The following information has been extracted from the books of account of Rufford plc for the year to 31 March 2012 Dr ..... $\mathrm{Cr}$

Administration expenses ..... 97 Deferred taxation ..... 24 Depreciation on office machinery (for the year to 31 March 2012) ..... 8 Depreciation on delivery vans (for the year to 31 March 2012) ..... 19 Distribution costs ..... 33 Dividends received (from a UK listed company on 31 July 2011)

Factory closure expenses (closed on 1 April 2011) ..... 12 ..... 14 Interest payable on bank overdraft (repayable within five years) ..... 6 Interim dividend (paid on 30 September 2011) ..... 21 Interest receivable ..... 25 Purchases ..... 401 Retained profit at 31 March 2011 ..... 160 Revenue (net of VAT) ..... 642 Inventory at 1 April 2011 ..... 60 Additional information:

1 Administrative expenses include the following items: ..... $£ 000$

Auditors' remuneration ..... 20 Directors' emoluments ..... 45 Travelling expenses ..... 1 Research expenditure ..... 11 Hire of plant and machinery ..... 12 the year to 31 March 2012:

2 It is assumed that the following tax rates are applicable for the year to 31 March 2012:

\begin{tabular}{ll}

Corporation tax & $50 \%$ \\

Income tax & $30 \%$

\end{tabular}

3 There was an overprovision for corporation tax of $£ 3,000$ relating to the year to 31 March 2011.

4 Corporation tax payable for the year to 31 March 2012 (based on the profits for that year) is estimated to be $£ 38,000$. The company, in addition, intends to transfer a further $£ 9,000$ to its deferred taxation account.

5 A final dividend of $£ 42,000$ for the year to 31 March 2012 is expected to be paid on 2 June 2012.

6 Inventory at 31 March 2012 was valued at $£ 71,000$.

7 As a result of a change in accounting policy, a prior period charge of $£ 15,000$ (net of tax) is to be made.

8 The company's share capital consists of 420,000 ordinary shares of $£ 1$ each. There are no preference shares, and no change had been made to the company's issued share capital for some years.

Required:

(a) In so far as the information permits, prepare the company's published income statement for the year to 31 March 2012 in the vertical format in accordance with the relevant accounting standards.

(NB: A statement of the company's accounting policies is not required.)

(b) Prepare statement of financial position extracts in order to illustrate the balances still remaining in the following accounts at 31 March 2012:

(i) corporation tax;

(ii) proposed dividend; and

(iii) deferred taxation.

(NB: A detailed statement of financial position is not required.)