Gettry Doffit plc is an international company with worldwide turnover of £26 million. The activities of the company include the breaking down and disposal of noxious chemicals at a specialized plant in the remote Scottish countryside. During the preparation of the financial statements for the year ended 31 March 20X5, it was discovered that:
1. Quantities of chemicals for disposals on site at the year-end included:
(A) Axylotl peroxide . 40,000 gallons
(B) Pterodactyl chlorate ... 35 tons
Chemical A is disposed of for a South Korean company, which was invoiced for 170 million won on 30 January 20X5, for payment in 120 days. It is estimated that the costs of disposal will not exceed £75,000. £60,000 of costs have been incurred at the year-end.
Chemical B is disposed of for a British company on a standard contract for ‘cost of disposal plus 35%’, one month after processing. At the year-end the chemical has been broken down into harmless by-products at a cost of £77,000. The by-products, which belong to Gettry Doffit plc, are worth £2,500.
2. To cover against exchange risks, the company entered into two forward contracts on 30 January 20X5:
No. 03067 Sell 170 million won at 1,950 won = £1: 31 May 20X5
No. 03068 Buy $70,000 at $1.60 = £1: 31 May 20X5
Actual sterling exchange rates were:
Won $
30 January 20X5 .... 1,900 . 1.70
31 March 20X5 ... 2,000 .. 1.38
30 April 20X5 (today) . 2,100 . 1.80

The company often purchases a standard chemical used in processing from a North American company, and the dollars will be applied towards this purpose.
3. The company entered into a contract to import a specialised chemical used in the breaking down of magnesium perambulate from a Nigerian company which demanded the raising of an irrevocable letter of credit for £65,000 to cover 130 tons of the chemical. By 31 March 20X5 bills of lading for 60 tons had been received and paid for under the letter of credit. It now appears that the total needed for the requirements of Gettry Doffit plc for the foreseeable future is only 90 tons.
4. On 16 October 20X4 Gettry Doffit plc entered into a joint venture as par tners with Dumpet Andrunn plc to process perfidious recalcitrant (PR) at the Gettry Doffit plc site using Dumpet Andrunn plc’s technology. Unfortunately, a spillage at the site on 15 April 20X5 has led to claims being filed against the two companies for £12 million. A public inquiry has been set up, to assess the cause of the accident and to determine liability, which the finance director of Gettry Doffit plc fears will be, at the very least, £3 million.

Required:
Discuss how these matters should be reflected in the financial statements of Gettry Doffit plc as on and for the year ended 31 March 20X5.