MWT plc is a company involved in the design and manufacture of aircraft. During the year ended 31…

MWT plc is a company involved in the design and manufacture of aircraft. During the year ended 31 March 1995, the company had commenced the following projects.

A. Project Alpha involves research into the development of a lightweight material for use in the construction of aircraft. To date, costs of £175 000 have been incurred, but so far the material developed has proved too weak.

B. Project Beta involves the construction of three aircraft for a major airline at a total contract price of £75 million. Costs incurred to 31 March 1995 amounted to £21 million, and payments on account received, relating to £20 million of those costs, amounted to £24 million. It is estimated that the contract will cost another £40 million to complete.

C. Project Gamma involves the development of a new engine for an overseas customer for a total contract price of £7 million. The total cost of the project is estimated to be £5 million. Only £1.4 million had been incurred to 31 March 1995. Payments on account, relating to those costs, of £2.4 million have been received.

D. Project Delta involves the refurbishment of a fleet of ten aircraft for another major airline. The total contract price is £30 million. To 31 March 1995, costs of £24 million have been incurred, and, because of materials shortage, it is estimated that it will cost another £12 million to complete. Although £20 million had been invoiced to 31 March 1995, relating to cost incurred to that date, only £19 million had been received at that date.

E. Project Epsilon commenced in February 1995 involving the production of light aircraft for a flying school for a total contract price of £18.2 million. Costs incurred to 31 March 1995 amounted to £1 million of a total estimated contract cost of £17 million. Invoices raised to 31 March 1995 amounted to £3 million of which £2.6 million had been received by that date.

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