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FREE MARKET LIMITED

Registered Number
SC738040
(Scotland)

Unaudited Financial Statements for the Year ended
31 July 2024

FREE MARKET LIMITED
Company Information
for the year from 1 August 2023 to 31 July 2024

Director

CHAN, Man Fung

Registered Address

9 Royal Crescent
Glasgow
G3 7SP

Registered Number

SC738040 (Scotland)
FREE MARKET LIMITED
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3652170
Investment property4120,773120,773
121,425120,943
Current assets
Debtors5-337
Cash at bank and on hand2,124699
2,1241,036
Creditors amounts falling due within one year6(42,592)(41,891)
Net current assets (liabilities)(40,468)(40,855)
Total assets less current liabilities80,95780,088
Creditors amounts falling due after one year7(80,322)(81,641)
Net assets635(1,553)
Capital and reserves
Called up share capital11
Profit and loss account634(1,554)
Shareholders' funds635(1,553)
The financial statements were approved and authorised for issue by the Director on 29 April 2025, and are signed on its behalf by:
CHAN, Man Fung
Director
Registered Company No. SC738040
FREE MARKET LIMITED
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
The turnover shown in the profit and loss account represents the rental income receivable for the year. Income is recognised on the basis of rent due for the year.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Fixtures and fittings5
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 August 23189189
Additions593593
At 31 July 24782782
Depreciation and impairment
At 01 August 231919
Charge for year111111
At 31 July 24130130
Net book value
At 31 July 24652652
At 31 July 23170170
4.Investment property
The director considers the valuation of the property at the year end to be the cost of the property.

£
Fair value at 01 August 23120,773
At 31 July 24120,773
5.Debtors: amounts due within one year

2024

2023

££
Other debtors-337
Total-337
Other debtors represents deferred tax asset.
6.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts1,3191,248
Taxation and social security203-
Other creditors40,36039,999
Accrued liabilities and deferred income710644
Total42,59241,891
Other creditor represents a loan from the director which is interest free and repayable on demand.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts80,32281,641
Total80,32281,641
8.Secured creditors
The secured bank loan £81,641 (2023: £82,889) is included within creditors.
9.Related party transactions
The loan balance due to the director amounted to £40,360 (2023: £39,999) at the year end.