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Registered number: 07349154 (England & Wales)
| MAPQUEST LIMITED |
| DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| Pages for Filing with Registrar |
MAPQUEST LIMITED
CONTENTS
| Page
Company Information | 1
Balance Sheet | 2 - 3
Notes to the Financial Statements | 4 - 9
MAPQUEST LIMITED
COMPANY INFORMATION
Directors | James Ritblat
| Michael Cohen
Registered number | 07349154
Registered office | 40 Queen Anne Street
| London
| W1G 9EL
Accountants | Lewis Golden LLP
| 40 Queen Anne Street
| London
| W1G 9EL
- 1 -
Registered number: 07349154 (England & Wales) MAPQUEST LIMITED
BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Fixed asset investments | 3 |  | 8,985,230 |  | 9,534,253
Investment property | 4 |  | 5,038,143 |  | 5,038,143
|  |  | 14,023,373 |  | 14,572,396
Current assets |  |  |  |  |
Debtors | 5 | 1,157,506 |  | 1,275,981 |
Current asset investments | 6 | 1,229,741 |  | 465,408 |
Cash at bank and in hand |  | 11,360,820 |  | 11,019,710 |
|  | 13,748,067 |  | 12,761,099 |
Creditors: amounts falling due within one year | 7 | (17,790,465) |  | (18,480,745) |
Net current liabilities |  |  | (4,042,398) |  | (5,719,646)
Total assets less current liabilities |  |  | 9,980,975 |  | 8,852,750
Provisions for liabilities |  |  |  |  |
Deferred tax | 8 | (516,293) |  | (394,683) |
|  |  | (516,293) |  | (394,683)
Net assets |  |  | 9,464,682 |  | 8,458,067
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 3 |  | 3
Profit and Loss account |  |  | 9,464,679 |  | 8,458,064
|  |  | 9,464,682 |  | 8,458,067
- 2 -
Registered number: 07349154 (England & Wales) MAPQUEST LIMITED
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and the members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the Directors' Report and Profit and Loss Account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
James Ritblat
Director
Date: 1 April 2026
The notes on pages 4 to 9 form part of these financial statements. - 3 -
MAPQUEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Mapquest Limited is a private company limited by shares, incorporated in England & Wales, registered number 07349154. The address of the registered office is 40 Queen Anne Street, London W1G 9EL. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A - small entities of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland ('FRS 102') and the Companies Act 2006. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis. The shareholder has provided notice that it is his current intention to support the operational needs of the company for a period of at least twelve months from the date of approval of the financial statements, in order to allow the company to meet its liabilities as and when they fall due unless circumstances change in a manner such as it would or might no longer be open to him to provide such financial support.
| 2.3 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
|  | Rent receivable
Rental income from operating leases is recognised on a straight line basis over the term of the lease.
| 2.4 | Interest income
Interest income is recognised in the Profit and Loss Account using the effective interest method.
| 2.5 | Valuation of investments
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the year. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the year.
| 2.6 | Investment property
Investment properties are initially recognised at cost. Investment properties are subsequently carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account. - 4 -
MAPQUEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.7 | Debtors
Short-term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.9 | Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the Profit and Loss Account in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
| 2.10 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.11 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. - 5 -
MAPQUEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.12 | Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Profit and Loss Account in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
| 2.13 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. - 6 -
MAPQUEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Fixed asset investments
|  | Listed investments | Other investments | Total
|  | £ | £ | £
| Valuation |  |  |
| At 1 April 2024 | 9,032,916 | 501,337 | 9,534,253
| Additions | 250,336 | 181,636 | 431,972
| Disposals | (1,440,161) | (39,822) | (1,479,983)
| Revaluations | 265,973 | 233,015 | 498,988
| At 31 March 2025 | 8,109,064 | 876,166 | 8,985,230
| Net book value |  |  |
| At 31 March 2025 | 8,109,064 | 876,166 | 8,985,230
| At 31 March 2024 | 9,032,916 | 501,337 | 9,534,253
| The other investments were valued by the directors, on a fair value basis. The fair value of the other fixed asset investments is derived from valuation techniques and the estimation of the equity minority holding in each entity. If the fixed asset investments had been accounted for under historical cost accounting rules, the other fixed asset investments excluding listed shares and subsidiaries, associates and joint ventures, would have been measured at £435,709 (2024 - £276,376)
4. | Investment property
|  | Freehold investment property | Long term leasehold investment property | Total
|  | £ | £ | £
| Valuation |  |  |
| At 1 April 2024 | 4,688,143 | 350,000 | 5,038,143
| Additions | 12,598 | - | 12,598
| Revaluations | (12,598) | - | (12,598)
| At 31 March 2025 | 4,688,143 | 350,000 | 5,038,143
The investment properties were valued by the directors, on a fair value basis. The fair value of the investment properties is derived from valuation techniques and the estimation of future cash flows to be generated over a number of years. The estimation techniques require a combination of assumptions including rental values, the condition of the property, local property market conditions and economic climate.
- 7 -
MAPQUEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 14,932 | 206,944
| Other debtors | 1,142,574 | 1,069,037
|  | 1,157,506 | 1,275,981
6. | Current asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other investments | 1,229,741 | 465,408
| Other investments comprised of fixed interest securities. The fair value of the assets were determined by the portfolio managers based on the current market activity, economic outlook, option pricing models and listed prices.
7. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 200,192 | 2,357
| Trade creditors | 28,398 | 40,747
| Corporation tax | 171,725 | 134,901
| Other creditors | 17,390,150 | 18,302,740
|  | 17,790,465 | 18,480,745
8. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (394,683)
| Charged to Profit and Loss Account | (121,610)
| At 31 March 2025 | (516,293)
- 8 -
MAPQUEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Related party transactions
| During the year, the company made payments on behalf of the director of £1,123,704 (2024 - £5,018,792) and the director made repayments of £85,362 (2024 - £48,207). At the balance sheet date, the amount due to a director was £17,172,334 (2024 - £18,210,676).
10. | Capital commitments
As at the balance sheet date, the company had a capital commitment of £165,781 (2024 - £347,446).
- 9 -