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Business Finance Plan - Vision Plc

University: Anglia Ruskin University

  • Unit No: 4
  • Level: High school
  • Pages: 2 / Words 583
  • Paper Type: Assignment
  • Course Code: MOD003319
  • Downloads: 31
Brief :
Organization Selected : Vision Mix Plc

Questions:

Vision Plc is a multinational manufacturer of TV and radio studio equipment. They also manufactured cameras, lights, sound equipment and digital editing suites. The company develops    around 60 different products.

Vision has been working for 25 years and have turnover of £250 million. It was listed on the London Stock Exchange 10 years ago and has market value of £300 million with debt of £50 million. Anna, is the CEO and founder and owns 15% of the shares in Vision Mix. The company headquarters is situated in Bath which accommodates 20 staff including management, sales, finance, HR and administration. It develops, design and manufacturing operation in Hereford where it employs 125 staff dealing in an automated constructing facility with on-site storage/warehousing.

The company has currently tendered for and developed three new contracts to supply refurbishment and updated to three universities teaching broadcasting courses and another to refit news studios for the BBC in Bristol. This will lead to the rollout of 15 new products and systems. Also, plant and manufacturing capacity will be needed during the coming 12 months.

Recently, about 65% of Vision sales are in the UK, 30% to other EU countries, and the remaining, outside the EU. Due to separation UK from EU, Anna wants to put efforts to market into the Gulf, North America and the Far East, especially China. She is establishing new manufacturing facilities in multiple nation.

Vision has always used a traditional budgeting system. The Finance Director, Scotti, joined 3 years ago but this approach is not relevant in the exiting Change in the business world.  However, change in budget approach is going to be made, he thinks it should happen in time for next year’s budget process. That way any “bugs” can be ironed out before the company goes through more relevant changes in the following years. Page 3 of 5 For the purposes of his analysis he has broadly divided the business up into three areas: the current customer base; the new legal agreements; and the development of the international business. Requirements: Produce a report of 2,500 words and cover the following issues:

Requirements:

Prepare a report of no more than 2,500 words communicating the following issues:

Part 1 

  1. Identify the aim of preparing a budget; what processes the company needs to follow; and how the budget process itself can help to implement of the business model (25 marks)
  2. How the application of traditional budgeting approaches (including incremental budgeting) used to plan future cost management for this specific business. Provide examples of how products and processes would be budgeted for in a traditional/incremental approach (10 marks)
  3. Evaluate whether a traditional budgetary system is suitable to developing future plans.

Part 2

  1. Detailed knowledge of the following alternative budget methods: rolling budgets, zero based budgets and activity-based budgets. Analyse how each relevant method used to improve on the traditional approach and what their respective disadvantage might be (25 marks)
  2. How potential application of these methods to the company giving appropriate examples of how all or some core areas of budgeting could be performed more effectively using an alternative method (10 marks)
  3. Evaluate whether one of these techniques (or a combination) would be more suitable to the company

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