During the completion of the financial statements of Angus plc for the year ended 28 February 1997, the following matters have been brought to your attention.

(1) On 1 March 1996, the company revalued its freehold land and buildings (for the first time) to \(£ 20\) million (land element \(£ 4\) million) and the accounting records were adjusted to this value. The property originally cost \(£ 16\) million on which annual depreciation of \(£ 280000\) had been charged. Accumulated depreciation to 29 February 1996 was \(£ 2.8\) million. Depreciation of \(£ 400000\) has been charged to the profit and loss account for the year ended 28 February 1997.

(2) [This part of the question is no longer applicable.] The company's accounting policy on goodwill has been to capitalise the cost and amortise this over 10 years. On 1 March 1996, when goodwill of \(£ 1.5\) million was held as an intangible fixed asset, this policy was changed to immediate write off of goodwill against reserves.

(3) The company announced the intended closure of its European operations on 31 January 1997 when a formal closure plan was approved and adopted. On 10 March 1997, the company contracted to terminate various operating leases and sell other fixed assets. The fixed assets had a net book value of \(£ 10.5\) million and an agreed sale value of \(£ 9\) million. The lessors of the assets held under operating leases agreed to terminate the contracts for a payment of \(£ 350000\). The European operations contributed \(10 \%\) of turnover and profit.

(4) As a result of the closure in (3) above, the company will need to carry out a fundamental reorganisation of its other activities at a cost of \(£ 1.25\) million.

(5) After accounting for the above items, the company's draft financial statements show turnover of \(£ 200\) million, profit before taxation of \(£ 18\) million and a tax charge of \(£ 6\) million. The company has proposed a dividend of \(£ 2\) million. Shareholders' funds at 1 March 1996 were \(£ 500\) million.

\section*{Requirement}
Prepare the following statements, suitable for publication, for Angus plc for the year ended 28 February 1997 (i) Profit and loss account (ii) Statement of total recognised gains and losses (iii) Reconciliation of movements in shareholders' funds (iv) Note of historical cost profits and losses.