A company prepares accounts to 31 December each year and lets two properties to tenants. The following information relates to the year to 31 December 2023:

(a) Property A is owned by the company. The property was let from 1 January 2023 to 30 June 2023 at an annual rent of £9,600, payable monthly in advance. However, the rent due on 1 May and 1 June 2023 was not paid and the tenant then absconded. The company has now written off this rent as a bad debt.

Having advertised for a new tenant (cost £200), the company re-let the property from 1 September 2023 at an annual rent of £10,200, payable monthly in advance. The rent due on 1 December 2023 was not received until 3 January 2024.

Apart from advertising, the only other expenses incurred by the company in relation to Property A during the year to 31 December 2023 were:

(b) Property B is a leasehold property which was acquired by the company on 1 October 2023. The company paid a premium of £120,000 for the grant of a 25-year lease but is not required to pay rent. As from 1 October 2023, this property was let to a tenant at an annual rent of £12,000. The first year's rent was paid in advance. The tenant also paid a premium of £40,000 for the grant of a 10-year lease.

No expenses were incurred in relation to this property during the year.

Calculate the company's property business profit for the year to 31 December 2023.