[eekosmembers] Money for starting eekos Gambia and eekos UK
- From: "Kevin Ison" <kevin@xxxxxxxxx>
- To: "Members email list" <eekosmembers@xxxxxxxxxxxxx>
- Date: Mon, 26 Feb 2007 12:05:44 -0000
(Ousman, could you print this and the attached budget and pass around the
members there thanks)
MONEY FOR STARTING EEKOS
Well, I have messed up with the wages for Gambia this month and left the guys
without any money. Again my apologies to the Gambian guys for leaving them
short.
Jamie has made a transfer for them, but we still need to ensure that they have
the money to operate to get them started.
This is a lesson for any future agencies.
I have done budgets to the best of my ability for the next 6 months and have
passed them on for comment and while the overall prospects look good if we get
the sales we expect, for the next two months, help is needed.
In UK, I should be OK to get the business started here without need for any
money. Most customers will be paying for materials and I will be charging an
extra £3 per hour above paid wages to cover wages costs and then adding 20% to
wages bill to cover our profit.
This means we should not need any loans until perhaps we need to purchase or
lease a vehicle or larger tools.
I can use existing tools for building works and can hire any access equipment I
need to install solar panels.
There is the possibility of doing some courses, but I would fund that privately
and pay back through eekos via future income.
Gambia is different as you guys have not money to start with.
You have orders for 2 bores and potential for many more as well as housing
work, particularly when set up as a business over there.
We need to ensure you have the funds to pay for business set up, money for bore
drilling and building equipment and wages for 3 months. eekos members here in
the UK have faith in you and your ability to do bores and we think that in 3
months you should be able to drill and complete at least one bore and perhaps
2.
With this in mind, I have done an updated budget for Gambia that I think is
realistic.
The budget is attached and the changes are;
Jamie will pay wages today for January (paid late) at about d1000 (£20) each.
February wages paid at the end of this month of d1500 (£30) each.
March wages of d2000 (£40) at end of March.
April wages of d2000 (£40) at end of April.
After this the business should be healthy and wages set by members.
Solicitors and start up fees of d50,000 (£1000) allowed for.
Bore drilling equipment d30,000 (£600) allowed for.
Bore drilling materials added of
College fees for Lamboy for IT course of 4,555 (£254) allowed for.
Monthly overhead (office) costs of the following. I have reduced a few as they
will be less costs for this to start with.
February - d5250 (£105)
March - d6250 (£125)
April - d8250 (£165)
May - d9250 (£185)
I have also added the cost of an accountant for May and June of d5000 (£100) to
ensure books are all up to date as by then the business should be up and
running very well.
The loans from Kevin and Jamie so far are to be paid to eekos Limited and then
payment made back to Kevin and Jamie from eekos limited. This keeps the
financial records correct.
Current debts are:
Jamie - around £320 including this latest wages payment (exact amount unknown
at this stage)
Kevin - Around £345 - I am just tracking down the exact amount.
Repayments are done as early. This will be needed to keep UK members full of
trust and also to reduce any interest we have to pay on the loan.
It looks like we will need £1500 (d 75 000) to cover all costs and make sure
that they guys in Gambia make it through the first few months.
So how do we get the money to start? I have posted another email with the
options to consider.
cheers,
Kevin Ison
Kevin Ison
eekos Limited
The Old Hackfall
Grewelthorpe
HG4 3BW
Company Number - 5504935
www.eekos.com
Budget and sugested activities for eekos Gambia
February -
Purchase bore equipment and start the bore.
Get Lamboy started in Course.
March -
Complete the bore and receive payment.
Start building with initial payment for labour.
Also start another bore.
April -
Payment for second bore and start another.
May -
Payment for third bore.
Feb-07 Mar-07
Apr-07 May-07
£ dalasi £ dalasi
£ dalasi £ dalasi
INCOME
Bores £1,000 50,000
£1,000 50,000 £1,000 50,000
House construction payments £1,000 50,000
£0 £0
Loan for bore equipment £300 15,000
Loan for wages 160 8,000
Loan for start up costs £1,000 50,000
Total Income 460 23,000 £3,000 150,000
£1,000 50,000 £1,000 50,000
EXPENSES
Start Up and professional costs
Government fees £200 10,000
Solicitor cost £600 30,000
Advance taxation payment £200 10,000
Accountant £100
5,000
Total start up £1,000 50,000
£0 0 £0 0
Equipment And Tools
Bore drilling equipment £300 15,000
Total Equipment £300 15,000 £0 0
£0 0 £0 0
Materials cost
Building material costs
Energy services materials
Total material costs
Wages
Oscar £30 1,500 £40 2,000
£40 2,000 £60 3,000
Pah £30 1,500 £40 2,000
£40 2,000 £60 3,000
Tboy £30 1,500 £40 2,000
£40 2,000 £60 3,000
Amadu £30 1,500 £40 2,000
£40 2,000 £60 3,000
Donny £30 1,500 £40 2,000
£40 2,000 £60 3,000
Ousman £30 1,500 £40 2,000
£40 2,000 £60 3,000
Lamboy £30 1,500 £40 2,000
£40 2,000 £60 3,000
Total wages £210 10,500 £280 14,000
£280 14,000 £420 21,000
Taxation For Wages
Oscar £2 75 £2 100
£2 100 £3 150
Pah £2 75 £2 100
£2 100 £3 150
Tboy £2 75 £2 100
£2 100 £3 150
Amadu £2 75 £2 100
£2 100 £3 150
Donny £2 75 £2 100
£2 100 £3 150
Ousman £2 75 £2 100
£2 100 £3 150
Lamboy £2 75 £2 100
£2 100 £3 150
Total tax £11 525 £14 700
£14 700 £21 1,050
Education And Training
Lamboy IT reg fee GTTI £18 4,500
GTTI Subscription £35 30
GTTI ID Card £68 25
January Exam Fees £134
Total training £254 4,555 £0 0
£0 0 £0 0
Office Costs
Phone calls £15 750 £15 750
£15 750 £15 750
Phone upgrade and battery £10 500 £10 500
£10 500 £10 500
Internet access and printing £20 1,000 £20 1,000
£30 1,500 £30 1,500
Printing and business £20 1,000 £20 1,000
£50 2,500 £50 2,500
Transport £20 1,000 £40 2,000
£40 2,000 £40 2,000
Miscellaneous cost £20 1,000 £20 1,000
£20 1,000 £40 2,000
Total office costs £105 5,250 £125 6,250
£165 8,250 £185 9,250
Capital Repayments
Repayment for bore equipment and transfer costs £320 16,000
Repayment other costs
£200 10000
Repayment to Jamie £800 40,000
£400 20,000
Repayment to Kevin £300 15,000
£300 15000
TOTAL EXPENSES £717 35,830 £2,539 126,950
£959 47,950 £1,026 51,300
NET CASH FLOW -£257 -12,830 £461 23,050
£41 2,050 -£26 -1,300
Running Costs
RUNNING TOTAL (bank balance) -£257 -12,830 £204 10,220
£245 12,270 £219 10,970
Loans £460 23,000 £1,000 50,000
£0 0 £0 0
Capital (loan) repayments £1,420 71,000
£500 25,000 £400 20,000
Net loans £460 23,000 -£420 -21,000
-£500 -25,000 -£400 -20,000
Running total owing £1,125 56,250 £705 35,250
£205 10,250 -£195 -9,750
- Follow-Ups:
Other related posts:
- » [eekosmembers] Money for starting eekos Gambia and eekos UK
- » [eekosmembers] Re: Money for starting eekos Gambia and eekos UK