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REGISTERED NUMBER: 10810410 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

TASK CORPORATION HOLDINGS LIMITED

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


TASK CORPORATION HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







Directors: D P C Pullan
D R Knight
J A Clarke





Registered office: 6 Uxbridge Road
Melton Road
Leicester
LE4 7ST





Registered number: 10810410 (England and Wales)





Auditors: Haines Watts Audit EM Limited
20 Allandale Road
Leicester
LE2 2DA

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The principal activity of the Company is that of a holding company. The principal activity of the Group continued to be that of retail furniture and shopfitting manufacturers.

Review of business
Economic conditions have continued to be challenging across the industry, and broader economy as a whole. However, the Group has seen an increase in turnover int he year. The directors are confident that the current levels of turnover can be maintained going forwards as the Group continues to recover form the challenging economic climate.

Principal risks and uncertainties
The principal risks to the Group remain competition from rival companies and the potential fluctuations in the price of raw materials. Risks are formally reviewed by the board and appropriate processes are put in place to monitor and mitigate them.

Supply risk

The Group works closely with key customers and suppliers ensure that the supply chain and demand for products can be maintained to meet working capital commitments.

Credit risk

New credit customers undergo credit checks and are only accepted once approved by the credit controller. The Group undertakes perpetual review processes to ensure debts are collected in a timely manner and to minimise the risk that debts become irrecoverable.

Liquidity risk

The Group is financed by appropriate long and short term finance to match the needs of the business.

Financial key performance indicators
Key performance indicators used by the Group are as follows:

- Turnover;
- Gross profit margin; and
- Profit before taxation

During the year turnover has increased by £1,018,296 to £8,994,012 compared to £7,975,716 in 2023. Gross profit margin increased from 24.2% to 25.2% and profit before tax has increased by £185,095 to a profit of £307,748 compared to a profit of £122,653 in 2023.

Other key performance indicators
The directors do not consider there to be any other key performance indicators.

Research and development
The group have carried out research and development during the year in an attempt to increase production efficiency.

Competition
The Group operates in a competitive market. In order to mitigate the risk, the Group ensures its relationships with its key customers are managed effectively.

On behalf of the board:





D P C Pullan - Director


18 October 2024

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the Company and the Group for the year ended 31 March 2024.

Dividends
The total distribution of dividends for the year ended 31 March 2024 will be £ 408,276 .

The profit for the year, after taxation, amounted to £315,396 (2023 - £99,811).

Dividends paid during the year amounted to £408,276 (2023 - £327,622).

Post balance sheet events
Information relating to events since the end of the year is given in the notes to the financial statements.

Directors
D Ashfield
M A Brown
Changes in directors holding office from 1 April 2023 to the date of this report are as follows:

D P C Pullan , D R Knight and J A Clarke were appointed as directors after 31 March 2024 but prior to the date of this report.

M A Brown and D Ashfield ceased to be directors after 31 March 2024 but prior to the date of this report.

Future developments
Going forward the directors aim to continue to grow the business whilst keeping a tight control over costs.

Statement of directors' responsibilities
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors
Each persons who are directors at the time when this Directors' Report is approved has confirmed that:

- so far as the directors is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware; and
- the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


Auditors
The auditors, Haines Watts Audit EM Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:



D P C Pullan - Director


18 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TASK CORPORATION HOLDINGS LIMITED

Opinion
We have audited the financial statements of Task Corporation Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the Group's and of the Parent Company affairs as at 31 March 2024 and of the Group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TASK CORPORATION HOLDINGS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management and those with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud.
- Enquiry of entity staff in tax and compliance functions and external advisors to identify any instances of noncompliance with laws and regulations.
- Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias.
- Reviewing of financial statements disclosures and testing to supporting documentation to access compliance with applicable laws and regulations.
- Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators or fraud.
- Reviewing any minutes for meetings during the year.

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely to involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Shiran Wynter ACA (Senior Statutory Auditor)
for and on behalf of Haines Watts Audit EM Limited
20 Allandale Road
Leicester
LE2 2DA

18 October 2024

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £ £

Turnover 4 8,994,012 7,975,716

Cost of sales 6,724,405 6,042,564
Gross profit 2,269,607 1,933,152

Administrative expenses 1,961,859 1,808,667
Operating profit 6 307,748 124,485


Interest payable and similar expenses 8 - 1,832
Profit before taxation 307,748 122,653

Tax on profit 9 (7,648 ) 22,842
Profit for the financial year 315,396 99,811

Other comprehensive income - -
Total comprehensive income for the year 315,396 99,811

Profit attributable to:
Owners of the parent 315,396 99,811

Total comprehensive income attributable to:
Owners of the parent 315,396 99,811

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £
Fixed assets
Intangible assets 12 1,176,812 1,538,907
Tangible assets 13 142,722 203,066
Investments 14 - -
1,319,534 1,741,973

Current assets
Stocks 15 131,969 252,792
Debtors 16 1,993,981 1,701,716
Cash at bank and in hand 929,708 753,541
3,055,658 2,708,049
Creditors
Amounts falling due within one year 17 (1,397,162 ) (1,355,436 )
Net current assets 1,658,496 1,352,613
Total assets less current liabilities 2,978,030 3,094,586

Creditors
Amounts falling due after more than one
year

18

-

(16,028

)

Provisions for liabilities 20 (34,960 ) (42,608 )
Net assets 2,943,070 3,035,950

Capital and reserves
Called up share capital 21 1,846,476 1,846,476
Share premium 22 1,596,648 1,596,648
Retained earnings 22 (500,054 ) (407,174 )
Shareholders' funds 2,943,070 3,035,950

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2024 and were signed on its behalf by:





D P C Pullan - Director


TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

COMPANY BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £
Fixed assets
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 6,613,124 6,613,124
6,613,124 6,613,124

Creditors
Amounts falling due within one year 17 (3,170,000 ) (3,170,000 )
Net current liabilities (3,170,000 ) (3,170,000 )
Total assets less current liabilities 3,443,124 3,443,124

Capital and reserves
Called up share capital 21 1,846,476 1,846,476
Share premium 1,596,648 1,596,648
Shareholders' funds 3,443,124 3,443,124

Company's profit for the financial year 408,276 327,622

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2024 and were signed on its behalf by:





D P C Pullan - Director


TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Share Total
capital earnings premium equity
£ £ £ £
Balance at 1 April 2022 1,846,476 (179,363 ) 1,596,648 3,263,761

Changes in equity
Dividends - (327,622 ) - (327,622 )
Total comprehensive income - 99,811 - 99,811
Balance at 31 March 2023 1,846,476 (407,174 ) 1,596,648 3,035,950

Changes in equity
Dividends - (408,276 ) - (408,276 )
Total comprehensive income - 315,396 - 315,396
Balance at 31 March 2024 1,846,476 (500,054 ) 1,596,648 2,943,070

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Share Total
capital earnings premium equity
£ £ £ £
Balance at 1 April 2022 1,846,476 - 1,596,648 3,443,124

Changes in equity
Dividends - (327,622 ) - (327,622 )
Total comprehensive income - 327,622 - 327,622
Balance at 31 March 2023 1,846,476 - 1,596,648 3,443,124

Changes in equity
Dividends - (408,276 ) - (408,276 )
Total comprehensive income - 408,276 - 408,276
Balance at 31 March 2024 1,846,476 - 1,596,648 3,443,124

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 601,698 388,582
Net cash from operating activities 601,698 388,582

Cash flows from investing activities
Purchase of tangible fixed assets (1,227 ) (124,396 )
HP interest paid - (1,832 )
Net cash from investing activities (1,227 ) (126,228 )

Cash flows from financing activities
Repayment of/new finance leases (16,028 ) (13,554 )
Equity dividends paid (408,276 ) (327,622 )
Net cash from financing activities (424,304 ) (341,176 )

Increase/(decrease) in cash and cash equivalents 176,167 (78,822 )
Cash and cash equivalents at beginning
of year

2

753,541

832,363

Cash and cash equivalents at end of year 2 929,708 753,541

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2024 2023
£ £
Profit for the financial year 315,396 99,811
Depreciation charges 61,571 84,307
Amortisation of intangible assets 362,095 362,095
Corporation tax received - 225
Finance costs - 1,832
Taxation (7,648 ) 22,842
731,414 571,112
Decrease in stocks 120,823 204,616
Increase in trade and other debtors (292,265 ) (327,379 )
Increase/(decrease) in trade and other creditors 41,726 (59,767 )
Cash generated from operations 601,698 388,582

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£ £
Cash and cash equivalents 929,708 753,541
Year ended 31 March 2023
31.3.23 1.4.22
£ £
Cash and cash equivalents 753,541 832,363


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£ £ £
Net cash
Cash at bank and in hand 753,541 176,167 929,708
753,541 176,167 929,708
Total 753,541 176,167 929,708

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Task Corporation Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the historical cost convention unless otherwise specified within there accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Group is profitable both during the year and following the year end and maintains a healthy cash position. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial information.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting policies. It also requires Group management to exercise judgement in applying the Group's accounting policies.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

Parent Company disclosure exemptions
In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:

- Disclosures in respect of the parent Company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the Company as a whole; and
- No disclosures have been given for the aggregate remuneration of the key management personnel of the parent Company as their remuneration is included in the totals for the Company as a whole.

The following principal accounting policies have been applied:

Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidation Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations.

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

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

2. ACCOUNTING POLICIES - continued

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:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets - goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequently to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the consolidated Statement of Comprehensive Income over its useful economic life.

Amortisation is provided on the following basis:
Goodwill - 10% straight line

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.

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:

Long-term leasehold property- 10% per annum
Plant and machinery- 15% per annum
Motor vehicles- 25% per annum
Fixtures and fittings- 33% per annum

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

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.

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

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

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet, 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 acquried and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currency translations
Functional and presentation currency
The company's functional and presentational currency is British Pound Sterling (£).

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 form 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 the Consolidated Statement of Comprehensive Income 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 Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated Statement of Comprehensive Income within 'other operating income'.

Operating leases: the group as lessee
Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

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

2. ACCOUNTING POLICIES - continued

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

The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance sheet.

Finance costs
Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Employee benefits
The Group provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.

(i) Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

(ii) Annual bonus plan

The Group operates a number of annual bonus plans for employees. An expense is recognised in the Consolidated Statement of Comprehensive Income when the Group has a legal or constructive obligation to make payments under the plans as a result of past events and a reliable estimate of the obligation can be made.

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

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

2. ACCOUNTING POLICIES - continued

Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each Balance Sheet. Gains and losses on remeasurement are recognised in the Consolidation Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. 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.

In the consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet.

Financial instruments
The Group only 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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs and subsequently at amortised cost suing effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability 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, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 Consolidated Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

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.



TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

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

2. ACCOUNTING POLICIES - continued
Provisions of liabilities
Provisions are made where an event has taken place that gives the Group 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 Consolidated Statement of Comprehensive Income in the year that the Group 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.

Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred.

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 at an annual general meeting.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

(i) Impairment of intangible assets

The Company considers whether intangible assets are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.

(ii) Impairment of investments

The Company considers whether investments are impaired. Where an indication of impairment is identified, the estimation of recoverable value requires estimation of the recoverable value of the cash generating units. This requires estimation of the future cashflows from the cash generating unit.

(iii) Stock provisioning

It is necessary to consider the recoverability of the cost of stocks and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stocks, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.

(iv) Impairment of debtors

The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the Group.

An analysis of turnover by geographical market is given below:

2024 2023
£ £
United Kingdom 8,378,020 7,163,395
Rest of the World 615,992 812,321
8,994,012 7,975,716

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

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

5. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 3,207,096 2,771,973
Social security costs 332,646 308,357
Other pension costs 123,007 321,262
3,662,749 3,401,592

The average number of employees during the year was as follows:
2024 2023

Directors & Sales 6 6
Administration 18 17
Production 52 45
76 68

The Directors' remuneration for the year amounted to £95,252 (2023 - £292,211).

The highest paid director received remuneration of £80,106 (2023 - £146,150).

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£ £
Hire of plant and machinery 9,992 2,368
Depreciation - owned assets 61,571 84,307
Goodwill amortisation 362,095 362,095
Foreign exchange differences 5,594 1,993

7. AUDITORS' REMUNERATION

During the period, fees payable to the Company's auditors for the audit of the Company's financial statements totalled £12,000 (2023 : £12,000).

During the period, fees payable to the Company's auditors for tax compliance services totalled £3,500 (2023: £3,500) and for all other services totalled £35,500 (2023: £78,156).

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Hire purchase - 1,832

9. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax - (53 )

Deferred tax (7,648 ) 22,895
Tax on profit (7,648 ) 22,842

UK corporation tax has been charged at 25 % (2023 - 19 %).

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

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

9. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Profit before tax 307,748 122,653
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

76,937

23,304

Effects of:
Expenses not deductible for tax purposes 8,468 200
Capital allowances in excess of depreciation - (18,174 )
Depreciation in excess of capital allowances 7,647 -
Non-tax deductible amortisation of goodwill and impairment 90,524 68,798
Other timing differences leading to an increase in taxation - 294
Adjustment in research and development tax credit leading to a decrease in taxation
(315,929

)

(201,906

)
Unrelieved tax losses carried forward 132,353 127,338
Other differences leading to an increase in the tax charge (7,648 ) 22,988
Total tax (credit)/charge (7,648 ) 22,842

Factors that may affect future tax charges

From 1 April 2023, the Corporation tax main rate increased to 25% for profits over £250,000. A small profits rate was introduced for profits of £50,000 or less, charging corporation tax at 19%. Profits between £50,000 and £250,000 are taxed at the main rate reduced by a marginal relief providing a gradual increase in the effective Corporation tax rate. Deferred tax has been calculated at 25% accordingly.

10. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
2024 2023
£ £
Ordinary A Shares shares of 1.00 each
Final 296,080 143,874
Ordinary B Shares shares of 1.00 each
Final 112,196 183,748
408,276 327,622

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

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

12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£
Cost
At 1 April 2023
and 31 March 2024 3,620,953
Amortisation
At 1 April 2023 2,082,046
Amortisation for year 362,095
At 31 March 2024 2,444,141
Net book value
At 31 March 2024 1,176,812
At 31 March 2023 1,538,907

All of the Group's intangible fixed assets are held in the Parent Company.

13. TANGIBLE FIXED ASSETS

Group
Fixtures
Leasehold Plant and and Motor
improvements machinery fittings vehicles Totals
£ £ £ £ £
Cost
At 1 April 2023 62,672 493,194 46,693 211,263 813,822
Additions - 1,227 - - 1,227
At 31 March 2024 62,672 494,421 46,693 211,263 815,049
Depreciation
At 1 April 2023 4,988 448,530 37,911 119,327 610,756
Charge for year 6,579 17,178 8,782 29,032 61,571
At 31 March 2024 11,567 465,708 46,693 148,359 672,327
Net book value
At 31 March 2024 51,105 28,713 - 62,904 142,722
At 31 March 2023 57,684 44,664 8,782 91,936 203,066

14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
Cost
At 1 April 2023
and 31 March 2024 6,613,124
Net book value
At 31 March 2024 6,613,124
At 31 March 2023 6,613,124

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

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

14. FIXED ASSET INVESTMENTS - continued

The Group or the Company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Task Corporation Limited
Registered office: 6 Uxbridge Road, Melton Road, Leicester, LE4 7ST
Nature of business:
%
Class of shares: holding
Ordinary 100.00


15. STOCKS

Group
2024 2023
£ £
Raw materials and consumables 88,872 119,401
Work-in-progress 43,097 133,391
131,969 252,792

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£ £
Trade debtors 1,807,683 1,254,130
Other debtors 2,996 53
Prepayments and accrued income 183,302 447,533
1,993,981 1,701,716

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Payments on account 203,134 204,221 - -
Trade creditors 759,692 667,413 - -
Amounts owed to group undertakings - - 3,170,000 3,000,000
Amounts owed to associates 11,000 11,000 - -
Social security and other taxes 93,937 81,328 - -
VAT 198,494 124,576 - -
Other creditors 21,730 183,962 - 170,000
Hire purchase contracts - 14,745 - -
Accruals and deferred income 109,175 68,191 - -
1,397,162 1,355,436 3,170,000 3,170,000

Obligations under hire purchase contracts are secured on the assets to which they relate.

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024 2023
£ £
Hire purchase contracts - 16,028

Obligations under hire purchase contracts are secured on the assets to which they relate.

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

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

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable
operating leases
2024 2023
£ £
Within one year 12,417 10,587

20. PROVISIONS FOR LIABILITIES

Group
2024 2023
£ £
Deferred tax
Accelerated capital allowances 34,960 42,608

Group
Deferred tax
£
Balance at 1 April 2023 42,608
Credit to Statement of Comprehensive Income during year (7,648 )
Balance at 31 March 2024 34,960

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1,107,886 Ordinary A Shares 1.00 1,107,886 1,107,886
738,590 Ordinary B Shares 1.00 738,590 738,590
1,846,476 1,846,476

22. RESERVES

Group
Retained Share
earnings premium Totals
£ £ £

At 1 April 2023 (407,174 ) 1,596,648 1,189,474
Profit for the year 315,396 315,396
Dividends (408,276 ) (408,276 )
At 31 March 2024 (500,054 ) 1,596,648 1,096,594


23. RELATED PARTY DISCLOSURES

The Group has taken advantage of the exemption available under FRS 102 33.1A not to disclose transactions with wholly owned subsidiaries of the Group.

During the year rent totalling £121,667 (2023 - £110,000) was payable to a related party. The balance due to the related party at the year end totalled £11,000 (2023 - £11,000).

During the year compensation paid to key management personnel totalled £414,521 (2023 - £303,204).

All transactions are considered to be at arms length.

TASK CORPORATION HOLDINGS LIMITED (REGISTERED NUMBER: 10810410)

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

24. POST BALANCE SHEET EVENTS

On 24 July 2024, the entire share capital of the Company was purchased by Task Corporation Group Limited.

There have been no other significant events affecting the Group since the year end.

25. ULTIMATE CONTROLLING PARTY

The directors do not consider there to be an ultimate controlling party in the current year.