From the following balance sheets and further information, prepare a consolidated balance sheet as at 31 December 2021.

Parent Ltd Balance Sheet as at 31 December 2021:

• Non-current assets:
  • Investment in Subsidiary: £450,000 (300,000 shares bought on 31.12.2020)
  • Other non-current assets: £500,000
  • Less Depreciation: (£150,000)
• Current assets: £120,000
• Share capital: £700,000
• Retained profits:
  • As at 31.12.2020: £200,000
  • Add Profit for 2021: £50,000

Subsidiary Ltd Balance Sheet as at 31 December 2021:

• Non-current assets: £400,000
  • Less Depreciation: (£120,000)
• Current assets: £220,000
• Share capital: £300,000
• Retained profits:
  • As at 31.12.2020: £90,000
  • Add Profit for 2021: £30,000

Additional Information: During the year, Parent Ltd sold a non-current asset to Subsidiary Ltd for £80,000. The asset originally cost £70,000. Subsidiary Ltd has written off 15% of the amount paid, i.e., £12,000 as depreciation for 2021.