| FIRSTMARKET LIMITED |
| Notes to the Accounts |
| for the year ended 31 August 2019 |
|
|
| 1 |
Accounting policies |
|
|
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 |
|
Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Camper vans |
over 3 years |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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Going concern |
|
The accounts have been prepared on a going concern basis, the validity of which is dependent upon the continued support of the directors. The directors have given assurances that this support will continue for the foreseeable future and they are hopeful that profitability will improve next year. |
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| 2 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Camper vans |
| £ |
|
Cost |
|
Additions |
76,270 |
|
At 31 August 2019 |
76,270 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
Charge for the year |
25,426 |
|
At 31 August 2019 |
25,426 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 August 2019 |
50,844 |
|
|
| 3 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Bank loans and overdrafts |
- |
|
3,417 |
|
Taxation and social security costs |
1,983 |
|
- |
|
Other creditors |
105,339 |
|
13,287 |
|
|
|
|
|
|
107,322 |
|
16,704 |
|
|
|
|
|
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|
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| 4 |
Other information |
|
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FIRSTMARKET LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
Station Chambers |
|
36 Bolton Street |
|
Bury |
|
Lancs |
|
BL9 0LL |
