The assets in this balance sheet are still missing three items: Loans and advances to banks, tangible fixed assets, intangible assets. We're going to be focusing on the second and third one here, tangible and intangible assets. Let's scroll up and we'll find the balance sheet calculations a little bit above the income statements. Here, we've got the calculations for net PP&E, or your tangible fixed assets, and this follows a base analysis. Base, spelled B-A-S-E, stands for beginning, add CapEx, subtract depreciation, to get to your ending. So B-A-S-E. So I start with my beginning net, PP&E and that must be last periods ending PP&E. I then add on CapEx, so I go up to my assumption and it's going to be 1.4% of loansand advances to customers. Loans and advances to customers is driving a lot of items in this model. The bigger the loans, the bigger the PP&E we need.

So that gives me a figure of 94.2. I then ask how much depreciation do we need in a period and that's going to be 11.5% of our beginning net, PP&E.

The ending is then your beginning, add CapEx subtract depreciation to get to your ending PP&E of 240.5. Let's do intangible tip. Here we've got a beginning and we are then just going to subtract amortization to get to our ending figure. So my beginning is last period's ending. My amortization is just above in my assumptions, it's 11.2. We've got a slight problem with that 11.2 though, because if I copy that all the way to the right eventually my ending intangibles will go negative. We need to stop once it gets to zero so I'm going to change that formula so it equals the minus minimum of minus E35 and the beginning figure. So I either want it to be the lower of the beginning figure or the amortization figure. If my beginning figure is zero then that will be the lower and it will stop there. Fantastic, it's grab the 11.2 from our assumptions. Let's copy both of these base analyses to the right and we can see that when you're ending intangibles gets to zero, it then stops, it doesn't amortize any further. What we now have are two figures that can go into our balance sheet. We've got ending intangibles of 43 and we've got ending PP&E of 240.5. Let's put them into the balance sheet.

So tangible fixed assets, that's your net PP&E, that's the 240.5, and your intangible assets, that's the 43.

I'm going to copy both of those to the right in my balance sheets. So we're still missing loans and advances to banks, but scrolling from left to right I can see my total assets gradually going up with time.