Cooks Delight Ltd. Statement of Financial Position as at 31 December 2018, 2018 2018 2017 2017 Assets Non-current Assets Property, Plant & Catering Equipment 15,375 12,275 Current assets Inventory Receivables Prepayments Cash in hand 1,475 2,400 0 6,745 975 1,595 75 3,530 10,620 6,175 Net Assets 25.995 18,450 Equity and Liabilities Equity and Reserves Ordinary share capital Share Premium account Retained earnings 15,000 1,000 3.140 19,140 10,000 0 1.245 11,245 4,475 4.925 Non-current Liabilities Long Term Loan Current Liabilities Trade payables Tax payable Accruals 1,875 175 330 1,730 50 500 2,380 2,280 25,995 18,450 Additional Information 1. The Corporation Tax charge for the year was 830. 2. The long term loan repayments totalled 530 for the year. There were no additions to Loans during the year. 3. The depreciation policy for all Non-Current Assets is 10% reducing balance with a full year depreciation in the year of acquisition and none in the year of disposal. The company disposed of Catering Equipment during the year. It was purchased in 2016 for 2500. The disposal proceeds were 1650. Requirement: (a) Prepare a statement of Cash Flows for the year ended 31st December 2016 in accordance with International Accounting (27 Marks) Standard No.7