Using the data provided, create a consolidated statement of financial position as of 31 December 2022.

Prime Ltd Balance Sheet as at 31 December 2022:

• Non-current assets: £1,000,000
  • Less Depreciation: (£300,000)
• Current assets: £200,000
• Share capital: £1,200,000
• Retained earnings:
  • As at 31.12.2021: £300,000
  • Add Profit for 2022: £100,000

Proxima Ltd Balance Sheet as at 31 December 2022:

• Non-current assets: £600,000
  • Less Depreciation: (£150,000)
• Current assets: £150,000
• Share capital: £500,000
• Retained earnings:
  • As at 31.12.2021: £100,000
  • Add Profit for 2022: £50,000

Additional Information: Prime Ltd acquired 80% of Proxima Ltd on 1 January 2022. During the year, Prime Ltd sold a vehicle to Proxima Ltd for £60,000. The vehicle originally cost Prime Ltd £55,000 and Proxima Ltd depreciated it by 20% during 2022.