Exhibit 1: Extracts from T-shirt Ltd's Financial Statements for 2019 Summary Statement of Profit & Loss for the years ended 31 December 2019 2018 000 000 Revenue 1,366 2,101 Cost of sales (751) (840) Gross profit 615 1,261 Other expenses (1.009) (820) Profit before interest and tax (394) 441 Finance costs (106) (69) Profit/(loss) for the year (500) 372 Summary Statement of Financial Position as at 31 December 2019 000 2018 000 ASSETS Non-current Assets Property, Plant and Equipment 1,274 1,282 Current Assets Inventories 121 89 Trade and other receivables 305 218 Cash and cash equivalents 0 45 426 352 Total Assets 1,700 1,634 EQUITY AND LIABILITIES Equity Share Capital Retained Earnings Total Equity 310 310 0 500 310 810 Non-current Liabilities Long-term borrowings 921 688 921 688 Current Liabilities Trade payables 151 136 Bank overdraft 318 0 469 136 Total Liabilities 1,390 824 Total Equity and Liabilities 1,700 1,634 End of case study