Beta Ltd
 Date: 31 March 2024

Details:

• Raw materials inventory (rubber):
  • Cost: £28,000
  • Replacement cost: £26,000
• Finished goods inventory:

Product	Alpha	Beta
Direct costs	£70,000	£60,000
Proportion of fixed overhead	£18,000	£16,000
Proportion of selling costs	£4,500	£4,000
Net realizable value	£110,000	£90,000

• Machinery:
   Acquired on 1 April 2018 for £320,000, depreciated over 8 years using the reducing balance method.
• Freehold property:
   Acquired 20 years ago for £2,700,000, land value estimated at £700,000. Buildings are depreciated over 60 years.
• Research and development:
  • Research costs: £370,000
  • Development costs: £590,000, benefiting over 6 years.

Required:
 Explain how these items should be presented in Beta Ltd's financial statements for the year ending 31 March 2024.