finance in the hospitality industry

finance in the hospitality industry business and services industries 1.1 Review sources of funding available to business and services industries 1a 1.2 Evaluate the contribution made by a range of methods of generating income within a given business and services operation 1b LO2 Understand business in terms of the elements of cost 2.1 Discuss elements of cost, gross profit percentages and selling prices for products and services 2a 2.2 Evaluate methods of controlling stock and cash in business and services environment 2b 2 LO3 Be able to evaluate business accounts 3.1 Assess the source and structure of the trial balance 3a 3.2 Evaluate business accounts, adjustments and notes 3b 3.3 Discuss the process and purpose of budgetary control 3c 3.4 Analyse variances from budgeted and actual figures, offering suggestions for appropriate future management action 3d LO4 Be able to analyse business performance by the application of ratios 4.1 Calculate and analyse all ratios to offer a consistent interpretation of historical business performance 4a 4.2 Recommend appropriate future management strategies for a given business and services operation 4b LO5 Be able to apply the concept of marginal costing 5.1 Categorise costs as fixed, variable and semi-variable for a given scenario 5a 5.2 Calculate contribution per product/customer and explain the cost/profit/volume relationship for a given scenario 5b 5.3 Justify short-term management decisions based on profit/loss potentials and risk (break-even) calculations for a given business and services operation 5c Learner declaration I certify that the work submitted for this assignment is my own and research sources are fully acknowledged. Student signature: Date: 3 In addition to the above PASS criteria, this assignment gives you the opportunity to submit evidence in order to achieve the following MERIT and DISTINCTION grades Grade Descriptor Indicative characteristic/s Contextualisation M1 Identify and find appropriate solutions ? An effective approach to study and research has been applied ? An effective approach to study and research has been applied to review sources of finance available to business and services industries M2 Select / design and apply appropriate methods / techniques ? Appropriate learning methods/techniques have been applied ? Relevant theories and techniques have been evaluated ? Appropriate learning methods/techniques have been applied to evaluate the contribution made by a range of methods of generating income within a given business and services operation. ? Relevant theories and techniques have been evaluated to discuss the cost card for product ‘Wise-Fit’ and determine the least amount in $ to be accepted from a customer for a unit of this product. M3 Present and communicate appropriate findings ? Communication is appropriate for familiar and unfamiliar audiences and appropriate media have been used ? Range of sources of information from books, journals, articles, newspaper / data used in making the formal report ? Information/ data used are synthesized and justified supported by relevant examples ? Communication is appropriate for familiar and unfamiliar audiences and appropriate media have been used to evaluate methods of controlling stock and cash in a business and services environment. ? Range of sources of information from books, journals, articles, newspaper / data used in making the formal report to advise B4B Plc the optimum economic order quantity of inventory needed to be ordered in order to maximise profit and state the bank balance in the cash book. ? Information/ data used are synthesized and justified supported by relevant examples to assess the source and 4 structure of the trial balance and state the process for constructing a trial balance. D1 Use critical reflection to evaluate own work and justify valid conclusions ? Conclusions have been arrived at through synthesis of ideas and have been justified ? Realistic improvements have been proposed ? Self-criticism of approach has taken place ? Familiar and unfamiliar contexts have been used ? Conclusions have been arrived at through synthesis of ideas and have been justified to discuss the process and purpose of budgetary control to Life 4 Living Plc management. ? Realistic improvements have been proposed to prepare Income statement (Profit and Loss Accounts) for the year ended 30 September 2014 and Statement of financial position (Balance sheet) of Flying Flowers Ltd as at 30 September 2014 from its trial balance and the adjustments ? Self-criticism of approach has taken place to calculate and analyse various ratios and their interpretations ? Familiar and unfamiliar contexts have been used to analyse variances from budgeted and actual result of Life4Living Plc. 5 D2 Take responsibility for managing and organising activities ? Activities have been manage to a high standard ? Autonomy/independent thought and analysis has been demonstrated ? Substantial activities or investigations have been planned, managed and organised ? The unforeseen has been accommodated ? The main areas specified in the assignment have been critically analysed in terms of theory and practical application supported by appropriate examples ? Activities have been manage to a high standard to compare and contrast the appropriateness of using either Absorption or Marginal costing in the calculation of a company profit, based on the treatment of a period cost ? Autonomy/independent thought and analysis has been demonstrated to recommend appropriate future competitive business strategies for Travel & Tours Plc. ? Substantial activities or investigations have been planned, managed and organised to calculate Break-even point and Margin of safety. ? The unforeseen has been accommodated to calculate contribution per unit for product ‘Wise-Fit’ and state its importance to the VH Plc management. ? The main areas specified in the assignment have been critically analysed in terms of theory and practical application supported by appropriate examples to analyse variances from budgeted and actual result of Life4Living Plc. D3 Demonstrate convergent /lateral / creative thinking 6 Assignment brief Unit number and title Unit 2: Finance in the Hospitality Industry Qualification Pearson BTEC Level 4/5 HNC/D Diploma in Hospitality Management Start date Deadline/hand-in 01 May 2015 Assessor Alex Addo Assignment title Finance in the Hospitality Industry Purpose of this assignment Learners will gain understanding of the sources of funding and income generation for business and services industries. They will also understand business in terms of the elements of cost and how to analyse business performance by the application of ratios. Learners will have opportunities to investigate control systems, income generation and methods of measuring and analysing performance. On completion of the unit, learners will be able to evaluate business accounts and apply the concept of marginal costing. Learners must ensure that their evidence relates to the hospitality industry. 7 Scenario WESTFIELD TRAVEL & TOUR GROUP- THE EAST LONDON HOSPITALITY EMPIRE THRIVES FOR GROWTH Sources of finance available to a business (LO: 1) Westfield Travel & Tours (WTT) Group is planning to expand its hospitality business through substantial growth strategies. The CEO, Miss Zara Bright is determined to explain to the board of directors the efficient methods to obtain finance for such strategic direction. The shareholders are much concerned with those rationales for choosing a particular type of finance and other financing implications such as dilution of control, tax effect, bankruptcy and legal status on a particular source of finance. In order to convince the equity shareholders, especially the institutional key-players, Miss Zara Bright has consulted Mrs Stephanie Wise, head of research department, who has an excellent track record on investment and finance to ascertain the most effective sources of finance which would be beneficial to both the holding company and other subsidiaries including Flying Flowers Ltd. The CEO wants to use the outcome of this research to advise other business organisations which form the Westfield Travel & Tour Group. These businesses include the Dance 2 Dine Partners and Bread 4 Breakfast Enterprise’ at Shorditch, London, which trade as a sole traders but provide an outsourced fast food services to the WTT Group. Mrs Stephanie Wise has formed three teams and each with a leader. The teams are Loan Team, Shares Team and the Other Team which has very broad area of sources of finance, except loan and shares, to research on. You have been employed as a management accountant of Westfield Travel & Tours Plc and Miss Zara Bright has asked you to support Mrs Stephanie Wise on the investment and Finance research. In addition to the research the CEO has also assigned you to the following management advisory roles: 8 LO 2: Business in terms of the element of cost Task 2.1: Dance 2 Dine Partners The following extract is for standard cost card of a newly launched product called ‘Wise-Fit’ produced by Dance 2 Dine Partners. Product ‘Wise-Fit’ has recently gained popularity within the hospitality industry as a result of effective advertisement and sales promotions in the sports equipment market. The market price for one unit of 'Wise-Fit' is $250. Dance 2 Dine Enterprise supplies to both domestic and foreign businesses which form the Westfield Travel & Tours Group based at Stratford, East London. Direct material: Direct material:Direct material:Direct material: Direct material:Direct material:Direct material:Direct material:Direct material:Direct material:Direct material:Direct material:Direct material:Direct material: $ $ $ Material X Material X Material X Material X Material X Material X Material X - 6kg at $5 per kgkg at $5 per kg kg at $5 per kgkg at $5 per kgkg at $5 per kgkg at $5 per kg kg at $5 per kgkg at $5 per kgkg at $5 per kg kg at $5 per kgkg at $5 per kg X Material Y Material Y Material Y Material Y Material Y Material Y Material Y - 4 sq metres4 sq metres4 sq metres 4 sq metres4 sq metres 4 sq metres4 sq metres4 sq metres4 sq metres at $10at $10at $10at $10 at $10 per per sq metresq metresq metresq metre sq metresq metresq metre X X Direct labour: Direct labour:Direct labour:Direct labour: Direct labour:Direct labour:Direct labour:Direct labour:Direct labour: Direct labour:Direct labour: Gr ade A ade A ade A ade A ade A - 8 hours at $2.50 per hour8 hours at $2.50 per hour8 hours at $2.50 per hour8 hours at $2.50 per hour8 hours at $2.50 per hour8 hours at $2.50 per hour8 hours at $2.50 per hour 8 hours at $2.50 per hour8 hours at $2.50 per hour8 hours at $2.50 per hour8 hours at $2.50 per hour8 hours at $2.50 per hour 8 hours at $2.50 per hour 8 hours at $2.50 per hour8 hours at $2.50 per hour 8 hours at $2.50 per hour8 hours at $2.50 per hour8 hours at $2.50 per hour8 hours at $2.50 per hour X Grade B Grade B Grade B Grade B Grade B Grade B Grade B – 5 hours at $ 4 per hourhours at $ 4 per hourhours at $ 4 per hourhours at $ 4 per hourhours at $ 4 per hour hours at $ 4 per hourhours at $ 4 per hourhours at $ 4 per hourhours at $ 4 per hourhours at $ 4 per hourhours at $ 4 per hour hours at $ 4 per hourhours at $ 4 per hour hours at $ 4 per hourhours at $ 4 per hourhours at $ 4 per hourhours at $ 4 per hour X X Standard direct cost Standard direct costStandard direct costStandard direct costStandard direct costStandard direct costStandard direct costStandard direct costStandard direct costStandard direct costStandard direct costStandard direct costStandard direct cost Standard direct costStandard direct cost Standard direct costStandard direct cost X Variable production overheadVariable production overheadVariable production overheadVariable production overheadVariable production overheadVariable production overheadVariable production overheadVariable production overheadVariable production overheadVariable production overheadVariable production overheadVariable production overhead Variable production overheadVariable production overheadVariable production overhead Variable production overheadVariable production overheadVariable production overheadVariable production overhead Variable production overheadVariable production overheadVariable production overheadVariable production overheadVariable production overheadVariable production overhead: (10(10(10 hours at $0.50 per hour)hours at $0.50 per hour)hours at $0.50 per hour)hours at $0.50 per hour)hours at $0.50 per hour) hours at $0.50 per hour)hours at $0.50 per hour)hours at $0.50 per hour)hours at $0.50 per hour) hours at $0.50 per hour) hours at $0.50 per hour)hours at $0.50 per hour)hours at $0.50 per hour)hours at $0.50 per hour) hours at $0.50 per hour)hours at $0.50 per hour)hours at $0.50 per hour)hours at $0.50 per hour) X Standard variable costs of production Standard variable costs of productionStandard variable costs of productionStandard variable costs of productionStandard variable costs of productionStandard variable costs of productionStandard variable costs of productionStandard variable costs of productionStandard variable costs of productionStandard variable costs of productionStandard variable costs of productionStandard variable costs of productionStandard variable costs of productionStandard variable costs of productionStandard variable costs of productionStandard variable costs of productionStandard variable costs of productionStandard variable costs of production Standard variable costs of productionStandard variable costs of productionStandard variable costs of production Standard variable costs of productionStandard variable costs of productionStandard variable costs of productionStandard variable costs of productionStandard variable costs of productionStandard variable costs of production Standard variable costs of productionStandard variable costs of production Standard variable costs of productionStandard variable costs of production X Fixed production overheadsFixed production overheadsFixed production overheadsFixed production overheadsFixed production overheadsFixed production overheadsFixed production overheadsFixed production overheadsFixed production overheads Fixed production overheadsFixed production overheads Fixed production overheadsFixed production overheads Fixed production overheadsFixed production overheads Fixed production overheadsFixed production overheadsFixed production overheadsFixed production overheadsFixed production overheadsFixed production overheadsFixed production overheads: 10 hours at $3.50 per hour 10 hours at $3.50 per hour10 hours at $3.50 per hour10 hours at $3.50 per hour10 hours at $3.50 per hour10 hours at $3.50 per hour10 hours at $3.50 per hour 10 hours at $3.50 per hour10 hours at $3.50 per hour10 hours at $3.50 per hour10 hours at $3.50 per hour 10 hours at $3.50 per hour 10 hours at $3.50 per hour 10 hours at $3.50 per hour10 hours at $3.50 per hour 10 hours at $3.50 per hour10 hours at $3.50 per hour10 hours at $3.50 per hour10 hours at $3.50 per hour10 hours at $3.50 per hour X Standard full production cost Standard full production costStandard full production costStandard full production costStandard full production costStandard full production costStandard full production costStandard full production costStandard full production costStandard full production costStandard full production costStandard full production costStandard full production costStandard full production costStandard full production costStandard full production cost Standard full production costStandard full production costStandard full production cost Standard full production costStandard full production costStandard full production costStandard full production cost Standard full production costStandard full production cost X Administration and marketing overheads ($25) X Standard cost of sales X Standard profit (B/F) X Standard sales price X Task 2.2: Bread 4 Breakfast (B4B) Enterprise There are a number of ways in which errors can be prevented or at least minimised in accounting transactions. Many of these also prevent deliberate fraud. These internal control systems include the safeguarding of company’s assets, especially stocks and cash. Bank reconciliation is used to prevent fraud and theft. Bread 4 Breakfast (B4B) Enterprise’s bank statement shows a balance of $100 overdrawn. The bank statement includes bank charges of $50, which have not been entered in the cash book. There are unpresented cheques totalling $500 and deposits not yet credited of £900. The bank statement incorrectly shows a direct debit payment of $80, which belongs to another customer. (2.2a) 9 B4B Enterprise, a sole trader, has been outsourced with breakfast services for the Westfield Travel & Tours Group. B4B purchased raw material at a cost of $12 per unit. The annual demand for the raw material was 24000 units. The holding cost was $6.40 and cost of placing an order was $16. (2.2b) LO 3: Business accounts Task 3: Flying Flowers Ltd The trial balance of Flying Flowers Ltd as at 30 September 2014 is set out below: Accounts Debit ($) Credit ($) Bank deposit account 10980 Bank interest received 1670 Bank overdraft 650 Buildings - accumulated depreciation 2780 Buildings at cost 275000 Carriage inwards 10000 Carriage outwards 840 Cash 500 Dividends paid 9000 General reserve at 1st October 2013 12000 Insurance 1350 Inventory – 1st October 2013 3000 Long-term loan 10000 Motor expenses 14390 Motor vehicle – accumulated depreciation 10500 Motor vehicle at cost 35000 Office equipment – accumulated depreciation 50000 10 Office equipment at cost 125000 Postage 5645 Purchases 90250 Retained profit at 1st October 2013 40920 Sales 300750 Sales returns 600 Share capital 180000 Telephone 18975 Trade payables 3760 Trade receivables 12500 613,030 613,030 Notes: ? The inventory at 30 September 2014 was valued as follows: Category Cost Net realisable value A 800 900 B 750 500 C 2400 2550 Total 3950 3950 ? The insurance expense is £100 per month for the whole period ? £10,000 is to be transferred from retained profits to the general reserve ? Office equipment is depreciated on a straight line basis over 5 years , using a nil residual value ? Motor vehicles are depreciated at 20% reducing balance ? Buildings are depreciated at 5% of cost per year assuming a nil residual value ? The postage expense for February 2014 is not included in the trial balance: the amount involved is £458 ? Corporation tax was calculated at 20% ? There were no additions or disposals of non-current assets in the year; and ? The company has adopted International Accounting Standards (IAS) 11 Task 3.4: Life 4 Living Plc - The Cash Budget Life 4 Living Plc has been in hospitality business since January 1993 and during the three following months, January to March 2014. A cash budget might be drawn up in the following format. Jan Feb Mar $ $ $ Estimated cash receipts: From accounts receivables 14,000 16,500 17,000 From cash sales 3,000 4,000 4,500 Proceeds on disposal of non-current assets 2,200 Total cash receipts 17,000 22,700 21,500 Estimated cash Payments: Raw materials 8000 9000 9300 Labour 4800 5500 6100 Purchase of new truck 10600 Other expenses 7000 10000 8000 Total payments 19800 24500 34000 Closing cash balance as at 31 December 2013 was $5200. 12 Task 4: Westfield Travel & Tours Plc The following information has been extracted from the recently published accounts of Westfield Travel & Tours plc: Statement of financial position (Balance Sheet) as at 30 September 2014 2014 2013 $000 $000 $000 $000 Non-current assets 1800 1400 Current assets: Inventories 1200 200 Trade receivables 400 800 Bank 100 100 1700 1100 Total Assets 3500 1900 Capital and Liabilities 2012 2011 $000 $000 Equity Share Capital 1200 400 Share Premium 600 100 Reserves 200 100 2,000 600 Long-term liabilities: 10% Debentures - Loans 1000 600 Current liabilities: Loans and other borrowings (overdrafts) 200 500 Trade payables 200 100 13 Other creditors (taxation) 100 Total Capital and Liabilities 3500 1900 Westfield Travel & Tours PLC Income statement (Profit and Loss Accounts) for the year ended 30 September 2014 2014 2013 $000 $000 Sales revenue 2000 1000 Cost of sales (1300) (700) Gross profit 700 300 Distribution costs (260) (90) Administration expenses (100) (60) Operating profit 340 150 Interest (100) (60) Profit before taxation 240 90 Taxation (50) (20) Profit after taxation 190 70 Ordinary dividends (90) (50) Retained profit for the year 100 20 Other industry ratios: Return on capital employed 15% Asset turnover 6 times Current ratio 2.3:1 Quick ratio 1.5 14 LO5: The Concept of Marginal Costing Task 5: Vitality Hotel (VH) Plc VH Plc is operating in the hotel and hostel industry in the UK but has established an agreement with Dance 2 Dine Ltd (task 2.1) to produce a quantity of product 'Wise-Fit'. Assuming D2D Ltd will charge VH Plc for the full standard production cost only plus 5% commission. VH Plc will sell product 'Wise-Fit' for $250 per unit. The CEO for VH Plc, Miss Vita Hot has asked for opinion on the use of Absorption and Marginal costing methods. Please find the related tasks (questions) from page 14 onwards Learning Outcome Tasks Mode of Assessment and ACs Learning Outcome 1 Understand sources of funding and income generations for business and services industries 1.1a. Review sources of finance available to business and services industries 1.1b. Describe the sources of finance which has been selected for you to investigate on. 1.1c. State any factor which may influence that sources of finance being chosen by a business 1.1d. State any cost(s) involved by using this finance source to fund any business and 1.1e. Explain how the principal (amount) and its accompanying cost(s) will be recorded on the main financial statements Task 1.2: 1.2a. Evaluate the contribution made by a range of methods of generating income within a given business and services operation 1.2b. Conclude your analysis by evaluating the suitability and implications of your selected source of finance. Compare advantages and disadvantages of internal Presentation needs to be delivered by a group via power point presentation using appropriate media 17th March 2015 AC1.1 15 generated income with external sources of finance. AC1.2 Learning Outcome 2 Understand business in terms of the elements of cost 2.1a. Discuss the cost card for Product ‘Wise-Fit’ and determine the least amount in $ to be accepted from a customer for a unit of this product. 2.1b. Calculate the total profit and the sales value for 200 units of product ‘Wise-Fit’, assuming D2D Partners has 25% mark-up policy. 2.2a. Evaluate methods of controlling stock and cash in a business and services environment and state bank balance in the cash book. 2.2b. Advise B4B Enterprise on the optimum economic order quantity (EOQ) of inventory needed to be ordered in order to maximise profit. Individual Witten Assignment in a Report Format 01 May 2015 AC2.1 AC2.2 Learning outcome 3 Be able to evaluate business accounts 3a. Assess the source and structure of the trial balance and state the process for constructing a trial balance 3b. Prepare Income statement (Profit and Loss Accounts) for the year ended 30 September 2014 and Statement of financial position (Balance sheet) of Flying Flowers Ltd as at 30 September 2014 from its trial balance and the adjustments 3c.Explain the importance of a cash budget to Life 4 Living Plc management 3d. Prepare a cash budget and advise the finance director on the basis of both the opening and closing cash balances for the period. Individual Witten Assignment in a Report Format AC 3.1 01 May 2015 AC3.2 AC3.3 AC3.4 16 Learning outcome 4 Be able to analyse business performance by the application of ratios 4.1 Calculate and analyse the following ratios: 4.1a Gross profit margin 4.1b Net profit mark-up 4.1c Return on capital employed (ROCE) 4.1d Current ratio 4.1e Closing inventory holding period 4.1f Trade receivables’ collection days 4.1g Trade payables’ payment days 4.1h Gearing ratio and 4.1i Interest cover 4.2. Based on the operational results from (task 4.1), recommend appropriate future competitive business strategies for Westfield Travel & Tours. Individual Witten Assignment in a Report Format 01 May 2015 AC4.1 AC4.2 Learning outcome 5 Be able to apply the concept of the marginal costing 5.1 Compare and contrast the appropriateness of using either Absorption or Marginal costing in the calculation of a company profit, based on the treatment of a period cost. Based on the above information, you are required to prepare an income statement, using: 5.2a Marginal costing method for VH Plc 5.2b Calculate contribution per unit for product ‘Wise-Fit’ and state its importance to the VH Plc management. Assuming the total fixed cost and the total capacity of production of product ‘Wise-Fit’ were $52,500 and 1500 units respectively, and Calculate: 5.3a. Break-even point 5.3b. Margin of safety END Individual Witten Assignment in a Report Format 01 May 2015 AC5.1 AC5.2 AC5.3 17 Evidence checklist Summary of evidence required by student Evidence presented Task 1 1.1 review sources of funding available to business and services industries 1.2 evaluate the contribution made by a range of methods of generating income within a given business and services operation Task 2 2.1 discuss elements of cost, gross profit percentages and selling prices for products and services 2.2 evaluate methods of controlling stock and cash in a business and services environment Task 3 3.1 assess the source and structure of the trial balance 3.2 evaluate business accounts, adjustments and notes 3.3 discuss the process and purpose of budgetary control 3.4 analyse variances from budgeted and actual figures, offering suggestions for appropriate future management action Task 4 4.1 calculate and analyse all ratios to offer a consistent interpretation of historical business performance 4.2 recommend appropriate future management strategies for a given business and services operation Task 5 5.1 categorise costs as fixed, variable and semi-variable for a given scenario 5.2 calculate contribution per product/customer and explain the cost/profit/volume relationship for a given scenario 5.3 justify short-term management decisions based on profit/loss potentials and risk (break-even) calculations for a given business and services operation 18 Submission Guidelines: Your submission should be in a report format. 2000 words for individual assignment. Excellent Formatting: ? Preferred writing styles Arial, Verdana, and Times New Roman ? Line spacing 1.5, Font Size 12 ? Consistency in Heading Scheme, bullets and numbering ? Consistency in top, bottom and left, right margins ? Alphabetical Harvard referencing and bibliography Report Structure ? Cover ? Title Page ? Contents page. ? Acknowledgement (optional) ? Abstract/Executive Summary ? Main Body (Tasks) ? Conclusion. ? References (including weblioreferencing) ? Bibliography (including webliography) ? Appendices *For Late Submission policy, please refer to your student course handbook available on Live Campus. Plagiarism Rules and Regulations o No plagiarism is accepted in assignments and students are advised to do the referencing correctly according to the Harvard Referencing System. o Students are advised to submit assignments with a similarity in below 10%. 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