Foxglove Ltd's trial balance for the year to 31 January 2017 is shown below: '000 '000 Administrative expenses 210 Equity share capital (1 ordinary shares) 720 Cash & cash equivalents 40 Distribution costs 580 Dividends received 4 Non-current asset investments (at cost) 20 Land and property: At cost (land 100,000) 200 Accumulated depreciation 16 Retained earnings 160 Purchases 1,360 Revenue 2,480 Inventories (at 1 February 2016) 260 Trade payables 120 Trade receivables 430 Vehicles at cost 700 Accumulated depreciation - vehicles 300 3,800 3,800 Additional information 1. Inventories at 31 January 2017 were 250,000. 2. Depreciation is charged on property at a rate of 4% on cost and on vans at a rate of 25% on cost. It is company policy to charge a full year of depreciation in the year of acquisition and no depreciation in the year of disposal. 3. At 31 January 2017, 10,000 was owed for office salaries and 5,000 had been paid in advance for vehicle licences. 4. Corporation tax owing at the end of the year for 2017 was estimated at 55,000. 5. During the year the directors proposed to pay an ordinary dividend of 10p per share. This had not been paid at year end. Required: Prepare Foxglove's income statement for the year ended 31 January 2017 and a balance sheet as at that date