Company registration number SC616890 (Scotland)
Market Trading Ltd
Unaudited financial statements
for the year ended 31 December 2024
Pages for filing with registrar
Market Trading Ltd
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of Market Trading Ltd
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Market Trading Ltd for the year ended 31 December 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the board of directors of Market Trading Ltd, as a body, in accordance with the terms of our engagement letter dated 9 January 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Market Trading Ltd and state those matters that we have agreed to state to the board of directors of Market Trading Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Market Trading Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Market Trading Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Market Trading Ltd. You consider that Market Trading Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Market Trading Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
17 June 2025
Market Trading Ltd
Statement of financial position
as at 31 December 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
2
17,036
33,627
Current assets
Cash at bank and in hand
485
526
Creditors: amounts falling due within one year
(18,191)
(3,407)
Net current liabilities
(17,706)
(2,881)
Net (liabilities)/assets
(670)
30,746
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(671)
30,745
Total equity
(670)
30,746
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 11 June 2025
Anthony Rezin
Director
Company registration number SC616890 (Scotland)
Market Trading Ltd
Notes to the financial statements
for the year ended 31 December 2024
3
1
Accounting policies
Company information
Market Trading Ltd is a private company limited by shares incorporated in Scotland. The registered office is 1 Corsemanhill Avenue, Inverurie, AB51 5SR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Market Trading Ltd
Notes to the financial statements (continued)
for the year ended 31 December 2024
4
2
Fixed Asset Investments
2024
£
Fair value
At 1 January 2024
33,627
Additions
14,291
Disposals
(769)
Revaluations
(30,113)
At 31 December 2024
17,036
3
Going concern
The company has net liabilities of £670, but included in creditors is the sum of £17,807 owed to the director and his other company. The director has confirmed that he will not call in this amount for as long as necessary to ensure the ongoing viability of the company. The director therefore considers it to be appropriate for the accounts to be prepared on the going concern basis.