Sigma Ltd
 Date: 31 December 2023

Details:

• Raw materials inventory (glass):
  • Cost: £38,000
  • Replacement cost: £36,000
• Finished goods inventory:

Product	Gamma	Delta
Direct costs	£65,000	£50,000
Proportion of fixed overhead	£18,000	£16,000
Proportion of selling costs	£5,500	£5,000
Net realizable value	£105,000	£80,000

• Vehicles:
   Acquired on 1 January 2017 for £330,000, depreciated over 9 years using the reducing balance method.
• Freehold property:
   Acquired 20 years ago for £3,000,000, land value estimated at £750,000. Buildings are depreciated over 60 years.
• Research and development:
  • Research costs: £530,000
  • Development costs: £910,000, benefiting over 7 years.

Required:
 Prepare the necessary financial statement adjustments for Sigma Ltd as of 31 December 2023.