ABSTRACT
Sales 1 200 1 000 Cost of sales 900 800 Gross profit 300 200 Other expenses 150 120 Profit before tax 150 80 Taxation 50 30 Profit after tax 100 50
Balance sheet at 31 December 2004 (summary)
2004 2003 £’000 £’000
Fixed assets 250 200 Net current assets 300 250 Net assets 550 450 Share capital 300 300 Profit and loss account 250 150 Shareholders’ funds 550 450
Ongoing stream of
* * business events
Balance Balance sheet date sheet date
How much profit or loss?
