Monty is a publicly listed company. Its financial statements for the year ended 31 March 20X3 including comparatives are shown below.
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH
|
Revenue
Cost of sales
Gross profit
Distribution costs
Administrative expenses
Finance costs - loan interest
- lease interest
Profit before tax
Income tax expense
Profit for the year
Other comprehensive income (Note 1)
Total comprehensive income
|
20X3
$'000
31,000
(21,800)
9,200
(3,600)
(2,200)
(150)
(250)
3,000
(1,000)
2,000
1,350
3,350
|
20X2
$'000
25,000
(18,600)
6,400
(2,400)
(1,600)
(250)
(150)
2,050
(750)
1,300
-
1,300
|
STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH
|
ASSETS
Non-current assets
Property, plant and equipment
Deferred development expenditure
Current assets
Inventory
Trade receivables
Bank
Total assets
EQUITY AND LIABILITIES
Equity shares of $1 each
Revaluation surplus
Retained earnings
Non-current liabilities
8% loan notes
Deferred tax
Finance lease obligation
Current liabilities
Finance lease obligation
Trade payables
Current tax payable
Total equity and liabilities
|
20X3
$'000
14,000
1,000
15,000
3,300
2,950
50
6,300
21,300
8,000
1,350
3,200
12,550
1,400
1,500
1,200
4,100
750
2,650
1,250
4,650
21,300
|
20X2
$'000
10,700
-
10,700
3,800
2,200
1,300
7,300
18,000
8,000
-
1,750
9,750
3,125
800
900
4,825
600
2,100
725
3,425
18,000
|
Notes
1 On 1 July 20X2, Monty acquired additional plant under a finance lease that had a fair value of $1.5 million. On this date it also revalued its property upwards by $2 million and transferred $650,000 of the resulting revaluation reserve this created to deferred tax. There were no disposals of non-current assets during the period.
2 Depreciation of property, plant and equipment was $900,000 and amortisation of the deferred development expenditure was $200,000 for the year ended 31 March 20X3.
Required
Prepare a statement of cash flows for Monty for the year ended 31 March 20X3, in accordance with IAS 7 Statement of Cash Flows, using the indirect method.