The following information is relevant:

Angel Plc acquired $70\%$ of the ordinary shares of Delight Ltd on $1$ January

$2021$ when Delight $`$s reserves were:

At $1$ January $2021$ the tangible non$-$current assets of Delight Ltd exceeded

their book value by $$7\mathrm{.}2M.$ This surplus has not been reflected in the

financial statements of Delight Ltd$.$ At that date the average remaining useful

life of non$-$current assets was $10$ years.

Angel Plc acquired $40\%$ of the ordinary shares of Penn Ltd on $1$ January

$2022$ when the balance on Penn Ltd$\text{'}$s share premium account was $$36M$

and its retained earnings were $$79\mathrm{.}2M.$

During the current year, Delight Ltd sold goods to Angel Plc at invoice value

$$8\mathrm{.}64$ m$,$ on which Delight Ltd made a mark$-$up of $20\%.$ One$-$half of these

goods were still in the inventory of Angel Plc at $31$ December $2022.$

Goodwill on acquisition of Delight Ltd has become impaired by $$1,128,000$

per annum since the date of acquisition. The premium arising on investment

in Penn Ltd has become impaired by $$480,000$ since the date of investment.

REQUIRED

Prepare the consolidated statement of comprehensive income of Angel Plc Group for

the year ended $31$ December $2022$ and a consolidated statement of financial position

at that date.SECTION A

COMPULSORY

QUESTION $1(50$ MARKS$)$

PART A

Below are the financial statements of Angel Plc$,$ its subsidiary Delight Ltd and

associate Penn Ltd at $31$ December $2022.$ Angel, Delight and Penn are public limited

companies.

Statement of Comprehensive income for the year ended $31$ December $2022$

Statements of Financial Position at $31$ December $2022$