Based on the following information, prepare a consolidated income statement for the year ended 31 December 2023.

Orion Ltd Income Statement for the year ended 31 December 2023:

• Sales Revenue: £2,000,000
• Cost of Goods Sold: (£1,200,000)
• Gross Profit: £800,000
• Administrative Expenses: (£300,000)
• Operating Profit: £500,000
• Tax Expense: (£100,000)
• Net Profit: £400,000

Sirius Ltd Income Statement for the year ended 31 December 2023:

• Sales Revenue: £1,200,000
• Cost of Goods Sold: (£700,000)
• Gross Profit: £500,000
• Administrative Expenses: (£200,000)
• Operating Profit: £300,000
• Tax Expense: (£60,000)
• Net Profit: £240,000

Additional Information: Orion Ltd owns 70% of Sirius Ltd. During the year, Orion Ltd sold goods to Sirius Ltd for £150,000 with a profit margin of 30%. Sirius Ltd had 40% of these goods in inventory at year-end.