A warehouse was acquired for £180,000 on 1 April 2004. A third of the price was for land which is not depreciated. £30,000 was spent immediately after acquisition to make some structural changes to render the building suitable for the intended use. The cost of the building was depreciated using the straight-line method and assuming a useful life of 50 years. On 30 September 2011 the warehouse was sold for £240,000.

Required: 

Calculate the gain on disposal of the warehouse.