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REGISTERED NUMBER: 02249944 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

QUESTSPAN LIMITED

QUESTSPAN LIMITED (REGISTERED NUMBER: 02249944)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


QUESTSPAN LIMITED (REGISTERED NUMBER: 02249944)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 2,109 2,812
Investment property 5 16,525,000 16,077,559
16,527,109 16,080,371

CURRENT ASSETS
Debtors 6 90,741 65,799
Cash at bank 2,734,942 2,039,201
2,825,683 2,105,000
CREDITORS
Amounts falling due within one year 7 456,231 383,952
NET CURRENT ASSETS 2,369,452 1,721,048
TOTAL ASSETS LESS CURRENT LIABILITIES 18,896,561 17,801,419

PROVISIONS FOR LIABILITIES 2,287,372 2,111,122
NET ASSETS 16,609,189 15,690,297

CAPITAL AND RESERVES
Called up share capital 8 100 100
Non-distributable reserve 8,103,027 7,846,540
Retained earnings 8,506,062 7,843,657
SHAREHOLDERS' FUNDS 16,609,189 15,690,297

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 April 2025 and were signed on its behalf by:





C N A Baxter - Director


QUESTSPAN LIMITED (REGISTERED NUMBER: 02249944)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

Questspan Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02249944

Registered office: Ingram House
6 Meridian Way
Norwich
NR7 0TA

2. 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 as modified by the revaluation of certain assets.

The financial statements are presented in Sterling, which is the functional currency of the company and rounded to the nearest £.

Turnover
Turnover represents amounts receivable for rental, associated income and other services supplied during the period, net of value added tax. Rents received in advance are initially deferred with revenue recognised in the Statement of Comprehensive Income over the terms as detailed in the respective tenancy agreements.

Tangible assets
Tangible assets are recorded at cost less accumulated depreciation. Depreciation is calculated so as to write off the cost of fixed assets, less their estimated residual values, over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose are as follows:

Plant and machinery - 25% reducing balance

Investment property
Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure.

Investment properties whose fair value can be measured reliably are measured at fair value. The gain or loss on revaluation is recognised in the Statement of Comprehensive Income in the period in which it arises. Such gains or losses are transferred from retained earnings to a non-distributable reserve.

Taxation
Taxation for the year 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.

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 year 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.

3. AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was 3 (2023 - 3 ) .

QUESTSPAN LIMITED (REGISTERED NUMBER: 02249944)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

4. TANGIBLE ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023
and 31 July 2024 15,555
DEPRECIATION
At 1 August 2023 12,743
Charge for year 703
At 31 July 2024 13,446
NET BOOK VALUE
At 31 July 2024 2,109
At 31 July 2023 2,812

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 16,077,559
Additions/Enhancement 15,014
Revaluations 432,427
At 31 July 2024 16,525,000
NET BOOK VALUE
At 31 July 2024 16,525,000
At 31 July 2023 16,077,559

The investment properties are valued annually at the balance sheet date, being valued on an open market basis by C N A Baxter, a company director.

The historical cost of the investment properties, excluding properties gifted to the company, was £6,134,601.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 66,099 42,555
Other debtors 24,642 23,244
90,741 65,799

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 9,696 4,756
Taxation and social security 248,910 200,572
Other creditors 197,625 178,624
456,231 383,952

QUESTSPAN LIMITED (REGISTERED NUMBER: 02249944)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100