The following information concerns Bishroo Ltd in relation to its year ended 30 June 2024:

In addition to the above trial balance you are given the following information:
(i) The inventory was counted at 30 June 2024 and was valued at a cost of £51,727.
(ii) Depreciation needs to be charged at the following annual rates:

(iii) The amount shown for rent on the trial balance includes a payment of £6,900, which represents twelve months’ rent to 30 April 2024.
(iv) Motor expenses incurred for which no invoices have yet been received amount to a total of £6,675.
(v) The audit fee for the year has been agreed at £11,000 and this needs to be provided for.
(vi) Based on a detailed analysis of the company’s experience with credit sales, the allowance for doubtful debts is to be set at 4% of trade receivables.
(vii) The interest on the loan notes is paid in two instalments each year, and the second instalment has not yet been paid.
(viii) The corporation tax charge on this year’s profit is estimated to be £36,000. (You should assume that this estimate is unaffected by the seven matters above.)
Required:
Prepare, in a publishable format, an income statement for Bishroo Ltd for the year ended 30 June 2024 and a balance sheet as at that date.

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Trial balance as at 30 June 2024: Motor expenses Dividends paid Sales Purchases Wages & salaries Trade receivables Rent Trade payables Machinery at cost Computers at cost Machinery: accumulated depreciation as at 1 July 2023 Computers: accumulated depreciation as at 1 July 2023 Inventory as at 1 July 2023 Cash at bank 5% loan notes 2034-2036 Loan note interest paid Bad debt expense Share premium account Allowance for doubtful debts at 1 July 2023 Premises at cost Premises: accumulated depreciation as at 1 July 2023 Equity shares of 50p each 4% irredeemable preference shares of 1 each Royalties received Directors' remuneration Retained earnings at 1 July 2023 Dr 27,758 56,050 529,978 149,776 103,200 22,145 520,560 287,100 52,814 1,711 2,625 18,406 687,850 92,170 2,552,143 Cr 1,152,126 89,260 105,300 60,960 105,000 49,000 3,109 178,841 115,000 55,000 4,808 633,739 2,552,143