Company registration number 01267980 (England and Wales)
TASKERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
TASKERS LIMITED
COMPANY INFORMATION
Directors
J S Tasker
P Schwartz
Secretary
P Schwartz
Company number
01267980
Registered office
Unit A
Liver Industrial Estate
Long Lane
Liverpool
L9 7ES
Auditor
Alexander & Co LLP
Centurion House
129 Deansgate
Manchester
M3 3WR
TASKERS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
TASKERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

The directors present the strategic report and financial statements for the year ended 29 February 2024.

Review of the business

The economic climate continued to make trading difficult with the impacts from rising inflation and interest rates along with the ongoing cost-of-living crisis hitting consumer confidence. These pressures resulted in a fall in turnover of c.10% along with increased cost of sales due to significant increases in freight costs.

 

Despite reducing wage costs by 10% along with other significant overheads, increasing interest rates affected a number of areas of cost that reduced the impact of these savings: Consumer finance costs increased by 140%; Bank charges by 35%; Loan Interest by 40%; and Credit card charges by 24%.

 

The operating costs of Hunts Cross were significantly increased with high business rates and rent having a massive negative impact on the business's liquidity and profitability. It was the opinion of the Directors that the profitable Aintree site along with our online offering would help ensure that the company could return to profit in the future without the additional financial pressures that an additional store brought.

 

As a result, the Company made the decision to enter a CVA after this accounting period, the main impact of which was to close the loss making Hunts Cross site. This decision was considered to be in the best interests of our creditors and the business as a whole. In the months following the CVA being accepted by our creditors the Company has seen an increase in like for like sales and a significant reduction in overheads which is bringing the Company back to profitability and ensuring it meets its liabilities and legal obligations.

 

These financial statements include a number of costs associated with the CVA and the associated write off of fixed assets following the closure of the Hunts Cross store. These amount to approximately £900,000 of overhead costs in these financial statements.

 

Post Balance Sheet the company has sold land at its Wavertree site for a net £3m. The company used these funds to repay Bank debt including the repayment of two loans and the reduction in its Mortgage as well as clearing its overdraft. This will produce ongoing cash savings of approximately £669,000 p.a. and improve profitability by approximately £120,000. The company has renewed its facilities with the bank during this process and the company continues to receive excellent support from its banker HSBC.

 

The company’s main objective going forward is to ensure that the company returns to profitably and whilst the economic outlook remained difficult during this financial period we are confident that this can be achieved.

Principal risks and uncertainties

The principal risk to the business is that we are trading in a very challenging and uncertain economic backdrop. Through implementing a proactive and long-term strategy with a clear focus on strengthening infrastructure, systems, our consumer offer whilst reducing our costs and improving supply lines, we have been able to minimise these risks and uncertainties to acceptable levels. Whilst we remain in the CVA we also face challenges with suppliers and credit agencies with more pro-forma invoicing required.

Foreign Trade

All our sales are UK based and the majority of imports are from non-EU Countries so the effect of the UK leaving the EU was minimal. We are being impacted by the weak pound and continued increases in freight costs and logistical challenges importing our goods but to some extent we have been able to absorb these additional costs and stock delays through increased margins and bulk purchasing.

By order of the board

P Schwartz
Secretary
26 February 2025
TASKERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -

The directors present their annual report and financial statements for the year ended 29 February 2024.

Principal activities

The principal activity of the company continued to be that of "Total Home and Garden" retailing.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J S Tasker
K L Tasker
(Resigned 16 April 2024)
P Schwartz
Results and dividends

The results for the year are set out on page 8.

Dividends of £nil (2023 - £nil) have been paid out in the year. The directors do not propose any further dividends.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TASKERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

By order of the board
P Schwartz
Secretary
26 February 2025
TASKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TASKERS LIMITED
- 4 -

Qualified opinion

We have audited the financial statements of Taskers Limited (the 'company') for the year ended 29 February 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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, except for the effects of the matter described in the basis for qualified opinion section of our audit report, the financial statements:

 

Basis for qualified opinion

We were not able to satisfy ourselves over the existence of stock of £3,930,728 through count attendance or alternative means at 29 February 2024. Consequently we were unable to determine whether any adjustment to this amount was necessary or whether there was any consequential effect on the cost of sales for the year ending 29 February 2024.

 

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 qualified opinion.

Emphasis of matter

We draw attention to note 1.2 of the financial statements, which discusses going concern of the company. Our opinion is not modified in this respect.

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. However, we draw your attention to the emphasis of matter paragraph and the going concern note 1.2.

 

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 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.

Key audit matters

Except for the matters described in the basis for qualified opinion section and the emphasis on matter section, we have determined there are no key audit matters to be communicated in our report.

TASKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TASKERS LIMITED (CONTINUED)
- 5 -

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock quantities of £3,930,728 held at 29 February 2024. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of our audit:

 

Matters on which we are required to report by exception

In respect solely of the limitation on our work relating to stock, described above:

 

Except for the matter described in the basis for qualified opinion section of our audit report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

TASKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TASKERS LIMITED (CONTINUED)
- 6 -
Auditor's 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 an auditor's report 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.

 

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Capability of the audit in detecting irregularities, including fraud
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.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to breaches of the legal and regulatory framework that the company operates in. We considered the extent to which non-compliance might have a material effect on the financial statements. The key laws and regulations we considered in this context included UK Companies Act 2006, employment law, health and safety and tax legislation.

We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the posting of inappropriate journal entries to manipulate financial results and potential management bias in accounting estimates.

As a result of the above, our audit procedures performed included:

There are inherent limitations in the audit procedures described above. The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK).

We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors of Taskers Limited.

TASKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TASKERS LIMITED (CONTINUED)
- 7 -

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor's report 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.

Gary Kramrisch
Senior Statutory Auditor
For and on behalf of Alexander & Co LLP
27 February 2025
Chartered Accountants
Statutory Auditor
Centurion House
129 Deansgate
Manchester
M3 3WR
TASKERS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
13,528,430
15,023,676
Cost of sales
(8,177,658)
(9,153,838)
Gross profit
5,350,772
5,869,838
Administrative expenses
(6,644,918)
(6,853,097)
Exceptional item
4
(887,675)
-
0
Other operating income
132,891
133,488
Operating loss
5
(2,048,930)
(849,771)
Interest receivable and similar income
8
-
0
108
Interest payable and similar expenses
9
(315,918)
(245,933)
Loss before taxation
(2,364,848)
(1,095,596)
Tax on loss
10
233,730
126,556
Loss for the financial year
(2,131,118)
(969,040)
TASKERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
2024
2023
£
£
Loss for the year
(2,131,118)
(969,040)
Other comprehensive income
Revaluation of tangible fixed assets
(1,073,736)
-
0
Total comprehensive income for the year
(3,204,854)
(969,040)
TASKERS LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
10,942,860
12,676,251
Current assets
Stocks
13
3,930,728
4,836,825
Debtors
14
406,964
208,099
4,337,692
5,044,924
Creditors: amounts falling due within one year
15
(7,012,539)
(5,827,899)
Net current liabilities
(2,674,847)
(782,975)
Total assets less current liabilities
8,268,013
11,893,276
Creditors: amounts falling due after more than one year
16
(2,488,437)
(2,995,147)
Provisions for liabilities
Provisions
19
320,031
-
0
Deferred tax liability
20
-
0
233,730
(320,031)
(233,730)
Net assets
5,459,545
8,664,399
Capital and reserves
Called up share capital
22
50,000
50,000
Revaluation reserve
4,112,755
5,238,229
Other reserves
6,700
6,700
Profit and loss reserves
1,290,090
3,369,470
Total equity
5,459,545
8,664,399

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
J S Tasker
Director
Company registration number 01267980 (England and Wales)
TASKERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 11 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 March 2022
50,000
5,291,547
6,700
4,285,192
9,633,439
Year ended 28 February 2023:
Loss and total comprehensive income for the year
-
-
-
(969,040)
(969,040)
Transfers
-
(53,318)
-
53,318
-
Balance at 28 February 2023
50,000
5,238,229
6,700
3,369,470
8,664,399
Year ended 29 February 2024:
Loss for the year
-
-
-
(2,131,118)
(2,131,118)
Other comprehensive income:
Revaluation of tangible fixed assets
-
(1,073,736)
-
-
(1,073,736)
Total comprehensive income for the year
-
0
(1,073,736)
-
0
(2,131,118)
(3,204,854)
Transfers
-
(51,738)
-
51,738
-
Balance at 29 February 2024
50,000
4,112,755
6,700
1,290,090
5,459,545
TASKERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,188,150
745,068
Interest paid
(315,918)
(245,933)
Income taxes paid
-
0
(5,394)
Net cash inflow from operating activities
872,232
493,741
Investing activities
Purchase of tangible fixed assets
(348,899)
(169,613)
Proceeds from disposal of tangible fixed assets
1,750
123,751
Interest received
-
0
108
Net cash used in investing activities
(347,149)
(45,754)
Financing activities
Repayment of bank loans
(662,926)
(675,159)
Payment of finance leases obligations
(110,991)
(91,982)
Net cash used in financing activities
(773,917)
(767,141)
Net decrease in cash and cash equivalents
(248,834)
(319,154)
Cash and cash equivalents at beginning of year
(532,226)
(213,072)
Cash and cash equivalents at end of year
(781,060)
(532,226)
Relating to:
Bank overdrafts included in creditors payable within one year
(781,060)
(532,226)
TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 13 -
1
Accounting policies
Company information

Taskers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit A, Liver Industrial Estate, Long Lane, Liverpool, L9 7ES.

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” (“FRS 102”) and the requirements of the Companies Act 2006.

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, modified to include the revaluation of land and buildings. The principal accounting policies adopted are set out below.

1.2
Going concern

In preparing these financial Statements, the Directors are required to do so on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Directors have considered the company’s ability to meet its liabilities as they fall due. This consideration included the financial support received from the sale of one of it’s properties in Wavertreetrue, after the year end, that enabled the company to clear the majority of its debt with its banker, HSBC.

The Directors have produced detailed forecasts including a cash projection up to the period ending February 2026 which were based on the following:

Having reviewed these projections and having made reasonable enquiries with the company’s creditors and bankers, the Directors have a reasonable expectation that the company will be able to meet it’s obligations as they fall due and it is on this basis that the Directors consider it appropriate to prepare these financial statements on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
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.

TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 14 -

Depreciation 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:

Land and buildings
2% per annum reducing balance
Leasehold improvements
2% per annum reducing balance
Plant and machinery
15% per annum reducing balance
Fixtures, fittings & equipment
10% straight line per annum/15% per annum reducing balance
Motor vehicles
20% per annum reducing balance

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.

 

Basis of depreciation of plant and machinery has been changed from 20% reducing balance to 15% reducing balance. Basis of depreciation of fixtures, fittings and equipment (computers) has been changed from 20% straight line to 10% straight line. Basis of depreciation of fixtures, fittings and equipment (fixtures) has been changed from 10% straight line to 15% reducing balance.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 15 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 16 -
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.

Other financial liabilities

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 profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 17 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

The pension costs charged in the financial statements represent the contribution payable by the company during the year.

1.13
Share-based payments

During the year ended 29 February 2024 the company had one share based payment arrangement, being an Enterprise Management Incentive (EMI) share option scheme granted to key management on 14 August 2015. Options were issued for 4,125 ordinary shares and vest on the sale of the company or lapse after 10 years.

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.

TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 18 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment for stock

Determining whether stock balances are valued correctly, requires, and is based on, up to date trading information. The directors use their knowledge of the business, the trading environment and future projections to assess whether provision is necessary in these areas.

Property valuation

The directors use available market-based information to determine whether the properties are valued accurately.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Total Home & Garden Retailing
13,528,430
15,023,676
4
Exceptional item
2024
2023
£
£
Expenditure
Closure of Hunts Cross store
887,675
-
TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
4
Exceptional item
(Continued)
- 19 -

Exceptional items predominantly relate to the closure of the Hunts Cross store following the decision to enter into a Company Voluntary Arrangement (CVA). The company entered into the formal CVA on 23rd May 2024, with initial discussions commencing pre year end (see events after reporting date note on note 24). Costs comprised £117,804 relating to legal and professional fees and £223,977 relating to rental expenses on lease termination of the Hunts Cross store. The remaining £545,894 in exceptional items relates to the impairment of fixed assets disposed of for nil following the Hunts Cross lease termination.

5
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(26,307)
197,109
Fees payable to the company's auditor for the audit of the company's financial statements
28,000
27,000
Depreciation of owned tangible fixed assets
460,359
477,952
Impairment of owned tangible fixed assets
(232,975)
-
0
Loss/(profit) on disposal of tangible fixed assets
551
(12,049)
Operating lease charges
51,974
65,678
6
Employees

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

2024
2023
Number
Number
Office and management
7
10
Production and sales
116
131
Total
123
141

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,624,555
2,917,303
Social security costs
218,313
232,644
Pension costs
100,902
110,170
2,943,770
3,260,117
TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 20 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
122,653
124,332

As total directors' remuneration was less than £200,000 in the current year and the prior year, no disclosure is provided for highest paid director.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Bank interest
-
0
108
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
278,896
204,123
Other interest
3,377
22,801
282,273
226,924
Other finance costs:
Interest on finance leases and hire purchase contracts
33,645
19,009
315,918
245,933
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
5,394
Deferred tax
Origination and reversal of timing differences
(233,730)
(131,950)
Total tax credit
(233,730)
(126,556)
TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
10
Taxation
(Continued)
- 21 -

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(2,364,848)
(1,095,596)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(591,212)
(208,163)
Tax effect of expenses that are not deductible in determining taxable profit
69,307
2,420
Effect of change in corporation tax rate
-
0
56,095
Other non-reversing timing differences
-
0
5,394
(Over)/under provided in prior years
(29,367)
755
Depreciation in excess of capital allowances
31,413
25,008
Accelerated capital allowances
-
0
(8,065)
Unutilised losses
286,129
-
0
Taxation credit for the year
(233,730)
(126,556)
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Closure of Hunts Cross store
12
545,894
-
0

 

Fixed assets with a NBV totaling £545,894 have been fully impaired as a result of a lease termination settlement agreement post year end. The assets remained in the leased premises and therefore were disposed of for nil cost.

TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 22 -
12
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor     vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 March 2023
11,164,359
629,761
8,419,359
137,394
20,350,873
Additions
-
0
303,615
45,284
-
0
348,899
Disposals
-
0
(3,211)
-
0
-
0
(3,211)
Revaluation
(1,400,000)
-
0
-
0
-
0
(1,400,000)
Impairment
(175,678)
(46,789)
(556,402)
-
0
(778,869)
At 29 February 2024
9,588,681
883,376
7,908,241
137,394
18,517,692
Depreciation and impairment
At 1 March 2023
743,764
512,514
6,341,063
77,281
7,674,622
Depreciation charged in the year
111,420
36,738
305,180
7,021
460,359
Impairment losses
(9,770)
(17,214)
(205,991)
-
0
(232,975)
Eliminated in respect of disposals
-
0
(910)
-
0
-
0
(910)
Revaluation
(326,264)
-
0
-
0
-
0
(326,264)
At 29 February 2024
519,150
531,128
6,440,252
84,302
7,574,832
Carrying amount
At 29 February 2024
9,069,531
352,248
1,467,989
53,092
10,942,860
At 28 February 2023
10,420,595
117,247
2,078,296
60,113
12,676,251

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
277,126
-
0
Fixtures, fittings & equipment
212,255
682,407
489,381
682,407

More information on impairment movements in the year is given in note 11.

Land and buildings with a carrying amount of £3,554,181 were revalued to £6,500,000 in February 2017 by an external valuer, on the basis of market value. The directors consider the valuation included in the accounts to be fairly stated.

 

Land and buildings with a carrying amount of £4,073,736 were revalued to £3,000,000 in February 2024, on the basis of Directors' best estimate. The directors consider the valuation included in the accounts to be fairly stated.

If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
12
Tangible fixed assets
(Continued)
- 23 -
2024
2023
£
£
Cost
7,019,367
7,019,367
Accumulated depreciation
(2,034,296)
(1,978,850)
Carrying value
4,985,071
5,040,517

Included within Land & Buildings are Freehold properties with a net book value of £118,000 (2023 - £120,000), Long leasehold properties with a net book value of £9,927,000 (2023 - £10,033,000) and short leasehold properties with a net book value of £263,000 (2023 - £267,000).

 

13
Stocks
2024
2023
£
£
Finished goods and goods for resale
3,758,905
4,836,825
Goods in transit
171,823
-
0
3,930,728
4,836,825
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
143,503
12,242
Other debtors
66,029
64,863
Prepayments and accrued income
197,432
130,994
406,964
208,099
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
1,506,879
1,247,497
Obligations under finance leases
18
74,238
82,919
Trade creditors
2,489,917
2,704,234
Taxation and social security
546,570
139,897
Other creditors
1,916,159
1,360,688
Accruals and deferred income
478,776
292,664
7,012,539
5,827,899
TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 24 -
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
2,291,293
2,964,767
Obligations under finance leases
18
197,144
30,380
2,488,437
2,995,147
Amounts included above which fall due after five years are as follows:
Payable by instalments
736,777
935,918
17
Loans and overdrafts
2024
2023
£
£
Bank loans
3,017,112
3,680,038
Bank overdrafts
781,060
532,226
3,798,172
4,212,264
Payable within one year
1,506,879
1,247,497
Payable after one year
2,291,293
2,964,767

The company's borrowings are secured by way of fixed and floating charges over the assets of the company, a legal mortgage and debenture.

 

There were three loans at the year end. The first loan of £1,947,118 (2023 - £2,107,820) is repayable over 25 years from the date of drawdown (June 2007) and was interest only until July 2012 at which point capital repayments commenced. Interest is charged at 2% per annum over the bank's sterling base rate.

 

The second loan of £183,327 (2023 - £305,551) is repayable over 10 years by quarterly instalments from the date of drawdown (August 2015) and was interest only until 15 months after drawdown at which point capital repayments commenced. Interest is charged at 2.5% per annum over the bank's sterling base rate.

 

The third loan of £886,666 (2023 - £1,266,667) is repayable over 6 years from the date of drawdown (June 2020) and was interest only until June 2021 at which point capital repayments commenced. Interest is charged at 3.99% per annum over the bank's sterling base rate.

The bank facility was renewed in July 2024. At the balance sheet date, the company was in technical breach of one of several financial ratio covenants relating to the £183,327 bank loan and the £886,666 bank loan; however the bank confirmed that no action would be taken.

 

TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 25 -
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
74,238
82,920
In two to five years
197,144
30,379
271,382
113,299

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Provisions for liabilities
2024
2023
£
£
Provisions
320,031
-
Movements on provisions:
Provisions
£
CVA costs
320,031

Provisions for liabilities relates to costs for the Company Voluntary Arrangement (CVA) that was officially entered into post year end (note 24), however, the agreement had effectively been agreed pre year end. Costs relating to the CVA have been recognised within exceptional items (see note 2).

 

20
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
ACAs
430,361
534,940
Tax losses
(430,361)
(301,210)
-
233,730
TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
20
Deferred taxation
(Continued)
- 26 -
2024
Movements in the year:
£
Liability at 1 March 2023
233,730
Credit to profit or loss
(233,730)
Liability at 29 February 2024
-

 

Deferred tax is not recognised in respect of tax losses of £286,122 as it is not probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
100,902
110,170

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Included in accruals and deferred income is £12,042 (2023 - £10,564) relating to employee pension contributions payable.

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
23
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
£
£
Within one year
444,956
1,115,042
Between two and five years
1,016,223
4,183,418
In over five years
1,099,248
13,358,043
2,560,427
18,656,503
TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 27 -
24
Events after the reporting date

The company entered into a Company Voluntary Arrangement on 23rd May 2024.

25
Directors' transactions

At the balance sheet date an amount of £591,155 was due from the company to J.S. Tasker, a director (2023 - £663,385) including interest. Interest was charged on the loan account at 3% per annum until 30th April 2023. No interest charged for remainder of the year. The balance is included within other creditors.

26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
122,653
124,332

During the year the company paid rent of £240,146 (2023 - £240,146) to the Taskers DIY Directors' Pension Scheme, of which J S Tasker is both a trustee and a beneficiary.

 

The company transacted with Formby Cycles Limited, a company under the control of J. S. Tasker. During the year expenses were paid on behalf of Formby Cycles Limited and repayments were made by Formby Cycles Limited. The net effect of the transactions was an increase of £156 in the balance owed to Taskers Ltd to £31,325 (2023 - £31,169) which was outstanding at the year end and is disclosed within other debtors. The loan is interest free with no fixed repayment date.

 

Taskers Ltd also charged a management charge of £20,000 (2023 - £20,000) to Formby Cycles Limited.

 

At the balance sheet date an amount of £33,131 (2023 - £33,131) was owed to the company by Jay Tasker, a shareholder, and is included within other debtors.

27
Controlling party

In the opinion of the directors the ultimate controlling party of the company is J S Tasker by virtue of his majority shareholding in the company.

TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 28 -
28
Cash generated from operations
2024
2023
£
£
Loss for the year after tax
(2,131,118)
(969,040)
Adjustments for:
Taxation credited
(233,730)
(126,556)
Finance costs
315,918
245,933
Investment income
-
0
(108)
Loss/(gain) on disposal of tangible fixed assets
551
(12,049)
Depreciation and impairment of tangible fixed assets
1,006,253
477,952
Increase in provisions
320,031
-
Movements in working capital:
Decrease in stocks
906,097
1,847,846
(Increase)/decrease in debtors
(198,865)
166,271
Increase/(decrease) in creditors
1,203,013
(885,181)
Cash generated from operations
1,188,150
745,068
29
Analysis of changes in net debt
1 March 2023
Cash flows
29 February 2024
£
£
£
Bank overdrafts
(532,226)
(248,834)
(781,060)
Borrowings excluding overdrafts
(3,680,038)
662,926
(3,017,112)
Obligations under finance leases
(113,299)
(158,083)
(271,382)
(4,325,563)
256,009
(4,069,554)
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