Statements of financial position of Fixem plc are shown. You are informed:

(i) Non-current assets acquired for £120,000 and written down to £60,000 were sold in the year for £90,000.

(ii) Depreciation of £74,000 was written off in the year.

(iii) Payments in the year include the following: Interest on loan notes: £16,000 Dividends: £20,000

(iv) Tax on the year’s profit has been estimated at £48,000.

Required: 

Prepare a Statement of cash flows for the year ended 31 March 2012 in the format stated in IAS 7.

Clue: To identify operating profit we need to prepare, as far as possible, extracts of a Statement of income.

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Statements of financial position as at 31 March 2011 Non-current assets Current assets: Inventory Trade receivables Cash and bank Share capital Share premium Retained earnings Non-current liabilities: 8% Loan notes Current liabilities: Trade payables Taxation £'000 £'000 320 286 34 540 245 48 640 1,180 100 293 2012 1,180 £'000 £'000 480 £'000 £'000 £'000 £'000 500 60 227 787 365 298 27 690 400 40 120 1,170 275 560 300 35 310 1,170