The summarized statements of financial position as at 31 March 20X1 and 31 March 20X0 of Higher Ltd are as follows:

Additional information
1. Non-current assets

Non-current assets disposed of during the year were sold for £22,000.
2. Current assets at 31 March for each of the two years comprise the following:

3. The preference shares were redeemed during the year ended 31 March 20X1. This redemption was funded by a new issue of equity shares at a premium.
4. During the year the company made a transfer of £15,000 from retained earnings to the capital redemption reserve.

Required
Prepare a statement of cash flows for Higher Ltd for the year ended 31 March 20X1, in accordance with IAS 7. Assume that there was no investment income, interest paid or dividends paid during the year ended 31 March 20X1.

Transcribed Image Text:

ASSETS Non-current assets Current assets Total assets EQUITY AND LIABILITIES Equity Equity shares of £1 each Share premium account Capital redemption reserve Retained earnings Total equity Non-current liabilities Debentures 8% redeemable preference shares of 50p each Total non-current liabilities Current liabilities Total liabilities Total equity and liabilities 20X1 £'000 175 90 265 90 25 15 35 165 30 30 70 100 265 20X0 £'000 150 80 230 0 20 - 29 120 38 39| 38| | 10 28||| 80 20 30 30 60 50 110. 230 Additional information 12 2 0303 3