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Company No: 03496266 (England and Wales)

QUESTMAP LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

QUESTMAP LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

QUESTMAP LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
QUESTMAP LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS N R Harding
P G Harding
P D Smith
M Wren
SECRETARY P D Smith
REGISTERED OFFICE C/O Drivers Wharf Surplus
Supplies Drivers Wharf
Northam Road
SO14 0PF
United Kingdom
COMPANY NUMBER 03496266 (England and Wales)
QUESTMAP LIMITED

BALANCE SHEET

As at 31 December 2024
QUESTMAP LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 24,479 44,583
Investment property 4 66,849,322 62,146,049
66,873,801 62,190,632
Current assets
Stocks 1,580,795 1,580,795
Debtors
- due within one year 5 1,219,272 1,036,264
- due after more than one year 5 0 32,467
Cash at bank and in hand 1,225,501 548,041
4,025,568 3,197,567
Creditors: amounts falling due within one year 6 ( 15,149,576) ( 3,014,458)
Net current (liabilities)/assets (11,124,008) 183,109
Total assets less current liabilities 55,749,793 62,373,741
Creditors: amounts falling due after more than one year 7 ( 24,602,761) ( 35,951,159)
Provision for liabilities 8 ( 4,717,349) ( 3,755,716)
Accruals and deferred income ( 34,918) 0
Net assets 26,394,765 22,666,866
Capital and reserves
Called-up share capital 300 300
Share premium account 269,466 269,466
Revaluation reserve 15,190,921 15,190,921
Profit and loss account 10,934,078 7,206,179
Total shareholder's funds 26,394,765 22,666,866

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Questmap Limited (registered number: 03496266) were approved and authorised for issue by the Board of Directors on 29 July 2025. They were signed on its behalf by:

P G Harding
Director
QUESTMAP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
QUESTMAP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Questmap Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Drivers Wharf Surplus, Supplies Drivers Wharf, Northam Road, SO14 0PF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Questmap Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue arising from the provision of services is recognised by reference to the stage of completion as follows:
[include details of the specific recognition and measurement policies for each significant type of service provided]
When the stage of completion cannot be measured reliably revenue is recognised up to the extent of recoverable expenses and accordingly no profit is recognised.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Pensions

Defined contribution pension plan:

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If the arrangement constitutes a financing transaction, it is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 23 23

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 January 2024 286,608 286,608
Disposals ( 74,148) ( 74,148)
Revaluations 0 0
At 31 December 2024 212,460 212,460
Accumulated depreciation
At 01 January 2024 242,025 242,025
Charge for the financial year 20,104 20,104
Disposals ( 74,148) ( 74,148)
At 31 December 2024 187,981 187,981
Net book value
At 31 December 2024 24,479 24,479
At 31 December 2023 44,583 44,583

4. Investment property

Investment property
£
Valuation
As at 01 January 2024 62,146,049
Additions 1,073,069
Fair value movement 3,816,538
Disposals (186,334)
As at 31 December 2024 66,849,322

The 2024 valuations were made by the director, on an open market value for existing use basis.

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 497,996 471,865
Other debtors 721,276 564,399
1,219,272 1,036,264
Debtors: amounts falling due after more than one year
Other debtors 0 32,467

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 12,783,475 624,641
Other loans 301,709 542,876
Trade creditors 452,012 425,234
Corporation tax 299,099 395,662
Other taxation and social security 29,664 16,449
VAT 117,141 404
Accruals and deferred income 708,190 711,486
Other creditors 458,286 297,706
15,149,576 3,014,458

The terms for the bank loans, tranche B, the rate is calculated at base rates plus 2.45% per annum. The final repayment date for the loans is 22 January 2025.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 17,815,000 29,098,475
Other creditors 6,787,761 6,852,684
24,602,761 35,951,159

There are no amounts included above in respect of which any security has been given by the small entity.

The terms for the bank loans, tranche A, are a fixed rate of 3.85% per annum plus margin of 2.35%, totaling 6.2%.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 3,755,716) ( 3,797,783)
(Charged)/credited to the Profit and Loss Account ( 961,633) 42,067
At the end of financial year ( 4,717,349) ( 3,755,716)

9. Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned subsidiaries.

P Harding owns 100% of the share capital of Globaldealing Limited. At the year end, £162,004 (2023 - £162,004) was due from Questmap Limited to Globaldealing Limited.

During the year, the Company invoiced Ibex Homes Limited £39,763 (2022 - £20,000). At the year end, £357,060 (2023 - 259,483) was due to Questmap Limited. The Company is a related party because P Harding is a director and owns 50% of the share capital.

During the year, Questmap Limited invoiced Harding Holdings UK Limited £185,731 (2023 - £140,598) and made purchases of £2,975 (2023 - £504). At the year end £Nil (2023 - £15,147) was due to Questmap Limited, and £78,334 (2023 - £317,960) was due to Harding Holdings UK Limited. The Company is a related party by virtue of common control.

During the year, Questmap Limited made sales of £Nil (2023 - £Nil) to Questmap Southampton LLP. At the year end, £Nil (2023 - £Nil) was due to Questmap Southampton LLP, and £Nil (2023 - £Nil) was due to Questmap Limited by Questmap Southampton LLP. The LLP is a related party by virtue of common control.

Questmap Limited made sales of £2,417 (2023 - £Nil) to P, B and A Harding. At the year end P, B and A Harding owed Questmap £2,461 (2023 - £Nil).

P Harding owns 50% of the share capital of AFC Totton Leisure Limited. During the year, Questmap Limited made sales of £34 (2023 - £Nil). At the year end, £36,599 (2023 - £39,616) was owed to Questmap Limited.

At the year end, Questmap Limited had guarantees in place with Barclays to make good any repayments not made by P Harding on a loan facility taken out in earlier years. The loan is also secured by way of a floating charge over a number of Questmap Limited's properties.

Included in creditors falling due after one year are amounts due to P Harding, a director and shareholder of the Company. At 31 December 2024 the total amount outstanding was £6,787,761 (2023 - £6,852,684). During the year, interest of £Nil (2023 - £Nil) was charged to the Company in respect of this loan.

10. Ultimate controlling party

The ultimate controlling party is P Harding, by virtue of his shareholding and directorship in the ultimate parent undertaking, Questmap Holdings Limited, a company registered in England and Wales.