Springtime Ltd is a UK trading company buying and selling as wholesalers fashionable summer clothes. The following balances have been extracted from the books as at 31 March 20X4:
£000
Auditor’s remuneration ................. 30
Income tax based on the accounting profit:
For the year to 31 March 20X4 ............. 3,200
Overprovision for the year to 31 March 20X3 ........ 200
Deliver y expenses (including £300,000 overseas) ..... 1,200
Dividends: final (proposed – to be paid 1 August 20X4) ... 200
interim (paid on 1 October 20X3) ............. 100
Non-current assets at cost:
Deliver y vans ..................... 200
Office cars ...................... 40
Stores equipment .................. 5,000
Dividend income (amount received from listed companies) . 1,200
Office expenses ................... 800
Overseas operations: closure costs of entire operations ..... 350
Purchases .................... 24,000
Sales (net of sales tax) ............... 35,000
Inventor y at cost:
At 1 April 20X3 .................. 5,000
At 31 March 20X4 ................. 6,000
Storeroom costs ................... 1,000
Wages and salaries:
Deliver y staff ..................... 700
Directors’ emoluments ................. 400
Office staff ..................... 100
Storeroom staff .................... 400


Notes:
1. Depreciation is provided at the following annual rates on a straight-line basis: deliver y vans 20%; office cars 25%; stores 1%.
2. The following taxation rates may be assumed: corporate income tax 35%; personal income tax 25%.
3. The dividend income arises from investments held in non-current investments.
4. It has been decided to transfer an amount of £150,000 to the deferred taxation account.
5. The overseas operations consisted of exports. In 20X3/X4 these amounted to £5,000,000 (sales) with purchases of £4,000,000. Related costs included £100,000 in storeroom staff and £15,000 for office staff.
6. Directors’ emoluments include:
Chairperson ........ 100,000
Managing director ..... 125,000
Finance director ....... 75,000
Sales director ....... 75,000
Export director ....... 25,000
£400,000

Required:
(a) Produce a statement of comprehensive income suitable for publication and complying as far as possible with generally accepted accounting practice.
(b) Comment on how IFRS 5 has improved the quality of information available to users of accounts.