The following information regarding Mashra Ltd relates to its year ended 30 June 2024:

Additional information:
(i) The inventory was counted at 30 June 2024 and was valued at a cost of £44,767.
(ii) Depreciation is to be charged at the following annual rates:

(iii) The amount shown for business rates on the trial balance includes a payment of £9,240, which represents twelve months’ rates to 30 September 2024.
(iv) Utilities charges incurred before the year end for which no invoices have yet been received amount to a total of £6,203.
(v) After a detailed review of collections from credit customers, it has been determined that the allowance for doubtful debts is to be changed to 3% of trade receivables.
(vi) The loan note interest is paid in two annual instalments and the second instalment needs to be provided for.
(vii) The corporation tax charge on the profit for the year is estimated to be £28,000.
(viii) The directors wish to transfer £6,000 to general reserve.
Required:
Prepare an income statement for Mashra Ltd for the year ended 30 June 2024 as well as a balance sheet as at that date. Both statements should be in a form appropriate for publication.

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Trial balance as at 30 June 2024: Trade receivables Business rates Sales Returns outwards Dividends paid Inventory as at 1 July 2023 Utilities Sundry operating expenses Trade payables Plant & equipment at cost Plant & equipment: accumulated depreciation at 1 July 2023 IT equipment at cost IT equipment: accumulated depreciation at 1 July 2023 Allowance for doubtful debts at 1 July 2023 Purchases Cash at bank 4% loan notes 2027-2029 Ordinary share capital Share premium Loan note interest paid Retained earnings at 1 July 2023 General reserve Bad debt expense Licensing fees received Directors' remuneration 90,000 24,953 43,560 41,655 23,786 97,470 514,440 250,260 416,464 2,208 1,740 886,093 1,302 71,872 106,380 66,060 3,613 87,000 79,000 86,000 174,679 32,200 21,430 4,657 70,890 1,598,856 1,598,856