GROUP PROJECT: INDIVIDUAL TASK - Corporation tax Shisham Limited is a company which trades as a manufacturer of juices.

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GROUP PROJECT: INDIVIDUAL TASK - Corporation
tax
Shisham Limited is a company which trades as a manufacturer of
juices. The company’s statement of profit or loss for the year
ended 31 March 2021 is as follows:
£
£
Gross profit
432,000
Other income
Profit on disposal of office building (note 1)
45,000
Bank interest (note 2)
6,800
Expenses
Depreciation
48,740
Professional fees (note 3)
21,870
Repairs and renewals (note 4)
28,990
Other expenses (note 5)
24,300
-123,900
Finance costs
Interest payable (note 6)
-24,740
Profit before taxation
335,160
Notes
The profit of £45,000 is in respect of
a freehold office building that was sold on 30 June 2020 for
£380,000. The chargeable gain on sale has been computed to be
£45,500.
The bank interest was received on 31
March 2021 and is the amount accrued to that date. The bank deposit
is held for non-trading purposes.
Professional fees are as follows:
Accountancy and audit
fee

£5,870
Legal fees in connection with the
issue of share capital
8,700
Legal fees in connection with the
issue of loan notes (N.6) 6,400
Legal fees in connection with fine for
breach of health
And safety legislation



900
21,870
The figure of £28,990 for repairs
includes £9,800 for constructing an extension to the company’s
manufacturing premises and £5,600 for repainting the interior of
the company’s offices.
Other expenses include £2,310 for
entertaining customers and a qualifying charitable donation of
£500.
Shisham limited issued loan notes on 1
October 2020. The capital raised was used for trading purposes.
Interest of £24,740 in respect of the first six months of the loan
was paid on 31 March 2021.
Required: