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K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
BUSINESS PLAN
7/17/2015
K MAKHAVHU
Legal Page
Confidentiality Agreement
The undersigned reader acknowledges that the information provided by
_________________________ in this business plan is confidential; therefore, reader
agrees not to disclose it without the express written permission of
_________________________.
It is acknowledged by reader that information to be furnished in this business plan is in
all respects confidential in nature, other than information which is in the public domain
through other means and that any disclosure or use of same by reader, may cause
serious harm or damage to _________________________.
Upon request, this document is to be immediately returned to
_________________________.
___________________
Signature
___________________
Name (typed or printed)
___________________
Date
This is a business plan. It does not imply an offering of securities.
Table of Contents
Page 1
1.0 Executive Summary .................................................................................................................... 1
Chart: Highlights .......................................................................................................................... 3
1.1 Mission .......................................................................................................................................... 3
1.2 Keys to Success ........................................................................................................................ 4
1.3 Objectives .................................................................................................................................... 4
2.0 Company Summary ..................................................................................................................... 4
2.1 Company History ...................................................................................................................... 5
Table: Past Performance ........................................................................................................... 5
Chart: Past Performance ........................................................................................................... 6
2.2 Company Ownership ............................................................................................................... 7
3.0 Services ............................................................................................................................................ 7
3.1 Service Description .................................................................................................................. 7
3.2 Competitive Comparison ....................................................................................................... 8
3.3 Fulfillment .................................................................................................................................... 8
3.4 Technology .................................................................................................................................. 8
4.0 Market Analysis Summary ........................................................................................................ 9
4.1 Market Segmentation ............................................................................................................. 9
Table: Market Analysis ............................................................................................................... 9
Chart: Market Analysis (Pie) .................................................................................................. 10
4.2 Target Market Segment Strategy .................................................................................... 10
4.2.1 Market Needs ................................................................................................................... 10
4.2.2 Market Trends .................................................................................................................. 11
4.2.3 Market Growth ................................................................................................................. 11
4.3 Service Business Analysis ................................................................................................... 11
4.3.1 Competition and Buying Patterns ............................................................................ 12
5.0 Strategy and Implementation Summary .......................................................................... 12
5.1 Competitive Edge ................................................................................................................... 12
5.2 Sales Strategy ......................................................................................................................... 13
Table: Sales Forecast ............................................................................................................... 13
Chart: Sales Monthly ................................................................................................................ 14
Chart: Sales by Year ................................................................................................................. 14
6.0 Management Summary ............................................................................................................ 15
6.1 Personnel Plan ......................................................................................................................... 15
Table: Personnel ......................................................................................................................... 15
7.0 Financial Plan ............................................................................................................................... 16
7.1 Important Assumptions ....................................................................................................... 16
Table: General Assumptions .................................................................................................. 16
7.2 Key Financial Indicators ....................................................................................................... 17
Chart: Benchmarks .................................................................................................................... 17
7.3 Break-even Analysis .............................................................................................................. 18
Chart: Break-even Analysis ................................................................................................... 18
Table: Break-even Analysis .................................................................................................... 18
7.4 Projected Profit and Loss ..................................................................................................... 19
Table of Contents
Page 2
Table: Profit and Loss ............................................................................................................... 19
Chart: Profit Monthly ................................................................................................................ 20
Chart: Profit Yearly .................................................................................................................... 20
Chart: Gross Margin Monthly ................................................................................................. 21
Chart: Gross Margin Yearly .................................................................................................... 21
7.5 Projected Cash Flow .............................................................................................................. 22
Chart: Cash .................................................................................................................................. 22
Table: Cash Flow ........................................................................................................................ 23
7.6 Projected Balance Sheet ...................................................................................................... 24
Table: Balance Sheet ................................................................................................................ 24
7.7 Business Ratios ....................................................................................................................... 25
Table: Ratios ................................................................................................................................ 25
Table: Sales Forecast ......................................................................................................................... 0
Table: Personnel ................................................................................................................................... 1
Table: Personnel ................................................................................................................................... 1
Table: General Assumptions ............................................................................................................ 1
Table: General Assumptions ............................................................................................................ 1
Table: Profit and Loss ......................................................................................................................... 2
Table: Profit and Loss ......................................................................................................................... 2
Table: Cash Flow .................................................................................................................................. 4
Table: Cash Flow .................................................................................................................................. 4
Table: Balance Sheet .......................................................................................................................... 6
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 1
1.0 Executive Summary
K Makhavhu Tax Executives & Accountants, Inc (K Makhavhu inc) is in the process of being
formed as an ongoing Private company owned and operated by Khaukanani Makhavhu. This
plan is written as a guide for continued development, and will also serve as the basis for
marketing proposals. The two objectives of K Makhavhu Inc are to generate a profit and to
grow at a challenging and manageable rate.
The mission of K Makhavhu Inc is to provide fast and reliable services in accounting, Tax
advisory, Bookkeeping and Payroll advisory to small and medium businesses (SMB), individuals,
and other organizations.
The keys to success for K Makhavhu Inc are: visibility to generate new business leads,
networking with other professionals, responsiveness, and quality.
The initial primary service offered will be accounting, Tax advisory and Payroll Advisory,
although specialized fields will be considered in future growth.
The overall objective is to focus the activities towards the specialized services (analyses,
investigations, startups, etc.) and to become a leader in the Vhembe district area. The company
projects growth to be ~10% of sales in the next three years.
The most important keys to success for K Makhavhu Inc are developing visibility to generate
new business leads, strong concentration on relationships with clients, and a high level of
quality in our services.
The cooperation between the company and its competitors is flexible--with the objective to
change rapidly if the market demands.
There are four major classes of competition in the actual fiduciary business in South Africa.
These include individual proprietors and small fiduciary and accounting offices and medium
fiduciary offices with between 6 and 25 employees, these offices are available for general
financial and tax consulting. There are also large auditing and consulting companies. These
companies have several hundred employees. They tend to operate more in the lucrative
consulting business. Banks, Assurances and other financial consultants are also new
competitors in this field. Banks are now active in start-up consulting, corporate finance,
mergers and acquisitions, and others.
Technology is, of course, very important to the success of K Makhavhu Inc. It is imperative that
the company stay up-to-date on technological developments and it will be important to devote
a reasonable portion of each year's revenues toward upgrading the equipment and software
used in normal operations.
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 2
K Makhavhu Inc will adopt a focused market strategy. Logical segmentation breaks the market
down into the following: Individuals, Investors, Small Businesses, Medium Businesses, Large
Businesses, and Authorities and Public Organizations. For our further development, we consider
Individual persons and Investors plus Small and Medium Businesses to be crucial.
For our business, we do not have main competitors. We have a lot of widely-sized competitors
in a vast market of services. This market environment gives ample opportunity for K Makhavhu
Inc to create and expand a niche in the chosen market fields. Finally, worth noting is the
growth trend for the general market, estimated between 5% and 10%, annually.
There are three different major opportunities (needs) in the fiduciary business over the next
years:
Bookkeeping and other services related to the operative financial management (payroll,
cost-accounting, accounting for pension funds, etc.).
Consulting and special mandates such as financial planning, business
evaluation, merger and acquisition valuation, special audits, etc.
Legal Auditing (incl. IAS, IFRS and other standards) as an independent and responsible institution.
In addition, the company sees three primary market trends which seem to be most important in
our business.
1. Rapid growth in the complexity of business that requires rapid adaptation in the strategy
and structures of companies.
2. More litigation due to higher percentages of unsuccessful ventures.
3. The growth of outsourced financial consulting.
All of this provides continuing opportunities for a dynamic company such as K Makhavhu Inc.
We believe our business is in a grand change. The competitors must be generalists and
specialists at the same time. For small and medium fiduciary businesses, a focus of one primary
segment of business is necessary. For example, if the "core" business is accounting, the other
fiduciary businesses like tax, auditing, consulting must be reduced to a general level. In the
core business, the company must be current with the services, while having the capacity to
innovate (like new accounting services related to the Internet).
K Makhavhu Inc's competitive edge is in the well-established reputation of Khaukanani
Makhavhu who has been in the consulting business for five years, and the company's ability to
focus in this niche market.
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 3
The company's sales strategy will be based on building long-term customer relationships, which
will result in repeat sales. The company estimates that revenues will be approximately
R232,000 by Year 3, yielding profits. The company will manage its assets and create profits
with no debt financing. It does not anticipate any cash flow problems.
Khaukanani Makhavhu, the majority owner of K Makhavhu Tax Executives & Accountants, will
assume strategic management functions. Kedibone Thulare will be in charge of market research
and customer support. Since no major increases in personnel are expected in the next three
years, Mr. Makhavhu will retain his managerial functions throughout these years.
Chart: Highlights
1.1 Mission
K Makhavhu Inc's mission is simple and straightforward:
1. Purpose – K makhavhu Inc exists to provide complete, reliable and high quality services to
SMBs, individuals, lawyers, and authorities. Services must give solutions and results!
2. Vision - By providing innovative services, K Makhavhu Inc generates a name in the district
and the surrounding area.
Sales
Gross Margin
Net Profit
R0
R30,000
R60,000
R90,000
R120,000
R150,000
R180,000
R210,000
R240,000
2015 2016 2017
Highlights
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 4
1.2 Keys to Success
The keys to success for K Makhavhu Inc are:
Developing visibility to generate new business leads.
Relationships with clients (developing loyal, respectful, and intensive contact with both
clients and potential clients).
Marketing/strategy and networking with other professionals.
Responsiveness to clients (fast response time for special problems).
Quality (especially in reporting information).
Excellence in fulfilling the promise. Openness: languages and willpower for creating interregional and international contacts.
1.3 Objectives
The objectives of this business plan are:
1. To provide a written guide for managing this business; a strategic framework for developing
a comprehensive tactical marketing philosophy.
2. This plan is not intended to obtain financing; it is purely for internal improvements.
3. The scope of this plan is to provide detailed monthly projections for the current plan year, as well as yearly summaries for the following two years.
The objectives of K Makhavhu Tax Executives & Accountants, Inc are:
1. The overall objective is to focus the activities towards the specialized services (analyses,
Accounting, Tax, Payroll, startups, etc.) and to become a leader in this niche in the Vhembe
district area.
2. Cash flow - To generate sufficient cash flow to finance future growth and development and
to provide the resources needed to achieve the other objectives of the company and its
owners.
3. Growth - To expand the business at a rate that is both challenging and manageable, serving
the market with innovation and adaptability. (Growth projected at 10% of sales in the next
three years.)
2.0 Company Summary
K Makhavhu Inc will be an ongoing company with the following characteristics:
1. The goal will be to continue the activities on a larger personal and organizational basis, still
with no debt financing.
2. K Makhavhu Inc will assume operations one of the divisions of the company.
3. The cooperation between other Firms and K Makhavhu Inc is flexible--with the objective to change rapidly if the market demands.
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 5
2.1 Company History
The sole proprietorship company K Makhavhu Tax Executives & Accountants, Inc was founded 8
March 2015. In the first 4-month period, the company generated sales of R15,000.
In the time of general recession, between 2014 and 2015, with a concentrated basis work, the
owner created and assured his independent existence. The name K Makhavhu Inc was made
known, and he has established a good professional reputation in the District area.
Before starting his own business, Khaukanani Makhavhu acquired extensive professional
experience as listed below:
1. 3 years Collins Sebola, Inc, Limpopo Area.
2. 2 years Boston Business College, Gauteng area.
3. 3 years UNISA Degree in Bcompt, Limpopo area
Table: Past Performance
Past Performance
2015 2016 2017
Sales R111,182 R146,505 R162,140 Gross Margin R111,182 R145,347 R138,977 Gross Margin % 100.00% 99.21% 85.71% Operating Expenses R43,430 R46,325 R49,221 Collection Period (days) 27 17 19
Balance Sheet
2015 2016 2017
Current Assets Cash R5,211 R22,583 R92,651 Accounts Receivable R8,107 R5,211 R11,581 Other Current Assets R579 R1,158 R1,158 Total Current Assets R13,897 R28,952 R105,390
Long-term Assets Long-term Assets R5,211 R5,211 R6,948 Accumulated Depreciation R0 R0 R0 Total Long-term Assets R5,211 R5,211 R6,948
Total Assets R19,108 R34,163 R112,338
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 6
Current Liabilities Accounts Payable R9,256 R9,844 R11,581 Current Borrowing R4,053 R1,158 R2,895 Other Current Liabilities (interest free) R0 R0 R0 Total Current Liabilities R13,309 R11,002 R14,476
Long-term Liabilities R0 R0 R0 Total Liabilities R13,309 R11,002 R14,476
Paid-in Capital R5,000 R5,000 R5,000 Retained Earnings R799 R18,161 R92,862 Earnings R0 R0 R0 Total Capital R5,799 R23,161 R97,862
Total Capital and Liabilities R19,108 R34,163 R112,338
Other Inputs Payment Days 45 45 45 Sales on Credit R111,182 R146,505 R162,140 Receivables Turnover 13.71 28.11 14.00
Chart: Past Performance
Sales
Gross
Net
R0
R20,000
R40,000
R60,000
R80,000
R100,000
R120,000
R140,000
R160,000
2015 2016 2017
Past Performance
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 7
2.2 Company Ownership
K Makhavhu Tax Executives & Accountants, Inc will be incorporated in the city of Makhado by
Khaukanani Makhavhu, who will be the majority owner.
3.0 Services
K Makhavhu Inc will be the number one company in the Vhembe district area for
specialized and investigative services in the modern business environment. K Makhavhu Inc
also offers classic Payroll, auditing, Accounting and general consulting services.
1. K Makhavhu Inc will offer three main services - Accounting, Tax Advisory, and Payroll
Advisory.
2. There appear to be four main classes of competition, as indicated under section 3.2.
3. Fulfillment of services will be provided in the future by Khaukanani Makhavhu and other
equally qualified professionals. 4. It's important to be current with the classic and special business software.
Detailed descriptions of these points are found in the sections below.
3.1 Service Description
K Makhavhu Tax Executives & Accountants, Inc offers three main services:
1. Accounting - Financial data must be checked and confirmed, we consider this normal, as a
service related to auditing. Most of these services are legal audits in the sense of Swiss
company law. A Legal Audit is the most comprehensive assessment of the presentation of
financial data. By contrast, a Review is generally prepared for the assurance of the
management and as a minimum requirement of financial institutions for the propose of
extending credit. Finally an Analysis is limited on the plausibility and the ratios. An Analysis
is normally based on audited or reviewed financial statements.
An essential part of all audit activities understands the business environment in which a
company operates and to evaluate the risks of financial losses. In fact it's necessary to
check past financial statements, but the key for a modern audit is to have time to move
from an accounting approach to a planning approach--from present to future.
2. Tax Advisory - Includes business tax planning, business tax evaluation, tax audits, etc.
3. Payroll Advisory – Payroll training. Payroll implementations together with referrals, Monthly Payroll processing, printing of payslips to acquire credit at financial institutions.
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 8
3.2 Competitive Comparison
There seems to be four major classes of competition in the actual fiduciary business in South
Africa:
1. Individual proprietors and small fiduciary and accounting offices. The primary
business of these competitors is accounting and tax compliance (for individuals and
companies). These offices normally employ between 1 and 5 people. These offices deal in a
large spectrum on a general level, but without specialization. These offices are often
members of the SAIPA and SAIT.
2. Medium fiduciary offices with between 6 and 25 or more employees. These offices are
also dealing in a large and general spectrum. If there are several partners--with different
formation and specialties--these offices are available for general financial and tax
consulting. This offices are member of the SAIPA or/and the SAIT.
3. Large auditing and consulting companies. These companies have several hundred
employees. They tend to operate more in the lucrative consulting business. Public
companies are normally audited by these companies. Large companies are normally not
interested in dealing with small and medium business. All large companies have an
international network.
4. Banks, Assurances and other Financial Consultants are new competitors. Financial
services are "in." Banks are active in start-up consulting, corporate finance, mergers and
acquisitions, and others.
3.3 Fulfillment
The fulfillment of services was provided in the past by the owner himself. The
ultimate delivery was the owner's expertise and problem solving capability, coupled with an
open mind and ease of communication. The end result is an established trust with complete
customer confidence and satisfaction.
In the future, the clients must also accept the work of other qualified personnel--it is necessary
to transfer and expand the established personal goodwill into company goodwill. This will only
be possible with qualified and motivated employees.
3.4 Technology
Technology is, of course, very important to the success of K Makhavhu Tax Executives &
Accountants, Inc. It is imperative that the company stay up-to-date on the technological
developments in the classic business software like MS-Office, Payroll, Audit, Accounting
sofwares, Tax softwares etc. as well as in the special software and tools for auditing, financial
planning, business planning, etc.
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 9
In addition, it will be important to devote a reasonable portion of each year's revenues toward
upgrading the equipment and software used by K Makhavhu Inc in its normal operations.
4.0 Market Analysis Summary
K Makhavhu Tax Executives & Accountants, Inc will adopt a focused market strategy.
Logical segmentation breaks the market down into the following: Individuals, Investors,
Small Businesses, Medium Businesses, Large Businesses, and Authorities and Public
Organizations. Descriptions are provided below.
The largest and most logical target markets for K Makhavhu Inc at the present are small
and medium businesses. In a new "Financial Industry" Individuals and Investors become an
important market segment.
For our business, we do not have main competitors. We have a lot of widely-sized
competitors in a vast market of services. This market environment gives ample opportunity
for K Makhavhu Inc to create and expand a niche in the chosen market fields.
Finally, worth noting is the growth trend for the general market, estimated between 5%
and 10%, annually.
4.1 Market Segmentation
The following chart and table reflect the estimated market segmentation and growth for this
business.
Individual persons and Investors
Small Businesses - Defined as businesses with 1 to 24 employees, this is the second largest
and fastest growing segment in our region.
Medium Businesses - 25 to 499 employees.
Large Businesses - 500 or more employees.
Authorities and Public Organizations
Table: Market Analysis
Market Analysis
2015 2016 2017 2018 2019 Potential Customers Growth CAGR Individuals and Investors
20% 3 4 5 6 7 23.59%
Small Businesses 10% 20 22 24 26 29 9.73% Medium Businesses 10% 33 36 40 44 48 9.82% Large Businesses 5% 34 36 38 40 42 5.42% Authorities and Public Organisations
5% 10 11 12 13 14 8.78%
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 10
Total 8.78% 100 109 119 129 140 8.78%
Chart: Market Analysis (Pie)
4.2 Target Market Segment Strategy
For our further development, we consider the following market segments to be very important:
Individual persons and Investors.
Small and Medium Businesses.
K Makhavhu Inc will focus its marketing strategy primarily on these market segments.
4.2.1 Market Needs
There are three different major opportunities (needs) in the fiduciary business over the next
years:
1. Bookkeeping and other services related to the operative financial management (payroll,
cost-accounting, accounting for pension funds, etc.).
2. Consulting and special mandates.
o Financial-Planning
o Business-Planning
o Business-Evaluation
o Merger & Acquisition
o Startup-Planning
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 11
o Restructuring
o Business Succession-Planning
o Coaching in Financial-Managing
o Recovery
o Special Audits, Reviews
o Analyses
o Investigation, Forensic Services
o Other
3. Legal Accounting and Tax (incl. IFRS and other standards) as an independent and responsible institution.
We think that the need for consulting and other specialized fields has a strong growth potential.
4.2.2 Market Trends
Three primary market trends seem to be most important in our business:
Trend 1- (most important) Rapid growth in complexity of business in an ever-changing
market and competitive environment needs continuous and rapid adaptation in both
strategy and structures of companies.
Trend 2- (moderately important) In the future there will be a percentage of unsuccessful
ventures resulting in more litigation, which, in turn, will emphasize the need for specialized
audits, investigation, restructuring, etc.
Trend 3- (least important) Predicted continued growth in consulting because companies will
be unwilling to pay fixed costs of salaries, choosing instead to treat specialized financial knowledge and needs as variable costs from external sources.
Economically it is more expedient to acquire specialized services from a consulting firm that has
its own specialized employees.
4.2.3 Market Growth
As noted in the previous section, several factors are predicted to continue well into the next
decade, not the least of which we estimate the annual market growth rate between 5% and
10%.
4.3 Service Business Analysis
The fiduciary and consulting business for the local area is already well established, yet still
allows ample opportunity for us. This is supported by the following points:
Already in existence are a large number of firms - we think that most of the small and
medium firms are operating in a limited spectrum of traditional fiduciary services
(accounting and tax) and they do not have enough knowledge and/or time for entering the
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 12
field of specialized services - so we have new participants like banks, assurances, lawyers,
and others entering the market.
Customers in the fiduciary business tend to be loyal, relying on the same consultant for
future needs once a relationship has been established - this fact requires establishing a
good and intensive personal relationship with client. This, in the large, "big 4," firms,
is often not realizable because of staff turnover and inaccessibility of personnel.
The globalization of markets will increase the demands for expansion of new services related to our business.
We believe our business is in a in a period of grand change. The competitors must be
generalists and specialists at the same time. For small and medium fiduciary businesses, a
focus of one primary segment of business is necessary. For example, if the "core" business is
accounting, the other fiduciary businesses like tax, auditing, consulting must be reduced to a
general level. In the core business, the company must be current with the services, while
having the capacity to innovate (like new accounting services related to the Internet).
For our business, we do not have main competitors: We have many competitors in diversified
services. More important than the competitors, is the need to get established in the right
market and to develop this market with a strong and flexible strategy.
4.3.1 Competition and Buying Patterns
Competition in the general field of business consulting in the Luzern area is quite intense.
Although numerous established companies offer a variety of services to different customer
segments, K Makhavhu Tax Executives & Accountants, Inc considers competition in our focus
market niche of small and medium businesses to be modest. Customers in this segment
strongly rely on the consultant's professional qualifications and the ability to come up with
viable solutions in a time- and cost-effective manner.
5.0 Strategy and Implementation Summary
K Makhavhu Inc will offer Accounting, auditing, consulting, and investigation services to small
and medium businesses in the area. The company will focus on providing excellent customer
service, and that will generate favorable client referrals and increase customer retention.
5.1 Competitive Edge
K Makhavhu Auditing & Consulting's competitive edge is in the well-established reputation of
Khaukanani Makhavhu who has been in the consulting business for over five years. Combining
his professional expertise with the financial, marketing, and technical support of the firm, the
company is positioned to further entrench itself in the growing market of small and medium
business consulting in the Vhembe district area.
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 13
5.2 Sales Strategy
The company's sales strategy will be based on building long-term customer relationships, which
will result in repeat sales. Customer service and 'face time' with clients will be aimed to
maintain a high level of customer retention. The charts and table below outline the Sales
Forecast for the next three years.
Table: Sales Forecast
Sales Forecast
2015 2016 2017 Sales Accounting services R80,492 R96,590 R115,908 Tax Advisory services R48,291 R57,949 R69,539 Payroll services R32,194 R38,633 R46,359 Total Sales R160,977 R193,172 R231,807
Direct Cost of Sales
2015 2016 2017
Accounting services R12,077 R13,889 R15,972 Tax Advisory services R7,243 R8,329 R9,579 Payroll services R6,438 R7,404 R8,514 Subtotal Direct Cost of Sales R25,758 R29,622 R34,065
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 14
Chart: Sales Monthly
Chart: Sales by Year
Accounting services
Tax Advisory services
Payroll services
R0
R30,000
R60,000
R90,000
R120,000
R150,000
R180,000
R210,000
R240,000
2015 2016 2017
Sales by Year
Accounting services
Tax Advisory services
Payroll services
R0
R2,000
R4,000
R6,000
R8,000
R10,000
R12,000
R14,000
R16,000
R18,000
R20,000
J a n F e b
M a r A p r
M a y J u n
J u l A u g
S e p O c t
N o v D e c
Sales Monthly
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 15
6.0 Management Summary
Khaukanani Makhavhu, the majority owner of K Makhavhu Inc, will assume strategic
management functions. Kedibone Thulare will be in charge of market research and customer
support. No major increases in personnel are expected in the next three years.
6.1 Personnel Plan
The following table outlines the two-person management system of K Makhavhu Inc.
Table: Personnel
Personnel Plan
2015 2016 2017 Khaukanani Makhavhu R48,000 R51,000 R56,000 Kedibone Thulare R24,000 R26,000 R30,000 Total People 2 2 2
Total Payroll R72,000 R77,000 R86,000
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 16
7.0 Financial Plan
The following sections include the annual estimates for the standard set of financial tables.
Detailed monthly pro-forma tables are included in the appendix.
7.1 Important Assumptions
This information is presented in the table below.
Table: General Assumptions
General Assumptions
2015 2016 2017 Plan Month 1 2 3 Current Interest Rate 10.00% 10.00% 10.00% Long-term Interest Rate 10.00% 10.00% 10.00% Tax Rate 25.00% 25.00% 25.00% Other 0 0 0
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 17
7.2 Key Financial Indicators
The Benchmark chart below uses index values to compare past and future financial indicators.
The bars show relative change, not absolute values.
Chart: Benchmarks
2015
2016
2017
2018
2019
2020
0.0
1.0
2.0
3.0
Sales Gross Margin%
Operating Expenses Collection Days
Benchmarks
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 18
7.3 Break-even Analysis
With our average monthly fixed costs, Makhavhu will surpass break even consistently
throughout the next year of operations.
Chart: Break-even Analysis
Table: Break-even Analysis
Break-even Analysis
Monthly Revenue Break-even R9,744
Assumptions: Average Percent Variable Cost 16% Estimated Monthly Fixed Cost R8,185
R0
R2,000
R4,000
R6,000
R8,000
R10,000
(R2,000)
(R4,000)
(R6,000)
(R8,000) R0
R2,000 R4,000
R6,000 R8,000
R10,000 R12,000
R14,000 R16,000
R18,000 R20,000
R22,000
Break-even Analysis
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 19
7.4 Projected Profit and Loss
The projected profit and loss information is presented in the table and charts below.
Table: Profit and Loss
Pro Forma Profit and Loss
2015 2016 2017 Sales R160,977 R193,172 R231,807 Direct Cost of Sales R25,758 R29,622 R34,065 Other R0 R0 R0 Total Cost of Sales R25,758 R29,622 R34,065
Gross Margin R135,219 R163,551 R197,742 Gross Margin % 84.00% 84.67% 85.30%
Expenses Payroll R72,000 R77,000 R86,000 Sales and Marketing and Other Expenses
R6,897 R9,500 R13,000
Depreciation R2,400 R2,500 R2,500 Leased Equipment (incl. office rental) R2,400 R2,500 R3,000 Utilities (incl. office furniture, etc.) R1,800 R2,000 R2,500 Insurance R1,200 R1,500 R2,000 Rent R0 R0 R0 Payroll Taxes R11,520 R12,320 R13,760 Other R0 R0 R0
Total Operating Expenses R98,217 R107,320 R122,760
Profit Before Interest and Taxes R37,003 R56,231 R74,982 Interest Expense R0 R0 R0 Taxes Incurred R9,251 R14,058 R18,745
Net Profit R27,752 R42,173 R56,236 Net Profit/Sales 17.24% 21.83% 24.26%
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 20
Chart: Profit Monthly
Chart: Profit Yearly
R0
R10,000
R20,000
R30,000
R40,000
R50,000
R60,000
2015 2016 2017
Profit Yearly
R0
R1,000
R2,000
R3,000
R4,000
R5,000
R6,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Profit Monthly
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 21
Chart: Gross Margin Monthly
Chart: Gross Margin Yearly
R0
R20,000
R40,000
R60,000
R80,000
R100,000
R120,000
140,000
R160,000
R180,000
R200,000
2015 2016 2017
Gross Margin Yearly
R0
R2,000
R4,000
R6,000
R8,000
R10,000
R12,000
R14,000
R16,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Gross Margin Monthly
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 22
7.5 Projected Cash Flow
The projected cash flow and cash balance information is presented in the chart and table below.
Chart: Cash
Net Cash Flow
Cash Balance
R0
R10,000
R20,000
R30,000
R40,000
R50,000
R60,000
R70,000
R80,000
(R10,000)
J a n F e b
M a r A p r
M a y J u n
J u l A u g
S e p O c t
N o v D e c
Cash
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 23
Table: Cash Flow
Pro Forma Cash Flow
2015 2016 2017
Cash Received Cash from Operations Cash Sales R0 R0 R0 Cash from Receivables R149,782 R188,617 R226,341 Subtotal Cash from Operations R149,782 R188,617 R226,341
Additional Cash Received Sales Tax, VAT, HST/GST Received R0 R0 R0 New Current Borrowing R0 R0 R0 New Other Liabilities (interest-free) R0 R0 R0 New Long-term Liabilities R0 R0 R0 Sales of Other Current Assets R0 R0 R0 Sales of Long-term Assets R0 R0 R0 New Investment Received R0 R0 R0 Subtotal Cash Received R149,782 R188,617 R226,341
Expenditures 2015 2016 2017
Expenditures from Operations Cash Spending R72,000 R77,000 R86,000 Bill Payments R66,312 R69,717 R85,791 Subtotal Spent on Operations R138,312 R146,717 R171,791
Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out R0 R0 R0 Principal Repayment of Current Borrowing R2,895 R0 R0 Other Liabilities Principal Repayment R0 R0 R0 Long-term Liabilities Principal Repayment R0 R0 R0 Purchase Other Current Assets R0 R0 R0 Purchase Long-term Assets R24,000 R0 R0 Dividends R0 R0 R0 Subtotal Cash Spent R165,207 R146,717 R171,791
Net Cash Flow (R15,425) R41,901 R54,550 Cash Balance R77,226 R119,126 R173,676
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 24
7.6 Projected Balance Sheet
The projected balance sheet information is presented in the table below.
Table: Balance Sheet
Pro Forma Balance Sheet
2015 2016 2017 Assets Current Assets Cash R77,226 R119,126 R173,676 Accounts Receivable R22,776 R27,331 R32,797 Other Current Assets R1,158 R1,158 R1,158 Total Current Assets R101,160 R147,616 R207,632
Long-term Assets Long-term Assets R30,948 R30,948 R30,948 Accumulated Depreciation R2,400 R4,900 R7,400 Total Long-term Assets R28,548 R26,048 R23,548 Total Assets R129,708 R173,664 R231,180
Liabilities and Capital 2015 2016 2017
Current Liabilities Accounts Payable R4,094 R5,877 R7,156 Current Borrowing R0 R0 R0 Other Current Liabilities R0 R0 R0 Subtotal Current Liabilities R4,094 R5,877 R7,156
Long-term Liabilities R0 R0 R0 Total Liabilities R4,094 R5,877 R7,156
Paid-in Capital R5,000 R5,000 R5,000 Retained Earnings R92,862 R120,614 R162,787 Earnings R27,752 R42,173 R56,236 Total Capital R125,614 R167,787 R224,023 Total Liabilities and Capital R129,708 R173,664 R231,180
Net Worth R125,614 R167,787 R224,023
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 25
7.7 Business Ratios
Business ratios for the years of this plan are shown below. Industry profile ratios based on the
Standard Industrial Classification (SIC) code 8721.01 - Auditing services, are shown for
comparison.
Table: Ratios
Ratio Analysis
2015 2016 2017 Industry Profile
Sales Growth -0.72% 20.00% 20.00% 8.60%
Percent of Total Assets Accounts Receivable 17.56% 15.74% 14.19% 24.40% Other Current Assets 0.89% 0.67% 0.50% 46.70% Total Current Assets 77.99% 85.00% 89.81% 74.90% Long-term Assets 22.01% 15.00% 10.19% 25.10% Total Assets 100.00% 100.00% 100.00% 100.00%
Current Liabilities 3.16% 3.38% 3.10% 42.80% Long-term Liabilities 0.00% 0.00% 0.00% 17.20% Total Liabilities 3.16% 3.38% 3.10% 60.00% Net Worth 96.84% 96.62% 96.90% 40.00%
Percent of Sales Sales 100.00% 100.00% 100.00% 100.00% Gross Margin 84.00% 84.67% 85.30% 0.00% Selling, General & Administrative Expenses
66.89% 62.95% 61.14% 83.50%
Advertising Expenses 2.05% 2.07% 2.59% 1.20% Profit Before Interest and Taxes 22.99% 29.11% 32.35% 2.60%
Main Ratios Current 24.71 25.12 29.01 1.59 Quick 24.71 25.12 29.01 1.26 Total Debt to Total Assets 3.16% 3.38% 3.10% 60.00% Pre-tax Return on Net Worth 29.46% 33.51% 33.47% 4.40% Pre-tax Return on Assets 28.53% 32.38% 32.43% 10.90%
Additional Ratios
2015 2016 2017
Net Profit Margin 17.24% 21.83% 24.26% n.a Return on Equity 22.09% 25.13% 25.10% n.a
Activity Ratios
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Page 26
Accounts Receivable Turnover 7.07 7.07 7.07 n.a Collection Days 59 47 47 n.a Accounts Payable Turnover 14.37 12.17 12.17 n.a Payment Days 33 25 27 n.a Total Asset Turnover 1.24 1.11 1.00 n.a
Debt Ratios Debt to Net Worth 0.03 0.04 0.03 n.a Current Liab. to Liab. 1.00 1.00 1.00 n.a
Liquidity Ratios Net Working Capital R97,066 R141,739 R200,475 n.a Interest Coverage 0.00 0.00 0.00 n.a
Additional Ratios Assets to Sales 0.81 0.90 1.00 n.a Current Debt/Total Assets 3% 3% 3% n.a Acid Test 19.15 20.47 24.43 n.a Sales/Net Worth 1.28 1.15 1.03 n.a Dividend Payout 0.00 0.00 0.00 n.a
Table: Sales Forecast
Sales Forecast
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Sales Audit services
0%
R4,343
R5,791
R5,791
R5,791
R7,238
R9,844
R8,686
R9,844
R5,791
R5,791
R5,791
R5,791
Consulting services
0%
R2,606
R3,474
R3,474
R3,474
R4,343
R5,906
R5,212
R5,906
R3,474
R3,474
R3,474
R3,474
Investigation services
0%
R1,737
R2,316
R2,316
R2,316
R2,895
R3,938
R3,474
R3,938
R2,316
R2,316
R2,316
R2,316
Total Sales
R8,686
R11,581
R11,581
R11,581
R14,476
R19,688
R17,372
R19,688
R11,581
R11,581
R11,581
R11,581
Direct Cost of Sales
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Audit services
R651
R869 R869 R869 R1,086
R1,477
R1,303
R1,477
R869 R869 R869 R869
Consulting services
R391
R521 R521 R521 R651 R886 R782 R886 R521 R521 R521 R521
Investigation services
R347
R463 R463 R463 R579 R788 R695 R788 R463 R463 R463 R463
Subtotal Direct Cost of Sales
R1,389
R1,853
R1,853
R1,853
R2,316
R3,151
R2,780
R3,151
R1,853
R1,853
R1,853
R1,853
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Table: Personnel
Personnel Plan
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Khaukanani Makhavhu
0%
R4,000
R4,000
R4,000
R4,000
R4,000
R4,000
R4,000
R4,000
R4,000
R4,000
R4,000
R4,000
Kedibone Thulare
0%
R2,000
R2,000
R2,000
R2,000
R2,000
R2,000
R2,000
R2,000
R2,000
R2,000
R2,000
R2,000
Total People
2 2 2 2 2 2 2 2 2 2 2 2
Total Payroll
R6,000
R6,000
R6,000
R6,000
R6,000
R6,000
R6,000
R6,000
R6,000
R6,000
R6,000
R6,000
Table: General Assumptions
General Assumptions
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Plan Month
1 2 3 4 5 6 7 8 9 10 11 12
Current Interest Rate
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
Long-term Interest Rate
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
Tax Rate 25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
Other 0 0 0 0 0 0 0 0 0 0 0 0
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Table: Profit and Loss
Pro Forma Profit and Loss
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Sales R8,6
86 R11,581
R11,581
R11,581
R14,476
R19,688
R17,372
R19,688
R11,581
R11,581
R11,581
R11,581
Direct Cost of Sales
R1,389
R1,853
R1,853
R1,853
R2,316
R3,151
R2,780
R3,151
R1,853
R1,853
R1,853
R1,853
Other R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 Total Cost of Sales
R1,389
R1,853
R1,853
R1,853
R2,316
R3,151
R2,780
R3,151
R1,853
R1,853
R1,853
R1,853
Gross Margin
R7,297
R9,728
R9,728
R9,728
R12,160
R16,537
R14,592
R16,537
R9,728
R9,728
R9,728
R9,728
Gross Margin %
84.01%
84.00%
84.00%
84.00%
84.00%
84.00%
84.00%
84.00%
84.00%
84.00%
84.00%
84.00%
Expenses Payroll R6,0
00 R6,0
00 R6,0
00 R6,0
00 R6,0
00 R6,0
00 R6,0
00 R6,0
00 R6,0
00 R6,0
00 R6,0
00 R6,0
00 Sales and Marketing and Other Expenses
R400 R590 R590 R590 R590 R599 R590 R590 R590 R590 R590 R590
Depreciation
R200 R200 R200 R200 R200 R200 R200 R200 R200 R200 R200 R200
Leased Equipment (incl. office rental)
R200 R200 R200 R200 R200 R200 R200 R200 R200 R200 R200 R200
Utilities (incl. office furniture, etc.)
R150 R150 R150 R150 R150 R150 R150 R150 R150 R150 R150 R150
Insurance R100 R100 R100 R100 R100 R100 R100 R100 R100 R100 R100 R100 Rent R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Payroll Taxes
16%
R960 R960 R960 R960 R960 R960 R960 R960 R960 R960 R960 R960
Other R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Total Operating Expenses
R8,010
R8,200
R8,200
R8,200
R8,200
R8,209
R8,200
R8,200
R8,200
R8,200
R8,200
R8,200
Profit Before Interest and Taxes
(R713)
R1,528
R1,528
R1,528
R3,961
R8,329
R6,393
R8,338
R1,529
R1,528
R1,528
R1,528
EBITDA (R513)
R1,728
R1,728
R1,728
R4,161
R8,529
R6,593
R8,538
R1,729
R1,728
R1,728
R1,728
Interest Expense
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Taxes Incurred
(R178)
R382 R382 R382 R990 R2,082
R1,598
R2,084
R382 R382 R382 R382
Net Profit (R53
5) R1,1
46 R1,1
46 R1,1
46 R2,9
70 R6,2
46 R4,7
94 R6,2
53 R1,1
46 R1,1
46 R1,1
46 R1,1
46
Net Profit/Sales
-6.16
%
9.90%
9.90%
9.90%
20.52%
31.73%
27.60%
31.76%
9.90%
9.90%
9.90%
9.90%
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Table: Cash Flow
Pro Forma Cash Flow
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Cash Received
Cash from Operations
Cash Sales R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 Cash from Receivables
R5,791
R6,080
R8,783
R11,581
R11,581
R11,678
R14,650
R19,611
R17,449
R19,418
R11,581
R11,581
Subtotal Cash from Operations
R5,791
R6,080
R8,783
R11,581
R11,581
R11,678
R14,650
R19,611
R17,449
R19,418
R11,581
R11,581
Additional Cash Received
Sales Tax, VAT, HST/GST Received
0.00%
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
New Current Borrowing
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
New Other Liabilities (interest-free)
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
New Long-term Liabilities
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Sales of Other Current Assets
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Sales of Long-term Assets
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
New Investment Received
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Subtotal Cash Received
R5,791
R6,080
R8,783
R11,581
R11,581
R11,678
R14,650
R19,611
R17,449
R19,418
R11,581
R11,581
Expenditures
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Expenditures from Operations
Cash Spending
R6,000
R6,000
R6,000
R6,000
R6,000
R6,000
R6,000
R6,000
R6,000
R6,000
R6,000
R6,000
Bill Payments
R11,682
R3,061
R4,235
R4,235
R4,271
R5,370
R7,213
R6,406
R7,135
R4,235
R4,235
R4,235
Subtotal Spent on Operations
R17,682
R9,061
R10,235
R10,235
R10,271
R11,370
R13,213
R12,406
R13,135
R10,235
R10,235
R10,235
Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Principal Repayment of Current Borrowing
R2,895
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Other Liabilities Principal Repayment
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Long-term Liabilities Principal Repayment
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Purchase Other Current Assets
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Purchase Long-term Assets
R2,000
R2,000
R2,000
R2,000
R2,000
R2,000
R2,000
R2,000
R2,000
R2,000
R2,000
R2,000
Dividends R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Subtotal Cash Spent
R22,577
R11,061
R12,235
R12,235
R12,271
R13,370
R15,213
R14,406
R15,135
R12,235
R12,235
R12,235
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Net Cash Flow
(R16,786)
(R4,981)
(R3,453)
(R654)
(R690)
(R1,693)
(R563)
R5,205
R2,314
R7,183
(R654)
(R654)
Cash Balance
R75,865
R70,884
R67,431
R66,777
R66,087
R64,395
R63,832
R69,036
R71,351
R78,534
R77,880
R77,226
Table: Balance Sheet
Pro Forma Balance Sheet
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Assets Starting Balances
Current Assets
Cash R92,651
R75,865
R70,884
R67,431
R66,777
R66,087
R64,395
R63,832
R69,036
R71,351
R78,534
R77,880
R77,226
Accounts Receivable
R11,581
R14,477
R19,977
R22,776
R22,776
R25,671
R33,681
R36,404
R36,481
R30,613
R22,776
R22,776
R22,776
Other Current Assets
R1,158
R1,158
R1,158
R1,158
R1,158
R1,158
R1,158
R1,158
R1,158
R1,158
R1,158
R1,158
R1,158
Total Current Assets
R105,390
R91,499
R92,019
R91,365
R90,711
R92,916
R99,234
R101,393
R106,675
R103,121
R102,468
R101,814
R101,160
Long-term Assets
Long-term Assets
R6,948
R8,948
R10,948
R12,948
R14,948
R16,948
R18,948
R20,948
R22,948
R24,948
R26,948
R28,948
R30,948
Accum R0 R200 R400 R600 R800 R1,0 R1,2 R1,4 R1,6 R1,8 R2,0 R2,2 R2,4
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
ulated Depreciation
00 00 00 00 00 00 00 00
Total Long-term Assets
R6,948
R8,748
R10,548
R12,348
R14,148
R15,948
R17,748
R19,548
R21,348
R23,148
R24,948
R26,748
R28,548
Total Assets
R112,338
R100,247
R102,567
R103,713
R104,859
R108,864
R116,982
R120,941
R128,023
R126,269
R127,416
R128,562
R129,708
Liabilities and Capital
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Current Liabilities
Accounts Payable
R11,581
R2,920
R4,094
R4,094
R4,094
R5,129
R7,000
R6,165
R6,994
R4,093
R4,094
R4,094
R4,094
Current Borrowing
R2,895
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Other Current Liabilities
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Subtotal Current Liabilities
R14,476
R2,920
R4,094
R4,094
R4,094
R5,129
R7,000
R6,165
R6,994
R4,093
R4,094
R4,094
R4,094
Long-term Liabilities
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Total Liabilities
R14,476
R2,920
R4,094
R4,094
R4,094
R5,129
R7,000
R6,165
R6,994
R4,093
R4,094
R4,094
R4,094
Paid-in Capital
R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000
K MAKHAVHU TAX EXECUTIVES & ACCOUNTANTS, INC
Retained Earnings
R92,862
R92,862
R92,862
R92,862
R92,862
R92,862
R92,862
R92,862
R92,862
R92,862
R92,862
R92,862
R92,862
Earnings
R0 (R535)
R611 R1,757
R2,903
R5,874
R12,120
R16,914
R23,168
R24,314
R25,460
R26,606
R27,752
Total Capital
R97,862
R97,327
R98,473
R99,619
R100,765
R103,736
R109,982
R114,776
R121,030
R122,176
R123,322
R124,468
R125,614
Total Liabilities and Capital
R112,338
R100,247
R102,567
R103,713
R104,859
R108,864
R116,982
R120,941
R128,023
R126,269
R127,416
R128,562
R129,708
Net Worth
R97,862
R97,327
R98,473
R99,619
R100,765
R103,736
R109,982
R114,776
R121,030
R122,176
R123,322
R124,468
R125,614