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| Sofa Ltd Sofa Ltd is a manufacturer of furniture. The company’s summarised profit and loss account for the year ended 31 March 2013 is as follows:   Note 2 – Repairs and renewals The figure of £22,800 for repairs and renewals includes £9,700 for constructing a new wall around the company’s premises and £3,900 for repairing the wall of an office building after it was damaged by a lorry. The remaining expenses are all fully allowable. Note 3 – Other expenses The figure of £364,000 for other expenses includes £1,360 for entertaining suppliers; £700 for entertaining employees; £370 for counselling services provided to an employee who was made redundant; and a fine of £420 for infringing health and safety regulations. The remaining expenses are all fully allowable. Note 4 – Profit on disposal of shares The profit on the disposal of shares of £4,300 is in respect of a shareholding that was sold on 29 October 2012. Note 5 – Bank interest received The bank interest was received on 31 March 2013. The bank deposits are held for non-trading purposes. Note 6 – Interest payable Sofa Ltd raised a debenture loan on 1 July 2012, and this was used for trading purposes. Interest of £20,800 was paid on 31 December 2012, and £10,400 was accrued at 31 March 2013. Note 7 – Plant and machinery On 1 April 2012 the tax written down values of plant and machinery were as follows:  The following transactions took place during the year ended 31 March 2013:  Motor car (3) purchased on 19 October 2012 for £13,800 is a low emission motor car (CO2emission rate of less than 120 grams per kilometre). The expensive motor car sold on 8 June 2012 for £17,800 originally cost £26,800. The lorry sold on 8 January 2013 for £7,600 originally cost £24,400. The cost of the second-hand office building purchased on 10 February 2013 for £280,000 includes fixtures qualifying as plant and machinery. These fixtures originally cost £44,800, and at the date of sale had a market value of £12,600 and a written down value of £9,400. Sofa Ltd and the vendor of the office building have made a joint election regarding the sale price of the fixtures to enable Sofa Ltd to claim the maximum possible amount of capital allowances in respect of them. Sofa Ltd is a medium-sized company as defined by the Companies Acts. Note 8 – Purchase of factory On 1 July 2012 Sofa Ltd purchased a second-hand factory for £400,000 (including £133,500 for the land and £62,000 for a showroom). The factory was originally constructed at a cost of £445,000 (including £158,000 for the land and £68,000 for the showroom). The construction of the factory was completed on 1 October 2001,and it was first brought into use on 1 January 2002. The factory has always been used for industrial purposes.Required: (a) Calculate Sofa Ltd’s tax adjusted trading loss for the year ended 31 March 2013. Note: your answer should commence with the loss before taxation figure of £240,000. You should assume that the company claims the maximum available capital allowances. |