing than we
won’t get as many customers as we could have.
“Young Enterprise Business helped me a lot with building my own confident with talking to new people
also helped me to learn new things. I really enjoyed working with my team. There were downs but what
goes down must come up so that did not affect our confident for persuading people to take pictures from
us. We have many outstanding ideas to make money to put in our Eco Fantasy Company to make more
profits by doing car wash, year 8 discos and Sports event.”
“My role our company was Finance director. I joined the Finance director role quite late
because the original Finance director left its job and the company. Due to this somebody
had to take this place. The member considered me to take this post. However joining this
post it will difficult for me to find the exact figures of the income and expenditure. My
team member supported me in this hard moment and I was very pleased.
Sundas Khan
Finance
Director
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From Young Enterprise I have learnt a lot such as how to work in a team, how to handle
company money. At times it can be quite challenging to handle situations like making the
balance sheet and profit and loss account as all the figures has be accurate but this is an
another skill which I have gained from my role”.
Anjela Khan
Human
Resources/
Operation
Director