Company registration number 05736026 (England and Wales)
TASK SYSTEMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TASK SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
TASK SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
30,728
43,868
Tangible assets
4
166,314
-
0
197,042
43,868
Current assets
Stocks
1,011,108
1,207,315
Debtors
5
1,451,010
1,974,375
Cash at bank and in hand
930,329
1,204,007
3,392,447
4,385,697
Creditors: amounts falling due within one year
6
(2,332,979)
(2,881,364)
Net current assets
1,059,468
1,504,333
Total assets less current liabilities
1,256,510
1,548,201
Creditors: amounts falling due after more than one year
7
(333,175)
(338,333)
Net assets
923,335
1,209,868
Capital and reserves
Called up share capital
45,000
45,000
Share option reserve
10,026
10,026
Profit and loss reserves
868,309
1,154,842
Total equity
923,335
1,209,868

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 23 December 2024 and are signed on its behalf by:
Anthony Daltrey
Director
Company Registration No. 05736026
TASK SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Task Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN. The principal place of business is Unit C1 Eastern Approach, 25 Alfreds Way, Barking, London, IG11 0AG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. true

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT. Turnover is recognised when the goods and services are provided to the customer.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
over five years on straight line basis
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Property improvements
Straight line over duration of the lease
Plant and machinery
20% straight line
Motor vehicles
20% straight line
TASK SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

TASK SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Taxation
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

No provision has been made for deferred tax on the basis of immateriality.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

TASK SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
29
34
3
Intangible fixed assets
Other
£
Cost
At 1 April 2023 and 31 March 2024
65,768
Amortisation and impairment
At 1 April 2023
21,900
Amortisation charged for the year
13,140
At 31 March 2024
35,040
Carrying amount
At 31 March 2024
30,728
At 31 March 2023
43,868
TASK SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
265,079
161,814
426,893
Additions
169,871
27,000
196,871
Disposals
(145,079)
(24,500)
(169,579)
At 31 March 2024
289,871
164,314
454,185
Depreciation and impairment
At 1 April 2023
265,079
161,814
426,893
Depreciation charged in the year
28,321
2,236
30,557
Eliminated in respect of disposals
(145,079)
(24,500)
(169,579)
At 31 March 2024
148,321
139,550
287,871
Carrying amount
At 31 March 2024
141,550
24,764
166,314
At 31 March 2023
-
0
-
0
-
0
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
932,838
1,359,751
Corporation tax recoverable
142,600
-
0
Other debtors
375,572
614,624
1,451,010
1,974,375
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
285,214
198,068
Trade creditors
790,789
1,320,208
Taxation and social security
260,357
270,359
Other creditors
996,619
1,092,729
2,332,979
2,881,364
TASK SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
198,333
338,333
Other creditors
134,842
-
0
333,175
338,333
8
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 April 2023
3,500
3,500
12.58
12.58
Granted
15,785
-
0
4.75
-
0
Outstanding at 31 March 2024
19,285
3,500
5.83
-
Exercisable at 31 March 2024
3,500
3,500
12.58
12.58

No share options were exercised during the year.

The options outstanding at 31 March 2024 had an exercise price of £12.58 and £4.75 respectively, and a remaining contractual life of 6.5 years and 10.5 years respectively.

The fair value of the options granted have been measured using the Black-Scholes option pricing model.

Average inputs were as follows:
2024
2023
Weighted average share price
5.53
12.58
Weighted average exercise price
5.53
12.58
Expected volatility
32.33
34.76
Expected life
2.80
10.00
Risk free rate
4.75
0.25
Liabilities and expenses

During the year, the company recognised total share-based payment expenses of £- (2023 - £-) which related to equity settled share based payment transactions.

TASK SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Richard Thacker
Statutory Auditor:
Beavis Morgan Audit Limited
Date of audit report:
23 December 2024
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
2,588,489
276,530
2024-03-312023-04-01false23 December 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedAnthony DaltreyCostas KaraviasGarry HilditchWilliam ChilesBob GillsCostas Karaviasfalsefalse057360262023-04-012024-03-31057360262024-03-31057360262023-03-3105736026core:IntangibleAssetsOtherThanGoodwill2024-03-3105736026core:IntangibleAssetsOtherThanGoodwill2023-03-3105736026core:LandBuildings2024-03-3105736026core:OtherPropertyPlantEquipment2024-03-3105736026core:LandBuildings2023-03-3105736026core:OtherPropertyPlantEquipment2023-03-3105736026core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3105736026core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3105736026core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3105736026core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3105736026core:CurrentFinancialInstruments2024-03-3105736026core:CurrentFinancialInstruments2023-03-3105736026core:Non-currentFinancialInstruments2024-03-3105736026core:Non-currentFinancialInstruments2023-03-3105736026core:ShareCapital2024-03-3105736026core:ShareCapital2023-03-3105736026core:OtherMiscellaneousReserve2024-03-3105736026core:OtherMiscellaneousReserve2023-03-3105736026core:RetainedEarningsAccumulatedLosses2024-03-3105736026core:RetainedEarningsAccumulatedLosses2023-03-3105736026bus:Director12023-04-012024-03-3105736026core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3105736026core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3105736026core:PlantMachinery2023-04-012024-03-3105736026core:MotorVehicles2023-04-012024-03-31057360262022-04-012023-03-3105736026core:IntangibleAssetsOtherThanGoodwill2023-03-3105736026core:LandBuildings2023-03-3105736026core:OtherPropertyPlantEquipment2023-03-31057360262023-03-3105736026core:LandBuildings2023-04-012024-03-3105736026core:OtherPropertyPlantEquipment2023-04-012024-03-31057360262022-03-3105736026bus:PrivateLimitedCompanyLtd2023-04-012024-03-3105736026bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3105736026bus:FRS1022023-04-012024-03-3105736026bus:Audited2023-04-012024-03-3105736026bus:Director22023-04-012024-03-3105736026bus:Director32023-04-012024-03-3105736026bus:Director42023-04-012024-03-3105736026bus:Director52023-04-012024-03-3105736026bus:CompanySecretary12023-04-012024-03-3105736026bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP