You have been provided with the below information for Fixing Ltd:

Trial Balance as at $31$ December $2023$

Land and buildings at cost

Fixtures and fittings at cost

Motor vehicles at cost

Accumulated depreciation at $1$ Jan $2023-$ Buildings

Accumulated depreciation at $1$ Jan $2023-$ Fixtures & Fittings

Accumulated depreciation at $1$ Jan $2023-$ Motor vehicles

Overdraft

Revenue

Purchases

Inventory at $1$ Jan $2023$ Trade payables

Trade receivables

Operating expenses

Allowance for receivables at $1$ Jan $2023$ Retained earnings at $1$ Jan $2023$

Equity share capital

Additional information

Dr $000$

$5,0001,980200$

Cr $000$

$1,000260$

$80$

$552,090$

$75$

$53,9055007,970$

$$ Depreciation is treated as an operating expense, a full year is charged in the year of acquisition and none in the year of disposal, the following rates apply: Buildings $5\%$ pa straight line; Fixtures and fittings $20\%$ pa reducing balance; Motor vehicles $25\%$ pa reducing balance.

$$ At the end of the year fixtures and fittings at a cost of $120$k were scrapped. The accumulated depreciation associated with these assets was $90$k$.$

$$ At the end of the year motor vehicles with a cost of $70$k were sold for $10$k$,$ the accumulated depreciation on these vehicles was $50$k$.$ The sales proceeds have not yet been received and have not been accounted for.

$$ Of the land and buildings figure $3$m relates to land.

$$ The allowance for receivables is to be maintained at $5\%$ of the closing receivables balance.

$$ Closing inventory is $35$k$.$

$$ An electricity bill for $3$k covering the quarter ended $31$ December $20$X$3$ was received on $2$ January $2024.$ This has not been included in the accounts.

$$ Public liability insurance of $18$k for the $12$ months to $30$ April $2024$ was paid on $1$ May $2023.$ Tax to be accrued for the period is $180$k$.$

Prepare the statement of profit or loss and the statement of financial position for Fixing Ltd as at $31$ December $2023.$