Omega Ltd
 Date: 30 June 2024

Trial Balance:

Description	Dr (£000)	Cr (£000)
Bank overdraft		145
Called-up share capital (ordinary shares of £1 each)		3,800
Accounts payable		175
Accounts receivable	155
Non-current assets: at cost	550
Accumulated depreciation (at 1 July 2023)		370
Marketing expenses	350
Office expenses	380
Retained profits (at 1 July 2023)		450
Production expenses	4,700
Purchases (net of VAT)	6,100
Sales (amounts invoiced, net of VAT)		12,200
Inventory (at 1 July 2023)	370
Trade accounts payable		400
Trade accounts receivable	4,800
Total	11,430	11,430

Additional Information:

1. Inventory at 30 June 2024 was valued at £410,000.
2. At 30 June 2024, £140,000 was owing for office expenses, and £130,000 had been paid in advance for marketing expenses.
3. A customer had gone into liquidation owing the company £540,000; the company does not expect to recover any of this debt.
4. The company decides to set up an allowance for doubtful debts amounting to 5% of the outstanding trade accounts receivable as at the end of each financial year.
5. Depreciation is to be charged on the non-current assets at a rate of 20% on cost; it is to be apportioned as follows:
   • Marketing: 20%
   • Office: 30%
   • Production: 50%

Note:
 There were no acquisitions or disposals of non-current assets during the year to 30 June 2024.

Required:
 Prepare Omega Ltd’s income statement for the year ending 30 June 2024, and a balance sheet as at that date.