Using the information below, prepare a consolidated income statement for the year ended 31 December 2023.

Alpha Ltd Income Statement for the year ended 31 December 2023:

• Revenue: £1,200,000
• Cost of Goods Sold: (£700,000)
• Gross Profit: £500,000
• Operating Expenses: (£200,000)
• Net Profit: £300,000

Beta Ltd Income Statement for the year ended 31 December 2023:

• Revenue: £800,000
• Cost of Goods Sold: (£450,000)
• Gross Profit: £350,000
• Operating Expenses: (£150,000)
• Net Profit: £200,000

Additional Information: Alpha Ltd owns 80% of Beta Ltd. During the year, Alpha Ltd sold goods worth £100,000 to Beta Ltd at a markup of 25%. Beta Ltd had 50% of these goods in inventory at year-end.