The following financial statements for Blackstone plc are a slightly simplified set of published accounts. Blackstone plc is an engineering business that developed a new range of products in 2011. These products now account for 60 per cent of its sales revenue.Income statement for the years ended 31 March

Statements of financial position as at 31 March

Notes:1. The expense and the cash outflow for interest payable are equal for each year.2. The movements in property, plant and equipment during the year are:

3. Intangible assets represent the amounts paid for the goodwill of another engineering business acquired during the year.4. P roceeds from the sale of non-current assets in the year ended 31 March 2015 amounted to ?54 million.5. ?300 million was paid in dividends on ordinary shares in 2014, and ?400 million in 2015.

Required:Prepare a statement of cash flows for Blackstone plc for the year ended 31 March 2015.

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2014 2015 Notes £m £m 11,205 Revenue Cost of sales 7,003 (3,748) 3,255 (2,205) (5,809) 5,396 Gross profit Operating expenses (3,087) 2,309 Operating profit Interest payable Profit before taxation 1,050 1 (216) 834 (456) 1,853 Taxation (210) 624 (390) 1,463 Profit for the year 2014 2015 Notes £m £m ASSETS Non-current assets Property, plant and equipment Intangible assets 4,300 7,535 3 700 4,300 8,235 Current assets Inventories 2,410 1,173 1,209 Trade receivables 641 Cash at bank 123 1,973 3,583 Total assets 6,273 11,818 EQUITY AND LIABILITIES Equity Share capital Share premium 1,800 1,800 600 600 Capital reserves Retained earnings 352 352 685 1,748 3,437 4,500 Non-current liabilities Borrowings – bank loan (repayable 2018) Current liabilities 1,800 3,800 Trade payables 931 1,507 Taxation 105 195 Borrowings (all bank overdraft) 1,036 6,273 1,816 3,518 11,818 Total equity and liabilities