The statements of financial position for Maxi Limited and Mini Limited are set out below.

On 1 April last year, Maxi Limited bought 1,500,000 shares of Mini Limited for a total con-sideration of £5 million. At that date Mini Limited€™s share capital and share premium were each the same as shown above. The statement of financial position of Mini Ltd reflects all of the assets of the company, net of liabilities stated at their fair values.

Required: 

Prepare a consolidated statement of financial position for Maxi Limited at 31 March this year.

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Statements of financial position as at 31 March this year Maxi Limited Mini Limited £000 £000 ASSETS Non-current assets 23,000 Property, plant and equipment Investment 17,800 5,000 28,000 1,500,000 shares in Mini Limited 17,800 Current assets Inventories 5,000 4,280 2,400 1,682 Trade receivables Amounts owed by Maxi Limited 390 Cash at bank 76 1,570 9,356 6,042 23,842 Total assets 37,356 EQUITY AND LIABILITIES Equity 10,000,000 £1 ordinary shares fully paid 2,000,000 50p ordinary shares fully paid Share premium account 10,000 1,000 2,000 3,000 Retained earnings at beginning of year Profit for the year 3,100 2,080 713 16,813 400 5,480 Non-current liabilities Bank loans 13,000 14,000 Current liabilities 2,400 1,962 Trade payables Other payables 3,656 1,047 Amounts owed to Mini Limited 390 Short-term borrowings – overdraft 2,450 7,543 37,356 4,362 23,842 Total equity and liabilities