The following trial balance has been extracted from the books of account of Greet plc as at 31 March 2008

Additional information:
1 Inventory at 31 March 2008 was valued at £150,000.
2 The following items are already included in the balances listed in the above trial balance:

3 The following rates of taxation are to be assumed:

4 The corporation tax charge based on the profits for the year is estimated to be 52,000.

5 A transfer of 16,000 is to be made to the credit of the deferred taxation account.

6 The gain made on the disposal of a non-current asset related to a factory in Belgium following the closure of the company's entire operations in that country.

7 The company's authorised share capital consists of 1,000,000 ordinary shares of 1 each.

8 A final ordinary payment of 50p per share is proposed.

9 There were no purchases or disposals of non-current assets during the year.

10 The market value of the non-current assets investments as at 31 March 2008 was 580,000. There were no purchases or sales of such investments during the year.

Required:
In so far as the information permits, prepare the company’s published income statement for the year ending 31 March 2008 and a balance sheet as at that date in accordance with the Companies Acts and with related accounting standards.
Relevant notes to the income statement and balance sheet and detailed workings should be submitted with your answer, but a statement of the company’s accounting policies is not required.

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Dr Cr 000 000 Administrative expenses 210 Called-up share capital (ordinary shares of 1 fully paid) 600 Accounts receivable 470 Cash at bank and in hand 40 Corporation tax (overprovision in 2007) 25 Deferred taxation (at 1 April 2007) 180 Distribution costs 420 Gain on sale of non-current asset 60 Non-current asset investments 560 Investment income 72 Plant and machinery: at cost 750 accumulated depreciation (at 31 March 2008) 220 Retained profits (at 1 April 2007) 182 Purchases 960 Inventory (at 1 April 2007) 140 Trade accounts payable Turnover 261 1,950 3,550 3,550