*23.6 A company's income statement for the year to 31 March 2022 is as follows: Gross trading profit 383,870 Receivable from other UK companies: Dividends 4,000 Debenture interest (Note 1) 6,000 Bank interest receivable (Note 2) 2,600 Income from property (Note 3) Profit on sale of investments (Note 4) 4,000 22,490 422,960 Less: Distribution costs (all allowable) 97,500 Administrative expenses (all allowable) 101,150 Directors' fees 50,000 Interest on bank overdraft 23,780 Debenture interest payable (Notes 5, 8) 50,000 Patent royalties payable (Notes 6,8) 7,500 Depreciation of tangible fixed assets 108,300 438,230 Net loss for the year (15,270) Notes: 1. 2. 3. 4. 5. 6. The company acquired 240,000 of 10% debentures (for non-trade purposes) on 1 January 2022. Interest is receivable half-yearly on 30 June and 31 December. No interest was received during the year to 31 March 2022. Bank interest receivable includes interest of 450 which had accrued at 31 March 2022 but which was not received until April 2022. There was no accrued interest at 31 March 2021. The property was let on 1 December 2021 at a rent of 1,000 per month payable quarterly in advance on 1 December, 1 March, 1 June and 1 September. There were no allowable expenses in the year to 31 March 2022. The agreed chargeable gain on the sale of the investments was 8,450. 500,000 of 10% debentures were issued (for trade purposes) on 1 April 2021. The interest is payable (net of income tax) on 1 January each year. As from 1 July 2021, the company is required to pay patent royalties of 10,000 per annum, deducting basic rate income tax at source. The net amount paid in the year to 31 March 2022 was 4,000. The royalties are payable for trade purposes. 7. Capital allowances of 32,700 are claimed for the year. 8. All figures given in the income statement are gross. Compute the taxable total profits for the year.