The following information is also available:

1. Land is non-depreciable and is to be revalued at 280,000 on 31 October 2015.

2. The buildings were acquired on 1 November 2004. At that time, their useful life was estimated to be 50 years and it was decided to adopt the straight-line method of depreciation, assuming no residual value. On 1 November 2014, it was determined that the useful life of the buildings would end on 31 October 2044. The estimate of residual value remains unchanged.

3. Equipment and vehicles are depreciated at 25% per annum on the reducing balance basis. A full year's depreciation is charged in the year of acquisition. No depreciation is charged in the year of disposal. In June 2015, a distribution vehicle which had cost 64,000 in February 2011 was sold for 18,000. This amount was debited to the bank account and credited to a disposal account, but no further entries have yet been made with regard to this disposal.

4. Depreciation of buildings should be split 70:30 between administrative expenses and distribution costs. Depreciation of equipment and vehicles should be split 40:60 between administrative expenses and distribution costs.

5. The cost of inventory at 31 October 2015 is 92,280.

6. Trade receivables include bad debts of 2,000 which should be written off. The allowance for doubtful receivables should then be adjusted to 2% of the remaining trade receivables.

7. The company's tax liability for the year to 31 October 2014 was underestimated by 8,400. The liability for the year to 31 October 2015 is estimated to be 20,000 and falls due on 1 August 2016.

8. The loan stock was issued on 1 January 2015. Interest is payable half-yearly on 30 June and 31 December. The interest due on 30 June 2015 was paid on the due date. Accrued interest at 31 October 2015 has not yet been accounted for.

9. Directors' fees are to be treated as administrative expenses. Wages and salaries should be split 50:50 between administrative expenses and distribution costs.

10. A 1 for 2 bonus issue of ordinary shares was made on 1 July 2015, financed out of retained earnings. No entries have yet been made in relation to this issue.

Required:

Prepare the following financial statements for Chilwell Ltd in accordance with the requirements of international standards:

a statement of comprehensive income for the year to 31 October 2015

a statement of changes in equity for the year to 31 October 2015

a statement of financial position as at 31 October 2015. Formal notes to the accounts are not required, but all workings should be shown.