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| Navigator Reproduced below are the draft financial statements of Navigator, a public company, for the year ended 30 September 2013: Draft statement of profit or loss and other comprehensive income for the year ended 30 September 2013    The buildings are depreciated straight line over a 50 year life and were 10 years old at 30 September 2012. Plant is depreciated at 20% per annum on the diminishing balance basis. All depreciation charges are charged to cost of sales. No acquisitions or disposals of property, plant and equipment were made during the year. Navigator follows the revaluation model of IAS 16 Property, Plant and Equipment for land and buildings (only). The market value of Navigator's land and buildings on 30 September 2013 was $203,800,000 in total (including $86,700,000 in respect of the land). The company treats revaluation gains as realised on disposal. (ii) The long-term borrowings represents the proceeds received on the issue on 1 October 2012 of 6% loan notes. The loan notes will be redeemed on 30 September 2015 at $21.8m. Interest is paid annually on 30 September and the 6% paid has been charged to finance costs. The effective interest rate of the loan notes has been calculated to be 8.0%. (iii) Navigator holds its investment properties at fair value. A professionally qualified valuer valued the investment properties at the year end at $20,900,000. No adjustments have been made to the figure in the ledger since the previous year end. (iv) During the year, Navigator entered into a contract to build a substantial item of plant for a specific customer, due for completion in early 2014. The amounts shown as work in progress represent costs incurred on the contract up to the year end date. Details of the contract are as follows: Fixed contract price: $33,500,000 Estimated future spend at 30 September 2013: $13,200,000 Invoices issued to 30 September 2013: $9,800,000 Invoices paid at 30 September 2013: $7,200,000 Invoices issued have been recorded in revenue and trade receivables. Other than the invoices and accounting for cash payments and receipts for costs incurred and invoices settled, no other entries have been made in respect of this contract. Navigator calculates the stage of completion on the 'cost' basis. (v) The inventories figure in the statement of financial position is opening inventories. The cost of sales figure is the purchases figure extracted from the trial balance. An inventory count at the year end revealed the year end inventories at cost amounts to $51,100,000. (vi) The income tax figure in profit or loss represents the current tax charge for the year. The deferred tax liability in the statement of financial position represents the amount at 30 September 2012. The carrying amount of Navigator's net assets is $74,000,000 more than their tax base at 30 September 2013 (taking into account the above adjustments and revaluation during the year). The tax rate applicable to profits and losses for the period and the reversal of temporary differences is 30%.Required Prepare a restated statement of profit or loss and other comprehensive income for the year ended 30 September 2013 and a restated statement of financial position at that date reflecting the information in the notes above. Work to the nearest $0.1m. (Total: 25 marks) |