Bleu plc acquired 80% of the common shares of Verte plc on 1 January 20X0 and gained control. At that date the statements of financial position of the two companies were as follows:
| |
Bleu £m
|
Verte £m
|
|
ASSETS
|
|
|
|
Non-current assets
|
|
|
|
Property, plant and equipment
|
150
|
120
|
|
Investment in Verte
|
210
|
|
|
Current assets
|
108
|
105
|
|
Total assets
|
468
|
225
|
| |
Bleu £m
|
Verte £m
|
|
EQUITY AND LIABILITIES
|
|
|
|
Capital and reserves
|
|
|
|
Share capital
|
300
|
120
|
|
Retained earnings
|
78
|
60
|
| |
378
|
180
|
|
Current liabilities
|
90
|
45
|
|
Total equity and liabilities
|
468
|
225
|
Note: The fair values are the same as the book values.
Required: Prepare a consolidated statement of financial position for Bleu plc as at 1 January 20X0.
Non-controlling interests are measured using method 1.