Torrent plc”s income statement for the year ended 31 December 2010 and the statements of financial position as at 31 December 2009 and 2010 are as follows:
|
Income statement for the year ended 31 December 2010 |
|
|
£m |
|
|
Revenue |
623 |
|
Cost of sales |
(353) |
|
Gross profit |
270 |
|
Distribution expenses |
(71) |
|
Administrative expenses |
(30) |
|
Rental income |
27 |
|
Operating profit |
196 |
|
Interest payable |
(26) |
|
Profit before taxation |
170 |
|
Taxation |
(36) |
|
Profit for the year |
134 |
Statements of financial position as at 31 December 2009 and 2010
|
2009 |
2010 |
|
|
£m |
£m |
|
|
ASSETS |
||
|
Non-current assets |
||
|
Property, plant and equipment |
||
|
Land and buildings |
310 |
310 |
|
Plant and machinery |
325 |
314 |
|
635 |
624 |
|
Current assets |
||
|
Inventories |
41 |
35 |
|
Trade receivables |
139 |
145 |
|
180 |
180 |
|
|
Total assets |
815 |
804 |
|
EQUITY AND LIABILITIES |
||
|
Equity |
||
|
Called-up ordinary share capital |
200 |
300 |
|
Share premium account |
40 |
– |
|
Revaluation reserve |
69 |
9 |
|
Retained earnings |
123 |
197 |
|
432 |
506 |
|
Non-current liabilities |
||
|
Borrowings – loan notes |
||
|
Current liabilities |
||
|
Borrowings (all bank overdraft) |
56 |
89 |
|
Trade payables |
54 |
41 |
|
Taxation |
23 |
18 |
|
133 |
148 |
|
|
Total equity and liabilities |
815 |
804 |
During 2010, the business spent £67 million on additional plant and machinery. There were no other non-current asset acquisitions or disposals.
There was no share issue for cash during the year. The interest payable expense was equal in amount to the cash outflow. A dividend of £60 million was paid.
Required :
Prepare the statement of cash flows for Torrent plc for the year ended 31 December 2010.