Company No:
Contents
| 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) |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
|
|
|
| Investment property | 4 |
|
|
|
| 66,873,801 | 62,190,632 | |||
| Current assets | ||||
| Stocks |
|
|
||
| Debtors | ||||
| - due within one year | 5 |
|
|
|
| - due after more than one year | 5 |
|
|
|
| Cash at bank and in hand |
|
|
||
| 4,025,568 | 3,197,567 | |||
| Creditors: amounts falling due within one year | 6 | (
|
(
|
|
| 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 | (
|
(
|
|
| Provision for liabilities | 8 | (
|
(
|
|
| Accruals and deferred income | (
|
|
||
| Net assets |
|
|
||
| Capital and reserves | ||||
| Called-up share capital |
|
|
||
| Share premium account |
|
|
||
| Revaluation reserve |
|
|
||
| Profit and loss account |
|
|
||
| Total shareholder's funds |
|
|
Directors' responsibilities:
The financial statements of Questmap Limited (registered number:
|
P G Harding
Director |
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.
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.
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.
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 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.
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.
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.
| Plant and machinery |
|
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.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
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 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.
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.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
|
|
| Plant and machinery | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2024 |
|
|
|
| Disposals | (
|
(
|
|
| Revaluations |
|
|
|
| At 31 December 2024 |
|
|
|
| Accumulated depreciation | |||
| At 01 January 2024 |
|
|
|
| Charge for the financial year |
|
|
|
| Disposals | (
|
(
|
|
| At 31 December 2024 |
|
|
|
| Net book value | |||
| At 31 December 2024 |
|
|
|
| At 31 December 2023 |
|
|
| Investment property | |
| £ | |
| Valuation | |
| As at 01 January 2024 |
|
| Additions | 1,073,069 |
| Fair value movement | 3,816,538 |
| Disposals | (186,334) |
| As at 31 December 2024 |
|
The 2024 valuations were made by the director, on an open market value for existing use basis.
| 2024 | 2023 | ||
| £ | £ | ||
| Debtors: amounts falling due within one year | |||
| Trade debtors |
|
|
|
| Other debtors |
|
|
|
|
|
|
||
| Debtors: amounts falling due after more than one year | |||
| Other debtors |
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
| Other loans |
|
|
|
| Trade creditors |
|
|
|
| Corporation tax |
|
|
|
| Other taxation and social security |
|
|
|
| VAT |
|
|
|
| Accruals and deferred income |
|
|
|
| Other creditors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
|
|
|
| Other creditors |
|
|
|
|
|
|
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%.
| 2024 | 2023 | ||
| £ | £ | ||
| At the beginning of financial year | (
|
(
|
|
| (Charged)/credited to the Profit and Loss Account | (
|
|
|
| At the end of financial year | (
|
(
|
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.
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.