TechNova Ltd's year-end financials are as follows:

TechNova Ltd reported a fair market value of assets of £500,000, total liabilities of £200,000, shareholder's equity of £150,000, and net income of £50,000 for the year.

Requirements:

1. Calculate the Return on Equity (ROE) for TechNova Ltd for the year ended 31 December 2021.
2. Discuss how the fair market value of assets influences the company's financial health.
3. Draft the equity section of TechNova Ltd’s balance sheet as of 31 December 2021.