N. Alphonso started in business on 1 January 2024 with \(£ 10,000\) in a bank account. Unfortunately, he did not keep proper books.

He must submit a calculation of profit for the year ending 31 December 2024 to the Inspector of Taxes. At 31 December 2024 he had inventory valued at cost \(£ 8,300\); a van which had cost \(£ 9,000\) during the year and which had depreciated during the year by \(25 \%\); trade receivables of \(£ 11,620\); expenses prepaid of \(£ 1,360\); a bank balance of \(£ 4,110\); a cash balance \(£ 50\); trade payables \(£ 9,470\); and expenses owing \(£ 1,630\).

His drawings were \(£ 600\) cash each week. Calculate his profit or loss for the year.