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Bahbsme 2018/19 Financial Accounting Project- The Finance Director Of Safety Gear Limited

You are the Finance Director of Safety Gear Limited. Safety Gear Limited is an Irish resident company. The company purchases safety clothing from Northern Ireland and resells the clothing to its customers in Dublin.

(Payment to their suppliers is in Sterling). All sales are through the company’s website.

The company has surplus funds and is considering expanding its business activities. You have identified two potential targets companies and the board of directors have asked you to analyse both companies and make a recommendation as to which company to invest in.

Target company one:

Roadsafe Limited is a company based in the Germany. The company manufactures bicycle helmets for the Australian market. The raw material used to make the helmets is no longer available due to safety concerns. Roadsafe are now sourcing replacement materials from Russia.

Target company two:

Specialist Advice Limited writes safety booklets for governments in a number of different countries in Europe.

Summarised financial information in respect of both companies is set out in appendix one.

REQUIREMENT

Write a report to the Board of Directors in which you analyse the financial performance of each company. Your report should also comment on any non financial concerns, if any. (Note – no more than 10 marks will be allocated to ratio calculations)

APPENDIX ONE
Statement of Comprehensive Income account
For the year ended 31 December 2017Specialist
RoadsafeAdvice
€’ 00€’00
Sales8,97310,320
Cost of Sales-6,852-7,852
Gross Profit2,1212,468
Distribution costs-390-370
Administration expenses-200-200
Operating profit1,5311,898
Interest expense-16-18
Net profit before tax1,5151,880
Taxation120-130
Net profit after tax1,6351,750
   Statement of Financial Position
As at 31 December 2017
Specialist
RoadsafeAdvice
€’ 00€’ 00€’ 00€’ 00
Non Current Assets(see note 1)7,6004,000
Current Assets
Inventory275120
Trade receivables310400   
Deposits815
Bank72
600537
Total assets8,2004,537
Equity and Liabilities
Ordinary shares €0.503,0001,000
Retained earnings4,4262,816
Revaluation reserve0100
7,4263,916
Non current liabilities
10% Loan note160180
Government grant1200
280180
Current liabilities
Bank overdraft30
Trade payables382330
Interest payable46
Dividends payable2510
Taxation8095
494441
Total equity and liabilities8,2004,537
Note 1: – Non Current Assets
RoadsafeSpecialist Advice
Cost/Cost/
Market valueAccumulatedNBVMarketAccumulatedNBV
DepreciationValueDepreciation
€’00€’00€’00€’00€’00€’00
Land3,3003,3003,4003,400
Machinery6,0001,7004,3002,8002,200
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