This is a practice version of the timed three-statement test many banks and funds set: build a linked model from a page of assumptions, with a clock running. It's your own work, start to finish, with no steps to follow.
The company, Pemberton Outdoor, is made up. The layout matches the Harlow project, so the structure is familiar; the numbers are new, and so is the pressure. Each section has its own countdown. The clocks add up to 90 minutes and never block you from checking.
A strategy that works in real tests:
- Build top to bottom: income statement, working capital, debt, cash flow, balance sheet.
- Fill every row right as soon as it's written.
- Check the balance after the totals, and if it's off, use the size of the gap to find the link.
- Keep interest on opening balances, so nothing is circular.
Section Build Minutes
1 Revenue to EBIT, with PP&E 15
2 Working capital 8
3 Term loan, interest, taxes, net income 12
4 Cash from operations 10
5 Capex, repayment, dividends, revolver, cash 15
6 Equity, totals, balance check 15
7-8 Summary and verdict 15
Ninety minutes in eight sections.