Three original practice workbooks you can open, change and break safely.

Each file is a hypothetical company with live Excel formulas, a colour legend, integrity checks, and a one-page note. They are for learning how statements, debt schedules and subscription waterfalls fit together — not for analysing any real business, and not for choosing an investment.

Workbook 1 · £ thousands

Three-statement practice

Northwind Kettles Ltd

A five-year integrated income statement, balance sheet and cash flow for a fictional UK kettle maker. Debt interest uses the opening balance, cash is the plug from the cash flow statement, and a balance-check row must equal zero every year.

Download Excel One-page note (PDF)

Workbook 2 · £ millions

Paper LBO practice

Aldermere Outdoor Ltd

A paper leveraged-buyout exercise for a fictional outdoor-furniture wholesaler: sources and uses, a five-year EBITDA build, cash sweep to debt, and an exit with MOIC and IRR. Sources must equal uses.

Download Excel One-page note (PDF)

Workbook 3 · monthly GBP

SaaS operating forecast

PebbleLedger Ltd

A 36-month forecast for a fictional tradesperson invoicing product. It includes a customer and MRR waterfall (beginning + new + expansion − churn = ending), CAC, gross margin, burn, runway and a simple LTV/CAC.

Download Excel One-page note (PDF)

How to use the files

Download a workbook and its one-page note.
Change only the blue figures on the pale-yellow Assumptions sheet.
Open the Checks sheet. Every check should read 0, or TRUE.
If a spreadsheet does not update itself, recalculate (in LibreOffice: Data → Calculate → Recalculate).