Using the following balance sheets and additional data, create a consolidated statement of financial position as at 31 December 2022.

Titan Ltd Balance Sheet as at 31 December 2022:

• Non-current assets: £1,200,000
  • Less Accumulated Depreciation: (£400,000)
• Current assets: £300,000
• Share capital: £1,300,000
• Retained earnings:
  • As at 31.12.2021: £350,000
  • Add Profit for 2022: £80,000

Luna Ltd Balance Sheet as at 31 December 2022:

• Non-current assets: £700,000
  • Less Accumulated Depreciation: (£200,000)
• Current assets: £250,000
• Share capital: £500,000
• Retained earnings:
  • As at 31.12.2021: £150,000
  • Add Profit for 2022: £50,000

Additional Information: Titan Ltd acquired 85% of Luna Ltd on 1 January 2022. Titan Ltd sold goods to Luna Ltd worth £50,000, with a profit margin of 20%. Luna Ltd had 40% of these goods in inventory at year-end.