Manchester Airport operates in an increasingly competitive environment

Manchester Airport operates in an increasingly competitive environment and must key out itself not only.FinanceAll organisations must take great keeping in setting their fiscaltargets. If they are set too secondary then they pull up stakes be readily achievedand full potential will not be reached.At present the economic regulation of airports is targeted merely atreducing the charges to airlines. Non-aviation income is not regulatedand the Airport, therefore, seeks to encourage the development of much(prenominal)revenue streams to sustain the attainability of the Company.To maintain its reputation as a quality service provider, therefore,Manchester Airport has to ensure that it increases capacity andmarkets itself to become much attractive as the airport of choice.External factors Which Affect financial PerformanceNumerous factors influence the financial activities and the financialperformance of organisations quintette major external factors which affect Manchester Airport a re1 continual change2 Competitive environment3 Single work on4 Government regulations5 Economic environmentChangealong with all other business the Airport operates in an environmentwhich is ceaselessly changing. For example1 The freight market is volatile and place falter annually. Reasonsfor this include1. competitor activity2. noise considerations freight only aircraft persist to be noisier and older3. technological development2 World events can have an consequence dramatic on both freight and rider travel. For example1. Since 11 September 2001 the twist o people ephemeral across the North Atlantic has fallen dramatically and this has had an effect in business travel and some airlines.2. the war in Iraq has as well as had an effect on travel3. The SARS virus has had an effect on the number of passengers travelling to the very east of the world.1 Charter flights are also in a volatile market and are affected by events such as1. the general economic conditio ns2. foreign currency reciprocation rates3. consumer confidence I tour operators4. competitor activities5. trades towards off-season holidays6. weather conditions1 the Airport must comply with regulations and legislation which issubject to change, for example1. The foundation of a single market within the Euro... ...atement, which indicatesthe broad methodology apply and is titled Basis of Opinion.Statement of According PoliciesPrinciples of accounting policies are say in this statement.Details are provided of bring outicular accounting methods used such asdescription.Trading AccountThe trading account forms the first part of the Profit and lossAccount. It is used to play the amount of gross profit or loss.Paying Wages and SalariesThe payment of wages and salaries for Manchester Airport plc supply ishandled by the Payroll Section which is part of one of the other rootcompanies, Manchester Airport Aviation Service (MAAS), and is locatedon the Airport site. They seize inform ation about all employees. Thisincludes1 Name2 spread over3 National indemnity Number4 Starting hire5 Salary ScaleFrom this information they are able to calculate the amount to be paying(a)and deductions such as National Insurance payments, pension, tax andunion subscription.The majority of staff are salaried, that is their payments are baseon an annual figure, but are paid on a monthly basis. Some staff,mainly annual workers , are still paid on an hourly rate.