A The following figures for the year to 30 April 2012 have been extracted from the books and records of three companies which form a group:

Revenue reserves at 1 May 2011 Inventory at 1 May 2011 Sales Purchases Distribution expenses Administration expenses Share capital - fully paid ordinary shares of $£ 1$ each

$8 \%$ preference shares of $£ 1$ each Inventory at 30 April 2012 Profits are deemed to accrue evenly throughout the year.

\begin{tabular}{rrr}

Old plc & Field Ltd & Lodge Ltd \\

$£$ & $£$ & $£$ \\

30,000 & 40,000 & 50,000 \\

90,000 & 150,000 & 80,000 \\

$1,250,000$ & 875,000 & 650,000 \\

780,000 & 555,000 & 475,000 \\

125,000 & 85,000 & 60,000 \\

28,000 & 40,000 & 72,000 \\

450,000 & 350,000 & 200,000 \\

& 100,000 & \\

110,000 & 135,000 & 85,000

\end{tabular}

Other information:

(a) Corporation tax of the following amounts is to be provided on the profits of the year:
Old plc $£ 125,000$
Field Ltd $£ 75,000$
Lodge Ltd $£ 20,000$

(b) Field Ltd sells goods for resale to both Old plc and Lodge Ltd. At 30 April 2012, inventory of goods purchased from Field Ltd are:
\begin{tabular}{ll}
in Old plc & $£ 40,000$ \\
in Lodge Ltd & $£ 28,000$
\end{tabular}
The net profit percentage for Field Ltd on sales of these goods is $25 \%$.
Old plc had $£ 36,000$ of these goods in inventory at 1 May 2011.
Total sales in the year by Field Ltd to Old plc were $£ 150,000$ and to Lodge Ltd $£ 120,000$.

(c) Old plc acquired the whole of the ordinary shares in Field Ltd many years ago. Old plc acquired 120,000 shares in Lodge Ltd on 1 August 2011.
Required:
A consolidated income statement for Old plc and its subsidiaries for the year ending 30 April 2012, together with any relevant notes.