Base plc acquired 60% of the common shares of Ball plc on 1 January 20X0 and gained control. At that date the statements of financial position of the two companies were as follows:
| Base | Ball | |
| £000 | £000 | |
| ASSETS | ||
| Non-cur rent assets | ||
| Property, plant and equipment | 250 | 100 |
| Investment in Ball | 90 | |
| Current assets | 100 | 70 |
| Total assets | 440 | 170 |
| EQUITY AND LIABILITIES | ||
| Capital and reserves | ||
| Share capital | 200 | 80 |
| Share premium | 20 | |
| Retained earnings | 160 | 10 |
| 360 | 110 | |
| Current liabilities | 80 | 60 |
| Total equity and liabilities | 440 | 170 |
Note:
The fair value of the property, plant and equipment in Ball at 1/1/20X0 was £120,000. The fair value of the non-controlling interest in Ball at 1/1/20X0 was £55,000. The ‘fair value method” should be used to measure the non-controlling interest.
Required: Prepare a consolidated statement of financial position for Base as at 1 January 20X0.
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