Alpha Glasswares Ltd has the following assets and liabilities at 31 December 20X5. The ‘shareholders’ funds’ balance has not been given and you will have to calculate this from the available information.

                                                                                        £
Property........................................................................145,000
Trade receivables.........................................................32,000
Long-term loan.............................................................68,000
Bank overdraft..............................................................17,000
Vehicles........................................................................78,000
Inventory.......................................................................15,000
Plant and machinery.....................................................40,000
Trade payables.............................................................57,000

The directors believe that the property is actually worth £180,000 and they are considering the inclusion of this asset at this valuation, instead of at the original valuation.

Required:
(a) Prepare the statement of financial position for Alpha Glasswares at 31 December 20X5, including the property at its original, historical cost valuation.
(b) Outline the main advantages and disadvantages to the company as a result of including the property at its revised valuation.
(c) Indicate the main strengths and weaknesses of the company as revealed by the statement of financial position that you have constructed.