Starr Ltd. had sales revenue of £540,000 in 2022. Other items recorded during the year were:

Cost of goods sold ......................... £330,000
Selling expenses .............................. 120,000
Income tax ......................................... 25,000
Increase in value of employees ....... 15,000
Administrative expenses .................. 10,000

Prepare an income statement for Starr for 2022. Starr has 100,000 shares outstanding.