Taxation Assignment:

XXX Ltd is a UK resident trading company. The company's statement of profit or loss for the year ended 31 March 2018 is as follows:

Gross profit 1,200,500 Other income Loan stock interest (note 1) 15,750 Rental income (note 2) 24,000 Expenses Salaries 282,000 Depreciation 70,500 Loss on sale of non-current asset 2,500 Impairment losses (all trade) 3,800 Professional fees (note 3) 14,300 Repairs and renewals (note 4) 18,700 Other expenses (note 5) 28,500 (420,300) Finance costs Loan interest (note 6) (15,300) Profit before taxation 804,650 Notes:

1 Loan stock interest The loan stock interest is in respect of loan stock held by XXX Ltd as an investment. The amount of 15,750 is the amount received and accrued to 31 March 2018.

2 Rental income The rental income is in respect of a warehouse which is held as an investment and is let out to an unconnected company. The rental received of 24,000 is also the amount accrued to 31 March 2018.

3 Professional fees

Professional fees are as follows:

Accountancy and audit fees 5,600 Debt collection of trade debts 5,100 Legal fees in connection with renewing a 25 year lease 1,300 Legal fees in connection with director's motoring offences 2,300 14,300 4 Repairs and renewals

Repairs and renewals include: Extension to factory 9,988 Repainting exterior of company's offices 4,500

5 Other expenses

Other expenses include:

100 pens with an advertisement for company, given to customers 1,200

Qualifying charitable donation 6,000 6 Loan interest The loan interest relates to the warehouse let out (see note (2)). The amount shown is the amount paid and accrued to 31 March 2018.

REQUIRED:

What are XXX Ltd's trading profits for the year ended 31 March 2018? Start with the profit before taxation figure of 804,650 and list all of the items in the statement of profit or loss indicating by the use of a zero (0) any items that do not require adjustment.

What are XXX Ltd's taxable total profits for the year ended 31 March 2018?

What are XXX Ltd's net profit after tax for the year ended 31 March 2018?