The following balances remained in the books of AK Ltd on 31 March 2017, after the statement of profit or loss had been drawn up. You are to draft the statement of financial position as at 31 March 2017 in accordance with the relevant accounting standards.

1 Of the loan notes, £80,000 is repayable in five months’ time, while the other £12,000 is repayable in four years’ time.
2 Of the bills payable, £12,000 is in respect of a bill to be paid in eight months’ time and £4,000 for a bill payable in 14 months’ time.
3 The depreciation charged for the year was: Buildings £10,000, Plant and machinery £15,000.

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Ordinary share capital: £1 shares Preference share capital: 50p shares Calls account (ordinary shares) Development costs Goodwill Land and buildings - at cost Plant and machinery - at cost Provision for depreciation: Buildings Provision for depreciation: Plant and machinery Shares in undertakings in which the company has a participating interest Inventory: Raw materials Inventory: Finished goods Accounts receivable: Trade Amounts owed by associate entities Prepayments Loan notes (see Note 1) Bank overdraft (repayable on demand) Accounts payable: Trade (payable within one year) Bills payable (see Note 2) Share premium Capital redemption reserve General reserve Retained profits Dr £000s 128 416 1,000 300 280 24 144 96 20 2,438 Cr £000s 1,000 400 2 80 120 200 62 68 16 200 40 80 172 2,438