Company registration number 01267980 (England and Wales)
TASKERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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
Independent auditor's report
3 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 25
TASKERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -

The directors present the strategic report and financial statements for the year ended 28 February 2025.

Review of the business

During this financial period we saw growth in like for like sales. We have had a substantial rebrand and store refit which has fuelled this growth post period end where we have seen significant increases on the current year. This has further been achieved through refreshing the stock profile and regaining consumer confidence in our brand.

Gross margin has de creased marginally from 3 5.3% to 34.9%. Like for like sales showed some growth fuelled by targeted promotions and better stock availability. Post year end we are seeing significant double digit growth and a further increase in margin. This is due to little discounting on stock items, an updated stock profile in line with trends and a return in customer confidence.

Following the qualification of stock in the 2024 financial statements, a detailed stock count was performed during 2025 which confirmed a material discrepancy of stock shown in the 2024 financial statements. This amounted to c.£58 1 k and a prior year adjustment has been made accordingly. There was a further one off provision made in the current period relating to obsolete stock following the CVA, closure of our Hunts Cross store and sale of our Wavertree property, which amounted to c£457k.

During the reporting period we sold land at our Wavertree site for a net £3m. The company used these funds to repay b ank debt including the repayment of two loans and the reduction in our Mortgage as well as clearing the majority of our overdraft. This is expected to produce ongoing cash savings of more than £650,000 pa and improve profitability by more than £1 2 0,000. We have renewed our facilities with the bank during this process and the company continues to receive excellent support from our 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 company remains in a CVA and has met all it’s obligations during the year. The Directors are confident that we will continue to meet the requirements of the CVA and exit it at the end of it’s agreed term. Whilst the challenges this has given us with credit terms from UK suppliers, this opened new opportunities for us in China and with the excellent support of our Bank, HSBC, we have been able to maintain sufficient lines of credit to facilitate the increase in purchasing.

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.

Foreign Trade

All our sales are UK based and the majority of imports are from non-EU Countries. A more stable exchange rate and a significant reduction in freight costs has minimised the risk and volatility in trading abroad.

On behalf of the board

P Schwartz
Director
15 January 2026
TASKERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -

The directors present their annual report and financial statements for the year ended 28 February 2025.

Principal activities

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

Results and dividends

The results for the year are set out on page 7.

Dividends of £nil (202 4 - £nil) have been paid out in the year. The directors do not propose any further dividends.

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
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:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- 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 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.

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.

On behalf of the board
P Schwartz
Director
15 January 2026
TASKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TASKERS LIMITED
- 3 -

Qualified opinion

We have audited the financial statements of Taskers Limited (the 'company') for the year ended 28 February 2025 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:

- give a true and fair view of the state of the company's affairs as at 28 February 2025 and of its loss 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 qualified opinion

We were not able to satisfy ourselves over the existence of stock of £3,349,419 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 28 February 2025.

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.

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 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, 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)
- 4 -

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 £3,349,419 h eld 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:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records had been maintained.

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 identifie d material misstatements in the strategic report or the directors' r eport.

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:

- returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made.

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)
- 5 -
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.

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:

- Discussions with management and those charged with governance in relation to known or suspected instances of non-compliance with laws and regulations and fraud.

- Agreeing financial statements disclosures to underlying supporting documentation and assessing compliance with relevant laws and regulations.

- Testing the appropriateness of journal entries and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

- Assessing whether the judgements made in making accounting estimates are indicative of a potential bias.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

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.

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.

TASKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TASKERS LIMITED (CONTINUED)
- 6 -

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
15 January 2026
Chartered Accountants
Statutory Auditor
Centurion House
129 Deansgate
Manchester
M3 3WR
TASKERS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
2025
2024
as restated
Notes
£
£
Turnover
3
10,026,019
13,528,430
Cost of sales
(6,531,260)
(8,758,967)
Gross profit
3,494,759
4,769,463
Administrative expenses
(4,300,585)
(6,644,918)
Other operating income
89,665
132,891
Exceptional item
4
-
0
(948,979)
Operating loss
5
(716,161)
(2,691,543)
Interest payable and similar expenses
8
(295,567)
(315,918)
Loss before taxation
(1,011,728)
(3,007,461)
Tax on loss
9
-
0
233,730
Loss for the financial year
(1,011,728)
(2,773,731)
TASKERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 8 -
2025
2024
as restated
£
£
Loss for the year
(1,011,728)
(2,773,731)
Other comprehensive income
Revaluation of tangible fixed assets
-
0
(1,073,736)
Total comprehensive income for the year
(1,011,728)
(3,847,467)
TASKERS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 9 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
11
7,636,342
10,942,860
Current assets
Stocks
12
2,521,466
3,349,419
Debtors
13
296,189
406,964
2,817,655
3,756,383
Creditors: amounts falling due within one year
14
(4,169,139)
(7,012,539)
Net current liabilities
(1,351,484)
(3,256,156)
Total assets less current liabilities
6,284,858
7,686,704
Creditors: amounts falling due after more than one year
15
(2,479,654)
(2,488,437)
Provisions for liabilities
Provisions
18
-
0
381,335
-
(381,335)
Net assets
3,805,204
4,816,932
Capital and reserves
Called up share capital
20
50,000
50,000
Revaluation reserve
4,062,390
4,112,755
Other reserves
6,700
6,700
Profit and loss reserves
(313,886)
647,477
Total equity
3,805,204
4,816,932

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 15 January 2026 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 28 FEBRUARY 2025
- 10 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
As restated for the period ended 29 February 2024:
Balance at 1 March 2023
50,000
5,238,229
6,700
3,369,470
8,664,399
Year ended 29 February 2024:
Loss
-
-
-
(2,773,731)
(2,773,731)
Other comprehensive income:
Revaluation of tangible fixed assets
-
(1,073,736)
-
-
(1,073,736)
Total comprehensive income
-
(1,073,736)
-
(2,773,731)
(3,847,467)
Transfers
-
(51,738)
-
51,738
-
Balance at 29 February 2024
50,000
4,112,755
6,700
647,477
4,816,932
Year ended 28 February 2025:
Loss and total comprehensive income
-
-
-
(1,011,728)
(1,011,728)
Transfers
-
(50,365)
-
50,365
-
Balance at 28 February 2025
50,000
4,062,390
6,700
(313,886)
3,805,204
TASKERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(101,174)
1,188,150
Interest paid
(295,567)
(315,918)
Net cash (outflow)/inflow from operating activities
(396,741)
872,232
Investing activities
Purchase of tangible fixed assets
(64,073)
(348,899)
Proceeds from disposal of tangible fixed assets
3,003,250
1,750
Loan advance
(916)
-
0
Net cash generated from/(used in) investing activities
2,938,261
(347,149)
Financing activities
Repayment of bank loans
(1,755,293)
(662,926)
Payment of finance leases obligations
(72,641)
(110,991)
Net cash used in financing activities
(1,827,934)
(773,917)
Net increase/(decrease) in cash and cash equivalents
713,586
(248,834)
Cash and cash equivalents at beginning of year
(781,060)
(532,226)
Cash and cash equivalents at end of year
(67,474)
(781,060)
Relating to:
Bank overdrafts included in creditors payable within one year
(67,474)
(781,060)
TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 12 -
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 a mounts 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
Prior period error

Following a full year end stock count at 28 February 2025, significant differences were found relating to stock previously reported at the prior year end;this resulted in a write down of £581,309 to the stock figure at 29 February 2024. As a result, prior period loss has increased by £581,309 with a corresponding decrease in brought forward profit or loss reserves in the current period. Net assets as previously reported decreased by £581,309.

Additional CVA related costs were incurred in the current period. These relate to the prior period, as the decision to enter the CVA was made in the year ended 29 February 2024. Therefore an adjustment has been made to increase provisions by £61,304 with a corresponding increase in prior period loss of £61,304. As a result, the brought forward profit or loss reserves have decreased by £61,304 in the current period. Net assets as previously reported decreased by £61,304.

1.3
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. true

During the year the company sold one of it’s properties in Wavertree and as a result repaid in full two of three existing loans, paid a lump sum against their mortgage and reduced their overdraft. Following this, their bankers HSBC have refinanced the mortgage and existing funding facilities have remained available.

The Directors have produced detailed forecasts including a cash projection up to the period ending 28 February 2027 which include cash savings from reduction in debt of more than £650,000 annually. Like for like sales at the remaining site have seen growth post year end.

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.

1.4
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.

TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 13 -
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 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.

1.6
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.

1.7
Stocks

Finished goods and goods for resale

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.

Goods in transit

Goods in transit are goods that have been shipped by the supplier prior to the reporting date, but not delivered until after the reporting date.

TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 14 -
1.8
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 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 15 -
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 paymen ts 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. A m ounts 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 s ubsequently 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.

1.9
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.

1.10
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.

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.

1.11
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.

TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 16 -
1.12
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.

1.13
Retirement benefits

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

1.14
Share-based payments

During the year ended 2 8 February 202 5 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.

1.15
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 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 lease s asset are consumed.

1.16
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.

TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
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

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

2025
2024
£
£
Turnover analysed by class of business
Total Home & Garden Retailing
10,026,019
13,528,430
4
Exceptional item
2025
2024
as restated
£
£
Expenditure
Closure of Hunts Cross store
-
948,979

Exceptional items predominantly related 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 in the 2024 financial period. Costs comprised £179,108 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
2025
2024
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
19,945
(26,307)
Fees payable to the company's auditor for the audit of the company's financial statements
35,150
28,000
Depreciation of leased tangible fixed assets
55,716
59,850
Depreciation of owned tangible fixed assets
310,808
400,509
Impairment of tangible fixed assets
-
0
(545,894)
Loss on disposal of tangible fixed assets
817
551
Operating lease charges
47,792
51,974
TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 18 -
6
Employees

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

2025
2024
Number
Number
Office and management
7
7
Production and sales
63
116
Total
70
123

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,962,171
2,624,555
Social security costs
174,627
218,313
Pension costs
78,101
100,902
2,214,899
2,943,770
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
118,739
122,653

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 payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
272,311
278,896
Other interest
-
0
3,377
272,311
282,273
Other finance costs:
Interest on finance leases
23,256
33,645
295,567
315,918
TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 19 -
9
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
-
0
(233,730)

The actual charge/(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:

2025
2024
as restated
£
£
Loss before taxation
(1,011,728)
(3,007,461)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(252,932)
(751,865)
Tax effect of expenses that are not deductible in determining taxable profit
4,359
69,307
Under/(over) provided in prior years
-
0
(29,367)
Depreciation on assets not qualifying for tax allowances
24,533
31,413
Unutilised losses
224,859
446,782
Other differences
(819)
-
0
Taxation charge/(credit) for the year
-
(233,730)

Deferred tax is not recognised in respect of tax losses of £510,981 (2024: £446,872) as it is not probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits.

10
Impairments

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

2025
2024
Notes
£
£
In respect of:
Closure of Hunts Cross store
11
-
545,894

Fixed assets with a NBV totaling £545,894 were fully impaired in the 2024 period as a result of a lease termination settlement agreement in the 2025 period. The assets remained in the leased premises and therefore were disposed of for nil cost. No such impairment in current period.

TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 20 -
11
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 March 2024
9,588,681
883,376
7,908,241
137,394
18,517,692
Additions
-
0
10,568
53,505
-
0
64,073
Disposals
(3,000,000)
(6,773)
-
0
-
0
(3,006,773)
At 28 February 2025
6,588,681
887,171
7,961,746
137,394
15,574,992
Depreciation and impairment
At 1 March 2024
519,150
531,128
6,440,252
84,302
7,574,832
Depreciation charged in the year
87,978
52,773
218,903
6,870
366,524
Eliminated in respect of disposals
-
0
(2,706)
-
0
-
0
(2,706)
At 28 February 2025
607,128
581,195
6,659,155
91,172
7,938,650
Carrying amount
At 28 February 2025
5,981,553
305,976
1,302,591
46,222
7,636,342
At 29 February 2024
9,069,531
352,248
1,467,989
53,092
10,942,860

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and machinery
214,626
277,126
Fixtures, fittings & equipment
-
0
212,255
214,626
489,381

Included within Land & Buildings are Freehold properties with a net book value of £1 16,000 (20 24 - £1 18,000), Long leasehold properties with a net book value of £5,789,000 (20 24 - £8,853,000) and short leasehold properties with a net book value of £78,000 (20 24 - £97,000).

Land and buildings with a carrying amount of £3,554,181 were revalued to £6,5 00,000 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.

TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
11
Tangible fixed assets
(Continued)
- 21 -

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:

2025
2024
£
£
Cost
4,380,490
7,019,367
Accumulated depreciation
(1,071,861)
(2,034,296)
Carrying value
3,308,629
4,985,071
12
Stocks
2025
2024
as restated
£
£
Finished goods and goods for resale
2,377,300
3,177,596
Goods in transit
144,166
171,823
2,521,466
3,349,419
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
178,194
143,503
Other debtors
38,266
66,029
Prepayments and accrued income
79,729
197,432
296,189
406,964
TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 22 -
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
16
265,092
1,506,879
Obligations under finance leases
17
38,460
74,238
Trade creditors
1,637,898
2,489,917
Taxation and social security
466,258
546,570
Other creditors
1,459,061
1,916,159
Accruals and deferred income
302,370
478,776
4,169,139
7,012,539

Obligations under finance lease are secured over the assets to which they relate.

Included within other creditors is £174,375 due in relation to creditors bound by the Company Voluntary Arrangement (CVA). The company formally entered the CVA on 23 May 2024.

15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
16
1,064,201
2,291,293
Obligations under finance leases
17
160,281
197,144
Other creditors
1,255,172
-
0
2,479,654
2,488,437
Creditors which fall due after five years are payable as follows:
Payable by instalments
24,015
736,777

Included within other creditors is £1,255,172 due in relation to creditors bound by the Company Voluntary Arrangement (CVA). The company formally entered the CVA on 23 May 2024.

16
Loans and overdrafts
2025
2024
£
£
Bank loans
1,261,819
3,017,112
Bank overdrafts
67,474
781,060
1,329,293
3,798,172
Payable within one year
265,092
1,506,879
Payable after one year
1,064,201
2,291,293
TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
16
Loans and overdrafts
(Continued)
- 23 -

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 is one loan outstanding at year end of £1,261,819 (2024 - £1,947,118) and is repayable over 5 years from the date of remortgage (December 2024). Interest is charged at 3.5% per annum over the bank's sterling base rate.

The bank facility was renewed in July 2025. At the balance sheet date, the company was in technical breach of the financial ratio covenants in relation to the bank loan. However the bank confirmed no action would be taken.

17
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
38,460
74,238
After more than one year
160,281
197,144
198,741
271,382
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
38,460
74,238
In two to five years
136,266
134,669
In over five years
24,015
62,475
198,741
271,382

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 7 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Provisions for liabilities
2025
2024
as restated
£
£
Provisions
-
381,335

Provisions for liabilities in the prior period related to costs for the C ompany V oluntary A rrangement (CVA) that was officially entered into in the current period. However, the agreement had effectively been agreed in the prior period and therefore a provision was required to recognise costs in 2024 period. Costs relating to the CVA were recognised within exceptional items (see note 4).

TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 24 -
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
78,101
100,902

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 £8,430 (2024 - £12,042) relating to employee pension contributions payable.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000

All shares have equal rights.

21
Operating lease commitments
As 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:

2025
2024
£
£
Within 1 year
247,081
444,956
Years 2-5
1,035,846
1,016,223
After 5 years
832,545
1,099,248
2,115,472
2,560,427
22
Directors' transactions

At the balance sheet date an amount of £916 was due from J.S. Ta sker to the company, a director (2024 - £591,155 creditor). Interest was charged on the loan account at 3% per annum until 30th April 2023. No interest charged for remainder of that year or in the current period. The balance is included within other creditors.

23
Related party transactions
Remuneration of key management personnel

The Directors do not deem any other employee than the Directors to be key management personnel.

TASKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
23
Related party transactions
(Continued)
- 25 -
Transactions with related parties

During the year the company paid rent of £205,037 (2024 - £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. Formby Cycles Limited also made an advance to Taskers Limited in the year. The net effect of the transactions was a creditor balance owed from Taskers Limited to Formby Cycles Limited of £421,104 (202 4 - £31,325 debtor) which was outstanding at the year end and is disclosed within other creditors. The loan is interest free with no fixed repayment date.

Taskers Ltd also charged a management charge of £20,000 (20 24 - £20,000) to Formby Cycles Limited.

24
Ultimate 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.

25
Cash (absorbed by)/generated from operations
2025
2024
as restated
£
£
Loss after taxation
(1,011,728)
(2,773,731)
Adjustments for:
Taxation charged/(credited)
-
0
(233,730)
Finance costs
295,567
315,918
Loss on disposal of tangible fixed assets
817
551
Depreciation and impairment of tangible fixed assets
366,524
1,006,253
(Decrease)/increase in provisions
(381,335)
381,335
Movements in working capital:
Decrease in stocks
827,953
1,487,406
Decrease/(increase) in debtors
111,691
(198,865)
(Decrease)/increase in creditors
(310,663)
1,203,013
Cash (absorbed by)/generated from operations
(101,174)
1,188,150
26
Analysis of changes in net debt
1 March 2024
Cash flows
28 February 2025
£
£
£
Bank overdrafts
(781,060)
713,586
(67,474)
Borrowings excluding overdrafts
(3,017,112)
1,755,293
(1,261,819)
Lease liabilities
(271,382)
72,641
(198,741)
(4,069,554)
2,541,520
(1,528,034)
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