Street Limited prepares its financial statements to 31 December each year, and at 31 December 2014 the company owned four properties: Bruce, Clarence, Roy and Steve. On 1 January 2013, Street Limited acquired Bruce and Clarence, two sites located in out-of-town shopping centres. Construction on each site commenced on 1 January 2013 and was completed on 31 December 2013. Details of the costs associated with the construction are as follows: Bruce Clarence '000 '000 Land 2.000 1.800 Direct materials 1.600 1,400 Direct labour 400 300 Direct overheads 260 240 4.260 3.740 Street Limited financed the construction of Bruce and Clarence by issuing a 10,000,000 zero-coupon bond on 1 January 2013. The bond is redeemable on 31 December 2016 with a one-off payment of 13,605,442. While both properties were brought into use on 1 January 2014, Bruce was retained by Street Limited for its own use whereas Clarence was rented commercially to an unrelated company. Street Limited owns two successful golf courses, Roy and Steve, and the company intends to develop this specialist part of its business. These two courses were professionally valued on 1 January 2014, the details of which are as follows: Historical Cost Historical Cost Net Book Valuurrent Use Value Market Value L'000 '000 '000 000 Roy 75,000 45.000 35,000 37.500 Steve 80,000 48.000 56,000 60,000 The buildings element of Roy and Steve represents 50% of both the historical cost and revalued amounts, and their remaining useful economic life at 1 January 2014 was 30 years. It was company policy to record all owned properties at historic cost and to depreciate them over their estimated useful economic life of 50 years on a straight-line basis. However, with effect from 1 January 2014, the directors of Street economic life of 50 years on a straight-line basis. However, with effect from 1 January 2014, the directors of Street Limited have decided to record Roy and Steve at valuation in the financial statements. The directors do not intend to obtain valuations for Bruce and Clarence or other non-current assets held by the company. Requirement Based upon the information provided, explain with reference to extant IASs/IFRSs and show the amounts that should be included in the statements of profit or loss and other comprehensive income of Street Limited for the years ended 31 December 2013 and 2014 and the statements of financial position as at those dates in respect of the four properties