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TASK PROPERTY HOLDINGS LTD

Registered Number
11659759
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

TASK PROPERTY HOLDINGS LTD
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

Stuart Richard Diggles

Registered Address

35 Ketteringham Drive Great Sankey
Warrington
WA5 3UD

Registered Number

11659759 (England and Wales)
TASK PROPERTY HOLDINGS LTD
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4235,000225,000
235,000225,000
Current assets
Debtors1,3901,158
Cash at bank and on hand2,4703,362
3,8604,520
Creditors amounts falling due within one year(61,334)(53,808)
Net current assets (liabilities)(57,474)(49,288)
Total assets less current liabilities177,526175,712
Creditors amounts falling due after one year(150,849)(156,000)
Provisions for liabilities(4,742)(3,418)
Net assets21,93516,294
Capital and reserves
Called up share capital100100
Revaluation reserve23,24914,573
Profit and loss account(1,414)1,621
Shareholders' funds21,93516,294
The financial statements were approved and authorised for issue by the Director on 12 January 2025, and are signed on its behalf by:
Stuart Richard Diggles
Director
Registered Company No. 11659759
TASK PROPERTY HOLDINGS LTD
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Investment property is not depreciated, but is revalued each year in accordance with relevant market conditions.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year00
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 July 23225,000
Revaluations10,000
At 30 June 24235,000
Net book value
At 30 June 24235,000
At 30 June 23225,000
5.Revaluation of property, plant and equipment
The properties were valued by the director on 30th June 2024 based on an appraisal of property prices on the market.

2024

2023

££
Property, plant and equipment / tangible fixed assets235,000225,000
6.Related party transactions
Included in other creditors is a loan of £53,500 from TASK Finance Limited, a company controlled by the director S R Diggles. The loan is interest free, unsecured and repayable on demand. The loan was used to assist in the purchase of the investment property from the director S R Diggles at the market value of £195,000. The difference of £12,009 from the cost figure represents Stamp Duty and the other costs of acquisition. Other creditors also includes a loan of £7,000 from the director S R Diggles, and was used to help reduce the borrowing at the time of remortgaging in the year. This loan is also interest free, unsecured and repayable on demand.