You have the following summarised trial balance for Stock High pic as at 31 March 2006. Further details are provided in the notes.

1. At the balance sheet date £8 is owing for taxation.
2. Depreciation is to be charged at 2 % on cost for land and buildings (used for administration) and 20 % on cost for motor vehicles (used for selling and distribution).
3. Authorised share capital is 600,000 £1 ordinary shares and £150,000 £l preference shares.
Required: Prepare the income statement for the year ended 31 March 2006 and the balance sheet as at 31 March 2006 as it would appear in the published account as prepared under International Financial Reporting Standards.

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000 Sales Cost of sales Administrative expenses Distribution expenses 000 1,250 400 200 150 Patents 50 Land and buildings at cost 800 Motor vehicles at cost 400 Land and buildings accumulated depreciation as at 1 April 2005 Motor vehicles accumulated depreciation as at 1 April 2005 Long-term loan Retained earnings as at 1 April 2005 Share premium account Revaluation reserve General reserve 140 150 60 36 25 30 25