REGISTERED NUMBER: |
FREE MARKET LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
11 JULY 2022 TO 31 JULY 2023 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
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 |
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 |
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 |
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 |
Equipment and Fittings | - |
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 |
At 31 July 2023 |
DEPRECIATION |
Charge for period |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
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 |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
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 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Bank loans and overdrafts |
Director's current account |
Accrued expenses |
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 |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
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 |
Security is held over the property by The Mortgage Works (UK). |
9. | RELATED PARTY DISCLOSURES |
The loan balance due to the director amounted to £ |