BUSINESS PLAN UNILAK MOTORS UK LIMITED
BUSINESS PLAN UNILAK MOTORS UK LIMITED “Our plans miscarry because they have no aim.” (Seneca)
UNILAK MOTORS UK LTD
BUSINESS PLAN
Table of Contents Page 1. Executive Summary a. Mission Statement b. Character & Location c. Main Objectives d. Management team 2. General Company Description a. Organizational Structure b. Key Advantages c. Business Goal 3. Marketing Plan a. Current Product Mix b. Marketing Goals c. Marketing Strategy d. SWOT Analysis 4. Project Development a. Development Process b. Project Plan c. Project Cost Summary 5. Financial Plan a. The Investment Budget b. Assumptions c. Financial Projections
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UNILAK MOTORS UK LTD
BUSINESS PLAN
EXECUTIVE SUMMARY Mission Statement Unilak Motors UK Limited is committed to provide vehicles to their valued customers, which could fulfil their wants & need at the right price. Together, excellent customer care along with vast knowledge of auto industry, company management is proud to establish a successful business within short period of one year and has aimed to take it to the next level of investment.
Character & Location Unilak Motors UK Limited was formed in March 2010, with a view to be established as a successful business within west midlands. Since start of the business company have seen its used cars sales rising on monthly basis. Opportunity of a functional maintenance workshop and a car wash alongside the main showroom have raised sales and loyal customer base from the community. Showroom of the company is located on Bromford Lane which is only 3 miles away from Junction 5 & 6 of M6 Motorway, thus accessible to the surrounding areas of Birmingham. Company have fully functional workshop where all kind of mechanical and body repair works are undertaken. Other uses of workshop is to check used cars bought for resale, run a check list and maintain the quality of vehicles sold to end consumer. In house maintenance team have significant effect on the reduction of cost thus maximizing the profits and maintaining prices with other competitors in area.
Main Objective Unilak Motors UK Limited started business selling used vehicles. Management team have planned it to take it to next level, by having an alliance with a main stream world car manufacturer and start selling new cars. Though the market for used cars is on the rise due to the state of economy but on the other hand due to innovations in technology and fuel efficient new cars are selling in wide range. Management have done its market research and have seen new cars sale rising with the passage of time. Plan to have a dealership of Mitsubishi Motors is implementation of the business model, which was originally planned at the inception of business.
Management Team Unilak Motors UK Limited has three experienced and energetic directors. They have a life long experience in car sales, vehicle maintenance, workshop operations and business management. Mr. Madhura Manawickrama professionally a consultant doctor at NHS has experience in administration and business management. He has the core responsibility of setting up the business, its development, planning operations and maintaining finances of the company. Mr. Manawickrama is a highly organised person and takes his responsibilities professionally and proudly. Mr. Talat Riaz, a graduate in business administration has over seven years of experience in car sales. He has gained experience and achieved record sales for his previous employers. His selling techniques are second to none. Maintenance of quality is his priority and selling a quality product is his art. Mr. Riaz’s hard work has resulted in as growth of the business and excellence to achieve its profiled targets. Mr. Raja Usman, contributes his efforts as maintenance man of the business. He has a degree in business & economics but having experience in cars and maintenance over a period of 10 years, has given company an established resource to reduce costs and maintain the quality of their cars. Mr. Usman is also helping hand in purchasing and valuation of part exchange vehicles. His work is major and can be regarded as backbone of the operational structure.
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BUSINESS PLAN
UNILAK MOTORS UK LTD
GENERAL COMPANY DESCRIPTION Organizational Structure Unilak Motors UK Limited since its incorporation have seen a high rise in the sale of used cars and maintenance is a day to day job for used cars, not only to maintain quality but also to provide due care towards safety of the customers. Directors of the company have undertaken the jobs and responsibilities of the management and operations of the company. There is currently two full time staff employed by the company and work as mechanics in the workshop. Now due to expansion as if the business milestone towards dealership is achieved, management has planned to hire following staff immediately before the opening of business to fulfil the needs of the business. 1. Administration Staff a. Reception Staff b. Accountant c. Cleaner 2. Sales Staff a. Sales Supervisor b. Sales Representative 3. Service Staff a. Diagnostics Manager b. Parts Manager c. Service Mechanics
01 01 01 01 02 01 01 02
Company have already service mechanics, and it will arrange for proper training and development for the service staff if needed for Mitsubishi Motors. Sales supervisor & parts manager will be hired initially on a part time basis and will become full time by month six of first year of trading. Management intend to organise the business structure in the following way. Managing Director Mr. Manawickrama
Sales Director Mr. Riaz
Service Director Mr. Usman
Sales Supervisor Diagnostic Manager Sales Representative 1
Sales Representative 2
Parts Manager Mechanic 1 Mechanic 2
Administration
Finance
Operations Used Car Purchase
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BUSINESS PLAN
UNILAK MOTORS UK LTD
In subsequent years management indent to employee more staff as per following head count matrix. Staff Grade
Year 1
Year 2
Year 3
Year 4
Year 5
01
01
02
02
03
01
01
02
02
02
Operations
0
01
01
01
01
Supervisor
01
02
02
02
03
Representative
02
02
04
04
04
Assistants
0
01
01
02
02
Diagnostics
01
01
02
02
02
Mechanics
02
02
03
04
04
MOT Engineers
0
0
02
02
02
Purchase
0
01
01
01
01
Spare Parts
01
01
01
01
01
Reception Administration Accounts
Sales
Service
Procurement
Unilak Management have plans to develop a fully integrated MOT centre by year three of trading and will hire VOSA qualified engineers for running MOT centre. Cost has been established and it is integrated within the capital expenditure in year three.
Key Advantages Unilak Motors UK Limited has seen exceptional rise in sales and business during the past year. Economic downturn and overall reduction in economy have changed people trend to buy used cars in the past years. Introduction of scrap scheme by the government of UK back in 2008-09 somehow ease the pressure on the sales of used cars but alongside consumer have developed taste for fuel efficient and modern cars. Besides macro advantage of become a dealer of Mitsubishi motors, there are many other factors which make Unilak stand high in the competitive market of car sales. Management takes advantage of the following ‘as is’ factors and consider them a valuable natural resource for the high sales and success of the company. 1. Location of the business plays a vital role in its success. Unilak is situated right in the centre of an area where other company car showrooms are present. Customers have enjoyed variety of prices by comparing both new cars from other dealers in the area and a product mix of Unilak. This opportunity has boosted the sales of Unilak. 2. Ease of access to the showroom and not being on a junction; have made significance importance of the location. Customers are compelled to view cars of Unilak first before they visit any other garage. This advantage is fully utilised by the sales staff to maximum and no customer is left unattended. 3. Mechanical and body repair workshop is another advantage, where customers enjoy lower quotes and they are guaranteed full satisfaction. This enables customers to look around for a car of their choice and this has an impact of an increase in sales. 4. Cars sold by Unilak are guaranteed a cost effective service. Presence of workshop with two ramps makes service quick and cost effective.
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BUSINESS PLAN
UNILAK MOTORS UK LTD
Management have agreed to include following factors as Key Advantages while taking on the dealership of Mitsubishi Motors. 1. There are ten car dealers including Mazda & Nissan within 1.5 miles radius of the location of company. A presence of a new brand will compel customers to come and see the new models of Mitsubishi. 2. Mitsubishi Motors have two dealers in Birmingham area which are around 11 miles away from the location of Unilak. Key advantage of having a big customer base with 6 miles radius will automatically boost sales. 3. Old customers of Unilak, if by choice want to by a new car they can part exchange their old car and that amount can be treated as deposit for finance if needed. Management have made provisions in the financials for this arrangement. 4. Mitsubishi Motors have seen an increase of 10% in sales in 2010 with total units of 12,209 sold in UK. Market share has been 0.6% which is promising for imported cars. In 2011 due to earthquake in Japan, car sales dropped domestically and it had an effect internationally as well. Now sales have been picking up as seen from the following data obtained from Japanese Automobile Manufacturer Association. Mitsubishi Passenger Cars UK Import Period
Standard
Small
Mini
Total
Apr 2010 – Jun 2010
24,667
4,452
29,209
Jul 2010 – Sep 2010
18,470
3,874
22,614
Oct 2010 – Dec 2010
19,372
8,457
150
27,979
Jan 2011 – Mar 2011
17,669
4,701
50
22,420
5. Mitsubishi new innovated electric 660cc vehicle i-MIEV has zero CO2 g/km emissions and as announced by UK Government this model is entitled to a 25% discount off the list price. This makes Mitsubishi one of five car manufacturers who are currently enjoying the fruits of this discount. 6. Close ties of Mitsubishi with Europe for supply of engines to Diamler (Germany) and finished vehicles to Peugeot makes it a world class manufacturer in automotive industry. Technical support for procurement of parts for local production and evaluation of parts being present in UK are the advantages that Unilak can enjoy for after sales service and complying with manufacturer warranties.
Business Goal With New Year approaching Unilak is committed to initiate S.M.A.R.T* road map for their business and achieve targets set forth in this business plan. Used car sales will be targeted as facilitator to sell new cars. Price comparison is not a match but domestic budgets and affordability of consumers can be highlighted along with fuel efficiency and free manufacturer warranty in selling approach while discussing finance and monthly payments on new cars. Of course the low interest rate will be one of the main factors encouraging customers to get a new Mitsubishi car on finance with low monthly payments. Management understands that group meetings and resolutions are not goals and know new business goals must also involve clear thinking about the action steps required to accomplish targets in a clear cut time frame. Keeping the above rules in view management set froths following targets for the business.
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BUSINESS PLAN
UNILAK MOTORS UK LTD
1. The territory is worth 200 Mitsubishi Cars per annum once business is established and management with proper advertising and prominent loyal customer base is committed to achieve this target in year four of trading. 2. Currently Unilak sells 20-25 used cars a month. With the inception of new Mitsubishi cars, used car sales will be 20-22 cars a month along with six new Mitsubishi cars sold monthly. 3. Parts sale of vehicles which include accessories is a big market and worth £37.00 of parts and £750.00 of accessories per car will be sold to customers buying new Mitsubishi cars. 4. After sales service and customer satisfaction surveys will be taken out each quarter to ensure and maintain high quality of business ethics and sales approach. Following table gives a snapshot of sales of new and used cars per year during the next five years. Car Sales
Year 1
Year 2
Year 3
Year 4
Year 5
70
245
300
380
450
26
95
125
200
270
Q1
Q2
Q3
Q4
Used Cars
66
68
65
New Cars
18
20
24
* Specific, Measurable, Attainable, Realistic, Time Based
MARKETING PLAN Current Product Mix Automotive industry specifically when it comes to used car sales, specifically changes every now and then and shifts the taste of consumers. From bestselling to worst selling cars and written off to slightly damaged vehicles, used car sales are dependent on the cars presented for auctions in a year. Due to changing business environment, along with other factors like fuel prices, road tax, spare parts availability, mileage on the cars and availability of best selling cars through auctions, put car dealers in a constant struggle to get a better deal in order to maximise profits. Unilak over the past period have successfully attained its market share within this constant changing business environment. Management have adapted to different techniques to have a range of vehicles at the showroom which are best selling and their strategy have proven to meet its targets in past. Unilak have a range of different passenger vehicles of different brands including seven seat’s and family cars. Unilak have neither confined itself to a specific brand nor to a specific engine size. Unilak have seen an increase in the sale which in turn has helped to maintain cash flow of the company. Management of the company do a monthly review of their stock and market prices in order to maintain its sales targets. This also helps in drafting the forecast for purchase of used vehicles and ascertains used vehicle trade in values. Unilak is committed to maintain its current sales and increase it alongside new Mitsubishi Car sales.
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UNILAK MOTORS UK LTD
BUSINESS PLAN
Marketing Goals Unilak management have set forth its marketing goals based on ‘Unique Selling Propositions’. Promoting USP’s will give incredible market advantage and can create a huge growth in business. Understanding consumer needs and ensuring that it is articulated in marketing message will boost the sales. Marketing goals have been carefully thought on in conjunction with business goals and Advertising and Promotion Budgets. Unilak Management is committed to achieve following goals within first two quarters of trading. 1. 2. 3. 4. 5. 6.
Spreading out word of presence of Mitsubishi Motors in area. Increase Mitsubishi Car awareness among targeted customers within region. Inform targeted customers about features and benefits of Mitsubishi cars. Spread out word on competitive and quality advantage of Mitsubishi Cars. Promotion of after sales service and on site workshop to build consumer confidence. Recognizing when proposition is working and marketing it fast, first and aggressively in sector to achieve an unassailable lead over competitors.
After first two quarters advertising budgets have been setup to ensure that consumers are constantly reminded of the presence of Mitsubishi Motors. Once marketing strategy is tested, budget will be increased to 50% of last year spent in order to increase sales.
Marketing Strategy Marketing is the major key to a dealership success. Unilak management has brain stormed on marketing strategy. It has compiled every detail for the last year which includes customer needs and market research data. Keeping in view of the Mitsubishi brand introduction and consumer’s taste of new cars, a comprehensive marketing strategy is designed to achieve goals and objectives. Different advertising segments have been chosen as to target different communities within the target areas. Following principals have been set forth as commandments’ for designing advertising material and communicating it to future customers. a. Promotion of New Mitsubishi cars along with range of services provided by the business. No promotion will be left out as service only. b. Advertising for spreading the word out will be closely watched and monitored and results will be calculated as response from the customers. c. Public relations will be of much importance. Contacting existing customer base will draw attention to the new look of the business and thus will have an impact on marketing by word of mouth. d. Instead of persuading prospects, marketing will be targeted to find genuine prospects. e. Contacting prospects when they think of a car instead contacting them when they are in for an inquiry about a car. This means tracking and managing data imaginatively. f. Advertising should target customers and sales team should make extra effort to close the deal. These results will be monitored quarterly basis and forecast will be updated accordingly. Keeping in view above mentioned principals Unilak Management have set aside £15,000.00 in addition to current spent of £1,800 per month, for the first year and it will be increased in the next three years by 50%. This amount is in addition to the £20,000 offered by Mitsubishi Motors for promotion of their brand in the targeted area.
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BUSINESS PLAN
UNILAK MOTORS UK LTD
Distribution of budget to different sectors in advertising media will be as follows. Year 1
Year 2
Year 3
Year 4
Year 5
Weekly Newspaper
15%
20%
20%
20%
20%
Radio & TV
25%
30%
30%
50%
50%
Give Outs
10%
10%
10%
10%
10%
Online SEO
50%
40%
40%
20%
10%
SWOT Analysis Unilak management recognises the importance of SWOT analysis. With the fast changing world of automotive industry together with the economic factors effecting sales of used and new cars, Unilak operations has been put to the test. An honest and excellent research into SWOT has enabled the company and team to achieve its targets and strengthen its weaknesses and abolish threats with the passage of time. Internal factors of SWOT are determined as follows: Strengths:
Excellent Location, near to the motorway M6. Situated on main Bromford Lane. Established and prominent loyal customer base. Fully equipped mechanical and service workshop. Large variety of Used Cars available at the garage. Trained and efficient sales and after sale service staff.
Weakness:
Increase in Used car sales business established locally. Lack of used cars stock, as best selling used cars have become harder to find. Closure of local auction business, an increase in the cost of transportation of cars.
External factors effecting business can be listed as below: Opportunities: Middle income families within locality are targeted customers. Brand ambassador for Mitsubishi Motors in Birmingham. Variety of new models of Mitsubishi Motors including i-MiEV. As a Mitsubishi Dealer target locality of six miles radius. Threats:
Economic conditions and European markets downturn. Rising fuel prices may affect sales. Innovation of new models by Toyota & Nissan.
Besides that there are weakness of having lack of used cars stock but Management is determined to overcome by registering online with different auction houses and purchase used stock online. This will enable to reduce the cost significantly.
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BUSINESS PLAN
UNILAK MOTORS UK LTD
By having Mitsubishi Motors on board company will see an increase in used car sales as trade in cars will be sold after proper servicing and care. Along side showroom sales, online sales will be boosted as marketing plan is implemented. Unilak is currently selling cars on Auto trader, one of the large online selling sites for used cars. If there is a choice of buying new cars prospective clients will trade in old car for cash or even as for a deposit for new car. This action will help in increasing the number of used car sales.
Development Plan Development Process Unilak Management has carefully drafted business development plan with the help of Chartered Building Surveyors and Project Managers. Time schedules being drafted and cost of building along with regulations needed to be followed before and during the development of the project. Management have drafted a flow chart for the building and structural works to be done on the site, to be followed as below.
Planning Permission 8 Weeks
Start of Project
Chartered Surveyor & Project planning coordinator appointed
Building Regulations 5 Weeks
Tenders & Contractors Quotations 5 Weeks
Award of Contract
Principal Contractor reports
Demolition Process
Sub Structure Building
Structural Frame
External Cladding
Time Frame: 24 Weeks
Roof & Finishing
WC & Kitchen
Mechanical & Electrical
End of Project
All stages of the project have been designed in a way so that the targets are met within time schedules assigned. Unilak management have already ascertained the cost of construction through various quotes from Chartered Surveyors and Building Contractors. These measures will same significant time once the project has been started.
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BUSINESS PLAN
UNILAK MOTORS UK LTD
Project Plan Unilak Management has taken following decisions while construction is underway. This will help the company to maintain its sales during this time period and will not affect the normal operations of the company. 1. Area of the garage is more than enough to maintain 25-30 cars on site while building work is being done on the front. A sign posted ‘Business as usual’ on the road and current continuity of advertising campaigns will maintain sales of the company.
2. Company management have planned to subcontract its maintenance services to a garage just 500 yards away from the site. Management have first priority to complete its new workshop structure and that will start as soon as all regulatory requirements have completed. 3. Workshop Structure has been designed to be completely autonomous of other building structure. MOT centre will be established in year three, so there will be enough room for the cars to be stored for repairs and service. Unilak Management has drafted following mile stones to plan their project.
Application for Mitsubishi Dealership
Mitsubishi Finance
Directors Equity Induction
Approved
Not Approved
Purchase Land Lease 20 Years
Application for Bank Finance
Revised Application & Resubmission
Approved
Not Approved
Building works
Unilak management have letter of intent from Mitsubishi motors’ that they will do a partnership induction of £50,000 towards building cost upon the approval of application. Land lease have been negotiated and will be transferred to the company as soon as the application is passed.
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BUSINESS PLAN
UNILAK MOTORS UK LTD
Project Cost Summary Unilak have adopted itself to the quality cautious available option for construction of building and service bays. As quoted by the Chartered Building Surveyors Building cost will be in the region of £260,000 when showroom height is maximum to 3.6 meters. Following is the breakdown cost of capital investment in building & works. 1. 2. 3. 4. 5. 6. 7. 8.
Demolition Substructure Structural Frame External Cladding Roof & Finishing WC & Kitchen Mechanical & Electrical Works Drainage
£ 15,000.00 £ 40,000.00 £ 45,000.00 £ 55,000.00 £ 75,000.00 £ 5,000.00 £ 20,000.00 £ 5,000.00
Management have decided to start MOT centre in year three of trading and additional cost of MOT centre is estimated at £20,000.00. This includes VOSA approved software system to check vehicles and produce MOT certificates.
Financial Plan The Investment Budget Unilak management have drafted a financial plan with carefully thought assumptions drawn from analysing data of past year financial performance and comparing it with relevant industry financial ratios. They have kept the revenue overheads near to realistic and capital structure have been revised to include existing stock of used cars. Used car stock as of year ending 30th October 2011 stands at £149,000. Current facilities of workshop like ramps and tools, which will be utilised, value to £15,000.00. Addition to the above stock and assets shareholders have decided to contribute £ 160,000.00 towards the business in order to compete as centre for excellence for Mitsubishi Motors. A snapshot of total invested budget (start-up capital) of business including previous fixed assets can be summarised as follows. Existing Used Car Stock
£ 149,000
Existing Workshop Machinery & Tools
£ 15,000
Cash in Hand & at Bank
£ 45,000
Directors proposed investment in business
£ 160,000
Mitsubishi Partnership Finance for building
£ 50,000
Bank Loan
£ 50,000
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BUSINESS PLAN
UNILAK MOTORS UK LTD Allocation of start-up capital will be as follows. Land Lease Expenses (Security + Legal Cost) Building Works Furniture & Fixture First Month Expenses Start-up Cash
£ 4,000 £ 260,000 £ 5,000 £ 31,500 £ 4,500
Assumptions Financial plan and projections have been based on assumptions carefully drawn from historical financial data of business and including industry research of different setups of company dealerships within west midlands. Sales and gross profit assumptions have been mentioned in Business Goals and additional information is been provided below. An uplift ratio is added to the sales of service, repair and MOT sales for 2-5 years in financial projections. Revenue Assumptions Year 1
Year 2
Year 3
Year 4
Year 5
New Car Used Car New Car Used Car New Car Used Car New Car Used Car New Car Used Car
Sales (Units) 88 269 95 245 125 300 200 380 270 470
Parts £37.00 per car 5% of car sales £38.40 per car 5% of car sales £39.90 per car 5% of car sales £41.50 per car 5% of car sales £43.20 per car 5% of car sales
Accessory
Services & Repairs
£750 Per car -
20% of car sales
£780 Per car -
20% of car sales
£811 Per car £844 Per car £877 Per car -
20% of car sales £ 150 per car 20% of car sales £ 150 per car 20% of car sales
MOT Sales
-
150 Cars Per month 200 Cars Per month 250 Cars Per month
Gross Profit Cars
Parts
15%
30%
18%
5%
15%
30%
18%
5%
15%
30%
18%
5%
15%
30%
18%
5%
15%
30%
18%
5%
Accessory 70%
Service -
-
-
60%
70%
-
-
60%
70%
-
-
60%
70%
60%
-
60%
70%
60%
-
60%
Salaries & Wages are summarised as selling and support. Selling and service personal salaries are charged to cost of sales. Table of basic salaries has been drawn keeping in view changing minimum wage over period of five years. A bonus scheme for achieving sales targets will be started in year two of trading to motivate the staff. Sales staff will be offered positions on basic and commission on sales deals closed. Selling & administrative expenses have been calculated as a percentage of the turnover as per normal industry practice to maintain gross profits for budgeting.
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MOT
-
60%
60%
60%
Unilak Motors (UK) Limited Projected Trading and Profit & Loss Account Year 1
Year 2
Year 3
Year 4
Year 5
901,735 1,060,646 48,328 66,000 180,347 2,257,056
991,909 1,140,000 49,866 74,100 198,382 2,454,256
1,091,099 1,501,400 54,825 101,375 300,280 63,000 3,111,979
1,200,209 2,410,895 60,281 168,800 270,042 84,000 4,194,227
1,500,262 3,013,619 75,283 236,790 340,552 105,000 5,271,506
153,690 136,835 9,420 1,251 301,196 155,740 145,456
149,000 1,603,083 113,040 18,035 1,883,158 155,740 1,727,418
155,740 1,740,331 132,160 19,838 2,048,070 165,270 1,882,800
165,270 2,118,226 269,646 30,028 2,583,170 172,540 2,410,630
172,540 2,954,702 321,783 27,004 3,476,028 185,420 3,290,608
185,420 3,701,070 354,076 34,055 4,274,622 200,100 4,074,522
42,686
44,359
529,638
571,456
701,350
903,618
1,196,984
4,500 3,501 821 2,083 666 250 800 75 100 150 150 250 85 350 500 4,800 300 19,381
4,500 3,501 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 300 16,381
4,500 3,501 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 300 16,381
54,000 42,012 9,852 24,996 7,992 3,000 9,600 900 1,200 1,800 1,200 2,000 1,020 4,200 8,000 36,600 500 3,600 212,472
60,000 73,273 14,812 28,745 9,191 3,450 11,040 1,035 1,380 2,070 1,380 2,300 1,173 4,830 9,200 40,260 575 4,140 268,854
84,000 108,698 22,541 33,057 10,569 3,968 12,696 1,190 1,587 2,381 1,587 2,645 1,349 5,555 10,580 46,299 5,000 4,761 358,462
120,000 114,133 32,677 39,669 12,683 4,761 15,235 1,428 1,904 2,857 1,904 3,174 1,619 6,665 12,696 64,819 500 5,713 442,437
150,000 135,894 39,212 47,602 15,220 5,713 18,282 1,714 2,285 3,428 2,285 3,809 1,942 7,998 15,235 77,782 500 6,856 535,759
24,903
33,462
26,305
27,978
317,166
302,602
342,888
461,181
661,225
329 417 746
329 417 746
329 417 746
329 417 746
329 417 746
3,950 5,000 8,950
3,950 5,000 8,950
3,950 9,600 13,550
3,950 9,600 13,550
3,950 9,600 13,550
26,241
31,635
24,157
32,715
25,559
27,232
308,216
293,652
329,338
447,631
647,675
5,511 20,731
6,643 24,991
5,073 19,084
6,870 25,845
5,367 20,191
5,719 21,513
64,725 243,491
61,667 231,985
69,161 260,177
94,003 353,628
136,012 511,663
1
2
3
4
5
6
7
8
9
10
11
12
Used Cars New Cars Parts Accessory Services & Repair MOT Sales
65,842 72,500 3,562 4,500 13,168 159,573
78,541 71,540 4,197 4,500 15,708 174,486
76,154 72,580 4,078 4,500 15,231 172,543
80,200 80,254 4,280 5,000 16,040 185,774
81,247 80,143 4,332 5,000 16,249 186,972
78,554 80,950 4,198 5,000 15,711 184,413
75,250 96,540 4,033 6,000 15,050 196,873
74,127 96,147 3,976 6,000 14,825 195,076
75,140 96,342 4,027 6,000 15,028 196,537
81,600 104,250 4,350 6,500 16,320 213,020
72,540 104,530 3,897 6,500 14,508 201,975
62,540 104,870 3,397 6,500 12,508 189,815
Opening Stock Purchases Salaries & Wages Workshop & Car Consumables
149,000 113,022 9,420 1,317 272,759 151,427 121,332
151,427 122,572 9,420 1,571 284,990 152,411 132,579
152,411 121,465 9,420 1,523 284,819 155,471 129,348
155,471 131,041 9,420 1,604 297,536 156,874 140,662
156,874 131,803 9,420 1,625 299,722 152,711 147,011
152,711 130,261 9,420 1,571 293,963 153,471 140,492
153,471 140,348 9,420 1,505 304,744 155,240 149,504
155,240 139,121 9,420 1,483 305,264 158,950 146,314
158,950 140,100 9,420 1,503 309,973 154,720 155,253
154,720 151,826 9,420 1,632 317,598 157,420 160,178
157,420 144,688 9,420 1,451 312,979 153,690 159,289
38,241
41,907
43,195
45,112
39,961
43,921
47,368
48,762
41,284
52,843
4,500 3,501 821 2,083 666 250 800 75 100 150 85 350 2,500 5,800 500 300 22,481
4,500 3,501 821 2,083 666 250 800 75 100 150 85 350 500 1,800 300 15,981
4,500 3,501 821 2,083 666 250 800 75 100 150 85 350 500 1,800 300 15,981
4,500 3,501 821 2,083 666 250 800 75 100 150 85 350 500 5,800 300 19,981
4,500 3,501 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 300 16,381
4,500 3,501 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 300 16,381
4,500 3,501 821 2,083 666 250 800 75 100 150 150 250 85 350 500 5,800 300 20,381
4,500 3,501 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 300 16,381
4,500 3,501 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 300 16,381
15,760
25,926
27,214
25,131
23,580
27,540
26,987
32,381
329 413 742
329 417 746
329 417 746
329 417 746
329 417 746
329 417 746
329 417 746
EBT
15,017
25,180
26,468
24,385
22,834
26,794
Provision for Corporation Tax Net Profit for the period
3,154 11,864
5,288 19,892
5,558 20,909
5,121 19,264
4,795 18,039
5,627 21,167
Sales
Total Sales
Closing Stock Cost of Goods Sold Gross Profit
Total
Administrative Expenses Directors' Salaries Salaries & Wages Emploter NI & Taxes Rent Rates Insurance Utilities Water Rates Telephone Accountancy Building Repair Workshop Repair Cleaning Travelling Expenses Printing & Stationery Advertising Legal & Professional Fee Bank Charges EBITDA Interest on Loan Depriciation
Unilak Motors (UK) Limited Projected Balance Sheet Year 1
Year 2
Year 3
Year 4
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 35,000 8,000 5,000 308,000
260,000 35,000 8,000 5,000 308,000
260,000 35,000 8,000 5,000 308,000
5,000 280,000
5,000 280,000
5,000 280,000
9,600 298,400
9,600 298,400
9,600 298,400
151,190 2,500 2,716 246,248 402,654
153,240 2,500 19,644 182,058 357,442
153,240 2,500 19,644 182,058 357,441
162,270 3,000 27,170 339,512 531,953
168,940 3,600 53,020 559,019 784,579
181,100 4,320 6,855 899,368 1,091,643
194,916 5,184 35,046 1,395,951 1,631,097
140,348 139,121 140,100 151,826 144,688 21,756 18,729 22,822 20,967 30,472 305,000 275,000 275,000 245,000 245,000 467,104 432,851 437,923 417,793 420,160 105,953 - 81,378 - 62,710 - 37,281 - 17,506
136,835 2,016 215,000 353,851 3,591
136,835 2,016 215,000 353,851 3,590
145,028 6,249 155,000 306,277 225,676
176,519 5,508 145,000 327,027 457,552
246,225 44,137 290,362 801,280
308,423 19,631 328,053 1,303,044
40,833
40,000
40,000
30,000
20,000
10,000
0
201,887
222,078
243,591
243,591
475,676
735,952
1,089,680
1,601,444
156,957
176,041
201,886
222,078
19,084 176,041
25,845 201,886
20,191 222,078
21,513 243,591
100 243,491 243,591
243,591 100 231,985 475,675
475,675 100 260,177 735,952
735,952 100 353,628 1,089,681
1,089,681 100 511,663 1,601,444
1
2
3
4
5
6
7
8
9
10
11
12
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
413 284,587
830 284,170
1,247 283,753
1,664 283,336
2,081 282,919
2,498 282,502
2,915 282,085
3,332 281,668
3,749 281,251
4,166 280,834
4,583 280,417
148,927 2,500 6,716 46,708 204,851
149,911 2,500 3,042 70,488 225,941
152,971 2,500 3,697 93,479 252,647
154,374 2,500 8,682 116,044 281,600
150,211 2,500 5,996 142,624 301,331
150,971 2,500 7,640 168,242 329,353
152,740 2,500 13,614 192,298 361,152
156,450 2,500 2,716 189,806 351,472
152,220 2,500 2,716 217,777 375,213
154,920 2,500 5,716 217,376 380,512
113,022 10,285 305,000 428,307 - 223,457 -
122,572 2,349 305,000 429,921 203,981 -
121,465 9,670 305,000 436,135 183,488 -
131,041 10,199 305,000 446,240 164,640 -
131,803 11,546 305,000 448,349 147,018 -
130,261 20,359 305,000 455,620 126,267 -
Long Term Liabilities Bank Loan
49,167
48,333
47,500
46,667
45,833
45,000
44,167
43,333
42,500
41,667
Net Assets
11,964
31,856
52,765
72,029
90,068
111,235
131,966
156,957
176,041
100 11,864 11,964
11,964
31,856
52,766
72,029
90,068
111,235
131,966
19,892 31,856
20,909 52,766
19,264 72,029
18,039 90,068
21,167 111,235
20,731 131,966
24,991 156,957
Tangible Assets Land & Building Mechanical Assets Furniture & Fixture Parts & Tools Depriciation Net Book Value Current Assets Stock - Old Cars Stock Spares & Tolls Prepayments Cash In Hand & Bank
Current Libilities Trade Creditors Accrued Expenses Directors Loan Account Net Current Assets
CAPITAL ACCOUNT Brought Forward Share Capital Profit & Loss Account
Year 1
Year 5
Unilak Motors (UK) Limited Projected Cash Flow 0 Opening Balance B/F
Year 1 1
2
3
4
5
6
7
8
9
10
11
12
Year 1
Year 2
Year 3
Year 4
Year 5
45,000
34,538
46,708
70,488
93,479
116,044
142,624
168,242
192,298
189,806
217,777
217,376
246,248
34,538
182,058
339,512
559,019
899,368
50,000 160,000 50,000 260,000
159,573
174,486
172,543
185,774
186,972
184,413
196,873
195,076
196,537
213,020
201,975
189,815
2,454,256
3,111,979
4,194,227
5,271,506
159,573
174,486
172,543
185,774
186,972
184,413
196,873
195,076
196,537
213,020
201,975
189,815
2,257,056 2,257,056
2,454,256
3,111,979
4,194,227
5,271,506
4,000 329
114,339 4,500 12,921 821 2,083 666 250 800 75 100 150 85 350 2,500 5,800 500 329
124,143 4,500 12,921 821 2,083 666 250 800 75 100 150 85 350 500 1,800 329
122,988 4,500 12,921 821 2,083 666 250 800 75 100 150 85 350 500 1,800 329
132,645 4,500 12,921 821 2,083 666 250 800 75 100 150 85 350 500 5,800 329
133,428 4,500 12,921 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 329
131,832 4,500 12,921 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 329
141,853 4,500 12,921 821 2,083 666 250 800 75 100 150 150 250 85 350 500 5,800 329
140,604 4,500 12,921 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 329
141,603 4,500 12,921 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 329
153,458 4,500 12,921 821 2,083 666 250 800 75 100 150 150 250 85 350 500 4,800 329
146,139 4,500 12,921 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 329
300 4,629
300 146,569
300 149,873
300 148,718
300 162,375
300 159,558
300 157,962
300 171,983
300 166,734
300 167,733
300 182,588
300 172,269
138,086 4,500 12,921 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 329 58,956 300 223,172
1,621,118 54,000 155,052 9,852 24,996 7,992 3,000 9,600 900 1,200 1,800 1,200 2,000 1,020 4,200 8,000 36,600 500 3,950 58,956 3,600 2,009,536
1,760,169 60,000 205,434 14,812 28,745 9,191 3,450 11,040 1,035 1,380 2,070 1,380 2,300 1,173 4,830 9,200 40,260 575 3,950 61,667 4,140 2,226,801
2,148,254 84,000 378,343 22,541 33,057 10,569 3,968 12,696 1,190 1,587 2,381 1,587 2,645 1,349 5,555 10,580 46,299 5,000 3,950 69,161 4,761 2,849,473
2,981,706 120,000 435,915 32,677 39,669 12,683 4,761 15,235 1,428 1,904 2,857 1,904 3,174 1,619 6,665 12,696 64,819 500 3,950 94,003 5,713 3,843,878
3,735,125 150,000 489,970 39,212 47,602 15,220 5,713 18,282 1,714 2,285 3,428 2,285 3,809 1,942 7,998 15,235 77,782 500 3,950 136,012 6,856 4,764,923
10,000 10,000
10,000 10,000
899,368
1,395,951
RECEIPTS Sales Mitsubishi Funding Director Loan Bank Loan
REVENUE EXPENDITURE Purchases Directros Remuneration Salaries & Wages
Emploter NI & Taxes Rent Rates Insurance Utilities Water Rates Telephone Accountancy Building Repair Workshop Repair Cleaning Travelling Expenses Printing & Stationery Advertising Legal & Professional Fee Interest On Loan Corporation Tax Bank Charges
CAPITAL EXPENDITURE Land & Building Plant & Machinery Furniture & Fixture Director Loan Repayment Capital Payment - Loan
Closing Balance C/F
260,000 5,000 833 265,833
833 833
833 833
833 833
833 833
833 833
833 833
833 833
30,000 833 30,833
833 833
30,000 833 30,833
833 833
30,000 833 30,833
90,000 10,000 100,000
60,000 10,000 70,000
20,000 3,000 10,000 10,000 43,000
34,538
46,708
70,488
93,479
116,044
142,624
168,242
192,298
189,806
217,777
217,376
246,248
182,058
182,058
339,512
559,019
UNILAK MOTORS UK LTD
BUSINESS PLAN
Table of Contents Page 1. Executive Summary a. Mission Statement b. Character & Location c. Main Objectives d. Management team 2. General Company Description a. Organizational Structure b. Key Advantages c. Business Goal 3. Marketing Plan a. Current Product Mix b. Marketing Goals c. Marketing Strategy d. SWOT Analysis 4. Project Development a. Development Process b. Project Plan c. Project Cost Summary 5. Financial Plan a. The Investment Budget b. Assumptions c. Financial Projections
1
2
3
6
9
11
UNILAK MOTORS UK LTD
BUSINESS PLAN
EXECUTIVE SUMMARY Mission Statement Unilak Motors UK Limited is committed to provide vehicles to their valued customers, which could fulfil their wants & need at the right price. Together, excellent customer care along with vast knowledge of auto industry, company management is proud to establish a successful business within short period of one year and has aimed to take it to the next level of investment.
Character & Location Unilak Motors UK Limited was formed in March 2010, with a view to be established as a successful business within west midlands. Since start of the business company have seen its used cars sales rising on monthly basis. Opportunity of a functional maintenance workshop and a car wash alongside the main showroom have raised sales and loyal customer base from the community. Showroom of the company is located on Bromford Lane which is only 3 miles away from Junction 5 & 6 of M6 Motorway, thus accessible to the surrounding areas of Birmingham. Company have fully functional workshop where all kind of mechanical and body repair works are undertaken. Other uses of workshop is to check used cars bought for resale, run a check list and maintain the quality of vehicles sold to end consumer. In house maintenance team have significant effect on the reduction of cost thus maximizing the profits and maintaining prices with other competitors in area.
Main Objective Unilak Motors UK Limited started business selling used vehicles. Management team have planned it to take it to next level, by having an alliance with a main stream world car manufacturer and start selling new cars. Though the market for used cars is on the rise due to the state of economy but on the other hand due to innovations in technology and fuel efficient new cars are selling in wide range. Management have done its market research and have seen new cars sale rising with the passage of time. Plan to have a dealership of Mitsubishi Motors is implementation of the business model, which was originally planned at the inception of business.
Management Team Unilak Motors UK Limited has three experienced and energetic directors. They have a life long experience in car sales, vehicle maintenance, workshop operations and business management. Mr. Madhura Manawickrama professionally a consultant doctor at NHS has experience in administration and business management. He has the core responsibility of setting up the business, its development, planning operations and maintaining finances of the company. Mr. Manawickrama is a highly organised person and takes his responsibilities professionally and proudly. Mr. Talat Riaz, a graduate in business administration has over seven years of experience in car sales. He has gained experience and achieved record sales for his previous employers. His selling techniques are second to none. Maintenance of quality is his priority and selling a quality product is his art. Mr. Riaz’s hard work has resulted in as growth of the business and excellence to achieve its profiled targets. Mr. Raja Usman, contributes his efforts as maintenance man of the business. He has a degree in business & economics but having experience in cars and maintenance over a period of 10 years, has given company an established resource to reduce costs and maintain the quality of their cars. Mr. Usman is also helping hand in purchasing and valuation of part exchange vehicles. His work is major and can be regarded as backbone of the operational structure.
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BUSINESS PLAN
UNILAK MOTORS UK LTD
GENERAL COMPANY DESCRIPTION Organizational Structure Unilak Motors UK Limited since its incorporation have seen a high rise in the sale of used cars and maintenance is a day to day job for used cars, not only to maintain quality but also to provide due care towards safety of the customers. Directors of the company have undertaken the jobs and responsibilities of the management and operations of the company. There is currently two full time staff employed by the company and work as mechanics in the workshop. Now due to expansion as if the business milestone towards dealership is achieved, management has planned to hire following staff immediately before the opening of business to fulfil the needs of the business. 1. Administration Staff a. Reception Staff b. Accountant c. Cleaner 2. Sales Staff a. Sales Supervisor b. Sales Representative 3. Service Staff a. Diagnostics Manager b. Parts Manager c. Service Mechanics
01 01 01 01 02 01 01 02
Company have already service mechanics, and it will arrange for proper training and development for the service staff if needed for Mitsubishi Motors. Sales supervisor & parts manager will be hired initially on a part time basis and will become full time by month six of first year of trading. Management intend to organise the business structure in the following way. Managing Director Mr. Manawickrama
Sales Director Mr. Riaz
Service Director Mr. Usman
Sales Supervisor Diagnostic Manager Sales Representative 1
Sales Representative 2
Parts Manager Mechanic 1 Mechanic 2
Administration
Finance
Operations Used Car Purchase
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BUSINESS PLAN
UNILAK MOTORS UK LTD
In subsequent years management indent to employee more staff as per following head count matrix. Staff Grade
Year 1
Year 2
Year 3
Year 4
Year 5
01
01
02
02
03
01
01
02
02
02
Operations
0
01
01
01
01
Supervisor
01
02
02
02
03
Representative
02
02
04
04
04
Assistants
0
01
01
02
02
Diagnostics
01
01
02
02
02
Mechanics
02
02
03
04
04
MOT Engineers
0
0
02
02
02
Purchase
0
01
01
01
01
Spare Parts
01
01
01
01
01
Reception Administration Accounts
Sales
Service
Procurement
Unilak Management have plans to develop a fully integrated MOT centre by year three of trading and will hire VOSA qualified engineers for running MOT centre. Cost has been established and it is integrated within the capital expenditure in year three.
Key Advantages Unilak Motors UK Limited has seen exceptional rise in sales and business during the past year. Economic downturn and overall reduction in economy have changed people trend to buy used cars in the past years. Introduction of scrap scheme by the government of UK back in 2008-09 somehow ease the pressure on the sales of used cars but alongside consumer have developed taste for fuel efficient and modern cars. Besides macro advantage of become a dealer of Mitsubishi motors, there are many other factors which make Unilak stand high in the competitive market of car sales. Management takes advantage of the following ‘as is’ factors and consider them a valuable natural resource for the high sales and success of the company. 1. Location of the business plays a vital role in its success. Unilak is situated right in the centre of an area where other company car showrooms are present. Customers have enjoyed variety of prices by comparing both new cars from other dealers in the area and a product mix of Unilak. This opportunity has boosted the sales of Unilak. 2. Ease of access to the showroom and not being on a junction; have made significance importance of the location. Customers are compelled to view cars of Unilak first before they visit any other garage. This advantage is fully utilised by the sales staff to maximum and no customer is left unattended. 3. Mechanical and body repair workshop is another advantage, where customers enjoy lower quotes and they are guaranteed full satisfaction. This enables customers to look around for a car of their choice and this has an impact of an increase in sales. 4. Cars sold by Unilak are guaranteed a cost effective service. Presence of workshop with two ramps makes service quick and cost effective.
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BUSINESS PLAN
UNILAK MOTORS UK LTD
Management have agreed to include following factors as Key Advantages while taking on the dealership of Mitsubishi Motors. 1. There are ten car dealers including Mazda & Nissan within 1.5 miles radius of the location of company. A presence of a new brand will compel customers to come and see the new models of Mitsubishi. 2. Mitsubishi Motors have two dealers in Birmingham area which are around 11 miles away from the location of Unilak. Key advantage of having a big customer base with 6 miles radius will automatically boost sales. 3. Old customers of Unilak, if by choice want to by a new car they can part exchange their old car and that amount can be treated as deposit for finance if needed. Management have made provisions in the financials for this arrangement. 4. Mitsubishi Motors have seen an increase of 10% in sales in 2010 with total units of 12,209 sold in UK. Market share has been 0.6% which is promising for imported cars. In 2011 due to earthquake in Japan, car sales dropped domestically and it had an effect internationally as well. Now sales have been picking up as seen from the following data obtained from Japanese Automobile Manufacturer Association. Mitsubishi Passenger Cars UK Import Period
Standard
Small
Mini
Total
Apr 2010 – Jun 2010
24,667
4,452
29,209
Jul 2010 – Sep 2010
18,470
3,874
22,614
Oct 2010 – Dec 2010
19,372
8,457
150
27,979
Jan 2011 – Mar 2011
17,669
4,701
50
22,420
5. Mitsubishi new innovated electric 660cc vehicle i-MIEV has zero CO2 g/km emissions and as announced by UK Government this model is entitled to a 25% discount off the list price. This makes Mitsubishi one of five car manufacturers who are currently enjoying the fruits of this discount. 6. Close ties of Mitsubishi with Europe for supply of engines to Diamler (Germany) and finished vehicles to Peugeot makes it a world class manufacturer in automotive industry. Technical support for procurement of parts for local production and evaluation of parts being present in UK are the advantages that Unilak can enjoy for after sales service and complying with manufacturer warranties.
Business Goal With New Year approaching Unilak is committed to initiate S.M.A.R.T* road map for their business and achieve targets set forth in this business plan. Used car sales will be targeted as facilitator to sell new cars. Price comparison is not a match but domestic budgets and affordability of consumers can be highlighted along with fuel efficiency and free manufacturer warranty in selling approach while discussing finance and monthly payments on new cars. Of course the low interest rate will be one of the main factors encouraging customers to get a new Mitsubishi car on finance with low monthly payments. Management understands that group meetings and resolutions are not goals and know new business goals must also involve clear thinking about the action steps required to accomplish targets in a clear cut time frame. Keeping the above rules in view management set froths following targets for the business.
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BUSINESS PLAN
UNILAK MOTORS UK LTD
1. The territory is worth 200 Mitsubishi Cars per annum once business is established and management with proper advertising and prominent loyal customer base is committed to achieve this target in year four of trading. 2. Currently Unilak sells 20-25 used cars a month. With the inception of new Mitsubishi cars, used car sales will be 20-22 cars a month along with six new Mitsubishi cars sold monthly. 3. Parts sale of vehicles which include accessories is a big market and worth £37.00 of parts and £750.00 of accessories per car will be sold to customers buying new Mitsubishi cars. 4. After sales service and customer satisfaction surveys will be taken out each quarter to ensure and maintain high quality of business ethics and sales approach. Following table gives a snapshot of sales of new and used cars per year during the next five years. Car Sales
Year 1
Year 2
Year 3
Year 4
Year 5
70
245
300
380
450
26
95
125
200
270
Q1
Q2
Q3
Q4
Used Cars
66
68
65
New Cars
18
20
24
* Specific, Measurable, Attainable, Realistic, Time Based
MARKETING PLAN Current Product Mix Automotive industry specifically when it comes to used car sales, specifically changes every now and then and shifts the taste of consumers. From bestselling to worst selling cars and written off to slightly damaged vehicles, used car sales are dependent on the cars presented for auctions in a year. Due to changing business environment, along with other factors like fuel prices, road tax, spare parts availability, mileage on the cars and availability of best selling cars through auctions, put car dealers in a constant struggle to get a better deal in order to maximise profits. Unilak over the past period have successfully attained its market share within this constant changing business environment. Management have adapted to different techniques to have a range of vehicles at the showroom which are best selling and their strategy have proven to meet its targets in past. Unilak have a range of different passenger vehicles of different brands including seven seat’s and family cars. Unilak have neither confined itself to a specific brand nor to a specific engine size. Unilak have seen an increase in the sale which in turn has helped to maintain cash flow of the company. Management of the company do a monthly review of their stock and market prices in order to maintain its sales targets. This also helps in drafting the forecast for purchase of used vehicles and ascertains used vehicle trade in values. Unilak is committed to maintain its current sales and increase it alongside new Mitsubishi Car sales.
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UNILAK MOTORS UK LTD
BUSINESS PLAN
Marketing Goals Unilak management have set forth its marketing goals based on ‘Unique Selling Propositions’. Promoting USP’s will give incredible market advantage and can create a huge growth in business. Understanding consumer needs and ensuring that it is articulated in marketing message will boost the sales. Marketing goals have been carefully thought on in conjunction with business goals and Advertising and Promotion Budgets. Unilak Management is committed to achieve following goals within first two quarters of trading. 1. 2. 3. 4. 5. 6.
Spreading out word of presence of Mitsubishi Motors in area. Increase Mitsubishi Car awareness among targeted customers within region. Inform targeted customers about features and benefits of Mitsubishi cars. Spread out word on competitive and quality advantage of Mitsubishi Cars. Promotion of after sales service and on site workshop to build consumer confidence. Recognizing when proposition is working and marketing it fast, first and aggressively in sector to achieve an unassailable lead over competitors.
After first two quarters advertising budgets have been setup to ensure that consumers are constantly reminded of the presence of Mitsubishi Motors. Once marketing strategy is tested, budget will be increased to 50% of last year spent in order to increase sales.
Marketing Strategy Marketing is the major key to a dealership success. Unilak management has brain stormed on marketing strategy. It has compiled every detail for the last year which includes customer needs and market research data. Keeping in view of the Mitsubishi brand introduction and consumer’s taste of new cars, a comprehensive marketing strategy is designed to achieve goals and objectives. Different advertising segments have been chosen as to target different communities within the target areas. Following principals have been set forth as commandments’ for designing advertising material and communicating it to future customers. a. Promotion of New Mitsubishi cars along with range of services provided by the business. No promotion will be left out as service only. b. Advertising for spreading the word out will be closely watched and monitored and results will be calculated as response from the customers. c. Public relations will be of much importance. Contacting existing customer base will draw attention to the new look of the business and thus will have an impact on marketing by word of mouth. d. Instead of persuading prospects, marketing will be targeted to find genuine prospects. e. Contacting prospects when they think of a car instead contacting them when they are in for an inquiry about a car. This means tracking and managing data imaginatively. f. Advertising should target customers and sales team should make extra effort to close the deal. These results will be monitored quarterly basis and forecast will be updated accordingly. Keeping in view above mentioned principals Unilak Management have set aside £15,000.00 in addition to current spent of £1,800 per month, for the first year and it will be increased in the next three years by 50%. This amount is in addition to the £20,000 offered by Mitsubishi Motors for promotion of their brand in the targeted area.
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BUSINESS PLAN
UNILAK MOTORS UK LTD
Distribution of budget to different sectors in advertising media will be as follows. Year 1
Year 2
Year 3
Year 4
Year 5
Weekly Newspaper
15%
20%
20%
20%
20%
Radio & TV
25%
30%
30%
50%
50%
Give Outs
10%
10%
10%
10%
10%
Online SEO
50%
40%
40%
20%
10%
SWOT Analysis Unilak management recognises the importance of SWOT analysis. With the fast changing world of automotive industry together with the economic factors effecting sales of used and new cars, Unilak operations has been put to the test. An honest and excellent research into SWOT has enabled the company and team to achieve its targets and strengthen its weaknesses and abolish threats with the passage of time. Internal factors of SWOT are determined as follows: Strengths:
Excellent Location, near to the motorway M6. Situated on main Bromford Lane. Established and prominent loyal customer base. Fully equipped mechanical and service workshop. Large variety of Used Cars available at the garage. Trained and efficient sales and after sale service staff.
Weakness:
Increase in Used car sales business established locally. Lack of used cars stock, as best selling used cars have become harder to find. Closure of local auction business, an increase in the cost of transportation of cars.
External factors effecting business can be listed as below: Opportunities: Middle income families within locality are targeted customers. Brand ambassador for Mitsubishi Motors in Birmingham. Variety of new models of Mitsubishi Motors including i-MiEV. As a Mitsubishi Dealer target locality of six miles radius. Threats:
Economic conditions and European markets downturn. Rising fuel prices may affect sales. Innovation of new models by Toyota & Nissan.
Besides that there are weakness of having lack of used cars stock but Management is determined to overcome by registering online with different auction houses and purchase used stock online. This will enable to reduce the cost significantly.
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BUSINESS PLAN
UNILAK MOTORS UK LTD
By having Mitsubishi Motors on board company will see an increase in used car sales as trade in cars will be sold after proper servicing and care. Along side showroom sales, online sales will be boosted as marketing plan is implemented. Unilak is currently selling cars on Auto trader, one of the large online selling sites for used cars. If there is a choice of buying new cars prospective clients will trade in old car for cash or even as for a deposit for new car. This action will help in increasing the number of used car sales.
Development Plan Development Process Unilak Management has carefully drafted business development plan with the help of Chartered Building Surveyors and Project Managers. Time schedules being drafted and cost of building along with regulations needed to be followed before and during the development of the project. Management have drafted a flow chart for the building and structural works to be done on the site, to be followed as below.
Planning Permission 8 Weeks
Start of Project
Chartered Surveyor & Project planning coordinator appointed
Building Regulations 5 Weeks
Tenders & Contractors Quotations 5 Weeks
Award of Contract
Principal Contractor reports
Demolition Process
Sub Structure Building
Structural Frame
External Cladding
Time Frame: 24 Weeks
Roof & Finishing
WC & Kitchen
Mechanical & Electrical
End of Project
All stages of the project have been designed in a way so that the targets are met within time schedules assigned. Unilak management have already ascertained the cost of construction through various quotes from Chartered Surveyors and Building Contractors. These measures will same significant time once the project has been started.
9
BUSINESS PLAN
UNILAK MOTORS UK LTD
Project Plan Unilak Management has taken following decisions while construction is underway. This will help the company to maintain its sales during this time period and will not affect the normal operations of the company. 1. Area of the garage is more than enough to maintain 25-30 cars on site while building work is being done on the front. A sign posted ‘Business as usual’ on the road and current continuity of advertising campaigns will maintain sales of the company.
2. Company management have planned to subcontract its maintenance services to a garage just 500 yards away from the site. Management have first priority to complete its new workshop structure and that will start as soon as all regulatory requirements have completed. 3. Workshop Structure has been designed to be completely autonomous of other building structure. MOT centre will be established in year three, so there will be enough room for the cars to be stored for repairs and service. Unilak Management has drafted following mile stones to plan their project.
Application for Mitsubishi Dealership
Mitsubishi Finance
Directors Equity Induction
Approved
Not Approved
Purchase Land Lease 20 Years
Application for Bank Finance
Revised Application & Resubmission
Approved
Not Approved
Building works
Unilak management have letter of intent from Mitsubishi motors’ that they will do a partnership induction of £50,000 towards building cost upon the approval of application. Land lease have been negotiated and will be transferred to the company as soon as the application is passed.
10
BUSINESS PLAN
UNILAK MOTORS UK LTD
Project Cost Summary Unilak have adopted itself to the quality cautious available option for construction of building and service bays. As quoted by the Chartered Building Surveyors Building cost will be in the region of £260,000 when showroom height is maximum to 3.6 meters. Following is the breakdown cost of capital investment in building & works. 1. 2. 3. 4. 5. 6. 7. 8.
Demolition Substructure Structural Frame External Cladding Roof & Finishing WC & Kitchen Mechanical & Electrical Works Drainage
£ 15,000.00 £ 40,000.00 £ 45,000.00 £ 55,000.00 £ 75,000.00 £ 5,000.00 £ 20,000.00 £ 5,000.00
Management have decided to start MOT centre in year three of trading and additional cost of MOT centre is estimated at £20,000.00. This includes VOSA approved software system to check vehicles and produce MOT certificates.
Financial Plan The Investment Budget Unilak management have drafted a financial plan with carefully thought assumptions drawn from analysing data of past year financial performance and comparing it with relevant industry financial ratios. They have kept the revenue overheads near to realistic and capital structure have been revised to include existing stock of used cars. Used car stock as of year ending 30th October 2011 stands at £149,000. Current facilities of workshop like ramps and tools, which will be utilised, value to £15,000.00. Addition to the above stock and assets shareholders have decided to contribute £ 160,000.00 towards the business in order to compete as centre for excellence for Mitsubishi Motors. A snapshot of total invested budget (start-up capital) of business including previous fixed assets can be summarised as follows. Existing Used Car Stock
£ 149,000
Existing Workshop Machinery & Tools
£ 15,000
Cash in Hand & at Bank
£ 45,000
Directors proposed investment in business
£ 160,000
Mitsubishi Partnership Finance for building
£ 50,000
Bank Loan
£ 50,000
11
BUSINESS PLAN
UNILAK MOTORS UK LTD Allocation of start-up capital will be as follows. Land Lease Expenses (Security + Legal Cost) Building Works Furniture & Fixture First Month Expenses Start-up Cash
£ 4,000 £ 260,000 £ 5,000 £ 31,500 £ 4,500
Assumptions Financial plan and projections have been based on assumptions carefully drawn from historical financial data of business and including industry research of different setups of company dealerships within west midlands. Sales and gross profit assumptions have been mentioned in Business Goals and additional information is been provided below. An uplift ratio is added to the sales of service, repair and MOT sales for 2-5 years in financial projections. Revenue Assumptions Year 1
Year 2
Year 3
Year 4
Year 5
New Car Used Car New Car Used Car New Car Used Car New Car Used Car New Car Used Car
Sales (Units) 88 269 95 245 125 300 200 380 270 470
Parts £37.00 per car 5% of car sales £38.40 per car 5% of car sales £39.90 per car 5% of car sales £41.50 per car 5% of car sales £43.20 per car 5% of car sales
Accessory
Services & Repairs
£750 Per car -
20% of car sales
£780 Per car -
20% of car sales
£811 Per car £844 Per car £877 Per car -
20% of car sales £ 150 per car 20% of car sales £ 150 per car 20% of car sales
MOT Sales
-
150 Cars Per month 200 Cars Per month 250 Cars Per month
Gross Profit Cars
Parts
15%
30%
18%
5%
15%
30%
18%
5%
15%
30%
18%
5%
15%
30%
18%
5%
15%
30%
18%
5%
Accessory 70%
Service -
-
-
60%
70%
-
-
60%
70%
-
-
60%
70%
60%
-
60%
70%
60%
-
60%
Salaries & Wages are summarised as selling and support. Selling and service personal salaries are charged to cost of sales. Table of basic salaries has been drawn keeping in view changing minimum wage over period of five years. A bonus scheme for achieving sales targets will be started in year two of trading to motivate the staff. Sales staff will be offered positions on basic and commission on sales deals closed. Selling & administrative expenses have been calculated as a percentage of the turnover as per normal industry practice to maintain gross profits for budgeting.
12
MOT
-
60%
60%
60%
Unilak Motors (UK) Limited Projected Trading and Profit & Loss Account Year 1
Year 2
Year 3
Year 4
Year 5
901,735 1,060,646 48,328 66,000 180,347 2,257,056
991,909 1,140,000 49,866 74,100 198,382 2,454,256
1,091,099 1,501,400 54,825 101,375 300,280 63,000 3,111,979
1,200,209 2,410,895 60,281 168,800 270,042 84,000 4,194,227
1,500,262 3,013,619 75,283 236,790 340,552 105,000 5,271,506
153,690 136,835 9,420 1,251 301,196 155,740 145,456
149,000 1,603,083 113,040 18,035 1,883,158 155,740 1,727,418
155,740 1,740,331 132,160 19,838 2,048,070 165,270 1,882,800
165,270 2,118,226 269,646 30,028 2,583,170 172,540 2,410,630
172,540 2,954,702 321,783 27,004 3,476,028 185,420 3,290,608
185,420 3,701,070 354,076 34,055 4,274,622 200,100 4,074,522
42,686
44,359
529,638
571,456
701,350
903,618
1,196,984
4,500 3,501 821 2,083 666 250 800 75 100 150 150 250 85 350 500 4,800 300 19,381
4,500 3,501 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 300 16,381
4,500 3,501 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 300 16,381
54,000 42,012 9,852 24,996 7,992 3,000 9,600 900 1,200 1,800 1,200 2,000 1,020 4,200 8,000 36,600 500 3,600 212,472
60,000 73,273 14,812 28,745 9,191 3,450 11,040 1,035 1,380 2,070 1,380 2,300 1,173 4,830 9,200 40,260 575 4,140 268,854
84,000 108,698 22,541 33,057 10,569 3,968 12,696 1,190 1,587 2,381 1,587 2,645 1,349 5,555 10,580 46,299 5,000 4,761 358,462
120,000 114,133 32,677 39,669 12,683 4,761 15,235 1,428 1,904 2,857 1,904 3,174 1,619 6,665 12,696 64,819 500 5,713 442,437
150,000 135,894 39,212 47,602 15,220 5,713 18,282 1,714 2,285 3,428 2,285 3,809 1,942 7,998 15,235 77,782 500 6,856 535,759
24,903
33,462
26,305
27,978
317,166
302,602
342,888
461,181
661,225
329 417 746
329 417 746
329 417 746
329 417 746
329 417 746
3,950 5,000 8,950
3,950 5,000 8,950
3,950 9,600 13,550
3,950 9,600 13,550
3,950 9,600 13,550
26,241
31,635
24,157
32,715
25,559
27,232
308,216
293,652
329,338
447,631
647,675
5,511 20,731
6,643 24,991
5,073 19,084
6,870 25,845
5,367 20,191
5,719 21,513
64,725 243,491
61,667 231,985
69,161 260,177
94,003 353,628
136,012 511,663
1
2
3
4
5
6
7
8
9
10
11
12
Used Cars New Cars Parts Accessory Services & Repair MOT Sales
65,842 72,500 3,562 4,500 13,168 159,573
78,541 71,540 4,197 4,500 15,708 174,486
76,154 72,580 4,078 4,500 15,231 172,543
80,200 80,254 4,280 5,000 16,040 185,774
81,247 80,143 4,332 5,000 16,249 186,972
78,554 80,950 4,198 5,000 15,711 184,413
75,250 96,540 4,033 6,000 15,050 196,873
74,127 96,147 3,976 6,000 14,825 195,076
75,140 96,342 4,027 6,000 15,028 196,537
81,600 104,250 4,350 6,500 16,320 213,020
72,540 104,530 3,897 6,500 14,508 201,975
62,540 104,870 3,397 6,500 12,508 189,815
Opening Stock Purchases Salaries & Wages Workshop & Car Consumables
149,000 113,022 9,420 1,317 272,759 151,427 121,332
151,427 122,572 9,420 1,571 284,990 152,411 132,579
152,411 121,465 9,420 1,523 284,819 155,471 129,348
155,471 131,041 9,420 1,604 297,536 156,874 140,662
156,874 131,803 9,420 1,625 299,722 152,711 147,011
152,711 130,261 9,420 1,571 293,963 153,471 140,492
153,471 140,348 9,420 1,505 304,744 155,240 149,504
155,240 139,121 9,420 1,483 305,264 158,950 146,314
158,950 140,100 9,420 1,503 309,973 154,720 155,253
154,720 151,826 9,420 1,632 317,598 157,420 160,178
157,420 144,688 9,420 1,451 312,979 153,690 159,289
38,241
41,907
43,195
45,112
39,961
43,921
47,368
48,762
41,284
52,843
4,500 3,501 821 2,083 666 250 800 75 100 150 85 350 2,500 5,800 500 300 22,481
4,500 3,501 821 2,083 666 250 800 75 100 150 85 350 500 1,800 300 15,981
4,500 3,501 821 2,083 666 250 800 75 100 150 85 350 500 1,800 300 15,981
4,500 3,501 821 2,083 666 250 800 75 100 150 85 350 500 5,800 300 19,981
4,500 3,501 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 300 16,381
4,500 3,501 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 300 16,381
4,500 3,501 821 2,083 666 250 800 75 100 150 150 250 85 350 500 5,800 300 20,381
4,500 3,501 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 300 16,381
4,500 3,501 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 300 16,381
15,760
25,926
27,214
25,131
23,580
27,540
26,987
32,381
329 413 742
329 417 746
329 417 746
329 417 746
329 417 746
329 417 746
329 417 746
EBT
15,017
25,180
26,468
24,385
22,834
26,794
Provision for Corporation Tax Net Profit for the period
3,154 11,864
5,288 19,892
5,558 20,909
5,121 19,264
4,795 18,039
5,627 21,167
Sales
Total Sales
Closing Stock Cost of Goods Sold Gross Profit
Total
Administrative Expenses Directors' Salaries Salaries & Wages Emploter NI & Taxes Rent Rates Insurance Utilities Water Rates Telephone Accountancy Building Repair Workshop Repair Cleaning Travelling Expenses Printing & Stationery Advertising Legal & Professional Fee Bank Charges EBITDA Interest on Loan Depriciation
Unilak Motors (UK) Limited Projected Balance Sheet Year 1
Year 2
Year 3
Year 4
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 35,000 8,000 5,000 308,000
260,000 35,000 8,000 5,000 308,000
260,000 35,000 8,000 5,000 308,000
5,000 280,000
5,000 280,000
5,000 280,000
9,600 298,400
9,600 298,400
9,600 298,400
151,190 2,500 2,716 246,248 402,654
153,240 2,500 19,644 182,058 357,442
153,240 2,500 19,644 182,058 357,441
162,270 3,000 27,170 339,512 531,953
168,940 3,600 53,020 559,019 784,579
181,100 4,320 6,855 899,368 1,091,643
194,916 5,184 35,046 1,395,951 1,631,097
140,348 139,121 140,100 151,826 144,688 21,756 18,729 22,822 20,967 30,472 305,000 275,000 275,000 245,000 245,000 467,104 432,851 437,923 417,793 420,160 105,953 - 81,378 - 62,710 - 37,281 - 17,506
136,835 2,016 215,000 353,851 3,591
136,835 2,016 215,000 353,851 3,590
145,028 6,249 155,000 306,277 225,676
176,519 5,508 145,000 327,027 457,552
246,225 44,137 290,362 801,280
308,423 19,631 328,053 1,303,044
40,833
40,000
40,000
30,000
20,000
10,000
0
201,887
222,078
243,591
243,591
475,676
735,952
1,089,680
1,601,444
156,957
176,041
201,886
222,078
19,084 176,041
25,845 201,886
20,191 222,078
21,513 243,591
100 243,491 243,591
243,591 100 231,985 475,675
475,675 100 260,177 735,952
735,952 100 353,628 1,089,681
1,089,681 100 511,663 1,601,444
1
2
3
4
5
6
7
8
9
10
11
12
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
260,000 15,000 5,000 5,000 285,000
413 284,587
830 284,170
1,247 283,753
1,664 283,336
2,081 282,919
2,498 282,502
2,915 282,085
3,332 281,668
3,749 281,251
4,166 280,834
4,583 280,417
148,927 2,500 6,716 46,708 204,851
149,911 2,500 3,042 70,488 225,941
152,971 2,500 3,697 93,479 252,647
154,374 2,500 8,682 116,044 281,600
150,211 2,500 5,996 142,624 301,331
150,971 2,500 7,640 168,242 329,353
152,740 2,500 13,614 192,298 361,152
156,450 2,500 2,716 189,806 351,472
152,220 2,500 2,716 217,777 375,213
154,920 2,500 5,716 217,376 380,512
113,022 10,285 305,000 428,307 - 223,457 -
122,572 2,349 305,000 429,921 203,981 -
121,465 9,670 305,000 436,135 183,488 -
131,041 10,199 305,000 446,240 164,640 -
131,803 11,546 305,000 448,349 147,018 -
130,261 20,359 305,000 455,620 126,267 -
Long Term Liabilities Bank Loan
49,167
48,333
47,500
46,667
45,833
45,000
44,167
43,333
42,500
41,667
Net Assets
11,964
31,856
52,765
72,029
90,068
111,235
131,966
156,957
176,041
100 11,864 11,964
11,964
31,856
52,766
72,029
90,068
111,235
131,966
19,892 31,856
20,909 52,766
19,264 72,029
18,039 90,068
21,167 111,235
20,731 131,966
24,991 156,957
Tangible Assets Land & Building Mechanical Assets Furniture & Fixture Parts & Tools Depriciation Net Book Value Current Assets Stock - Old Cars Stock Spares & Tolls Prepayments Cash In Hand & Bank
Current Libilities Trade Creditors Accrued Expenses Directors Loan Account Net Current Assets
CAPITAL ACCOUNT Brought Forward Share Capital Profit & Loss Account
Year 1
Year 5
Unilak Motors (UK) Limited Projected Cash Flow 0 Opening Balance B/F
Year 1 1
2
3
4
5
6
7
8
9
10
11
12
Year 1
Year 2
Year 3
Year 4
Year 5
45,000
34,538
46,708
70,488
93,479
116,044
142,624
168,242
192,298
189,806
217,777
217,376
246,248
34,538
182,058
339,512
559,019
899,368
50,000 160,000 50,000 260,000
159,573
174,486
172,543
185,774
186,972
184,413
196,873
195,076
196,537
213,020
201,975
189,815
2,454,256
3,111,979
4,194,227
5,271,506
159,573
174,486
172,543
185,774
186,972
184,413
196,873
195,076
196,537
213,020
201,975
189,815
2,257,056 2,257,056
2,454,256
3,111,979
4,194,227
5,271,506
4,000 329
114,339 4,500 12,921 821 2,083 666 250 800 75 100 150 85 350 2,500 5,800 500 329
124,143 4,500 12,921 821 2,083 666 250 800 75 100 150 85 350 500 1,800 329
122,988 4,500 12,921 821 2,083 666 250 800 75 100 150 85 350 500 1,800 329
132,645 4,500 12,921 821 2,083 666 250 800 75 100 150 85 350 500 5,800 329
133,428 4,500 12,921 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 329
131,832 4,500 12,921 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 329
141,853 4,500 12,921 821 2,083 666 250 800 75 100 150 150 250 85 350 500 5,800 329
140,604 4,500 12,921 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 329
141,603 4,500 12,921 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 329
153,458 4,500 12,921 821 2,083 666 250 800 75 100 150 150 250 85 350 500 4,800 329
146,139 4,500 12,921 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 329
300 4,629
300 146,569
300 149,873
300 148,718
300 162,375
300 159,558
300 157,962
300 171,983
300 166,734
300 167,733
300 182,588
300 172,269
138,086 4,500 12,921 821 2,083 666 250 800 75 100 150 150 250 85 350 500 1,800 329 58,956 300 223,172
1,621,118 54,000 155,052 9,852 24,996 7,992 3,000 9,600 900 1,200 1,800 1,200 2,000 1,020 4,200 8,000 36,600 500 3,950 58,956 3,600 2,009,536
1,760,169 60,000 205,434 14,812 28,745 9,191 3,450 11,040 1,035 1,380 2,070 1,380 2,300 1,173 4,830 9,200 40,260 575 3,950 61,667 4,140 2,226,801
2,148,254 84,000 378,343 22,541 33,057 10,569 3,968 12,696 1,190 1,587 2,381 1,587 2,645 1,349 5,555 10,580 46,299 5,000 3,950 69,161 4,761 2,849,473
2,981,706 120,000 435,915 32,677 39,669 12,683 4,761 15,235 1,428 1,904 2,857 1,904 3,174 1,619 6,665 12,696 64,819 500 3,950 94,003 5,713 3,843,878
3,735,125 150,000 489,970 39,212 47,602 15,220 5,713 18,282 1,714 2,285 3,428 2,285 3,809 1,942 7,998 15,235 77,782 500 3,950 136,012 6,856 4,764,923
10,000 10,000
10,000 10,000
899,368
1,395,951
RECEIPTS Sales Mitsubishi Funding Director Loan Bank Loan
REVENUE EXPENDITURE Purchases Directros Remuneration Salaries & Wages
Emploter NI & Taxes Rent Rates Insurance Utilities Water Rates Telephone Accountancy Building Repair Workshop Repair Cleaning Travelling Expenses Printing & Stationery Advertising Legal & Professional Fee Interest On Loan Corporation Tax Bank Charges
CAPITAL EXPENDITURE Land & Building Plant & Machinery Furniture & Fixture Director Loan Repayment Capital Payment - Loan
Closing Balance C/F
260,000 5,000 833 265,833
833 833
833 833
833 833
833 833
833 833
833 833
833 833
30,000 833 30,833
833 833
30,000 833 30,833
833 833
30,000 833 30,833
90,000 10,000 100,000
60,000 10,000 70,000
20,000 3,000 10,000 10,000 43,000
34,538
46,708
70,488
93,479
116,044
142,624
168,242
192,298
189,806
217,777
217,376
246,248
182,058
182,058
339,512
559,019
