Snowflake Sparkle Ltd manufactures snowboarding equipment. The following information is available for the year ended 31st...

  

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Snowflake Sparkle Ltd manufactures snowboarding equipment. The following information is available for the year ended 31st March 2021. Net profit, as per the profit and loss statement, is £344,600. This amount is net of the following expenses: Depreciation 47,600 Entertaining employees (20 employees) Entertaining suppliers Gifts to customers (20 Christmas food hampers £45 each) 2,340 7,800 900 Gifts to customers (60 keyrings at £15 each with the company logo) 900 Loan to employee written off 500 Donation to a charity (qualifying charitable donation) 1,000 Plant and machinery On 1st April 2020, the tax written down values of plant and machinery were as follows: Main pool 53,200 Short life asset 12,400 Special rate pool 110,000 The following transactions took place during the year ended 31 March 2021: 1 April 2020 5 May 2020 Purchased energy saving equipment Purchased equipment Purchased new laptops Purchased computer software Purchased a motor car - CO2 emissions 45g/km Purchased machinery 55,000 28,800 3 June 2020 14,800 4 June 2020 6,800 5 July 2020 16,500 11 Oct 2020 6,500 17 Nov 2020 Sold the short life asset (3,800) 19 March 2021 Sold a lorry (original cost £6,800) (7,800) Purchased a motor car - CO2 emissions 31 March 2021 18,000 115g/km Snowflake Sparkle Ltd had a trading loss brought forward at 1 April 2020 of £25,000, which they planned to set against the profits for the year 2020/2021. Required (a) Calculate Snowflake Sparkle LTD's tax adjusted trading profit for the year ended 31st March 2021. (12 marks) Snowflake Sparkle Ltd manufactures snowboarding equipment. The following information is available for the year ended 31st March 2021. Net profit, as per the profit and loss statement, is £344,600. This amount is net of the following expenses: Depreciation 47,600 Entertaining employees (20 employees) Entertaining suppliers Gifts to customers (20 Christmas food hampers £45 each) 2,340 7,800 900 Gifts to customers (60 keyrings at £15 each with the company logo) 900 Loan to employee written off 500 Donation to a charity (qualifying charitable donation) 1,000 Plant and machinery On 1st April 2020, the tax written down values of plant and machinery were as follows: Main pool 53,200 Short life asset 12,400 Special rate pool 110,000 The following transactions took place during the year ended 31 March 2021: 1 April 2020 5 May 2020 Purchased energy saving equipment Purchased equipment Purchased new laptops Purchased computer software Purchased a motor car - CO2 emissions 45g/km Purchased machinery 55,000 28,800 3 June 2020 14,800 4 June 2020 6,800 5 July 2020 16,500 11 Oct 2020 6,500 17 Nov 2020 Sold the short life asset (3,800) 19 March 2021 Sold a lorry (original cost £6,800) (7,800) Purchased a motor car - CO2 emissions 31 March 2021 18,000 115g/km Snowflake Sparkle Ltd had a trading loss brought forward at 1 April 2020 of £25,000, which they planned to set against the profits for the year 2020/2021. Required (a) Calculate Snowflake Sparkle LTD's tax adjusted trading profit for the year ended 31st March 2021. (12 marks)