The following are individual statements of financial position as at 31 March 2020 of Universe plc and its subsidiary Galaxy plc:


  Universe plc                          Galaxy plc
  £’000 £’000                    £’000 £’000
Non-current assets
     Property, plant and equipment       968,750                             512,500
     Investment in Galaxy       472,500                 –
1,441,250 512,500
 Current assets
      Inventories       151,200                               84,150
      Trade receivables       101,250                               61,875
      Current account with Galaxy         45,000                                        –
      Cash and cash equivalents         20,790                        15,975
   318,240  162,000
Total assets  1,759,490                  674,500
Equity and Liabilities   
     Ordinary shares £1 each       800,000                             350,000
     Retained earnings       205,200      164,750
1,005,200 514,750
Long-term liabilities 346,500 15,000
Current liabilities
     Trade payables 113,190        77,440
     Current account with Universe       45,000
     Other current liabilities 294,600        22,310
   407,790   144,750
 Total equity and liabilities  1,759,490                   674,500


The following information is relevant:

  1. Universe plc acquired 280,000,000 ordinary shares in Galaxy plc for £472,500,000 on 1 April 2019. At the date of acquisition, the ordinary shares and the retained earnings of Galaxy plc were £350,000,000 and £108,500,000 respectively.
  2. On 1 April 2019, a fair value exercise was carried out and it was determined that the fair value of Galaxy plc’s property, plant and equipment was £50,000,000 greater than their carrying values. These assets had remaining useful economic lives of 8 years on 1 April 2019. The group policy is to charge straight-line depreciation on the property, plant and equipment with no residual value. Galaxy plc has not adjusted its accounts to reflect the fair value exercise.
  3. During the year ended 31 March 2020, Universe plc sold goods to Galaxy plc for £45,000,000 at a mark-up of 20% on cost. 75% of these goods remained in Galaxy plc’s inventory on 31 March 2020.
  4. The impairment test showed that the goodwill arising on the acquisition of Galaxy plc was impaired by £12,000,000 on 31 March 2020.
  5. It is group policy to value the non-controlling interest at fair value at the date of acquisition.
  6. The fair value of the non-controlling interest in Galaxy plc at the date of acquisition was £125,000,000.


Prepare the consolidated statement of financial position for the Universe group as at 31 March 2020.

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