Vehicle HG56, which had cost £12,000, has been depreciated at 20% on cost. It was purchased on 30 June 2015 and depreciation is provided for on a monthly basis. On 30 October 2017 it is traded in for a new vehicle which costs £19,000. A cheque for £12,000 is paid in full settlement of the outstanding balance.

Calculate the profit or loss on the trade-in.