BPP Coursework Cover Sheet
Programme
MSc Management with PDP
Module name
Financial Decision Making
Schedule Term
January Term 2021
Student Reference Number (SRN)
Report/Assignment Title
Financial Decision Making
Date of Submission
(Please attach the confirmation of
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BPP School of Business and Technology
Executive Summary
The topic is emphasized on the industry review of roast limited which serves coffee beans to
the UK coffee industry. The report will address industry review which can determine global
competitors, its challenges and core opportunities regarding the company. Hence the business
performance analysis will look to determine and choose the best alternative operational
procedure implemented by the organisation through profit and loss statement, financial
situation statement as well as the cash flow and revenue statement. These areas are looked
into with details for determining the best investment option for the company along with its
alternative financial sources. From the results, it has been found the current ratio of the
organization is greater than one which ensures that it has the potential to cover up its current
liabilities with the presence of assets available with the organisation. The quick ratio is also
found to read more than 1, in both the years 2017 and 2018 which is a positive aspect. The
debt to equity ratio provides an understanding of the extent of debt the company has with
respect to per unit of equity and it is found to do be less than 1 which is quite good. The
financial leverage ratio is found to be more than 1 and the extent of the feasibility in terms of
gross profit ratio is very good in the consecutive years of 2017 and 2018. However, the return
on assets is low which is a negative aspect but apart from all of these aspects can be
incorporated that it will be better to invest in the organisation if the financial leverage ratio is
backward as well as the equity ratio of the organisation which ensures that the company has
the potential amount of assets to cover up its liabilities which the company currently
withholds with itself.
Table of Contents
Executive Summary ................................................................................................................... 2
1. Industry Overview ................................................................................................................. 4
2. Business Performance Analysis ............................................................................................. 5
2.1 P/L Statement Analysis .................................................................................................... 5
2.2 Statement of Financial Situation ...................................................................................... 7
2.3 Cash Flow Statement ..................................................................................................... 11
3. Investment Appraisal ........................................................................................................... 13
3.1 Forecast and Appraisal ......................................... Ошибка! Закладка не определена.
3.1.a Management Forecast .................................. Ошибка! Закладка не определена.
3.1.b Investment Appraisal Techniques ................. Ошибка! Закладка не определена.
3.1. b.1 Payback Period...................................... Ошибка! Закладка не определена.
3.1. b.2 Accounting Rate of Return ................... Ошибка! Закладка не определена.
3.1. b.3 Net Present Value ................................. Ошибка! Закладка не определена.
4. References ............................................................................................................................ 17
1. Industry Overview

The business review of UK coffee house industry has showcased a mix of good
Dunkin brand operation which is visible in the fourth quarter. From the details it is
visible that that dunkin had overpowered the analysts and exceeded its overall revenue
estimates. Apart from that, the global earnings estimates of Starbucks Company in the
first quarter have been increased by 2.7%. Therefore this aspect has been considered
as a bigger concern for the company and it usually called for certain modification in
the revenue programming. All these modifications have usually been considered as
the revenue figure. The changed procedures used for estimation have showcased
positive results for the coffee industry and it had caused an ecstatic change of
$60million (Tuntiwiwattanapun et al., 2017).

Another aspect which can be reviewed is that both the Starbucks and Dunkin are
performing quite well in the market and it can be a concern for UK coffee industry.
Therefore the stage of competition has been increased a lot for this company.
However in terms of individual franchising it can be said that the franchises are posed
to market capitalization rate as per the changes in trend for its overall growth of
industry. The market has highly been penetrated with 9000 people approximately per
store. On the other hand in terms of geographical term location it can be said that
there are less franchise stores in New York which can pause overall growth
opportunities of the UK coffee industry (Mayanga-Torres et al., 2017).

In the fourth quarter of 2013, it is seen that the new franchises are coming up with
domestic brand changes. Hence it has caused the development growth of 24 percent in
its core markets. The market franchised owners also feel that they have more business
opportunities based on its overall market penetration strategy. Therefore as long as the
market players like Starbucks and Dunkin brands are operating in the market, the
growth opportunity can be highly increased. This can also increase the, valuation of
the company (Janissen and Huynh 2018).

Apart from this one such important business in respect to coffee industry in UK is
harvesting the seeds and processing of coffee beans. The business also faces various
issues even before the seeds are exported from its origin country. The climate change
is one such issue which this industry has to cope with. This calls for labour shortage,
lack of skills and other trading processes which needs to checked properly.

In most of the cases the coffee plants are attacked by diseases and infestations. The
rust in coffee leafs can be kept way from its presentation carriers. For this purpose it
is important to spray herbal pesticides and herbicides time to time. The UK coffee
industry has reported an approximate loss of 70 percent due to outbreak of diseases
(Samper and Quiñones-Ruiz 2017).
2. Business Performance Analysis
To analyze the performance of the business activities and how the company is able to
withstand the threats from the coffee industry followed grabbing the market opportunities
depending upon its strengths and reducing its weaknesses can only be assessed by evaluating
its financial statements. This is executed below:
2.1 P/L Statement Analysis
The profit and loss statement of any company indicates the amount of net profit and loss
amount available in the current financial year. Therefore from the profit and loss statement it
has been revealed that the net revenue of roast ltd is calculated at £2534 in 2018 and £2022 in
2017. It indicates that revenue has increased in the current year than previous year. The gross
profit has been higher in 2018 than that of 2017. The total profit for current year has also
been augmented. This has caused the company net profit amplified to 127 Euros. It can be
said that the company is looking to grow their overall current year business through an
increase in the business profitability as a whole. The overall profitability valuation has also
been increased to 81000 Euros than that of 36000 Euros in 2017.
Furthermore, from the profit and loss business statement, certain specific changes showcased
in this regard. The UK coffee industry have gone through different sort of industrial expenses
which has also increased the overall superiority in the coffee industry. Moreover this has
increased the cost of depreciation value (Zarrinbakhsh et al., 2016). The valuation of bad
debts have been declined in the both the year. It is seen that the company can also reduce the
valuation of depreciation by implementing certain new business technology. Furthermore due
to the business expansion, the number of stores has been increased along with overall
maintenance charge for roast limited. From the profitability ratio, the major business changes
happened to roast limited has been also showcased.
In order to determine the profitability ratio, the gross profit and return on assets has been
considered. Gross and return on assets basically determines the overall profitability valuation
of the company. The gross profit ratio has showcased positive valuation which is over 1. This
determines that the company has been under a strong profitability position in both the years.
The profit percentage in 2018 has been 21.46% and in 2017 it is 25.56 (Gorgoglione et al.,
2018). Thus despite of high market completion from Starbucks and Dunkan, the company has
been effectively able to maintain its business profits which are indeed a good sign. On the
other hand in 2018, the net profit valuation has been 9% which is though less from its
competitors, still they have managed to maintain their business well and good. Furthermore
from the return on assets ratio which describes the overall return on assets value of roast
limited, the profit outcome of the company has been good throughout, this aspect defines a
robust operational base from the point of view of the company (Efthymiopoulos et al., 2018).
This valuation has indicated that despite of all the differences in business, the company has
been widely able to meet its business perfections as well as its operational procedures.
2.2 Statement of Financial Situation
From the financial situation statement of roast limited, the valuation of total assets and total
liabilities have been showcased in this regard.
The financial situation statement of roast limited reveals the net assets and liabilities
valuation. The total approach has been widely implemented in the fiscal year of the company.
Due to current business expansion the valuation of company plant, property and gear has
been also raised. Similarly certain changes have also been trigged in the trade receivable,
trade payable as well as in cash and cash equivalent structure in respect to the current
financial year. The total cost valuation has been 1443 Euros that is higher than 1017 Euros in
the current year. This has also increased the valuation of its assets and liabilities as a whole
(Dierberger et al., 2017). The company has been able to invest more in equity share capital in
the current period and the internal shareholders have also gained good amount of return on
investment. This has increased its total equity value to 860000 Euros from 779000 Euros. The
trade payable valuation has also been improved quite a lot since the company have been able
to import coffee seeds from different countries. The tariffs and trade valuation has been
simplified which has improved their overall financial statement. The company initially have
cleared of all its liabilities which are a good sign for the business (Buratti et al., 2018).
From the column of retained earnings, a massive change has been showcased. There was no
dividend paid to the shareholders of the company and the overall profit valuation has also
been increased highly in this regard. Due to expansion in business, sales have been boosted
widely. Due to an increase in long term borrowings of the company, the overall bank
overdraft valuation has also been improved much.
The solvency ratio of roast limited showcased specific rates. From the debt equity ratio it is
revealed that the company have cleared off all its debt in the current year and leveraged its
equity values. This has caused an increase in the ratio to 0.67:1. The ratio is less than 1 which
means that the company has looked to maintain stability in the ratio (Zafón Aparicio, 2017).
On the other hand from the financial leverage ratio and increase of more than 1 percent has
been showcased. The total valuation increase to 1.67:1 reveals an improvement in the overall
financial performance of the company (Favaro et al., 2020).
From the computation of operating cash cycle, the days of outstanding inventory valuation
can be revealed as well as its days of sales exceptional values. The increase in cost of goods
sold and its operating inventory valuation has also been increased to quite high. The total cost
of inventory has also taken more time to perform effectively. Due to an increase in its cost of
operating cycle, the product pricing has also changed to quite an extent. The distinguished
valuation has also taken 16 days in 2018 than that of 21 days in 2017. The total revenue
valuation to the company has recorded at approx 2534000 Euros than that of 2022000 Euros
in the year 2017. The valuation of revenue generation has been reduced showing a good
improvement sign for the business. The less time taken to roll by operating cash cycle method
have reduced the time of outstanding sales to 20 days in 2018 than that of 26 days in 2017
(Ambarini et al., 2017).
The sales outstanding value has taken approximately 3 days to roll out than that of 5 days in
2017. This proves to be a good structure for the company. The change in its overall valuation
to revenue has also been increased to the extent. Therefore it is the sole reason why the
company has been able to replicate its revenue valuation as well as its overall company
valuation in this regard (Pinoargote et al., 2017).
From its net cash flow valuation, it is seen that the net value of cash flow will be less than 5
years and the payback procedure can try to reveal the cash flow cycle valuation of the
organisation. From this cash flow an increase in the cost can be seen year after year (Bray,
and Neilson 2017). For example the 300000 euro revenue in year 1 of the company went to
560000 Euros as revenue in year 2. In the fifth year the overall revenue valuation is showed
as 1120000 Euros, therefore the overall cumulative cash flow of the company have decreased
in a significant manner. The variable cost has been also increased proportionately. in the
mean time the cash contribution to the company calculated by subtracting the variable cost
from its sales has been increased. This has happened owing to an increase in the business
based on its overall expansion procedure. Since the cash flow valuation has been assumed to
be occurring evenly, therefore it is expected that the company shall take maximum of 4 years
to cover all its debts as a whole.
2.3 Cash Flow Statement
The cash flow activities of any company includes its operating activities, investing activities
and financing activities, from the cash flow from operating activities it has been seen that the
overall operating profit of the company calculated has been 127000 Euros where different
trade receivables and
depreciations have been done (Yang, 2020). The trade payables
calculate at 97000 euro and decrease in trade payable value at 55 euro have showcased its
cash generated or collected from operation in 22000 Euros. The company has also paid their
income tax as per company income tax act to 20000 Euros. however no dividends has been
paid to its shareholders therefore the company has been able to maintained the net cash
outflow from operating activities to (24000 Euros).
In the mean time some assets, plants and equipments have also been purchased by the
company due to their expansion in business. No additional costs have been borrowed by the
company which had cost an investing cash flow of 358000 euro in the current financial year
of the company (Halstead, 2017).
From the perspective of long term borrowings, the total cash amount has been evaluated at
175000 Euros in the current financial year. However from the net cash and cash equivalent
status has been reduced by the company to some extent.
In order to understand the liquidity portion of the company, the overall liquidity ratio
has been implemented in this regard. The liquidity ratio has been used in order to showcase
the company’s ability to pay off its overall debt valuations as a whole. However from the
point of view of roast limited it is revealed that the company has been able to convert its
overall cash valuation based on the assets on a timely basis; however the liquidity aspect is
used to determine the short term solvency. Moreover the company’s credibility to clear off
the debts can also be effectively determined in this regard. If there are some continuous
payment defaults then roast limited can face bankruptancy. Hence this ratio can look to
stabilize the overall financial prospects (Holloway, 2017).
The current ratio valuation determines the net changes to 1 unit of current liability in terms of
1 unit of current assets. The standard normal valuation of current ratio is 1:1. If the valuation
gets less than one then it means that the companies financial liquidity does not satisfy
effectively the performance and it need improvement. From the above table it is visible that
in 2018 the current ratio is 2.48:1 and 2017 it is 7.37:1. This is a clear indication that the
financial statement prevailed by the company in its current year duly satisfies the core
operation and performance of the organisation. The business assets purchased by roast
limited in the current financial year reveals that all the ratios are more than 1 which means
this are above standard. Thus it is a good sign for the company’s future prospects.
Apart from the current ratio, the company’s financial liquidity can also be improvised
through its overall quick ratio as a whole. Through this ratio the company is highly able to
meet its short term obligations by converting its overall short term assets to cash and through
selling of its inventory as a whole. This ratio determines the short term marketable leverage
value available to its short term liabilities. Hence it can be said that a good quick ratio can
eventually look to cover its major short term obligations and its major debt coverage’s. If the
ratio values are more than 1 then it is above standard and it expresses a good liquidity from
the company’s point of view. From the above table it is highlighted that for roast ltd, in both
the cases, the company has been able to maintain the ratio above 1. In 2018 the liquid ratio
has been shown approx valuation of 15.68:1 from 6.7:1 in 2017. In both the cases it is visible
that the company has been able to maintain this liquidity valuation as a whole.
3. Investment appraisal
3.1.a. Management forecast
The aspect of management forecast is considered to be effective from the companies’
viewpoint. Hence it can be said that the aspect of management forecast can be highly active if
it is dependent upon various tools and other methodologies. However all these tours and
techniques can be held as highly effective and it can play an important role in meeting their
overall business procedures as a whole.
The management forecast of roar limited essentially describes a five year cash flow related to
its revenue part. It is seen that related to the revenue part, the variable cost has also been
increased significantly. Thus it reveals a specific sense of operation and the company is
expected to be hitting profitability.
3.1.b Techniques of investment appraisal
Payback period
This technique is highly effective in interpreting investment quality of its assets from the net
cash flow value. On the other hand the value is effective to evaluate the identified risk
associated to this operation. Hence from the financial statement of roast limited it can be said
that the company has considered a payback period of 5 years which is generally shorter since
the initial investment of the company is also less as a whole. It is expected that the company
is looking to square off all the payments within a stipulated timeframe (Panepinto et al.,
2019).
Hence the initial investment in starting year is zero and the first year is negative (500). Later
on the overall cash flow valuation had increased to some extent. Therefore the payment will
be squared off within next four years.
Accounting rate of return
This is considered to be another famous investment model which is known as average rate of
return process. Since it is a profit making process, thus it can be said that the overall
investment value estimated can be held as effective to the company based on the total
investment to obtain the ARR. hence in this way the overall profit valuation of the projects
can be undertaken and the risk procedures can also be invested upon. The major drawback of
this process is that time value of money has nothing to do with it. The normal amount can be
featured in future. Hence it can increase the future money value.
Net present value
This technique is effective for roast limited to determine the future cash flow amount from
the present investment discounted for present. The overall valuation can be determined from
its intrinsic value. The changes in financial factors try to involve on the business. Therefore
global investment techniques can imply new venture capital, cost reduction process to meet
the cash flow techniques as a whole. The major disadvantage of this technique is that there
are no such strict methods to determine the ARR method. Thus certain specific changes in
this process can change the overall valuation in this system.
3.2: Alternative source of finance
Apart from the regular sources of finance, there are certain alternative sources which are
having similar values to that of the regular sources. Hence two of the most important source
of alternative finance which roast ltd can look to target is as underPeer- to- peer lending
These platforms allow the business with reasonably predicted earnings and a credit history to
establish their overall funding requirements. In this process, the most important part is the
amount in which the organisation borrow and for what purpose. This platform undertakes the
diligence effectively and it also ascertains an effective level of risk as a whole (Samper and
Quiñones-Ruiz, 2017). Here the investors of the company bid for a reverse auction purpose
which is higher than its wholesale banking. However the repayment procedure is extremely
flexible and within a few days the payment can be cleared off. Hence the funding circle is
probably the biggest player for this company operating in markets like UK despite of other
number of companies. However this type of lending process has certain advantages and
disadvantages. These are as underAdvantages
The borrowers can look to access the borrowings with lower rates rather than from those of
the traditional lenders like banking and building societies (Lewis, 2017). The investors pay
money directly to the borrowers through this platform. There are no such other platforms that
can provide financial services like this. Here most of the parties can be highly favourable
from availing the ongoing rates.
Disadvantages
The major disadvantages of availing this alternative source of finance is that the investor
needs to pass a credit check and other internal banking checks to secure the loan process. On
the other hand the P2P loan platform needs the investor of roast limited to pass the credit
check and the investor has to be creditworthy (Vogt, 2019). Moreover when the investors are
looking to provide the loans they most likely try to default their loans as a whole.
Equity crowd funding
Another procedure is equity crowd funding which can be considered as an alternative source
business for the company. It is important to raise the money for the benefit of business and
offering the investor avail a percentage of return. The potential investors can look to choose
whether to pledge for the fund or not. For example roast limited can look to partner with
Crowdcubes and Seedrs who are considered to be dominators of the market. On the other
hand some companies try to market their share offers directly to their potential customers.
Therefore roast limited can also try to avail this alternative funding process to meet these
benefits. There are certain advantages and disadvantages for this process (Sosa-Fernández et
al., 2020).
Advantages
The major benefits of this crowd funding is that there are no specification in ages to invest
through equity (Vogt, 2019). It can be said that the investment is based on their income and net
worth. Therefore it is obvious that the company owner of roast limited can try to access its
major investment opportunities and try to promote their business to get attracted to more
small number of investment prospects as a whole thorough a large amount of capital.
Disadvantages
The overall investment in this platform requires more investment from the crowds. Hence if
the overall idea validation comes in the form of large sum of money from a decent number of
people, then it is obvious that the customers will be getting a hefty sum to invest. Thus this
prospect is not for all the sectors (Nuševa et al., 2019).
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