The directors of Helena Beauty Products Ltd have been presented with the following abridged financial statements:
| Helena Beauty Products Ltd Income statement for the year ended 30 September | ||||||
| 2009 | 2010 | |||||
| £000 | £000 | £000 | £000 | |||
| Sales revenue | 3,600 | 3,840 | ||||
| Cost of sales | ||||||
| Opening inventories | 320 | 400 | ||||
| Purchases | 2,240 | 2,350 | ||||
| 2,560 | 2,750 | |||||
| Closing inventories | (400) | (2,160) | (500) | (2,250) | ||
| Gross profit | 1,440 | 1,590 | ||||
| Expenses | (1,360) | (1,500) | ||||
| Profit | 80 | 90 | ||||
| Statement of financial position as at 30 September | ||
| 2009 | 2010 | |
| £000 | £000 | |
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 1,900 | 1,800 |
| Current assets | ||
| Inventories | 400 | 500 |
| Trade receivables | 750 | 960 |
| Cash at bank | 8 | 4 |
| 1,158 | 1,464 | |
| 3,058 | 3,324 | |
| EQUITY AND LIABILITIES | ||
| £1 ordinary shares | 1,650 | 1,766 |
| Reserves | 1,018 | 1,108 |
| 2,668 | 2,874 | |
| Current liabilities | 390 | 450 |
| Total equity and liabilities | 3,058 | 3,324 |
Required:
Using six ratios, comment on the profitability (three ratios) and efficiency (three ratios) of the business as revealed by the statements shown above.
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