Turnover – sales                                    67,053

Cost of sales                                        (50,462)

Gross margin                                        16,590

 

Other income – grants                           18,930

Admin costs (see (1) below)                   (15,135)

 

Operating profit/loss                            20,384

 

Tax at 21%                                            (306)

 

Retained profit                                     20,079

 

(1). Admin costs, per reports

Depreciation                                          (2,835)

Wages                                                  (8,803)

Other                                                    (3,498)

                                                            (15,135)

 

Turnover

Per Bank                                               £77,291.10

Cash purchases                                    £  8,836.14

                                                            £86,127.24

Less grants                                       -  £18,929.50

                                                            £67,197.74

Per Z report on Till                                 67,053

Difference  not material                              £145.24 

 

Tax charge

Profit before tax                                       20,384

Less allowable grant income                  (18,930)

Profit liable to Corporation Tax                   1,455

Tax at 21%                                                306