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| Gastron Ltd Gastron Ltd, a United Kingdom resident company, is a luxury food manufacturer. The company’s summarised profit and loss account for the year ended 31 March 2009 is as follows:  Note 1 – Leasehold property On 1 April 2008 Gastron Ltd acquired a leasehold office building, paying a premium of £60,000 for the grant of a new ten-year lease. The office building was used for business purposes by Gastron Ltd throughout the year ended 31 March 2009. No legal costs were incurred by Gastron Ltd in respect of this lease. Note 2 – Gifts and donations Gifts and donations are as follows:  Note 3 – Professional fees Professional fees are as follows:  Note 4 – Other expenses The figure of £230,240 for other expenses includes £1,300 for entertaining suppliers and £900 for entertaining employees. Note 5 – Income from property Gastron Ltd lets out the whole of an unfurnished freehold office building that is surplus to requirements. The office building was let from 1 April 2008 to 31 December 2008 at a monthly rent of £1,800, payable in advance. On 31 December 2008 the tenant left owing two months’ rent which Gastron Ltd was unable to recover. During January 2009 the company spent £3,700 decorating the property. The office building was then re-let from 1 February 2009 at a monthly rent of £1,950, on which date the new tenant paid six months’ rent in advance. Note 6 – Bank interest received The bank interest was received on 31 March 2009. The bank deposits are held for non-trading purposes. Note 7 – Dividends received During the year ended 31 March 2009 Gastron Ltd received dividends of £36,000 from Tasteless plc, an unconnected UK company, and dividends of £18,000 from Culinary Ltd, a 100% UK subsidiary company (see note 11). Both figures are the actual cash amounts received. Note 8 – Profit on disposal of shares The profit on disposal of shares is in respect of a 1% shareholding that was sold on 14 October 2008. The disposal resulted in a chargeable gain of £74,800. This figure is after taking account of indexation. Note 9 – Interest payable The interest payable is in respect of the company’s 5% debenture loan stock that was issued on 1 April 2008. The proceeds of the issue were used to finance the company’s trading activities. Interest of £30,400 was paid on 30 September 2008 and again on 31 March 2009. Note 10 – Plant and machinery On 1 April 2008 the tax written down values of plant and machinery were as follows:  The following transactions took place during the year ended 31 March 2009:  Motor car (2), purchased on 11 August 2008 for £16,200, is a low emission motor car (CO2 emission rate of less than 110 grams per kilometre). The equipment sold on 5 March 2009 for £3,300 was originally purchased in 2004 for £8,900. Note 11 – Subsidiary company Gastron Ltd owns 100% of the ordinary share capital of Culinary Ltd. On 13 February 2009 Culinary Ltd sold a freehold factory and this resulted in a capital loss of £66,000. For the year ended 31 March 2009 Culinary Ltd made no other disposals and paid corporation tax at the small company rate of 21%. Required: (a) Calculate Gastron Ltd’s tax adjusted trading profit for the year ended 31 March 2009, after deducting capital allowances. Note: your computation should commence with the profit before taxation figure of £640,000, and should list all of the items referred to in notes (1) to (9) indicating by the use of zero (0) any items that do not require adjustment. |