Tech Innovators Ltd has the following financial data for the year ended 31 December 2021:

• Sales Revenue: £750,000
• Sales Returns: £25,000
• Cost of Goods Sold: £400,000
• Research and Development Expenses: £100,000
• Administrative Expenses: £60,000
• Selling Expenses: £50,000
• Interest Expense: £20,000
• Tax Expense: £30,000

Requirements:

1. Calculate the net sales for the year.
2. Prepare a detailed income statement for Tech Innovators Ltd for the year ended 31 December 2021.
3. Calculate the net profit margin and return on sales.