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Question: The financial statements of Freezeqwik Ltd, a distributor of frozen foods, are set out below for the year ended 31 December last year.
Income statement (profit and loss account) for the year ended 31 December last year
£000
Sales revenue
820
Less Cost of sales
Opening inventories
142
Purchases
568
710
Less Closing inventories
166
544
Gross profit
276
Administration expenses
(120)
Selling and distribution expenses
(95)
Financial expenses
(32)
(247)
Net profit
29
Corporation tax
(7)
Net profit after tax
22
Balance sheet as at 31 December last year
Non-current assets
Property, plant and equipment
Freehold premises at valuation
180
Fixtures and fittings at written-down value
82
102
Motor vans at written-down value
364
Current assets
Inventories
Trade receivables
264
Cash
24
454
Less Current liabilities
Trade payables
159
7
288
652
Equity
Ordinary share capital
300
Preference share capital
200
Retained profit
152
All purchases and sales are on credit. There has been no change in the level of receivables or payables over the period.
Calculate the length of the OCC for the business and go on to suggest how the business may seek to reduce this period.
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