From the following balance sheets and additional information, prepare a consolidated statement of financial position as at 31 December 2021.

Parent Company Balance Sheet as at 31 December 2021:

• Non-current assets: £1,500,000
  • Less Depreciation: (£500,000)
• Current assets: £400,000

• Share capital: £1,600,000
• Retained earnings:
  • As at 31.12.2020: £500,000
  • Add Profit for 2021: £150,000

Subsidiary Company Balance Sheet as at 31 December 2021:

• Non-current assets: £800,000
  • Less Depreciation: (£300,000)
• Current assets: £250,000
• Share capital: £600,000
• Retained earnings:
  • As at 31.12.2020: £200,000
  • Add Profit for 2021: £80,000

Additional Information: Parent Company acquired 80% of Subsidiary Company on 1 January 2021. During the year, Parent Company sold equipment to Subsidiary Company for £70,000, which originally cost Parent Company £60,000. Subsidiary Company depreciated this equipment by 15% during 2021.