Jay, a public limited company, has acquired the following shareholdings in Gee and Hem, both public limited companies.

The following statement of financial positions relate to Jay, Gee and Hem at 31 May 2005:

The following information is relevant to the preparation of the group financial statements of the Jay Group:
(a) Gee and Hem have not issued any new share capital since the acquisition of the shareholdings by Jay. The excess of the fair value of the net assets of Gee and Hem over their carrying amounts at the dates of acquisition is due to an increase in the value of Gee's non-depreciable land of $10 million at 1 June 2003 and a further increase of$4 million at 1 June 2004, and Hem's non-depreciable land of $6 million at 1 June 2004.There has been no change in the value of non-depreciable land since 1 June 2004.Before obtaining control of Gee, Jay did not have significant influence over Gee but has significant influence over Hem. Jay has accounted for the investment in Gee at market value with changes in value being recorded in profit or loss. The market price of the shares of Gee at 31 May 2005 had risen to $6 per share as there was speculation regarding a takeover bid.
(b) On 1 June 2004, Jay sold goods costing $13 million to Gee for $19 million. Gee has used the goods in constructing a machine which began service on 1 December 2004. Additionally, on 31 May 2005, Jay purchased a portfolio of investments from Hem at a cost of $10 million on which Hem had made a profit of $2 million. These investments have been incorrectly included in Jay's statement of financial position under the heading 'Investment in Hem'.
(c) Jay sold some machinery with a carrying value of $5 million on 28 February 2005 for $8 million. The terms of the contract, which was legally binding from 28 February 2005, was that the purchaser would pay an initial deposit of $2 million followed by two instalments of $3.5 million (including total interest of $1 million) payable on 31 May 2005 and 2006. The purchaser was in financial difficulties at the year-end and subsequently went into liquidation on 10 June 2005. No payment is expected from the liquidator. The deposit had been received on 28 February 2005 but the first instalment was not received. The terms of the agreement were such that Jay maintained title to the machinery until the first instalment was paid. The machinery was still physically held by Jay and the machinery had been treated as sold in the financial statements. The amount outstanding of $6 million is included in current assets and no interest has been accrued in the financial statements.
(d) Gee is considered to be a cash-generating unit in its own right. At 31 May 2005, Jay has determined that the recoverable amount of Gee is $64 million and that of Hem is $68 million.
(e) Group policy is to depreciate plant and equipment on the reducing balance basis over ten years. Depreciation is calculated on a time-apportionment basis.
(f) There are no inter-company amounts outstanding at 31 May 2005.
Required:
Prepare the consolidated statement of financial position of the Jay Group as at 31 May 2005 in accordance with International Financial Reporting Standards.

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Date of acquisition Gee 1 June 2003 1 June 2004 Hem 1 June 2004 Fair value of net assets Srm 40 50 Holding acquired consiceration Sm 15 30 30% 50% 25% 32 12 Gee Sm Jay Hum 300 30 Tangible non-current assets Investment in Gee Investmient in Hem Current assets Total assets Share capital of $1 Share premium account Revaluation reserve Retained earnings Total equity Non-current liabilities Current liabilities Total equity anid liabilities 15 45 100 470 100 50 15 135 300 60 110 10 20 10 16 46 10 45