Asset plc and Liability Limited prepare their financial statements to 31 December each year. Extracts from their 2018 financial statements are shown below:

Statements of Financial Position as at 31 December 2018

	Asset plc	Liability Limited
	000	000
Assets
Non-current assets
Property, plant and equipment	17,160	7,640
Investment in Liability Limited	_7,120	-
	24,280	7,640
Current assets
Inventories	2,800	1,220
Trade receivables	1,960	1,400
Cash	__420	180
Total Assets	29,460	10,440
Equity and Liabilities
Share capital - 1 ordinary shares	12,000	5,000
Share premium	2,000	600
Retained earnings	12,880	1,840
	26,880	7,440
Non-current Liabilities
5% debentures	-	2,000
Current Liabilities
Trade payables	2,580	1,000
Total Equity and Liabilities	29,460	10,440

Additional Information:

1. Asset plc purchased 70% of Liability Limited on 1 January 2018 when the balance on Liability Limiteds retained earnings was 1,560,000.

2. Included in trade receivables of Asset plc are amounts owed by Liability Limited of 100,000. Liability Limiteds payables include 100,000 due to Asset plc.

3. At the date of acquisition, the fair value of Liability Limiteds property was 400,000 higher than the book value.

4. At the 31 December 2018, the inventory of Liability Limited includes goods it has purchased from Asset plc for 300,000. Asset plc sets its prices at cost plus 25%. One half of these goods are still in inventory at 31 December 2018.

5. Goodwill arising on the acquisition of Liability Limited has not been impaired.

6. It is the group policy to value non-controlling interest using the proportionate share of net assets method.

Requirement

Prepare the consolidated statement of financial position of Asset plc for the year ended 31 December 2018.

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