Lowestoft plc acquired 70% of the issued share capital of Galgate Ltd on 1 April 2016 for 2,800,000. At that date, Galgate Ltd had issued share capital of 2,000,000 and retained profits were 280,000. Extracts from the statements of financial position for the 2 companies one year later at 31 March 2017 are as follows:

	Lowestoft plc	Galgate Ltd
	'000	'000
Assets:
Investment in Galgate Ltd	2,800
Non-current assets	4,700	1,530
Current assets	2,400	2,090
Total assets	9,900	3,620
Equity:
Share capital	3,000	2,000
Retained profits	5,200	540
Total equity	8,200	2,540
Liabilities:
Non-current liabilities	600	480
Current liabilities	1,100	600
Total liabilities	1,700	1,080
Total equity and liabilities	9,900	3,620

Additional data

• Included within the current assets of Lowestoft plc and in the current liabilities of Galgate Ltd is an intra-group transaction for 200,000 that took place in early March 2017.
• Lowestoft plc has decided non-controlling interest will be valued at their proportionate share of net assets

Required:

Prepare the consolidated statement of financial position for Lowestoft plc and its subsidiary undertaking at 31 March 2017.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2017

Assets:	'000
Non-current assets
Goodwill
Current assets
Total assets
Equity:
Share capital
Retained profits
Non-controlling interest
Total equity
Liabilities:
Non-current liabilities
Current liabilities
Total liabilities
Total equity and liabilities