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Registered number: 08557756









TASKRABBIT LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
TASKRABBIT LIMITED
REGISTERED NUMBER: 08557756

BALANCE SHEET
AS AT 31 AUGUST 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,490
-

Current assets
  

Debtors: amounts falling due within one year
 5 
146,317
1,506,862

Cash at bank and in hand
 6 
2,013,453
179,263

  
2,159,770
1,686,125

Creditors: amounts falling due within one year
 7 
(1,114,516)
(841,061)

Net current assets
  
 
 
1,045,254
 
 
845,064

Total assets less current liabilities
  
1,047,744
845,064

  

Net assets
  
1,047,744
845,064


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
1,046,744
844,064

  
1,047,744
845,064


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 delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the 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: 


................................................
E Raleigh
Director

Date: 4 October 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 1

 
TASKRABBIT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2021
1,000
607,957
608,957


Comprehensive income for the year

Profit for the year
-
236,107
236,107
Total comprehensive income for the year
-
236,107
236,107



At 1 September 2022 (as previously stated)
1,000
840,847
841,847

Prior year adjustment
-
3,217
3,217


At 1 September 2022 (as restated)
1,000
844,064
845,064


Comprehensive income for the year

Profit for the year
-
202,680
202,680
Total comprehensive income for the year
-
202,680
202,680


At 31 August 2023
1,000
1,046,744
1,047,744


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
TASKRABBIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Taskrabbit Limited is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and registered in England and Wales. The registered office is 100 Avebury Boulevard, Milton Keynes, Buckinghamshire, MK9 1FH.
The principal activity of the Company in the year under review was that of sales support and marketing of advertising solutions on behalf of a group company.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has obtained a letter of support from Taskrabbit Inc.,a group company. The directors of Taskrabbit Inc. have provided a commitment to provide any financial support which may be necessary in order that the Company can meet its liabilities, as they fall due, for the foreseeable future. As a result of this commitment the directors have continued to adopt the going concern basis in preparing these financial statements.
As a result of the above the directors have continued to adopt the going concern basis in preparing these financial statements.

Page 3

 
TASKRABBIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP. Balances are rounded to the nearest whole 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Turnover is generated through a cost plus agreement of 5% with a group company in respect of sales support and marketing of advertising solutions provided by the Company.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
TASKRABBIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
TASKRABBIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at 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.

 
2.11

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.

 
2.12

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 41 (2022 - 42).

Page 6

 
TASKRABBIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 September 2022
4,228


Additions
2,771



At 31 August 2023

6,999



Depreciation


At 1 September 2022
4,228


Charge for the year on owned assets
281



At 31 August 2023

4,509



Net book value



At 31 August 2023
2,490



At 31 August 2022
-

Page 7

 
TASKRABBIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Debtors

As restated
2023
2022
£
£


Amounts owed by group undertakings
42,285
1,370,698

Other debtors
49,546
78,910

Prepayments and accrued income
33,974
38,811

Tax recoverable
-
12,228

Deferred taxation
20,512
6,215

146,317
1,506,862



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,013,453
179,263



7.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
123,432
58,755

Amounts owed to group undertakings
105,645
-

Corporation tax
30,096
-

Other taxation and social security
95,268
100,947

Other creditors
24,534
19,119

Accruals and deferred income
735,541
662,240

1,114,516
841,061



8.


Prior year adjustment

In the current year the directors have re-assessed the treatment of payroll related costs and accrued expenses and have determined that a prior year adjustment is required to the financial statements. The result of this assessment is to increase accrued expenses by  £64,333, increase amounts owed by group undertakings by £67,550, increase revenue by £67,550 and to increase payroll costs by £64,333. The overall impact on profit and loss reserves is an increase of £3,217.

Page 8

 
TASKRABBIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £151,033 (2022 - £175,040). Contributions totalling £19,237 (2022 - £19,119) were payable to the fund at the balance sheet date and are included in creditors.


10.


Controlling party

The directors consider Fixit Investments II BV., a company incorporated in The Netherlands, as being their immediate parent undertaking. The ultimate parent undertaking is Stichting INGKA Foundation.
The smallest group into which the company accounts are consolidated is INGKA Holding B.V., who are located at Bargelaan 20, 2333 CT Leiden, The Netherlands.
The largest group of accounts into which the company is consolidated is Stichting INGKA Foundation. The registered office of Stichting INGKA Foundation is Dellaertweg 9 G, 2316 WZ Leiden, The Netherlands.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 August 2023 was unqualified.

The audit report was signed on 7 October 2024 by Simon Buss (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 9