The following trial balance of $X$ Limited, a non-listed company, has been extracted from the books after the preparation of the income statement and statement of changes in equity for the year ending 31 March 2013.

\begin{tabular}{|c|c|c|}

\hline \multicolumn{3}{|l|}{. } \\

\hline \begin{tabular}{l}

Ordinary share capital - authorised, allotted and \\

called-up fully paid shares of $£ 1$ each

\end{tabular} & & $1,000 \quad$ \\

\hline $12 \%$ loan notes (repayable in nine years) & & 500 \\

\hline Deferred taxation & &  \\

\hline \multicolumn{3}{|l|}{ Provisions for depreciation: } \\

\hline Plant and machinery at 31 March 2013 & & 650 \\

\hline Freehold properties at 31 March 2013 & & $52 \quad$ \\

\hline Vehicles at 31 March 2013 & &  \\

\hline Investments (listed), at cost & 200 & \\

\hline Trade accounts receivable and prepayments & 825 & \\

\hline Corporation tax & & 270 \\

\hline Proposed final dividend & & 280 \\

\hline \multicolumn{3}{|l|}{ Tangible non-current assets: } \\

\hline Freehold properties at 31 March 2013 & 1,092 & \\

\hline Plant and machinery at 31 March 2013 & 1,500 & \\

\hline Vehicles at 31 March 2013 & 420 & \\

\hline Retained profits - balance at 31 March 2013 & & 356 \\

\hline Share premium account & & 150 \\

\hline Trade accounts payable and accruals & & $878 \quad$ \\

\hline Research and development costs & 35 & \\

\hline \multicolumn{3}{|l|}{  } \\

\hline Raw materials & 200 & \\

\hline Work in progress & 50 & \\

\hline Finished goods & 250 & \\

\hline Bank balance & 439 & \\

\hline Revaluation reserve on freehold properties & & \\

\hline & $\overline{5,011}$ & $\overline{5,011} \quad$ \\

\hline

\end{tabular}

You are also provided with the following information:

\section*{1 Investments}

The listed investments consist of shares in W plc quoted on the Stock Exchange at $£ 180,000$ on 31 March 2013. This is not considered to be a permanent fall in the value of this asset.

\section*{2 Trade accounts receivable and prepayments}

The company received notice, during April 2013, that one of its major customers, Z Limited, had gone into liquidation. The amount included in trade accounts receivable and prepayments is $£ 225,000$ and it is estimated that a dividend of 24 p in the $£$ will be paid to unsecured creditors.

3 Taxation

(a) Corporation tax The figure in the trial balance is made up as follows:

Based on profits for the year Tax on gain on sale of non-current asset (see Note 4)

(b) Deferred taxation A charge of $£ 50,000$ was made to profit or loss during the year ended 31 March 2013 .

4 Tangible non-current assets

(a) In arriving at the profit for the year, depreciation of $£ 242,000$ was charged, made up of freehold properties $£ 12,000$, plant and machinery $£ 150,000$ and vehicles $£ 80,000$.

(b) During the year to 31 March 2013, new vehicles were purchased at a cost of $£ 200,000$.

(c) During March 2013, the directors sold one of the freehold properties which had originally cost $£ 320,000$ and which had a written-down value at the date of the sale of $£ 280,000$. A profit of $£ 320,000$ on the sale has already been dealt with in arriving at the profit for the year. The estimated corporation tax liability in respect of the gain is $£ 96,000$, as shown in Note 3. After this sale, the directors decided to have the remaining freehold properties revalued, for the first time, by Messrs V \& Co, Chartered Surveyors and to include the revalued figure of $£ 1,040,000$ in the 2013 accounts.
5 Research and development costs The company carries out research and development and accounts for it in accordance with the relevant accounting standard. The amount shown in the trial balance relates to development expenditure on a new product scheduled to be launched in April 2013. Management is confident that this new product will earn substantial profits for the company in the coming years.
6 Inventory The replacement cost of the finished goods, if valued at 31 March 2013 , would amount to $£ 342,000$.
You are required to prepare a statement of financial position at 31 March 2013 to conform to the requirements of the Companies Acts and relevant accounting standards in so far as the information given allows. The vertical format must be used.
The notes necessary to accompany this statement should also be prepared.
Workings should be shown, but comparative figures are not required.
(Chartered Institute of Management Accountants)