Diego Alejandro Velandia Talero

CQU Perth

Bachelor of Business and Major in MarketingStep 2:

My Blog: https://diegovelandia21.wordpress.com/

Step 3:

Finsbury Food Group

Finsbury Food Group is a leading specialty bakery manufacturer, producing a diverse range of cakes, bread and bakery snack products for the major UK multiple retailers and for the foodservice channel. The Group includes the following brands and bakery companies.

What really surprised me and show me how big is the company, are their high quality of relationships with the best entertaining brands around the world, manufacturing and delivering their products, cakes and bakery to Disney, Thorntons, Vogels, Cranks within others.

This shows how well positioned is Finsbury on the bakery market from UK to the most recognizable brands around the world for bakery food.

The bakery division serves a UK bread and cake market of over £5 billion and produces for our foodservice channel serving a UK market of a further £1.3 billion.

But how did everything started?

Well what really impressed me is the group story, starting in 2002 their name was ‘’Memory Lane cakes’’

But they changed the name to Finsbury Food group. But why group I was wondering, if they are just one factory.

There is when I understand their vision of build the leading specialty bakery group in the UK.

From 2012 to 2015 Finsbury group achieve the acquisition of 12 different brands, by 2015 they had 8 factories each, with their own range of products and manufacturing capabilities, plus a meaningful presence in continental European markets through its 50% owned company.

This shows how quick this company grown starting from an individual company.

Finsbury Food Group is a leading specialty bakery manufacturer, producing a diverse range of cakes, bread and bakery snack products for the major UK multiple retailers and for the food service channel:. The Group includes the following brands and bakery companies.

You can find this and more content with videos and pictures about the company on my blog

https://diegovelandia21.wordpress.com/

KCQ’S Annual Report:

At the beginning I got excited, which company am I going to work with on this assessment, when I saw my company I was happy because their website was easy to understand, Bakery distribution, I saw it was a strong company with lots of relationships and different brands working by their hand.

I went to look at their Annual report and wow, a lot of things new for me, names, concepts, when I saw numbers everywhere I said, oh god, This is accounting, I was really scared of what was coming because there were a lot of concepts I couldn’t understand.

All of this was before I read chapter 2 and 3 by Martin.

I have to admit that after reading the chapters, I feel more confident and I can understand better what I am doing now.

Chapter 3 is the best entrée for the big meal of financial statements, it shows you the basics and you finally understand why financial statement is so important.

Going back to my annual report I understand it more and know what each title means, but at the same time I feel that I have a lot more to learn like why so many numbers and where they come from.

By looking at the report, I can see It is a well-positioned company, it shows an increase on the balance of every financial year

The only problem I had with this company is that the titles in the annual report were very different so I had difficulties to find the information to write it on the spreadsheet.

The biggest issue I had with the annual report and which stressed me so much it was the statements of movement on equity.

Everything was perfect at the beginning it shows you all the details and information to complete the spreadsheet but the Annual report of 2017 does not show me the information of 2017.

The only information shown is the BALANCE AT 1 July 2017 as you can see below.

Annual Report 2017:

http://content.yudu.com/web/1xd6f/0A3xxi2/ReportAndAccounts17/html/index.html?refUrl=http%253A%252F%252Ffinsburyfoods.co.uk%252Finvestor-relations%252Fannual-reports%252Fannual-reports-accounts-2017%252F

Comments on other’s blogs:

My Point of ViewI personally enjoyed reading other people’s blogs and drafts.

As I commented on few of them and contacted them on Facebook too.

Their blogs were like a motivation for me to do a better job.

If we compare my assessment and my blog now with before I read other peoples blogs, they look very different.

When I start looking at others blog I saw colorful and well organized blogs, so that encourage me to restyle mine, at the end I want other users feedback so I want to show something cool.

The same happens with the assessment, you see one or two details that you forgot to put in yours and that helps you to improve it.

People spend time working on assessments and at the end they just expect to do a good job, to be well qualified on the unit.

With the blogs, there is something more, when you see that someone likes your job that creates a feeling of being proud of yourself and you want to do it better the next time and I think that is the best part of online communication with other students in this case.

The connection you have with other students to communicate, share ideas and help each other to do a better job by giving feedback or encouraging others to work better on their projects.

Step 5

Understanding the game, Understanding Accounting and Financial Reports.

When I first start reading the Chapter 2, I start having the curiosity and thinking is accounting like a game?

It sounds like learning the tricks and strategies of gambling in order to win the fat prize.

So I thought maybe it’s the same with accounting, you have to follow some rules and strategies in order to understand the game of accounting and so you can guess or at least have an idea of what is going to happen with the company, and how I will be able to understand the economic and the business process.

Therefore, in this point I was wondering about what are these rules. How many of them? Are they limited, do I have to learn them?

Then I started to understand the relation between accounting rules and financial statements.

The chapter mentions that financial statements have been always existed and developed by firms.

Before, they were private not everyone had the chance to have a look at these but now everyone has the chance to access to financial reports of a company.

I think this is good because gives the opportunity to customers and investors to find what is the reality of the company, find if it is safe to invest or purchase a product or even for the companies to start expanding to other countries around the world.

My question here was, does companies nowadays lie about their financial statements.

What If a firm is not running good so they start looking for more investors and stakeholders to join the company, this is like a CV of a company, where they could lie with numbers to get more opportunities.

Being honest, I clearly understand that there are rules that accountants need to follow when preparing financial statements, the generally accepted accounting principles.

Then the chapter says there are many of this rules and it is impossible that someone knows all of them, some of them not written. That means accountants has been discovering different methods of accounting, which they can apply if they want? Where are this rules coming from?

My favorite part of the chapter is when Martin says:

We need to build our own knowledge into something that belongs to us, something that is ours, not simply regurgitate others knowledge, it takes time to reflect, think, question real learning is about that.

I strongly agree with Martin, knowledge is not about copy and paste thoughts, not because someone tells me something about religion or healthy life (any example) I would believe it.

Even if they try to convince me, so I would agree even if I know they are wrong. Many people does it because they are weak and accept the first idea they have been told, and they lost their own personality or points of view and they think because someone said how to think.

However, knowledge is not about that, is about understanding an idea, question ourselves, reflect about it and then we accept the idea as an own idea, something that is ours, probably knowledge is more about feeling than understanding, more about Experience and learning.

However, I have to admit that I do not understand what relation has this to the chapter and I still confused about the rules, what are the rules I keep asking to myself. better continue with the reading and we will see.

At this point, I understand why a financial report is so important and how can we understand a business by looking at it.

Other part of the chapter that surprised me was when it says:

Management of an entity has the primary responsibility for the preparation and presentation of the financial statements of the entity.

That makes me realize the important of understanding the basics of accounting, before I thought I don’t think it is necessary to know accounting, because that’s why the company has their own ..

Now I realize before running a company its super important to understand the business realities, financial activities and the position of the company.

This chapter was an Introduction of the rules, it showed the importance of understanding the rules, but I wanted more, I wanted to know the truth, like go to the important point, what are this rules or basics.

Less talk and lets go to the main point.

Then it comes the Chapter 3, this chapter opened my mind and understanding of financial statements and its purpose.

At the beginning I had the curiosity of why financial statement is so important and how it will help me to understand economics and business realities.

This chapter as I said was the perfect entrée for the main part of the assessment.

Once I understand the purpose and the four general financial statements, it was easier for me to read and analyze the financial report of my company.

And that’s is how everything makes sense, these 2 chapters have demonstrate me the importance of accounting, financial statements and how I would be able to see a reality of a company and the financial activities everything by looking at Annual reports.

I still believing there is more to learn, but I am glad to know that everything is having more sense and at least I can complete the first steps of the assessments.

In addition, I feel surprised knowing that accounting is a very useful tool at the time of working on the world of businesses.

Step 6:

This is what appears on my Blog:

My Favorite Blogs:

Hey Guys these are my 3 favorite blogs, I recommend them, especially because their stile and their opinions about the charts.

Tessa Blog

https://tessasblog292213167.wordpress.com/2018/04/01/step-5-kcqs-chapter-2-3-1-2/

Jamie Wakeman

https://jamiecqu.wordpress.com/2018/03/29/my-ass1-draft/

Annie Nguyen

https://annie345485797.wordpress.com/2018/04/01/ass1-step-2-6/

Read and Enjoy ! 🙂 🙂

Thank You Martin.

Everything else is on

My Blog:

https://diegovelandia21.wordpress.com/

Diego Velandia T.