Tasks Task 1 see below the financial statements of GSM Ltd for 2006 and 2007. use the statements provided to analyse the financial performance of the company, and produce a report to this affect. Task 2 identify and evaluate the requirements of the perties with a particular interest in the financial performance of GSM Ltd. Task 3 Discuss the benefits and limitations of using accounting ratios to analyse and evaluate the performance of a business organisation. The following are the financial statements of 2006 and 2007 Profit loss account for the year ended 30 september: 2006 2007 £000 £000 Turnover 499 602 Cost of sales (335) (423) Gross profit 164 179 Operating expenses (127) (22) Operating profit 37 31 (before interest and taxation) Interest payable (13) (3) Profit before taxation 24 9 Taxation (8) (6) Profit after taxation 16 6 Dividend paid and proposed (6) (6) Retained profit for the year 10 - Retained profit brought forward from the previous yea 74 84 Retained profit carried forward 84 84 Balance Sheet as at 30 September 2006 2007 £ 0 0 0 £ 0 0 0 £ 0 0 0 £ 0 0 0 Fixed assets 110 125 Current assets stocks 68 83 debtors 80 96 cash 6 2 154 181 Creditors: amounts Falling due within one year Creditors (65) (110) Taxation (8) - Dividends (6) (6) (79) (116) Net Current assets 75 65 Creditors: amounts Falling due to after more than one year 185 190 Loan stocks (55) (60) 130 130 Capital and reserves Ordinary Shares of £0.50 each 13 13 capital reserves 33 33 retained profit 84 84 130 130 (Show all workings in appendix)