You have the following summarised trial balance for Stock High plc as at 31 March 2013. Further details are provided in the notes.

1. At the statement of fi nancial position date £8 is owing for taxation.

2. Depreciation is to be charged at 2% on cost for land and buildings (used for administration) and 20% on cost for motor vehicles (used for selling and distribution).

3. Authorised share capital is 600,000 £1 ordinary shares and £150,000 £1 preference shares.

Required:

Prepare the income statement and statement of changes in equity for the year ended 31 March 2013 and the statement of financial position for the year ended 31 March 2013 as they would appear in the published account prepared under International Financial Reporting Standards.

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000 000 Revenue 1,250 Cost of sales 400 Administrative expenses 200 Distribution expenses 1.50 Patents 50 Land and buildings at cost 800 Motor vehicles at cost 400 Land and buildings accumulated depreciation as at 1 April 2012 140 Motor vehicles accumulated depreciation as at 1 April 2012 Long-term loan Retained earnings as at 1 April 2012 Share premium account Revaluation reserve 150 60 36 25 30 General reserve 25 Ordinary share capital 450 Preference share capital 100 Taxation paid 86 Ordinary dividends paid 50 Trade payables 12 Inventories as at 31 March 2013 20 Trade receivables 100 Cash 22 2,278 2,278