The following trial balance has been extracted from the books and records of Carpets R Us Limited, a registered company, on the 30^th September 2019:

Premises at cost	300,000
Motor Vehicles at cost	25,000
Trade Receivables/Payables	72,000	24,320
Accumulated Depreciation on motor vehicles b/f		9,000
Inventory at 1st October 2018	52,500
Cash at bank and in hand	60,875
Debenture Interest paid	2,250
Retained profit b/f		55,250
Purchases	545,325
General expenses	20,450
Revenue		865,400
Issued ordinary shares @ 0.50 each		150,000
6% Debenture 2025		75,000
Rent and insurance	22,000
Wages and salaries	61,255
Vehicle expenses	8,765
Fixtures and Fittings at cost	14,250
Accumulated depreciation on fixtures and fittings		5,700
TOTAL	1,184,670	1,184,670

Additional information is:-

• Inventory at 30^th September 2019 was valued at 54,200.

• Depreciation is to be provided on a 20% reducing balance basis for the year for motor vehicles and 10% straight line basis for fixtures and fittings.
• Rent & insurance contains an invoice for 1,200 for the quarter ending 31^st November 2019.

• Provision is to be made for an audit fee of 2,500 and a directors fee of 18,250. These amounts were calculated after the year end but related to this year.

• The directors have identified one customer who owes them 1,500 who has been declared bankrupt; the company is unlikely to receive any money.

• Corporation tax is charged at 44,887.
• The directors propose an ordinary dividend of 10 pence per ordinary share to include the interim dividend paid.

Required:

Using international accounting standards (IAS) produce the following financial statements: (A cash Flow Statement is not required)

1. The statement of profit or loss for the year ended 30^th September 2019.

[6 marks]

2. The statement of changes in equity for the year ended 30^th September 2019.

[6 marks]

3. The statement of financial position as at that date.

[13 marks]

4. All your workings as notes to the accounts.

[25 marks]