On 1 September 200Y CIP Ltd. issues 21 million £1 ordinary shares at a premium of 100%. The financial statements for the year to 30 September 200Y were as follows:

Additional information:
► The current assets investment is a 30-day government bond.
► Tangible fixed assets include certain properties which were revalued in the year.
► Depreciation charged in the year is £38 million.
► Debentures were redeemed at par on 30 September 200Y.
► Assets with a net book value of £31 million were disposed of during the year for £35 million.
► Creditors failing due within one year are further analysed as follows:

Prepare a cash flow statement for the year ended 30.9.0Y in accordance with FRS 1 (revised) showing clearly the reconciliation of operating profit to net cash flows from operating activities. Other notes to the cash flow statement are not required.

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PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 200Y m m Turnover 587 Cost of sales 260 Gross profit 327 Distribution costs 51 Administration costs 38 89 Operating profit 238 Interest payable 12 Interest receivable 5 7 Profit before tax 231 Taxation 53 Profit after tax 178 Dividends 33 Retained profit for the year 145