The following are the summarised financial statements of two companies, Peel and Caval, for the…

The following are the summarised financial statements of two companies, Peel and Caval, for the financial year ended 31 October 2011.

The following information is available:

(i) Peel purchased 90% of the ordinary shares in Caval for £240m on 1 November 2010 when the reserves of Caval were £76m. Each ordinary share in Caval carries one vote and there are no voting rights other than those attaching to the ordinary shares. Caval has not issued any additional shares since its acquisition by Peel.

(ii) Peel made a long-term loan of £23m to Caval during the year ended 31 October 2011. Caval made interest payments of £3m on this loan and there was no interest outstanding as at 31 October 2011.

(iii) During the year ended 31 October 2011 Peel made sales totalling £40m to Caval. The goods sold to Caval had cost Peel £24m and 75% had been resold by Caval by 31 October 2011. As at 31 October 2011 Caval had invoices totalling £10m payable to Peel which were unpaid.

(iv) Dividends paid by the companies during the year ended 31 October 2011 were Peel £30m and Caval £20m.


Prepare in so far as the above information permits:

(a) The consolidated statement of comprehensive income of Peel for the year ended 31 October 2011.

(b) The consolidated statement of financial position of Peel as at 31 October 2011.

Note: enter all figures correct to the nearest £m and provide full supportive workings.

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