From the following information in respect of Orchard Ltd., prepare the statement of cash flows for the year ended 31.03.20X3

STATEMENT OF FINANCIAL POSITION AT

 Income statement for the years ended

The following information is also available.

• Assets sold during the year produced a profit on sale of £8,000 (recorded in sales above). Original cost of assets sold was £52,000 and the sale proceeds were £25,000.
• No intangible fixed assets were bought or sold during the year.
• All interest receivable and payable was received and paid during the year.

Required:

Prepare a statement of cash flows for Orchard Ltd. for the period ended 31. 3. 20X3 and comment, as far as you can, on the performance of Orchard Ltd. during the period. 

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31.03.20X2 31.03.20X3 £'000s £'000s Fixed assets: 312 Intangible 256 433 Tangible 673 200 Investments 240 1.169 945 Current assets: 310 Inventory 326 Trade receivables 143 156 Bank 45 453 527 Current liabilities: Trade payables 85 135 Taxation 42 43 100 Dividends 40 Bank 12 179 278 Net current assets 274 249 1.219 1.418 Total assets less current liabilities Ordinary shares 420 620 Share premium 100 340 299 Retained profits 308 Debentures 400 150 1,219 1.418 31.03.20X2 31.03.20X3 £'000s £'000s £'000s £'000s Sales 642 713 Cost of sales 421 406 221 307 Distribution and admin expenses 21 25 Depreciation and amortisation 85 115 Interest receivable (20) (24) Interest payable 40 126 10 126 95 181 Taxation 42 52 53 129 Dividends paid and due to be paid 50 120