The following figures for the year to 30 April 2016 have been extracted from the books and records of three companies which form a group:

Profits are deemed to accrue evenly throughout the year.

Other information:
(a) Corporation tax of the following amounts is to be provided on the profits of the year:

(b) Field Ltd sells goods for resale to both Old plc and Lodge Ltd. At 30 April 2016, inventory of goods purchased from Field Ltd are:

The net profit percentage for Field Ltd on sales of these goods is 25%.
Old plc had £36,000 of these goods in inventory at 1 May 2015.
Total sales in the year by Field Ltd to Old plc were £150,000 and to Lodge Ltd £120,000.
(c) Old plc acquired the whole of the ordinary shares in Field Ltd many years ago. Old plc acquired 120,000 shares in Lodge Ltd on 1 August 2015.

Required:
A consolidated statement of profit or loss for Old plc and its subsidiaries for the year ending 30 April 2016, together with any relevant notes.

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Revenue reserves at 1 May 2015 Inventory at 1 May 2015 Sales Purchases Distribution expenses Administration expenses Share capital - fully paid ordinary shares of £1 each 8% preference shares of £1 each Inventory at 30 April 2016 Old plc £ 30,000 90,000 1,250,000 780,000 125,000 28,000 450,000 110,000 Field Ltd £ 40,000 150,000 875,000 555,000 85,000 40,000 350,000 100,000 135,000 Lodge Ltd £ 50,000 80,000 650,000 475,000 60,000 72,000 200,000 85,000