Dynamite PLC is a manufacturing company. The following balances have been extracted from its books and records as at 30 June 2020:

Share capital		100,000
Share premium		10,000
Retained earnings		25,023
Delivery vans at cost	27,500
Delivery vans accumulated depreciation		9,540
Property at cost	165,494
Property accumulated depreciation		15,000
Purchases	238,227
Administration expenses	52,835
Factory wages	36,892
Warehouse wages	27,098
Office wages	12,365
Bad debts written off	797
Sales		425,234
Inventory at 1 July 2019	27,456
Cash at bank	30,852
Trade receivables	33,972
Provision for doubtful debts at 1 July 2019		1,500
Trade payables		20,401
10 % debentures		50,000
Debenture interest paid	2,500
Dividend paid	710
	656,698	656,698

The following information has not yet been taken account of:

1. The company has the following depreciation policy:

Property 2% straight line

Delivery vans 25% reducing balance

Depreciation on the property should be allocated as follows:

Cost of sales 50%

Administration 50%

Depreciation on delivery vans

Distribution costs 100%

• You should round numbers to the nearest pound.

2. The doubtful debt provision is required to be 6% of the trade receivables.
3. The closing inventory is determined to be 120,500.
4. Accrued distribution costs total 634.
5. Administration expenses include a prepayment of 357.
6. Corporation tax for the year is estimated to be 6,680.

Required:

Prepare a statement of profit or loss for Dynamite PLC for the year ended 30 June 2020.