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EFIM30033 Advanced Financial Reporting - Tutorial Group Accounting 1

Q4 Albarn Group

Albarn Ltd acquired 70% of Coxon Ltd’s equity shares on 1 April 20X2, paying £1.75m. Albarn Ltd acquired 25% of Rowntree Ltd’s equity shares on 1 April 20X1, paying £600,000. On the same day, 1 April 20X1,

Albarn acquired 80% of James Ltd paying £1.25m.

Statements of Financial Position for Albarn, Coxon, James and Rowntree as at 31 March 20X4
	Albarn £000s	Coxon £000s	James £000s	Rowntree £000s
ASSETS
Non current assets
Property, plant and equipment	2,500	900	1,200	1,100
Investments	4,300	-	-	-
Current assets	4,500	2,600	2,400	1,400
Total assets	11,300	3,500	3,600	2,500
EQUITY AND LIABILITIES
Equity
Share capital £1 shares	1,000	500	800	200
Retained earnings	3,850	800	700	700
Revaluation reserve	1,950	-	-	-
Total Equity	7,450	1,300	1,500	900
Current liabilities	4,500	2,200	2,100	1,600
Total equity and liabilities	11,300	3,500	3,600	2,500

1. Albarn Ltd’s investments in the SOFP above are shown at fair value, with any revaluation gains being shown in the revaluation reserve. At the reporting date 31 March 20X4, the fair value of the investment in Rowntree Ltd has been estimated at £800,000 and as at the same date the fair value of the

investment in Coxon Ltd has doubled since acquisition.

2. You may assume that Coxon Ltd, James Ltd and Rowntree Ltd have not issued additional shares since their shares were purchased by Albarn Ltd. Impairment losses of £200,000 have been charged on the goodwill related to Coxon Ltd as at 31/3/X4. You may assume the fair value of net assets at acquisition for all companies was equal to carrying value.

3. Albarn Ltd’s equity interest in Rowntree Ltd entitles them to rights to the net assets of the entity. The

Albarn Ltd have the right to appoint one of the 4 directors of Rowntree Ltd. The other 75% of the equity shares in Rowntree Ltd are owned equally by 3 other investors, each of which can appoint a director.

Significant operational, strategic and financial decisions of Rowntree Ltd require all 4 directors’ agreement.

4. On 1 January 20X4 Albarn Ltd sold all of their equity interest in James Ltd for consideration of £2.5m

when the retained earnings of James Ltd stood at £650,000. The carrying value of the James Ltd equity

investment in Albarn Ltd’s financial statements just prior to disposal was £1.8m.

5. It is the Albarn Ltd Group’s policy to measure non-controlling interest at fair value.

Additional Data	Coxon Ltd £000s	James Ltd £000s	Rowntree Ltd £000s
Retained earnings 1/4/X1	300	200	100
Retained earnings 1/4/X2	500	400	300
Fair value of NCI at acquisition date	600	200	n/a

Required

1) Prepare a Consolidated Statement of Financial Position for the Albarn Group as at 31 March 20X4. You can use the proformas on the next pages to do this.

Please attempt the question before class - in class you will be able to ask questions about the task and you will be set some additional tasks to attempt in the tutorial.

Albarn Ltd Group, Consolidated Statement of Financial Position as at 31 March 20X4		£’000s
ASSETS
Non current assets



Current assets
Total assets
EQUITY AND LIABILITIES
Equity



Total equity
Current liabilities
Total equity and liabilities

(W1) Group structure

(W2) Goodwill

	£000s	£000s
Consideration at acquisition date
Fair value of NCI at acquisition
Less: fair value of net assets at acquisition (equal to carrying value) represented by: Share capital Retained earnings at acquisition
Goodwill at acquisition
Impairment loss
Goodwill