Using the following information, prepare a consolidated income statement for the year ended 31 December 2023.

Omega Ltd Income Statement for the year ended 31 December 2023:

• Revenue: £2,200,000
• Cost of Goods Sold: (£1,300,000)
• Gross Profit: £900,000
• Operating Expenses: (£350,000)
• Net Profit: £550,000

Sigma Ltd Income Statement for the year ended 31 December 2023:

• Revenue: £1,500,000
• Cost of Goods Sold: (£900,000)
• Gross Profit: £600,000
• Operating Expenses: (£250,000)
• Net Profit: £350,000

Additional Information: Omega Ltd owns 70% of Sigma Ltd. During the year, Omega Ltd sold goods worth £200,000 to Sigma Ltd at a profit margin of 25%. Sigma Ltd had 30% of these goods in inventory at year-end.