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Micro Limited is a company which has been operating as a building construction company for a number of years. It had enjoyed a period of strong performance earlier in the decade but has seen turnover drop in the recent financial period.
The financial statements of the company for the last two years are shown below:
Statement of comprehensive income for the years ended 31st March
2016
2017
£'000s
Sales
2,430
2,135
Cost Of Sales
(1,495)
(1,425)
Gross Profit
935
710
Other Expenses
(770)
(820)
Profit Before Tax & Interest (Operating Profit)
165
(110)
Interest Payable
(25)
(20)
Profit Before Tax
140
(130)
Tax
(35)
Profit After Tax
105
(150)
Statement of Financial Position as at 31st March
ASSETS
£'m
Non-current Assets (NBV)
Land & Buildings
800
Plant & Machinery
200
250
Vehicles
40
35
1,040
1,085
Current Assets
Inventories
240
180
Receivables
280
310
Bank & Cash
70
0
590
490
TOTAL ASSETS
1,630
1,575
EQUITY & LIABILITIES
Equity
Share Capital
Retained Earnings
980
830
Total Equity
1,180
1,030
Non-Current Liabilities
Long Term Loans
Total Non-Current Liabilities
Current Liabilities
Payables
230
Tax Liabilities
10
5
Bank Overdraft
110
Total Current Liabilities
210
345
TOTAL EQUITY & LIABILITIES
Required:
(a) Calculate 10 ratios for years 2016 and 2017, sufficient to enable you to understand the financial performance and position of Micro Ltd.
(b) Discuss the performance of the company for the year ended 31st March 2017 and analyse its financial position as at that date.
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