The following are the summarized financial statements of two companies, Peel and Caval, for the financial year ended 31 October 2011.
Income Statements for the year ended 31 October 2011

Statements of Financial Position as at 31 October 2011

The following information is available:
(i) Peel purchased 90% of the ordinary shares in Caval for £240m on 1 November 2010 when the reserves of Caval were £76m. Each ordinary share in Caval carries one vote and there are no voting rights other than those attaching to the ordinary shares. Caval has not issued any additional shares since its acquisition by Peel.
(ii) Peel made a long-term loan of £23m to Caval during the year ended 31 October 2011. Caval made interest payments of £3m on this loan and there was no interest outstanding as at 31 October 2011.
(iii) During the year ended 31 October 2011 Peel made sales totalling £40m to Caval. The goods sold to Caval had cost Peel £24m and 75% had been resold by Caval by 31 October 2011. As at 31 October 2011 Caval had invoices totalling £10m payable to Peel which were unpaid.
(iv) Dividends paid by the companies during the year ended 31 October 2011 were Peel £30m and Caval £20m.
Required:
Prepare in so far as the above information permits:
(a) The consolidated statement of comprehensive income of Peel for the year ended 31 October 2011.
(b) The consolidated statement of financial position of Peel as at 31 October 2011.
Note: enter all figures correct to the nearest £m and provide full supportive workings.

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Peel Em Caval Em 95 Revenue 125 Cost of sales Gross profit Operating expenses Investment income Interest receivable Finance charges Net profit before taxation Taxation Profit for the year (43) (69) 56 52 (23) 5 (22) 21 4 (3) (5) 54 34 (15) 39 (10) 24 Peel Caval ASSETS Non-current assets £m £m Tangible assets, net book value Investments, at cost 290 290 265 13 555 303 Current assets 133 47 Total assets 688 350 EQUITY and LIABILITIES Equity Ordinary shares of £1 Retained earnings 300 180 232 80 532 260 Non-current liabilities 00 66 Current liabilities 56 24 Total equity and liabilities 688 350