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You have recently joined Piping Ltd, a manufacturer of kitchen appliances: International Financial Reporting Coursework, LU, UK
|University||Lancaster University (LU)|
|Subject||International Financial Reporting|
You have recently joined Piping Ltd, a manufacturer of kitchen appliances, as the newly appointed financial controller following the recent resignation of the previous one. You have joined during the preparation of the year- end financial statements. Below is the trial balance for Piping Ltd at 31 December 2022:
|6% Loan (repayable in 2025)||1,000|
|Land and buildings carrying amount at 31 December 2021 (land £800,000)||5,694|
|Plant and machinery cost||6,357|
|Accumulation depreciation at 31 December 2021||3,361|
|Retained earnings at 31 December 2021||3,064|
|Ordinary share capital (£1 shares)||5,000|
|Cash at bank||347|
|Inventories at 31 December 2021||988|
|Trade and other receivables||1,918|
|Trade and other payables||–||1,011|
Do You Need Assignment of This Question
You have been provided with the following additional information:
- Inventories held on 31 December 2022 cost £1,028,000.
- Within inventory is a product line of SEN400s, the units left in stock at 31 December 2022 are recorded at cost £11,000 and would usually sell for £13,000. However, they are faulty and require £4,000 of rectification work to be saleable.
- On 1 January 2022 the company sold and delivered appliances to customer A. Buildcredit. The sales price is £20,000, payable in full on 31 December 2023 and the market rate of interest is 12%. The previous financial controller recognised the £20,000 in revenue on 1 January 2022.
- Leggit Co, a local building company and regular customer of Piping has gone out of business. At 31 December 2022 they owed Piping £13,000.
- Data from previous years is captured to predict the future outcome of warranty claims, for goods sold in the year (with 12 month warranties) but not yet claimed against at the reporting date. Claims are typically settled within the next 12 months. No adjustment to the accounts has been made in relation to the data this year because the owner would rather deal with claims as they arise:
|Percentage of goods sold||Defect||Compensation payable|
- The owner decided to adopt the revaluation model for land and buildings this year. An independent surveyor valued Piping’s land and buildings on 1 January 2022 at £13.6 million (land £2.1 million). The owner doesn’t think it makes sense to depreciate following the revaluation, since it reflects the market value. The remaining useful life of buildings at 1 January 2022 was estimated as 25 years. Depreciation of land and buildings are treated as an administrative expense.
- Plant and machinery are being depreciated at 25% reducing balance. Depreciation of plant and machinery are treated as a cost of sale.
- On 1 July 2022 the owner and previous financial controller recognised the ‘Piping’ brand as an intangible asset on the basis that sales have grown consistently over the last few years and have attributed this to the familiarity of the brand in the industry. They recognised the other side of the adjustment as a credit to administrative expenses.
- On 1 October 2022 the company raised funds through a 1 for 5 rights issue at £1.80 per share. The proceeds have been recorded in the suspense account.
- Income tax for the year to 31st December 2022 is estimated to be £33,000.
- On 31st December 2022 the directors declared a dividend of 2p per share. This is to be paid in January 2023.
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