In this balance sheet, we've still got a number of items missing. Things like Cash, Net PP & E, et cetera. We want to start filling some of those in with some calculations. And if we scroll up, to the Balance Sheet Calculation section, we've got room here for our PP & E, that the other intangibles and for equity.

The PP & E, this is a Base analysis, so that means I take the beginning figure. I add CapEx subtract Depreciation to get me to my Ending PP & E. So if I write that in there, so B, A, S, and then E, that's your Base analysis.

We need to start with last year's Ending PP & E and I can get that from the balance sheet. If I scroll down, it says here, Net PP & E but we know that's exactly the same thing. Always gonna have Net PP & E in the balance sheet. And any references to PP & E elsewhere are usually to Net PP & E. So I take my 29,016. My Beginning PP & E is exactly the same number, but what makes it go up? Capex or Capital Expenditure. I can find that up in my Assumptions, and it's 18% of revenue. So if I scroll up to the top of my Income Statements, there's my Revenue.

So my PP & Es gone up by CapEx, fantastic. However, some of it depreciates a way. We've already got this figure calculated in the Income Statements. I would never calculate a cell a second time, never calculate a number a second time, because those two numbers may accidentally end up being different and you'd have an error in your model. So I go up to my Income Statement, find that Depreciation, but this is going to be a subtract line in the Base. So I'm going to multiply by minus one, so it's shown as a negative. For ending PP & E, I can now sum the items above, which takes the Beginning, adds the CapEx, subtracts Depreciation to get me to my Ending PP & E, 39,181.5. We need to do pretty much the same thing in Intangibles. So I need last year's Ending Intangibles. Scroll down and find that, 3,847. That becomes my Beginning next period, but we have no add line here in our Base. We've got no addition of CapEx for intangibles or purchases of intangibles. We've just got Amortization. Again, that's already in the Income Statement. So scroll up, find that figure, 806. But I want it to be shown as a negative, so I multiplied by minus one.

Ending other intangibles, if I sum the two items above, that takes the Beginning, subtracts the Amortization and we can see the intangibles are gradually being amortized away.

Our third one is Equity. So down into our balance sheet, I find last year's ending figure, 90,331. That becomes my Beginning figure, next period. But what makes it go up? Net income. So scroll, lots of my Income Statements, but here we've got two net income figures and I need to choose the right one. Well, Recurring net income is not the one we're going to use. This is an entirely made up figure. It's a fictional figure. It's never really going to happen because those non-reoccurring items. They really need to be paid for. So we need to take the Net income. The one that includes all of our cash flows, that's the one we're gonna use. So I add on my Net income. The idea of it including Net income is the idea that we're trying to reinvest all of our net income. However, we may pay some of that net income out as a dividend. So that's what we need to subtract out. We've already got Dividends per share, I need to multiply that by my Basic WASO. You only pay dividends to basic shareholders. You don't include the effect of options just yet. I also want this to be a negative. I want it to be a subtracts line item in the Base. So I times it by minus one. And my Ending equity, I sum the items above. So Beginning, add Net income, subtract dividends, equals ending. I can now put those three items into my balance sheet. So my Net PP & E in my balance sheet, I link up. There it is.

My other intangibles. Again, scroll up, find that calculation we just did.

And lastly, the same for Equity. Scroll up, find that figure.

Fantastic. As little check. Where are we on our balance sheet check? We're currently looking at 24,075.8. Don't worry if your figure is showing as a negative. It's completely okay. It just depends on which way round our formula was written. So positive or negative doesn't matter as long as the number is correct.