Shown below are the financial statements of Woodbank for its most recent two years:

STATEMENTS OF PROFIT OR LOSS FOR THE YEAR ENDED 31 MARCH:

STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH:

1. On 1 January 20X4, Woodbank purchased the trading assets and operations of Shaw for $50 million and, on the same date, issued additional 10% loan notes to finance the purchase. Shaw was an unincorporated entity and its results (for  three months from 1 January 20X4 to 31 March 20X4) and net assets (including goodwill not subject to any impairment) are included in Woodbank's financial statements for the year ended 31 March 20X4. There were no other purchases or sales of non-current assets during the year ended 31 March 20X4.
2. Extracts of the results (for three months) of the previously separate business of  Shaw, which are included in Woodbank's statement of profit or loss for the year ended 31 March 20X4, are:
    

   	$'000
   Revenue	30,000
   Cost of sales	-21,000
   Gross profit	9,000
   Distribution costs	-2,000
   Administrative expenses	-2,000

    

3. The following six ratios have been correctly calculated for Woodbank for the years ended 31 March:
    

   	20X3
   Return on capital employed (ROCE)	10.50%
   (profit before interest and tax /year-end total assets less current liabilities)
   Net asset (capital employed) turnover	1.16 times
   Gross profit margin	22%
   Profit before interest and tax margin	9.10%
   Current ratio	1.7:1
   Gearing (debt/(debt + equity))	5.30%