Leeds University

Business School

Assessed Coursework Coversheet

For use with individual assessed work

Student ID Number:

Module Code: LUBS5965

Module Title: Entrepreneurship and Enterprise Creation

Module Leader: Alex Kevill

Declared Word Count: 2991

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 PART A

Introduction:

Since the reintroduction of women’s football in 1971 after the Football Association (FA)
ban, the sport experienced a significant image struggle in British culture, with regards to gender
discrimination, prejudice, and sexuality assumptions (Pope, 2018). This is magnified by the
traditional view that men’s sport is ‘superior’ to women’s (Bruce, 2016). Sport gender inequality
can be observed in several countries including the UK, with 80% of media coverage dedicated
to men’s sport (Cooky et al., 2021). However, recent years have seen a significant rise in the
popularity of women’s football. The 2019 FIFA Women’s World Cup had a record breaking
1.12 billion viewers worldwide (Fédération Internationale de Football Association, 2019).
Additionally, a 60% increase was observed in the number of supporters of the sport since 2017
(Nielsen Sports, 2019). Although there is growing interest, 89% of female footballers consider
leaving the game due to poor playing surfaces, low wages, and inadequate conditions
(Koukiadaki and Pearson, 2019). For these reasons, a focus on female players can be
essential to bring the game to match the level of men’s football.

The entrepreneur is a female footballer herself, with a passion for the sport to be more
recognised. Having experience and numerous connections within women’s football in the UK,
the entrepreneur saw an opportunity to launch a business that has the potential to make a
difference for female footballers. This essay will outline the business idea of “GIRLSports
Management”, a sport management agency specialising in female footballers. Part A will
discuss the elements of the Opportunity Business Model: the proposition, place, people,
process, profit, and drivers of the agency, visually summarised by Appendix 1.

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 Proposition:
“For Female Athletes”. The core value proposition of GIRLSports Management is to
promote and generate greater visibility of female footballers, since visibility was proposed to
be key to increase growth of the sport (Women’s Sport Trust, 2021). The agency will specialise
in female athlete representation, public relations/media management, and commercial
partnerships, as detailed in Appendix 2. Networking is going to be crucial to gather and
connect clients with relevant stakeholders such as coaches, clubs, brands, sponsors, media,
and sports journalists. Due to the lack of broadcasting coverage, a social media strategy can
increase accessibility and visibility of the sport (Clavio and Kian, 2010). Therefore, a significant
focus on social media engagement can help increase publicity of each player and attract fans
and sponsors. Social media platforms can also support women in achieving a distinct identity
from male players (Fielding-Lloyd et al., 2018). Offering a service solely devoted to female
athletes to empower women in sport differentiates GIRLSports from other UK sport agencies,
encompassed within the “Brand” type of innovation (Keeley et al., 2013). This can make the
business more attractive to its targeted clients.

Place:
MARKET
The revenue generated by women’s football in the UK was estimated to reach £350m
by 2030 (Women’s Sport Trust, 2021). However, due to the pandemic, the elite female league
in England has seen a £8.7m loss during the 2018/2019 season (Thompson, 2020). This
loss contributed to a reduction in commercial sponsors, contracts, investment, and player
well-being, ultimately threating the game (Clarkson et al., 2020). Even after the detrimental
effects of the pandemic, 21% of UK adults are following women’s sport more than they did 18
months ago (LEADERS, 2021). Additionally, in 2021, FA launched a three-year Women’s Pro
Game strategy, which is set to build the momentum of women’s football through increased
investment, visibility, and attention in the FA Women’s Super League (WSL) and FA Women’s
Championship (WC) (Football Association, 2021). Furthermore, from 2022-2025, Barclays is
set to invest more than £30m into the these two top tiers of women’s football (Sanders, 2021).
This highlights the opportunity GIRLSports Management has to work in a fast growing
market and help the recovery from the impact of COVID-19.

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 CUSTOMERS and CONSUMERS
Due to the Women’s Pro Game strategy and Barclay’s investment, the greatest
potential for profit is going to be with clients from the FA WC and FA WSL. Because of
this, the targeted customers/clients of the agency are female footballers from these two
leagues, estimated to be 24 teams of up to 600 players, as illustrated by Appendix 3. The
agency will begin operating with clients from Tier 2 WC and with further success, expand
to Tier 1 WSL. Several clients may also begin at amateur level, or lower leagues, such as
the Women’s National League, since the agency may scout for undiscovered talents,
which can ultimately be transitioned into professional leagues.

Within the sports market, athletes promote products or services, with fans as the
consumers, who ultimately determine the athlete’s success and subsequently the value
of GIRLSports Management. In the UK, 59% of individuals have an interest in at least one
female sport, creating a potential market of approximately 24 million people (Nielsen
Sports, 2018). Football fans, or 38%, are the largest audience following women’s football,
from which the majority, or 28%, are Gen Y of ages 25-34 (Nielsen Sports, 2019). Furthermore,
61.9% of the people watching women’s football are men (Chaudhary, 2021). The targeted
consumers/followers of the business and of the athletes are, therefore, football fans,
primarily Gen Y males.

MARKETING STRATEGY
Due to the oversaturation of sport within mass media, a more evolved marketing
mix model is recommended for sport agencies (Schwarz and Hunter, 2008).
Consequently, the evolved model of 5P’s for GIRLSports Management is illustrated by
Appendix 4. This mix can be used in conjunction with the 3 C’s of competitive analysis,
demonstrated by Appendix 5. The strategy aims to increase the number of followers to
gain popularity, making the agency more attractive to clients, sponsors, and partners.
Generation Y and Z, spend more time on social media than any other generation (Ahmed,
2019). Additionally, 62% of fans of women’s football use the internet to follow the game,
amplified by a 60% increase in internet usage during the pandemic (Nielsen Sports, 2019;
Branscombe, 2020). This suggests that social media and digital platforms can have the
greatest potential to reach the targeted followers, and for that reason, form a core element
of the marketing strategy.

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 COMPETITION
The sport industry is highly competitive and agencies often span globally, work with
clients male and female, from several different sports (IBISWorld, 2021). On that account,
the business has very high competition, such as the most successful agencies in the world
(ex. Octagon, Wasserman Media Group, Creative Artists Agency), especially for some of
the most talented clients. However, majority of these focus on men’s sport and don’t work
with many female footballers from UK leagues. Therefore, the business’ greatest direct
competitors were narrowed down based on the most similar location and client base into
Quantum Sport, Next Gen Sports & Entertainment, and Synergy Sports Management, as
presented in Table 1. What makes GIRLSports Management unique compared to its
competitors is the specific focus on only female athletes.

Table 1: Direct Competitor Comparison

My Business:
Next Gen Sports & Synergy Sports
Agency GIRLSports Quantum Sport
Entertainment Management
Management
Global representation
Sports management
Sports management and career
Service agency for female Professional football agency
agency for elite athletes management of elite
footballers individuals in sport
Athlete
Representation, Career Management, Public Relations, Media
Areas
PR/Media Sports Management Commercial Deals, and Management, and Commercial
Specialized
Management, and Media Opportunities Partnerships
Commercial Deals
Female-focused. Team of lawyers,
One of Europe’s
Unique Giving female agents, and ex-
leading sports Ethical & transparent. Follows
Selling athletes a platform professional sportsmen
management the athlete both on and off field.
Point and deserved and women provide a
companies
recognition holistic service
Men’s Cricket, Football,
Men’s and Women’s
Sport(s) Women’s Football Rugby, MMA, Women’s Men’s and Women’s Football
Football
Football,
Revenue N/A £108,932 (2021) £61,918 (2021) £34,304 (2021)
Location UK UK UK, Europe, USA UK

Reference N/A https://quantumsport.co.uk/ https://nextgensport.co.uk/ https://synergysportsmanagement.co.uk/

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 People
The entrepreneur lacks several skills to organise the business alone. Drawing on their
connections, a co-founder is chosen, with a sports agent background, to enable legal and
formal work with clients. A start-up business with co-founders gains a diversity of skills, which
can identify opportunities from otherwise unconnected fields (Matlay and Westhead, 2005).
Furthermore, the entrepreneur’s team is created, consisting of seven individuals in the first two
years, illustrated by Figure 1. Detailed description of these roles is presented in Appendix 8
and each individual brings an essential set of skills into the business, as illustrated by
Appendix 9. Generating greater value for women’s football will be a core vision of all members,
as sharing a common vision can contribute to superior team performance (De Mol, 2019). Due
to a low initial number of clients, the business will hire several freelancers, rather than full-time
employees for the first two years. With networking at the core of sport agencies, it is valuable
to have personal contacts in the industry (Graham, 2001). Consequently, multiple external
contacts which can be relevant stakeholders or help reach more individuals within the industry
are illustrated by Appendix 7. As the agency gains more clients, the entrepreneur’s team and
network will be expanded and the agency will shift from freelancers to permanent employees.

Individual Individual

Legal Social Media &

Secretary Marketing

Founder Co-founder

SEO
Consultant Sports Agent Accountant
(Year 2)

Individual
Individual
Individual

Figure 1: Entrepreneur’s Team

(Modified from Conway & Jones, 2012)

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 Process
The process of GIRLSports Management is illustrated by Figure 2. After the initial
launch of the website and social media accounts, the process includes four core functions of
the agency (shown in white boxes), which continue to be active throughout the whole process.
Services will be provided from an office based in Leeds, however, regular zoom meetings can
also be used to communicate with staff that are working from home and to maintain client
relationships. Web analytics or surveys can serve as feedback from consumers and clients,
which can help evaluate whether any relevant adjustments need to be made (Pavlou and
Stewart, 2000). The potential website, logo, and social media design, can be viewed by Image
1 and Image 2.

Launch a website and

social media accounts

Advertise business
Networking Scout players/clients (traditional and
digital marketing)

Reach out to a
potential client

Negotiate terms and sign

contract with client

Represent, PR/media manage, and

secure commercial deals for client(s)

Evaluation and feedback from

client(s) and followers

Communicate feedback to
entrepreneurial team for
necessary adjustments
Figure 2: Process Map

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Image 1: Potential Design of the Website

Image 2: Potential Design of Social Media Account (Instagram) (left) and Logo (right)

8
 Profit
As observed by the competitors, sport agencies earn between 4-10% of an athlete’s
contract earnings and 10-20% of endorsement contracts, therefore, the agency will operate at
approximately 8% and 15%, respectively, to ensure sustainability (Gentile, 2018). The average
annual salary is approximately £30,000 in the WSL and £10-20,000 in the WC, with the most
famous players reaching £200,000 (Humphreys, 2021). The average annual salary from
endorsement deals is £5,000 (Humphreys, 2021). Due to several weeks of networking,
scouting for players, and advertising, it is predicted that the agency won’t have clients in month
one, year one. Since the company is estimated to begin with only a few lower-paid clients, the
business’ expenditure surpasses income in year one. Therefore, the start-up costs of £4,582
(Appendix 10) and the net loss of £13,307, observed in the profit & loss table (Appendix 11),
are covered by the entrepreneur’s £20,000 savings and a £10,000 family loan, also shown in
the year one cash flow forecast (Appendix 12). In year two, the venture is predicted to have a
net profit of £31,213, with a closing balance of £45,228, based on the assumption that 39
clients will be reached by the end of the year, as illustrated by the year two cash flow forecast
(Appendix 13). Annual salaries were estimated to vary between £10,000 and £200,000, with
majority of clients predicted to have salaries of the lower end. These calculations are based on
assumptions, highlighted by Appendix 14.

Conclusion
In conclusion, GIRLSports Management has the potential to elevate the undervalued
sport of women’s football. Within the growing market and increasing interest in female sports,
the business has the opportunity to be profitable in the next few years. What follows is
conducting thorough market analysis and research to establish a strong network before its
launch.

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 PART B

Reflection:
Part B will critically reflect on the development of my business idea and the
entrepreneurial learning that I experienced throughout Part A. My experiences are compared
to different perspectives and theories gathered from research, to illustrate the various
mechanisms that contributed to my entrepreneurial behaviour.

As a female footballer, recognising the poor opportunities my friends and I had in

women’s football sparked my interest in the start-up, which inclines towards the ‘social
bricoleur’ type of entrepreneurship (Zahra et al., 2009). Although the cause would benefit me
as a footballer, I also reflected to try to identify what else motivated me. Contradictory to the
assumption of Smith’s economic theory, which suggests that individuals are exclusively
motivated by self-interest, I believe it also stemmed from my intrinsic pro-social behaviour
(Smith, 2008). As observed by Dovidio et al. (1997), pro-social motivation is increased for
individuals when it concerns their in-group rather than their out-group (Dovidio et al., 1997).
Therefore, it is likely that my close friendships with female footballers created a personal driver
for me as well. This type of motivation could be beneficial as recent findings emphasized the
importance of prosocial motivation as a factor benefiting society and improving entrepreneurs’
well-being, however, can be challenging, due to a misalignment of generating profit while
devoting resources to help others (Stepherd et al., 2015). In my case, generating profit did
prove to be a challenge in the first year, however, was predicted to increase by year two. It
may, however, be useful to create a contingency plan in the future to ensure that profit is made,
if my forecast were to be incorrect.

When formulating my idea, I was able to recognise that my people skills can be
beneficial, since the business relies on networking. Undertaking a social secretary role for my
football team and managing events during my undergraduate studies increased my
communication, extroversion, and network within the sports industry. I believe this helped me
recognise the potential of my idea, which is supported by Greene (2020), who suggested that
entrepreneurs with previous management experience are able to better enact entrepreneurial
opportunities and have higher social capital (Greene, 2020). This social capital can lead to
further success of the venture, since higher social capital was found to increase financial
success of a start-up company (Baron and Markman, 2003). Moreover, high levels of loyalty
among social networks in business can reduce entrepreneurial risks (Moran, 2005). This
implies that in the future, implementing strategies to increase loyalty within my entrepreneurial
team and network such as regular engagement, appreciation, or constructive feedback may
benefit the organisation.

10
 When developing my profit dimension, I found myself constantly making adjustments,
worried that I forgot something important, and prolonging my work. After the application of
Argyris and Shon’s double loop learning, I questioned my underlying techniques to determine
why I consistently failed at being satisfied. I observed that this was due to my ‘perfectionist’
tendencies (Argyris and Schon, 1974). I likely exemplified McClelland’s (1961) ‘need for
achievement’, as highlighted by my high Get2 test score, which contributed to this. Supported
by Zozimo et al. (2017), I could have also learned this from my mother, as I imitated her
behaviour when observing her work, since she is a significant role model to me and tends to
prefer things flawless (Zozimo et al., 2017). However, Timmons and Spinnelli’s (2007) label a
“perfectionist” as a non-entrepreneurial attribute (Timmons and Spinnelli, 2007). I was often
frustrated and took longer to complete my work, yet, I also observed that it pushed me to
remain highly motivated and engaged. This insinuates that perfectionism may not always be
negative, as suggested by Hill et al., (2004), who identified scaled perfectionism, with positive
and negative forms, from which the positive pursues high standards of performance but also
exercises a degree of flexibility when assessing one’s performance (Hill et al., 2004).
Supporting the criticism of trait theory, this reinforces that traits may be poor predictors of
entrepreneurial behaviour (Gartner, 1989) However, perfectionist rigidity in thinking may still
contribute to inflexibility, which, in turn may inhibit my ability to think creatively (Sirois et al.,
2010). Therefore, in the future, I should be aware of these tendencies. It is proposed that
regular provision of feedback can mitigate the stress or impacts of perfectionism, therefore,
getting feedback from my business team could reduce these tendencies for me (Aldea et al.,
2010).

Having the opportunity to discuss my idea with my course mate and mother, who both
share a similar interest in football, gave me a relationship-based and socially situated approach
to entrepreneurial learning in which argument and debate with others were central (Taylor and
Thorpe, 2004). As described by Brown and Duguid (1991), co-participation enables a
construction of my understanding from a wide range of materials, such as different histories
and social relations of the individuals involved (Brown and Duguid, 1991). Discussions such
as these facilitated my entrepreneurial preparedness, described as the cumulative, purposeful,
and social learning process to undertake entrepreneurial activity (Wang et al., 2014). I also
observed that this increased my confidence about my business idea, likely due to the validation
I gained. As argued, individuals experience their personal beliefs and opinions as valid when
they are shared by those who are credibly similar to them (Festinger et al., 1950). I can further
utilise this learning within my venture, since having a co-founder enables me to continue
practicing co-participation. However, I should be cautious of the potential to experience the
cognitive bias of “unrealistic optimism” that could stem from the validation of my ideas, and try

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to also communicate to individuals that have different perspectives from mine (Blundel et al.,
2018).

Through critical reflection, I gained insight into the impact of my motivation, previous
experience, and behavioural tendencies on the development of my business idea. Linking this
with a variety of perspectives from literature allowed me to view my experience from a broader
perspective, and analyse the type of entrepreneurial learning I underwent. Going through the
process of Part A, linked with the analysis from Part B, I gained a foundation that can help me
improve my entrepreneurial journey.

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 APPENDIX:
Appendix 1: Visual Representation of the Opportunity Business Model
PROPOSITION: “For Female Athletes”
PERSONAL: Female footballer with
experience and social capital in women’s
football. Additionally, a strong desire to
improve the sport’s value.
PEOPLE: A co-founder is essential to
create the business. Entrepreneur’s team
and network drawn from entrepreneur’s
connections.
SOCIETAL: Interest for women’s football is
on the rise. Player visibility, broadcasting,
and good playing conditions are lacking
behind, even more strongly after COVID-19.
PLACE: Gen Y, male, football fans are the
DIMENSIONS

market segment and female footballers

DRIVERS
from the FA Women’s Championship and
FA Women’s Super League are the
targeted clients. Quantum Sports, Next
Gen, and Synergy Sports Management, are
the main competitors. The core of the
marketing strategy is the use of digital
platforms and social media to gain
followers.
TECHNOLOGICAL: A significant shift online
within younger generations and sports fans,
magnified by the COVID-19 pandemic.
PROCESS: Several steps, with a few
occurring consistently throughout the whole
process. Key to maintain client relationships
and gather feedback.
PROFIT: A net loss of £13,307 and start-up
costs of £4,582 in year 1 covered by savings
and family loan of £30,000. Net profit of
£31,213 reached by year 2.

17
Appendix 2: Detailed Description of the Service

Service Description Examples

contracts, competitions, club
Athlete handling negotiations and providing
relocation, legal advice,
Representation support
financial advice
YouTube livestreams,
interviews, social media
Public Relations appearances, events, partnerships,
campaigns, marketing
and Media promotion on social media
campaigns,
Management accounts, marketing
advertisements/commercials,
meet and greets
signing endorsement and
Nike, Puma, Hummel,
sponsorship deals that will provide
Commercial Barclays, Adidas, Reebok,
clients with revenue, equipment,
Partnerships Optimum Nutrition, Lucozade,
supplements, and other industry
Budweiser, Pepsi
benefits.

Appendix 3: Overview of the FA’s Women’s Football Pyramid

12 Teams

12 Teams

Adapted from Ingram, 2021

18
Appendix 4: 5Ps of Marketing Mix Model (“Heart of the Sports Market”)

Price
o 8% of athlete’s contract
o 15% of athlete’s commercial deals
Product (Service) Place
o Athlete o Office in Leeds, UK
representation o Website
o PR/media o Social media
management accounts
o Creation of (Facebook,
commercial deals Consumers Instagram, Twitter,
Company
LinkedIn)

GIRL SPORTS

Competition

Promotion Publicity (Media)

o Digital and traditional o Social Media Accounts
advertising (includes o Social Media Partnerships
sports magazines, o Website
newspapers, TV adverts) o E-communications
o Attend conferences and o Engaging with fanbase
related sport events
o Partnerships with other
agencies

Appendix 5: 3 C’s of Competitive Analysis

3 C’s Description

Consumers Football fans, male, Gen Y (25-34)

Company SWOT analysis detailed in Appendix 6
Quantum Sport, Next Gen Sports & Entertainment, Synergy
Competition Sports Management

Modified by Schwarz and Hunter (2008)

19
 Appendix 6: SWOT Marketing Analysis (data from IBISWorld)

SWOT Description

▪ client base is still highly unnoticed amongst many

Strengths competitors
▪ A very competitive industry and many big firms have
been established for years
Weaknesses ▪ Might take time for the business to break into the market
and attract well-established athletes
▪ Industry is anticipated to continue growing with the ever-
rising popularity of sports and women’s sports.
Opportunities ▪ Even with the pandemic still in place, demand for
women’s football events has only seen a rise
▪ With technology, internet, and social media, athletes
Threats often promote themselves alone already

Appendix 7: Network Diagram

Hummel brand
ambassador
Nike marketing
intern
Player from the
WC

Player from the

Player from the WC WSL
Founder

Head of football Co-founder

at Boddington
Playing Fields Legal advisor

Coach from a
club in the WC Sport agent
Marketing lead
of FA National
Youth Council

Sports
Owner of a
and journalist female football
club in London

Adapted from Blundel et al., 2018

20
 Appendix 8: Description of the Roles of the Entrepreneur Team

Role Description/Responsibilities

▪ Leading development and implementation of overall strategy

▪ Maintaining client relationships
Founder ▪ Networking with relevant stakeholders
▪ Signing checks, deals, documents on behalf of the company
▪ Evaluates success off business
▪ Has a sports agent license and experience
▪ Work with founder to network, create, and launch the business.
Co-founder ▪ Finding and securing athletes with sponsorship deals,
endorsements, advising on career decision, promoting through
social media
▪ Hired in Year 2
▪ Finding and securing athletes with sponsorship deals,
Sports Agent endorsements, advising on career decision, promoting through
social media
▪ Drawing up contracts, fees, and legal documents with clients
Social Media and ▪ Oversees company’s interactions with the public
Marketing Specialist ▪ Implanting content strategies on social media platforms
(Part-time) ▪ Design and creation of marketing projects, promotions, and sales
▪ Preparing financial reports, budgets, and taxing
Accountant ▪ Cash management, general ledger accounting
(Freelancer) ▪ Financial forecasting and risk analysis
▪ Administering payrolls and handling financial transactions
SEO Consultant ▪ Identify strategies, techniques, tactics, research, and analysis to
(Freelancer) improve a website’s ranking on search engines

Legal Secretary ▪ Prepare legal documents such as contracts, agreements, and

(Freelancer) other legal documents

Appendix 9: Skills Profile (adopted from Barringer and Ireland, 2016)

Individual Relationship Leadership Negotiation Creativity Communication Problem- Analytics Role
Solving and
Research

Individual N/A ✓ ✓ ✓ ✓ Founder

Individual Friend ✓ ✓ ✓ ✓ Co-Founder

Professional
Individual
Contact ✓ ✓ ✓ ✓ Sports Agent
Social Media
Former ✓ ✓ ✓ ✓ and
Marketing
Individual
Co-worker
Specialist

Family ✓ ✓ ✓ Accountant
Individual member

Individual
Professional
Contact
✓ ✓ ✓ SEO
Consultant
Legal
Individual Friend ✓ ✓ ✓ Secretary

21
 Appendix 10: Start Up Costs

Cost Amount Notes/Assumptions Source

(£)
https://www.gov.uk/limited-
Registering as a One-time fee to register
12 company-formation/register-your-
limited Company the company company
https://www.expertmarket.co.uk/w
Company website and
Website 2,894 eb-design/how-much-does-
website designer
website-cost
Tv-advert (x1), https://www.newsukadvertising.co.
Initial advertising Newspapers/Sports uk/
676
before opening Magazine (x1) https://www.vistaprint.co.uk/
Leaflets (x250) https://www.toasttv.co.uk
https://www.britishlogodesign.co.u
Branding 500 Design and Create Logo
k/average-cost-company-logo/
http://www.thefa.com/football-
One-time fee for
FA registration rules-
500 registration as a sports
fees governance/policies/intermediarie
agency in the FA s/intermediaries-registration
TOTAL 4,582

Appendix 11: Profit & Loss Table

Amount (£) Amount (£) Notes / Assumptions

YEAR 1 YEAR 2
INCOME
Starting with clients with salaries of £20,000/year; most clients
Commission from clients have £30,000/year as this is average within WSL, and only 1
(8% athlete contract) 48,423 147,471
(15% endorsement deals)
client with £200,000/year. Estimated that every client will have
£5,000 annual revenue from endorsement deals.
# of clients 31 39
GROSS PROFIT

INDIRECT COSTS
SEO Consultant, Legal Secretary, Social Media & Marketing
Wages 33,540 77,540
Specialist, Accountant, Sports Agent, Co-founder, Founder
Marketing 11,226 11,226 Social Media Partnerships, Website, Advertising
Office Rent, Wifi, Phone Bill, Stationery, Printer and ink, Card
Office 11,214 14,361
Machine
Others 5,750 5,810 Digital Software, Travel Costs, Insurance, FA fees

TOTAL INDIRECT
61,730 108,937
COSTS

NET PROFIT BEFORE

0 38,534 Loss of £13,307 in YEAR 1
TAX

Tax 0 7,321.46 Corporation Tax rate of 19% for Limited Companies in the UK

NET PROFIT 0 31,212.54

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Appendix 12: Cash Flow Forecast (Year 1)

Appendix 13: Cash Flow Forecast (Year 2)

23
Appendix 14: Cash Flow Forecast Assumptions and References

24