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Financial Proposal

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Introduction

Coursework Header Sheet 171337-22 Course FINA1076: Strategic Financ Mngt for Evnt Course School/Level BU/PG Coursework Individual Report ? Case Study 2500 words Assessment Weight 50.00% Tutor P Vlachos, K Thorley Submission Deadline 11/11/2010 Coursework is receipted on the understanding that it is the student's own work and that it has not, in whole or part, been presented elsewhere for assessment. Where material has been used from other sources it has been properly acknowledged in accordance with the University's Regulations regarding Cheating and Plagiarism. 000636350 Tanja Bjelanovic Tutor's comments Grade Awarded___________ For Office Use Only__________ Final Grade_________ Moderation required: yes/no Tutor______________________ Date _______________ Merlin Entertainments Group - Case Study and Analysis of Financial Statements for the year 2009 Merlin Entertainments Group is one of the world's largest family entertainments visitor attraction operator. Over 30 million people visit their 52 attractions each year. In the UK, these include Madame Tussauds, the London Eye, Alton Towers, Legoland, Sea Life, Thorpe Park and much more. They are owners of internationally recognized brands in Legoland Discovery Centers, Madame Tussauds, Sea Life and Dungeons. They also have the development skills internally to identify land and build 4 or 5 new Midway Attractions each year. ...read more.

Middle

Current liabilities are what a company currently owes to its suppliers and creditors, and it shows that for 2009 current liabilities are �224.7 million. These are short-term debts, all due in less than a year, bank overdrafts, interest bearing loans and borrowings finance, leases, tax payable, and provisions (D. Adams, 1997). Liabilities are: "Total of funds owed for assets supplied to our business or expenses incurred but not yet paid" (Wood and Sangster, 2006, pg. 667). Non- current liabilities are opposite than current liabilities, it is the obligation that is not required to be satisfied in 12 months of the balance sheet date. With company's ability to pay its bills we measure a liquidity ratio. The denominator of a liquidity ratio is the company's current liabilities, obligations that the company must meet soon, usually within one year. We count liquidity ratio by dividing value of current assets and current liabilities, and it would look like this �139.1 million / �224.7 million = �619.047. (J. Robertson and W. Mills, 2000), (Appendix 2). Anything the firm owns or has title to are assets. Net assets are: Net Assets = Total Assets - Total Liabilities. We use the net assets to measure value of the business, the value of everything the business owns after all the debts have been taken account of. ...read more.

Conclusion

However, does this mean that an annual report, which always include Balance Sheet (SOFA), Income Statement-Profit and Loss, Cash Flow Statement, can always show us the real economic situation of the company? Could be something wrong with the way financial results are reported? First thing we can notice is that annual accounts are not up to date, and company could always manage the results to show the better situation than it really is. If a company is operating in an environment which is constantly changing or in a highly competitive environment, past results of the company reflected in historical financial statements, may not be an indicator of results in future. Analysis of historical financial statements will not identify operational issues or inefficiencies, any favorable or adverse changes in business. Financial statement analysis is just one tool for reviewing the business. Revision of the financial statements with other analytical tools from the one we used can easily overcome the limitations of using only one method of analysis, and show us maybe the better situation of where the company is, and where is it going. In the end 'If you don't know where are you going you will probably end up somewhere else'(Dr. L. J. Peter and R. Hill, 1998). ...read more.

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