12.11 Brighton Magnets Limited has the following balances in its books at 31 August 20X9:

£

Closing stock 186 420 Delivery vans at net book value 120 000 Secretarial costs 51 498 Electricity (admin, office)

12491 Trade creditors 219411 Factory and plant at net book value 2518000 Reserves at 1 September 20X8 Share capital: £1 ordinary shares Administration office: phone charges Interest payable Salespersons' salaries Delivery van depreciation Other selling and distribution costs Office rental Other administrative expenses Sales Interest receivable Depreciation of office computer equipment Salespersons' commission Office manager's salary Directors' remuneration Delivery van expenses Debtors Office equipment at net book value Cash at bank Cost of sales Other operating income £
1 557172 800 000 6 964 1 207 64 299 12 000 5911 42 704 36 075 3 796 842 644 8 390 12 270 21 704 59 200 24470 321 706 151020 18 290 2712350 12 900 Adjustments are required as follows:
1. Corporation tax on the profits for the year is estimated at £216 470.
2. Dividends of 5p per share should be included in the accounts.
You are required to prepare a profit and loss account for Brighton Magnets Limited at 31 August 20X9 and a balance sheet at that date. Both financial statements are to be presented in an appropriate Companies Act format.