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REGISTERED NUMBER: SC738040 (Scotland)



















FREE MARKET LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

11 JULY 2022 TO 31 JULY 2023






FREE MARKET LIMITED (REGISTERED NUMBER: SC738040)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 11 JULY 2022 TO 31 JULY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FREE MARKET LIMITED

COMPANY INFORMATION
FOR THE PERIOD 11 JULY 2022 TO 31 JULY 2023







DIRECTOR: Man Fung Chan





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC738040 (Scotland)





ACCOUNTANTS: Whitelaw Wells
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

FREE MARKET LIMITED (REGISTERED NUMBER: SC738040)

BALANCE SHEET
31 JULY 2023

Notes £    £   
FIXED ASSETS
Tangible assets 3 170
Investment property 4 120,773
120,943

CURRENT ASSETS
Debtors 5 337
Cash at bank 699
1,036
CREDITORS
Amounts falling due within one year 6 41,892
NET CURRENT LIABILITIES (40,856 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

80,087

CREDITORS
Amounts falling due after more than one
year

7

81,640
NET LIABILITIES (1,553 )

CAPITAL AND RESERVES
Called up share capital 1
Retained earnings (1,554 )
(1,553 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FREE MARKET LIMITED (REGISTERED NUMBER: SC738040)

BALANCE SHEET - continued
31 JULY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 April 2024 and were signed by:





Man Fung Chan - Director


FREE MARKET LIMITED (REGISTERED NUMBER: SC738040)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 11 JULY 2022 TO 31 JULY 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents the value of rental income receivable for the period. Income is recognised based on the amount due for the period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment and Fittings - 15% on cost

Investment property
Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent.

This is in accordance with the FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


FREE MARKET LIMITED (REGISTERED NUMBER: SC738040)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 11 JULY 2022 TO 31 JULY 2023


1. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Loans and borrowings
Loans and borrowings are initially recorded at the transaction price, including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

3. TANGIBLE FIXED ASSETS
Equipment
and
Fittings
£   
COST
Additions 189
At 31 July 2023 189
DEPRECIATION
Charge for period 19
At 31 July 2023 19
NET BOOK VALUE
At 31 July 2023 170

FREE MARKET LIMITED (REGISTERED NUMBER: SC738040)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 11 JULY 2022 TO 31 JULY 2023


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 120,773
At 31 July 2023 120,773
NET BOOK VALUE
At 31 July 2023 120,773

The director considers the valuation of the property at the period end to be the cost of the property.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Deferred tax asset 337

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Bank loans and overdrafts 1,248
Director's current account 39,999
Accrued expenses 645
41,892

The director's loan is interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
£   
Bank loans - 1-2 years 1,319
Bank loans - 2-5 years 4,734
Bank loans more 5 yr by instal 75,587
81,640

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 75,587

FREE MARKET LIMITED (REGISTERED NUMBER: SC738040)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 11 JULY 2022 TO 31 JULY 2023


8. SECURED DEBTS

The following secured debts are included within creditors:

£   
Bank loans 82,888

Security is held over the property by The Mortgage Works (UK).

9. RELATED PARTY DISCLOSURES

The loan balance due to the director amounted to £39,999.