Finance in an SME context

Module Code: LD6011
Module Title:

Finance in an SME context

Distributed on:   Hand in Date:  

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Further information about general assessment criteria, ARNA regulations, referencing and plagiarism can be found on the module’s site on the e-Learning Portal.  Students are advised to read and follow this information.

Instructions for the Assessment of this module:

Summative Assessment

You will be summatively assessed by a 3000 wordscase study based report – the precise details are below:your answers should consider appropriate and relevant calculations and interpretation and link closely to the chosen firm. Your answer should demonstrate wider reading, relevant calculation, relevant interpretation. You also need to provide reference list for relevant resources cited referenced using the APA referencing system.

Detailed case study brief

Trainline is the UK rail ticket retailers (see ; The Trainline developed as follows

2016: In March, Trainline acquires Captain Train, combining two of Europe’s leading digital rail ticket retailers to create the new leader in the European market and deliver a ‘one-stop-shop’ for rail travel across Europe.  In September, Captain Train adopts the Trainline name and visual identity throughout Europe – and Trainline.eu is born.

2015: The new Trainline brand is born, dropping ‘the’ and ‘.com’ and revising its identity with a fresh new colour palette and logo to support its presence as a Bold, Positive, Friendly and Modern brand.

2014: Clare Gilmartin joined thetrainline.com and subsequently became Chief Executive Officer succeeding Murray Hennessy.

2012: thetrainline.com established its international business targeting the European rail opportunity, and launched its website in 2013.

2010: ATOC granted an International Sales Licence to the Group, enabling it to earn more attractive commissions on sales of Great Britain rail products to customers located outside of the United Kingdom

2009: thetrainline.com launched its first iPhone mobile app, starting a new era of development of smartphone applications.

2008: Murray Hnessy joined as Chief Executive Officer.thetrainline.com increased investment in advertising, with their first TV advertising campaign. The business launched the ability for customers to print their own tickets containing a secure barcode.

2006: The prate equity firm Exponent Private Equity LLP acquired the business.

2005: thetrainline.com obtained its first license to retail train tickets directly from the Association of Train Operating Companies (“ATOC”). Previously it had been sub-licenced from Virgin Trains.

2004: thetrainline.com acquired the rail ticketing retailer Qjump from National Express Trains Limited.thetrainline.com began to offer business services to travel management companies through dedicated call centres and websites.

2002: thetrainline.com was established as a standalone business from Virgin Rail and acquired by a newly incorporated holding Group, Trainline Holdings Limited, owned by Virgin Group and Stagecoach plc. This enabled the business to compete for contracts to provide retailing, back office and marketing services to Train Operating Companies.

1999 thetrainline.com was incorporated as a wholly owned subsidiary of Virgin Rail. The business and assets of Virgin Rail’s ticket retailing division were transferred and rebranded as thetrainline.com.

1997 thetrainline.com was founded as a wholly owned ticket retailing division of Virgin Rail Group, selling tickets through a call centre.

The annual report for 2013, 2014, 2015 and 2016 is available from

You are required to write report to key shareholders addressing the following issues:

Finance in SME

Question 1:Critically analyse the company performance using ratio analysis over the period 2013 – 2016. For each year calculate 6 ratios only, and show the trend for these ratios over the 5 years.(ML03)

(20%)

Question 2:Assume the sales growth rate is average ticket sales growth over the period 2013 – 2016; expense growth rate is half average ticket sales growth rate over the period 2013 – 2016; all sales are cash sales, and receivable and payable balances to be received/paid in 2017. Prepare a projected cash budget for 2017, 2018 and 2019. Criticallyanalyse and comment on the major sources of cash for the TrainLineover the period 2013 – 2019.(ML02)

(20%)

Question 3:Identify and critically evaluate the sources of finance that you can see in TrainLine’s Statement of Financial position over the period 2013 to 2016.

Should the TrainLine management team wish to consider investment of funds in a new investment project, what techniques could be used to further evaluate a TrainLine investment proposal? Explain your choice of techniques

(ML01)                                                                                                                      

                                                                                                                                                                                                            (40%)

Northumbria University London branch

Question 4:Discuss the extent to which the entrepreneurialecosystem has been responsible for the development of TrainLine as a business.

(ML01)          

(10%)

Question 5:Critically discuss the ethical considerations that should be taken into account in assessing whenthe TrainLineshould go for IPO. (ML04)   

(10%)

(100%)

Report structure (Indicative Only)

Introduction               125 words

Answer part 1           550 words

Answer part 2           550 words

Answer part 3           550 words

Answer part 4           650 words

Answer part 5           450 words

Summary                   125 words

Word limits and penalties for assignment

If the assignment is within +10% of the stated word limit no penalty will apply.

The word count is to be declared on the front page of your assignment and the assignment cover sheet.  The word count does not include:

·       Title and Contents page ·       Reference list and Bibliography ·       Appendices ·      Appropriate tables, figures and illustrations

Please note, in text citations [e.g. (Smith, 2011)] and direct secondary quotations [e.g. “dib-dab nonsense analysis” (Smith, 2011 p.123)] are INCLUDED in the word count.

If this word count is falsified, students are reminded that under ARNA page 30 Section 3.4 this will be regarded as academic misconduct.

If the word limit of the full assignment exceeds the +10% limit, 10% of the mark provisionally awarded to the assignment will be deducted.

 For example: if the assignment is worth 70 marks but is above the word limit by more than 10%, a penalty of 7 marks will be imposed, giving a final mark of 63.

Students are advised that they may be asked to submit an electronic version of their assignment and so should retain an electronic version of the assignment.

Time limits and penalties for presentations when they are part of an assignment

The time allocated for the presentation must be adhered to. At the end of this time, the presentation will be stopped and will be marked based on what has been delivered within the time limit. This can cause disruption and therefore students are advised to rehearse their presentations and also keep strict control of the presentation when it is being delivered.

Submission of Assessment:

You should submit your assessments electronically to the Turnitin Submission Tool within the module ELearning Site.  This can be found in the Assessment and Submission section

Your assignment will be marked and feedback offered 4 weeks from the hand in date.

You must also keep a copy of your assignment for your own records in case a second copy is required. The assignment submitted will not be returned to you, so again keep a copy for your own use.

It is your responsibility as the student to ensure that you are submitting your final and complete assignment to be marked.  Only send your assignment as indicated above to avoid confusion.

Module Learning Outcome Task 1 Task 2 Task 3 Task 4 Task 5
MLO1   Critique the role of finance from an SME perspective and evaluate how entrepreneurial eco-systems support entrepreneurship and SME financing in the realisation of sustainable solutions.

 

     
MLO2   Demonstrate and evidence the key skills and attributes for entrepreneurial effectiveness relating to finance.

 

       
MLO3   Demonstrate the ability to create and critically analyse key financial statements.

 

       
MLO4   Demonstrate and critically assess an ethical and culturally aware approach to responsible SME business.

 

       
Module Code: LD6011
Module Title: Finance in an SME context
Distributed on:   Hand in Date:  

Further information about general assessment criteria, ARNA regulations, referencing and plagiarism can be found on the module’s site on the e-Learning P

Instructions for the Assessment of this module:

Summative Assessment

You will be summatively assessed by a 3000 wordscase study based report – the precise details are below:your answers should consider appropriate and relevant calculations and interpretation and link closely to the chosen firm. Your answer should demonstrate wider reading, relevant calculation, relevant interpretation. You also need to provide reference list for relevant resources cited referenced using the APA referencing system.

Detailed case study brief

2016: In March, Trainline acquires Captain Train, combining two of Europe’s leading digital rail ticket retailers to create the new leader in the European market and deliver a ‘one-stop-shop’ for rail travel across Europe.  In September, Captain Train adopts the Trainline name and visual identity throughout Europe – and Trainline.eu is born.

2015: The new Trainline brand is born, dropping ‘the’ and ‘.com’ and revising its identity with a fresh new colour palette and logo to support its presence as a Bold, Positive, Friendly and Modern brand.

 2014: Clare Gilmartin joined thetrainline.com and subsequently became Chief Executive Officer succeeding Murray Hennessy.

 2012: thetrainline.com established its international business targeting the European rail opportunity, and launched its website in 2013.

 2010: ATOC granted an International Sales Licence to the Group, enabling it to earn more attractive commissions on sales of Great Britain rail products to customers located outside of the United Kingdom

 2009: thetrainline.com launched its first iPhone mobile app, starting a new era of development of smartphone applications.

 2008: Murray Hennessy joined as Chief Executive Officer.thetrainline.com increased investment in advertising, with their first TV advertising campaign. The business launched the ability for customers to print their own tickets containing a secure barcode.

 2006 The private equity firm Exponent Private Equity LLP acquired the business.

 2005: thetrainline.com obtained its first license to retail train tickets directly from the Association of Train Operating Companies (“ATOC”). Previously it had been sub-licenced from Virgin Trains.

 2004: thetrainline.com acquired the rail ticketing retailer Qjump from National Express Trains Limited.thetrainline.com began to offer business services to travel management companies through dedicated call centres and websites.

 2002: thetrainline.com was established as a standalone business from Virgin Rail and acquired by a newly incorporated holding Group, Trainline Holdings Limited, owned by Virgin Group and Stagecoach plc. This enabled the business to compete for contracts to provide retailing, back office and marketing services to Train Operating Companies.

 1999 thetrainline.com was incorporated as a wholly owned subsidiary of Virgin Rail. The business and assets of Virgin Rail’s ticket retailing division were transferred and rebranded as thetrainline.com.

 1997 thetrainline.com was founded as a wholly owned ticket retailing division of Virgin Rail Group, selling tickets through a call centre.

The annual report for 2013, 2014, 2015 and 2016 is available from

The Trainline planned £500m flotation (IPO) see (You are required to write report to key shareholders addressing the following issues:

Question 1:Critically analyse the company performance using ratio analysis over the period 2013 – 2016. For each year calculate 6 ratios only, and show the trend for these ratios over the 5 years.(ML03)

(20%)

 Question 2:Assume the sales growth rate is average ticket sales growth over the period 2013 – 2016; expense growth rate is half average ticket sales growth rate over the period 2013 – 2016; all sales are cash sales, and receivable and payable balances to be received/paid in 2017. Prepare a projected cash budget for 2017, 2018 and 2019. Criticallyanalyse and comment on the major sources of cash for the TrainLineover the period 2013 – 2019.(ML02)

(20%)

Question 3:Identify and critically evaluate the sources of finance that you can see in TrainLine’s Statement of Financial position over the period 2013 to 2016.

Should the TrainLine management team wish to consider investment of funds in a new investment project, what techniques could be used to further evaluate a TrainLine investment proposal? Explain your choice of techniques

(ML01)                                                                                                                                                                                                                                                                                                            (40%)

Question 4:Discuss the extent to which the entrepreneurialecosystem has been responsible for the development of TrainLine as a business.

(ML01)          

(10%)

Question 5:Critically discuss the ethical considerations that should be taken into account in assessing whenthe TrainLineshould go for IPO. (ML04)   

(10%)

(100%)

Report structure (Indicative Only)

Introduction               125 words

Answer part 1           550 words

Answer part 2           550 words

Answer part 3           550 words

Answer part 4           650 words

Answer part 5           450 words

Summary                   125 words

Word limits and penalties for assignments

If the assignment is within +10% of the stated word limit no penalty will apply.

The word count is to be declared on the front page of your assignment and the assignment cover sheet.  The word count does not include:

·       Title and Contents page ·       Reference list and Bibliography ·       Appendices ·      Appropriate tables, figures and illustrations

 

Please note, in text citations [e.g. (Smith, 2011)] and direct secondary quotations [e.g. “dib-dab nonsense analysis” (Smith, 2011 p.123)] are INCLUDED in the word count.

 

If this word count is falsified, students are reminded that under ARNA page 30 Section 3.4 this will be regarded as academic misconduct.

 

If the word limit of the full assignment exceeds the +10% limit, 10% of the mark provisionally awarded to the assignment will be deducted.

 For example: if the assignment is worth 70 marks but is above the word limit by more than 10%, a penalty of 7 marks will be imposed, giving a final mark of 63.

Students are advised that they may be asked to submit an electronic version of their assignment and so should retain an electronic version of the assignment.

Time limits and penalties for presentations when they are part of an assignment

The time allocated for the presentation must be adhered to. At the end of this time, the presentation will be stopped and will be marked based on what has been delivered within the time limit. This can cause disruption and therefore students are advised to rehearse their presentations and also keep strict control of the presentation when it is being delivered.

 

Submission of Assessment:

 

You should submit your assessments electronically to the Turnitin Submission Tool within the module ELearning Site.  This can be found in the Assessment and Submission section

 

Your assignment will be marked and feedback offered 4 weeks from the hand in date.

 

You must also keep a copy of your assignment for your own records in case a second copy is required. The assignment submitted will not be returned to you, so again keep a copy for your own use.

 

It is your responsibility as the student to ensure that you are submitting your final and complete assignment to be marked.  Only send your assignment as indicated above to avoid confusion.

 

 

Module Learning Outcome Task 1 Task 2 Task 3 Task 4 Task 5
MLO1   Critique the role of finance from an SME perspective and evaluate how entrepreneurial eco-systems support entrepreneurship and SME financing in the realisation of sustainable solutions.

 

     
MLO2   Demonstrate and evidence the key skills and attributes for entrepreneurial effectiveness relating to finance.

 

       
MLO3   Demonstrate the ability to create and critically analyse key financial statements.

 

       
MLO4   Demonstrate and critically assess an ethical and culturally aware approach to responsible SME business.

 

       

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