Piper runs a small firm as a sole trader where she imports furniture from Europe and sells within the UK. She has not kept complete records but would like to know how much profit, if any, was made in 2023. The following details are available:

During the year, she used business resources as follows:
1. She paid for her family holiday which cost £2,900.
2. Cash drawings of £1,500 were taken each month.

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As at 1 Jan 2023 As at 31 Dec 2023 Office equipment 2,500 6,000 Furniture 1,200 3,400 Trade payables 950 1,725 Trade receivables 1,830 2,860 Cash at bank 400 870 Loan Nil 5,000