Northampton Business School

Accounting and Finance for

Managers
Assignment Brief

Department: NBS Accountancy and Finance Division

Module Code: ACC3015

Level: 6

Academic Year: 2017/2018

Semester: One
 Assessment Structure

Assessment Items Units Weighting

AS1- 1*2,500 word Case or Project 3 60

TC1- 2* Time Constrained Tests 2 40

For this module, two different kinds of assessments will be required. The first will consist of two
'time constrained' on-line tests to be submitted during the 'taught' period of the course. The
second, written assessment should be submitted after the student has fully completed the module.

The two 'on-line' tests will count as one assessment and together will contribute to 40% of the overall
module assessment. Each test is equally weighted.

The final written assessment will count for 60% of the assessment for this module. This final
assessment will require students to demonstrate wider and deeper learning and an ability to reflect
in a critical manner.

It is important that students complete and submit all their work in electronic file version.

ASSESSMENT CRITERIA

The emphasis on the time-constrained tests is to ensure that the student has engaged effectively
with the e-based learning materials and also to give early feedback to all parties as to progress. To
this end the learning outcomes assessed will largely be those which reflect time management,
engagement with the 'e-learning' technology, knowledge and understanding and 'operational'
subject specific skills.

The 2,500 word project, however, seeks to assess communication, interpretational and critical
reflection skills. At the same time an opportunity will be taken to establish that the student has read
and researched widely and in depth.
 Accounting and Finance for Managers- ACC3015
Year 2016
Case study
Detailed Instructions and Guidelines

Objective of the Case study: This case study aims at helping students to reflect on what they
learnt throughout the module.

Instructions: The case study consists of two sections- Section A consists of 70 marks and Section
B consist of 30 marks. Students are expected to read the case study thoroughly and to answer all
the required questions in a structured and organised manner with reference to published work. This
is an individual assignment and it is worth 60% of the total module mark.

Academic Honesty: Plagiarism will not be tolerated and could lead to your failure, so please
make sure you cite and reference correctly.

Please note that you are entitled to submit your assignment only once and the Turnitin originality
report will only be available on the due date. There will be no draft submission.
 SECTION A -70 marks

Question 1

The following financial data (a,b,c) is for three retail businesses, which are listed on the London
Stock Exchange.

a) Tesco PLC

Tesco PLC
Annual Ratios
[GBP Millions]
22-Feb- 23-Feb- 25-Feb- 26-Feb- 27-Feb-
2014 2013 2012 2011 2010
Financial Strength
Current Ratio 0.61 0.66 0.64 0.65 0.71
Quick/Acid Test Ratio 0.42 0.43 0.43 0.45 0.51
Working Capital -8,314.0 -6,520.0 -6,896.0 -6,123.0 -4,623.0
Long Term Debt/Equity 0.63 0.60 0.56 0.59 0.80
Total Debt/Equity 0.76 0.65 0.66 0.67 0.91
Long Term Debt/Total
Capital 0.36 0.37 0.34 0.35 0.42
Total Debt/Total Capital 0.43 0.39 0.40 0.40 0.48
Interest Coverage 24.82 32.63 - 217.61 72.02
Payout Ratio 62.15% 77.40% 37.51% 42.00% 44.49%
Effective Tax Rate 15.36% 25.72% 21.64% 23.73% 26.45%
Total Capital 25,928.0 27,477.0 29,524.0 27,610.0 27,869.0

Efficiency
Asset Turnover 1.27 1.26 1.30 1.30 1.24
Inventory Turnover 16.27 16.14 17.31 18.78 19.38
Days In Inventory 22.43 22.61 21.08 19.43 18.84
Receivables Turnover 11.87 12.76 13.90 14.61 15.95
Days Receivables
Outstanding 30.75 28.61 26.26 24.98 22.89
Revenue/Employee 124,513 125,097 122,993 123,795 120,548
Operating
Income/Employee 5,154 4,700 8,047 8,021 7,323
EBITDA/Employee 8,177 7,766 10,855 10,929 10,254

Profitability
Gross Margin 6.31% 6.55% 8.44% 8.48% 8.10%
Operating Margin 4.14% 3.76% 6.54% 6.48% 6.07%
EBITDA Margin 6.57% 6.21% 8.83% 8.83% 8.51%
EBIT Margin 4.14% 3.76% 6.54% 6.48% 6.07%
Pretax Margin 3.55% 3.24% 6.32% 6.02% 5.58%
Net Profit Margin 3.01% 2.42% 4.94% 4.57% 4.09%
COGS/Revenue 93.69% 93.45% 91.56% 91.52% 91.90%
SG&A Expense/Revenue 2.61% 2.34% 2.52% 2.71% 2.68%

Management
Effectiveness
Return on Assets 3.81% 3.03% 6.46% 5.96% 5.10%
Return on Equity 12.22% 8.90% 18.40% 17.74% 16.96%

Valuation
Free Cash Flow/Share 0.00 -0.02 0.09 0.09 0.22
Operating Cash
Flow/Share 0.36 0.35 0.55 0.53 0.59

Current Market Multiples

Market Cap/Earnings
(TTM) 17.55
Market Cap/Equity (MRQ) 1.12
Market Cap/Revenue
(TTM) 0.24
Market Cap/EBIT (TTM) 6.02
Market Cap/EBITDA
(TTM) 3.75
Enterprise Value/Earnings
(TTM) 28.04
Enterprise Value/Equity
(MRQ) 1.79
Enterprise Value/Revenue
(TTM) 0.39
Enterprise Value/EBIT
(TTM) 9.62
Enterprise Value/EBITDA
(TTM) 5.99

b) Morrisons PLC
WM Morrison
Supermarkets PLC
Annual Ratios
[GBP Millions]
02-Feb- 03-Feb- 29-Jan- 30-Jan- 31-Jan-
2014 2013 2012 2011 2010
Financial Strength
Current Ratio 0.5 0.58 0.57 0.55 0.51
Quick/Acid Test Ratio 0.1 0.20 0.21 0.21 0.19
Working Capital - -992.0 -981.0 -948.0 -1,060.0
Long Term Debt/Equity 0.5 0.46 0.29 0.19 0.21
Total Debt/Equity 0.6 0.47 0.31 0.19 0.25
Long Term Debt/Total
Capital 0.3 0.31 0.22 0.16 0.17
Total Debt/Total Capital 0.3 0.32 0.24 0.16 0.20
Payout Ratio - 44.28% 40.10% 40.10% 35.96%
Effective Tax Rate - 26.39% 27.14% 27.69% 30.30%
Total Capital 7,725. 7,662.0 7,094.0 6,472.0 6,169.0

Efficiency
Asset Turnover 1.6 1.78 1.86 1.84 1.81
Inventory Turnover 20.3 21.96 23.54 25.24 26.79
Days In Inventory 17.9 16.62 15.50 14.46 13.62
Receivables Turnover 87.3 81.97 78.15 88.84 77.05
Days Receivables
Outstanding 4.1 4.45 4.67 4.11 4.74
Revenue/Employee 337,953 322,481 308,961 282,722 276,646
Operating Income/Employee -1,816 16,893 17,020 15,509 16,283
EBITDA/Employee 5,620 23,373 22,827 20,982 21,776

Profitability
Gross Margin 6.07% 6.66% 6.89% 6.97% 6.89%
Operating Margin -0.54% 5.24% 5.51% 5.49% 5.89%
EBITDA Margin 1.66% 7.25% 7.39% 7.42% 7.87%
EBIT Margin -0.54% 5.24% 5.51% 5.49% 5.89%
Pretax Margin -1.00% 4.85% 5.36% 5.30% 5.57%
Net Profit Margin -1.35% 3.57% 3.91% 3.84% 3.88%
COGS/Revenue 93.93% 93.34% 93.11% 93.03% 93.11%
SG&A Expense/Revenue 2.01% 1.85% 1.86% 1.96% 2.04%

Management
Effectiveness
Return on Assets -2.24% 6.35% 7.26% 7.06% 7.04%
Return on Equity -4.80% 12.18% 12.76% 12.19% 12.63%

Valuation
Free Cash Flow/Share -0.13 0.05 0.05 0.12 -0.06
Operating Cash Flow/Share 0.31 0.47 0.37 0.34 0.28

Current Market Multiples

Market Cap/Earnings (TTM) -12.70
Market Cap/Equity (MRQ) 0.88
Market Cap/Revenue (TTM) 0.24
Market Cap/EBIT (TTM) 6.64
Market Cap/EBITDA (TTM) 4.09
Enterprise Value/Earnings
(TTM) -20.63
Enterprise Value/Equity
(MRQ) 1.43
Enterprise Value/Revenue
(TTM) 0.39
Enterprise Value/EBIT
(TTM) 10.78
Enterprise Value/EBITDA
(TTM) 6.64

c) Sainsbury PLC

J Sainsbury plc
Annual Ratios
[GBP Millions]
15-Mar- 16-Mar- 17-Mar- 19-Mar- 20-Mar-
2014 2013 2012 2011 2010
Financial Strength
Current Ratio 0.6 0.61 0.65 0.59 0.66
Quick/Acid Test Ratio 0.4 0.25 0.33 0.27 0.36
Working Capital - -1,214.0 -1,104.0 -1,221.0 -940.0
Long Term Debt/Equity 0.3 0.45 0.46 0.43 0.47
Total Debt/Equity 0.4 0.48 0.48 0.44 0.49
Long Term Debt/Total
Capital 0.2 0.30 0.31 0.30 0.32
Total Debt/Total Capital 0.32 0.32 0.33 0.31 0.33
Payout Ratio 45.83% 52.19% 50.36% 43.86% 44.22%
Effective Tax Rate 20.27% 22.02% 25.16% 22.61% 20.19%
Total Capital 8,787.0 8,619.0 8,488.0 7,837.0 7,396.0

Efficiency
Asset Turnover 1.64 1.86 1.88 1.90 1.91
Inventory Turnover 22.65 22.88 24.09 26.34 27.15
Days In Inventory 16.11 15.95 15.15 13.86 13.44
Receivables Turnover 25.04 85.67 78.64 93.17 129.22
Days Receivables
Outstanding 14.58 4.26 4.64 3.92 2.82
Revenue/Employee 484,798 474,603 456,844 438,711 422,072
Operating
Income/Employee 20,425 17,963 17,910 17,692 15,011
EBITDA/Employee 31,579 28,493 28,135 27,713 25,137

Profitability
Gross Margin 5.79% 5.48% 5.43% 5.50% 5.42%
Operating Margin 4.21% 3.78% 3.92% 4.03% 3.56%
EBITDA Margin 6.51% 6.00% 6.16% 6.32% 5.96%
EBIT Margin 4.21% 3.78% 3.92% 4.03% 3.56%
Pretax Margin 3.75% 3.31% 3.58% 3.92% 3.67%
Net Profit Margin 2.99% 2.58% 2.68% 3.03% 2.93%
COGS/Revenue 94.21% 94.52% 94.57% 94.50% 94.58%
SG&A Expense/Revenue 1.82% 1.98% 1.88% 1.98% 2.00%

Management
Effectiveness
Return on Assets 4.90% 4.81% 5.04% 5.75% 5.60%
Return on Equity 12.09% 10.42% 10.73% 12.32% 12.52%

Valuation
Free Cash Flow/Share 0.01 -0.06 -0.10 -0.16 -0.02
Operating Cash
Flow/Share 0.49 0.52 0.56 0.46 0.54

Current Market Multiples

Market Cap/Earnings (TTM) 185.15
Market Cap/Equity (MRQ) 0.83
Market Cap/Revenue (TTM) 0.19
Market Cap/EBIT (TTM) 5.26
Market Cap/EBITDA (TTM) 3.15
Enterprise Value/Earnings
(TTM) 248.56
Enterprise Value/Equity(MRQ) 1.12
Enterprise Value/Revenue
(TTM) 0.26
Enterprise Value/EBIT (TTM) 7.06
Enterprise Value/EBITDA 4.23
(TTM)
You are required to:

(a) Select and justify at least 10 financial ratios and calculate 2 non-financial ratios to analyse

the performance and financial position of the three companies. You are expected to use

charts to compare performance of the three companies. You will need to look at the audited

financial statement and carry out further research to explain the performance of the

company over the five years. For clarity, you are expected to rank the companies based

on the individual benchmarks and overall. (50 Marks)

(b) Write a memo to the managing director of the worst performing company with

recommendations of how the financial performance of the business can be improved. (15

marks)

(c) Outline the limitations of relying on financial ratios to interpret firm performance? (5 Marks)

You are expected to research for more information on the companies and cite the material
correctly. You can use the Global Business Browser database to access analysts and SWOT
reports.
 SECTION B -30 marks

Question2

Sound Equipment Ltd was formed five years ago to manufacture parts for hi-fi equipment. Most of

its customers were individuals wanting to assemble their own systems. Recently, however, the

company has embarked on a policy of expansion and has been approached by JBZ plc, a

multinational manufacturer of consumer electronics. JBZ has offered Sound Equipment Ltd a

contract to build an amplifier for its latest consumer product. If accepted, the contract will increase

Sound Equipments turnover by 20%.

JBZs offer is a fixed price contract over three years, although it is possible for Sound Equipment to

apply for subsequent contracts. The contract will involve Sound Equipment purchasing a specialist

machine for 150 000. Although the machine has a 10-year life, it would be written off over the three

years of the initial contract as it can only be used in the manufacture of the amplifier for JBZ.

The production director of Sound Equipment has already prepared a financial appraisal of the

proposal. This is reproduced below. With a capital cost of 150 000 and total profits of 60 300, the

production director has calculated the return on capital employed as 40.2%. As this is greater than

Sound Equipments cost of capital of 18%, the production director is recommending that the board

accepts the contract.

Year 1 Year 2 Year 3 Total

() () ()

Turnover 180 000 180 000 180 000 540 000

Materials 60 000 60 000 60 000 180 000

Labour 40 000 40 000 40 000 120 000

Depreciation 50 000 50 000 50 000 150 000

Pre-tax profit 30 000 30 000 30 000 90 000

Corporation tax at 33% 9 900 9 900 9 900 29 700

After-tax profit 20 100 20 100 20 100 60 300

You are employed as the assistant accountant to Sound Equipment Ltd and report to John Green,

the financial director, who asks you to carry out a full financial appraisal of the proposed contract.

He feels that the production directors presentation is inappropriate. He provides you with the

following additional information:

i) Sound Equipment pays corporation tax at the rate of 33%;

ii) The machine will qualify for a 25% writing-down allowance on the reducing balance;

iii) The machine will have no further use other than in manufacturing the amplifier for

JBZ;

iv) On ending the contract with JBZ, any outstanding capital allowances can be claimed

as a balancing allowance;

v) The companys cost of capital is 18%;

vi) The cost of materials and labour is forecast to increase by 5% per annum for years 2

and 3.

John Green reminds you that Sound Equipment operates a just-in-time stock policy and that

production will be delivered immediately to JBZ, who will, under the terms of the contract,

immediately pay for the deliveries. He also reminds you that suppliers are paid immediately on

receipt of goods and that employees are also paid immediately.

Notes:

For the purpose of this task, you may assume the following:

(a) the machine would be purchased at the beginning of the accounting year;

(b) there is a one-year delay in paying corporation tax;

(c) all cash flows other than the purchase of the machine occur at the end of each year;

(d) Sound Equipment has no other assets on which to claim capital allowances.
REQUIRED:

Write a report with recommendations to the financial director. Your report should include:

a) Use the net present value technique to identify whether or not the initial three-year contract

is worthwhile. (10 Marks)

b) Explain your approach to taxation in your appraisal. (6 Marks)

c) Discuss two other investment appraisal methods that could be used to evaluate this

project. (8 Marks)

d) What others factors would need to be considered before making a final decision.

(6 Marks)

You are expected to research for theoretical information on investment appraisal

techniques and cite the material correctly. All assumptions made should be clearly stated.
ADDITIONAL GUIDANCE

1. All calculations must be detailed and presented clearly.

2. Use of published work (citing references) within text is expected.
3. A full list of references should be presented at the end of the case study.
4. Please avoid the use of I, We, Us in your case study. You are expected to write in third
person.
5. Include the assignment front sheet and marking scheme which is attached to the
assignment brief.
6. Your answer should not repeat the question as it will be included in your word count.
7. Formatting:
a. Font Type: Arial.
b. Font size 11/12.
c. Line spacing 1.5 to 2.
d. All pages must be numbered
e. All graphs, charts and tables should have a number and a title.
f. All text must be aligned to the left.
8. Good use of English, referencing, presentation will earn marks.

Accounting and Finance Penalties

1. Word Count*: All assessments have a word count with a tolerance of 10% only.
Submissions that exceed the word count will be penalised as follows-one grade point* for
every 150 words or part thereof.
2. Missing References - penalty is three grade points minimum (see module guide for further
details).
3. Front sheet missing-penalty one grade point.
4. Word count missing or inaccurate-penalty one grade point.
** Front sheet, contents page, references and any appendices do not count in the word
count.
Question 1 MARKING GUIDE (70%)

Student Name:

Student ID Number:

Marking Criteria-Please note word limit of 3,000 words (excluding Marks

bibliography and any appendices)
FINANCIAL RATIOS 40
Justification and analysis of the ratios to be used to determine
success/failure of the companies. Ratios should cover all the main ratio
groups and also incorporate market data. To determine the financial
strength of the company in areas such as profitability, liquidity, investor
ratios, gearing, and share price performance-other financial information of
use. Use tables and charts to summarise data and show trends. Rank best
and worst for each ratio analysed. Justify the chosen ranking method and
discuss results.
Marks for FINANCIAL RATIOS 40
NON-FINANCIAL RATIOS
Justification and presentation of the non-financial ratios to be used to 10
determine success/failure of the company offer. Undertake these
calculations and tabulate data. Ratios should be important to the retail
sector. Rank best and worst for each ratio analysed. Justify the chosen
ranking method.

Marks for NON-FINANCIAL RATIOS 10

Memo to MD of WORST performing Company 10
Present summary ranking for each ratio group and explain reasons for poor
financial and no-financial performance. Outline and explain strategic
recommendations to improve the firm performance in the medium term (3-5
years).
Marks for MEMO 10
LIMITATIONS OF FINANCIAL RATIOS
10

Marks for Discussion 10

Total Marks
70
Question 2 MARKING GUIDE 30%

Marking Criteria

2a

Report format (to, from, date, subject) /1

Calculation of net cash flows /4

Project NPV /1

Tax computation /3

Recommendation /1

2b

Explanation of tax computation (detailed citation required) /6

2c

Two investment appraisal techniques. Define, explain and critique of ARR, /8

NPV, IRR, Payback, or Discounted Payback. (detailed citation required)

2d

Discuss at least three other factors that need to be considered. (detailed /6

citation is requires)

TOTAL /30
Assessment Criteria

The standard university criteria, shown below, will be used. Grades from A+ through to D- indicate work of a pass
standard; grades of F+ and below are fails.

An exceptional A+ 80- Work which fulfils all the criteria of the grade below, but at an exceptional standard.
first 100

A good first A 75- Work of distinguished quality which is based on a rigorous, comprehensive and detailed knowledge
79 base, including awareness of the provisional nature of knowledge and its theoretical, ethical and
conceptual dimensions, together with its wider context and implications. Work will demonstrate
sustained ability to engage in analysis of new/abstract data and situations, synthesise data and concepts
to design novel solutions, critically evaluate evidence and its contradictions, and confidence in
application to define and propose resolutions to complex problems relevant to the field of study or
assessment task. This will be the basis for authoritative arguments and judgments and work which
meets professional standards in relation to a full range of key skills. There will be strong evidence of
competence across a range of specialised skills using them to plan, develop and evaluate problems
solving strategies, to challenge received opinion and develop reflective judgments and reports. Clear
evidence of capability to operate autonomously with minimal guidance in complex and unpredictable
contexts using a wide range of innovative and standard techniques will be demonstrated. Outputs will be
communicated effectively, accurately and reliably.

A first A- 70- Work of very good quality which displays most but not all of the criteria for the grade above.
74

A high upper B+ 67- Work which clearly fulfils the criteria for the grade below, but shows a greater degree of capability in
second 69 relevant intellectual/subject/key skills.

A good upper B 63- Work of commendable quality based on a strong comprehensive/detailed knowledge base for the field
second 66 of study, including an assured grasp of concepts, principles and major theories, and demonstrating some
awareness of the provisional nature of such knowledge and understanding together with its wider
implications. There will be evidence of considered and confident analysis of new/abstract
data/situations, synthesis of data/concepts, critical evaluation of evidence and effective application of
knowledge skills to address complex problems. The ability to work effectively within professional
contexts with minimum direction to meet objectives and take responsibility for quality of outputs and
criticise them will also be evident. There will be evidence of capability in all relevant subject based and
key skills, including the ability to self-evaluate and work autonomously with minimal direction to use
effectively a range of innovative and standard techniques in complex and unpredictable contexts.

An upper B- 60- Work of good quality which contains most, but not all of the characteristics of the grade above.
second 62

A high lower C+ 57- Work which clearly fulfils all the criteria of the grade below, but shows a greater degree of capability in
second 59 relevant intellectual/subject/key skills.

A good lower C 53- Work of sound quality based on a firm detailed/comprehensive knowledge base for the field of study and
second 56 its developing and provisional nature, including a good grasp of current theories and issues both abstract
and practical, together with the ability to organise and communicate effectively. The work may be rather
standard and limited in its insight/theoretical grasp or depth, but will be mostly accurate and provide
some evidence of the ability to analyse the new or abstract, synthesise data/concepts, critically evaluate
and apply appropriate methods/techniques, with minimal guidance. There will be no serious omissions or
inaccuracies and there will be capability in professional contexts. There will be good evidence of ability
to take responsibility for own learning, some capability to challenge received opinion and make use of a
range of resources to form judgments. Evidence of the ability to operate with autonomy in complex and
unpredictable situations, selecting and applying appropriate techniques will be demonstrated within
limits. There will be competence in relevant key skills.

A lower second C- 50- Work of capable quality which contains some of the characteristics of grade above.
52

A high third D+ 47- Work of satisfactory quality demonstrating a reliable knowledge base and evidence of developed key
49 skills and/or subject based skills, but still containing limited evidence of analysis, synthesis, evaluation or
application, or of appropriate detail or skill application.

A good third D 43- Work of broadly satisfactory quality based on a knowledge base which is coherent and of appropriate
46 depth/detail for the field of study, including a awareness of current theories and issues and some key
theories, appropriately presented and organised, but is primarily derivative, with limited evidence of
autonomous/creative analysis, synthesis, evaluation or application. Although there will be limits to
knowledge and intellectual skills, such that work may contain some omissions, there will be some
evidence of an ability to deploy established techniques of analysis and enquiry, sound conceptual
understanding and ability to manage own learning and communicate effectively and appropriately. There
will be evidence of ability to operate with autonomy in predictable contexts, but less evidence of ability to
operate in more complex or unpredictable situations. However, there will be evidence of ability to select
and apply a variety of standard and possible innovative techniques, and to meet threshold standards of
competence in relevant key skills.
 A third D- 40- Work of bare pass standard demonstrating familiarity with and grasp of a factual/conceptual and
42 theoretical knowledge base for the field of study, but significantly lacking in either detail/depth or
currency. There will be evidence of some independent ability to employ specialist skills to solve
problems within area of study, but only just meeting threshold standards in eg analysis, synthesis,
evaluation and interpretation of data and information, reasoning and soundness of judgment,
communication, application, or quality of outputs at this level. Work may be characterised by some
significant omissions, limitations or problems, but there will be sufficient evidence of development and
competence to operate in a professional manner, respond appropriately to complex or unpredictable
contexts and take responsibility for the nature and quality of outputs. Threshold standards of
competence in relevant key skills will be evident.

A marginal fail F+ 35- Work which indicates some evidence of a systematic, coherent and analytical engagement with key
39 aspects of the field of study, including familiarity with current scholarship, and evidence of ability to utilise
specialised skills, but which also contains significant limitations in understanding or knowledge, such that
there is insufficient evidence of eg the ability to sustain arguments, critically evaluate evidence from a
range of sources, effectively communicate complex ideas to different audiences, transfer or apply skills
to solve problems, in relation to threshold standards.

A fail F 20- Work that falls well short of the threshold standards in relation to one or more of knowledge,
34 intellectual, subject based or key skills at this level. It may address the assessment task to some extent,
or include evidence of successful engagement with some of the subject matter, but such satisfactory
characteristics will be clearly outweighed by major deficiencies across remaining areas.

A F- 5- Work of poor quality which is based on only minimal understanding, application or effort. It will offer
comprehensive 19 only very limited evidence of familiarity with knowledge or skills appropriate to the field of study or task
fail and/or demonstrate inadequate capability in key skills essential to the task concerned.

Non G 0-4 Nothing presented or nothing of value

submission/
Nil attempt

All work submitted needs to contain a bibliography/ reference list and the respective in-text citations, properly
referenced as per Harvard Referencing System followed by the University of Northampton. You may find a
guidebook on referencing on your learning platform (Path; Assessment section)

Note

Submission deadline and the procedure will be informed to students by the academic office
of London School of Marketing.