Epping Ltd. is a listed company based in Essex County. The company prepares its financial statements as at 31 December each year. The following trial balance is for the period ending 31 December 2019:

 

	£000	£000
Revenues		2,550
Wages for distribution staff	146
Trade payables		164
Trade receivables	228
Inventory as at 1 January 2019	50
10% Debentures		300
Bank	220
Dividend paid	50
Debenture interest paid	45
Manufacturing wages	100
Office heating and lighting	20
Administrative staff salaries	40
Directors salaries	70
Vehicle running costs	150
Proceeds from disposal of delivery vehicle		25
Retained earnings at 1 January 2019		450
Repairs to machinery	60
Factory rent	55
Administration office rent	65
Purchases	900
Ordinary shares at £1		1,600
Machinery at cost	1,100
Accumulated depreciation for machinery at 1 Jan. 2019		370
Warehouse premises at cost	1,550
Accumulated depreciation for warehouse premises at 1 Jan. 2019		200
Computers at cost	600
Accumulated depreciation for computers at 1 Jan. 2019		120
Delivery vehicles at cost	480
Accumulated depreciation for delivery vehicles at 1 Jan. 2019		150
	5,929	5,929

 

The following information is also to be considered:

1. The computers are used solely for administration work.

2. A stock count performed on 31 December 2019 revealed that the closing inventory had a value of £60,000.

3. The directors of Epping Ltd. revalued the warehouse premises on 31 December 2019 to £1,800,000 after charging depreciation for the year.

4. Epping Ltd. uses the following depreciation policies:

a. Depreciation of machinery: 12% straight-line method.

b. Depreciation of warehouse premises: 4% straight-line method.

c. Depreciation of computers: 18% straight-line method.

d. Depreciation of delivery vehicles: 20% reducing balance method

5. Epping Ltd. purchased an item of machinery on 1 March 2019 for £32,000. This transaction was erroneously included in the repairs for machinery account and has not yet been corrected. Note: The Company’s policy is to charge full year’s depreciation on its assets in the year of acquisition.

6. The disposal of delivery vehicle included in the trial balance pertains to a vehicle that was originally bought for £65,000. This delivery vehicle had been depreciated by £35,000. None of these amounts have been accounted for in the books of Epping Ltd.

 

Required:

Prepare the following financial statements for Epping Ltd. for the year ended 31 December 2019 in accordance with IAS 1, Preparation of Financial Statements. Show all workings.

a. A statement of comprehensive income for the year ending 31 December 2019.

b. A statement of changes in equity for the year ending 31 December 2019.

c. A statement of financial position as at 31 December 2019.